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

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Speaker 2: Good morning.

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Speaker 3: I'm John Tucker and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: And Karen, let's start with the latest on the war

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Speaker 2: in Ukraine. President Vladimir Zelenski says he plans to meet

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Speaker 2: with President Trump in the coming days, signaling optimism about

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Speaker 2: reaching a peace deal to in Rush's almost four year war.

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Speaker 2: This is a post on x Zelensky writing quote A

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Speaker 2: lot could be decided before the new year. The Key

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Speaker 2: Post reported earlier that Zelenski is expected to travel to Florida,

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Speaker 2: where President Trump is spending the Christmas break, as soon

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Speaker 2: as Sunday. Keev and Washington are seeking to align on

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Speaker 2: a twenty point piece plan to present a Russian President

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Speaker 2: Vladimir Putin, including the provision of strong security guarantees modeled

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Speaker 2: on NATO's Article five in a global post war development

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Speaker 2: program for Ukraine.

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Speaker 3: Well, let's stay with geopolitics here, John, The US launched

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Speaker 3: a military strike in Nigeria against Islamic state targets in

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Speaker 3: a security and intelligence collaboration with the African Nations government,

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Speaker 3: which has been struggling to contain increasing levels of terrorist

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Speaker 3: attacks in parts of the country. President Trump said he

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Speaker 3: directed American forces to carry out a powerful and deadly

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Speaker 3: strike against ISIS. Nigeria's Foreign Affairs ministry confirmed the precision

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Speaker 3: hits on terrorist targets and said it remains engaged with

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Speaker 3: international partners, including the US, to address the quote persistent

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Speaker 3: threat of terrorism and violent extremism.

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Speaker 2: And sanctioned to oil tanker pursued by US forces turned

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Speaker 2: away from Venezuela and retreated out into the Atlantic as

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Speaker 2: the Trump administration continues a blockade, pilot pressure and Crocus

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Speaker 2: sources are telling Bloomberg the Coastguard encountered the ship Bella

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Speaker 2: I amid bad weather near Barbados on Sunday and then

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Speaker 2: instructed the tanker to move to calmer waters for safe boarding.

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Speaker 2: The ship said sailed toward the Atlantic Ocean on tanker

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Speaker 2: was not hauling oil at the time it turned away

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Speaker 2: from Venezuela.

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Speaker 3: Well on that news here. John Oil is headed for

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Speaker 3: the biggest weekly gain since late October. A global benchmark

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Speaker 3: Brent trading above sixty two dollars a barrel, more than

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Speaker 3: three percent higher this week. West Texas Intermediate is fifty

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Speaker 3: eight dollars forty nine cents a barrel, and with.

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Speaker 2: Thos escalating geopolitical tensions, Karen gold and silver jumped to

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Speaker 2: all time highs. Platinum also hit a record spot goal,

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Speaker 2: rose as much as one point two percent to peak

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Speaker 2: above four thousand, five hundred and thirty dollars an ounce

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Speaker 2: a spot. Silver advanced for a fifth straight session, climbing

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Speaker 2: as much as four point six percent to cross seventy

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Speaker 2: five dollars an ounce for the first time. The white

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Speaker 2: metal's recent advance has been buoyed by speculative inflows and

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Speaker 2: lingering supply dislocations across major trading hubs, following in historic

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Speaker 2: short squeeze in October and the Bloomberg Dollars Spot Index.

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Speaker 2: This's a key gauge of the US currency strength that

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Speaker 2: was down eight tenths of a percent for the week,

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Speaker 2: its biggest drop since June.

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Speaker 3: Meanwhile, John China criticized the US for what has said

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Speaker 3: was trying to herd Beijing's ties with India, calling its

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Speaker 3: approach quote irresponsible. Foreign Ministry spokesman Lynn Jane said a

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Speaker 3: recent report by the Pentagon distorarts China's defense policy shows

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Speaker 3: discord between China and other countries and aims to find

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Speaker 3: a pretext for the US to perpetuate its own military imagine.

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Speaker 3: Lynn made the remarks when asked about the report which

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Speaker 3: said China may use an easing of tensions with India

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Speaker 3: to block improved ties between Washington and New Delhi and

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Speaker 3: meanwhile caring.

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Speaker 2: Japan's industry ministry is sent to nearly quadruple its budgeted

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Speaker 2: support for cutting edge semiconductors and artificial intelligence development to

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Speaker 2: about seven point nine billion dollars. This is for the

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Speaker 2: fiscal year that starts in April. Overall, the Ministry of Economy, Trade,

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Speaker 2: and Industry's budget rose by about fifty percent from the

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Speaker 2: previous year, and this is all largely due to the

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Speaker 2: jump in CHIPS and AI spending. The jump in chips

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Speaker 2: and AI spending comes at a time when Japan is

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Speaker 2: trying to strengthen its capacities in frontier technology as the

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Speaker 2: US and China race ahead. As the world's two largest

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Speaker 2: economies continued or remain on tense terms despite a lull

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Speaker 2: in the trade war, Japan is also trying to secure

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Speaker 2: better supply chain access for key technologies well.

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Speaker 3: John US immigration and customs enforcements summoned Afghans residing in

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Speaker 3: the US to present their documents during the holiday season,

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Speaker 3: marking the latest effort by the Trump administration to crackdown

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Speaker 3: on migrants from the Asian nation. Sources tell Bloomberg that

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Speaker 3: ICE is seeking appointments for a scheduled report check in,

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Speaker 3: with one requesting such a meeting on Christmas Day and

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Speaker 3: another asking for one on New Year's Day. The Immigration

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Speaker 3: agency has arrested migrants who appear at its offices in

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Speaker 3: response to such formal requests, including those attending interviews for

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Speaker 3: their green cards.

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Speaker 2: And Turning to the markets, stocks extended the year in

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Speaker 2: rally in thin trading, was driven by optimism over economic

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Speaker 2: growth and expectations were improved corporate earnings. Robert Teeter, the

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Speaker 2: chief investment strategist as silver Cross Asset Management, is looking

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Speaker 2: ahead to twenty twenty six.

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Speaker 4: So one of the themes that we've seen has been

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Speaker 4: that companies have been very slow to hire. You've had

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Speaker 4: a relatively soft labor market. That's not great from a

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Speaker 4: consumer standpoint, but so far it seems to be pretty

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Speaker 4: great from an earning standpoint, and that is a sign

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Speaker 4: that some of these AI benefits are coming into play.

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Speaker 4: You're hearing more and more CEOs talking about keeping headcoump

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Speaker 4: flat while revenues are rising, and so that's good for

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Speaker 4: the earnings picture. Again, not so great for the consumer picture,

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Speaker 4: although payrolls are still expanding, albeit slowly, and wages are

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Speaker 4: still expanding also albeit slowly, so we're not in a

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Speaker 4: spot where we're fearful of a recession.

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Speaker 2: That's Robert Teeter, the chief investment strategist at Silvercrest Asset Management. Overseas,

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Speaker 2: the MSCI All Country World Index that edge to hire

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Speaker 2: an Asian trading set for a seventh day of gains,

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Speaker 2: with the regional gauge climbing two tenths of a percent. Australia,

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Speaker 2: Hong Kong, and several other regional markets for Maine chef

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Speaker 2: for the holidays. At Bloomberg's index of the dollar held

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Speaker 2: near the lowest since October.

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Speaker 3: Let's go to company news here. John and Vidia agreed

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Speaker 3: to see a licensing deal with artificial intelligence startup Grock,

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Speaker 3: furthering its investments and companies connected to the AI boom

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Speaker 3: and getting the right to add a new type of

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Speaker 3: technology to its products. The world's largest publicly traded company

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Speaker 3: is paid for the right to use Rock's technology and

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Speaker 3: will integrate its chip design into future products. Some of

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Speaker 3: the startups executives are leaving to join in Vidia to

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Speaker 3: help with that effort, the company said, and Grock will

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Speaker 3: continue as an independent company with a new chief executive.

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Speaker 2: And Karen Goldman Sachs is warning clients about an outside

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Speaker 2: law firm data breach. Let's get more on this story

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Speaker 2: this morning from Bloomberg's Erica Herskowitz.

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Speaker 5: The banking giant says the data of some investors may

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Speaker 5: have been exposed in a breach at one of the

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Speaker 5: bank's law firms. Goldman was informed of the cybersecurity incident

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Speaker 5: by Freed Frank Harris Schreiver and Jacobsen, which serves as

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Speaker 5: outside council to many of its alternative funds. The law

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Speaker 5: firm says its network is now secure, the vulnerability has

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Speaker 5: been corrected, and any exposed data is unlikely to be

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Speaker 5: used improperly. Goldman says its own systems were not impacted

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Speaker 5: by the breach. Erka Herskowitz Bloomberg Radio.

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Speaker 3: Erica Thank You. Hundreds of flights have been canceled at

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Speaker 3: New York's major airports as a winter storm descends on

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Speaker 3: the city and neighboring regions. At least four hundred international

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Speaker 3: and domestic flights have been canceled and many delayed, according

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Speaker 3: to flight Aware, an airline tracking service. New York's LaGuardia

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Speaker 3: and John F. Kennedy airports, as well as nearby Newark,

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Speaker 3: were among the hardest hit, and we give more details

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Speaker 3: with Bloomberg meteorologist Craig Allen.

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Speaker 6: It looks like the heaviest snowfall is going to come

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Speaker 6: on down through central New York State, cut across Interstate

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Speaker 6: I eighty one and across eighty seven, come down to

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Speaker 6: about I eighty, which runs through the northeast section of

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Speaker 6: Pennsylvania and northern New Jersey and over towards New York City.

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Speaker 6: Even New Jersey right along the coast and portions of

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Speaker 6: Long Island could wind up with more than half a

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Speaker 6: foot of snow.

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Speaker 3: And Bloomberg meteorologist Craig Allen says heavy snow is expected

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Speaker 3: to start falling in New York City and across Long

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Speaker 3: Island this afternoon right through tomorrow.

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Speaker 7: Time.

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

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

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

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Speaker 8: Good morning, Good morning Karen. In southern California, another powerful

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Speaker 8: storm system could cause more flooding and mud slides. Officials

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Speaker 8: issued evacuation mornings in mountain towns. The region experience one

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Speaker 8: of the wettest Christmases in years, increasing the risk of

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Speaker 8: debris flows in areas scorched by wildfires. In January, Governor

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Speaker 8: Gavenusom has declared a state of emergency in six counties.

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Speaker 8: Firefighters in Ventura County had to lift someone out of

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Speaker 8: the water from the bridge over the Ventura River. Captain

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Speaker 8: Anthony McHale is with the Ventura County Fire Department. We'll

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Speaker 8: do what's called a flying Stokes operation. Lifted the victim

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Speaker 8: up off the river bottom and onto the roadway.

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Speaker 2: It was a very successful operation and fortunately was a

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Speaker 2: good outcome.

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Speaker 8: He's uninjured. Heavy rain and gusty winds were blamed for

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Speaker 8: at least two deaths on Christmas Eve, including a Sacramento

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Speaker 8: Sheriff's deputy who died in what appeared to be a

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Speaker 8: weather related crash. There's more fallout from pgn's city wide

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Speaker 8: holiday outages. San Francisco Mayor Daniel luriy is calling on

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Speaker 8: the utility to lower its rates.

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Speaker 4: We need more from PGNE. We need to make sure

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Speaker 4: that there are no future blackouts.

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Speaker 2: We need to know that their infrastructure is sound.

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Speaker 8: Mayor Luriy says many residents lost food and freezers when

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Speaker 8: the power went out. The one time girlfriend of Jeffrey Epstein,

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Speaker 8: Gallainne Maxwell, is back in the spotlight with a public

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Speaker 8: release of investigative records that led to her twenty twenty

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Speaker 8: one sex trafficking conviction. Among items unsealed are the grand

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Speaker 8: jury transcripts of testimony that led to her indictment. Two

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Speaker 8: weeks ago, she asked a federal judge to free her

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Speaker 8: from prison, claiming she was unjustly convicted. The public release

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Speaker 8: of investigative materials brings fresh light to the evidence against you.

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Speaker 8: Pope Leo gave his first Christmas Day message.

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Speaker 7: Merry Christmas with the peace of Christ, run in your hearts,

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Speaker 7: sending your families.

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Speaker 8: The Paul Birds the faithful to shed indifferences toward those

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Speaker 8: who are suffering. In New York City. Timothy Cardinal Dolan,

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Speaker 8: who is retiring, presided over his last Christmas service after

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Speaker 8: sixteen years of service to the largest Catholic guardsdiasis in America.

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Speaker 8: Global news twenty four hours a day and whenever you

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Speaker 8: want it with Bloomberg News. Now. I'm Michael Barr, and

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Speaker 8: this is Bloomberg Karen.

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Speaker 3: All right, Michael Barr, thank you. Time now for a

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Speaker 3: Bloomberg sports update. Here's Dan Schwartzman.

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Speaker 9: Three NFL games on the Christmas schedules. The lines were

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Speaker 9: officially eliminated from plaif contention belong to the Vikings twenty

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Speaker 9: three to ten. Broncos stained contention when the AFC West,

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Speaker 9: with a twenty to thirteen win O of the Chiefs

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Speaker 9: Aboys knock off the Commanders thirty to twenty three. NBA

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Speaker 9: with five marquee matchups on Christmas, the Thunder loss their

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Speaker 9: fifth game of the season, falling to this Person one

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Speaker 9: seventeen to one oh two. Nick's a come back win

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Speaker 9: over the Cavs one twenty six to one twenty four.

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Speaker 9: The Rockets dominate the Lakers one seventeen to ninety six.

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Speaker 9: Warriors knockoff the Mavericks one twenty six to one sixteen,

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Speaker 9: while the Nuggets get a monster triple double from Nikola

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Speaker 9: Jokich fifty six points, sixteen rebounds, and fifteen assists in

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Speaker 9: a one forty two to one thirty eight overtime Winnow

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Speaker 9: the Timberwolves. That's your Bloomberg Sports update.

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

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Speaker 3: after this.

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

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

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

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Speaker 2: Yeah, it's now fine fourteen of well spread. Good morning.

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Speaker 2: I'm John Tucker. This is Bloomberg Daybreak. Just to recap

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Speaker 2: our top story Ukenian. Ukrainian President Voladimir Zelenski says he

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Speaker 2: plans to meet with President Donald Trump in quote the

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Speaker 2: coming days. Let's go into more depth on this story

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Speaker 2: this morning. We're joined by Bloomberg's Roz Krasny Ross. Thanks

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Speaker 2: for being with us this morning. Does this signal any

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Speaker 2: significant degree of optimism into ending the war?

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Speaker 10: Well, it's always hard to tell as we approach the

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Speaker 10: four year mark of this Russian Ukraine war, but it

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Speaker 10: does seem like there's some new urgency on the part

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Speaker 10: of Zelensky and certainly on the part of the US

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Speaker 10: negotiators to get something done. Zelensky talked today about potential

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Speaker 10: for big movement before the new year, So that is

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Speaker 10: certainly a little bit optimistic looking. And the word that

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Speaker 10: we're getting from our sources in Ukraine from other people

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Speaker 10: is that Zelensky could meet with Trump as soon as Sunday.

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Speaker 10: So we know that Donald Trump certainly likes to make

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Speaker 10: announcements around signature Day, so something before the end of

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Speaker 10: the year would certainly be a possibility. But the big

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Speaker 10: X factor in this, of course, is what will Russia

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Speaker 10: to how will they respond if at all?

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Speaker 2: Well, Zelenski met with Steve Whitkoff and Jared Kushner I

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Speaker 2: think was what it was yesterday, Christmas Day. What came

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Speaker 2: out of that with the two US envoys.

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Speaker 10: Yeah, so he spoke with Witkoff and Kushna for almost

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Speaker 10: an hour. He said, everybody's well, he's in Kiev, but

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Speaker 10: the whole US negotiating team is down in Florida. They

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Speaker 10: spoke for an hour and he came out just sounding optimistic.

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Speaker 10: I don't think we have any specific details on that,

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Speaker 10: but all the US and Ukrainian negotiators are kind of

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Speaker 10: coalescing around what's been described as a twenty point plan

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Speaker 10: that includes post war security guarantees for Ukraine. An economic

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Speaker 10: redevelopment plan, even how the big Ukrainian nuclear power plant

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Speaker 10: may be run after hostilities end. So there's certainly a

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Speaker 10: lot to talk about and movement in the right direction,

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Speaker 10: it would seem, are.

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Speaker 2: The territorial concessions at the key sticking point right now

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Speaker 2: for Ukraine.

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Speaker 10: I would say so, I mean, I think as each

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Speaker 10: of these twenty points is debated, you know, Zelenski will

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Speaker 10: be under a lot of pressure internally not to give

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Speaker 10: up territory, not to give up land. But it seems

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Speaker 10: like there's a plan somewhat at foot to have some

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Speaker 10: kind of demilitarized zone in Ukraine's east, and maybe that

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Speaker 10: could be a compromise that that could ultimately be acceptable.

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Speaker 10: You know, these lands in the east, in eastern Ukraine previously,

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Speaker 10: you know, before the war, were really the nation's industrial powerhouse.

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Speaker 10: And it's a lot to give up. But you know,

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Speaker 10: I think something's going to give, or something needs to give,

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Speaker 10: and that may be sort of the last and best

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Speaker 10: on negotiating ships that Zelensky has.

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Speaker 2: Let's take a deeper dive into one of the top

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Speaker 2: stories this morning. Ukrainian President vladimurn Zelenski is seeing a

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Speaker 2: meeting with President Trump will happen quote in the near future.

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Speaker 2: This announcement comes after he hand what he describes as

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Speaker 2: a good conversation with the US Special Envoy Steve Witkoff

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Speaker 2: and Trump's son in law Jared Kushner. We're joined now

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Speaker 2: by Stephen Carroll, the co host of Bloomberg Daybreak. Here. Stephen,

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Speaker 2: good morning to you. Is this a particularly hopeful sign?

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Speaker 8: John, Good morning again.

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Speaker 7: Look, this seems to be a sort of string of

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Speaker 7: positivity we've had out in the past couple of days,

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Speaker 7: and not just those most recent comments from Ukraine's President

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Speaker 7: Zelenski that he's expecting that meeting with Donald Trump at

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Speaker 7: a couple of days and that a lot can be

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Speaker 7: achieved before the new year. But it comes, as you mentioned,

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Speaker 7: after that phone call yesterday with the envoys Steve Witkoff

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Speaker 7: and Jared Kushner, and also some commentary we had out

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Speaker 7: of the Ukrainian president just a couple of days ago

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Speaker 7: as well. Now he's talked about there's still being sensitive

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Speaker 7: issues that need to be worked on, but was very

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Speaker 7: key in his own Christmas message that he was working

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Speaker 7: with the American team to understand how everything can be

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Speaker 7: put in place, he talked about the weeks ahead being

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Speaker 7: intensive and he thanked America for its efforts as well.

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Speaker 7: So the signals are all coming are quite positive. Remember

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Speaker 7: this is after months of negotiations over these issues as well,

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Speaker 7: So the fact that we're coming towards the end of

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Speaker 7: the year may actually see some movement towards refining that

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Speaker 7: police plan, which the US of course drew up and

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Speaker 7: Ukraine has been trying to refine since then as well.

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Speaker 7: It started its life as a twenty eight point piece plan.

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Speaker 7: It's now down to twenty but it's not entirely something

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Speaker 7: that Ukraine is satisfied with either.

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Speaker 2: Yeah, how conflicted are the goals of Moscow and Kiev?

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Speaker 7: Well, I mean between Moscow and Kiev, the gap is

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Speaker 7: very far apart what we know about the US and

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Speaker 7: Ukraine talks because the choreography of this as we know

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Speaker 7: it is that the US and Ukraine are trying to

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Speaker 7: agree on a plan that then they'll present to Vladimir

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Speaker 7: Putin as well. So the key issues that are still

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Speaker 7: need to be worked out between the Ukrainian and American

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Speaker 7: negotiators are things particularly around territory, the territorial concessions in

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Speaker 7: the easton eastern region of Dounyetsk as well. This is

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Speaker 7: something that Vladimir Putin has been continually pushing for as well. Ukraine,

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Speaker 7: they're opposed the idea of giving up this territory as well,

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Speaker 7: fearing that it could leave them vulnerable if they had

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Speaker 7: this sort of state in place to something that could

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Speaker 7: be more I suppose, open up to a further conflict

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Speaker 7: in the future. The US has talked about this being

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Speaker 7: designated as a free economic or demilitarized zone, and that

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Speaker 7: is really where it was the point of differences over

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Speaker 7: that issue as well. Now Ukraine has said that giving

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Speaker 7: up any territory wouldn't require them to hold a referendums.

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Speaker 7: That potentially complicates issues a little bit further as well.

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Speaker 7: And of course they have moved progress on some of

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Speaker 7: the other key issues like the security guarantees at wanting

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Speaker 7: something modeled on NATO's Article five Common Defense Provision as well.

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Speaker 7: So let's progress on other issues.

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