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

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Speaker 2: Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest efforts to end the

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Speaker 3: warren Ukraine.

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Speaker 4: A Kremlin official says US Presidential.

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Speaker 3: Envoy Steve Whitkoff will visit Russia next week along with

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Speaker 3: other American officials.

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Speaker 5: Now.

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Speaker 3: This comes as Bloomberg has learned that Witkoff held a

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Speaker 3: phone call last month with a senior Kremlin official to

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Speaker 3: suggest they work together on a plan for Ukraine similar

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Speaker 3: to the Gods of Peace deal, and that Vladimir Putin

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Speaker 3: should raise it with Donald Trump now. In in October

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Speaker 3: fourteenth phone call that lasted a little over five minutes,

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Speaker 3: Whitcoff advised Yuri Yushakov, Putin's top foreign policy aid, on

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Speaker 3: how the Russian leader should approach the issue with Trump now.

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Speaker 3: His guidance included suggestions on setting up a Trump Putin

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Speaker 3: call before Vladimir Zelenski's White House visit later that week,

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Speaker 3: and using the Gods agreement and as a way in.

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Speaker 3: And according to transcripts obtained by Bloomberg News, Witkoff advised

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Speaker 3: Russia on how to bring up the topic with President

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Speaker 3: Trump well Lisa.

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Speaker 2: Kremlin spokesman Dmitri Peskoff did not immediately respond to comment. However,

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Speaker 2: when asked about Witcoff's approach while on Air Force One,

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Speaker 2: President Trump said he hadn't reviewed the call, but that

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Speaker 2: he heard it was a standard negotiation.

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Speaker 6: He's going to sell this to Ukraine. He's going to

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Speaker 6: sell Ukraine to Russia. That's what he's That's what a

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Speaker 6: deal maker does. You got to say, look, they want this.

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Speaker 6: You've got to convince him with this. And I would

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Speaker 6: imagine he's saying the same thing to Ukraine, because each

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Speaker 6: party has to.

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Speaker 7: Give a tick.

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Speaker 2: In a separate social media post yesterday, he wrote that

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Speaker 2: there are only a few remaining points of disagreement with

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Speaker 2: tremendous progress made over the past week in Europe.

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Speaker 3: Karen UK Chancellor Rachel Reeves will set out her budget

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Speaker 3: later today as she tries to win over her party,

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Speaker 3: the public, and the markets. Let's go to London and

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Speaker 3: get the very latest with Bloomberg's James Wilcock.

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Speaker 4: James, good morning, Good morning, Lisa, and Karen.

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Speaker 8: Look elusive economic growth has helped make Rachel reads the

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Speaker 8: most unpopular chancellor since polling began, with UK government bond

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Speaker 8: yields also hitting multi decade highs. Today, she's widely expected

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Speaker 8: to announce a range of tax hikes to fill a

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Speaker 8: thirty billion pound fiscal hole a year after raising taxes

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Speaker 8: and promising she wouldn't come back for more. Bloomberg Economic

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Speaker 8: says the risk for this government is if revenue and

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Speaker 8: GDP productions are too optimistic, traders will question the credibility

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Speaker 8: of long term projections and keep demanding a risk premium.

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Speaker 8: On Gilts in London, James Wilcock, Bloomberg Radio, all right.

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Speaker 4: James, thank you.

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Speaker 5: Well.

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Speaker 2: Back here in the US, the government's latest round and

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Speaker 2: negotiated drug pricing could save you big bucks, and Bloomberg's

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Speaker 2: Dan Schwartzman reports.

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Speaker 9: The US government says it has negotiated a seventy one

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Speaker 9: percent discount off the list price for both over and

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Speaker 9: or discs. Obesity drugs are zumping in with GOVI for

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Speaker 9: Medicare patients. The latest round in Medicare price cuts affect

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Speaker 9: fifteen drugs in total, with discounts raging from thirty eight

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Speaker 9: to eighty five percent. That Trump administration says the lower

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Speaker 9: prices would add up to twelve billion dollars in savings

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Speaker 9: compared with what Medicare spent on those drugs last year.

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Speaker 9: Trump has argued that pharma companies have been charging Americans

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Speaker 9: more for drugs than elsewhere.

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Speaker 4: Dan Schwartzman, Bloomberg Radio.

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Speaker 3: All right, Dan, We now turned to the latest on

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Speaker 3: the race to be the next chairman of the Federal Reserve.

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Speaker 3: White House National Economic Council Director Kevin Hassett has emerged

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Speaker 3: as a front runner. Bloomberg News has learned the economists

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Speaker 3: would be a close ally to President Trump and implement

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Speaker 3: his approach to interest right cutting if he were to

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Speaker 3: lead the Central Bank. Has it said he would accept

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Speaker 3: the position.

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Speaker 10: If he were to ask me to be fed chair,

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Speaker 10: then of course I would have to say yes because

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Speaker 10: I want to serve my country and I want to

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Speaker 10: serve my president.

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Speaker 4: But we'll see how it goes. There are a lot

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Speaker 4: of great candidates.

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Speaker 3: Kevin hasn't made the comments on Fox News. Treasury Secretary

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Speaker 3: Scott Bessen has run the selection process interviewing candidates to

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Speaker 3: replace Powell.

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Speaker 2: Well, let's turn to the markets now, Lisa, where futures

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Speaker 2: are higher once again after three straight days of gains

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Speaker 2: on Walls Street. A rebound in tech has led to

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Speaker 2: a three point five percent gain over the most recent rally.

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Speaker 2: Nadia Level is senior US equity strategist at UBS.

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Speaker 7: It's not all about tech, but tech is an important

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Speaker 7: part of the story, just given the overall weight in

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Speaker 7: the index. We do expect as we get into twenty

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Speaker 7: twenty six that we'll start to see a broad in

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Speaker 7: and out in the market into things like healthcare, which

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Speaker 7: we're already seeing that's under way. We also like areas

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Speaker 7: like financials as well as utility, So while tech will

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Speaker 7: remain important.

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Speaker 4: It won't be the whole story. In twenty twenty.

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Speaker 2: Six, UBS senior US equity strategist in Nadia Level and

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Speaker 2: JP Morgan predicts stocks will head even higher. Strategists expect

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Speaker 2: the S and P five hundred to trade around seven

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Speaker 2: five hundred points by the end of twenty twenty six,

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Speaker 2: and that's about eleven percent above current levels.

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Speaker 3: At some stocks on the move this morning, Karen Yers

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Speaker 3: of Dell, They're up almost five percent. The computer maker

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Speaker 3: is raising its annual projections for the key artificial intelligence

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Speaker 3: server market.

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Speaker 2: All shares of HP are down more than five percent.

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Speaker 2: The PC and printer maker gave a profit outlook for

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Speaker 2: the current year that fell short of estimates. HP also

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Speaker 2: said it will cut four thousand to six thousand employees

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Speaker 2: through fiscal twenty twenty eight by using more AI tools.

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Speaker 3: And there are also there's job cuts over at Mackenzie.

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Speaker 3: The consulting firm says it's eliminated about two hundred global

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Speaker 3: tech jobs in the past week. Mackenzie is joining rivals

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Speaker 3: and using artificial intelligence to automate some positions on Lisa.

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Speaker 2: Warner Brothers Discovery has asked potential buyers to submit new

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Speaker 2: suiteened offers after receiving an initial round of bids. Sources

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Speaker 2: say the parent of HBO and CNN asked bidders to

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Speaker 2: provide improved offers by December first. Paramounts, Guidance, Comcast, and

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Speaker 2: Netflix are looking to buy summer all of Warner Brothers. Well.

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Speaker 3: Bigcoin on the rise this morning. Right now, it's trading

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Speaker 3: above eighty seven thousand, but that's well above its peak

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Speaker 3: of one d and twenty.

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Speaker 4: Five thousand reached earlier this year.

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Speaker 3: Whalen Global Advisors founder and chairman Chris Whalen thinks we've

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Speaker 3: seen the best from bitcoin.

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Speaker 11: I think this summer was actually the high point in

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Speaker 11: many crypto assets, particularly bitcoin, which is the leader. Wall

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Speaker 11: Street killed Bitcoin when we started putting up btfs and

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Speaker 11: everything else. We correlated these kind of interesting tokens to

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Speaker 11: Wall Street and that was the end.

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Speaker 3: Well Whalen Global Advisors Founder and chairman Chris Whalen. Bitcoin

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Speaker 3: remains on track for its worst month since twenty twenty two.

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Speaker 2: And finally, Lisa Airlines are racing for what stands to

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Speaker 2: be the busiest Thanksgiving.

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Speaker 4: Travel period on record.

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Speaker 2: Carriers are anticipating more than thirty one million passengers through

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Speaker 2: December first. The travel period will be affected by factors

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Speaker 2: such as air traffic, controller shortages, fuel supply constraints, and

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Speaker 2: tech outages, which may cause disruptions and extra stress for

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Speaker 2: and time Now for look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr.

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Speaker 4: Michael, good morning, Good morning Karen.

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Speaker 5: Speaking of extra stress for travelers, how will the weather

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Speaker 5: across the nation play a role on the roads and

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Speaker 5: in the air this Thanksgiving holiday? Bloomberg Media relagives Craig

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Speaker 5: Allen has the latest.

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Speaker 12: Some of The most disruptive weather today will be across

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Speaker 12: the northern Plains into the Upper Midwest and then spread

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Speaker 12: east of the Great Lakes. Rain is going to change

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Speaker 12: to heavy snow, perhaps a foot or more in Wisconsin

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Speaker 12: from Madison to Milwaukee, then to Lancing, Detroit, Toledo, Cleveland,

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Speaker 12: and then the heavy lake effects snow off Lake Erie

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Speaker 12: in Ontario. And the south and east is going to

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Speaker 12: be warm, but showery. No severe weather like we had yesterday.

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Speaker 12: A new storm pushing into the Pacific northwest, and that

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Speaker 12: one could really hamper travel home over the weekend.

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Speaker 5: Bloomberg's Craig Allen. Democratic lawmakers who appeared in a social

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Speaker 5: media video urging US troops to defy illegal orders say

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Speaker 5: the FBI has contacted them to begin scheduling interviews. It

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Speaker 5: comes a day after the Pentagon announced it is investigating

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Speaker 5: Democratic Senator Mark Kelly of Arizona over potential violations of

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Speaker 5: military law. Senator Alissa Slotkin of Michigan says that President

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Speaker 5: Trump is attempting to use the FBI to scare us.

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Speaker 13: Regardless of whether you agree with the video or don't

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Speaker 13: agree with the video, the question to me is is.

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Speaker 4: This the appropriate response?

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Speaker 13: For a president of the United States to go after

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Speaker 13: and seek to weaponize the federal government against those he

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Speaker 13: disagrees with. We're not the first group of people that

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Speaker 13: he's done that with. We are not going to be

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Speaker 13: the last group of people to do that.

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Speaker 5: Senator Slotkin says President Trump's tweets against the lawmakers in

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Speaker 5: the video has led to death threats against them. The

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Speaker 5: National Park Service says it is going to start charging

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Speaker 5: into national tourists an extra one hundred dollars to enter

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Speaker 5: some of the most popular US parks. The announcement declaring

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Speaker 5: America first entry fee policies comes as national parks deal

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Speaker 5: with the strain of the major staff reduction and severe

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Speaker 5: budget cuts. Global news twenty four hours a day and

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Speaker 5: whenever you want it with the Bloomberg News Now. I'm

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Speaker 5: Michael Barm and this is Bloomberg Karen.

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Speaker 4: Thanks Michael.

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Speaker 2: A time now for our Bloomberg Sports update, and for

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Speaker 2: that we bring in John stash Hour.

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Speaker 1: Thanks Karren. In eighteen team college basketball tournament ends tonight

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Speaker 1: in Las Vegas. The Players Era Festival Championship game will

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Speaker 1: be Michigan against Gonzaga and Michigan beat Auburn in a

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Speaker 1: Battle of Rank teams by thirty Gonzaga beat Maryland by

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Speaker 1: thirty nine. The Lakers beat the Clippers one thirty five

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Speaker 1: to one to eighteen. Lucae Donson's forty three points, thirteen assists,

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Speaker 1: nine rebounds Orlando with a fifty one points second quarter.

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Speaker 1: The Magic won by forty one in Philadelphia, just the

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Speaker 1: second win of the year for the Wizards. That's your

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Speaker 1: Bloomberg Sports Update.

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Speaker 2: Stay with us. More from bloom day Break coming up after.

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Speaker 10: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 10: and around the world on Bloomberg dot Com and the

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Speaker 10: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: It is five twelve on Wall Street and yeah, Karen

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Speaker 3: just said it. Stocks advancing markets really pricing an almost

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Speaker 3: certain reduction in borrowing costs. Here to dive more into

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Speaker 3: the reason why we have Daniel Morris joining us these

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Speaker 3: chief market strategist BNP powerbaut Asset Management. Daniel, thanks for

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Speaker 3: joining us. I want to start with eco data. Okay,

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Speaker 3: so it's finally starting to trickle in after the government shutdown. Yesterday,

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Speaker 3: we had some weak US consumer data retail sales rosemodestly.

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Speaker 4: How did the markets digest it?

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Speaker 14: Well, I guess we're still to be asking ourselves the question.

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Speaker 14: On one hand, are we going to see a slow down?

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Speaker 14: Don't forget a lot of people think that this year

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Speaker 14: next year is going to be a story of stagflation.

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Speaker 14: Whereas on the other hand, and there are reasons to

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Speaker 14: think growth could pick back up, and unfortunately we're getting Well,

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Speaker 14: the little data that we are getting seems to be

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Speaker 14: telling the mixed stories. So you probably can pick whichever

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Speaker 14: data that you like to support the view that you have.

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Speaker 14: So certainly the weakness on the retail sales side wasn't

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Speaker 14: too encouraging. On the other hand, generally speaking, the labor

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Speaker 14: market data was positive, so we could use some more

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Speaker 14: data and addition, used some more recent data. The labor

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Speaker 14: market data was from September, and I think you're going

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Speaker 14: to see the volatility therefore in the markets given the

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Speaker 14: lack of the data, until we get a better sense

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Speaker 14: of how the economy is doing.

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Speaker 3: Yeah, Daniel, Daniel, you mentioned that, so the data is, yes,

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Speaker 3: still blame ketchup a lot from September.

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Speaker 4: Does that matter to the Fed.

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Speaker 14: Well, one hopes they have other sources to get a

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Speaker 14: sense of what's happening with the economy. Certainly it's meaningful

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Speaker 14: for them and to the degree that their folcus see

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Speaker 14: now more on potential, more on the labor market than

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Speaker 14: necessarily on the inflation data. But I think, like everyone

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Speaker 14: else or other sources, the data that you can look

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Speaker 14: at to get a sense of how that's evolving. But

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Speaker 14: you know, without question, it's not ideal to not have

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Speaker 14: all the data that you can have.

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Speaker 3: And the market pricing about a ninety percent probability of

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Speaker 3: a FED cut rate next FED rate cut next month.

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Speaker 4: Do you agree.

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Speaker 14: We are anticipating that you're going to get a cut.

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Speaker 14: I think they keep in mind though, I mean, that's

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Speaker 14: relevant for the markets in this short term. You know,

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Speaker 14: let's say that's been priced in and priced out at

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Speaker 14: different points over the last few weeks, so that would

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Speaker 14: have an effect on the air creen market, but ultimately

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Speaker 14: not such a big effect because we think you're going

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Speaker 14: to get the cuts eventually. If it's December versus January,

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Speaker 14: isn't going to matter too much for the medium term outlook.

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Speaker 14: And I think that's what investors need to keep in mind.

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Speaker 3: And we can't forget a person about Aire's there's been

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Speaker 3: worries about overvaluations kind of pushing investors as sales shares

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Speaker 3: earlier in the month, kind of a pullback from riskier

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Speaker 3: parts of the market.

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Speaker 4: Is that still a concern for the markets.

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Speaker 14: Well, it's something you should always be conscious of. Our

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Speaker 14: view is that, yeah, multiples are above average historically, but

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Speaker 14: the scenario that we envisioned for next year is that,

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Speaker 14: on one hand, you get pretty good earnings growth consensus

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Speaker 14: assessments for nanstac of about fifteen percent earnings growth next year,

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Speaker 14: but if you get somewhat less price appreciation in the

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Speaker 14: index are multiple, it is actually going to fall. So

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Speaker 14: you have an environment where valuations actually do normalize at

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Speaker 14: the same time that you still get pretty good market return.

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Speaker 14: So alongside all of that, you're going to have a

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Speaker 14: volatility that we've seen. But we think the media intern

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Speaker 14: trend is upward for tech talks.

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Speaker 3: And what else could spark some new momentum and in

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Speaker 3: the stock market. I mean, there's geopolitical concerns a lot

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Speaker 3: going on. What are you keeping an eye.

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Speaker 14: On, Well, certainly what's going on in Europe. The negotiations

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Speaker 14: with Ukraine is the big thing. I think we also

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Speaker 14: want to keep in mind that generally relations between the

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Speaker 14: US and China seemed to be a bit smoother, so

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Speaker 14: if that were to change, that can have an impact

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Speaker 14: on the market. But that's something that we're always keeping

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Speaker 14: an eye on because hard to predict. Mess to say,

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Speaker 14: there really does still seem an environment where geopolitics matter

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Speaker 14: alongside everything else that you're always looking at in terms

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Speaker 14: of employment and inflation, Healthia the Gayer.

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