1
00:00:00,680 --> 00:00:03,360
Speaker 1: News when you want it with Bloomberg News Now. I'm

2
00:00:03,440 --> 00:00:04,680
Speaker 1: Valerie Titel.

3
00:00:04,400 --> 00:00:05,680
Speaker 2: And i am Caroline Hepke.

4
00:00:06,040 --> 00:00:09,719
Speaker 1: Germany's ruling coalition it faces a key vote today that

5
00:00:09,760 --> 00:00:13,280
Speaker 1: could threaten the country's political stability. A group of around

6
00:00:13,320 --> 00:00:18,320
Speaker 1: eighteen lawmakers from Chancellor Friedrich MURTCDU party has rebelled against

7
00:00:18,360 --> 00:00:20,799
Speaker 1: the government's pension bill, which is due to go to

8
00:00:20,840 --> 00:00:24,160
Speaker 1: a final ballot in the coming hours. Although it's unclear

9
00:00:24,160 --> 00:00:27,440
Speaker 1: how many lawmakers will reject the law, with the majority

10
00:00:27,480 --> 00:00:31,400
Speaker 1: of just twelve, the German leader has little margin for error.

11
00:00:31,760 --> 00:00:34,880
Speaker 1: Here's our Germany Deputy bureau chief at Jenny Tier.

12
00:00:35,280 --> 00:00:37,920
Speaker 3: If the bill doesn't pass, of course, this would mean

13
00:00:38,000 --> 00:00:41,280
Speaker 3: like you made a disruption, like a huge, massive crisis

14
00:00:41,320 --> 00:00:44,400
Speaker 3: for the German government. I mean, if you take a

15
00:00:44,440 --> 00:00:48,839
Speaker 3: look at the polls, the far right party Alternative for

16
00:00:49,000 --> 00:00:53,200
Speaker 3: Germany is had in some polls, and I mean maps

17
00:00:53,280 --> 00:00:57,600
Speaker 3: doesn't want new election coming up, so I mean this

18
00:00:58,160 --> 00:01:00,480
Speaker 3: would be a catastrophe for Germany.

19
00:01:00,560 --> 00:01:03,800
Speaker 1: I think that was Jenny Tier speaking there. As the

20
00:01:03,880 --> 00:01:08,240
Speaker 1: co leader of Marten's coalition partner, the SDP, hinted this

21
00:01:08,280 --> 00:01:10,679
Speaker 1: week that if the pension bill doesn't make it through

22
00:01:10,800 --> 00:01:13,280
Speaker 1: it could spell the end of the coalition.

23
00:01:14,240 --> 00:01:18,240
Speaker 2: Now, European countries are looking to lower the length of

24
00:01:18,319 --> 00:01:21,560
Speaker 2: their boring as an overhaul of the Dutch pension system

25
00:01:21,640 --> 00:01:25,679
Speaker 2: reduces demand for longer maturity bonds. According to the European

26
00:01:25,720 --> 00:01:28,839
Speaker 2: Central Bank, the Netherlands makes up about sixty five percent

27
00:01:28,880 --> 00:01:33,360
Speaker 2: of pension funds sovereign bond holdings in the region. Our

28
00:01:33,400 --> 00:01:37,440
Speaker 2: EMEA lead for FX and rates coverage, David Goodman says

29
00:01:37,720 --> 00:01:40,600
Speaker 2: that the change in the Netherlands will be significant.

30
00:01:41,280 --> 00:01:43,119
Speaker 4: I think it could have been kind of the biggest

31
00:01:43,120 --> 00:01:45,320
Speaker 4: story for the European bond market this year, despite everything

32
00:01:45,319 --> 00:01:48,440
Speaker 4: else that has happened. And essentially, the Dutch pension funds

33
00:01:48,520 --> 00:01:52,520
Speaker 4: are changing their regulations. They're moving from a defined benefit

34
00:01:52,600 --> 00:01:56,760
Speaker 4: system to a defined contribution system. We've seen similar moves elsewhere,

35
00:01:57,400 --> 00:02:00,280
Speaker 4: and essentially what that means is that these funds are

36
00:02:00,280 --> 00:02:02,280
Speaker 4: going to be probably chasing riskier assets.

37
00:02:02,760 --> 00:02:06,960
Speaker 2: Bloomberg's David Gidman speaking them adapting shorter dated borrowing in

38
00:02:07,040 --> 00:02:11,200
Speaker 2: the uzone would follow similar moves in the UK and Japan.

39
00:02:11,520 --> 00:02:15,280
Speaker 2: Such a shift will likely lower interest payments. However, it

40
00:02:15,360 --> 00:02:20,079
Speaker 2: also leaves governments more exposed to yield rises as they

41
00:02:20,160 --> 00:02:22,040
Speaker 2: return to the market more frequently.

42
00:02:22,360 --> 00:02:26,560
Speaker 1: Warner Brothers Discovery has entered exclusive negotiations to sell its

43
00:02:26,639 --> 00:02:30,960
Speaker 1: film and TV studios and its HBO Max streaming service

44
00:02:31,160 --> 00:02:35,639
Speaker 1: to Netflix. According to people familiar with the discussions, Netflix

45
00:02:35,720 --> 00:02:39,480
Speaker 1: is offering a five billion dollar breakup fee if regulators

46
00:02:39,520 --> 00:02:42,360
Speaker 1: don't approve the deal. A tie up between the world

47
00:02:42,639 --> 00:02:46,520
Speaker 1: dominant paid streaming service in one of Hollywood's oldest, in

48
00:02:46,600 --> 00:02:50,320
Speaker 1: most revered studios has the potential to bring a seismic

49
00:02:50,440 --> 00:02:53,800
Speaker 1: change to the entertainment industry. Sources that tell us that

50
00:02:53,840 --> 00:02:56,200
Speaker 1: if talks go well, a deal could be announced in

51
00:02:56,240 --> 00:02:57,000
Speaker 1: the coming days.

52
00:02:57,520 --> 00:03:00,760
Speaker 2: Jane Street's record results this year have been boosted by

53
00:03:00,880 --> 00:03:04,120
Speaker 2: its savvy bets on the AI boom. The US quantitative

54
00:03:04,360 --> 00:03:08,320
Speaker 2: trading giant lifted its third quarter trading revenue by about

55
00:03:08,400 --> 00:03:11,440
Speaker 2: eight hundred and thirty million dollars, with the surge of

56
00:03:11,480 --> 00:03:15,160
Speaker 2: Anthropic reported to make up the vast majority of those gains.

57
00:03:15,520 --> 00:03:18,360
Speaker 2: With more on this story here is Bloomberg's at freddie.

58
00:03:17,960 --> 00:03:23,120
Speaker 5: Fulston, Jane Street's investments in Anthropic are beginning to pay off.

59
00:03:23,520 --> 00:03:27,000
Speaker 5: The AI firm's valuation has more than tripled since the

60
00:03:27,080 --> 00:03:30,320
Speaker 5: beginning of the year, increasing to one hundred and eighty

61
00:03:30,360 --> 00:03:34,360
Speaker 5: three billion dollars as of its latest funding round. Jane

62
00:03:34,400 --> 00:03:38,520
Speaker 5: Streets also benefited from investments in the cloud computing company

63
00:03:38,680 --> 00:03:41,880
Speaker 5: core Weave, in which it holds roughly seven percent of

64
00:03:41,920 --> 00:03:45,800
Speaker 5: outstanding shares. It's put the firm amongst the top Wall

65
00:03:45,880 --> 00:03:50,320
Speaker 5: Street performers in terms of trading revenue, despite a recent

66
00:03:50,440 --> 00:03:55,440
Speaker 5: high profile dispute with India's regulator in London, freddie Fulston

67
00:03:55,600 --> 00:03:56,680
Speaker 5: Bloomberg Radio.

68
00:03:57,080 --> 00:03:59,880
Speaker 1: The Booker Prize winning author o Salmon Rushchi has worn

69
00:04:00,240 --> 00:04:02,400
Speaker 1: that the banning of books and parts of the US

70
00:04:02,520 --> 00:04:06,040
Speaker 1: is contributing it to unexpected amounts of pressure on free

71
00:04:06,080 --> 00:04:09,640
Speaker 1: expression around the world. Speaking on the latest episode of

72
00:04:09,640 --> 00:04:13,080
Speaker 1: Bloomberg's The Michelle Hussein So, the novelist said it's more

73
00:04:13,080 --> 00:04:17,400
Speaker 1: important than ever to protect views we disagree with. Commenting

74
00:04:17,480 --> 00:04:20,080
Speaker 1: on the book Bands, he says that he could never

75
00:04:20,160 --> 00:04:23,640
Speaker 1: have imagined the present culture of censorship in the US.

76
00:04:23,960 --> 00:04:26,479
Speaker 6: It's more important than just the fact that this or

77
00:04:26,480 --> 00:04:28,919
Speaker 6: that title that you happen to be fond of is banned.

78
00:04:28,960 --> 00:04:31,279
Speaker 6: It's a question of what would happen to a generation

79
00:04:31,360 --> 00:04:35,159
Speaker 6: of children if they grow up ignorant of the history

80
00:04:35,160 --> 00:04:39,840
Speaker 6: of the country. That's dangerous, dangerous, dangerous because it is

81
00:04:39,880 --> 00:04:44,040
Speaker 6: a very plural society, a very diverse society, and if

82
00:04:44,080 --> 00:04:47,239
Speaker 6: all you hear is one version, which is the version

83
00:04:47,279 --> 00:04:51,680
Speaker 6: of the dominant race, then that's potentially very destabilizing.

84
00:04:52,120 --> 00:04:55,000
Speaker 1: Salmon Rashchie went on to cite figures from the advocacy

85
00:04:55,040 --> 00:04:58,920
Speaker 1: group pen America that there are currently around twenty three

86
00:04:58,960 --> 00:05:02,359
Speaker 1: thousand active books bands in the US. The US Department

87
00:05:02,400 --> 00:05:06,919
Speaker 1: of Education has dismissed criticism of book bands as false narratives,

88
00:05:06,960 --> 00:05:10,360
Speaker 1: defending what it sees as a quote common sense procedures

89
00:05:10,440 --> 00:05:14,200
Speaker 1: by which to evaluate and remove age inappropriate material.

90
00:05:14,839 --> 00:05:17,159
Speaker 2: So those are our top stories for you this morning.

91
00:05:17,279 --> 00:05:20,680
Speaker 2: Looking at the markets this hour, your pinstocks are up

92
00:05:20,720 --> 00:05:23,320
Speaker 2: by tenth of one percent overall, fifty one hundred shares

93
00:05:23,320 --> 00:05:25,400
Speaker 2: also in the green, with the Zetradacs up by three

94
00:05:25,400 --> 00:05:27,719
Speaker 2: tenths of one percent. A Cardo shares are up by

95
00:05:27,760 --> 00:05:30,960
Speaker 2: ten point seven percent. They've had a significant payment from

96
00:05:31,040 --> 00:05:34,480
Speaker 2: Kroger three hundred and fifty million dollars. Trust pilers also

97
00:05:34,560 --> 00:05:37,599
Speaker 2: rallied more than nine percent. Morgan Stanley upgrading them booms

98
00:05:37,640 --> 00:05:41,800
Speaker 2: little changed ahead of the German vote on pensions. Looking

99
00:05:41,839 --> 00:05:44,799
Speaker 2: at that two seventy seven and for ten year benchmark

100
00:05:44,880 --> 00:05:47,680
Speaker 2: yields up well just about a basis point. Ten uere

101
00:05:47,760 --> 00:05:50,440
Speaker 2: us sealds at four point one percent. Ahead of the

102
00:05:50,560 --> 00:05:54,240
Speaker 2: PCE figures and other data out day one thirty pm

103
00:05:54,440 --> 00:05:57,320
Speaker 2: London time, the dollars down almost two tenths of one percent.

104
00:05:57,360 --> 00:05:59,719
Speaker 2: So those are the important market moves right now.

105
00:06:00,080 --> 00:06:02,440
Speaker 1: That's news when you want it with Bloomberg News Now.

106
00:06:02,680 --> 00:06:04,880
Speaker 1: I'm Valerie Title, I'm Caroline Hepker.

107
00:06:05,120 --> 00:06:06,160
Speaker 2: This is Bloomberg