WEBVTT - Congress Passes Epstein Files Bill; Nvidia Earnings on Deck

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

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<v Speaker 2>Good morning.

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<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 3>stories we're following today, Karen.

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<v Speaker 2>After resisting the issue for months, Congress has ultimately made

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<v Speaker 2>quick work of a bill to force the release of

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<v Speaker 2>the Jeffrey Epstein files. By a four hundred and twenty

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<v Speaker 2>seven to one vote, the House has passed the bill

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<v Speaker 2>to compel the Justice Department to make its documents public.

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<v Speaker 2>The Senate then agreed unanimously to approve the legislation without

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<v Speaker 2>changes once it arrives there, but Senate Minority Leader Chuck

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<v Speaker 2>Schumer says that won't be the end of it.

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<v Speaker 4>We know there's a corrupt Justice Department. We know that

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<v Speaker 4>Bondi and Cash would tell do just what the President

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<v Speaker 4>asks and wants. And we Democrats are just had a

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<v Speaker 4>meeting of ten of my colleagues are going to do

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<v Speaker 4>everything we can to make sure all of it, all of.

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<v Speaker 2>It comes to lighte Senate Minority Leader Chuck Schumer pushed

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

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<v Speaker 2>Host Joe Matthew reports the Justice Department could still push

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<v Speaker 2>back against this bill even if President Trump signs it knowing.

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<v Speaker 5>That the President has compelled the Department of Justice to

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<v Speaker 5>investigate some Democrats, including Bill Clinton. In this case, the

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<v Speaker 5>DOJ could simply say, hey, we understand the vote, but

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<v Speaker 5>we can't release anything because this is an ongoing investigation,

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<v Speaker 5>a smokescreen as some have called it here, and there's

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<v Speaker 5>a question about whether or not this is how this ends,

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<v Speaker 5>and maybe that's why, in fact, the President decided at

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<v Speaker 5>the last.

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<v Speaker 6>Minute to go for this.

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<v Speaker 2>It was Bloomberg's Joe Matthew and Washington. President Trump has

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<v Speaker 2>said he will sign the bill, saying he has nothing

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<v Speaker 2>to hide and it's time to move on all Nathan.

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<v Speaker 3>President Trump is also moving to deep in ties with

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<v Speaker 3>Saudi Arabia. Saudi Crown grants Mohammed ben Selman received a

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<v Speaker 3>King's welcome at a White House dinner last night. The

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<v Speaker 3>President used it to announce a new defense cooperation pack

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

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<v Speaker 7>Stronger and more capable alliance will advance as the interests

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<v Speaker 7>of both countries, and it will serve the highest interest

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<v Speaker 7>of peace.

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<v Speaker 3>And President Trump's announcement came on a day that saw

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<v Speaker 3>the US offer sales of F thirty five fighter jets,

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<v Speaker 3>advanced AI chips, and nuclear tech sharing to the Kingdom.

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<v Speaker 3>Former US Ambassador to Saudi Arabia Robert Jordan says, the

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<v Speaker 3>Crown Prince is not offering much in return.

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<v Speaker 8>What did he have to give up virtually nothing, because

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<v Speaker 8>he still has in his pocket the promise or the

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<v Speaker 8>lure of normalizing relations with Israel. So it seems to

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<v Speaker 8>me that MBS has come out by farther winner here.

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<v Speaker 3>And former US Ambassador Robert Jordan tells Bloomberg President Trump

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<v Speaker 3>is towteday trillion dollars in investment commitments from Saudi Arabia.

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<v Speaker 3>That's nearly the size of the kingdom's annual economy. One

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<v Speaker 3>other note from last night's White House dinner, Elon Musk

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<v Speaker 3>was on the guest list. The Tesla CEO and one

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<v Speaker 3>time Doge figurehead was back in the East Room after

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<v Speaker 3>his public falling out with President Trump over his tax

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<v Speaker 3>and spending cut bill.

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<v Speaker 2>Strand of markets now, Karen futures are moving higher following

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<v Speaker 2>four straight days of losses on Wall Street. To sell

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<v Speaker 2>off in the world's largest technology companies has led the

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<v Speaker 2>way lower. Lisa Shalatte is chief investment officer at Morgan

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<v Speaker 2>Stanley Wealth Management.

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<v Speaker 9>The earnings revision momentum, as we like to say, has slowed,

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<v Speaker 9>and I think that that's one of the things that

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<v Speaker 9>has catalyzed this profit taking moment is that people are saying,

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<v Speaker 9>wait a minute, perhaps you know some of the leaders

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<v Speaker 9>of this market, the hyperscalers, are in fact by dint

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<v Speaker 9>of their aggressive spending, by dint of them now assuming

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<v Speaker 9>some debt to finance that spending, maybe that earning's growth

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<v Speaker 9>rate is going to slow.

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<v Speaker 2>That's Morgan Stanley Wealth Management's Lisa's Shalotte and Goldman Sachs

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<v Speaker 2>president John Waldron says markets are prime for possible further declines.

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<v Speaker 2>We caught up with Waldron at the Bloomberg New Economy

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<v Speaker 2>Forum in Singapore.

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<v Speaker 10>I would say, you're seeing in the markets right now

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<v Speaker 10>all pull back, which I think is healthy. Markets have

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<v Speaker 10>run quite a bit this year US secuity markets, in particular,

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<v Speaker 10>markets heavily focused on this AI dynamic. You know, are

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<v Speaker 10>we going to get the returns on capital invested that

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<v Speaker 10>the market expects and is priced inn It's.

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<v Speaker 6>A big debate.

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<v Speaker 2>Goldman Sachs President John Waldron says in Vidia's earnings will

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<v Speaker 2>be key for markets.

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<v Speaker 3>And Nathan that in Nvidia earnings report it comes out

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<v Speaker 3>this afternoon after the closing bill, analysts expect the AI

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<v Speaker 3>chip giant to show more than fifty percent growth in

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<v Speaker 3>both net income and revenue and its fiscal third quarter.

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<v Speaker 3>Michael Ball, as Bloomberg News macro strategist.

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<v Speaker 11>We know what their customers are doing, we know what

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<v Speaker 11>the supply chain is doing. We've got the other chip

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<v Speaker 11>makers who are part of that ecosystem, so I think

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

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<v Speaker 11>and so in Vidia basically has no room for error.

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<v Speaker 11>And you know the basically the market's pricing is six

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<v Speaker 11>seven percent move that day, which is higher than its

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

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<v Speaker 3>And Bloomberg's Michael Ball knows that in Vidia's shares of

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<v Speaker 3>more than twelve percent since hitting a peak four weeks ago.

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<v Speaker 3>Stay with Bloomberg with complete analysis of in videos after

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<v Speaker 3>the bell Earnie's report, and then at six thirty pm

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<v Speaker 3>Wall Street Time, we speak exclusively with Nvidia CEO Jensen

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<v Speaker 3>Wong here on Bloomberg Radio and Bloomberg Television. Bitcoin holding

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<v Speaker 3>above ninety thousand this morning. Right now it is training

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

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<v Speaker 3>a rough couple of weeks for cryptocurrency investors. Bitcoin is

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<v Speaker 3>down nearly thirty percent from its record high set back

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<v Speaker 3>in October. Yesterday, investors pulled more than half a billion

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<v Speaker 3>dollars from black Rocks I Shares Bitcoin Trust. That's the

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<v Speaker 3>largest single day outflow since the funds debut.

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<v Speaker 2>Turning to the economy Now, Karen, President Trump says he

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<v Speaker 2>thinks he's identified his choice to be the next chair

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<v Speaker 2>of the Federal Reserve. The President spoke on the Oval

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<v Speaker 2>Office alongside Treasury Secretary Scott Bessant.

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<v Speaker 8>I think I already know my choice.

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<v Speaker 1>Well, I liked him, but he's not going to take

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<v Speaker 1>that very viewsed you like Treasury better?

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<v Speaker 12>Right, much better, sir.

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<v Speaker 8>So we are talking to various people.

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<v Speaker 2>President Trump speaking there alongside Treasury Secretary Scott besson who

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<v Speaker 2>has narrowed the pool of contenders to current Fed Governors

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<v Speaker 2>Christopher Waller and Michelle Bawman, former Fed Governor Kevin Walsh,

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<v Speaker 2>White House National Economic Council Director Kevin Hassett and black Rocks,

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<v Speaker 2>Rick Reader.

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<v Speaker 3>And in Europe Nathan UK inflation fell for the first

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<v Speaker 3>time in seven months. Consumer prices increased three points six

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<v Speaker 3>percent in October. That's down from three point eight percent

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<v Speaker 3>in September. The figures keep alive hopes of the UK

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<v Speaker 3>Central Bank delivering a pre Christmas cut at its next

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<v Speaker 3>meeting after skipping a move earlier this month. Time now

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<v Speaker 3>for a look at some of the other stories making

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<v Speaker 3>news in New York and around the world, and for

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<v Speaker 3>that we're joined by Blueberg's Michael Barr.

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<v Speaker 6>Michael, good Morning, Good morning Karen. A panel of three

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<v Speaker 6>federal judges has blocked Texas from using a new congressional

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<v Speaker 6>map that Republicans drew in hopes of picking up five

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<v Speaker 6>US House seats. That map had touched off a nationwide

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<v Speaker 6>redistricting battle and is a major piece of President Donald

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<v Speaker 6>Trump's efforts to preserve a slim Republican majority ahead of

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<v Speaker 6>the twenty twenty six elections. In a two to one ruling,

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<v Speaker 6>the judges in l Passo sided with opponents who argued

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<v Speaker 6>that Texas's unusual summer redrawing of congressional districts would harm

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<v Speaker 6>black and Hispanic residents. Last night, Texas filed an appeal

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<v Speaker 6>with the US Supreme Court. Federal agents have expanded their

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<v Speaker 6>North Carolina immigration cracked down to the area around the

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<v Speaker 6>state capital of Raleigh. The crackdowns spread fear in at

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<v Speaker 6>least one immigrant heavy suburb, but restaurants closed and many

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<v Speaker 6>people stayed home. The North Carolina operation began over the

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<v Speaker 6>weekend in the state's largest city, Charlotte, where officials said

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<v Speaker 6>more than one hundred and thirty people have been arrested.

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<v Speaker 6>This laundromat owner criticized the operation.

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<v Speaker 2>I think it's all just political theater.

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

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<v Speaker 6>The mayor of Raleigh said she did not know how

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<v Speaker 6>long agents would be present. One man was killed and

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<v Speaker 6>two others injured in yesterday's collapse of a construction trench

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<v Speaker 6>in Yarmouth, Massachusetts. A huge rescue effort lasted for several hours,

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<v Speaker 6>but a man who was buried up to his waist

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<v Speaker 6>could not be saved. Yarmouth Fire and Rescue Department chief

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<v Speaker 6>Enrique arasco, it's.

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<v Speaker 7>A very complicated rescue. We had a lot of collapse

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<v Speaker 7>with the trench that continued to happen as we tried

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<v Speaker 7>to remove him.

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<v Speaker 6>Chief Erascoe says another construction worker who jumped into the

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<v Speaker 6>trench to save the trap man was able to get

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<v Speaker 6>out even as more walls collapsed in the Cape Cod

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<v Speaker 6>Sewer construction project. Global News twenty four hours a day

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<v Speaker 6>and whenever you want it with the Bloomberg News Now,

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<v Speaker 6>Michael Barr, this is Bloomberg Karen. Thanks Michael.

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<v Speaker 3>Time now for our Bloomberg Sports Update, and for them

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<v Speaker 3>we bring in John Stashaur.

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

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<v Speaker 7>He had been out with Sciattica in his season, played

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<v Speaker 7>thirty minutes, score to eleven points at twelve assist. The

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<v Speaker 7>Lakers beat Utah College Basketball in New York. Michigan State

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<v Speaker 7>beat Kentucky Duke down Kansas. The college football Playoff committee

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<v Speaker 7>now has Georgia as the fourth team and getting a buy.

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<v Speaker 7>Alabama dropped after its loss last Saturday, but as of

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<v Speaker 7>now the Crimson Tide still in the playoffs. That's the

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<v Speaker 7>Bloomberg Sports Update.

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<v Speaker 3>Stay with us. More from Bloomberg Day Break coming up

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<v Speaker 3>after this.

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

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 6>Good morning.

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<v Speaker 2>I'm Nathan Hager. Republican leaders and President Donald Trump had

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<v Speaker 2>resisted the issue for months. Now Congress is making quick

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<v Speaker 2>work of a bill to release more of the Justice

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<v Speaker 2>departments Jeffrey Epstein files, but Senate Minority Leader Chuck Schumer

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<v Speaker 2>says the president is still a wild card.

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<v Speaker 4>There's no reason it can't be on the President's desk

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<v Speaker 4>in an hour. The president has to sign it. You

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

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<v Speaker 2>Was Minority Leader Chuck Schumer after the Senate agreed to

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<v Speaker 2>pass the Epstein transparency bill without changes from the House.

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<v Speaker 2>Joining us now is Terry Haynes, founder of Pangaea Policy. Terry,

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<v Speaker 2>Good morning. President Trump has said he has nothing to hide.

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

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<v Speaker 2>Will Washington move on from Jeffrey Epstein?

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<v Speaker 12>Good morning, Hi, Good morning, Nathan. Well, there's always the

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<v Speaker 12>pull of bread and circuses, and that's very strong. So

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<v Speaker 12>I imagine the Epstein obsession will continue. And if I

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<v Speaker 12>say that with no effort at all to try to

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<v Speaker 12>sweep it under the rug. The man was a monster,

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<v Speaker 12>and there's been a bonfire of the vanities with the elites

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<v Speaker 12>for a long time here. But Washington's going to have

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<v Speaker 12>to get past this. What I suspect is that the

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<v Speaker 12>continuing wrangling around, first with courts about the information and

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<v Speaker 12>secondly about what and whether the Justice Apartment may do

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<v Speaker 12>with redacting names and trying to trying to protect the innocent.

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<v Speaker 12>There's a here complicates things and keeps the thing simmering.

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<v Speaker 2>Well, how will the bill square with the Justice Department's

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<v Speaker 2>determination that it's going to investigate Jeffrey Epstein's links to

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<v Speaker 2>prominent democrats.

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

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<v Speaker 12>you know, in the Justice Department could take a long

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<v Speaker 12>time tap dance. The Justice Department could bring up what

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<v Speaker 12>it's already got and and make that the basis for

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<v Speaker 12>whatever it does in the context or release. There's no

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<v Speaker 12>way to tell which it will do. I suspect what

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<v Speaker 12>I've got is probably a little bit of both, frankly,

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<v Speaker 12>but you know, you see in the you know kind

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<v Speaker 12>of things that Larry Summers, for example, said a few

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<v Speaker 12>days ago about his own involvement, that there's very likely

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<v Speaker 12>going to be more involvement across the board from people

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<v Speaker 12>either named or not named, and this is going to

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<v Speaker 12>splash in unpredictable ways.

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<v Speaker 2>Now we should note, of course, Larrie Summers is no

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<v Speaker 2>longer a paid contributor to Bloomberg Television as well. I

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<v Speaker 2>want to get your take as well, Terry on the

0:12:16.080 --> 0:12:21.040
<v Speaker 2>announcements around Saudi Arabia with the Crown Prince Salmon in Washington,

0:12:21.120 --> 0:12:25.080
<v Speaker 2>this Defense Pact announced last night, the designation as a

0:12:25.160 --> 0:12:27.920
<v Speaker 2>non NATO ally. How significant is this?

0:12:29.240 --> 0:12:32.520
<v Speaker 12>I think it's very significant, and I encourage markets to

0:12:32.559 --> 0:12:37.560
<v Speaker 12>look at it in the broader geopolitical context. Both over

0:12:37.559 --> 0:12:40.440
<v Speaker 12>the past few months and today. You know the US

0:12:40.480 --> 0:12:43.640
<v Speaker 12>moves that have been to try to help establish peace

0:12:43.679 --> 0:12:46.720
<v Speaker 12>in Gaza, a process which has been un ratified just

0:12:46.800 --> 0:12:50.720
<v Speaker 12>this week. You've had the Iran situation. You've had US

0:12:50.800 --> 0:12:54.360
<v Speaker 12>trying to shore up Argentina to reduce in part to

0:12:54.440 --> 0:12:58.720
<v Speaker 12>reduce Chinese dominance in South America. You've got Russia under

0:12:58.760 --> 0:13:04.240
<v Speaker 12>moreunder more pressure, and you've got six months of the

0:13:04.320 --> 0:13:06.840
<v Speaker 12>United States and China not being able to conclude an

0:13:06.880 --> 0:13:10.840
<v Speaker 12>agreement on among other things, rare earth, so very very significant.

0:13:11.080 --> 0:13:13.760
<v Speaker 12>In the middle of all that, what the United States

0:13:13.800 --> 0:13:18.080
<v Speaker 12>says this week is that Saudi is now a major

0:13:18.240 --> 0:13:23.520
<v Speaker 12>non NATO ally and is moving to Both countries are

0:13:23.520 --> 0:13:27.000
<v Speaker 12>moving to shore up the three pillars of security and defense,

0:13:27.559 --> 0:13:32.880
<v Speaker 12>energy in the economy, and geopolitical including diplomacy and hopefully

0:13:32.920 --> 0:13:36.720
<v Speaker 12>a peace process in Israel. China's response to all this

0:13:36.880 --> 0:13:39.880
<v Speaker 12>is not just to snimy the US and the West

0:13:39.920 --> 0:13:43.000
<v Speaker 12>on rare earths, but is also now to Barrett's teeth

0:13:43.000 --> 0:13:47.360
<v Speaker 12>at Japan, in addition to others in the South China Sea,

0:13:47.400 --> 0:13:50.480
<v Speaker 12>including the Philippines. So this is a situation where the

0:13:50.480 --> 0:13:53.920
<v Speaker 12>geopolitical risk remains very high, and in the middle of

0:13:53.960 --> 0:14:00.240
<v Speaker 12>all that, the United States keeps flanking China on geopolitical interdependent.

0:14:02.360 --> 0:14:05.800
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