Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 1: stories we're following today.
Speaker 2: Karen, we begin in Washington, where the White House is
Speaker 2: preparing for the return of Donald Trump. Vice President Kamala
Speaker 2: Harris called the former president yesterday to concede her loss
Speaker 2: on election day. Now, she is urging her supporters to
Speaker 2: embrace a peaceful transfer of power.
Speaker 1: Now.
Speaker 3: I know folks are feeling and experiencing a range of.
Speaker 4: Emotions right now.
Speaker 5: I get it.
Speaker 6: But we must accept the results of this election.
Speaker 2: But Vice President Harris says accepting the results does not
Speaker 2: mean conceding the fight that fueled her campaign.
Speaker 3: I will never give up the fight for a future
Speaker 3: where Americans can pursue their dreams, ambitions, and aspirations, where
Speaker 3: the women of America have the freedom to make decisions
Speaker 3: about their own body and not have their government telling
Speaker 3: them what to do.
Speaker 2: Kamala Harris says accepting an election result as a fundamental
Speaker 2: principle of a democracy, even in a loss. President Biden
Speaker 2: also spoke with President elect Trump yesterday and invited him
Speaker 2: to the White House. The president will address the nation
Speaker 2: about the election outcome this morning at eleven am Wall
Speaker 2: Street Time, and we will bring you those comments live
Speaker 2: on Bloomberg Radio and television.
Speaker 1: Well Nathan, Chinese President Xijhin paying congratulated Trump on his victory.
Speaker 1: He also called for stable tie between the world's two
Speaker 1: largest economies. The early fairly warm comments from Beijing contrast
Speaker 1: with the testy relationship Trump had with China during his
Speaker 1: first term. A trade war erupted in twenty eighteen, and
Speaker 1: Trump has threatened to hit Chinese shipments with sixty percent levies.
Speaker 2: Well Karen Now, Democrats are pending their hopes on the
Speaker 2: House to avoid a full Republican sweep. GOP control of
Speaker 2: the Senate is assured. Republicans have a fifth the two
Speaker 2: seat majority. So far, races are still left to be
Speaker 2: called in Arizona, Maine, Pennsylvania, and Nevada. In the House,
Speaker 2: Republicans currently hold a two six to one ninety one
Speaker 2: seat edge. Thirty eight congressional races are still being counted.
Speaker 1: Well. Among the key races that were called yesterday, Nathan
Speaker 1: Democrats Tammy Baldwin of Wisconsin and Michigan's Alyssa Slotkin both
Speaker 1: won re election. Five Democrats and one Republican won races
Speaker 1: for House seats in California. In Virginia, Democrat Eugene Vinman
Speaker 1: won the race for the House sea left open by
Speaker 1: fellow Democrat Abigail Spenberger, who's running for governor. It could
Speaker 1: take several more days to learn the complete balance of
Speaker 1: power in the House. California alone still has six races
Speaker 1: to decide, and absentee ballot rules make that stay notoriously
Speaker 1: slow in counting its ballots.
Speaker 2: And as Democrats did suffer big election losses, Karen strategists
Speaker 2: say the party will have to immediately analyze what went wrong.
Speaker 2: We get more from Bloomberg News Senior editor Bill Ferries.
Speaker 7: Kamala Harris lost basically across the board. She in terms
Speaker 7: of how President Biden performed four years ago, she lost
Speaker 7: even where she won, I mean even in key demographics.
Speaker 7: She saw her support fall. In a state like Florida
Speaker 7: that Joe Biden lost by three percentage points in twenty twenty,
Speaker 7: Kamala Harris is losing by thirteen percentage points. So there's
Speaker 7: got to be a big assessment of what went wrong,
Speaker 7: what message voters, you know, we're really looking for? And
Speaker 7: I think in the end, You know when you talk
Speaker 7: to looked at exit polls of people saying the economy
Speaker 7: was a problem, immigration was a problem, and broadly they
Speaker 7: didn't think the country was on the right track. As
Speaker 7: an incumbent vice president, that was going to be a
Speaker 7: very difficult race to run successfully.
Speaker 2: In Bloomberg's Bill, Ferries ads that Kamala Harris even underperformed
Speaker 2: in traditionally blue states like New York, where Trump secured
Speaker 2: the highest percentage of voters of any Republican presidential candidate
Speaker 2: since at least nineteen ninety six, ninth.
Speaker 1: And one more election. We're keeping tams on the race
Speaker 1: for mayor of San Francisco. The city is still tabulating
Speaker 1: results from Tuesday's election, but so far political newcomer Daniel
Speaker 1: Lurie is holding his lead over current mayor London Breed.
Speaker 1: After fourteen rounds of counting philanthropist and Levi's air, Luri
Speaker 1: has more than fifty six percent of the ranked choice votes,
Speaker 1: with Breed at forty three.
Speaker 2: Turning the markets now, Karen futures are higher. Adding to
Speaker 2: yesterday's historic rally, the S and P five hundred registered
Speaker 2: its best post election day ever, surging two and a
Speaker 2: half percent. The Dow rallied more than fifteen hundred points
Speaker 2: or three point six percent, and the Russell two thousand
Speaker 2: index of small cap stocks gained almost six percent. And
Speaker 2: Nastasia A. Moroso is chief investment strategist at I Capital,
Speaker 2: the reason.
Speaker 5: Why small caps in particular rallying so much is because
Speaker 5: they are typically more sensitive to Republican majority, and so
Speaker 5: that's helping sentiment. You know, they're also more sensitive to
Speaker 5: the domestic orientation and potential for lower taxes, and of
Speaker 5: course the sensitive to rate relief, and so you kind
Speaker 5: of have this perfect combination of factors.
Speaker 2: And I Capital Xanastaja Moroso says, treasury yields climbed across
Speaker 2: the curve as well. US tenure yields advanced seventeen basis
Speaker 2: points to four point four to four percent right now
Speaker 2: the ten years giving some of that back, it's at
Speaker 2: four point four to two. Bitcoin, which rallied nearly ten
Speaker 2: percent yesterday, is down one and a half percent.
Speaker 1: Well, Nathan, the rich got richer after Donald Trump's election
Speaker 1: victory and possible right as sweep. We get that story
Speaker 1: from Bloomberg's John Tunker. John, Good morning.
Speaker 8: Yeah, we're talking about a lot of money here, Karen,
Speaker 8: Good morning. The fortunes of the ten richest people in
Speaker 8: the world surged by a daily record after election Day.
Speaker 8: According to the Bloomberg Billionaires Index, the net worth of
Speaker 8: billionaires surged by sixty three and a half billion dollars.
Speaker 8: The biggest game was for the world's richest person, Elon
Speaker 8: Musk alone added twenty six and a half billion dollars
Speaker 8: to his pot. Amazon's Jeff Bezos and Oral Larry Ellison
Speaker 8: were also among the top gainers. It's the biggest daily
Speaker 8: increase since Bloomberg's Wealth Index began back in twenty twelve.
Speaker 8: A bunch of the gains for the ulder rich. It
Speaker 8: came down to a surge in stocks. Musk, who campaign
Speaker 8: alongside with the President of lacked his pois to influence
Speaker 8: policy since Trump is found to give him an official role.
Speaker 8: Tesla shares in New York surged fifteen percent on Wednesday.
Speaker 8: In New York, I'm John Tucker, Bloomberg Radio.
Speaker 2: Okay, John, thank you. Now that investors turned their attention
Speaker 2: to Washington and this afternoon's FED decision. We get a
Speaker 2: preview from Bloomberg's Michael McKee. The election results leave the
Speaker 2: FED little room for maneuver. Policymakers should go ahead with
Speaker 2: another quarter point reduction in the benchmark US lending rate,
Speaker 2: but the policy path they laid out at their September
Speaker 2: meeting is now off the table. With interest rates rising
Speaker 2: on Trump policy inflation concerns, they will likely signal a
Speaker 2: pause in the rate cutting cycle until they have a
Speaker 2: better idea of how the current economy is performing and
Speaker 2: how far Trump will go with his tariff, tax and
Speaker 2: deportation proposals. There are no new economic forecasts coming out
Speaker 2: of this meeting. We'll get a statement on the policy rate,
Speaker 2: and most likely a lot of Chair Ja Powell saying
Speaker 2: we don't know what happens next. Michael McKee, Bloomberg Radio.
Speaker 2: All right, Mike, thanks for full FED coverage. Stick with
Speaker 2: us for a special edition of Bloomberg's Surveillance The Fed
Speaker 2: The Sides with Tom Kean, Jonathan Farrell, and Lisa Abromoitz.
Speaker 2: It's coming up at one thirty Wall Street time on
Speaker 2: Bloomberg Radio, Bloomberg Television, and on the Bloomberg Podcasts YouTube page.
Speaker 1: Well, Nathan, we also have a policy decision overseas. The
Speaker 1: Bank of Inland is expected to lower interest rates for
Speaker 1: the second time this year due to an unexpectedly fast
Speaker 1: slowdown in inflation in Asia.
Speaker 2: Nissan has cut its annual profit outlook and announced plans
Speaker 2: to eliminate thousands of jobs globally as the carmaker looks
Speaker 2: to counteract deteriorating sales in major markets. Nissan says some
Speaker 2: nine thousand positions will be slashed globally.
Speaker 1: Here in the US, Nathan Shares a quall com. They
Speaker 1: are up almost eight percent this morning. The world's biggest
Speaker 1: seller of smartphone processors gave a bullish sales forecast for
Speaker 1: the current period, pointing to bright spots in the mobile
Speaker 1: device industry.
Speaker 2: Karen Lift shairs are lifting higher by the two twenty
Speaker 2: three percent.
Speaker 9: This morning.
Speaker 2: The right Hanling Company issued strong earnings guidance for both
Speaker 2: this quarter and the full year. Lift also introduced a
Speaker 2: new three dollars a month plan that allows commuters to
Speaker 2: avoid surging prices during peak hours.
Speaker 1: And it's time now for a look at some of
Speaker 1: the other stories making news in New York and around
Speaker 1: the world. And for that we're joined by Bloomberg's Michael Barr.
Speaker 4: Michael, good Morning, Good morning, Karen German, Chancellor All off,
Speaker 4: Shoals called for a snap election after divisions over how
Speaker 4: to revive the lockluster economy triggered the breakup of his
Speaker 4: three party ruling coalition. The crisis came to a head
Speaker 4: with Shols's shock dismissal of Finance Minister Christian Linder late
Speaker 4: last night, saying that the chairman of the pro business
Speaker 4: FDP party had refused a proposal to suspend rules limiting
Speaker 4: new government borrowing. Shoals called for a confidence vote in January,
Speaker 4: with a goal of pulling forward next year's federal election
Speaker 4: to March. From September, California fire officials are working to
Speaker 4: battle the growing Mountain Fire. It has already burned more
Speaker 4: than fourteen thousand acres, and evacuations have been ordered for
Speaker 4: several areas, including the city of Camarillo, Ventura County Fire
Speaker 4: Chief Dustin Gardner.
Speaker 7: Every firefighter in the region, every law enforcement agency available,
Speaker 7: every helicopter, every fixed wing aircraft, everything we've been able
Speaker 7: to get a hold of is here fighting this fire.
Speaker 4: The fire is fueled by dry conditions and Santa Ana
Speaker 4: winds gusting up to eighty miles per hour. Cuba is
Speaker 4: reeling after a powerful Category three hurricane ripped across the
Speaker 4: island and fierce winds knocked out the country's power grid.
Speaker 4: Forecasters had warned that Hurricane Raphael could bring life threatening
Speaker 4: storm surges, winds, and flash floods the Cuba after ravaging
Speaker 4: parts of the Cayman Islands and Jamaica. UNSEF is asking
Speaker 4: for help to provide relief to a large group of
Speaker 4: children affected by a historic drought along the Amazon River.
Speaker 4: Antonio Merrow is an emergency manager with the organization.
Speaker 10: This is basically the strongest drought in history in the
Speaker 10: last century, and unfortunately, there are no improvement expected in
Speaker 10: the coming weeks and months. Several tributaries of the Amazon
Speaker 10: River are literally drying up.
Speaker 4: UNICEF Santonio Morro says they estimate more than four hundred
Speaker 4: and twenty thousand children are currently affected by this global
Speaker 4: news twenty four hours a day and whenever you want
Speaker 4: it with the Bloomberg News Now, I'm Michael Barrn. This
Speaker 4: is Bloomberg Karen.
Speaker 1: Sorry, Michael barr Thank you time now for the Bloomberg
Speaker 1: Sports Update, brought to you by tri Estate Audi. We
Speaker 1: bring in johnstone Shower, John, good morning.
Speaker 11: Good morning, carry on the end to a four game
Speaker 11: road trip for the next They won the first two
Speaker 11: but lost the last two. Trip ended in Atlanta Hawks.
Speaker 11: The Knicks had a five point lead and possession with
Speaker 11: three minutes left. The Hawks won on a thirteen to
Speaker 11: one run. Atlanta won one twenty one, one sixteen and
Speaker 11: Preston game for Hawks rookie Zachkarry resa Chet first pick
Speaker 11: of the draft. The Frenchman scored thirty three points. Carl
Speaker 11: Anthony Tams led the Knicks with thirty four Warriors won
Speaker 11: in Boston one eighteen one twelve. Jason Tatum thirty two
Speaker 11: points in the loss. He was facing Steve Kerr, his
Speaker 11: Olympics coach who bench Tatum a couple of times last
Speaker 11: summer in Paris. Cleveland off to its best start every
Speaker 11: now nine to zero with a win at New Orleans Hockey.
Speaker 11: The Capitals on Alex Ovechkin third period goal beat Nashville
Speaker 11: three to two, and for Ovechkin career goal number eight
Speaker 11: sixty one eats thirty four more to break wings Reski's
Speaker 11: all time record. College hoops Columbia up sat Villanova in
Speaker 11: ninety to eighty. High hopes this season for Rutgers.
Speaker 4: A couple of big time freshmen.
Speaker 11: The Scarlet Knights opened up seventy five fifty two over
Speaker 11: Wagner Baseball General manager meetings going on in San Antonio
Speaker 11: and in town. The uber agent Scott Boris his client,
Speaker 11: his biggest client, Free agent Wan Soda.
Speaker 12: I'm getting an opportunity to acquire a player at this age,
Speaker 12: with this skill, with this character, with this experience, with
Speaker 12: so much performance gradient established that they understand the surplus
Speaker 12: value of it.
Speaker 11: Many expect Soto's decision to come down to staying with
Speaker 11: the Yankees or joining the Mets. John Stashemer, Bloomberg Sports can.
Speaker 9: Nathan Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 9: and around the world on Bloomberg dot Com and the
Speaker 9: Bloomberg Business app. This is Bloomberg Daybreak. Good morning.
Speaker 2: I'm Nathan Hager. Washington and the world are preparing for
Speaker 2: the return of Donald Trump to the world's most powerful office.
Speaker 2: Vice President Kamala Harris says she is committed to a
Speaker 2: peaceful transition.
Speaker 3: While I conceive this election, I do not seed the
Speaker 3: fight that fueled this campaign.
Speaker 2: Vice President Harris says accepting an election result as a
Speaker 2: fundamental principle of democracy even in a loss for more.
Speaker 2: We are joined by Lindsay Newman, geopolitical risk expert and
Speaker 2: columnist at G zero Media. Lindsay, welcome back. Did we
Speaker 2: hear from Vice President Harris an implicit rebuke of former
Speaker 2: president now President elect Trump, who still has yet to
Speaker 2: concede his loss four years ago? Good morning, Good morning.
Speaker 6: Yes, we certainly heard what she was saying about, you know,
Speaker 6: the fight she carries a fight forward. I think the
Speaker 6: big question, Nathan, is what is the fight that the
Speaker 6: Democratic Party is caring forward? In the sort of postmartum
Speaker 6: that we're all doing this morning and yesterday? The question
Speaker 6: is did the Democratic Party and did Kamala Harris's campaign?
Speaker 6: Was the strategy a flawed strategy, particularly focusing in on
Speaker 6: these points around freedoms and democracy and turning the page
Speaker 6: when it seems very clearly that the question that voters
Speaker 6: really had in their minds was the one Trump was asking,
Speaker 6: which was are you better today than you were four
Speaker 6: years ago?
Speaker 1: Out?
Speaker 2: So, how does the strategy change as Democrats reassess what
Speaker 2: they did wrong this time around?
Speaker 6: Well, if you're in the Democratic leadership, you definitely have
Speaker 6: to be doing some soul searching and asking yourself, what
Speaker 6: do we need to do differently. This is not just
Speaker 6: a we can roll into twenty twenty six and do
Speaker 6: more of the same. There are some deep flaw there's
Speaker 6: some deep divisions within the party, intered party, divisions around
Speaker 6: the future of the policy, the message of the policy.
Speaker 6: There's a progressive wing, there's centrists. This is not a
Speaker 6: united party, and that really hurt them yesterday on Tuesday
Speaker 6: and really helped the Republicans. You see the map turn
Speaker 6: red across the board, and it's because this is a
Speaker 6: mandate for Donald Trump. He did not just win, he
Speaker 6: won convincingly. He'd beat expectations, pulling and betting markets. He's
Speaker 6: now for the first time, not only won the electoral college,
Speaker 6: but he won the popular vote. So this is not
Speaker 6: a small loss for the Democrats. This is a time
Speaker 6: for them to really look at what they're going to
Speaker 6: do differently.
Speaker 2: By contrast, are you saying that the Republican Party is
Speaker 2: more unified than the Democrats and what could that mean
Speaker 2: for policy making under a Trump two point zero?
Speaker 6: Republicans are clearly more united than Democrats are, and as
Speaker 6: we've seen in the demographic analysis, they are picking up.
Speaker 6: They're widening the umbrella. They are reaching wider swaths of
Speaker 6: the American population than they had in twenty twenty and
Speaker 6: in midterm elections going into January twenty and twenty twenty five.
Speaker 6: Trump and his key allies around him, his advisor around him,
Speaker 6: are clear had four years to prepare for this moment.
Speaker 6: This is not a twenty sixteen redo. They are clear,
Speaker 6: whether it's Project twenty twenty five, what their policy agenda is.
Speaker 6: Believe what he's been saying on the campaign trail around tariffs,
Speaker 6: around trade policy, around corporate tax reductions, around potentially sealing
Speaker 6: the border. You know, bigger question marks around these promises
Speaker 6: to end the war in Ukraine immediately, even before stepping
Speaker 6: into office. There's a lot of combing through what that
Speaker 6: could actually involve in since his victory on Tuesday. But
Speaker 6: absolutely Donald Trump and his advisors are ready and prepared
Speaker 6: and know what their intentions are.
Speaker 1: This is Bloomberg day Break, your morning podcast on the
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