Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest on the push to
Speaker 3: end the war in Ukraine. The Kremlin says Russian President
Speaker 3: Vladimir Putin held quote very useful talks with White House
Speaker 3: Envoy Steve Whitcoff and President Trump's son in law, Jared Kushner,
Speaker 3: but once again those discussions ended without a breakthrough to
Speaker 3: end the fighting. Tony Happin leeds Bloomberg's Ussia coverage.
Speaker 4: They said there were constructive discussions, very informative. They talked
Speaker 4: about receiving more detailed documents from the US that they
Speaker 4: need to study, but there was a little actual substance
Speaker 4: on which they agreed. And Kremlin policy aid Yuri Ushakov
Speaker 4: basically told reporters that there were crucial areas such as
Speaker 4: the territorial question on which they didn't agree in that
Speaker 4: there would be much more work needed.
Speaker 3: Bloomberg's Tony Happen reports Attention now turns to a NATO
Speaker 3: feign minister's meeting today in Brussels to discuss the alliances
Speaker 3: support for Ukraine. Secretary of State Marco Rubio is not
Speaker 3: expected to attend well.
Speaker 2: Back in Washington, Nathan Defense Secretary Pete Hegseth is speaking
Speaker 2: for the first time about a suspected drug boat strike
Speaker 2: that has him facing accusations of possible war crimes. During
Speaker 2: a White House Cabinet meeting heard live on Bloomberg Radio,
Speaker 2: Haigeseth said he wasn't watching when a Navy admiral ordered
Speaker 2: a second strike on the vessel on September second. As
Speaker 2: you can imagine, the Department of War, we got a
Speaker 2: lot of things to do, so I didn't stick around
Speaker 2: for the hour and two hours whatever where all.
Speaker 5: The sensitive side exploitation digitally occurs.
Speaker 4: So I moved on to my next meeting.
Speaker 2: Secretary Heggseth says he learned the full sequence of events
Speaker 2: a couple hours later, and he says Admiral Frank Bradley
Speaker 2: made the right call to sink the boat and eliminate
Speaker 2: the threat. Not all lawmakers are convinced. Ted Low is
Speaker 2: Vice chair of the House Democratic Caucus.
Speaker 6: I served on.
Speaker 3: Active duty as a jack for four years and then
Speaker 3: additional twenty one years in the reserves, and let me
Speaker 3: be very clear, killing shipwreck survivors is a war.
Speaker 2: Crime, and Republican Senator Tom Tillis is calling the second
Speaker 2: strike a violation of ethical, moral, and legal code. The
Speaker 2: top Republican and Democrat, and the Senate Armed Services Committee
Speaker 2: plan to meet with Admiral Bradley tomorrow.
Speaker 3: Kry, we have some key election results this morning. Yes,
Speaker 3: it was an election day. A couple races that your
Speaker 3: national attention. Let's bring in Bloomberg's John Tucker to get
Speaker 3: the details, John and Nathan.
Speaker 6: A special election in Tennessee allows Republicans to keep their
Speaker 6: razor thin majority in Congress. The winner, Matt Van Epps,
Speaker 6: had no apologies for being hardcore maga.
Speaker 2: This is President Trump's party.
Speaker 7: I'm proud to be a part of it and can't
Speaker 7: wait to get to work.
Speaker 6: Van Apps receiving fifty four percent of the vote the
Speaker 6: Democrat challenger after Bain's forty five, a margin of nine points,
Speaker 6: not as great as some would have thought for a regent.
Speaker 6: President Trump won by twenty two points for Bain. It
Speaker 6: signals a future of.
Speaker 1: Change and we may not have won tonight, but we
Speaker 1: changed the story of what's possible here and we're not done.
Speaker 6: Not by a longshot well. The special election was called
Speaker 6: to field the vacancyed once held by now former Congressman
Speaker 6: Mark Green, a Republican who resigned in July. And in
Speaker 6: another race that gained national attention in New Jersey, a
Speaker 6: runoff election for mayor of Jersey City. City Council member
Speaker 6: James Solomon won the race, beating former Governor Jim McGreevy.
Speaker 6: Shortly after the polls closed, Solomon was leading with sixty
Speaker 6: nine percent of the vote, according to the AP, which
Speaker 6: called the race. Solomon pledging to make the city more
Speaker 6: affordable and to fight corruption, similar promises to those made
Speaker 6: by New York City Mayor elect Zorinbumdani. I'm John Tucker,
Speaker 6: Bloomberg Radio, All.
Speaker 2: Right, John, thank you by The Trump administration is poised
Speaker 2: to undo Biden era fuel efficiency standards, which it blames
Speaker 2: for driving up the cost of new cars and Bloomberg
Speaker 2: Amy Morris reports from Washington.
Speaker 8: The administration is expected to propose standards that are less
Speaker 8: stringent than those finalized under former President Biden. The move
Speaker 8: is the latest in President Trump's push to dismantle policies
Speaker 8: he criticizes as an ev mandate. The Trump administration has
Speaker 8: argued that artificially high fuel economy requirements have pushed the
Speaker 8: price of a new car out of reach for many Americans.
Speaker 8: Still using fuel economy requirements is not likely to bring
Speaker 8: down car prices because carmakers plan those lineups years in advance.
Speaker 8: In Washington, Amy Morris Bloomberg Radio, all.
Speaker 3: Right, Amy, thank you for expecting that announcement from the
Speaker 3: president later today. But President Trump says he plans to
Speaker 3: announce his selection to lead the Federal Reserve early next year.
Speaker 3: At that cabinet meeting at the White House yesterday, the
Speaker 3: President te's White House National Economic Council Director Kevin Hassett
Speaker 3: as his possible choice.
Speaker 5: I guess the potential fed cheers here too.
Speaker 2: I don't know.
Speaker 5: We sh allowed to say that potential is a respected
Speaker 5: person that I can tell you. Thank you, Kevin.
Speaker 3: Now the comments for President Trump offer a clearer timeline
Speaker 3: for that announcement, which he said would come after considering
Speaker 3: around ten candidates.
Speaker 2: Well, Nathan, we turned to the markets, where futures are
Speaker 2: higher again. Following yesterday's gains on Wall Street, the S
Speaker 2: and P five hundreds rallied for more than a week
Speaker 2: on an expected rate cut one week from today. Laura
Speaker 2: Cooper is a global investment strategist at Neuvene.
Speaker 9: Historically, we do tend to see December as a strong
Speaker 9: month of outperformance for US equities, and I think we're
Speaker 9: probably in for some modest upside, but I think there's
Speaker 9: limited scope for significant gains because a lot of the
Speaker 9: driver of recent price action has been that repricing of
Speaker 9: the FED rate cuts. It's expected next week.
Speaker 2: New Vean's Laura Cooper says the feds outlook on future
Speaker 2: rate cuts will be key for the markets.
Speaker 3: In some company news this morning, Karen, we're watching shares
Speaker 3: of crowd Strike. They're down about two percent in early training.
Speaker 3: The cybersecurity provider did top earnings estimates, but its outlook
Speaker 3: disappointed some investors. CrowdStrike was up fifty one percent this
Speaker 3: year before that earnings release.
Speaker 2: And looking at the flip side, Nathan shares of Marvel Technology,
Speaker 2: they're up about ten percent. The company announced plans to
Speaker 2: acquire startup Celestial AI for at least three and a
Speaker 2: quarter billion dollars. It's part of Marvel's push to capture
Speaker 2: more of the runaway spending on artificial intelligence computing.
Speaker 3: And Bitcoin's trading at a two week high this morning Karen
Speaker 3: right now up about one point six percent. That ninety
Speaker 3: three thousand cryptocurrency seeking a sustained recovery from a week's
Speaker 3: long sell off that began in early October, days after
Speaker 3: bitcoin hit a record of more than one hundred and
Speaker 3: twenty six thousand. Since then, more than a trillion dollars
Speaker 3: in crypto market value has been wiped out.
Speaker 2: We have a warning here, Nathan from the SEC. It
Speaker 2: has issued a flurry of letters to firms, including direction
Speaker 2: pro shares and title blocking the introduction of products designed
Speaker 2: to deliver two or three times the daily returns of stocks,
Speaker 2: commodities and cryptocurrencies. The SEC's concern is that the fund's
Speaker 2: risk exposures may see the agency's limits on how much
Speaker 2: risk of fund can take on relative to its assets.
Speaker 2: The regulator has directed the fund managers to other revis
Speaker 2: their investment strategies or formally withdraw their applications.
Speaker 3: And it is an unprecedented philanthropic effort Karen Dell Technologies
Speaker 3: founder Michael Dell and his wife Susan are giving twenty
Speaker 3: five million American children two hundred and fifty dollars each
Speaker 3: to jump start investment accounts for their future that adds
Speaker 3: up to six point twenty five billion dollars, a pledge
Speaker 3: that's part of the America Initiative, better known as Trump Accounts,
Speaker 3: that were created earlier this year under the One Big,
Speaker 3: Beautiful Bill Act. Michael Dell discussed the pledge in bloomber interview.
Speaker 5: We do think that this will be catalytic and that
Speaker 5: more philanthropists and companies will will join us over time.
Speaker 5: And again, this is a platform for the future of
Speaker 5: these children.
Speaker 3: And you can watch our full interview with Dell Technologies
Speaker 3: founder and CEO Michael Dell at the Bloomberg podcast channel
Speaker 3: on YouTube.
Speaker 2: Time now a look at some of the other stories
Speaker 2: making news in New York and around the world, and
Speaker 2: for that we're joined by Bloomberg's Michael Barr.
Speaker 7: Michael, good morning, Good morning Karen. The cleanup continues in
Speaker 7: the Midwest and northeast from a snowstorm in Nashua, New Hampshire.
Speaker 7: The city's street department has been working to keep the
Speaker 7: roads clear of snow. This man was out driving and
Speaker 7: found things a bit difficult.
Speaker 3: It was raining, so the roads were already wet, and
Speaker 3: then the snow just came up on top of it,
Speaker 3: so you can't really see the black ice.
Speaker 7: New York City just got rained, but the Central Hudson
Speaker 7: River Valley got about nine inches of snowfall. The Pennsylvania
Speaker 7: police officer who arrested accused CEO killer Luigi Mangione appeared
Speaker 7: in a New York City court. Officer Joseph Dettwiler testified
Speaker 7: on day two of Mangione's hearing to bar New York
Speaker 7: prosecutors from using evidence they say links him to the
Speaker 7: murder of United Healthcare CEO Brian Thompson on Manhattan Street.
Speaker 7: Officer Debtwiler testified he was skeptical about the tip about
Speaker 7: a male who looks like the shooter, but as soon
Speaker 7: as the man pulled down his max, the officers said,
Speaker 7: I knew it was him immediately. Ed Wiler said MANGIONI
Speaker 7: gave him a fake name in ID and claimed he
Speaker 7: was homeless. The Trump administration says it will withhold funds
Speaker 7: for administering snap food Aid and most Democratic controlled states
Speaker 7: starting next week unless they provide data about those receiving
Speaker 7: the assistance. Agriculture Secretary Brook Rollins said that the action
Speaker 7: is looming because those states are refusing to provide requested
Speaker 7: information about the recipients, including the names and immigration status,
Speaker 7: but twenty.
Speaker 2: One states, including California, New York, and Minnesota Blue States
Speaker 2: continued to say no.
Speaker 7: Secretary Rolin says it's necessary that states comply to root
Speaker 7: out fraud in the program. Democratic states have sued to
Speaker 7: block the requirement. Global News twenty four hours a day
Speaker 7: and whenever you want it with Bloomberg News Now Michael
Speaker 7: Barr and this is Bloomberg Herron.
Speaker 2: Thanks Michael. Time. Now there are Bloomberg Sports Update, and
Speaker 2: for that we bring in John Stashauer.
Speaker 10: Thanks Karon. On Sunday, we'll find out who's going to
Speaker 10: the college football Playoff. The committee says that as of now,
Speaker 10: there'll be five SEC teams, three from the Big Ten,
Speaker 10: and the buys go to Ohio State, Indiana, Georgia, and
Speaker 10: Texas Tech. Alani Sataki decided to stay at BYU rather
Speaker 10: than take the job at Penn State. Oklahoma City thunder
Speaker 10: with a one twenty four to one to twelve win
Speaker 10: at Golden State. Shay Gildess Alexander scored thirty eight points
Speaker 10: the thunder that depended NBA Champs off to a twenty
Speaker 10: one to one start. That's your Bloomberg Sports Update.
Speaker 2: Stay with us. More from Bloomberg day Break coming up
Speaker 2: after this.
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Speaker 3: Good morning, I'm Nathan Hager. Very useful, very informative. Those
Speaker 3: are some of the words the Kremlin is using to
Speaker 3: describe the latest talks between Russian President Vladimir Putin and
Speaker 3: US envoys Steve Witkoff and Jared Kushner. Ukrainian President Vladimir
Speaker 3: Lensky says he's waiting to hear the results. If I
Speaker 3: feel phil that we can count on real specific dialogue,
Speaker 3: not just wors with some result, we will admit. That
Speaker 3: was Ukrainian President Vladimir Lenski speaking in Ireland ahead of
Speaker 3: the nearly five hour talks in Moscow. Joining us for
Speaker 3: more is Bloomberg Opinion columnist Mark Champion, Mark, Good morning.
Speaker 3: Did we hear real specific action coming out of those talks?
Speaker 11: Good morning, good morning.
Speaker 10: No.
Speaker 11: In essence, the message all that we know about the
Speaker 11: talks that so far has come from the Russian side
Speaker 11: one of President Putin's advisors explain what went on, and
Speaker 11: his message essentially was, you know, this was good, We
Speaker 11: liked it, but there was no progress. We looked at
Speaker 11: the plan that the Americans had, the old plan that's
Speaker 11: been you know, made since the Russian American plan was
Speaker 11: initially put forward. We looked at the altered plan, but
Speaker 11: we were focused really on the kind of spirit of
Speaker 11: the deal. We didn't get into the nitty gritty and
Speaker 11: you know, and there's stuff in there. Some of it
Speaker 11: we might be able to accept some of the changes,
Speaker 11: but some of some big key things that we are not,
Speaker 11: and we see quite negatively. So you know, it's pretty
Speaker 11: clear there won't be a big summit between Trump and
Speaker 11: put In to announce a deal anytime soon. Whether this
Speaker 11: can actually move forward, it really depends on how the
Speaker 11: Americans play it and whether there was any sign of
Speaker 11: real movement from the Russians, because that initial deal with
Speaker 11: the twenty eight points that the Russians still like to
Speaker 11: sort of, you know, lean on, that one was really
Speaker 11: poison for the Ukrainian side and for their European allies.
Speaker 3: We've heard from President Zelensky on X this morning saying
Speaker 3: his Defense Secretary rustam Umrav is going to meet with
Speaker 3: national security advisors to European leaders in Brussels today following
Speaker 3: these discussions. Where is Europe in all this?
Speaker 11: Mark, Well, they're I mean, they are important in the
Speaker 11: sense that Ukraine, you know, they're they're only Ukraine's only
Speaker 11: true allies. At this point, the US has you know,
Speaker 11: posed itself as a mediator between Russia and Ukraine, which
Speaker 11: means it's distance itself from supporting Ukraine and it also
Speaker 11: has its own interests. So you can see that, you know,
Speaker 11: threaded through those twenty eight points, it's you know, there
Speaker 11: are American profits to be made, American deals to be made.
Speaker 11: If you look at who is negotiating the deal on
Speaker 11: behalf of the Americans, it's a real estate developer, Steve Witkoff,
Speaker 11: and then Jared Kushner, who is you know, a son
Speaker 11: in law to the President but also primarily a businessman
Speaker 11: and a lot you know. On the other side for
Speaker 11: the Russian side, one of the key players in negotiate
Speaker 11: and keep partner for Wikoff has been kirolled Dimitriev, who
Speaker 11: runs the Russian Sovereign Wealth Fund. So this is you know,
Speaker 11: on the Americans are trying to negotiate a deal that
Speaker 11: resets relations in a way that's economically beneficial to the US.
Speaker 11: The Ukrainian issue for them is secondary. It needs to
Speaker 11: get dealt with, but it isn't actually the primary issue
Speaker 11: for the Americans. It remains the primary issue for Europe
Speaker 11: because Ukraine is a vital security interest for the Europeans
Speaker 11: just because of geography.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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