WEBVTT - Kremlin Calls Russia-US Talks Constructive; Trump Sees Fed Chair Pick 'Early Next Year'

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

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the latest on the push to

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<v Speaker 3>end the war in Ukraine. The Kremlin says Russian President

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<v Speaker 3>Vladimir Putin held quote very useful talks with White House

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<v Speaker 3>Envoy Steve Whitcoff and President Trump's son in law, Jared Kushner,

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<v Speaker 3>but once again those discussions ended without a breakthrough to

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<v Speaker 3>end the fighting. Tony Happin leeds Bloomberg's Ussia coverage.

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<v Speaker 4>They said there were constructive discussions, very informative. They talked

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<v Speaker 4>about receiving more detailed documents from the US that they

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<v Speaker 4>need to study, but there was a little actual substance

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<v Speaker 4>on which they agreed. And Kremlin policy aid Yuri Ushakov

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<v Speaker 4>basically told reporters that there were crucial areas such as

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<v Speaker 4>the territorial question on which they didn't agree in that

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<v Speaker 4>there would be much more work needed.

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<v Speaker 3>Bloomberg's Tony Happen reports Attention now turns to a NATO

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<v Speaker 3>feign minister's meeting today in Brussels to discuss the alliances

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<v Speaker 3>support for Ukraine. Secretary of State Marco Rubio is not

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<v Speaker 3>expected to attend well.

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<v Speaker 2>Back in Washington, Nathan Defense Secretary Pete Hegseth is speaking

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<v Speaker 2>for the first time about a suspected drug boat strike

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<v Speaker 2>that has him facing accusations of possible war crimes. During

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<v Speaker 2>a White House Cabinet meeting heard live on Bloomberg Radio,

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<v Speaker 2>Haigeseth said he wasn't watching when a Navy admiral ordered

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<v Speaker 2>a second strike on the vessel on September second. As

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<v Speaker 2>you can imagine, the Department of War, we got a

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<v Speaker 2>lot of things to do, so I didn't stick around

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<v Speaker 2>for the hour and two hours whatever where all.

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<v Speaker 5>The sensitive side exploitation digitally occurs.

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<v Speaker 4>So I moved on to my next meeting.

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<v Speaker 2>Secretary Heggseth says he learned the full sequence of events

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<v Speaker 2>a couple hours later, and he says Admiral Frank Bradley

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<v Speaker 2>made the right call to sink the boat and eliminate

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<v Speaker 2>the threat. Not all lawmakers are convinced. Ted Low is

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<v Speaker 2>Vice chair of the House Democratic Caucus.

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<v Speaker 6>I served on.

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<v Speaker 3>Active duty as a jack for four years and then

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<v Speaker 3>additional twenty one years in the reserves, and let me

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<v Speaker 3>be very clear, killing shipwreck survivors is a war.

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<v Speaker 2>Crime, and Republican Senator Tom Tillis is calling the second

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<v Speaker 2>strike a violation of ethical, moral, and legal code. The

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<v Speaker 2>top Republican and Democrat, and the Senate Armed Services Committee

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<v Speaker 2>plan to meet with Admiral Bradley tomorrow.

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<v Speaker 3>Kry, we have some key election results this morning. Yes,

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<v Speaker 3>it was an election day. A couple races that your

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<v Speaker 3>national attention. Let's bring in Bloomberg's John Tucker to get

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<v Speaker 3>the details, John and Nathan.

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<v Speaker 6>A special election in Tennessee allows Republicans to keep their

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<v Speaker 6>razor thin majority in Congress. The winner, Matt Van Epps,

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<v Speaker 6>had no apologies for being hardcore maga.

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<v Speaker 2>This is President Trump's party.

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<v Speaker 7>I'm proud to be a part of it and can't

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<v Speaker 7>wait to get to work.

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<v Speaker 6>Van Apps receiving fifty four percent of the vote the

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<v Speaker 6>Democrat challenger after Bain's forty five, a margin of nine points,

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<v Speaker 6>not as great as some would have thought for a regent.

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<v Speaker 6>President Trump won by twenty two points for Bain. It

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<v Speaker 6>signals a future of.

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<v Speaker 1>Change and we may not have won tonight, but we

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<v Speaker 1>changed the story of what's possible here and we're not done.

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<v Speaker 6>Not by a longshot well. The special election was called

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<v Speaker 6>to field the vacancyed once held by now former Congressman

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<v Speaker 6>Mark Green, a Republican who resigned in July. And in

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<v Speaker 6>another race that gained national attention in New Jersey, a

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<v Speaker 6>runoff election for mayor of Jersey City. City Council member

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<v Speaker 6>James Solomon won the race, beating former Governor Jim McGreevy.

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<v Speaker 6>Shortly after the polls closed, Solomon was leading with sixty

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<v Speaker 6>nine percent of the vote, according to the AP, which

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<v Speaker 6>called the race. Solomon pledging to make the city more

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<v Speaker 6>affordable and to fight corruption, similar promises to those made

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<v Speaker 6>by New York City Mayor elect Zorinbumdani. I'm John Tucker,

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<v Speaker 6>Bloomberg Radio, All.

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<v Speaker 2>Right, John, thank you by The Trump administration is poised

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<v Speaker 2>to undo Biden era fuel efficiency standards, which it blames

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<v Speaker 2>for driving up the cost of new cars and Bloomberg

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<v Speaker 2>Amy Morris reports from Washington.

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<v Speaker 8>The administration is expected to propose standards that are less

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<v Speaker 8>stringent than those finalized under former President Biden. The move

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<v Speaker 8>is the latest in President Trump's push to dismantle policies

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<v Speaker 8>he criticizes as an ev mandate. The Trump administration has

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<v Speaker 8>argued that artificially high fuel economy requirements have pushed the

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<v Speaker 8>price of a new car out of reach for many Americans.

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<v Speaker 8>Still using fuel economy requirements is not likely to bring

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<v Speaker 8>down car prices because carmakers plan those lineups years in advance.

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<v Speaker 8>In Washington, Amy Morris Bloomberg Radio, all.

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<v Speaker 3>Right, Amy, thank you for expecting that announcement from the

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<v Speaker 3>president later today. But President Trump says he plans to

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<v Speaker 3>announce his selection to lead the Federal Reserve early next year.

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<v Speaker 3>At that cabinet meeting at the White House yesterday, the

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<v Speaker 3>President te's White House National Economic Council Director Kevin Hassett

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<v Speaker 3>as his possible choice.

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<v Speaker 5>I guess the potential fed cheers here too.

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<v Speaker 2>I don't know.

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<v Speaker 5>We sh allowed to say that potential is a respected

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<v Speaker 5>person that I can tell you. Thank you, Kevin.

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<v Speaker 3>Now the comments for President Trump offer a clearer timeline

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<v Speaker 3>for that announcement, which he said would come after considering

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<v Speaker 3>around ten candidates.

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<v Speaker 2>Well, Nathan, we turned to the markets, where futures are

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<v Speaker 2>higher again. Following yesterday's gains on Wall Street, the S

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<v Speaker 2>and P five hundreds rallied for more than a week

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<v Speaker 2>on an expected rate cut one week from today. Laura

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<v Speaker 2>Cooper is a global investment strategist at Neuvene.

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<v Speaker 9>Historically, we do tend to see December as a strong

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<v Speaker 9>month of outperformance for US equities, and I think we're

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<v Speaker 9>probably in for some modest upside, but I think there's

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<v Speaker 9>limited scope for significant gains because a lot of the

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<v Speaker 9>driver of recent price action has been that repricing of

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<v Speaker 9>the FED rate cuts. It's expected next week.

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<v Speaker 2>New Vean's Laura Cooper says the feds outlook on future

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<v Speaker 2>rate cuts will be key for the markets.

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<v Speaker 3>In some company news this morning, Karen, we're watching shares

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<v Speaker 3>of crowd Strike. They're down about two percent in early training.

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<v Speaker 3>The cybersecurity provider did top earnings estimates, but its outlook

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<v Speaker 3>disappointed some investors. CrowdStrike was up fifty one percent this

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<v Speaker 3>year before that earnings release.

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<v Speaker 2>And looking at the flip side, Nathan shares of Marvel Technology,

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<v Speaker 2>they're up about ten percent. The company announced plans to

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<v Speaker 2>acquire startup Celestial AI for at least three and a

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<v Speaker 2>quarter billion dollars. It's part of Marvel's push to capture

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<v Speaker 2>more of the runaway spending on artificial intelligence computing.

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<v Speaker 3>And Bitcoin's trading at a two week high this morning Karen

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<v Speaker 3>right now up about one point six percent. That ninety

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<v Speaker 3>three thousand cryptocurrency seeking a sustained recovery from a week's

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<v Speaker 3>long sell off that began in early October, days after

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<v Speaker 3>bitcoin hit a record of more than one hundred and

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<v Speaker 3>twenty six thousand. Since then, more than a trillion dollars

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<v Speaker 3>in crypto market value has been wiped out.

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<v Speaker 2>We have a warning here, Nathan from the SEC. It

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<v Speaker 2>has issued a flurry of letters to firms, including direction

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<v Speaker 2>pro shares and title blocking the introduction of products designed

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<v Speaker 2>to deliver two or three times the daily returns of stocks,

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<v Speaker 2>commodities and cryptocurrencies. The SEC's concern is that the fund's

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<v Speaker 2>risk exposures may see the agency's limits on how much

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<v Speaker 2>risk of fund can take on relative to its assets.

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<v Speaker 2>The regulator has directed the fund managers to other revis

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<v Speaker 2>their investment strategies or formally withdraw their applications.

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<v Speaker 3>And it is an unprecedented philanthropic effort Karen Dell Technologies

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<v Speaker 3>founder Michael Dell and his wife Susan are giving twenty

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<v Speaker 3>five million American children two hundred and fifty dollars each

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<v Speaker 3>to jump start investment accounts for their future that adds

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<v Speaker 3>up to six point twenty five billion dollars, a pledge

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<v Speaker 3>that's part of the America Initiative, better known as Trump Accounts,

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<v Speaker 3>that were created earlier this year under the One Big,

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<v Speaker 3>Beautiful Bill Act. Michael Dell discussed the pledge in bloomber interview.

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<v Speaker 5>We do think that this will be catalytic and that

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<v Speaker 5>more philanthropists and companies will will join us over time.

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<v Speaker 5>And again, this is a platform for the future of

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<v Speaker 5>these children.

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<v Speaker 3>And you can watch our full interview with Dell Technologies

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<v Speaker 3>founder and CEO Michael Dell at the Bloomberg podcast channel

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<v Speaker 3>on YouTube.

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<v Speaker 2>Time now a look at some of the other stories

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<v Speaker 2>making news in New York and around the world, and

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<v Speaker 2>for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 7>Michael, good morning, Good morning Karen. The cleanup continues in

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<v Speaker 7>the Midwest and northeast from a snowstorm in Nashua, New Hampshire.

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<v Speaker 7>The city's street department has been working to keep the

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<v Speaker 7>roads clear of snow. This man was out driving and

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<v Speaker 7>found things a bit difficult.

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<v Speaker 3>It was raining, so the roads were already wet, and

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<v Speaker 3>then the snow just came up on top of it,

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<v Speaker 3>so you can't really see the black ice.

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<v Speaker 7>New York City just got rained, but the Central Hudson

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<v Speaker 7>River Valley got about nine inches of snowfall. The Pennsylvania

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<v Speaker 7>police officer who arrested accused CEO killer Luigi Mangione appeared

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<v Speaker 7>in a New York City court. Officer Joseph Dettwiler testified

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<v Speaker 7>on day two of Mangione's hearing to bar New York

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<v Speaker 7>prosecutors from using evidence they say links him to the

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<v Speaker 7>murder of United Healthcare CEO Brian Thompson on Manhattan Street.

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<v Speaker 7>Officer Debtwiler testified he was skeptical about the tip about

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<v Speaker 7>a male who looks like the shooter, but as soon

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<v Speaker 7>as the man pulled down his max, the officers said,

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<v Speaker 7>I knew it was him immediately. Ed Wiler said MANGIONI

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<v Speaker 7>gave him a fake name in ID and claimed he

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<v Speaker 7>was homeless. The Trump administration says it will withhold funds

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<v Speaker 7>for administering snap food Aid and most Democratic controlled states

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<v Speaker 7>starting next week unless they provide data about those receiving

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<v Speaker 7>the assistance. Agriculture Secretary Brook Rollins said that the action

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<v Speaker 7>is looming because those states are refusing to provide requested

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<v Speaker 7>information about the recipients, including the names and immigration status,

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<v Speaker 7>but twenty.

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<v Speaker 2>One states, including California, New York, and Minnesota Blue States

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<v Speaker 2>continued to say no.

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<v Speaker 7>Secretary Rolin says it's necessary that states comply to root

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<v Speaker 7>out fraud in the program. Democratic states have sued to

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<v Speaker 7>block the requirement. Global News twenty four hours a day

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<v Speaker 7>and whenever you want it with Bloomberg News Now Michael

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<v Speaker 7>Barr and this is Bloomberg Herron.

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<v Speaker 2>Thanks Michael. Time. Now there are Bloomberg Sports Update, and

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<v Speaker 2>for that we bring in John Stashauer.

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<v Speaker 10>Thanks Karon. On Sunday, we'll find out who's going to

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<v Speaker 10>the college football Playoff. The committee says that as of now,

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<v Speaker 10>there'll be five SEC teams, three from the Big Ten,

0:10:12.600 --> 0:10:15.720
<v Speaker 10>and the buys go to Ohio State, Indiana, Georgia, and

0:10:15.840 --> 0:10:20.440
<v Speaker 10>Texas Tech. Alani Sataki decided to stay at BYU rather

0:10:20.520 --> 0:10:23.720
<v Speaker 10>than take the job at Penn State. Oklahoma City thunder

0:10:23.760 --> 0:10:25.360
<v Speaker 10>with a one twenty four to one to twelve win

0:10:25.440 --> 0:10:28.880
<v Speaker 10>at Golden State. Shay Gildess Alexander scored thirty eight points

0:10:28.920 --> 0:10:31.240
<v Speaker 10>the thunder that depended NBA Champs off to a twenty

0:10:31.280 --> 0:10:33.880
<v Speaker 10>one to one start. That's your Bloomberg Sports Update.

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<v Speaker 2>Stay with us. More from Bloomberg day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:10:47.679 --> 0:10:50.520
<v Speaker 1>and around the world on Bloomberg dot Com and the

0:10:50.520 --> 0:10:53.600
<v Speaker 1>Bloomberg Business opp This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. Very useful, very informative. Those

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<v Speaker 3>are some of the words the Kremlin is using to

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<v Speaker 3>describe the latest talks between Russian President Vladimir Putin and

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<v Speaker 3>US envoys Steve Witkoff and Jared Kushner. Ukrainian President Vladimir

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<v Speaker 3>Lensky says he's waiting to hear the results. If I

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<v Speaker 3>feel phil that we can count on real specific dialogue,

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<v Speaker 3>not just wors with some result, we will admit. That

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<v Speaker 3>was Ukrainian President Vladimir Lenski speaking in Ireland ahead of

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<v Speaker 3>the nearly five hour talks in Moscow. Joining us for

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<v Speaker 3>more is Bloomberg Opinion columnist Mark Champion, Mark, Good morning.

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<v Speaker 3>Did we hear real specific action coming out of those talks?

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<v Speaker 11>Good morning, good morning.

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<v Speaker 10>No.

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<v Speaker 11>In essence, the message all that we know about the

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<v Speaker 11>talks that so far has come from the Russian side

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<v Speaker 11>one of President Putin's advisors explain what went on, and

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<v Speaker 11>his message essentially was, you know, this was good, We

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<v Speaker 11>liked it, but there was no progress. We looked at

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<v Speaker 11>the plan that the Americans had, the old plan that's

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<v Speaker 11>been you know, made since the Russian American plan was

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<v Speaker 11>initially put forward. We looked at the altered plan, but

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<v Speaker 11>we were focused really on the kind of spirit of

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<v Speaker 11>the deal. We didn't get into the nitty gritty and

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<v Speaker 11>you know, and there's stuff in there. Some of it

0:12:18.520 --> 0:12:20.680
<v Speaker 11>we might be able to accept some of the changes,

0:12:21.040 --> 0:12:24.640
<v Speaker 11>but some of some big key things that we are not,

0:12:24.840 --> 0:12:28.600
<v Speaker 11>and we see quite negatively. So you know, it's pretty

0:12:28.640 --> 0:12:31.640
<v Speaker 11>clear there won't be a big summit between Trump and

0:12:31.640 --> 0:12:36.120
<v Speaker 11>put In to announce a deal anytime soon. Whether this

0:12:36.160 --> 0:12:40.200
<v Speaker 11>can actually move forward, it really depends on how the

0:12:40.200 --> 0:12:44.760
<v Speaker 11>Americans play it and whether there was any sign of

0:12:44.800 --> 0:12:49.000
<v Speaker 11>real movement from the Russians, because that initial deal with

0:12:49.080 --> 0:12:51.400
<v Speaker 11>the twenty eight points that the Russians still like to

0:12:51.480 --> 0:12:55.840
<v Speaker 11>sort of, you know, lean on, that one was really

0:12:55.960 --> 0:12:59.240
<v Speaker 11>poison for the Ukrainian side and for their European allies.

0:13:00.120 --> 0:13:03.240
<v Speaker 3>We've heard from President Zelensky on X this morning saying

0:13:03.240 --> 0:13:06.000
<v Speaker 3>his Defense Secretary rustam Umrav is going to meet with

0:13:06.120 --> 0:13:11.199
<v Speaker 3>national security advisors to European leaders in Brussels today following

0:13:11.240 --> 0:13:13.320
<v Speaker 3>these discussions. Where is Europe in all this?

0:13:13.480 --> 0:13:18.560
<v Speaker 11>Mark, Well, they're I mean, they are important in the

0:13:18.600 --> 0:13:22.800
<v Speaker 11>sense that Ukraine, you know, they're they're only Ukraine's only

0:13:23.240 --> 0:13:27.320
<v Speaker 11>true allies. At this point, the US has you know,

0:13:27.520 --> 0:13:33.360
<v Speaker 11>posed itself as a mediator between Russia and Ukraine, which

0:13:33.400 --> 0:13:37.840
<v Speaker 11>means it's distance itself from supporting Ukraine and it also

0:13:38.120 --> 0:13:40.720
<v Speaker 11>has its own interests. So you can see that, you know,

0:13:40.840 --> 0:13:44.199
<v Speaker 11>threaded through those twenty eight points, it's you know, there

0:13:44.240 --> 0:13:48.600
<v Speaker 11>are American profits to be made, American deals to be made.

0:13:48.640 --> 0:13:50.719
<v Speaker 11>If you look at who is negotiating the deal on

0:13:50.800 --> 0:13:55.400
<v Speaker 11>behalf of the Americans, it's a real estate developer, Steve Witkoff,

0:13:56.120 --> 0:13:59.600
<v Speaker 11>and then Jared Kushner, who is you know, a son

0:13:59.640 --> 0:14:03.240
<v Speaker 11>in law to the President but also primarily a businessman

0:14:04.080 --> 0:14:06.000
<v Speaker 11>and a lot you know. On the other side for

0:14:06.080 --> 0:14:08.920
<v Speaker 11>the Russian side, one of the key players in negotiate

0:14:09.000 --> 0:14:12.880
<v Speaker 11>and keep partner for Wikoff has been kirolled Dimitriev, who

0:14:12.960 --> 0:14:16.280
<v Speaker 11>runs the Russian Sovereign Wealth Fund. So this is you know,

0:14:16.320 --> 0:14:20.280
<v Speaker 11>on the Americans are trying to negotiate a deal that

0:14:20.400 --> 0:14:25.360
<v Speaker 11>resets relations in a way that's economically beneficial to the US.

0:14:26.240 --> 0:14:30.480
<v Speaker 11>The Ukrainian issue for them is secondary. It needs to

0:14:30.480 --> 0:14:33.840
<v Speaker 11>get dealt with, but it isn't actually the primary issue

0:14:33.880 --> 0:14:37.480
<v Speaker 11>for the Americans. It remains the primary issue for Europe

0:14:37.560 --> 0:14:41.600
<v Speaker 11>because Ukraine is a vital security interest for the Europeans

0:14:41.640 --> 0:14:42.720
<v Speaker 11>just because of geography.

0:14:44.480 --> 0:14:47.920
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