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

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Speaker 2: Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 2: Karen, we begin in Washington, where the White House is

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Speaker 2: preparing for the return of Donald Trump. Vice President Kamala

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Speaker 2: Harris called the former president yesterday to concede her loss

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Speaker 2: on election day. Now, she is urging her supporters to

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Speaker 2: embrace a peaceful transfer of power.

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Speaker 1: Now.

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Speaker 3: I know folks are feeling and experiencing a range of.

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Speaker 4: Emotions right now.

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Speaker 5: I get it.

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Speaker 6: But we must accept the results of this election.

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Speaker 2: But Vice President Harris says accepting the results does not

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Speaker 2: mean conceding the fight that fueled her campaign.

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Speaker 3: I will never give up the fight for a future

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Speaker 3: where Americans can pursue their dreams, ambitions, and aspirations, where

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Speaker 3: the women of America have the freedom to make decisions

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Speaker 3: about their own body and not have their government telling

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Speaker 3: them what to do.

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Speaker 2: Kamala Harris says accepting an election result as a fundamental

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Speaker 2: principle of a democracy, even in a loss. President Biden

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Speaker 2: also spoke with President elect Trump yesterday and invited him

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Speaker 2: to the White House. The president will address the nation

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Speaker 2: about the election outcome this morning at eleven am Wall

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Speaker 2: Street Time, and we will bring you those comments live

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Speaker 2: on Bloomberg Radio and television.

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Speaker 1: Well Nathan, Chinese President Xijhin paying congratulated Trump on his victory.

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Speaker 1: He also called for stable tie between the world's two

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Speaker 1: largest economies. The early fairly warm comments from Beijing contrast

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Speaker 1: with the testy relationship Trump had with China during his

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Speaker 1: first term. A trade war erupted in twenty eighteen, and

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Speaker 1: Trump has threatened to hit Chinese shipments with sixty percent levies.

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Speaker 2: Well Karen Now, Democrats are pending their hopes on the

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Speaker 2: House to avoid a full Republican sweep. GOP control of

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Speaker 2: the Senate is assured. Republicans have a fifth the two

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Speaker 2: seat majority. So far, races are still left to be

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Speaker 2: called in Arizona, Maine, Pennsylvania, and Nevada. In the House,

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Speaker 2: Republicans currently hold a two six to one ninety one

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Speaker 2: seat edge. Thirty eight congressional races are still being counted.

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Speaker 1: Well. Among the key races that were called yesterday, Nathan

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Speaker 1: Democrats Tammy Baldwin of Wisconsin and Michigan's Alyssa Slotkin both

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Speaker 1: won re election. Five Democrats and one Republican won races

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Speaker 1: for House seats in California. In Virginia, Democrat Eugene Vinman

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Speaker 1: won the race for the House sea left open by

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Speaker 1: fellow Democrat Abigail Spenberger, who's running for governor. It could

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Speaker 1: take several more days to learn the complete balance of

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Speaker 1: power in the House. California alone still has six races

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Speaker 1: to decide, and absentee ballot rules make that stay notoriously

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Speaker 1: slow in counting its ballots.

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Speaker 2: And as Democrats did suffer big election losses, Karen strategists

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Speaker 2: say the party will have to immediately analyze what went wrong.

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Speaker 2: We get more from Bloomberg News Senior editor Bill Ferries.

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Speaker 7: Kamala Harris lost basically across the board. She in terms

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Speaker 7: of how President Biden performed four years ago, she lost

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Speaker 7: even where she won, I mean even in key demographics.

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Speaker 7: She saw her support fall. In a state like Florida

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Speaker 7: that Joe Biden lost by three percentage points in twenty twenty,

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Speaker 7: Kamala Harris is losing by thirteen percentage points. So there's

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Speaker 7: got to be a big assessment of what went wrong,

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Speaker 7: what message voters, you know, we're really looking for? And

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Speaker 7: I think in the end, You know when you talk

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Speaker 7: to looked at exit polls of people saying the economy

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Speaker 7: was a problem, immigration was a problem, and broadly they

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Speaker 7: didn't think the country was on the right track. As

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Speaker 7: an incumbent vice president, that was going to be a

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Speaker 7: very difficult race to run successfully.

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Speaker 2: In Bloomberg's Bill, Ferries ads that Kamala Harris even underperformed

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Speaker 2: in traditionally blue states like New York, where Trump secured

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Speaker 2: the highest percentage of voters of any Republican presidential candidate

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Speaker 2: since at least nineteen ninety six, ninth.

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Speaker 1: And one more election. We're keeping tams on the race

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Speaker 1: for mayor of San Francisco. The city is still tabulating

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Speaker 1: results from Tuesday's election, but so far political newcomer Daniel

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Speaker 1: Lurie is holding his lead over current mayor London Breed.

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Speaker 1: After fourteen rounds of counting philanthropist and Levi's air, Luri

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Speaker 1: has more than fifty six percent of the ranked choice votes,

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Speaker 1: with Breed at forty three.

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Speaker 2: Turning the markets now, Karen futures are higher. Adding to

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Speaker 2: yesterday's historic rally, the S and P five hundred registered

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Speaker 2: its best post election day ever, surging two and a

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Speaker 2: half percent. The Dow rallied more than fifteen hundred points

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Speaker 2: or three point six percent, and the Russell two thousand

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Speaker 2: index of small cap stocks gained almost six percent. And

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Speaker 2: Nastasia A. Moroso is chief investment strategist at I Capital,

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Speaker 2: the reason.

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Speaker 5: Why small caps in particular rallying so much is because

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Speaker 5: they are typically more sensitive to Republican majority, and so

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Speaker 5: that's helping sentiment. You know, they're also more sensitive to

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Speaker 5: the domestic orientation and potential for lower taxes, and of

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Speaker 5: course the sensitive to rate relief, and so you kind

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Speaker 5: of have this perfect combination of factors.

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Speaker 2: And I Capital Xanastaja Moroso says, treasury yields climbed across

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Speaker 2: the curve as well. US tenure yields advanced seventeen basis

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Speaker 2: points to four point four to four percent right now

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Speaker 2: the ten years giving some of that back, it's at

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Speaker 2: four point four to two. Bitcoin, which rallied nearly ten

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Speaker 2: percent yesterday, is down one and a half percent.

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Speaker 1: Well, Nathan, the rich got richer after Donald Trump's election

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Speaker 1: victory and possible right as sweep. We get that story

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Speaker 1: from Bloomberg's John Tunker. John, Good morning.

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Speaker 8: Yeah, we're talking about a lot of money here, Karen,

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Speaker 8: Good morning. The fortunes of the ten richest people in

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Speaker 8: the world surged by a daily record after election Day.

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Speaker 8: According to the Bloomberg Billionaires Index, the net worth of

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Speaker 8: billionaires surged by sixty three and a half billion dollars.

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Speaker 8: The biggest game was for the world's richest person, Elon

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Speaker 8: Musk alone added twenty six and a half billion dollars

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Speaker 8: to his pot. Amazon's Jeff Bezos and Oral Larry Ellison

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Speaker 8: were also among the top gainers. It's the biggest daily

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Speaker 8: increase since Bloomberg's Wealth Index began back in twenty twelve.

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Speaker 8: A bunch of the gains for the ulder rich. It

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Speaker 8: came down to a surge in stocks. Musk, who campaign

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Speaker 8: alongside with the President of lacked his pois to influence

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Speaker 8: policy since Trump is found to give him an official role.

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Speaker 8: Tesla shares in New York surged fifteen percent on Wednesday.

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Speaker 8: In New York, I'm John Tucker, Bloomberg Radio.

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Speaker 2: Okay, John, thank you. Now that investors turned their attention

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Speaker 2: to Washington and this afternoon's FED decision. We get a

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Speaker 2: preview from Bloomberg's Michael McKee. The election results leave the

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Speaker 2: FED little room for maneuver. Policymakers should go ahead with

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Speaker 2: another quarter point reduction in the benchmark US lending rate,

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Speaker 2: but the policy path they laid out at their September

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Speaker 2: meeting is now off the table. With interest rates rising

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Speaker 2: on Trump policy inflation concerns, they will likely signal a

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Speaker 2: pause in the rate cutting cycle until they have a

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Speaker 2: better idea of how the current economy is performing and

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Speaker 2: how far Trump will go with his tariff, tax and

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Speaker 2: deportation proposals. There are no new economic forecasts coming out

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Speaker 2: of this meeting. We'll get a statement on the policy rate,

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Speaker 2: and most likely a lot of Chair Ja Powell saying

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Speaker 2: we don't know what happens next. Michael McKee, Bloomberg Radio.

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Speaker 2: All right, Mike, thanks for full FED coverage. Stick with

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Speaker 2: us for a special edition of Bloomberg's Surveillance The Fed

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Speaker 2: The Sides with Tom Kean, Jonathan Farrell, and Lisa Abromoitz.

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Speaker 2: It's coming up at one thirty Wall Street time on

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Speaker 2: Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts YouTube page.

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Speaker 1: Well, Nathan, we also have a policy decision overseas. The

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Speaker 1: Bank of Inland is expected to lower interest rates for

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Speaker 1: the second time this year due to an unexpectedly fast

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Speaker 1: slowdown in inflation in Asia.

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Speaker 2: Nissan has cut its annual profit outlook and announced plans

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Speaker 2: to eliminate thousands of jobs globally as the carmaker looks

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Speaker 2: to counteract deteriorating sales in major markets. Nissan says some

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Speaker 2: nine thousand positions will be slashed globally.

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Speaker 1: Here in the US, Nathan Shares a quall com. They

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Speaker 1: are up almost eight percent this morning. The world's biggest

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Speaker 1: seller of smartphone processors gave a bullish sales forecast for

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Speaker 1: the current period, pointing to bright spots in the mobile

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Speaker 1: device industry.

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Speaker 2: Karen Lift shairs are lifting higher by the two twenty

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Speaker 2: three percent.

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Speaker 9: This morning.

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Speaker 2: The right Hanling Company issued strong earnings guidance for both

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Speaker 2: this quarter and the full year. Lift also introduced a

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Speaker 2: new three dollars a month plan that allows commuters to

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Speaker 2: avoid surging prices during peak hours.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. And for that we're joined by Bloomberg's Michael Barr.

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Speaker 4: Michael, good Morning, Good morning, Karen German, Chancellor All off,

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Speaker 4: Shoals called for a snap election after divisions over how

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Speaker 4: to revive the lockluster economy triggered the breakup of his

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Speaker 4: three party ruling coalition. The crisis came to a head

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Speaker 4: with Shols's shock dismissal of Finance Minister Christian Linder late

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Speaker 4: last night, saying that the chairman of the pro business

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Speaker 4: FDP party had refused a proposal to suspend rules limiting

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Speaker 4: new government borrowing. Shoals called for a confidence vote in January,

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Speaker 4: with a goal of pulling forward next year's federal election

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Speaker 4: to March. From September, California fire officials are working to

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Speaker 4: battle the growing Mountain Fire. It has already burned more

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Speaker 4: than fourteen thousand acres, and evacuations have been ordered for

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Speaker 4: several areas, including the city of Camarillo, Ventura County Fire

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Speaker 4: Chief Dustin Gardner.

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Speaker 7: Every firefighter in the region, every law enforcement agency available,

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Speaker 7: every helicopter, every fixed wing aircraft, everything we've been able

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Speaker 7: to get a hold of is here fighting this fire.

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Speaker 4: The fire is fueled by dry conditions and Santa Ana

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Speaker 4: winds gusting up to eighty miles per hour. Cuba is

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Speaker 4: reeling after a powerful Category three hurricane ripped across the

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Speaker 4: island and fierce winds knocked out the country's power grid.

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Speaker 4: Forecasters had warned that Hurricane Raphael could bring life threatening

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Speaker 4: storm surges, winds, and flash floods the Cuba after ravaging

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Speaker 4: parts of the Cayman Islands and Jamaica. UNSEF is asking

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Speaker 4: for help to provide relief to a large group of

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Speaker 4: children affected by a historic drought along the Amazon River.

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Speaker 4: Antonio Merrow is an emergency manager with the organization.

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Speaker 10: This is basically the strongest drought in history in the

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Speaker 10: last century, and unfortunately, there are no improvement expected in

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Speaker 10: the coming weeks and months. Several tributaries of the Amazon

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Speaker 10: River are literally drying up.

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Speaker 4: UNICEF Santonio Morro says they estimate more than four hundred

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Speaker 4: and twenty thousand children are currently affected by this global

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Speaker 4: news twenty four hours a day and whenever you want

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Speaker 4: it with the Bloomberg News Now, I'm Michael Barrn. This

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Speaker 4: is Bloomberg Karen.

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Speaker 1: Sorry, Michael barr Thank you time now for the Bloomberg

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Speaker 1: Sports Update, brought to you by tri Estate Audi. We

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Speaker 1: bring in johnstone Shower, John, good morning.

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Speaker 11: Good morning, carry on the end to a four game

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Speaker 11: road trip for the next They won the first two

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Speaker 11: but lost the last two. Trip ended in Atlanta Hawks.

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Speaker 11: The Knicks had a five point lead and possession with

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Speaker 11: three minutes left. The Hawks won on a thirteen to

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Speaker 11: one run. Atlanta won one twenty one, one sixteen and

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Speaker 11: Preston game for Hawks rookie Zachkarry resa Chet first pick

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Speaker 11: of the draft. The Frenchman scored thirty three points. Carl

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Speaker 11: Anthony Tams led the Knicks with thirty four Warriors won

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Speaker 11: in Boston one eighteen one twelve. Jason Tatum thirty two

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Speaker 11: points in the loss. He was facing Steve Kerr, his

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Speaker 11: Olympics coach who bench Tatum a couple of times last

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Speaker 11: summer in Paris. Cleveland off to its best start every

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Speaker 11: now nine to zero with a win at New Orleans Hockey.

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Speaker 11: The Capitals on Alex Ovechkin third period goal beat Nashville

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Speaker 11: three to two, and for Ovechkin career goal number eight

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Speaker 11: sixty one eats thirty four more to break wings Reski's

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Speaker 11: all time record. College hoops Columbia up sat Villanova in

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Speaker 11: ninety to eighty. High hopes this season for Rutgers.

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Speaker 4: A couple of big time freshmen.

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Speaker 11: The Scarlet Knights opened up seventy five fifty two over

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Speaker 11: Wagner Baseball General manager meetings going on in San Antonio

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Speaker 11: and in town. The uber agent Scott Boris his client,

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Speaker 11: his biggest client, Free agent Wan Soda.

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Speaker 12: I'm getting an opportunity to acquire a player at this age,

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Speaker 12: with this skill, with this character, with this experience, with

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Speaker 12: so much performance gradient established that they understand the surplus

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Speaker 12: value of it.

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Speaker 11: Many expect Soto's decision to come down to staying with

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Speaker 11: the Yankees or joining the Mets. John Stashemer, Bloomberg Sports can.

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Speaker 9: Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 9: and around the world on Bloomberg dot Com and the

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Speaker 9: Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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Speaker 2: I'm Nathan Hager. Washington and the world are preparing for

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Speaker 2: the return of Donald Trump to the world's most powerful office.

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Speaker 2: Vice President Kamala Harris says she is committed to a

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Speaker 2: peaceful transition.

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Speaker 3: While I conceive this election, I do not seed the

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Speaker 3: fight that fueled this campaign.

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Speaker 2: Vice President Harris says accepting an election result as a

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Speaker 2: fundamental principle of democracy even in a loss for more.

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Speaker 2: We are joined by Lindsay Newman, geopolitical risk expert and

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Speaker 2: columnist at G zero Media. Lindsay, welcome back. Did we

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Speaker 2: hear from Vice President Harris an implicit rebuke of former

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Speaker 2: president now President elect Trump, who still has yet to

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Speaker 2: concede his loss four years ago? Good morning, Good morning.

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Speaker 6: Yes, we certainly heard what she was saying about, you know,

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Speaker 6: the fight she carries a fight forward. I think the

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Speaker 6: big question, Nathan, is what is the fight that the

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Speaker 6: Democratic Party is caring forward? In the sort of postmartum

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Speaker 6: that we're all doing this morning and yesterday? The question

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Speaker 6: is did the Democratic Party and did Kamala Harris's campaign?

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Speaker 6: Was the strategy a flawed strategy, particularly focusing in on

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Speaker 6: these points around freedoms and democracy and turning the page

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Speaker 6: when it seems very clearly that the question that voters

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Speaker 6: really had in their minds was the one Trump was asking,

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Speaker 6: which was are you better today than you were four

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Speaker 6: years ago?

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Speaker 1: Out?

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Speaker 2: So, how does the strategy change as Democrats reassess what

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Speaker 2: they did wrong this time around?

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Speaker 6: Well, if you're in the Democratic leadership, you definitely have

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Speaker 6: to be doing some soul searching and asking yourself, what

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Speaker 6: do we need to do differently. This is not just

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Speaker 6: a we can roll into twenty twenty six and do

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Speaker 6: more of the same. There are some deep flaw there's

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Speaker 6: some deep divisions within the party, intered party, divisions around

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Speaker 6: the future of the policy, the message of the policy.

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Speaker 6: There's a progressive wing, there's centrists. This is not a

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Speaker 6: united party, and that really hurt them yesterday on Tuesday

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Speaker 6: and really helped the Republicans. You see the map turn

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Speaker 6: red across the board, and it's because this is a

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Speaker 6: mandate for Donald Trump. He did not just win, he

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Speaker 6: won convincingly. He'd beat expectations, pulling and betting markets. He's

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Speaker 6: now for the first time, not only won the electoral college,

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Speaker 6: but he won the popular vote. So this is not

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Speaker 6: a small loss for the Democrats. This is a time

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Speaker 6: for them to really look at what they're going to

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Speaker 6: do differently.

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Speaker 2: By contrast, are you saying that the Republican Party is

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Speaker 2: more unified than the Democrats and what could that mean

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Speaker 2: for policy making under a Trump two point zero?

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Speaker 6: Republicans are clearly more united than Democrats are, and as

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Speaker 6: we've seen in the demographic analysis, they are picking up.

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Speaker 6: They're widening the umbrella. They are reaching wider swaths of

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Speaker 6: the American population than they had in twenty twenty and

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Speaker 6: in midterm elections going into January twenty and twenty twenty five.

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Speaker 6: Trump and his key allies around him, his advisor around him,

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Speaker 6: are clear had four years to prepare for this moment.

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Speaker 6: This is not a twenty sixteen redo. They are clear,

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Speaker 6: whether it's Project twenty twenty five, what their policy agenda is.

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Speaker 6: Believe what he's been saying on the campaign trail around tariffs,

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Speaker 6: around trade policy, around corporate tax reductions, around potentially sealing

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Speaker 6: the border. You know, bigger question marks around these promises

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Speaker 6: to end the war in Ukraine immediately, even before stepping

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Speaker 6: into office. There's a lot of combing through what that

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Speaker 6: could actually involve in since his victory on Tuesday. But

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Speaker 6: absolutely Donald Trump and his advisors are ready and prepared

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Speaker 6: and know what their intentions are.

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Speaker 1: This is Bloomberg day Break, your morning podcast on the

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Speaker 1: stories making news from Wall Street to Washington and beyond.

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Speaker 2: And I'm Nathan Hager. Join us again tomorrow morning for

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