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

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Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here

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

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Speaker 3: John, we begin with a look this morning at today's

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Speaker 3: shortened trading session. The SMP is on course for its

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Speaker 3: strongest months since February, part of an advance of twenty

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Speaker 3: six percent in twenty twenty four, but uncertainty remains. Wednesday's

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Speaker 3: economic data caused investors to recalibrate their rate cut bets,

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Speaker 3: and looming tariffs or threatened tariffs, at least from the

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Speaker 3: incoming Trump administration, is weighing on specific sectors. As you mentioned,

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Speaker 3: treasury yields fell, the dollar is headed for its biggest

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Speaker 3: weekly loss in three months. New York University professor Emeritith

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Speaker 3: Nuriel Rabini Warren's tariffs could have for a broader effect

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Speaker 3: on markets.

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Speaker 4: Some of the economic policies of Trump may lead to

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Speaker 4: high economic growth, to being pro business, keeping tax or

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Speaker 4: it's low, I mean, but unfortunately many of the other

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Speaker 4: policies are going to have an implication of hiring, inflation

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Speaker 4: and lower economic growth. The first thing he has already

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Speaker 4: announced is going to be tired against Mexico, Kinada, and China.

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Speaker 4: And that's only the beginning.

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Speaker 3: And why you Professor Meritis Nuriel Robedi expects traditional haven

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Speaker 3: trades like the popular sixty to forty portfolio will underperform

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Speaker 3: in an inflationary environment.

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Speaker 5: Well.

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Speaker 2: The uncertainty of Trump's economic policies, Nathan is causing some

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Speaker 2: movement in currencies. The paes who gained following a call

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Speaker 2: between President Electrump and Mexico's president this week. Trump posted

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Speaker 2: on social media the call is, saying it was productive

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Speaker 2: and that she agreed to stop migration through Mexico. She

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Speaker 2: responded saying that Mexico is not necessarily closing its borders.

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Speaker 2: Bloomberg spoke with DHL Group CEO to Bias Meyer about

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Speaker 2: how businesses are managing it, sting he hasn't seen clear

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Speaker 2: signals that anyone's front running the tariffs, hot to.

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Speaker 5: Say, but there's volume in the last weeks. We see

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Speaker 5: that in ocean freight, We see that in air freight.

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Speaker 5: The year has been quite volatile. We had very strong

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Speaker 5: exports out of China for many weeks on the ocean

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Speaker 5: freight side, especially, so strong growth there, but it has

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Speaker 5: been volatile. So it's hard to call out whether there's

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Speaker 5: really a strong element of that.

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Speaker 2: Dhl' CEO Tobias Meyer says he's seen diversification of supply

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Speaker 2: chains in countries like Mexico and elsewhere.

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Speaker 3: In currency moves, John the yen has breached one hundred

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Speaker 3: and fifty against the dollar following inflation data out of Japan.

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Speaker 3: Tokyo consumer prices came in hotter than expected, leading to

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Speaker 3: increased bets on further policy normalization. It's raised expectations that

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Speaker 3: the Bank of Japan will raise rates in December, with

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Speaker 3: the swaps market factoring in a sixty one percent chance

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Speaker 3: of a rate hike this month and checking the end

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Speaker 3: right now, it is stronger against the dollar one fifty

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Speaker 3: point one five.

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Speaker 2: Looking more broadly at markets, Nathan wall Street's macro traders

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Speaker 2: they're heading for their worst year since the pandemic. Let's

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Speaker 2: get more on this from Bloomberg's Tiba out of Bio.

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Speaker 6: Investor confidence in making big macro calls this year has

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Speaker 6: dwindled as data surprises have whiplashed bets on central bank

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Speaker 6: interest rate cuts, a too close to call us election,

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Speaker 6: and the shock unwind of a once popular yen funded

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Speaker 6: carry trade also rattled markets. As a result, some two

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Speaker 6: hundred and fifty firms, including Goldman, Sachs and JP morgan

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Speaker 6: A forecast to make seventeen percent less this year from

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Speaker 6: trading G ten rates and nine percent less for currencies.

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Speaker 6: That's according to analytics company Coalition Greenwich. The bright Spot

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Speaker 6: currency trading is expected to pick up in twenty twenty

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Speaker 6: five and twenty twenty six in London tiwa at abayo

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Speaker 6: Bloomberg Radio all right.

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Speaker 7: Tiwa, thank you.

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Speaker 3: Bitcoin is headed back toward the one hundred thousand level

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Speaker 3: as President Elect Trump embraces the broader crypto industry, ballstering

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Speaker 3: the upward trend as a group of about a dozen

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Speaker 3: US bitcoin ETFs from issuers including black Rock and Fidelity.

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Speaker 3: They've attracted six point two billion dollars so far in

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Speaker 3: that's according to data compiled by Bloomberg. The previous peak

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Speaker 3: earlier this year was six billion dollars. In checking bitcoin

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Speaker 3: right now, it's up one point four percent at close

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Speaker 3: to ninety six thousand, five hundred.

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Speaker 2: And turning back to the US now and a look

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Speaker 2: at to big tech, the Federal Trade Commission announced it's

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Speaker 2: open to an anti trust investigation of Microsoft, drilling into

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Speaker 2: everything from the company's cloud computing and software licensing businesses

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Speaker 2: to cyber security offerings and artificial intelligence products. Bloomberg Anti

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Speaker 2: trust reporter Josh Cisco says this is the first step

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Speaker 2: and what's expected to be a pretty long process.

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Speaker 8: It's kind they've been working up to this for about

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Speaker 8: a year, doing sort of informal information requests and interviews,

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Speaker 8: and now this is the first time they've compelled Microsoft

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Speaker 8: to turn over what will end up being a tremendous

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Speaker 8: amount of information.

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Speaker 2: Bloomberg's Josh Cisco says the emptc's investigation could slow in

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Speaker 2: a second Trump administration was just promoting more deregulation.

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Speaker 3: And elsewhere in big tech. John Australia has passed a

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Speaker 3: law banning children under sixteen from social media platforms like Facebook,

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Speaker 3: Instagram and TikTok. The tech companies will be responsible for

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Speaker 3: enforcing the ban and will face fines if they don't comply.

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Speaker 3: Polling suggests Australian citizens back the move, but some argue

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Speaker 3: it will not achieve the aim of protecting children from

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Speaker 3: harmful content. Here's Australia's Green Party Senator Sarah Hanson.

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Speaker 1: Young doesn't actually make social media safer for young people.

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Speaker 1: And that's the devastating thing about this, because we know

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Speaker 1: that there are families who are struggling with this. We

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Speaker 1: know there are young people who are struggling with their

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Speaker 1: body image, their connection with their community, their peers, young

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Speaker 1: people who are finding themselves addicted to these dangerous algorithms.

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Speaker 1: But this bill doesn't do.

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Speaker 5: Any of that.

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Speaker 3: Sarah Hanson Young spoke there in the Australian Senate. Meta

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Speaker 3: x and other social media platforms have also expressed strong

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Speaker 3: opposition to this new law.

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Speaker 2: And let's go to geopolitics now. After the US media

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Speaker 2: had a cease fire deal between Israel and Lebanon earlier

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Speaker 2: this week, there is hope for reaching a deal to

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Speaker 2: free hostages held by Hamas in Gaza. Israeli Prime Minister

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Speaker 2: Binya Benetna, who told Israel's Channel fourteen his government's doing

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Speaker 2: many things, as he put it, to advance the freeing

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Speaker 2: of the hostages. Met Ye, who says the killing of

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Speaker 2: Hamas's leader, yeah, yeswinwar is opening an opportunity to reach

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Speaker 2: an agreement.

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Speaker 3: And there are new developments as well, John in the

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Speaker 3: war in Ukraine, Russian President Vladimir Putin is warning his

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Speaker 3: forces could strike decision making centers in Ukraine's capital Kiev

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Speaker 3: with new ballistic missiles as retaliation for attacks on Russia

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Speaker 3: with Western missiles. Russia launched an experimental intermediate range ballistic

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Speaker 3: missile capable of carrying a nuclear warhead and says it

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Speaker 3: may fire it again in combat.

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Speaker 2: And finally, a look at Saudi backed Live Golf, which

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Speaker 2: is said to be weighing a possible merger with Europe's

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Speaker 2: DP World Tour. If that's successful, it would cement Live

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Speaker 2: Golf's position in the golfing calendar and give the DP

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Speaker 2: World Tour previously known as the DP European Tour, significant

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Speaker 2: financial haft. The talks come as expectations of a deal

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Speaker 2: between the Saudi Public Investment Fund and the PGA Tour

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Speaker 2: they edge closer. And that brings us to five o

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Speaker 2: eight on Wall Street Time Now for a look at

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Speaker 2: some of the other stories making news in New York

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Speaker 2: and around the world. Hem For that, we're joined by

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Speaker 2: Bloomberg's Denise Pella Greeney.

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Speaker 7: Denise, good morning, Good morning to you, John Well.

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Speaker 9: Protesters clashed with police in the capital of Georgia in

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Speaker 9: eastern Europe. That's after the ruling party announced it was

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Speaker 9: delaying talks with the European Union on the country's potential

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Speaker 9: membership in the plock for four years. Police used teargas,

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Speaker 9: pepper spray, physical force early this morning as a group

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Speaker 9: of people rallied near the Parliament building. Their forty three

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Speaker 9: people detained, their dozens hurt. Apparently In that story, Notre

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Speaker 9: Dame Cathedral in France unveiling its new interior five years

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Speaker 9: after that devastating fire. Today it's a watershed in the

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Speaker 9: rebirth from its devastating fire in twenty nineteen. The occasion

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Speaker 9: is French President Emanuel Macron's final visit to the construction

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Speaker 9: site to see the restored interiors for himself before all

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Speaker 9: the proceedings today. A messy rollback of pandemic era regulations

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Speaker 9: in New York City. Many of those outdoor dining sheds

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Speaker 9: we've been using, they were still standing as of last

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Speaker 9: night and early this morning. John Monica Jimenez is the

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Speaker 9: night shift manager at Old John's luncheonet on the Upper

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Speaker 9: West Side of Manhattan.

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Speaker 3: But for our business, no plans to actually take this down, No,

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Speaker 3: yea yeah, And.

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Speaker 9: She says she's not removing them today. The deadline though,

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Speaker 9: is today Global News twenty four hours a day and

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Speaker 9: whenever you want it with Bloomberg News. Now, I'm Denise Pelaguini,

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Speaker 9: and this is Bloomberg.

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Speaker 2: All right, Thanks Denise, and that brings us to find

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Speaker 2: ten of Wall Street time down for the Bloomberg Sports

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Speaker 2: Update being brought to you by Tri State Audi. And

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Speaker 2: for that we bring in Bloomberg's band Schwartzman.

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Speaker 7: Hello Dan, Good morning John.

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Speaker 10: The Lions got the NFL Thanksgiving Tripleheader off and running

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Speaker 10: by winning their tenth game in a row to improved

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Speaker 10: to eleven and one on the season with a twenty

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Speaker 10: three to twenty win over the Bears, who.

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Speaker 7: Have now dropped six games in a row. Chicago did

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Speaker 7: have a chance.

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Speaker 10: At least tie the game with time running out, but

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Speaker 10: inexplicably let precious seconds run off the clock despite still

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Speaker 10: having a time out.

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Speaker 7: Bears head coach Matt ebra Flusto.

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Speaker 10: Says he thought the team handled the clock properly at

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Speaker 10: the end.

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Speaker 7: Yeah, I like what we did there.

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Speaker 11: Again, once it's under seven, you know you're gonna you're

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Speaker 11: gonna call you know, time out there or actually under twelve,

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Speaker 11: and then really you don't have an option, you know,

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Speaker 11: because it's third to fourth, you got to throw it

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Speaker 11: into the end zone then, So to me, it's uh,

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Speaker 11: I think we handled it the right way.

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Speaker 10: Matt's curtsyvespn dot Com Giants are now losers the seventh

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Speaker 10: straight after the twenty seven to twenty loss to the

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Speaker 10: Cowboys in Dallas. Drew Locke got the start for the

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Speaker 10: Giants as Timy Devitos ruled out with an injury. Elsewhere,

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Speaker 10: Packers dominated the Dolphins thirty to seventeen to Lambo Fields

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Speaker 10: improved to nine and three on the season as Short

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Speaker 10: and Love threw for two touchdowns. Both the NBA and

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Speaker 10: the NHL took the day off for Thanksgiving, but at

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Speaker 10: full schedules today, with the next starting things off by

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Speaker 10: visiting the Charlotte Hornets at noon. Elshere, the Brooklyn Nets

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Speaker 10: are hosting the Orlando Magic. The Boston Celtics are in

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Speaker 10: Chicago facing the Bulls, where the Lakers are hosting the

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Speaker 10: Oklahoma City thunder Rangers. They're at the Flyers to start

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Speaker 10: the busy day off in the NHL, with the Islanders

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Speaker 10: on the road to the Capitols, while the Bruins are

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Speaker 10: home for the Pittsburgh Penguins. Other big matchups include Winnipeg

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Speaker 10: visiting Vegas, Carolina, home for the Florida Panthers, when the

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Speaker 10: Dallas Stars are hosting Colorado.

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Speaker 7: In tennis, five time Grand.

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Speaker 10: Slam winner, second seeded egsh Fiatec accepted a one month

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Speaker 10: suspension for testing positive for a banned substance.

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Speaker 7: The former world's.

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Speaker 10: Number one failed the test back in August, but formerly

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Speaker 10: admitted the violation this week while accepting her penalty. That's

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Speaker 10: your Bloomberg Sports update. I'm Dan Schwartzman, Nathan and John.

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Speaker 7: Coast to coast.

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Speaker 3: I'm Bloomberg Radio nationwide on Sirius XM and around the

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Speaker 3: world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 7: This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. As we head into a

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Speaker 3: holiday shortened day of trading on this Black Friday, investors

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Speaker 3: might want to be getting as much of a jump

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Speaker 3: on the holiday deals as everybody else, but we do

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Speaker 3: still have a slew of economic data to tie jest

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Speaker 3: before we get into the final trading month of twenty

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Speaker 3: twenty four, and as we continue to assess what has

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Speaker 3: been a remarkable bull run for stocks this year. Joining

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Speaker 3: US now. Bloomberg News equities reporter Joe Easton, Joe, good morning.

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Speaker 3: It really has been tough to derail the bull this year,

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Speaker 3: has it not?

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Speaker 12: It has indeed, Nathan, and we are potentially looking to

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Speaker 12: see some small gains continuing that theme in the US

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Speaker 12: futures today. As you mentioned earlier, is it shortened trading there,

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Speaker 12: but really the US is out shining. You're once again,

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Speaker 12: I mean you're at European stocks lower on the day,

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Speaker 12: but for now we are actually seeing a little bit

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Speaker 12: of a sentiment change. An interesting note out from Bank

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Speaker 12: of America today saying that they are upgrading European stocks

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Speaker 12: while they continue to like the US equity market, they

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Speaker 12: reckon the conditions in terms of credit conditions here in

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Speaker 12: Europe are actually getting a bit better, so kind of

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Speaker 12: changing their view in terms of potentially shifting some more

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Speaker 12: capital towards at this region. But we really can't keep

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Speaker 12: up with the gains that we've seen over in the US,

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Speaker 12: double digit gains over there, of course, whereas in the

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Speaker 12: Europe we are just seeing small gains on a year

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Speaker 12: to day basis.

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Speaker 3: Yeah, certainly a lot of the games that we've seen

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Speaker 3: this year have been driven by the AI trade. But

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Speaker 3: then all this excitement, or at least initially around the

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Speaker 3: election of president like Donald Trump, where does the trajectory

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Speaker 3: seem to lay here?

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Speaker 12: Yeah, So I think the most recent take is on

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Speaker 12: Trump's appointments to his cabinet, of course, and potentially the

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Speaker 12: latest reading is that they might not be as kind

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Speaker 12: of hawkish in terms of some of their policies in

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Speaker 12: terms of tariffs in that kind of issue there. So

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Speaker 12: I think that's what the market's going to be holding

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Speaker 12: on too. But obviously with that there's an implication for

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Speaker 12: the dollar and how that impacts the markets going forward.

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Speaker 12: But in terms of Europe, we do need to see

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Speaker 12: a bit of an easing in some of the retor

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Speaker 12: rhetoric around tariffs. We did, of course see that report

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Speaker 12: earlier this week that we could be getting some harsh

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Speaker 12: measures from the US and that hit our market. I

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Speaker 12: think the AI trade, I think it's maybe played a

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Speaker 12: lot of its course out at the moment, so I'm

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Speaker 12: not too upbeat on that element. I think a lot

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Speaker 12: of it is going to come down to the White House,

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Speaker 12: as you mentioned there.

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Speaker 3: Of course, we had that data cornucopia on Wednesday. What's

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Speaker 3: the takeaway there, particularly around the personal consumption of expenditures index,

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Speaker 3: that might be suggesting that that last mile around disinflation

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Speaker 3: indeed can be the toughest.

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Speaker 12: Yeah, no, I think I would agree with that, And

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Speaker 12: actually you don't want to keep flicking back to Europe,

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Speaker 12: but given I am here, we have actually just literally

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Speaker 12: around ten to fifteen minutes ago, got in the Euro

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Speaker 12: Area inflation and it is kind of showing a similar thing.

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Speaker 12: We're actually kind of struggling to come down from those levels.

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Speaker 12: So inflation back above two percent in Europe potentially not

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Speaker 12: enough to derail the ECB from cutting their interest rate.

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Speaker 12: That seems to be the take here. So we have

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Speaker 12: actually seen some bond deals coming down and also the

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Speaker 12: euro actually weakening very slightly. But I think it's a

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Speaker 12: similar thing. As you say, it's very hard to get

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Speaker 12: past that last bit of inflation. All these things tend

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Speaker 12: to come on lagging effects. We all know that this

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Speaker 12: will be hurting our bottom lines, our wallets for much

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Speaker 12: longer in terms of the higher rates on mortgages and

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Speaker 12: that kind of thing. So I think there's a little

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Speaker 12: bit left to play on that trade at the moment,

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Speaker 12: and when it.

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Speaker 3: Comes to the possibility of hawkish tariff talk from President

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Speaker 3: elect Trump. Does that lead to kind of a budding

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Speaker 3: of heads between what we could see on the policy

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Speaker 3: front and what we can get from the Federal Reserve?

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Speaker 3: Got about a minute lap.

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Speaker 12: Yeah, No, I think that it's going to be the

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Speaker 12: two forces going pretty much the opposite direction. I mean,

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Speaker 12: if the FED wants to ease rates and then there

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Speaker 12: is possible higher inflation coming from these tariffs, and tariffs

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Speaker 12: are expected to be inflation or of course therefore lifting

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Speaker 12: the dollar, then it's very difficult for then the Fed

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Speaker 12: to come in and start really easing their policy further

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Speaker 12: if there's going to be upside to both the dollar

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Speaker 12: and inflation more broadly, So therefore it's kind of going

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Speaker 12: against it. We'll have to see what Trump has to

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Speaker 12: say more about the actual Fed himself. Obviously, when he

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Speaker 12: was in power last time, he wasn't afraid to kind

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Speaker 12: of throw about a bit of criticism on monetary policy.

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Speaker 12: So we'll see what happens there. But as you say,

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Speaker 12: it's kind of two really powerful forces pushing in the

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Speaker 12: opposite direction. So it's going to be an interesting start

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Speaker 12: to the year next year when we get there.

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