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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today. Karen, we begin with turmoil overseas. The government

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Speaker 1: in France is on the brink of collapse. Opposition lawmakers

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Speaker 1: have filed two motions of no confidence in the administration

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Speaker 1: of Prime Minister Michel Barnier. Marie Le Penn's National Rally

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Speaker 1: and a leftist alliance have both called votes tomorrow. Together

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Speaker 1: they have enough members of the National Assembly to topple

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Speaker 1: the government. The Prime Minister, Michel Barnier appealed to his

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Speaker 1: fellow politicians for their support.

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Speaker 2: It's a fix. This bill is now here.

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Speaker 3: Now is the time to act inflement. I believe we've

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Speaker 3: now reached a moment of truth which confronts everyone with

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Speaker 3: their responsibilities. It's now up to you, members of the

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Speaker 3: Parliament of the nation, to decide whether our country adopts

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Speaker 3: responsible financial texts essential and useful to have fellows citizens.

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Speaker 4: Prime Minister Michel Barnier spoke in the French National Assembly

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Speaker 4: after invoking a constitutional override to force his social security

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Speaker 4: budget through parliament, and that is what triggered the no

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Speaker 4: confidence votes.

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Speaker 5: Well, Nathan.

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Speaker 1: The French government must adopt a budget by the end

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Speaker 1: of the year or use an untested emergency law to

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Speaker 1: keep state of services running. Bloomberg News Paris bureau chief

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Speaker 1: Alan Katz says Barnier is in a vulnerable position.

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Speaker 6: He's opened himself up to a no confidence motion that

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Speaker 6: he's very likely to lose because the left wing coalition

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Speaker 6: plus this far right party of the National Rally are

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Speaker 6: going to come together. They have said that they're going

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Speaker 6: to vote against Balni for this, which means they're extremely

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Speaker 6: likely to have an absolute majority, that means at least

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Speaker 6: two hundred and eighty nine votes in parliament, and that

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Speaker 6: they really will push him out of office.

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Speaker 1: Bloomberg News Paris bureau chief Allan Katz says the uncertainty

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Speaker 1: around the budget has pushed bond investors to punish France's

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Speaker 1: sovereign debt, driving up borrowing costs, and a government collapse

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Speaker 1: could lead to painful consequences for the French economy.

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Speaker 4: As it happens, Karen. President elect Donald Trump plans to

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Speaker 4: head to Paris this weekend, not because of the crisis,

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Speaker 4: but to celebrate the reopening of Notre Dame Cathedral. Trump

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Speaker 4: announced that on truth Social last night. It was part

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Speaker 4: of a flurry of social media posts that also included

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Speaker 4: a warning to Hamas. The President elect says there will

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Speaker 4: be quote all hell to pay if all the hostages

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Speaker 4: aren't released from Gaza by January twentieth. Bloomberg National security

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Speaker 4: reporter Daniel Flantley says it's not clear just what that means.

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Speaker 7: If you talk to folks around the President elect, people

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Speaker 7: who are supporting him, people who who has nominated for

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Speaker 7: key positions like National Security Advisor, they talk about him

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Speaker 7: bringing back to terrence to the office. Whether that means

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Speaker 7: employing US troops or US firepower to somehow bring this

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Speaker 7: situation to a close with regard to the hostages or not,

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Speaker 7: you know, that's unclear.

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Speaker 4: Bloomberg's Dan Flantley says Trump's been pushing to bring American

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Speaker 4: troops home, but that might not rule out a US airstrike.

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Speaker 4: In another truth Social post, the President elect repeated his

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Speaker 4: opposition to Nippon Steele's planned buyout of US Steal. That

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Speaker 4: decision will ultimately be up to President Biden unless it's

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Speaker 4: delayed again.

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Speaker 2: Trump also announced.

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Speaker 4: Businessman Warren Stevens is his pick to be the US ambassador.

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Speaker 2: To the UK.

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Speaker 4: Stephens was a major contributor to Trump's twenty twenty four campaign,

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Speaker 4: though he funded groups that opposed Trump's run in twenty sixteen.

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Speaker 1: Now, Nathan, let's get to the latest from the Middle East.

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Speaker 1: Israel says it's still committed to a ceasefire in Lebanon.

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Speaker 1: After Hezbollah claimed its first attack on an Israeli military

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Speaker 1: site since it took effect last week, Israel responded with

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Speaker 1: its heaviest airstrikes on Lebanon since the truce began. Win

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Speaker 1: House National Security spokesman John Kirby says the ceasefire is

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Speaker 1: holding largely speaking.

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Speaker 4: Turning to markets, Karen, futures are holding steady following another

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Speaker 4: record close on Wall Street. In fact, was the SMP

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Speaker 4: five hundred and fifty fourth record this year, and why you.

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Speaker 4: Professor Oswath Domodoron, who is known for his expertise on valuation, says,

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Speaker 4: by the Magnificent seven on any corrections.

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Speaker 8: I have never seen a group of companies carry a

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Speaker 8: market for as long a period as the mag seven.

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Speaker 8: Fifteen percent of the gain in all US equities across

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Speaker 8: seven thousand stocks has come from six to seven companies.

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Speaker 8: The numbers are mind boggling. You know, we're talking trillions

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Speaker 8: of dollars in market cap added every year. The MAG

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Speaker 8: seven companies alone, if they were a market, would be

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Speaker 8: the second largest equity market in the world after the

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Speaker 8: US equity market.

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Speaker 4: And why you Professor Asa Tomo Daharn says the MAG seven, Tesla, Meta, Microsoft, Alphabet, Amazon, Apple,

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Speaker 4: and Nvidia have been responsible for an outsized amount of

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Speaker 4: US equity index gains for years. A Bloomberg gage of

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Speaker 4: the Mag seven has surged sixty percent so far this year,

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Speaker 4: after doubling in twenty twenty three.

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Speaker 1: Well Nathan Bloomberg News has learned SPACEXS and discussions to

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Speaker 1: sell insider shares that could boost the value of Elon

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Speaker 1: Musk's rocket and satellite company to around three hundred fifty

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Speaker 1: d billion dollars. That would be a significant premium to

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Speaker 1: a previously mulled valuation of two hundred and fifty five billion,

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Speaker 1: as reported by Bloomberg News just last month. The potential

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Speaker 1: valuation surge underscores the enormous gains that Musk's empire has

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Speaker 1: seen since the presidential election. Tesla's shares are at more

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Speaker 1: than forty percent since November fifth, with a Bloomberg Billionaire's

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Speaker 1: Index now putting Musk's wealth at more than three hundred

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Speaker 1: and fifty billion dollars.

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Speaker 4: But it's not all good news for the world's richest person.

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Speaker 4: Karen Musk's multi billion dollar Tesla pay package has again

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Speaker 4: been rejected by a Delaware judge, even though shareholders support it.

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Speaker 4: More from Bloomberg's Charlie Pellett.

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Speaker 9: Tesla says that will appeal despite the June thirteenth shareholder

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Speaker 9: vote at the company's annual meeting, a Delaware chance re

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Speaker 9: Court judge decided to stick with her original finding in January,

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Speaker 9: but the company's board was too much under the influence

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Speaker 9: of a billionaire entrepreneur when it adopted the plan in

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Speaker 9: twenty eighteen. The stock options package was initially worth two

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Speaker 9: point six billion and spine to fifty six billion by

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Speaker 9: the time the judge canceled it. McCormick's ruling, striking down

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Speaker 9: the largest ever pay arrangement for a US corporate executive,

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Speaker 9: could take a giant bite out of Musk's wealth. In

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Speaker 9: New York, Charlie Bloomberg Radio, All.

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Speaker 1: Right, Charlie, thank you well. Turning to the economy, Now,

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Speaker 1: we are just over two weeks away from the final

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Speaker 1: rate decision of the year, and three Fed officials made

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Speaker 1: it clear they expect the central Bank to continue cutting

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Speaker 1: interest rates over the next year. Here's Governor Christopher Wohler

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Speaker 1: at present.

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Speaker 10: I lean towards supporting a cut to the policy rate

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Speaker 10: at our December meeting. That decision will depend on whether

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Speaker 10: data that we received before then surprises to the upside

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Speaker 10: and alters my forecast for the path of inflation.

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Speaker 1: And Moller's comments were echoed by New York Fed President

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Speaker 1: John Williams and his counterpart from Atlanta, Raphael Bostik, who

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Speaker 1: said economic conditions merit more cuts, but stopped short of

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Speaker 1: saying they favor a December reduction. Time now for a

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Speaker 1: look at some of the other stories making news in

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Speaker 1: New York and around the world, and for that were

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Speaker 1: joined by Bloomberg's Michael Barr Michael, good.

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Speaker 2: Morning, Good morning Karen.

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Speaker 11: There's criticism from both sides of the aisle after President

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Speaker 11: Biden issued a full and unconditional pardon for his son

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Speaker 11: Hunter shortly before he was set to be sentenced for

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Speaker 11: a federal gun conviction and a separate tax evasion case.

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Speaker 2: Why NOWSE spokeswoman Karine Jean Pierre.

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Speaker 12: He said he wrestled with this and because he believes

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Speaker 12: in the justice of sum but he also believes that

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Speaker 12: the war politics infected the process and led to a

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Speaker 12: miscarriage of justice.

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Speaker 11: Several Democratic governors and lawmakers saying that while they understand

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Speaker 11: a father's concern for his son, the president tarnished his

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Speaker 11: legacy and put the interests of his family ahead of

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Speaker 11: the country. An emotional scene in South Carolina in the

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Speaker 11: case of a drunk driver accused of killing a bride

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Speaker 11: on her wedding night, Jamie Lee Komorowski slammed into the

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Speaker 11: bride and groom in a April of last year. Kumrewski

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Speaker 11: pleaded guilty to dui and reckless homicide charges after driving

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Speaker 11: sixty five and a twenty five mile an hour zone

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Speaker 11: on a narrow road when she slammed into a golf

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Speaker 11: cart with the newly wents. The judge issued the maximum

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Speaker 11: sentenced twenty five years behind bars. In courts, Kumrowski, who

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Speaker 11: is twenty seven, apologized.

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Speaker 2: To the family.

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Speaker 3: Four sepsibility.

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Speaker 2: The briye, thirty four year old Samantha Miller, died still

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Speaker 2: wearing her wedding dress. Police and Boulder, Colorado say new

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Speaker 2: tips may help officials move closer to solving the violent

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Speaker 2: murder of six year old Jambinet Ramsey nearly thirty years ago.

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Speaker 2: Shambinet's parents and brother were cleared in two thousand and

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Speaker 2: eight after additional DNA evidence was found. ABC reports theirs

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Speaker 2: were A team of experts is going through the remaining

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Speaker 2: evidence using modern scientific and cold case techniques to try

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Speaker 2: and crack the case. The Great Lakes region has been

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Speaker 2: dealing with dangerous winter weather, with snow totals approaching six

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Speaker 2: feet in some areas. Western New York has been walloped

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Speaker 2: with more than fifty four inches of snow in the

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Speaker 2: rural town of Cassadega. Doug Allbrich says the weight of

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Speaker 2: the snow has taken a toll on a farm he

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Speaker 2: and his wife have owned for twenty years.

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Speaker 9: Chaotic scene inside this barn that's collapsed.

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Speaker 13: We've got animals that are heard now. One of the

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Speaker 13: firemen that was here to help clear the scene had

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Speaker 13: something colass on and he's heard too.

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Speaker 11: The Lake Effect snow has also fallen in parts of

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Speaker 11: Pennsylvania and Michigan. 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: how Michael Barr, this is Bloomberg Karen.

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Speaker 1: All right, Michael Barry, thank you time now for the

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Speaker 1: Bloomberg Sports Update Bronc to you by trin State Odi.

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Speaker 1: Here's John stash Hour, John, good morning.

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Speaker 13: Good morning, Karen. First meeting the season between the Rangers

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Speaker 13: and Devils. Rangers got out to the good start of

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Speaker 13: the season. Right now mired in a deep slum. Devils

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Speaker 13: have been playing well sure enough at the Guard in

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Speaker 13: All New Jersey. Two goals in the first period, three

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Speaker 13: more in the second. Devils won five one. Jack Ughes

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Speaker 13: scored twice. They're twelve and five over the last seventeen games.

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Speaker 13: Rangers have lost six of their last seven. That's lost.

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Speaker 13: In Chicago won twenty eight one oh two. Josh Giddy

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Speaker 13: had a triple double for the Balls. Next in Orlando

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Speaker 13: tonight at the Garden Magic had the third best record

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Speaker 13: in the East. By the night Football in Denver, the Broncos,

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Speaker 13: with their third straight win, looking like they'll be an

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Speaker 13: AFC wildcard team. They outscored Cleveland forty one to thirty

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Speaker 13: two in defeat Browns QB. Jamis Winston threw for four

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Speaker 13: hundred and ninety seven yards four touchdowns, but also three interceptions,

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Speaker 13: including a game ceiling picked six under two of us

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Speaker 13: to place big of the quarterbacks, Jets coach Jeff Ulbrich

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Speaker 13: asked if his starter will continue to be Aaron Rodgers.

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Speaker 14: We have great belief heary, We really do, and we

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Speaker 14: think he gives us the best opportunity to win. After

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Speaker 14: assessing yesterday's game, I thought there was moments in the

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Speaker 14: first half where you saw Aaron Rodgers. I thought there

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Speaker 14: was moments even in the second half free sorry Rodgers.

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Speaker 14: And then there was moments that he didn't play to

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Speaker 14: his standard, and he tell you the same. So we

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Speaker 14: think he gives us. We believe that he gives us

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Speaker 14: the best opportunity to win. So he's our quarterback.

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Speaker 13: Rogers turned forty one yesterday, certainly has not played like

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Speaker 13: he did all those years in Green Bay. As for

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Speaker 13: the Giants, Sami DeVito said to be trending towards a

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Speaker 13: return to the lineup Sunday against New Orleans. He missed

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Speaker 13: the Thanksgiving game, but the Giants' best defensive player, Dexter

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Speaker 13: Lawrence done for the year dislocated elbow. The Saints of

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Speaker 13: lost Taysom Hill. The was a season an they knee injury.

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Speaker 13: Christian McCaffrey, the forty nine ers star, also done with

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Speaker 13: knee injury. He had missed the first eight games with

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Speaker 13: the Achilles. Long time Yankee Catrick Kyle Lagashioka, who played

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Speaker 13: last season in San Diego after being part of the

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Speaker 13: Wan Soto trade, has signed with Texas. Johns Stashower Bloomberg

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Speaker 13: Sports Kenyan.

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Speaker 15: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 15: and around the world on Bloomberg dot Com and the

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Speaker 15: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 15: Nathan Hager.

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Speaker 4: The French government could collapse as soon as tomorrow. Lawmakers

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Speaker 4: in Paris have scheduled a no confidence vote after Prime

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Speaker 4: Minister Michell Barnier forced through an unpopular budget through a

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Speaker 4: constitutional mechanism and without lawmaker approval. This crisis has sent

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Speaker 4: French bond yield soaring, and it's led to a warning

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Speaker 4: from Barnier of a storm in financial markets if.

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Speaker 2: He is forced out.

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Speaker 4: For the latest Rejoined from Paris by our bureau chief

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Speaker 4: in the French capital Bloomberg's Alan katz Alan Good Morning.

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Speaker 4: Start off by asking what got the French government to

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Speaker 4: this point, Why is Barnier's budget so unpopular?

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Speaker 5: Well, he was really given a bad hand to start,

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Speaker 5: or he took a bad hand to start. This all

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Speaker 5: came from President Emanuel and Maccoon's decision to dissolve parliament

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Speaker 5: back in June and holds snap elections, which resulted basically

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Speaker 5: in a parliament or lower House of Parliament that was

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Speaker 5: really divided sort of into three blocks. We have sort

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Speaker 5: of a far left block, a centrist block, which Donnie

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Speaker 5: came pista vary from the right edge of that Centri's block,

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Speaker 5: and then a far right group. And so Donnie never

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Speaker 5: had a And the big test for him, the big

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Speaker 5: thing he was really going to try to do that

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Speaker 5: was not always at all evident that was going to work,

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Speaker 5: was pushing through this budget. And at the end of

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Speaker 5: the day, there's a lot of sort of wrangling back

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Speaker 5: and forth and a lot of compromises. Actually the boundary

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Speaker 5: it made to try to get the far right on

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Speaker 5: board with his budget. There was one element that he

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Speaker 5: refused to agree to, which is about indexing retirement payments

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Speaker 5: to inflation and as a result they the right said,

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Speaker 5: the far right said that they would not support his

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Speaker 5: budget and it would file there no confidence motion. The

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Speaker 5: left as long said that they were going to vote

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Speaker 5: for a no confidence motion. And if you had the

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Speaker 5: two together, that means he's really almost certainly going to

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Speaker 5: be forced out tomorrow.

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Speaker 4: What happens then, if Michel Barnier is forced out, does

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Speaker 4: it just go to another formation of government by the

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Speaker 4: President Emmanuel Macron.

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Speaker 5: So it's actually quite a good question because in normal

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Speaker 5: parliamentary systems, a government that loses a no vote and

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Speaker 5: therefore falls as a result causes there to be new

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Speaker 5: parliamentary elections to try to get a new majority. In France,

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Speaker 5: the way the system works is that you can only

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Speaker 5: dissolve parliament and call a new vote a maximum of

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Speaker 5: once per year. So, because Emanuel MacCall dissolved parliament and

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Speaker 5: had this election last to the Jill, what the first

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Speaker 5: round is in June? The second round was actually the

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Speaker 5: first tick of July. There can't be another, Uh, you

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Speaker 5: can't disolve parliament again until July of twenty twenty five,

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Speaker 5: and so you're sort of stuck with the parliament that

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Speaker 5: you have so tomorrow night, if he loses this no

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Speaker 5: confidence vote, as people expect, he would actually stay in

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Speaker 5: office temporarily as a sort of a former but character sorry,

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Speaker 5: I guess there is a caretaker prime minister and with

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Speaker 5: a caretaker government, and that would stay in place until

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Speaker 5: MacCall the President names a new prime minister and government.

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Speaker 5: The difficulty is that a new government would be in

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Speaker 5: exactly the same situation that the Boalnier was in, which is

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Speaker 5: with no majority in Parliament because such a georgy it

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Speaker 5: really doesn't exist, and sort of trying to figure out

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Speaker 5: a way to cobble together enough support from enough different

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Speaker 5: parties to not lose the next confidence vote the next

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Speaker 5: time they try to pass the budget, because even if this,

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Speaker 5: if you lose this no confidence motion, the budget bill

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Speaker 5: gets rejected and it's really just a portion of the

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Speaker 5: budget bill to social security portion of the budget bill.

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Speaker 5: But nevertheless the budget bill gets rejected. But a future

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Speaker 5: government is going to have to pass the budget at

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Speaker 5: some point, and so we're going to run through the

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Speaker 5: same thing again. How quickly is really unknown.

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Speaker 4: At this point only thirty seconds left. Allan is President mccrawl.

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Speaker 5: At risk over this, so he cannot be forced to resign.

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Speaker 5: So the French presidency sort of functions like the American

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Speaker 5: presidency does. So he has he's elected for a fixed term.

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Speaker 5: It's five years in France that runs through early twenty

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Speaker 5: twenty seven. So there's some calls already. The left is

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Speaker 5: actually long called for mac call to resign. He certainly

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Speaker 5: can't be forced to do it. But the question becomes,

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Speaker 5: if let's say he names another government, and if that

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Speaker 5: government has lots of problems, will there will probably be

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Speaker 5: increasing calls for you know, okay, we need something to change,

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Speaker 5: and maybe that is in MacColl resigning. So he could,

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Speaker 5: in theory choose to do so, but no one can

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Speaker 5: force him to do so.

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