WEBVTT - Harris Concedes, House Undecided; Historic Post-Election Rally

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 2>Karen, we begin in Washington, where the White House is

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<v Speaker 2>preparing for the return of Donald Trump. Vice President Kamala

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<v Speaker 2>Harris called the former president yesterday to concede her loss

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<v Speaker 2>on election day. Now, she is urging her supporters to

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<v Speaker 2>embrace a peaceful transfer of power.

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<v Speaker 1>Now.

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<v Speaker 3>I know folks are feeling and experiencing a range of.

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<v Speaker 4>Emotions right now.

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<v Speaker 5>I get it.

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<v Speaker 6>But we must accept the results of this election.

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<v Speaker 2>But Vice President Harris says accepting the results does not

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<v Speaker 2>mean conceding the fight that fueled her campaign.

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<v Speaker 3>I will never give up the fight for a future

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<v Speaker 3>where Americans can pursue their dreams, ambitions, and aspirations, where

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<v Speaker 3>the women of America have the freedom to make decisions

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<v Speaker 3>about their own body and not have their government telling

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<v Speaker 3>them what to do.

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<v Speaker 2>Kamala Harris says accepting an election result as a fundamental

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<v Speaker 2>principle of a democracy, even in a loss. President Biden

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<v Speaker 2>also spoke with President elect Trump yesterday and invited him

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<v Speaker 2>to the White House. The president will address the nation

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<v Speaker 2>about the election outcome this morning at eleven am Wall

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<v Speaker 2>Street Time, and we will bring you those comments live

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<v Speaker 2>on Bloomberg Radio and television.

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<v Speaker 1>Well Nathan, Chinese President Xijhin paying congratulated Trump on his victory.

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<v Speaker 1>He also called for stable tie between the world's two

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<v Speaker 1>largest economies. The early fairly warm comments from Beijing contrast

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<v Speaker 1>with the testy relationship Trump had with China during his

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<v Speaker 1>first term. A trade war erupted in twenty eighteen, and

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<v Speaker 1>Trump has threatened to hit Chinese shipments with sixty percent levies.

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<v Speaker 2>Well Karen Now, Democrats are pending their hopes on the

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<v Speaker 2>House to avoid a full Republican sweep. GOP control of

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<v Speaker 2>the Senate is assured. Republicans have a fifth the two

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<v Speaker 2>seat majority. So far, races are still left to be

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<v Speaker 2>called in Arizona, Maine, Pennsylvania, and Nevada. In the House,

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<v Speaker 2>Republicans currently hold a two six to one ninety one

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<v Speaker 2>seat edge. Thirty eight congressional races are still being counted.

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<v Speaker 1>Well. Among the key races that were called yesterday, Nathan

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<v Speaker 1>Democrats Tammy Baldwin of Wisconsin and Michigan's Alyssa Slotkin both

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<v Speaker 1>won re election. Five Democrats and one Republican won races

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<v Speaker 1>for House seats in California. In Virginia, Democrat Eugene Vinman

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<v Speaker 1>won the race for the House sea left open by

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

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<v Speaker 1>take several more days to learn the complete balance of

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<v Speaker 1>power in the House. California alone still has six races

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<v Speaker 1>to decide, and absentee ballot rules make that stay notoriously

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<v Speaker 1>slow in counting its ballots.

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<v Speaker 2>And as Democrats did suffer big election losses, Karen strategists

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<v Speaker 2>say the party will have to immediately analyze what went wrong.

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<v Speaker 2>We get more from Bloomberg News Senior editor Bill Ferries.

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<v Speaker 7>Kamala Harris lost basically across the board. She in terms

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<v Speaker 7>of how President Biden performed four years ago, she lost

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<v Speaker 7>even where she won, I mean even in key demographics.

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<v Speaker 7>She saw her support fall. In a state like Florida

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<v Speaker 7>that Joe Biden lost by three percentage points in twenty twenty,

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<v Speaker 7>Kamala Harris is losing by thirteen percentage points. So there's

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<v Speaker 7>got to be a big assessment of what went wrong,

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

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<v Speaker 7>I think in the end, You know when you talk

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<v Speaker 7>to looked at exit polls of people saying the economy

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<v Speaker 7>was a problem, immigration was a problem, and broadly they

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<v Speaker 7>didn't think the country was on the right track. As

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<v Speaker 7>an incumbent vice president, that was going to be a

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<v Speaker 7>very difficult race to run successfully.

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<v Speaker 2>In Bloomberg's Bill, Ferries ads that Kamala Harris even underperformed

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<v Speaker 2>in traditionally blue states like New York, where Trump secured

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<v Speaker 2>the highest percentage of voters of any Republican presidential candidate

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<v Speaker 2>since at least nineteen ninety six, ninth.

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<v Speaker 1>And one more election. We're keeping tams on the race

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<v Speaker 1>for mayor of San Francisco. The city is still tabulating

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<v Speaker 1>results from Tuesday's election, but so far political newcomer Daniel

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<v Speaker 1>Lurie is holding his lead over current mayor London Breed.

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<v Speaker 1>After fourteen rounds of counting philanthropist and Levi's air, Luri

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<v Speaker 1>has more than fifty six percent of the ranked choice votes,

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<v Speaker 1>with Breed at forty three.

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<v Speaker 2>Turning the markets now, Karen futures are higher. Adding to

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<v Speaker 2>yesterday's historic rally, the S and P five hundred registered

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<v Speaker 2>its best post election day ever, surging two and a

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<v Speaker 2>half percent. The Dow rallied more than fifteen hundred points

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<v Speaker 2>or three point six percent, and the Russell two thousand

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<v Speaker 2>index of small cap stocks gained almost six percent. And

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<v Speaker 2>Nastasia A. Moroso is chief investment strategist at I Capital,

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<v Speaker 2>the reason.

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<v Speaker 5>Why small caps in particular rallying so much is because

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<v Speaker 5>they are typically more sensitive to Republican majority, and so

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

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<v Speaker 5>the domestic orientation and potential for lower taxes, and of

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<v Speaker 5>course the sensitive to rate relief, and so you kind

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<v Speaker 5>of have this perfect combination of factors.

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<v Speaker 2>And I Capital Xanastaja Moroso says, treasury yields climbed across

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<v Speaker 2>the curve as well. US tenure yields advanced seventeen basis

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<v Speaker 2>points to four point four to four percent right now

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<v Speaker 2>the ten years giving some of that back, it's at

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<v Speaker 2>four point four to two. Bitcoin, which rallied nearly ten

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<v Speaker 2>percent yesterday, is down one and a half percent.

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<v Speaker 1>Well, Nathan, the rich got richer after Donald Trump's election

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<v Speaker 1>victory and possible right as sweep. We get that story

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<v Speaker 1>from Bloomberg's John Tunker. John, Good morning.

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<v Speaker 8>Yeah, we're talking about a lot of money here, Karen,

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<v Speaker 8>Good morning. The fortunes of the ten richest people in

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<v Speaker 8>the world surged by a daily record after election Day.

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<v Speaker 8>According to the Bloomberg Billionaires Index, the net worth of

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<v Speaker 8>billionaires surged by sixty three and a half billion dollars.

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<v Speaker 8>The biggest game was for the world's richest person, Elon

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<v Speaker 8>Musk alone added twenty six and a half billion dollars

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<v Speaker 8>to his pot. Amazon's Jeff Bezos and Oral Larry Ellison

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<v Speaker 8>were also among the top gainers. It's the biggest daily

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<v Speaker 8>increase since Bloomberg's Wealth Index began back in twenty twelve.

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<v Speaker 8>A bunch of the gains for the ulder rich. It

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<v Speaker 8>came down to a surge in stocks. Musk, who campaign

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<v Speaker 8>alongside with the President of lacked his pois to influence

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<v Speaker 8>policy since Trump is found to give him an official role.

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<v Speaker 8>Tesla shares in New York surged fifteen percent on Wednesday.

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<v Speaker 8>In New York, I'm John Tucker, Bloomberg Radio.

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<v Speaker 2>Okay, John, thank you. Now that investors turned their attention

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<v Speaker 2>to Washington and this afternoon's FED decision. We get a

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<v Speaker 2>preview from Bloomberg's Michael McKee. The election results leave the

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<v Speaker 2>FED little room for maneuver. Policymakers should go ahead with

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<v Speaker 2>another quarter point reduction in the benchmark US lending rate,

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<v Speaker 2>but the policy path they laid out at their September

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<v Speaker 2>meeting is now off the table. With interest rates rising

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<v Speaker 2>on Trump policy inflation concerns, they will likely signal a

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<v Speaker 2>pause in the rate cutting cycle until they have a

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<v Speaker 2>better idea of how the current economy is performing and

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<v Speaker 2>how far Trump will go with his tariff, tax and

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<v Speaker 2>deportation proposals. There are no new economic forecasts coming out

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

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<v Speaker 2>and most likely a lot of Chair Ja Powell saying

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

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<v Speaker 2>All right, Mike, thanks for full FED coverage. Stick with

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<v Speaker 2>us for a special edition of Bloomberg's Surveillance The Fed

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<v Speaker 2>The Sides with Tom Kean, Jonathan Farrell, and Lisa Abromoitz.

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<v Speaker 2>It's coming up at one thirty Wall Street time on

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<v Speaker 2>Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts YouTube page.

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<v Speaker 1>Well, Nathan, we also have a policy decision overseas. The

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<v Speaker 1>Bank of Inland is expected to lower interest rates for

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<v Speaker 1>the second time this year due to an unexpectedly fast

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<v Speaker 1>slowdown in inflation in Asia.

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<v Speaker 2>Nissan has cut its annual profit outlook and announced plans

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<v Speaker 2>to eliminate thousands of jobs globally as the carmaker looks

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<v Speaker 2>to counteract deteriorating sales in major markets. Nissan says some

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<v Speaker 2>nine thousand positions will be slashed globally.

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<v Speaker 1>Here in the US, Nathan Shares a quall com. They

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<v Speaker 1>are up almost eight percent this morning. The world's biggest

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<v Speaker 1>seller of smartphone processors gave a bullish sales forecast for

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<v Speaker 1>the current period, pointing to bright spots in the mobile

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<v Speaker 1>device industry.

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<v Speaker 2>Karen Lift shairs are lifting higher by the two twenty

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<v Speaker 2>three percent.

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<v Speaker 9>This morning.

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<v Speaker 2>The right Hanling Company issued strong earnings guidance for both

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<v Speaker 2>this quarter and the full year. Lift also introduced a

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<v Speaker 2>new three dollars a month plan that allows commuters to

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<v Speaker 2>avoid surging prices during peak hours.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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

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<v Speaker 4>Michael, good Morning, Good morning, Karen German, Chancellor All off,

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<v Speaker 4>Shoals called for a snap election after divisions over how

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<v Speaker 4>to revive the lockluster economy triggered the breakup of his

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<v Speaker 4>three party ruling coalition. The crisis came to a head

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<v Speaker 4>with Shols's shock dismissal of Finance Minister Christian Linder late

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<v Speaker 4>last night, saying that the chairman of the pro business

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<v Speaker 4>FDP party had refused a proposal to suspend rules limiting

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<v Speaker 4>new government borrowing. Shoals called for a confidence vote in January,

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<v Speaker 4>with a goal of pulling forward next year's federal election

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<v Speaker 4>to March. From September, California fire officials are working to

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<v Speaker 4>battle the growing Mountain Fire. It has already burned more

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<v Speaker 4>than fourteen thousand acres, and evacuations have been ordered for

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<v Speaker 4>several areas, including the city of Camarillo, Ventura County Fire

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<v Speaker 4>Chief Dustin Gardner.

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<v Speaker 7>Every firefighter in the region, every law enforcement agency available,

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<v Speaker 7>every helicopter, every fixed wing aircraft, everything we've been able

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<v Speaker 7>to get a hold of is here fighting this fire.

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<v Speaker 4>The fire is fueled by dry conditions and Santa Ana

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<v Speaker 4>winds gusting up to eighty miles per hour. Cuba is

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<v Speaker 4>reeling after a powerful Category three hurricane ripped across the

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<v Speaker 4>island and fierce winds knocked out the country's power grid.

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<v Speaker 4>Forecasters had warned that Hurricane Raphael could bring life threatening

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<v Speaker 4>storm surges, winds, and flash floods the Cuba after ravaging

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<v Speaker 4>parts of the Cayman Islands and Jamaica. UNSEF is asking

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<v Speaker 4>for help to provide relief to a large group of

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<v Speaker 4>children affected by a historic drought along the Amazon River.

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<v Speaker 4>Antonio Merrow is an emergency manager with the organization.

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<v Speaker 10>This is basically the strongest drought in history in the

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<v Speaker 10>last century, and unfortunately, there are no improvement expected in

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<v Speaker 10>the coming weeks and months. Several tributaries of the Amazon

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<v Speaker 10>River are literally drying up.

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<v Speaker 4>UNICEF Santonio Morro says they estimate more than four hundred

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<v Speaker 4>and twenty thousand children are currently affected by this global

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<v Speaker 4>news twenty four hours a day and whenever you want

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

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<v Speaker 4>is Bloomberg Karen.

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<v Speaker 1>Sorry, Michael barr Thank you time now for the Bloomberg

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<v Speaker 1>Sports Update, brought to you by tri Estate Audi. We

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<v Speaker 1>bring in johnstone Shower, John, good morning.

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<v Speaker 11>Good morning, carry on the end to a four game

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<v Speaker 11>road trip for the next They won the first two

0:11:04.840 --> 0:11:07.559
<v Speaker 11>but lost the last two. Trip ended in Atlanta Hawks.

0:11:07.679 --> 0:11:10.360
<v Speaker 11>The Knicks had a five point lead and possession with

0:11:10.360 --> 0:11:12.320
<v Speaker 11>three minutes left. The Hawks won on a thirteen to

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<v Speaker 11>one run. Atlanta won one twenty one, one sixteen and

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<v Speaker 11>Preston game for Hawks rookie Zachkarry resa Chet first pick

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<v Speaker 11>of the draft. The Frenchman scored thirty three points. Carl

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<v Speaker 11>Anthony Tams led the Knicks with thirty four Warriors won

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<v Speaker 11>in Boston one eighteen one twelve. Jason Tatum thirty two

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<v Speaker 11>points in the loss. He was facing Steve Kerr, his

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<v Speaker 11>Olympics coach who bench Tatum a couple of times last

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<v Speaker 11>summer in Paris. Cleveland off to its best start every

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<v Speaker 11>now nine to zero with a win at New Orleans Hockey.

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<v Speaker 11>The Capitals on Alex Ovechkin third period goal beat Nashville

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<v Speaker 11>three to two, and for Ovechkin career goal number eight

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<v Speaker 11>sixty one eats thirty four more to break wings Reski's

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<v Speaker 11>all time record. College hoops Columbia up sat Villanova in

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<v Speaker 11>ninety to eighty. High hopes this season for Rutgers.

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<v Speaker 4>A couple of big time freshmen.

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<v Speaker 11>The Scarlet Knights opened up seventy five fifty two over

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<v Speaker 11>Wagner Baseball General manager meetings going on in San Antonio

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<v Speaker 11>and in town. The uber agent Scott Boris his client,

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<v Speaker 11>his biggest client, Free agent Wan Soda.

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

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<v Speaker 12>with this skill, with this character, with this experience, with

0:12:14.840 --> 0:12:23.000
<v Speaker 12>so much performance gradient established that they understand the surplus

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<v Speaker 12>value of it.

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<v Speaker 11>Many expect Soto's decision to come down to staying with

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<v Speaker 11>the Yankees or joining the Mets. John Stashemer, Bloomberg Sports can.

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<v Speaker 9>Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 9>and around the world on Bloomberg dot Com and the

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<v Speaker 9>Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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<v Speaker 2>I'm Nathan Hager. Washington and the world are preparing for

0:12:47.679 --> 0:12:51.080
<v Speaker 2>the return of Donald Trump to the world's most powerful office.

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<v Speaker 2>Vice President Kamala Harris says she is committed to a

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<v Speaker 2>peaceful transition.

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<v Speaker 3>While I conceive this election, I do not seed the

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<v Speaker 3>fight that fueled this campaign.

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<v Speaker 2>Vice President Harris says accepting an election result as a

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<v Speaker 2>fundamental principle of democracy even in a loss for more.

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<v Speaker 2>We are joined by Lindsay Newman, geopolitical risk expert and

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<v Speaker 2>columnist at G zero Media. Lindsay, welcome back. Did we

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<v Speaker 2>hear from Vice President Harris an implicit rebuke of former

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<v Speaker 2>president now President elect Trump, who still has yet to

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<v Speaker 2>concede his loss four years ago? Good morning, Good morning.

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<v Speaker 6>Yes, we certainly heard what she was saying about, you know,

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<v Speaker 6>the fight she carries a fight forward. I think the

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<v Speaker 6>big question, Nathan, is what is the fight that the

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<v Speaker 6>Democratic Party is caring forward? In the sort of postmartum

0:13:38.640 --> 0:13:41.760
<v Speaker 6>that we're all doing this morning and yesterday? The question

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<v Speaker 6>is did the Democratic Party and did Kamala Harris's campaign?

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<v Speaker 6>Was the strategy a flawed strategy, particularly focusing in on

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<v Speaker 6>these points around freedoms and democracy and turning the page

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<v Speaker 6>when it seems very clearly that the question that voters

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<v Speaker 6>really had in their minds was the one Trump was asking,

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<v Speaker 6>which was are you better today than you were four

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<v Speaker 6>years ago?

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<v Speaker 1>Out?

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<v Speaker 2>So, how does the strategy change as Democrats reassess what

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<v Speaker 2>they did wrong this time around?

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<v Speaker 6>Well, if you're in the Democratic leadership, you definitely have

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<v Speaker 6>to be doing some soul searching and asking yourself, what

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<v Speaker 6>do we need to do differently. This is not just

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<v Speaker 6>a we can roll into twenty twenty six and do

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<v Speaker 6>more of the same. There are some deep flaw there's

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<v Speaker 6>some deep divisions within the party, intered party, divisions around

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<v Speaker 6>the future of the policy, the message of the policy.

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<v Speaker 6>There's a progressive wing, there's centrists. This is not a

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<v Speaker 6>united party, and that really hurt them yesterday on Tuesday

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<v Speaker 6>and really helped the Republicans. You see the map turn

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<v Speaker 6>red across the board, and it's because this is a

0:14:45.520 --> 0:14:48.120
<v Speaker 6>mandate for Donald Trump. He did not just win, he

0:14:48.240 --> 0:14:52.120
<v Speaker 6>won convincingly. He'd beat expectations, pulling and betting markets. He's

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<v Speaker 6>now for the first time, not only won the electoral college,

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<v Speaker 6>but he won the popular vote. So this is not

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<v Speaker 6>a small loss for the Democrats. This is a time

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<v Speaker 6>for them to really look at what they're going to

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<v Speaker 6>do differently.

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<v Speaker 2>By contrast, are you saying that the Republican Party is

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<v Speaker 2>more unified than the Democrats and what could that mean

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<v Speaker 2>for policy making under a Trump two point zero?

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<v Speaker 6>Republicans are clearly more united than Democrats are, and as

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

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<v Speaker 6>They're widening the umbrella. They are reaching wider swaths of

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<v Speaker 6>the American population than they had in twenty twenty and

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<v Speaker 6>in midterm elections going into January twenty and twenty twenty five.

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<v Speaker 6>Trump and his key allies around him, his advisor around him,

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<v Speaker 6>are clear had four years to prepare for this moment.

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<v Speaker 6>This is not a twenty sixteen redo. They are clear,

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

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

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<v Speaker 6>around trade policy, around corporate tax reductions, around potentially sealing

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<v Speaker 6>the border. You know, bigger question marks around these promises

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<v Speaker 6>to end the war in Ukraine immediately, even before stepping

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<v Speaker 6>into office. There's a lot of combing through what that

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<v Speaker 6>could actually involve in since his victory on Tuesday. But

0:16:13.000 --> 0:16:16.640
<v Speaker 6>absolutely Donald Trump and his advisors are ready and prepared

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<v Speaker 6>and know what their intentions are.

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<v Speaker 1>This is Bloomberg day Break, your morning podcast on the

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<v Speaker 2>And I'm Nathan Hager. Join us again tomorrow morning for

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