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

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Speaker 2: Good morning, I'm John Tucker 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: And Karen, we're going to have more in the market

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Speaker 3: since we close out twenty twenty five in just a minute.

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Speaker 3: But first, the covid Era subsidies that help Americans pay

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Speaker 3: for Obamacare health plans expire today. It's going to result

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Speaker 3: in more than twenty million Americans paying higher premiums next month.

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Speaker 4: Now.

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Speaker 3: Democrats have trying to extend the additional support beyond the

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Speaker 3: December deadline, but Republicans of balk citing the cost of

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Speaker 3: some three hundred and fifty billion dollars over the next decade,

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Speaker 3: let's get more from Bloomberg opinion columnists go to Macunda.

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Speaker 5: If premiums skyrocket the way that it looks they are doing,

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Speaker 5: and it looks like they're going to that is a

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Speaker 5: political disaster for the Republican Party, which owns the issue.

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Speaker 5: In that way, they're asking Democrats, but to fix it,

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Speaker 5: almost all the votes will be Democrats. The policy incentives

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Speaker 5: which are to fix the problem, and the political incentives

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Speaker 5: which are for Democrats to say, hey, guys, congratulations like

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Speaker 5: you own this. Those running completely opposite directions, and the

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Speaker 5: closer we get to the midterms, the more the political

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Speaker 5: incentives are going to swamp the policy ones and Boe.

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Speaker 3: Of their opinions. Gouda Mkunda. Meantime, a handful of House

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Speaker 3: Republicans they have joined Democrats and a maneuver that will

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Speaker 3: put a three year extension of these subsidies to a

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Speaker 3: vote next month.

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Speaker 2: Let's head overseas now, John, where Russia and Ukraine struck

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Speaker 2: each other's black seaports overnight, damaging infrastructure including an oil

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Speaker 2: refinery Delida. Salvo comes after Russian President Vladimir Putin said

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Speaker 2: he would revise his country's negotiating position to end the war,

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Speaker 2: claiming Ukrainian drones targeted his residence. Former US Ambassador to Ukraine,

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Speaker 2: Stephen Piper says the Russian president is attempting to stall

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Speaker 2: peace plans.

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Speaker 6: Putin is clearly trying to derail the progress that appears

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Speaker 6: to be being made in conversations between Americans, Ukrainians, and Europeans,

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Speaker 6: and it's unfortunate that President Trump took Putin's word at

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Speaker 6: face value.

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Speaker 2: Former US Ambassador Stephen pie for Russia invaded Ukraine in

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Speaker 2: twenty twenty two.

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Speaker 3: And let's turn to the latest developments in the Mid East.

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Speaker 3: Israeli Prime Minister netna who says Iran should he need

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Speaker 3: President Trump's warning about not restarting its nuclear program. Netnya,

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Speaker 3: who spoke yesterday with Fox News.

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Speaker 4: As far as the nuclear program, I think they're trying

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Speaker 4: to do it. I'm not sure they've decided to cross

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Speaker 4: the line because because I think they heed President Trump's warnings,

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Speaker 4: and also because they've just experienced something, you know, less

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Speaker 4: than a year ago. They saw what it what it entails,

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Speaker 4: and they have to choose. Look, we don't seek escalation.

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Speaker 4: I hope they don't.

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Speaker 3: Israeli Prime Minister Benjaminetya, who also says he is aligned

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Speaker 3: with President Trump on wanting to give the new Syrian

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Speaker 3: government a.

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Speaker 2: Chance, and Asia John President Chieshin Ping said Shino to

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Speaker 2: meet its economic targets for twenty twenty five, with growth

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Speaker 2: expected to reach about five percent. Addressing the country's top

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Speaker 2: political advisory body on New Year's Eve, she said the

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Speaker 2: economy has demonstrated resilience despite challenges.

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Speaker 3: Yeah, let's turn to the markets, where twenty twenty five

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Speaker 3: has been another profitable one for the bulls stocks ending

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Speaker 3: a third year at double digit gains. In fact, global

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Speaker 3: stocks poised for their biggest annual gain in six years.

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Speaker 3: Lonzo Munyas is the chief investment officer at Hamilton Capital Partners.

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Speaker 7: I think we have to be seguin about the fact

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Speaker 7: that there may be some volatility next year. We have

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Speaker 7: some big catalysts that we're looking forward to, like FED policy,

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Speaker 7: fed ray cuts. Maybe we're looking at the Supreme Court

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Speaker 7: and what they do with tariffs. I think that's a

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Speaker 7: big deal, and so I think we're going to be,

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Speaker 7: you know, really open to next year. We're keeping a

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Speaker 7: little bit of cash on hand, but we're going to

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Speaker 7: stay on the AI trade. I think that's what we're

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Speaker 7: going to do going into next year.

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Speaker 3: Hamilton Partners, Alonzo Bunyaz. So far this year, the MSCI

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Speaker 3: All Country World Index, that's one of the broadest measures

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Speaker 3: of the equity market, that's gained twenty one one percent.

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Speaker 2: Well, it's also been a good run in twenty twenty

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Speaker 2: five for precious metals, john although they are ending the

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Speaker 2: year on a whimper. Silver is down about five and

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Speaker 2: a half percent today, and we get more and the

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Speaker 2: reasons behind the move with Bloomberg Markets reporter Valerie title.

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Speaker 8: Interesting, we had another margin requirement hike from the CME,

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Speaker 8: which I think is taking again those leverage speculators out

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Speaker 8: of the market, and that's why we're seeing silver plummet

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Speaker 8: again today. They do this on the back of very

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Speaker 8: volatile trading days to make sure that everyone trading does

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Speaker 8: have enough margin enough to post against their wins and

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Speaker 8: their losses. So not unusual to see this from the

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Speaker 8: CME that they do this twice in the row on

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Speaker 8: the back of all of this volatility in the silver market,

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Speaker 8: but it is definitely taking some speculators out of the space.

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Speaker 2: And Bloomberg Markets reporter Valerie Titele says, despite today's losses,

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Speaker 2: silver is up more than one hundred and forty five

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Speaker 2: percent this year. Gold, which is also lower TI today,

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Speaker 2: is at more than fifty percent in twenty twenty five,

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Speaker 2: and oil is.

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Speaker 3: Heading for its steepest annual loss since the start of

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Speaker 3: the pandemic in twenty twenty. Crew tos slump this year

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Speaker 3: as supplies swelled from OPEC plants and its rivals, what

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Speaker 3: demand growth slowed oil, which is down eighteen percent this year.

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Speaker 3: Right now, let's do WTI American Crew fifty seven to

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Speaker 3: ninety nine at barrel. That's up just three cents a barrel.

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Speaker 2: This morning, Well, John, we have new developments this morning

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Speaker 2: and the takeover battle for Warner Brothers Discovery. Bloomberg News

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Speaker 2: has learned the media company is planning to reject a

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Speaker 2: takeover bid from Paramount after the company amanded the terms

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Speaker 2: of its offer. Paramount went public with its thirty dollars

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Speaker 2: a share cash bid earlier this month, three days after

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Speaker 2: Warner had accepted a deal with Netflix. Bloomberg's Lucas Shaw says,

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Speaker 2: the deal will come down to the numbers.

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Speaker 9: Money's the biggest thing they know. The Paramount offer and

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Speaker 9: the Netflix offer are fairly comparable. A lot of it

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Speaker 9: depends on how much of value you assigned to the

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Speaker 9: cable networks Warner brother zones that's CNNTNT among many others.

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Speaker 9: Warner Brothers things starre worth more than Paramount, hence the disagreement.

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Speaker 2: Bloombergs Lucas Shaw says since its initial bid, Paramount has

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Speaker 2: amended its offer twice, most recently by including an assurance

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Speaker 2: from billionaire Larry Ellison that he would personally guarantee over

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Speaker 2: forty billion dollars in equity financing and other commitments.

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Speaker 3: And let's turn through the economy. This where the latest

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Speaker 3: Fed mini show officials saw additional rate cuts appropriate so

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Speaker 3: long as inflation declines over time. The minutes of the

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Speaker 3: December meeting pointed to the difficulty that policymakers faced in

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Speaker 3: their most recent decision, which modestly reinforces expectations the Fed

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Speaker 3: will hold rates unchanged when they meet again in January.

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Speaker 2: Well, John, those Fed officials and investors, We'll get one

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Speaker 2: final piece of key data as we close out the year.

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Speaker 2: This morning, we get weekly jobless claims, and Bloomberg's Tom

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Speaker 2: Busby has a preview.

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Speaker 10: The holidays are always a volatile time per unemployment claims,

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Speaker 10: and after the number of Americans filing first time applications

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Speaker 10: for jobless benefits unexpectedly declined for the previous two weeks

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Speaker 10: in a row, that is expected to change. Bloomberg consensus

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Speaker 10: calls for two hundred and nineteen thousand initial claims last week,

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Speaker 10: up by five thousand from the week prior, still though

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Speaker 10: in an historically low range. Tom Buzzby Bloomberg Radio.

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Speaker 2: Time Now for a 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 Michael,

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Speaker 2: good Morning.

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Speaker 11: Good morning, Karen. New York City officials are getting ready

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Speaker 11: to welcome people to Times Square to watch the ball

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Speaker 11: drop to ring in the new year. Officials want to

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Speaker 11: make sure the event is safe and celebratory. Police Commissioner

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Speaker 11: Jessica Tish explains an additional layer of security.

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Speaker 8: And once inside a viewing area, there will be no

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Speaker 8: re entry and they may be subject to re screening.

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Speaker 11: Over a million people are expected to watch the new

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Speaker 11: sparkly ball drop to welcome twenty twenty six. Immigration officials

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Speaker 11: do not plan to detain Kilmar Abrego Garcia again as

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Speaker 11: long as the judge's order banning it stands. That's according

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Speaker 11: to a court filing from the US government, the salvador

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Speaker 11: and migrant in his fighting to remain in the US

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Speaker 11: after a mistaken deportation to his home country, where he

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Speaker 11: was imprisoned. Yesterday, a newly unsealed order in the criminal

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Speaker 11: case against Abrago Garcia revealed that high level Justice Department

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Speaker 11: officials pushed for his indictment, including Acting US Attorney for

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Speaker 11: Middle Tennessee Robert McGuire. Tatiana Slosburg, one of three grandchildren

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Speaker 11: of the late President John F. Kennedy, has died after

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Speaker 11: a battle with leukemia. It was just last month that

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Speaker 11: Schlosberg revealed in a New Yorker essay that she had

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Speaker 11: terminal cancer. Schlosburg, the daughter of Caroline Kennedy, was thirty five.

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Speaker 11: A surge of Arctic air brought strong winds, heavy snow,

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Speaker 11: and frigid temperatures to the Great Lakes and Northeast a

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Speaker 11: day after a bomb cyclone that hit the northern US,

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Speaker 11: and we're learning how strong the wind was in western

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Speaker 11: New York. Those wind gusts, blowing at over seventy miles

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Speaker 11: per hour, actually lifted seventy one year old Diane Miller

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Speaker 11: off her feet. Miller, who lives off the shore of

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Speaker 11: Lake Heree, had grasped the door handle of her daughter's

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Speaker 11: Lackawana home on her way in, but was pulled off

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Speaker 11: the wind.

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Speaker 8: Gus must have popt the screen door and then I

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Speaker 8: went into the bushes and onto the ground.

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Speaker 11: Fortunately she's okay. Global News twenty four hours a day

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Speaker 11: and whenever you want it with the Bloomberg News Now,

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Speaker 11: Michael Barr and this is Bloomberg. Karen.

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Speaker 2: Thanks Michael. Time now for our Bloomberg Sports update, and

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Speaker 2: for that we bring in Dan Schwartzman.

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Speaker 11: Patriots star receivers to Potten.

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Speaker 12: Diggs is facing a felony charges trangulation as well as

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Speaker 12: a misdemeanor charge of assault for an incident that allegedly

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Speaker 12: occurred back on December second. Diggs will be arranged on

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Speaker 12: January twenty third, which is the Friday before the AFC

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Speaker 12: Championship Game. Meanwhile, Diggs's brother, Cowboys two TI I'm Pro

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Speaker 12: Bowl cornerback Trayvon Diggs, was released by Dallas for what's

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Speaker 12: being called a culmination of issues. The quarterfinals of the

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Speaker 12: college football playoffs getting underway as the two seed Ohio

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Speaker 12: State battles to ten seed Miami and the Good of

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Speaker 12: Your Cotton Bolt Classic in Arlington, Texas. Light schedule in

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Speaker 12: the NBA, the Celtics knocking off the Jazz one twenty

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Speaker 12: nine to one nineteen. The seventy six ers is getting

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Speaker 12: past the Grizzlies in overtime one thirty nine to one

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Speaker 12: thirty six. Piston's dominating the Lakers in LA one twenty

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Speaker 12: eight twenty oh six, while the Clippers beat up on

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Speaker 12: the Kings one thirty one to ninety. That's your Bloomberg

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Speaker 12: Sports Update.

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

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Speaker 2: 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 3: Dad is now five thirteen in the hob Wall Street Book.

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Speaker 11: Morning.

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Speaker 3: I'm John Tucker. These subsidies that help Americans pay for

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Speaker 3: Obamacare health plans, they expire today, going to result in

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Speaker 3: more than twenty million Americans paying higher premiums starting next month.

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Speaker 3: Just one of the stories we're following as twenty twenty

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Speaker 3: five comes to an end. And for a look back

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Speaker 3: what's ahead, how the political landscape will inform the investment landscape,

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Speaker 3: let's bring in Terry Haines, founder at panje at Policy.

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Speaker 3: Happy New Year to you, Terry. Thanks so much for

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Speaker 3: being with us and for being with us for the

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Speaker 3: entire year. For your insight from where you sit as

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Speaker 3: a political observer, Can you tell us what were the

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Speaker 3: big takeaways for the year and maybe what's next.

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Speaker 13: Good morning, John, and happy new year to you and

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Speaker 13: everybody on daybreak. Thank you for having me. You know,

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Speaker 13: I think the takeaways are that, overall over everything is

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Speaker 13: that there's been very strong direction from Washington that helps

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Speaker 13: markets understand exactly what the investment priorities are and where

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Speaker 13: things are likely to go, whether they be on what

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Speaker 13: I've been calling for some time, the Trump interdependence, foreign

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Speaker 13: economic policy that helps trade deals and all the rest,

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Speaker 13: the direction on tariffs, even the private sector response mobilizing,

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Speaker 13: mobilizing for geopolitical competition for years to come. I'm thinking

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Speaker 13: of the thing that Jamie Diamond's doing, kind of a

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Speaker 13: brains trust idea. All those things are positive from Washington

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Speaker 13: for markets, although there are some, of course, some negatives

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Speaker 13: as well.

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Speaker 3: Yeah, the major market averages, they ramp up with double

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Speaker 3: digit gains. I mean, we're on track, certainly. But as

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Speaker 3: one of our market guests this morning points out in

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Speaker 3: a note, most market participants come from the upper earning

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Speaker 3: end of the spectrum. How does that inform the politics

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Speaker 3: and trends from voters we may see in the month

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Speaker 3: and years they had, particularly the next generation.

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Speaker 13: Well, it depends on what kind of investors you're talking about.

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Speaker 13: You know, you talk to a lot of a lot

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Speaker 13: of members, a lot of members and senators approach markets

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Speaker 13: issues from the perspective that more than half of Americans,

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Speaker 13: well more than half of Americans are invested in the markets,

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Speaker 13: rely on markets for their retirement, you know, are kind

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Speaker 13: of basic. They're not the blue chip investors. They're they're

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Speaker 13: you know, kind of basic folks that are looking for

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Speaker 13: the markets to generate returns and provide them with additional

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Speaker 13: retirement security. So they they come at it from a

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Speaker 13: very much more mainstream perspective, and I've been I'm not

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Speaker 13: thinking about this as a Republican versus Democratic issue at all.

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Speaker 13: They look at it as a mainstream perspective, and they

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Speaker 13: want main for main streets benefit to make sure that

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Speaker 13: the markets remain healthy.

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Speaker 3: Now, as we mentioned, the subsidies are ending today, a

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Speaker 3: handful of House Republicans did join the Democrats. This is

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Speaker 3: a maneuver that will put the three year extension of

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Speaker 3: the subsidies to a vote for next month. Is this

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Speaker 3: one of the big issues for the midterms.

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Speaker 13: I think it is a big issue for the midterms,

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Speaker 13: But I also think people, you know, I think the

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Speaker 13: people drink political kool aid when they make this a

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Speaker 13: situation where it's about subsidies versus no subsidies. I think

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Speaker 13: what you're likely to see is a situation where, you know,

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Speaker 13: as you point out, subsidies expire starting tomorrow. But you

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Speaker 13: will see a lot of effort in the winter, in

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Speaker 13: maybe even into the spring to the battle between trying

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Speaker 13: to keep the subsidies in place versus replacing the subsidies

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Speaker 13: with some sort of alternative tax favored account, whether it

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Speaker 13: be an HSA, whether it be a you know, health

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Speaker 13: freedom account, as the President has talked about, you know,

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Speaker 13: and the Congress has got at least two by that

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Speaker 13: Apple one is at the end by the end of January,

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Speaker 13: when the government funding runs out and bipartisan consensus is

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Speaker 13: required to keep it going, so a solution could be there,

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Speaker 13: or in what's known as now being known as the

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Speaker 13: Big Beautiful Bill two dot oh, where that'll be an

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Speaker 13: all Republican tax solution that could include a different solution

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Speaker 13: as well.

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