Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today, Karen.
Speaker 2: After resisting the issue for months, Congress has ultimately made
Speaker 2: quick work of a bill to force the release of
Speaker 2: the Jeffrey Epstein files. By a four hundred and twenty
Speaker 2: seven to one vote, the House has passed the bill
Speaker 2: to compel the Justice Department to make its documents public.
Speaker 2: The Senate then agreed unanimously to approve the legislation without
Speaker 2: changes once it arrives there, but Senate Minority Leader Chuck
Speaker 2: Schumer says that won't be the end of it.
Speaker 4: We know there's a corrupt Justice Department. We know that
Speaker 4: Bondi and Cash would tell do just what the President
Speaker 4: asks and wants. And we Democrats are just had a
Speaker 4: meeting of ten of my colleagues are going to do
Speaker 4: everything we can to make sure all of it, all of.
Speaker 2: It comes to lighte Senate Minority Leader Chuck Schumer pushed
Speaker 2: for the unanimous consent motion, but Bloomberg bal it's a power.
Speaker 2: Host Joe Matthew reports the Justice Department could still push
Speaker 2: back against this bill even if President Trump signs it knowing.
Speaker 5: That the President has compelled the Department of Justice to
Speaker 5: investigate some Democrats, including Bill Clinton. In this case, the
Speaker 5: DOJ could simply say, hey, we understand the vote, but
Speaker 5: we can't release anything because this is an ongoing investigation,
Speaker 5: a smokescreen as some have called it here, and there's
Speaker 5: a question about whether or not this is how this ends,
Speaker 5: and maybe that's why, in fact, the President decided at
Speaker 5: the last.
Speaker 6: Minute to go for this.
Speaker 2: It was Bloomberg's Joe Matthew and Washington. President Trump has
Speaker 2: said he will sign the bill, saying he has nothing
Speaker 2: to hide and it's time to move on all Nathan.
Speaker 3: President Trump is also moving to deep in ties with
Speaker 3: Saudi Arabia. Saudi Crown grants Mohammed ben Selman received a
Speaker 3: King's welcome at a White House dinner last night. The
Speaker 3: President used it to announce a new defense cooperation pack
Speaker 3: that'll make Saudi Arabia a major non NATO ally, A.
Speaker 7: Stronger and more capable alliance will advance as the interests
Speaker 7: of both countries, and it will serve the highest interest
Speaker 7: of peace.
Speaker 3: And President Trump's announcement came on a day that saw
Speaker 3: the US offer sales of F thirty five fighter jets,
Speaker 3: advanced AI chips, and nuclear tech sharing to the Kingdom.
Speaker 3: Former US Ambassador to Saudi Arabia Robert Jordan says, the
Speaker 3: Crown Prince is not offering much in return.
Speaker 8: What did he have to give up virtually nothing, because
Speaker 8: he still has in his pocket the promise or the
Speaker 8: lure of normalizing relations with Israel. So it seems to
Speaker 8: me that MBS has come out by farther winner here.
Speaker 3: And former US Ambassador Robert Jordan tells Bloomberg President Trump
Speaker 3: is towteday trillion dollars in investment commitments from Saudi Arabia.
Speaker 3: That's nearly the size of the kingdom's annual economy. One
Speaker 3: other note from last night's White House dinner, Elon Musk
Speaker 3: was on the guest list. The Tesla CEO and one
Speaker 3: time Doge figurehead was back in the East Room after
Speaker 3: his public falling out with President Trump over his tax
Speaker 3: and spending cut bill.
Speaker 2: Strand of markets now, Karen futures are moving higher following
Speaker 2: four straight days of losses on Wall Street. To sell
Speaker 2: off in the world's largest technology companies has led the
Speaker 2: way lower. Lisa Shalatte is chief investment officer at Morgan
Speaker 2: Stanley Wealth Management.
Speaker 9: The earnings revision momentum, as we like to say, has slowed,
Speaker 9: and I think that that's one of the things that
Speaker 9: has catalyzed this profit taking moment is that people are saying,
Speaker 9: wait a minute, perhaps you know some of the leaders
Speaker 9: of this market, the hyperscalers, are in fact by dint
Speaker 9: of their aggressive spending, by dint of them now assuming
Speaker 9: some debt to finance that spending, maybe that earning's growth
Speaker 9: rate is going to slow.
Speaker 2: That's Morgan Stanley Wealth Management's Lisa's Shalotte and Goldman Sachs
Speaker 2: president John Waldron says markets are prime for possible further declines.
Speaker 2: We caught up with Waldron at the Bloomberg New Economy
Speaker 2: Forum in Singapore.
Speaker 10: I would say, you're seeing in the markets right now
Speaker 10: all pull back, which I think is healthy. Markets have
Speaker 10: run quite a bit this year US secuity markets, in particular,
Speaker 10: markets heavily focused on this AI dynamic. You know, are
Speaker 10: we going to get the returns on capital invested that
Speaker 10: the market expects and is priced inn It's.
Speaker 6: A big debate.
Speaker 2: Goldman Sachs President John Waldron says in Vidia's earnings will
Speaker 2: be key for markets.
Speaker 3: And Nathan that in Nvidia earnings report it comes out
Speaker 3: this afternoon after the closing bill, analysts expect the AI
Speaker 3: chip giant to show more than fifty percent growth in
Speaker 3: both net income and revenue and its fiscal third quarter.
Speaker 3: Michael Ball, as Bloomberg News macro strategist.
Speaker 11: We know what their customers are doing, we know what
Speaker 11: the supply chain is doing. We've got the other chip
Speaker 11: makers who are part of that ecosystem, so I think
Speaker 11: they will match or be It's very sensitive to any misstep,
Speaker 11: and so in Vidia basically has no room for error.
Speaker 11: And you know the basically the market's pricing is six
Speaker 11: seven percent move that day, which is higher than its
Speaker 11: normal earning day move. So there's even greater sensitivity this turnaround.
Speaker 3: And Bloomberg's Michael Ball knows that in Vidia's shares of
Speaker 3: more than twelve percent since hitting a peak four weeks ago.
Speaker 3: Stay with Bloomberg with complete analysis of in videos after
Speaker 3: the bell Earnie's report, and then at six thirty pm
Speaker 3: Wall Street Time, we speak exclusively with Nvidia CEO Jensen
Speaker 3: Wong here on Bloomberg Radio and Bloomberg Television. Bitcoin holding
Speaker 3: above ninety thousand this morning. Right now it is training
Speaker 3: at ninety one thousand, six hundred dollars. It's certainly been
Speaker 3: a rough couple of weeks for cryptocurrency investors. Bitcoin is
Speaker 3: down nearly thirty percent from its record high set back
Speaker 3: in October. Yesterday, investors pulled more than half a billion
Speaker 3: dollars from black Rocks I Shares Bitcoin Trust. That's the
Speaker 3: largest single day outflow since the funds debut.
Speaker 2: Turning to the economy Now, Karen, President Trump says he
Speaker 2: thinks he's identified his choice to be the next chair
Speaker 2: of the Federal Reserve. The President spoke on the Oval
Speaker 2: Office alongside Treasury Secretary Scott Bessant.
Speaker 8: I think I already know my choice.
Speaker 1: Well, I liked him, but he's not going to take
Speaker 1: that very viewsed you like Treasury better?
Speaker 12: Right, much better, sir.
Speaker 8: So we are talking to various people.
Speaker 2: President Trump speaking there alongside Treasury Secretary Scott besson who
Speaker 2: has narrowed the pool of contenders to current Fed Governors
Speaker 2: Christopher Waller and Michelle Bawman, former Fed Governor Kevin Walsh,
Speaker 2: White House National Economic Council Director Kevin Hassett and black Rocks,
Speaker 2: Rick Reader.
Speaker 3: And in Europe Nathan UK inflation fell for the first
Speaker 3: time in seven months. Consumer prices increased three points six
Speaker 3: percent in October. That's down from three point eight percent
Speaker 3: in September. The figures keep alive hopes of the UK
Speaker 3: Central Bank delivering a pre Christmas cut at its next
Speaker 3: meeting after skipping a move earlier this month. Time now
Speaker 3: for a look at some of the other stories making
Speaker 3: news in New York and around the world, and for
Speaker 3: that we're joined by Blueberg's Michael Barr.
Speaker 6: Michael, good Morning, Good morning Karen. A panel of three
Speaker 6: federal judges has blocked Texas from using a new congressional
Speaker 6: map that Republicans drew in hopes of picking up five
Speaker 6: US House seats. That map had touched off a nationwide
Speaker 6: redistricting battle and is a major piece of President Donald
Speaker 6: Trump's efforts to preserve a slim Republican majority ahead of
Speaker 6: the twenty twenty six elections. In a two to one ruling,
Speaker 6: the judges in l Passo sided with opponents who argued
Speaker 6: that Texas's unusual summer redrawing of congressional districts would harm
Speaker 6: black and Hispanic residents. Last night, Texas filed an appeal
Speaker 6: with the US Supreme Court. Federal agents have expanded their
Speaker 6: North Carolina immigration cracked down to the area around the
Speaker 6: state capital of Raleigh. The crackdowns spread fear in at
Speaker 6: least one immigrant heavy suburb, but restaurants closed and many
Speaker 6: people stayed home. The North Carolina operation began over the
Speaker 6: weekend in the state's largest city, Charlotte, where officials said
Speaker 6: more than one hundred and thirty people have been arrested.
Speaker 6: This laundromat owner criticized the operation.
Speaker 2: I think it's all just political theater.
Speaker 6: Really, they're just trying to instill fear in the community.
Speaker 6: The mayor of Raleigh said she did not know how
Speaker 6: long agents would be present. One man was killed and
Speaker 6: two others injured in yesterday's collapse of a construction trench
Speaker 6: in Yarmouth, Massachusetts. A huge rescue effort lasted for several hours,
Speaker 6: but a man who was buried up to his waist
Speaker 6: could not be saved. Yarmouth Fire and Rescue Department chief
Speaker 6: Enrique arasco, it's.
Speaker 7: A very complicated rescue. We had a lot of collapse
Speaker 7: with the trench that continued to happen as we tried
Speaker 7: to remove him.
Speaker 6: Chief Erascoe says another construction worker who jumped into the
Speaker 6: trench to save the trap man was able to get
Speaker 6: out even as more walls collapsed in the Cape Cod
Speaker 6: Sewer construction project. Global News twenty four hours a day
Speaker 6: and whenever you want it with the Bloomberg News Now,
Speaker 6: Michael Barr, this is Bloomberg Karen. Thanks Michael.
Speaker 3: Time now for our Bloomberg Sports Update, and for them
Speaker 3: we bring in John Stashaur.
Speaker 7: Thanks garn Lebron James's record breaking twenty third NBA season underway.
Speaker 7: He had been out with Sciattica in his season, played
Speaker 7: thirty minutes, score to eleven points at twelve assist. The
Speaker 7: Lakers beat Utah College Basketball in New York. Michigan State
Speaker 7: beat Kentucky Duke down Kansas. The college football Playoff committee
Speaker 7: now has Georgia as the fourth team and getting a buy.
Speaker 7: Alabama dropped after its loss last Saturday, but as of
Speaker 7: now the Crimson Tide still in the playoffs. That's the
Speaker 7: Bloomberg Sports Update.
Speaker 3: Stay with us. More from Bloomberg Day Break coming up
Speaker 3: after this.
Speaker 1: Coast to coast on Bloomberg Radio nationwide on Sirius XM
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6: Good morning.
Speaker 2: I'm Nathan Hager. Republican leaders and President Donald Trump had
Speaker 2: resisted the issue for months. Now Congress is making quick
Speaker 2: work of a bill to release more of the Justice
Speaker 2: departments Jeffrey Epstein files, but Senate Minority Leader Chuck Schumer
Speaker 2: says the president is still a wild card.
Speaker 4: There's no reason it can't be on the President's desk
Speaker 4: in an hour. The president has to sign it. You
Speaker 4: never know what's him said he would let's wait and see, and.
Speaker 2: Was Minority Leader Chuck Schumer after the Senate agreed to
Speaker 2: pass the Epstein transparency bill without changes from the House.
Speaker 2: Joining us now is Terry Haynes, founder of Pangaea Policy. Terry,
Speaker 2: Good morning. President Trump has said he has nothing to hide.
Speaker 2: It's time to move on. He says he'll sign this bill.
Speaker 2: Will Washington move on from Jeffrey Epstein?
Speaker 12: Good morning, Hi, Good morning, Nathan. Well, there's always the
Speaker 12: pull of bread and circuses, and that's very strong. So
Speaker 12: I imagine the Epstein obsession will continue. And if I
Speaker 12: say that with no effort at all to try to
Speaker 12: sweep it under the rug. The man was a monster,
Speaker 12: and there's been a bonfire of the vanities with the elites
Speaker 12: for a long time here. But Washington's going to have
Speaker 12: to get past this. What I suspect is that the
Speaker 12: continuing wrangling around, first with courts about the information and
Speaker 12: secondly about what and whether the Justice Apartment may do
Speaker 12: with redacting names and trying to trying to protect the innocent.
Speaker 12: There's a here complicates things and keeps the thing simmering.
Speaker 2: Well, how will the bill square with the Justice Department's
Speaker 2: determination that it's going to investigate Jeffrey Epstein's links to
Speaker 2: prominent democrats.
Speaker 12: Well, that's an additional complication too, And and we'll see,
Speaker 12: you know, in the Justice Department could take a long
Speaker 12: time tap dance. The Justice Department could bring up what
Speaker 12: it's already got and and make that the basis for
Speaker 12: whatever it does in the context or release. There's no
Speaker 12: way to tell which it will do. I suspect what
Speaker 12: I've got is probably a little bit of both, frankly,
Speaker 12: but you know, you see in the you know kind
Speaker 12: of things that Larry Summers, for example, said a few
Speaker 12: days ago about his own involvement, that there's very likely
Speaker 12: going to be more involvement across the board from people
Speaker 12: either named or not named, and this is going to
Speaker 12: splash in unpredictable ways.
Speaker 2: Now we should note, of course, Larrie Summers is no
Speaker 2: longer a paid contributor to Bloomberg Television as well. I
Speaker 2: want to get your take as well, Terry on the
Speaker 2: announcements around Saudi Arabia with the Crown Prince Salmon in Washington,
Speaker 2: this Defense Pact announced last night, the designation as a
Speaker 2: non NATO ally. How significant is this?
Speaker 12: I think it's very significant, and I encourage markets to
Speaker 12: look at it in the broader geopolitical context. Both over
Speaker 12: the past few months and today. You know the US
Speaker 12: moves that have been to try to help establish peace
Speaker 12: in Gaza, a process which has been un ratified just
Speaker 12: this week. You've had the Iran situation. You've had US
Speaker 12: trying to shore up Argentina to reduce in part to
Speaker 12: reduce Chinese dominance in South America. You've got Russia under
Speaker 12: moreunder more pressure, and you've got six months of the
Speaker 12: United States and China not being able to conclude an
Speaker 12: agreement on among other things, rare earth, so very very significant.
Speaker 12: In the middle of all that, what the United States
Speaker 12: says this week is that Saudi is now a major
Speaker 12: non NATO ally and is moving to Both countries are
Speaker 12: moving to shore up the three pillars of security and defense,
Speaker 12: energy in the economy, and geopolitical including diplomacy and hopefully
Speaker 12: a peace process in Israel. China's response to all this
Speaker 12: is not just to snimy the US and the West
Speaker 12: on rare earths, but is also now to Barrett's teeth
Speaker 12: at Japan, in addition to others in the South China Sea,
Speaker 12: including the Philippines. So this is a situation where the
Speaker 12: geopolitical risk remains very high, and in the middle of
Speaker 12: all that, the United States keeps flanking China on geopolitical interdependent.
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