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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today, Karen.

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Speaker 2: After resisting the issue for months, Congress has ultimately made

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Speaker 2: quick work of a bill to force the release of

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Speaker 2: the Jeffrey Epstein files. By a four hundred and twenty

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Speaker 2: seven to one vote, the House has passed the bill

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Speaker 2: to compel the Justice Department to make its documents public.

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Speaker 2: The Senate then agreed unanimously to approve the legislation without

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Speaker 2: changes once it arrives there, but Senate Minority Leader Chuck

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Speaker 2: Schumer says that won't be the end of it.

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Speaker 4: We know there's a corrupt Justice Department. We know that

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Speaker 4: Bondi and Cash would tell do just what the President

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Speaker 4: asks and wants. And we Democrats are just had a

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Speaker 4: meeting of ten of my colleagues are going to do

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Speaker 4: everything we can to make sure all of it, all of.

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Speaker 2: It comes to lighte Senate Minority Leader Chuck Schumer pushed

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Speaker 2: for the unanimous consent motion, but Bloomberg bal it's a power.

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Speaker 2: Host Joe Matthew reports the Justice Department could still push

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Speaker 2: back against this bill even if President Trump signs it knowing.

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Speaker 5: That the President has compelled the Department of Justice to

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Speaker 5: investigate some Democrats, including Bill Clinton. In this case, the

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Speaker 5: DOJ could simply say, hey, we understand the vote, but

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Speaker 5: we can't release anything because this is an ongoing investigation,

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Speaker 5: a smokescreen as some have called it here, and there's

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Speaker 5: a question about whether or not this is how this ends,

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Speaker 5: and maybe that's why, in fact, the President decided at

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Speaker 5: the last.

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Speaker 6: Minute to go for this.

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Speaker 2: It was Bloomberg's Joe Matthew and Washington. President Trump has

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Speaker 2: said he will sign the bill, saying he has nothing

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Speaker 2: to hide and it's time to move on all Nathan.

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Speaker 3: President Trump is also moving to deep in ties with

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Speaker 3: Saudi Arabia. Saudi Crown grants Mohammed ben Selman received a

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Speaker 3: King's welcome at a White House dinner last night. The

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Speaker 3: President used it to announce a new defense cooperation pack

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Speaker 3: that'll make Saudi Arabia a major non NATO ally, A.

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Speaker 7: Stronger and more capable alliance will advance as the interests

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Speaker 7: of both countries, and it will serve the highest interest

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Speaker 7: of peace.

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Speaker 3: And President Trump's announcement came on a day that saw

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Speaker 3: the US offer sales of F thirty five fighter jets,

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Speaker 3: advanced AI chips, and nuclear tech sharing to the Kingdom.

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Speaker 3: Former US Ambassador to Saudi Arabia Robert Jordan says, the

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Speaker 3: Crown Prince is not offering much in return.

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Speaker 8: What did he have to give up virtually nothing, because

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Speaker 8: he still has in his pocket the promise or the

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Speaker 8: lure of normalizing relations with Israel. So it seems to

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Speaker 8: me that MBS has come out by farther winner here.

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Speaker 3: And former US Ambassador Robert Jordan tells Bloomberg President Trump

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Speaker 3: is towteday trillion dollars in investment commitments from Saudi Arabia.

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Speaker 3: That's nearly the size of the kingdom's annual economy. One

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Speaker 3: other note from last night's White House dinner, Elon Musk

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Speaker 3: was on the guest list. The Tesla CEO and one

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Speaker 3: time Doge figurehead was back in the East Room after

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Speaker 3: his public falling out with President Trump over his tax

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Speaker 3: and spending cut bill.

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Speaker 2: Strand of markets now, Karen futures are moving higher following

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Speaker 2: four straight days of losses on Wall Street. To sell

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Speaker 2: off in the world's largest technology companies has led the

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Speaker 2: way lower. Lisa Shalatte is chief investment officer at Morgan

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Speaker 2: Stanley Wealth Management.

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Speaker 9: The earnings revision momentum, as we like to say, has slowed,

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Speaker 9: and I think that that's one of the things that

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Speaker 9: has catalyzed this profit taking moment is that people are saying,

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Speaker 9: wait a minute, perhaps you know some of the leaders

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Speaker 9: of this market, the hyperscalers, are in fact by dint

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Speaker 9: of their aggressive spending, by dint of them now assuming

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Speaker 9: some debt to finance that spending, maybe that earning's growth

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Speaker 9: rate is going to slow.

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Speaker 2: That's Morgan Stanley Wealth Management's Lisa's Shalotte and Goldman Sachs

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Speaker 2: president John Waldron says markets are prime for possible further declines.

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Speaker 2: We caught up with Waldron at the Bloomberg New Economy

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Speaker 2: Forum in Singapore.

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Speaker 10: I would say, you're seeing in the markets right now

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Speaker 10: all pull back, which I think is healthy. Markets have

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Speaker 10: run quite a bit this year US secuity markets, in particular,

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Speaker 10: markets heavily focused on this AI dynamic. You know, are

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Speaker 10: we going to get the returns on capital invested that

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Speaker 10: the market expects and is priced inn It's.

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Speaker 6: A big debate.

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Speaker 2: Goldman Sachs President John Waldron says in Vidia's earnings will

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Speaker 2: be key for markets.

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Speaker 3: And Nathan that in Nvidia earnings report it comes out

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Speaker 3: this afternoon after the closing bill, analysts expect the AI

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Speaker 3: chip giant to show more than fifty percent growth in

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Speaker 3: both net income and revenue and its fiscal third quarter.

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Speaker 3: Michael Ball, as Bloomberg News macro strategist.

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Speaker 11: We know what their customers are doing, we know what

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Speaker 11: the supply chain is doing. We've got the other chip

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Speaker 11: makers who are part of that ecosystem, so I think

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Speaker 11: they will match or be It's very sensitive to any misstep,

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Speaker 11: and so in Vidia basically has no room for error.

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Speaker 11: And you know the basically the market's pricing is six

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Speaker 11: seven percent move that day, which is higher than its

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Speaker 11: normal earning day move. So there's even greater sensitivity this turnaround.

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Speaker 3: And Bloomberg's Michael Ball knows that in Vidia's shares of

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Speaker 3: more than twelve percent since hitting a peak four weeks ago.

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Speaker 3: Stay with Bloomberg with complete analysis of in videos after

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Speaker 3: the bell Earnie's report, and then at six thirty pm

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Speaker 3: Wall Street Time, we speak exclusively with Nvidia CEO Jensen

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Speaker 3: Wong here on Bloomberg Radio and Bloomberg Television. Bitcoin holding

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Speaker 3: above ninety thousand this morning. Right now it is training

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Speaker 3: at ninety one thousand, six hundred dollars. It's certainly been

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Speaker 3: a rough couple of weeks for cryptocurrency investors. Bitcoin is

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Speaker 3: down nearly thirty percent from its record high set back

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Speaker 3: in October. Yesterday, investors pulled more than half a billion

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Speaker 3: dollars from black Rocks I Shares Bitcoin Trust. That's the

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Speaker 3: largest single day outflow since the funds debut.

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Speaker 2: Turning to the economy Now, Karen, President Trump says he

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Speaker 2: thinks he's identified his choice to be the next chair

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Speaker 2: of the Federal Reserve. The President spoke on the Oval

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Speaker 2: Office alongside Treasury Secretary Scott Bessant.

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Speaker 8: I think I already know my choice.

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Speaker 1: Well, I liked him, but he's not going to take

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Speaker 1: that very viewsed you like Treasury better?

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Speaker 12: Right, much better, sir.

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Speaker 8: So we are talking to various people.

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Speaker 2: President Trump speaking there alongside Treasury Secretary Scott besson who

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Speaker 2: has narrowed the pool of contenders to current Fed Governors

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Speaker 2: Christopher Waller and Michelle Bawman, former Fed Governor Kevin Walsh,

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Speaker 2: White House National Economic Council Director Kevin Hassett and black Rocks,

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Speaker 2: Rick Reader.

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Speaker 3: And in Europe Nathan UK inflation fell for the first

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Speaker 3: time in seven months. Consumer prices increased three points six

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Speaker 3: percent in October. That's down from three point eight percent

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Speaker 3: in September. The figures keep alive hopes of the UK

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Speaker 3: Central Bank delivering a pre Christmas cut at its next

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Speaker 3: meeting after skipping a move earlier this month. Time now

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Speaker 3: for a look at some of the other stories making

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Speaker 3: news in New York and around the world, and for

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Speaker 3: that we're joined by Blueberg's Michael Barr.

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Speaker 6: Michael, good Morning, Good morning Karen. A panel of three

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Speaker 6: federal judges has blocked Texas from using a new congressional

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Speaker 6: map that Republicans drew in hopes of picking up five

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Speaker 6: US House seats. That map had touched off a nationwide

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Speaker 6: redistricting battle and is a major piece of President Donald

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Speaker 6: Trump's efforts to preserve a slim Republican majority ahead of

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Speaker 6: the twenty twenty six elections. In a two to one ruling,

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Speaker 6: the judges in l Passo sided with opponents who argued

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Speaker 6: that Texas's unusual summer redrawing of congressional districts would harm

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Speaker 6: black and Hispanic residents. Last night, Texas filed an appeal

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Speaker 6: with the US Supreme Court. Federal agents have expanded their

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Speaker 6: North Carolina immigration cracked down to the area around the

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Speaker 6: state capital of Raleigh. The crackdowns spread fear in at

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Speaker 6: least one immigrant heavy suburb, but restaurants closed and many

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Speaker 6: people stayed home. The North Carolina operation began over the

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Speaker 6: weekend in the state's largest city, Charlotte, where officials said

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Speaker 6: more than one hundred and thirty people have been arrested.

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Speaker 6: This laundromat owner criticized the operation.

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Speaker 2: I think it's all just political theater.

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Speaker 6: Really, they're just trying to instill fear in the community.

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Speaker 6: The mayor of Raleigh said she did not know how

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Speaker 6: long agents would be present. One man was killed and

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Speaker 6: two others injured in yesterday's collapse of a construction trench

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Speaker 6: in Yarmouth, Massachusetts. A huge rescue effort lasted for several hours,

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Speaker 6: but a man who was buried up to his waist

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Speaker 6: could not be saved. Yarmouth Fire and Rescue Department chief

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Speaker 6: Enrique arasco, it's.

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Speaker 7: A very complicated rescue. We had a lot of collapse

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Speaker 7: with the trench that continued to happen as we tried

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Speaker 7: to remove him.

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Speaker 6: Chief Erascoe says another construction worker who jumped into the

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Speaker 6: trench to save the trap man was able to get

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Speaker 6: out even as more walls collapsed in the Cape Cod

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Speaker 6: Sewer construction project. Global News twenty four hours a day

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Speaker 6: and whenever you want it with the Bloomberg News Now,

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Speaker 6: Michael Barr, this is Bloomberg Karen. Thanks Michael.

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Speaker 3: Time now for our Bloomberg Sports Update, and for them

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Speaker 3: we bring in John Stashaur.

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Speaker 7: Thanks garn Lebron James's record breaking twenty third NBA season underway.

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Speaker 7: He had been out with Sciattica in his season, played

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Speaker 7: thirty minutes, score to eleven points at twelve assist. The

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Speaker 7: Lakers beat Utah College Basketball in New York. Michigan State

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Speaker 7: beat Kentucky Duke down Kansas. The college football Playoff committee

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Speaker 7: now has Georgia as the fourth team and getting a buy.

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Speaker 7: Alabama dropped after its loss last Saturday, but as of

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Speaker 7: now the Crimson Tide still in the playoffs. That's the

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Speaker 7: Bloomberg Sports Update.

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Speaker 3: Stay with us. More from Bloomberg Day Break coming up

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Speaker 3: after this.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide on Sirius XM

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 6: Good morning.

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Speaker 2: I'm Nathan Hager. Republican leaders and President Donald Trump had

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Speaker 2: resisted the issue for months. Now Congress is making quick

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Speaker 2: work of a bill to release more of the Justice

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Speaker 2: departments Jeffrey Epstein files, but Senate Minority Leader Chuck Schumer

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Speaker 2: says the president is still a wild card.

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Speaker 4: There's no reason it can't be on the President's desk

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Speaker 4: in an hour. The president has to sign it. You

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Speaker 4: never know what's him said he would let's wait and see, and.

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Speaker 2: Was Minority Leader Chuck Schumer after the Senate agreed to

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Speaker 2: pass the Epstein transparency bill without changes from the House.

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Speaker 2: Joining us now is Terry Haynes, founder of Pangaea Policy. Terry,

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Speaker 2: Good morning. President Trump has said he has nothing to hide.

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Speaker 2: It's time to move on. He says he'll sign this bill.

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Speaker 2: Will Washington move on from Jeffrey Epstein?

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Speaker 12: Good morning, Hi, Good morning, Nathan. Well, there's always the

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Speaker 12: pull of bread and circuses, and that's very strong. So

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Speaker 12: I imagine the Epstein obsession will continue. And if I

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Speaker 12: say that with no effort at all to try to

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Speaker 12: sweep it under the rug. The man was a monster,

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Speaker 12: and there's been a bonfire of the vanities with the elites

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Speaker 12: for a long time here. But Washington's going to have

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Speaker 12: to get past this. What I suspect is that the

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Speaker 12: continuing wrangling around, first with courts about the information and

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Speaker 12: secondly about what and whether the Justice Apartment may do

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Speaker 12: with redacting names and trying to trying to protect the innocent.

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Speaker 12: There's a here complicates things and keeps the thing simmering.

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Speaker 2: Well, how will the bill square with the Justice Department's

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Speaker 2: determination that it's going to investigate Jeffrey Epstein's links to

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Speaker 2: prominent democrats.

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Speaker 12: Well, that's an additional complication too, And and we'll see,

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Speaker 12: you know, in the Justice Department could take a long

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Speaker 12: time tap dance. The Justice Department could bring up what

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Speaker 12: it's already got and and make that the basis for

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Speaker 12: whatever it does in the context or release. There's no

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Speaker 12: way to tell which it will do. I suspect what

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Speaker 12: I've got is probably a little bit of both, frankly,

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Speaker 12: but you know, you see in the you know kind

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Speaker 12: of things that Larry Summers, for example, said a few

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Speaker 12: days ago about his own involvement, that there's very likely

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Speaker 12: going to be more involvement across the board from people

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Speaker 12: either named or not named, and this is going to

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Speaker 12: splash in unpredictable ways.

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Speaker 2: Now we should note, of course, Larrie Summers is no

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Speaker 2: longer a paid contributor to Bloomberg Television as well. I

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Speaker 2: want to get your take as well, Terry on the

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Speaker 2: announcements around Saudi Arabia with the Crown Prince Salmon in Washington,

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Speaker 2: this Defense Pact announced last night, the designation as a

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Speaker 2: non NATO ally. How significant is this?

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Speaker 12: I think it's very significant, and I encourage markets to

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Speaker 12: look at it in the broader geopolitical context. Both over

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Speaker 12: the past few months and today. You know the US

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Speaker 12: moves that have been to try to help establish peace

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Speaker 12: in Gaza, a process which has been un ratified just

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Speaker 12: this week. You've had the Iran situation. You've had US

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Speaker 12: trying to shore up Argentina to reduce in part to

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Speaker 12: reduce Chinese dominance in South America. You've got Russia under

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Speaker 12: moreunder more pressure, and you've got six months of the

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Speaker 12: United States and China not being able to conclude an

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Speaker 12: agreement on among other things, rare earth, so very very significant.

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Speaker 12: In the middle of all that, what the United States

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Speaker 12: says this week is that Saudi is now a major

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Speaker 12: non NATO ally and is moving to Both countries are

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Speaker 12: moving to shore up the three pillars of security and defense,

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Speaker 12: energy in the economy, and geopolitical including diplomacy and hopefully

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Speaker 12: a peace process in Israel. China's response to all this

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Speaker 12: is not just to snimy the US and the West

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Speaker 12: on rare earths, but is also now to Barrett's teeth

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Speaker 12: at Japan, in addition to others in the South China Sea,

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Speaker 12: including the Philippines. So this is a situation where the

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Speaker 12: geopolitical risk remains very high, and in the middle of

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Speaker 12: all that, the United States keeps flanking China on geopolitical interdependent.

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