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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Day baq At podcast. Good morning,

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Speaker 2: It's Monday, the seventeenth of November. I'm Caroline Hepgitt in London.

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Speaker 1: And I'm Stephen Carolin Brussels. Coming up today. Bitcoin erases

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Speaker 1: almost all of this year's gains as it slides close

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Speaker 1: to a key pain point.

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Speaker 2: US President Donald Trump flips his stance to support a

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Speaker 2: vote releasing the epstcene files.

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Speaker 1: Plus astronomics why meteorite hunters are scouring the Sahara Desert

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Speaker 1: for riches from outer space.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 1: Bitcoin has erased almost all of its gains so far

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Speaker 1: this year and briefly slipped into the red for twenty

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Speaker 1: twenty five before stabilizing this morning. In Asia, the cryptocurrency

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Speaker 1: has fallen from a peak of around one hundred and

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Speaker 1: twenty six thousand dollars in October two around ninety five

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Speaker 1: thousand dollars today, with more heirs Bloomberg's crispet.

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Speaker 3: From exchange traded fund allocators to corporate treasuries. Many of

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Speaker 3: the biggest buyers of bitcoin have quietly stepped back from

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Speaker 3: the digital asset over the past month. At the same time,

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Speaker 3: the recent calling of high flying technology stocks has led

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Speaker 3: to a drop in overall risk appetite, depriving the market

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Speaker 3: of the support that had helped to propel the token

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Speaker 3: to record highs earlier this year. As Mike mcgloone's senior

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Speaker 3: commodity strategistic Bloomberg Intelligence puts it with golden stocks near

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Speaker 3: all time highs, Bitcoin is now the tip of the

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Speaker 3: risk assets Iceberg and melting in London, Chris Pitt Bloomberg Radio.

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Speaker 2: The British government plans to make it easier to remove

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Speaker 2: migrants with no rights to stay in the UK. That's

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Speaker 2: after forty thousand people made the journey across the English

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Speaker 2: Channel in small boats this year. The Home Secretary will

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Speaker 2: set out her plans to cut illegal migration in Parliament

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Speaker 2: later today. Shabanamath Moods says that she sees it as

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Speaker 2: her moral mission to restore control to what she calls

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Speaker 2: the broken asylum system.

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Speaker 4: At the moment, our system is particularly generous compared to

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Speaker 4: other countries in Europe, where after five years you're effectively

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Speaker 4: automatically settled in this country. We will change that so

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Speaker 4: that the status you get when your claim is granted

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Speaker 4: is for two and a half years and which is

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Speaker 4: renewable every two and a half years.

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Speaker 2: UK Home Secretary Shabana mah Mood, speaking there as Prime

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Speaker 2: Minister Key Starmer, looks to regain the narrative after a

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Speaker 2: bruising week for the ruling Labor Party.

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Speaker 1: US President Donald Trump has called on Republicans in the

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Speaker 1: House of Representatives to vote for the Justice Department to

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Speaker 1: release its files on Jeffrey Epstein, in a reversal of

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Speaker 1: his months long opposition to the move. In a social

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Speaker 1: media post, he said lawmakers should vote to disclosed the

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Speaker 1: documents quote, because we have nothing to hide and it's

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Speaker 1: time to move on. Speaking to Fox News over the weekend,

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Speaker 1: House Speaker Mike Johnson said the President is not concerned

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Speaker 1: by the Epstein's grit.

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Speaker 5: He's not worried about I talked to him all the time.

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Speaker 5: He has nothing to do with this. He's frustrated that

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Speaker 5: they're turning it into a political issue. And it's not

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Speaker 5: surprising because the Democrats have nothing else to talk about.

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Speaker 5: What are they accomplished in ten months? Epstein is their

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Speaker 5: entire game plan?

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Speaker 1: High Speaker Mike Johnson there as Trump has come under

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Speaker 1: increasing pressure to release materials related to the late convicted pedophile,

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Speaker 1: with the House scheduled to vote on the matter on Thursday.

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Speaker 1: Trump has repeatedly said he cut ties with Epstein nearly

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Speaker 1: two decades ago and was not aware of the disgraced financiers' activities.

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Speaker 2: A bill to sanctioned countries doing business with Russia appears

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Speaker 2: to have the president's support. Over the weekend, Tom gave

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Speaker 2: his strongest indication yet that he would back Senate legislation

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Speaker 2: to target major consumers of Russian energy that are not

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Speaker 2: actively supporting Ukraine. If passed, it would allow the US

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Speaker 2: to impose import tariffs so up to five hundred percent

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Speaker 2: on countries including India and China. Speaking to reporters as

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Speaker 2: he left Florida on Sunday, President Trump said that he

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Speaker 2: was fine for Congress to move forwards with the bill.

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Speaker 6: Any country that does business with Russia will be very

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Speaker 6: severely sanctioned.

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Speaker 1: We may enter ran to the formula.

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Speaker 2: Young President Trump. There as Ukraine intensifies strikes on Russian

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Speaker 2: energy infrastructure, claiming it hit a Rosneft refinery in Russia's Samara.

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Speaker 1: Region, oil traders are not expecting OPEC Plus to cut

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Speaker 1: production next year despite forecasts of a global surplus. That's

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Speaker 1: according to almost two thirds of brokers and analysts surveyed

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Speaker 1: by Bloomberg. While many anticipate in oversupply next year, they

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Speaker 1: say it won't necessarily be large enough to sink crude

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Speaker 1: prices and provoke OPEC plus to reverse this year's production hike.

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Speaker 1: Brent oil futures are down by over ten percent this

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Speaker 1: year's near sixty four dollars a barrel for Brent crude,

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Speaker 1: and some Wall Street forecasters anticipate further price declines.

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Speaker 2: These fine Arce Minister will push for fewer Chinese trade

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Speaker 2: barriers on a visit to Asia. His trip comes as

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Speaker 2: tension between the US, China, and Europe ramp up. Bloomberg's

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Speaker 2: Tiba at Abayo has that story.

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Speaker 7: Departing for a high stakes mission in Asia, Germany's last

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Speaker 7: kling Baiale called for open and rules based global trade.

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Speaker 7: The country's finance minister is set to make stops in Beijing,

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Speaker 7: Shanghai and Singapore to discuss topics including access to raw

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Speaker 7: materials and Chinese over capacity. He'll be accompanied by representatives

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Speaker 7: from the German Central Bank and officials from private sector

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Speaker 7: firms like Deutsche Bank and early Ons. The high level

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Speaker 7: financial Dialogue is also expected to include discussion with Chinese

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Speaker 7: regulatory authorities and financial companies. It comes amids strained relations

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Speaker 7: between China and Europe after Beijing titaned export controls and

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Speaker 7: Germany's foreign minister postponed to planned visit to China. Meanwhile,

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Speaker 7: German business leaders one point three billion euros into China

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Speaker 7: between twenty twenty three and twenty twenty four, despite government warnings.

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Speaker 7: In London, tee at a Bayo Bloomberg Radio.

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Speaker 1: And those are your top stories on the markets this morning.

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Speaker 1: The Mscish Pacific Index is down three tenths of one percent,

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Speaker 1: the hand saying one point one percent lower. Oil price

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Speaker 1: is nine tenths lower today for Brent cruds to sixty

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Speaker 1: three dollars and eighty four cents a barrel. Bitcoins up

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Speaker 1: one and a half percent on the day now but

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Speaker 1: hovering around that ninety five thousand dollar mark. European stock

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Speaker 1: futures a tenth of one percent lower for eurostocks fifty futures.

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Speaker 2: Well, in a moment, we're going to bring you more

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Speaker 2: on the sell off in bitcoin. That doesn't seem to

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Speaker 2: have been a particular trigger for it. So we'll get

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Speaker 2: into that story and also why meteor hunters are being

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Speaker 2: drawn to the Sahara Desert, but before that, another story.

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Speaker 2: It's caught our ride today.

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Speaker 1: I mean, if like me, you've woken up this morning

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Speaker 1: and realized that it's just over a month to Christmas

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Speaker 1: and you've done nothing about it. This is which I

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Speaker 1: know what happened to you, Caroline. But we has a

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Speaker 1: great listen and put together by a colleagues from Bombrig Pursuits,

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Speaker 1: which might give you some ideas. Now, it's it's very

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Speaker 1: much the high low of Christmas present buying. So sure,

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Speaker 1: if you've got eighty two thousand dollars to spend, you

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Speaker 1: know there's a David Webb cubist ring for example, very shiny,

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Speaker 1: something perhaps very interesting as well. The general theme, though

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Speaker 1: the team has identified, is to lean into creature, comforts

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Speaker 1: and nostalgic items that evoke warm memories and invite storytelling.

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Speaker 1: I don't know how Tory birch candlesticks shaped like lettuces

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Speaker 1: quite fit into that theme, but sure why not. One

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Speaker 1: thing I genuinely was quite pleased to see is there's

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Speaker 1: a disc man in there, or the modern version of

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Speaker 1: a discman in there too, And a tin can phone,

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Speaker 1: which is essentially what looks like anlandline to you and me,

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Speaker 1: but you plug it into an Internet router. It can

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Speaker 1: phone other phones of the same kind, and it's a

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Speaker 1: screen free way of letting your teenagers communicate.

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Speaker 2: I absolutely love that. That one obviously appeal to me.

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Speaker 2: But I actually had a Hamburger phone years back, so

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Speaker 2: I love the fun. Yeah, do you remember those of

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Speaker 2: the flip phones? Vintage flip phones apparently are back, so

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Speaker 2: perhaps this is more yeah in my realm of Christmas

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Speaker 2: present gifting. But there's also food in there that I

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Speaker 2: thought was really nice, a zacha torta from Vienna, you know,

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Speaker 2: the chocolate cake. And apparently they do an annual collaboration

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Speaker 2: with an artist, and this year it's the American painter

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Speaker 2: Catherine Bernhardt. But I wonder also whether that might be borrowed,

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Speaker 2: because Dulce and Gabana, for example, do every year an

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Speaker 2: Italian panatona cake and a beautiful.

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Speaker 1: Tin Christmas fair enough. You can find the full list

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Speaker 1: at Bloomberg dot com. We put a link to it

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Speaker 1: in our podcast show notes as well. Let's bring you

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Speaker 1: back though to some of those key market stories we're

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Speaker 1: watching this morning, and this milestone for a bitcoin, the

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Speaker 1: token eraising all of the gains that made so far

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Speaker 1: this year, just lifted slightly off that level this morning.

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Speaker 1: Now our market supporter of Valerie title is with us

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Speaker 1: for more Valerie. What's driving this sell off broadly in bitcoin?

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Speaker 8: Well, look, that's a great question. I hope I can

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Speaker 8: try to answer that. But a bitcoin's reversal from all

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Speaker 8: time highs on October six is really following the broader

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Speaker 8: weakness in tech stocks in the equity market. We know

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Speaker 8: the equity market has not had a good November of Frankly,

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Speaker 8: it's down some five percent since from all time highs

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Speaker 8: Lisa Nasak is from late October. But when it comes

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Speaker 8: to bitcoin, you know, obviously the move has been a

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Speaker 8: lot more pronounced. Not only has it wiped out year

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Speaker 8: to date gains, it's also down twenty five percent since

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Speaker 8: it's October a sixth peak. So in just a month

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Speaker 8: and a half, it's gone from one hundred and twenty

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Speaker 8: five thousand to now trading around the ninety five one

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Speaker 8: thousand level. It's wiped out six hundred billion in market

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Speaker 8: cap in that time. Now, you know me, Steve and

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Speaker 8: I always want to tie this to the macro and

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Speaker 8: that does involve the FED. We've had a hawkish FED decision.

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Speaker 8: Not only that, we've had it seems like a rebellion

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Speaker 8: of some more hawkish FMC members really trying to put

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Speaker 8: this December cut in doubt. That kind of move does

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Speaker 8: dent speculative assets. And then on the back of that,

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Speaker 8: you've also had the FED being quiet when it comes

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Speaker 8: to rises in short term funding rates in the twelve

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Speaker 8: trillion dollar repo market. So again, these hawkish signals from

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Speaker 8: the US Central Bank is not allowing speculative assets to

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Speaker 8: rally if anything is causing them some pain, and we've

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Speaker 8: seen that over the weekend when it comes to crypto

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Speaker 8: as well.

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Speaker 2: Yeah, gosh, that's a little thinking to get to the answer,

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Speaker 2: isn't it. Our colleague Garfield Reynolds on the Market's Live

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Speaker 2: team has also pointed out that bitcoin is getting closer

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Speaker 2: to another pain point.

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Speaker 8: Yeah, this is really interesting. So this is according to

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Speaker 8: research from K thirty three. It wants to point out

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Speaker 8: where essentially the average entry point for a Bitcoin ETF

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Speaker 8: holder is and in their research it's around ninety thousand.

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Speaker 8: And why that's important is because we're essentially nearing that

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Speaker 8: level and for a retail investor, that might be the

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Speaker 8: point at which they want to get out of their

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Speaker 8: asset once they get back to breaking even when it

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Speaker 8: comes to a retail investor holding an ETF linked bitcoin,

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Speaker 8: so watch out for that. Garfield Reynolds on the m

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Speaker 8: Live blog mentioning how that can be a further pain point.

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Speaker 8: And that does tie in to the fact that these

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Speaker 8: bitcoin ETFs have been very popular of late and a

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Speaker 8: lot of people piled in there around that ninety thousand

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Speaker 8: dollars level.

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Speaker 1: All of this is happening at a time of course,

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Speaker 1: fathero who were thinking about strains in the market. We

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Speaker 1: had the equity sell off last week. You know, I've

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Speaker 1: got a videos earnings coming up this week that could

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Speaker 1: be another cast list as well. And we've also had

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Speaker 1: this interesting, you know, remark from the FED as well

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Speaker 1: about the uptaking usage of his short term landing facility.

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Speaker 1: What does that tell us about the state of the market.

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Speaker 8: Well, look, I think what it tells us is that

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Speaker 8: perhaps for the equity market and for the more debt

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Speaker 8: fueled AI ambitions to really be unleashed, and you know

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Speaker 8: you can tie that to crypto. Crypto really is tied

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Speaker 8: in to how this AI trade does we need a

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Speaker 8: dovish central bank, and frankly, in the last two weeks

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Speaker 8: we haven't had that. We did have some news broken

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Speaker 8: by the Ft on Friday that the New York Fed

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Speaker 8: had convened with Wall Street over these strains of liquidity

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Speaker 8: of short term funding rates that have to do with

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Speaker 8: repo levels, which is essentially where you can borrow overnight

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Speaker 8: cash on the back of a Treasury bond. So in

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Speaker 8: some way, perhaps the Fed is now being more noticed,

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Speaker 8: is noticing more these funding strains in the front end,

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Speaker 8: but they have really not active acted aggressively, and that

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Speaker 8: is a big departure from the FED that we've seen

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Speaker 8: post the twenty eighteen twenty nineteen repel blowout. If you

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Speaker 8: guys remember that there was a huge blow up in

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Speaker 8: repo rates over year end in twenty eighteen. Since then,

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Speaker 8: the FED has always acted aggressively whenever these repo rates

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Speaker 8: have ticked higher above the Fed feds up or bound,

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Speaker 8: but frankly, in the last few weeks they've not done that,

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Speaker 8: and the market is trying to piece together. Whether this

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Speaker 8: is a new FED of this is a departure from

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Speaker 8: that norm that they set back in twenty nineteen, or

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Speaker 8: perhaps there is something in the fed's mind that they

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Speaker 8: do want to act. Maybe they're just waiting to gather

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Speaker 8: more data before they do.

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Speaker 2: Okay, VALI, thank you so much for being with us

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Speaker 2: our market support of value.

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Speaker 7: T I tell.

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Speaker 2: Stay with us more from Bloomberg daybaqube coming up after this.

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Speaker 1: Now, meteorite hunters are scouring the Sahara for fragments from

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Speaker 1: outer space. Morocco is at the center of this growing trade.

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Speaker 1: Joining us now Scotts, Blinberg's Middle Eastern North Africa Managing

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Speaker 1: editor on our aunt and are good to have you

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Speaker 1: with us. So who's buying meteorites and how much are

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Speaker 1: they worth?

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Speaker 6: As far as we can tell, currently the council buyers

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Speaker 6: range from philanthropies to people just curious individuals who want

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Speaker 6: to collect materialites from around the world. In Morocco is

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Speaker 6: definitely a favorite spot promostive then, because of its ability,

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Speaker 6: for lack of a better word, to generate matereiorits on

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Speaker 6: basically websites that are known where these fragments are sold

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Speaker 6: on a daily basis.

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Speaker 2: Yeah, absolutely, so they might come from asteroids, they might

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Speaker 2: come from the Moon, and as you say, Morocco is

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Speaker 2: at the center of this trade. How important is it

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Speaker 2: to the local economy?

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Speaker 6: Obviously there are a lot of areas in the world

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Speaker 6: where you can find materialites, but because of Moroccos does

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Speaker 6: a climate. The weather there basically protects fragments and the

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Speaker 6: landscape the deserts and make them fairly easy to spot

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Speaker 6: or meteiorite hunters. And for Moroccos on local economy it

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Speaker 6: is actually somewhat significant. The southeast of the country, where

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Speaker 6: most of these fragments are found, it's generally very poor,

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Speaker 6: so a lot of people are economically driven to search

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Speaker 6: for fragments and basically provide a stead of supply of

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Speaker 6: income for their families. So it is fairly common for

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Speaker 6: people in southeast Morocco, as well as people from elsewhere

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Speaker 6: in the country, to travel to this region and to

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Speaker 6: be in constant lookout for metereiorites and basically sell them

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Speaker 6: on the secondhand market.

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Speaker 1: What sort of tracking or rules are there around this

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Speaker 1: sort of activity.

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Speaker 6: There are some rules, especially in Morocco, since Kip Paul

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Speaker 6: or hunters need to register with a specific government agency.

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Speaker 6: They're only allowed to sell a certain percentage, about ninety

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Speaker 6: percent of what they found after registering their fines. But

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Speaker 6: even despite this government back scheme to keep track of

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Speaker 6: meteorites and the hunters and how much gets found and sold,

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Speaker 6: it's a fairly free environment. I mean, it's one of

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Speaker 6: the least restrictive environments where you find governments trying to

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Speaker 6: keep track of, you know, these fragments, who looks for

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Speaker 6: them and who sells them? And yeah, it is to say, obviously,

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Speaker 6: the actual hunters need to be residents of the country,

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Speaker 6: so they're not at the Officially, foreigners are not allowed

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Speaker 6: to sort of parachute in look for fragments in the desert.

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