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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Day BAQ podcast, available every morning on Apple, Spotify or

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Speaker 1: wherever you listen. It's Monday, the eleventh of November here

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Speaker 1: in London. I'm Caroline HEPK.

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Speaker 2: And I'm Stephen Carroll. Coming up today, Donald Trump begins

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Speaker 2: handing out key jobs in his administration, as reports say

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Speaker 2: he's now spoken directly with Putin.

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Speaker 1: Wall Street jants warn the bond market volatility, unleashed by

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Speaker 1: Donald Trump's victory maybe far from over.

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Speaker 2: Plus. Germany's Olaf Schultz opens the door to an earlier

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Speaker 2: election as the country's opposition leader says he would look

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Speaker 2: to ink deals with President elect Trump.

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Speaker 1: Let's start with a roundup of our top stories.

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Speaker 2: Donald Trump has annowned some key appointments to his administration's

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Speaker 2: top team. Former US Immigration and Customs Enforcement Director Tom

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Speaker 2: Homan will be his new borderzar. Homen was the public

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Speaker 2: face of Trump's zero tolerance immigration policies during his first

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Speaker 2: term in office. The President elect is also a nominating

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Speaker 2: New York Congresswoman Elise Stefanek to join his administration as

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Speaker 2: US Ambassador to the United Nations. In a statement, the

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Speaker 2: President Elector told The New York Post quote Elize is

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Speaker 2: an incredibly strong, tough and smart America First fighter. She's

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Speaker 2: currently the fourth ranking Republican in the House, and her

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Speaker 2: appointment would bring one of Trump's highest profile congressional allies

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Speaker 2: into the administration. These appointments comm as sources of tell

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Speaker 2: Bloomberg that Trump intends to narrow the shortlist of candidates

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Speaker 2: for Treasury Secretary this week. He's understood to be leaning

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Speaker 2: towards someone with a Wall Street pedigree for the job,

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Speaker 2: with Howard Lutnick, John Paulson, and Scott Bessant all possibilities well.

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Speaker 1: US President to elect Trump has reportedly told Russia's Lasimir

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Speaker 1: Putin not to escalate the war in Ukraine and reminded

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Speaker 1: him of the sizeable US military presence in Europe. According

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Speaker 1: to The Washington Post, the comments were made in a

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Speaker 1: call on Thursday between the two men. The reports come

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Speaker 1: as White House National Security Advisor Jake Sullivan said President

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Speaker 1: Biden will argue for continued usaid to Ukraine during the

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Speaker 1: transition to the new administration. Here's what he told CBS's

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Speaker 1: Face the Nation.

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Speaker 3: Of course, President Biden will have the opportunity over the

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Speaker 3: next seventy days to make the case to the Congress

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Speaker 3: and to the incoming administration that the United States should

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Speaker 3: not walk away from Ukraine, that walking away from Ukraine

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Speaker 3: means more instability in Europe, and ultimately, as the Japanese

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Speaker 3: Prime Minister said, if we walk away from Ukraine in Europe,

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Speaker 3: the question about America's commitment to where allies in Asia

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Speaker 3: will grow.

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Speaker 1: Sullivan's comments come as Trump's selection victory and Republican control

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Speaker 1: of potentially both houses of Congress raise questions about the

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Speaker 1: future of usaid for Ukraine to defend against Russia's invasion.

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Speaker 2: Firms including Blackrock and JP Morgan are warning the bond

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Speaker 2: market volatility triggered by Donald Trump's presidential victory is likely

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Speaker 2: far from over. Traders fear that the likelihood that Trump

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Speaker 2: will cut axes and throw up large tariffs will rekindle

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Speaker 2: inflation by raising importcasts and pouring stimulus on an already

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Speaker 2: strong economy. Here's Boomberg's market's life strategist at Mark Cranfield.

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Speaker 4: I think that the treasury bond market is really going

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Speaker 4: to have a very interesting period in the next few weeks.

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Speaker 4: There's been an assumption that the federal Reserve will be

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Speaker 4: cutting interest rates well into next year, and yet now

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Speaker 4: that is very much in doubt. Although but now the

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Speaker 4: pricing still suggests that traders think there's a chance of

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Speaker 4: December for another rate cup from the Federal Reserve. Twenty

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Speaker 4: twenty five is looking very uncertain in that respect. We

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Speaker 4: had the face Cashcari speaking over the weekend. He's a

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Speaker 4: bit more concerned about the inflation outlook, and I think

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Speaker 4: you will see more and more Fate speakers in the

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Speaker 4: next couple of weeks hinting that inflation has become their

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Speaker 4: biggest factor again. It was employment for a while, and

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Speaker 4: it looks like they're going to switch back to inflation.

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Speaker 2: That view from Mark Cranfield has increasingly been seen in

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Speaker 2: market bets swaps. Traders are now pricing in that Federal

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Speaker 2: Reserve policymakers will reduce their benchmark made to four percent

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Speaker 2: by mid twenty twenty five. It's a full percentage point

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Speaker 2: higher than they are predicting.

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Speaker 1: In September, bitcoin's value has surged above eighty one thousand

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Speaker 1: dollars for the first time, boosted by President elect Donald

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Speaker 1: Trump's embrace of digital assets, and bitcoin has soared by

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Speaker 1: ninety four percent in value so far in twenty twenty

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Speaker 1: four this morning, currently trading at eighty nine hundred and

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Speaker 1: twenty dollars now. On the campaign trail, Trump vowed to

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Speaker 1: put the US at the center of the digital asset

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Speaker 1: industry and pledged to fire the Securities and Exchange Commission

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Speaker 1: chair Gary Gensler, who repeatedly labeled the sector as a

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Speaker 1: rife with fraud and misconduct. A host of smaller cryptocurrencies

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Speaker 1: have even outperformed Bitcoin, the likes of Elon Musk promoted

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Speaker 1: doge coin, which is up fifty percent in the past

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Speaker 1: five days, but hedge funds clinging on to bets against

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Speaker 1: Musk's Tesla have lost billions of dollars. Hedge Funds that

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Speaker 1: had short positions against Tesla between election day last week

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Speaker 1: and friday's close who took an on paper hit of

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Speaker 1: at least five point two billion dollars, according to Bloomberg

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Speaker 1: calculations based on S three partner's data.

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Speaker 2: Germany's opposition leader, Frederick Mertz says he'd looked to do

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Speaker 2: deals with the incoming US president. The head of the

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Speaker 2: center right Christian Democratic Union currently dominates the polls ahead

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Speaker 2: of a potential election mertz telds Stern magazine that Germany

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Speaker 2: has not quote articulated and enforced our interests well enough,

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Speaker 2: and that it shouldn't end with only one side profiting.

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Speaker 2: German Chancellor Lef Schltz under widespread political pressure to bring

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Speaker 2: forward the date of an early election after his coalition

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Speaker 2: collapsed last week.

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Speaker 1: Here in the UK, Rachel Reeves is setting out her

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Speaker 1: vision for the financial sector and how she'll drive growth.

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Speaker 1: The UK chancellor is under pressure after setting out a

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Speaker 1: budget with ambitious fiscal targets. Bloomberg's City editor Catherine Griffiths

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Speaker 1: says that reforming the pension sector is now a key target.

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Speaker 5: There's billions and billions and billions of pounds in pension

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Speaker 5: pots in the UK. This point that yes, we want

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Speaker 5: overseas investors coming into the UK, but actually in the

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Speaker 5: UK itself there's a lot of money sitting in savings funds,

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Speaker 5: and how we try to deploy that money in a

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Speaker 5: way that's both good for the owners of the money,

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Speaker 5: but also of course, how that money can be used

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Speaker 5: in a more productive way in the British economy.

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Speaker 1: That was Blomberg's City editor Catherine Griffiths there, who is

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Speaker 1: also watching for big changes to Britain's financial regulators. In

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Speaker 1: a speech this Thursday from Chancellor Rachel Reeves, she is

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Speaker 1: likely to back free trade, which may put her government

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Speaker 1: at odds with the new US administration's tariff ambitions.

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Speaker 2: And the UK's hospitality sector says businesses are facing drastic

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Speaker 2: job cuts. An open letter signed by more than two

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Speaker 2: hundred buses in the sector says tax hikes announced in

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Speaker 2: the budget will cost the industry billions. Bloomberg Exchange Wilcock

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Speaker 2: has more.

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Speaker 6: Some of hospitality's biggest names are making a very public

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Speaker 6: warning to the Chancellor. The likes of Whitbread, High Hotels,

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Speaker 6: Green King, all well known chains with tens of thousands

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Speaker 6: of workers in the UK say coming tax sikes will

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Speaker 6: close businesses and force them to fire staff. They argue

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Speaker 6: the employee heavy sexor is uniquely threatened by changes to

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Speaker 6: payroll taxes and that it has no capacity to pass

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Speaker 6: costs onto consumers. It's a test of the travelers pitch

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Speaker 6: to be both pro worker and pro business. The hospitality

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Speaker 6: sector is saying she is neither. In London, James Wilcock,

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Speaker 6: Blind Bug Radio.

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Speaker 1: And those were a few of our top stories for

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Speaker 1: you this morning.

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Speaker 2: Well, in the moment, we'll bring you more on just

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Speaker 2: how Donald Trump is lining up some key people in

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Speaker 2: his new administration and also the market's view of what

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Speaker 2: his new administration might mean for them. We've also been

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Speaker 2: reading the later screen Time newsletter for Lucas Shah, who's

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Speaker 2: been looking at Netflix's move into live programming, not, of course,

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Speaker 2: something that we really know the streaming service for, but

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Speaker 2: it's something that they're hoping to build business out of,

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Speaker 2: and particularly in their advertising front.

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Speaker 1: Yeah well' and that's what it's all about. Apparently they're

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Speaker 1: going to livestream some big NFL football games on Christmas Day,

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Speaker 1: and it's not something that most customers understand that Netflix

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Speaker 1: is doing. I mean, I just think it's quite funny,

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Speaker 1: isn't it that Netflix has sort of swept aside the

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Speaker 1: old fashioned TV networks and that almost being and just doing.

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Speaker 2: The same thing th TV networks did. It's all part

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Speaker 2: of their play for more advertising. Of course, they brought

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Speaker 2: in an advertising support service, but that still only represents

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Speaker 2: a very small fraction of its customer base. Whereas the

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Speaker 2: plan is with live programming, they'll be able to use

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Speaker 2: more advertising. But Lukashaw has more in the latest screen

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Speaker 2: Time newsletter.

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Speaker 1: Now, let's get to the latest on how Donald Trump

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Speaker 1: is preparing to take office in January. He's announced former

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Speaker 1: Immigration and forceome and chief Tom Hoeman as his quote,

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Speaker 1: borders are and the Washington Post reporting that Trump has

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Speaker 1: spoken to the Russian leader of Vladimir Putin. Our EMEA

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Speaker 1: news director was in Matheson joins us now for more.

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Speaker 1: Good Morning oz. So the report says that Putin and

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Speaker 1: Trump spoke last Thursday. This is hugely significant. What do

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Speaker 1: we know? What do we know about what might have

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Speaker 1: been said.

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Speaker 7: Well, there was some expectation this call would happen after

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Speaker 7: Vladimir Putin congratulated Donald Trump on his election win. But

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Speaker 7: as you say, the Washington Post reporting that call did occur,

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Speaker 7: and Donald Trump, you know, said to Vladimir Putin not

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Speaker 7: to escalate his war in Ukraine. That's probably because he

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Speaker 7: doesn't want the awkwardness of Putin escalating right as he

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Speaker 7: comes to office, because as we know, he's quite keen

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Speaker 7: to get a deal, as he puts it, to end

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Speaker 7: the war. And it seems like they did talk about that,

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Speaker 7: and that Donald Trump said he'd be interested in follow

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Speaker 7: up conversations. With Vladimir Putin to talk about a pathway

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Speaker 7: to end the war, and they briefly discussed land. And

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Speaker 7: that's of course the key question. We know that you know,

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Speaker 7: this conversation around a possible end to the war seems

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Speaker 7: to involve the reality of Ukraine's seeding territory and the

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Speaker 7: fact it was even old on the table briefly in

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Speaker 7: this conversation, according to this report, is significant. It adds

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Speaker 7: to the view that Donald Trump, when he sees what

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Speaker 7: a deal is here, it means Ukraine giving up land

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Speaker 7: in order to get this war to a close.

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Speaker 2: This happening conversation, of course, as we're getting the names

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Speaker 2: of some of people are going to be taking up

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Speaker 2: important jobs in the Trump administration. A few names are

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Speaker 2: being announced just in the past couple of hours. Raz

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Speaker 2: talk us through some of the announcements. Well, we know

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Speaker 2: that he rewards loyalty above all.

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Speaker 7: It's interesting to see that some names who were in

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Speaker 7: his administration previously seemed to be circulating again. It does

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Speaker 7: seem that he ruled out Nikki Haley and Mike Pompeo

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Speaker 7: for roles in this administration. But there's talk that Rick Grinnell,

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Speaker 7: who is his ambassador to Germany or Steve Mnuchan could

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Speaker 7: be in contention for a Secretary of State, which to

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Speaker 7: be very interesting, of course, and you mentioned Tom Homan

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Speaker 7: who's coming in. That's what an a border czar in

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Speaker 7: a way, And of course he was the architect previously

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Speaker 7: of a policy that's sought undocumented children separated from their

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Speaker 7: families and deported, and he has said so far that

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Speaker 7: he would actually change that policy to have entire families deported,

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Speaker 7: so people are sent away together, but still very controversial policy.

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Speaker 7: And the use of the tzar is interesting because it

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Speaker 7: allows Donald Trump to appoint these people without the oversight

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Speaker 7: necessarily of Congress, the House, or the Senate. You have

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Speaker 7: these czars who can run policy for a number of

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Speaker 7: years really without a lot of guardrails around them. So

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Speaker 7: the fact is moving quickly in that front is also

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Speaker 7: very interesting. And we know, of course that he may

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Speaker 7: nominate Elise Stephanik. She's going to be potentially the US

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Speaker 7: ambassador to the UN and she's been a Trump loyalist,

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Speaker 7: very vocal one, for a number of years. So again

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Speaker 7: that threat of loyalty is running through all these appointments

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Speaker 7: so far.

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Speaker 1: Wels, thank you so much for bringing us up to date.

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Speaker 1: Then on the latest announcements on the Trump administration. That

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Speaker 1: is our EMEA News director rols In matheson.

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Speaker 2: Let's turn next to how markets preparing for Trump to

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Speaker 2: take power. Last week's bond sell off as abated, but

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Speaker 2: major Wall Street firms are warning there's more volatility ahead.

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Speaker 2: Our market supporter of Valerie Titana is with us for more.

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Speaker 2: And this is a good moment to think about this

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Speaker 2: because cash trateguries aren't trading tape because it's a holiday

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Speaker 2: in the US. How are traders talking about though, what

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Speaker 2: they're expecting now from bond markets ahead.

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Speaker 8: Look, it's all about any hints that we get that

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Speaker 8: the policies that Trump talked about in his campaign he

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Speaker 8: is serious about, right, So we're really looking at the

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Speaker 8: picks that he has for trade secretary and Treasury secretary

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Speaker 8: for any hints on how serious he is. It was

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Speaker 8: rumored or sorry it was written in the ft, but

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Speaker 8: later denied that his treasury his trade secretary pick of

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Speaker 8: Robert Leitzer. He is a big trade hawk, and that

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Speaker 8: would imply maybe that the tariffs that he's been talking

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Speaker 8: about weren't a negotiation start off that he was really

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Speaker 8: serious about putting them on. And then if we look

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Speaker 8: over to what's been talked about in the Treasury Secretary pick.

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Speaker 8: Key front runner right now for most in markets is

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Speaker 8: Scott Bascent, who is very Wall Street friendly. He is

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Speaker 8: a CEO CEO of Key Square. He also dealt a

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Speaker 8: lot with Stan Drunken Miller and the soros Is Fund.

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Speaker 8: He's seen as a positive Wall Street pick, and he's

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Speaker 8: been out recently saying that any notion that Trump's policies

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Speaker 8: are inflationary is quote absurd. He sees them as deflationary.

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Speaker 8: And he was also talking about regulation that they could

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Speaker 8: change some banking regulation to basically force US banks to

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Speaker 8: hold more US treasuries, which could be a key driver

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Speaker 8: for the treasury market coming forward if we do have

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Speaker 8: another big buyer of the treasury market being a domestic

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Speaker 8: US bank, So that one is very important for markets

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Speaker 8: to watch as well. Flipping over to the data side,

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Speaker 8: we have CPI and Wednesday and PPI on Thursday. It's

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Speaker 8: notable after that we do hear from Powell Thursday evening.

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Speaker 1: Yeah. Absolutely, you just have to look at Blomberg Colmlist

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Speaker 1: to understand the thinking it. German Bunt is losing its halo.

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Speaker 1: Marcus Ashwath has been writing about that Trump doesn't have

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Speaker 1: to be bad news for Ukraine. Trump also will Bury esg.

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Speaker 1: Those are some of the think pieces that we've gotten

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Speaker 1: the Bloomberg terminal this morning. In terms of the other

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Speaker 1: question though, that I've got for you, it's bitcoin eighty

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Speaker 1: one thousand dollars and we know that Trump is a

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Speaker 1: big alt assets and cryptocurrency enthusiasts.

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Speaker 8: Yeah, it seems like Bitcoin is not waiting for any

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Speaker 8: further clarity. It is going for it, Caroline. Since the

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Speaker 8: first of November, bitcoin has rallied fifteen percent overnight across

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Speaker 8: the eighty one thousand level mark, up another percent so

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Speaker 8: far in this morning's trade. So you know, Trump is

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Speaker 8: seen as very friendly to cryptocurrency assets. And then pair

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Speaker 8: that with the fact that he's teamed up with Elon Musk.

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Speaker 8: That seems very positive for cryptocurrencies generally. And we've seen bitcoin,

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Speaker 8: you know, not wait for any further clarity, but take

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Speaker 8: a leap higher on that.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 1: I'm Caroline Hepka and.

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Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all

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