WEBVTT - Introducing: The Bloomberg Daybreak Podcast

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<v Speaker 1>Hi, it's Carol and Tim's here too, and today we

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<v Speaker 1>want to introduce you to the Bloomberg Daybreak podcast.

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<v Speaker 2>We certainly do every day. Nathan Hager, Karen Moscow, and

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<v Speaker 2>Amy Morris bring you a roundup of the top stories

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<v Speaker 2>from Wall Street to Washington and around the world. It's

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<v Speaker 2>all in the Daybreak podcast feed by six am each morning.

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<v Speaker 1>And today, for our business week audience, we bring you

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<v Speaker 1>a sample of the show. Click the link in this

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<v Speaker 1>description to subscribe to the Bloomberg Daybreak podcast on Apple, Spotify,

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<v Speaker 1>or anywhere you listen.

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<v Speaker 3>Good morning, I'm Abe Morris and I'm Karen Moscow. Here

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<v Speaker 3>are the stories we're following today.

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<v Speaker 4>We begin with oil rising to start the new year,

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<v Speaker 4>Iran sending a warship to the Red Sea and an

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<v Speaker 4>escalation of tensions in the region. The show of force

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<v Speaker 4>comes after the US Navy destroyed three Hoothy votes which

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<v Speaker 4>we're attempting to board a container on New Year's Day.

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<v Speaker 4>Elizabeth Kendall is a Middle East specialist from Cambridge University

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<v Speaker 4>and says the two are clearly interlinked.

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<v Speaker 5>Aeron is puppeteering Hamas the Whosies and of the movements

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<v Speaker 5>like hesbula in the Middle East and the Housy slogan indeed,

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<v Speaker 5>is includes the words death to Israel and a curss

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<v Speaker 5>on the Jews, so it's very much aligned with Hamas's

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<v Speaker 5>more militant and extreme war wing.

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<v Speaker 4>Cambridge University's Elizabeth Kendall checking oil right now, Nimex crude

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<v Speaker 4>oil up more than two percent or a dollar forty

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<v Speaker 4>nine now trading at seventy three dollars and thirteen cents

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<v Speaker 4>a barrel.

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<v Speaker 3>Care Well, amy oil isn't the only thing on the

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<v Speaker 3>move this morning. We're also seeing Bitcoin on the rise,

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<v Speaker 3>following through on last year's massive rally, and we get

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<v Speaker 3>more from Bloomberg Markets reporter Joe Easton it.

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<v Speaker 6>Is up another four percent at the moment, at the

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<v Speaker 6>highest level since April sixth, above forty five thousand dollars

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<v Speaker 6>for the first time in two years. This is due

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<v Speaker 6>to the expectation of the direct investment from this ETF,

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<v Speaker 6>so that is boosting sentiment and a lot of positivity.

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<v Speaker 6>People looking for more technical levels for that one to

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<v Speaker 6>keep going higher.

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<v Speaker 3>Bloomberg joeys And says bitcoin has risen over twenty percent

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<v Speaker 3>since has started December, as that January tenth deadline for

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<v Speaker 3>the Securities in Exchange Commission to give its blessing for

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<v Speaker 3>a spot Bitcoin.

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<v Speaker 7>ETF draws closer.

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<v Speaker 3>Checking Bitcoin right now, it's at forty five seven hundred dollars.

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<v Speaker 4>Over in Europe, stocks are also hired to kick off

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<v Speaker 4>the new trading year. Let's get the latest from Bloomberg

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<v Speaker 4>Daybreak euro banker Stephen Carrol.

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<v Speaker 8>Stephen, good morning, Amy and Karen. The tensions in the

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<v Speaker 8>Red Sea are playing into the market narrative in Europe today.

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<v Speaker 8>Shares and the shipping giant Maersk have risen after it

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<v Speaker 8>stopped using that key trade route for forty eight hours

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<v Speaker 8>following the weekend attack on one of its vessels. Higher

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<v Speaker 8>oil prices are also helping to lift oil majors, making

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<v Speaker 8>energy one of the best performing sectors on the stock

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<v Speaker 8>six hundred. More broadly, it's the Spanish and Italian markets

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<v Speaker 8>which are out performing, boosted by a rise in bank

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<v Speaker 8>shares In London. Stephen Carrol Bloomberg Radio, All.

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<v Speaker 3>Right, Stephen, thank you all. Back here in the US,

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<v Speaker 3>Wall Street returns to a holiday shortened week to kick

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<v Speaker 3>off the new trading year, and we get a look

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<v Speaker 3>ahead from Bloomberg.

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<v Speaker 9>Stirly the s and P five hundred index sits within

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<v Speaker 9>striking distance of its first in two years. But a

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<v Speaker 9>key challenge for markets is the outlook for the economy

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<v Speaker 9>and corporate earnings. Michael Binger is the president of Gradient Investments.

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<v Speaker 10>The economy I think is very resilient. Jobs are driving

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<v Speaker 10>that corporate profits are supposed to grow about ten eleven percent.

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<v Speaker 10>And valuations, I mean they're not really cheap, but they're

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<v Speaker 10>not super expensive either in the markets right now.

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<v Speaker 9>Among this week's earnings reports Constellation Brands and Walgreens Boots

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<v Speaker 9>Alliance in New York. Charlie Pellett Bloomberg Radio.

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<v Speaker 11>Thank you, Charlie.

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<v Speaker 4>In twenty twenty three, some of Wall Street's biggest names

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<v Speaker 4>got it wrong with their predictions for how markets would perform.

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<v Speaker 11>So will they fare.

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<v Speaker 4>Better in twenty twenty four, Bloomberg has compiled more than

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<v Speaker 4>six hundred and fifty calls from strategists in Today's Big Take.

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<v Speaker 4>Sam Potter is a senior markets editor for Bloomberg.

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<v Speaker 12>Most strategists to Wall Street see the interest rate tykes

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<v Speaker 12>of the past eighteen months to two years. Finally starting

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<v Speaker 12>to economies generally around the world stock slow, and that

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<v Speaker 12>will kind of pre run a central bank pivot roundabout

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<v Speaker 12>mek Ye.

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<v Speaker 4>Bloomberg Senior Markets editor Sam Potter adds that strategists see

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<v Speaker 4>the main risks to the markets inflation and the US election.

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<v Speaker 3>Well. In corporate news, amy China's BYD may have just

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<v Speaker 3>overtaken Tesla as the world leader in EV sales. It's

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<v Speaker 3>still more than five hundred and twenty six thousand fully

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<v Speaker 3>electric vehicles in the fourth quarter. Bloomberg's John Lewis more

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<v Speaker 3>from Beijing.

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<v Speaker 13>When BYD Tesla, it'll do two things. I think that's

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<v Speaker 13>gonna put this company into the consciousness of people around

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<v Speaker 13>the world in a way that that company has not

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<v Speaker 13>had ever before. The number two thing it does is

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<v Speaker 13>it really underscores how dominant a position China, not only

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<v Speaker 13>as a market, but as a country with lots of

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<v Speaker 13>companies producing electric vehicles, how dominant a position China has

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<v Speaker 13>in that industry now.

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<v Speaker 3>And Bloomberg John Luisa's Tesla is estimated to I've delivered

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<v Speaker 3>over four hundred eighty three thousand in the fourth quarter alone.

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<v Speaker 4>Speaking of China, President Xi Jinping has pledged to strengthen

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<v Speaker 4>his country's economic recovery after a tough year Bloomberg's Jenny

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<v Speaker 4>Marsh has more from Hong Kong.

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<v Speaker 14>This is Chi Jinping's New Years Eve's speech, and he

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<v Speaker 14>normally uses it to so trumpet the achievements his nation's

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<v Speaker 14>major in the year. And I think this speech really

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<v Speaker 14>stood out for how candid he was being about these problems.

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<v Speaker 14>It's the first time he's acknowledged that the struggles that

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<v Speaker 14>twenty twenty three have brought. It also sort of underplayed

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<v Speaker 14>in some ways the problems that are still lying ahead

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<v Speaker 14>in twenty twenty four for the economy, and he didn't

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<v Speaker 14>really have any sort of quick fixes for that.

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<v Speaker 4>Bloomberg Jenny Marsh says China is entering a pivotal period

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<v Speaker 4>as policymakers try to boost growth, stabilize a crisis in

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<v Speaker 4>the property market, and prevent deflation. Beijing is expected to

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<v Speaker 4>target a growth goal of around five percent again in

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<v Speaker 4>twenty twenty four.

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<v Speaker 3>Meanwhile, Amy the Biden administration has won another battle and

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<v Speaker 3>its effort to try and slow Shina from building its

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<v Speaker 3>own semiconductor industry.

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<v Speaker 7>We get more with the Bloomberg's Ed.

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<v Speaker 15>Baxter ASML Holding is canceled shipments of some of its

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<v Speaker 15>machines to China. At the Biden request. This week's before

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<v Speaker 15>the export bands on the high end chip making came

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<v Speaker 15>into effect, the Dutch manufacturer had licenses to ship three

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<v Speaker 15>top of the line deep ultraviolet lithography machines, but before

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<v Speaker 15>the deadline it decided to cancel the orders. The US

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<v Speaker 15>and allies have been trying to block access to the technology.

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<v Speaker 15>Ed Baxter, Bloomberg Radio, Thank.

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<v Speaker 4>You care in time now for a look at some

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<v Speaker 4>of the other stories making news in New York and

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<v Speaker 4>around the world. And for that we're joined by Bloomberg's

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<v Speaker 4>Michael bar Good morning, Michael.

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<v Speaker 16>Good morning Amy. The death toll has now climbed to

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<v Speaker 16>forty eight after a magnitude seven point six earthquakes struck Japan.

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<v Speaker 16>The quake hit off the Noto Peninsula on Japan's northwest coast.

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<v Speaker 16>This man at Tokyo resident and US national, was visiting

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<v Speaker 16>Toyama when the quake hit.

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<v Speaker 7>First.

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<v Speaker 17>I just done it very slowly, and everybody kind of

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<v Speaker 17>left it off, you know, they thought, oh, this is

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<v Speaker 17>this is kind of humorous, you know, on New Year's Day,

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<v Speaker 17>and then again it is just a violid shape.

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<v Speaker 16>The tremor was followed by hundreds of aftershocks, a plane

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<v Speaker 16>is on fire right now on the runway of Tokyo's

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<v Speaker 16>Hanada Airport. Authority say a large burst of fire erupted

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<v Speaker 16>from the side of a Japan Airlines plane as a

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<v Speaker 16>taxi on the runway. All of the three hundred and

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<v Speaker 16>seventy nine passengers and crew were said to be safely evacuated.

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<v Speaker 16>Israel Supreme Court struck down a key component of Prime

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<v Speaker 16>Minister Benjamin etna Who's contentious judicious overhaul before the October

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<v Speaker 16>seventh of mass attack into southern Israel. The planned overhaul

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<v Speaker 16>sparked months of mass protests threatened to trigger a constitutional

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<v Speaker 16>crisis between the judicial and legislative branches of government. The

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<v Speaker 16>FBI's Joint Terrorism Task Force is assisting police in Rochester,

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<v Speaker 16>New York, to investigate a car crash that killed two

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<v Speaker 16>people and injured five others outside of performing Arts theater

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<v Speaker 16>in the early hours of New Year's Day. The crash

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<v Speaker 16>happened in front of the Kodak Center. It became a

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<v Speaker 16>large scene due to a fire which had erupted as

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<v Speaker 16>a result of the crash, and police also say several

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<v Speaker 16>gas cans were found in and around the striking vehicle.

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<v Speaker 16>Rochester Mayor Walek Evans.

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<v Speaker 18>I want to offer my condolences to those families, those

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<v Speaker 18>individuals that lost their lives, and I asked the community

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<v Speaker 18>to pay pray not only for those that have lost

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<v Speaker 18>their lives, but also those that are injured.

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<v Speaker 16>Terrorism investigators are trying to determine if this was just

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<v Speaker 16>a car accident or something far worse. New York City's

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<v Speaker 16>effort to stop migrant buses has resulted in the buses

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<v Speaker 16>arriving instead in neighboring New Jersey. Over the weekend, buses

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<v Speaker 16>from Texas and Louisiana began dropping off asylum seekers at

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<v Speaker 16>several New Jersey transit stations. From there, the asylum seekers

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<v Speaker 16>are believed to have taken trains to New York City. Edison,

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<v Speaker 16>New Jersey, Mayor Sam Joshi says the buses are a

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<v Speaker 16>major risk to health and security.

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<v Speaker 10>The solution for me, as the mayor of Edison, is

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<v Speaker 10>not to point it off to another mayor.

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<v Speaker 16>Global news twenty four hours a day and whenever you

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<v Speaker 16>want it with the Bloomberg News. Now, I'm Michael Barr,

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<v Speaker 16>and this is Bloomberg Jamie.

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<v Speaker 4>All right, thank you, Michael, And we do bring the

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<v Speaker 4>news throughout the day here on Bloomberg Radio and Now.

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<v Speaker 4>You can get the news on demand whenever you want it.

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<v Speaker 4>Subscribe to Bloomberg News Now to get the latest headlines

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<v Speaker 4>at the click of a button. Get informed on your schedule.

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<v Speaker 4>You can listen and subscribe to Bloomberg News Now on

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<v Speaker 4>the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify,

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<v Speaker 4>and anywhere else you get your podcasts. Time now, but

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<v Speaker 4>the Sports Report brought to you by Tri State Audi.

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<v Speaker 4>For that, we bring in John stash Hour.

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<v Speaker 19>Thanks Amy Kevil of Terrific gains of the college football

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<v Speaker 19>Playoffs semifinals overtime at the Roseball after Michigan tie to Alabama,

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<v Speaker 19>the Lady touchdown in ot Wolverines had the ball first.

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<v Speaker 7>The shotgun Paul McGain this tiny peals said he's got

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<v Speaker 7>the first out of more Portman's side. The five porm

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<v Speaker 7>spiss way across.

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<v Speaker 9>The goal line.

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<v Speaker 19>Touch down Michigan seven, ten touchdown run. ESPN the call.

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<v Speaker 19>Michigan then stop famacb Jalen Milroe on a fourth down

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<v Speaker 19>and won twenty seven to twenty JJ McCarthy through three

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<v Speaker 19>TV passes. And then came the Sugar Bowl where Washington

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<v Speaker 19>never trailed that a thirteen point lead beenway through the

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<v Speaker 19>fourth quartern. Texas rallied had four chances to take the

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<v Speaker 19>lead the final fifteen seconds, but ended the game with

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<v Speaker 19>three incompletions on the Husky survive thirty seven thirty one.

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<v Speaker 19>Their QB, Michael Pennix Junior threw for four hundred and

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<v Speaker 19>thirty yards. Championship game next Monday in Houston, both Michigan

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<v Speaker 19>and Washington will go in fourteen to oh if yest

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<v Speaker 19>the ball, All Oregon forty five to six overlimitary boat

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<v Speaker 19>next through five TD passes, sitters pull in Orlando, All

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<v Speaker 19>Tennessee thirty five nothing over Iowa. LSU won to rely

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<v Speaker 19>a quest in Tampa thirty five to thirty one over Wisconsin.

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<v Speaker 19>Nick's happy to start the new year at the Garden.

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<v Speaker 19>After an O one three road trip. They beat Minnesota

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<v Speaker 19>one twelve one oh six Julius Randall Port in thirty

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<v Speaker 19>nine points. Og on Enobi made his next debut. He

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<v Speaker 19>played thirty five minutes before founding out. He scored seventeen

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<v Speaker 19>In Toronto.

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<v Speaker 3>R J.

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<v Speaker 19>Barrett and Emmanuel quickly debuted for their new team, scored

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<v Speaker 19>nineteen and fourteen points in a Raptors win over Cleveland

0:11:20.520 --> 0:11:23.719
<v Speaker 19>Outdoor Hockey in Seattle crowd of forty seven thousand to

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<v Speaker 19>see the Kraken shout out Vegas three nothing. Johns Stasha

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<v Speaker 19>went to Bloomberg Sports.

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<v Speaker 20>From coast to coast, from New York to San Francisco,

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<v Speaker 20>Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business

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<v Speaker 20>app in Bloomberg dot com. This is Bloomberg Daybreak.

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<v Speaker 11>Good morning.

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<v Speaker 4>I'm Amy Morris, and we are entering the first week

0:11:47.559 --> 0:11:50.720
<v Speaker 4>of trading for twenty twenty four. As we do, most

0:11:50.880 --> 0:11:54.440
<v Speaker 4>investment outlooks from major banks and advisors are predicting the

0:11:54.520 --> 0:11:57.280
<v Speaker 4>same middle of the road scenario for the coming year,

0:11:57.640 --> 0:12:00.679
<v Speaker 4>an economic slow down, a central bank of it, and

0:12:00.880 --> 0:12:04.760
<v Speaker 4>a late year rebound. We're joined by Dennis Gartman, University

0:12:04.800 --> 0:12:07.360
<v Speaker 4>of Akron and Doowment chairman and former publisher of The

0:12:07.360 --> 0:12:09.680
<v Speaker 4>Gartman Letter to sort of set us straight on what

0:12:09.720 --> 0:12:12.040
<v Speaker 4>we can expect for the coming year. Now, Dennis, the

0:12:12.080 --> 0:12:14.880
<v Speaker 4>dollar closed out it's worst year since twenty twenty, the

0:12:15.000 --> 0:12:17.200
<v Speaker 4>S and P five hundred rows nine straight weeks.

0:12:17.559 --> 0:12:20.480
<v Speaker 11>Are these trends bound to continue?

0:12:21.160 --> 0:12:24.359
<v Speaker 21>I have my doubts as to the latter trend will continue.

0:12:24.679 --> 0:12:28.480
<v Speaker 21>I think stocks are extremely overbought, and market has risen

0:12:28.520 --> 0:12:32.199
<v Speaker 21>on an anticipation of three, four, five, six cuts in

0:12:32.240 --> 0:12:34.680
<v Speaker 21>the overnight Fed funds rate by the Federal Reserve Bank.

0:12:35.040 --> 0:12:37.000
<v Speaker 21>I have my doubts as to whether that will occur.

0:12:37.440 --> 0:12:39.559
<v Speaker 21>I think that the Fed is done raising the overnight

0:12:39.600 --> 0:12:42.280
<v Speaker 21>Fed funds rate. Of that, there's no doubt. But whether

0:12:42.320 --> 0:12:44.640
<v Speaker 21>they're going to cut five or six times, I think

0:12:44.800 --> 0:12:47.360
<v Speaker 21>is very doubtful. I think we have to anticipate the

0:12:47.360 --> 0:12:50.400
<v Speaker 21>fact that the Federal will delay any change in the

0:12:50.440 --> 0:12:53.920
<v Speaker 21>overnight Fed funds rate lower to later this year. There's

0:12:53.920 --> 0:12:56.280
<v Speaker 21>too much anticipation that the federalill begin cutting in the

0:12:56.320 --> 0:12:58.680
<v Speaker 21>overnight funds rate by March. I think it'll be late

0:12:58.720 --> 0:13:01.240
<v Speaker 21>in the summer, maybe early into the into the autumn

0:13:01.280 --> 0:13:03.920
<v Speaker 21>before it happens, but we shall see. Time shall tell.

0:13:03.960 --> 0:13:07.440
<v Speaker 21>I think stocks, however, are aggressively overbought, have been for

0:13:07.480 --> 0:13:10.240
<v Speaker 21>some while, and it seems to me this looks very

0:13:10.240 --> 0:13:12.760
<v Speaker 21>similar to what happened in twenty twenty one twenty twenty two,

0:13:13.120 --> 0:13:15.559
<v Speaker 21>when we reach the higher the market on the opening

0:13:15.640 --> 0:13:18.880
<v Speaker 21>day of twenty twenty one and then ended up having

0:13:18.920 --> 0:13:22.280
<v Speaker 21>a rather substantive decline in prices, So time shall tell,

0:13:22.120 --> 0:13:26.640
<v Speaker 21>we'll see, but too much anticipation of too much easier

0:13:26.720 --> 0:13:28.439
<v Speaker 21>possibilities on the part of the Fed that I don't

0:13:28.440 --> 0:13:29.280
<v Speaker 21>think are going to happen.

0:13:29.880 --> 0:13:32.080
<v Speaker 4>Now, we have a job's report coming out on Friday.

0:13:32.120 --> 0:13:34.120
<v Speaker 4>What are you watching for in that and how that

0:13:34.240 --> 0:13:34.920
<v Speaker 4>might impact it?

0:13:36.040 --> 0:13:41.160
<v Speaker 21>Long ago I quit anticipating the over the employment rates

0:13:41.240 --> 0:13:44.560
<v Speaker 21>because of the fact that we tend to see such

0:13:44.679 --> 0:13:47.480
<v Speaker 21>huge numbers of revisions from one month to the next.

0:13:47.480 --> 0:13:50.000
<v Speaker 21>But right now the market is anticipating an increase of

0:13:50.040 --> 0:13:51.640
<v Speaker 21>about one hundred and seventy five to one hundred and

0:13:51.679 --> 0:13:54.440
<v Speaker 21>eighty five thousand new jobs. We shall see if that

0:13:54.600 --> 0:13:58.120
<v Speaker 21>if that occurs, but it's one of the most radically

0:13:58.920 --> 0:14:02.280
<v Speaker 21>revised reports of the year. Every month the revisions are

0:14:02.360 --> 0:14:05.160
<v Speaker 21>forty to fifty thousand plus or minus. So right now

0:14:05.160 --> 0:14:06.959
<v Speaker 21>the market is anticipating one hundred and seventy five to

0:14:06.960 --> 0:14:09.480
<v Speaker 21>one hundred and eighty five thousand. Times shall tell.

0:14:09.520 --> 0:14:13.480
<v Speaker 4>Barkley is predicting a softest landing Vanguard JP Morgan expecting

0:14:13.520 --> 0:14:16.760
<v Speaker 4>a mild recession, but you know that's what everybody predicted

0:14:16.760 --> 0:14:18.319
<v Speaker 4>for twenty twenty three as well.

0:14:18.320 --> 0:14:19.480
<v Speaker 11>What's the difference now?

0:14:21.120 --> 0:14:22.800
<v Speaker 21>I was one of the people that expected to see

0:14:22.800 --> 0:14:25.760
<v Speaker 21>a recession in twenty twenty three, and clearly we have

0:14:25.840 --> 0:14:29.360
<v Speaker 21>not had that. The market is now anticipating the softest,

0:14:29.440 --> 0:14:33.960
<v Speaker 21>the best of all kind of soft landings imaginable. I

0:14:34.000 --> 0:14:35.880
<v Speaker 21>have my doubts as to whether that will occur, but

0:14:36.600 --> 0:14:39.200
<v Speaker 21>that's what the market anticipates, that's what the stock prices

0:14:39.200 --> 0:14:43.120
<v Speaker 21>have anticipated, and that's what the world generally anticipates. Whether

0:14:43.360 --> 0:14:45.640
<v Speaker 21>whether it happens or not is up for debate. I

0:14:45.680 --> 0:14:49.680
<v Speaker 21>have my doubts, seriously, though. We are overextended to the upside.

0:14:49.880 --> 0:14:52.720
<v Speaker 21>We were long overdue on a recession because of the

0:14:52.720 --> 0:14:55.080
<v Speaker 21>FEDS tightening monetary policy over the course of the past

0:14:55.080 --> 0:15:00.880
<v Speaker 21>several years, and there's always law wrong and reasonable legs

0:15:00.920 --> 0:15:05.960
<v Speaker 21>between the monetary policy and economic activity. And I think

0:15:06.000 --> 0:15:07.960
<v Speaker 21>we'll be recessionary before the end of the year, but

0:15:07.960 --> 0:15:09.480
<v Speaker 21>I don't think it'll be a substance of one. I

0:15:09.480 --> 0:15:11.920
<v Speaker 21>think it'll be a very quiet one time. However, again,

0:15:11.960 --> 0:15:14.240
<v Speaker 21>as I've said too many times already this morning Times.

0:15:14.080 --> 0:15:16.600
<v Speaker 4>Hotel, Yeah, I was about to ask you what kind

0:15:16.640 --> 0:15:17.840
<v Speaker 4>of recession you were looking for.

0:15:17.960 --> 0:15:19.480
<v Speaker 11>You're expecting a softish landing.

0:15:19.880 --> 0:15:22.120
<v Speaker 21>Yeah, yes, I think it'll be a very soft one,

0:15:22.160 --> 0:15:25.880
<v Speaker 21>a very minor one. We've seen these types of recessions before,

0:15:25.920 --> 0:15:30.280
<v Speaker 21>but I think it'll be a very very quiet and

0:15:29.720 --> 0:15:32.600
<v Speaker 21>not anything like we saw in seventy three, seventy four,

0:15:32.720 --> 0:15:34.480
<v Speaker 21>not anything like we saw in eighty one eighty two,

0:15:35.360 --> 0:15:38.880
<v Speaker 21>not anything like we saw in nine. But it'll be

0:15:38.920 --> 0:15:41.680
<v Speaker 21>a recession, and it'll be a quiet increase in over

0:15:41.840 --> 0:15:45.480
<v Speaker 21>in the unemployment rate to probably four or five percent

0:15:45.520 --> 0:15:46.280
<v Speaker 21>before it's done.

0:15:46.440 --> 0:15:48.400
<v Speaker 11>What do you see with oil and gold in this

0:15:48.480 --> 0:15:48.880
<v Speaker 11>new year?

0:15:49.880 --> 0:15:52.760
<v Speaker 21>Gold is opening up very strongly right now, and I

0:15:52.760 --> 0:15:54.320
<v Speaker 21>think gold wants to go from the lower left to

0:15:54.360 --> 0:15:56.440
<v Speaker 21>the upper right. It's been a bull market for a while,

0:15:56.800 --> 0:15:58.680
<v Speaker 21>and I think gold wants to go higher. Clearly. It's

0:15:58.720 --> 0:16:03.400
<v Speaker 21>heading about twenty one thousand before before too long. I

0:16:03.440 --> 0:16:05.240
<v Speaker 21>think it goes to twenty two or twenty three thousand

0:16:05.280 --> 0:16:08.280
<v Speaker 21>before the year is out. I have been very bearish

0:16:08.360 --> 0:16:11.080
<v Speaker 21>on crude oil for a while because the term structure

0:16:11.080 --> 0:16:15.160
<v Speaker 21>has been overly overtly barished, with the front months leading

0:16:15.200 --> 0:16:18.680
<v Speaker 21>on the downside and failing to gain upon the back

0:16:18.760 --> 0:16:21.200
<v Speaker 21>months when the market when the market rallies. But now

0:16:21.200 --> 0:16:22.680
<v Speaker 21>all of a sudden, we're starting to see the term

0:16:22.720 --> 0:16:25.960
<v Speaker 21>structure beginning to change a little bit, and everybody's watching

0:16:26.040 --> 0:16:28.480
<v Speaker 21>what's happening in the Gulf of Suez. I think that's

0:16:28.480 --> 0:16:30.680
<v Speaker 21>only going to get worse, not better. And for the

0:16:30.680 --> 0:16:33.880
<v Speaker 21>first time in months, I'm actually not bearish of crude oil.

0:16:33.880 --> 0:16:35.920
<v Speaker 21>I'm starting to turn bullish of a time shall tell.

0:16:36.040 --> 0:16:38.040
<v Speaker 21>But this is the first time in months that I've

0:16:38.040 --> 0:16:41.240
<v Speaker 21>actually been have not been burished on the crude oil

0:16:41.240 --> 0:16:43.560
<v Speaker 21>market because of the changing nature of the term structure.

0:16:45.400 --> 0:16:48.680
<v Speaker 4>You are listening to Bloomberg Daybreak Today, your morning brief

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<v Speaker 11>I'm Amy Morris.

0:17:34.800 --> 0:17:36.000
<v Speaker 7>And I'm Karen Moscow.

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<v Speaker 3>Join us again tomorrow morning for all the news you

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<v Speaker 3>Bray