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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.

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Speaker 2: Karen, we begin with politics. President elect Donald Trump continues

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Speaker 2: moving quickly to fill in key positions for his second term.

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Speaker 2: Bloomberg News has learned Trump will appoint Marco Rubio as

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Speaker 2: Secretary of State and Florida Representative Mike Waltz as National

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Speaker 2: Security Advisor. Both men have track records of harshly criticizing China.

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Speaker 2: We get more from Bloomberg Senior editor Bill Ferries.

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Speaker 3: Mike Waltz, He's a Congressman from Florida, former Green Beret

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Speaker 3: and veteran of the Afghan War. Definitely a hawk on

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Speaker 3: things like China and US military policy and places like

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Speaker 3: the Middle East. Then you have Marco Rubio is well

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Speaker 3: known on foreign and foreign policy circles for his focus

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Speaker 3: on Latin America places like Venezuela and q partly because

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Speaker 3: he's from Miami, but he is very much a hawk

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Speaker 3: on China as well.

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Speaker 2: Bloomberg's Bill Ferry says Trump's picks give some indication of

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Speaker 2: the direction his next term will take. After the Republican

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Speaker 2: campaigned on threats to impose a sixty percent blanket tariff

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Speaker 2: on Chinese products. Stocks in China dropped one percent. Hong

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Speaker 2: Kong's Hang Saying slipped almost three percent following that. News

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Speaker 2: of Trump's appointments.

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Speaker 1: Well Nathan, the president elect is also tapping a loyalist

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Speaker 1: to fill out his team focused on securing the border

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Speaker 1: and carrying out a mass deportation. CNN is reporting Trump

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Speaker 1: will name South Dakota Governor Christy nom to lead the

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Speaker 1: Department of Homeland Security. Nom will join Trump's borders are

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Speaker 1: Tom Homan, an immigration hardliner, Stephen Miller when he takes

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Speaker 1: office in January. Unlike those positions, no one would needs

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Speaker 1: Senate confirmation to take over Homeland Security.

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Speaker 2: Well, one person who won't be joining Trump for a

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Speaker 2: second term, Karen, is one of his sons. Bloomberg News

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Speaker 2: has learned Donald Trump Junior is joining seventeen eighty nine Capital.

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Speaker 2: That's a venture capital firm that invests in conservative leaning companies.

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Speaker 2: The younger Trump has played an active role in his

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Speaker 2: father's latest presidential campaign and White House transition.

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Speaker 1: Well Nathan Trump has picked several loyalists from Capitol Hill

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Speaker 1: to fill out his Cabinet that threatens to cut into

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Speaker 1: Republican's razor thin majority in the House, but the GOP

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Speaker 1: is still on track to hold on to Congress once

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Speaker 1: all the votes are counted. As of now, the Associated

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Speaker 1: Press is called two hundred fourteen House races for Republicans

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Speaker 1: and two hundred five for Democrats. It takes two hundred

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Speaker 1: eighteen to win. Bloomberg's Derek Wallbank is watching the races closely.

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Speaker 4: On the House side, you are looking at a payper

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Speaker 4: thin majority. No matter how much it shapes up. It

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Speaker 4: looks at this point like Republicans are going to hold

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Speaker 4: the House. My guess right now, if I were counting

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Speaker 4: it up, would be somewhere around two hundred and twenty

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Speaker 4: two seats. The majority is at two one eight, so

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Speaker 4: that's not too much of a distance.

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Speaker 1: And Bloomberg's Derek Wallbank a two hundred and fifteen seat,

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Speaker 1: is close to joining the GOP. In Colorado, freshman Democrat

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Speaker 1: Yadira Caraveo conceded that race on Sunday, and Republicans will

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Speaker 1: win a two hundred and sixteenth seat. In Washington, where

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Speaker 1: GOP candidates are running against each other, that would leave

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Speaker 1: fourteen races still undecided.

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Speaker 2: Meantime, caring the last race that was left to be

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Speaker 2: called in the Senate is complete. Democrat Reuben Diego defeated

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Speaker 2: Republican Kerrie Lake for an open seat in Arizona. That

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Speaker 2: puts the final Senate count at fifty three Republicans and

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Speaker 2: forty seven Democrats.

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Speaker 1: Well, Nathan, Bitcoin's record breaking rally since Trump was re

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Speaker 1: elected is in full swing. The digital asset has surged

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Speaker 1: past eighty nine thousand dollars. Mike mcgloone covers commodities for

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Speaker 1: Bloomberg Intelligence.

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Speaker 5: The world changed last Tuesday, and it's almost a perfect

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Speaker 5: storm for bitcoin. So think of all the anti bitcoin

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Speaker 5: regulation and pushback from the previous administration and Gary Gensler

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Speaker 5: that's completely flipped.

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Speaker 1: Bloomberg Intelligence is Mike McLoone says Bitcoin has jumped about

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Speaker 1: thirty two percent since the election a week ago, and

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Speaker 1: checking Bitcoin right now, it is at eighty seven four

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Speaker 1: hundred dollars.

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Speaker 2: And we're continuing to watch Tesla's shares as well, Karen.

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Speaker 2: After they climbed nine percent yesterday in the pre market,

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Speaker 2: they're now down about five and a half percent. Tesla's

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Speaker 2: rallied more than forty percent over the past five sessions,

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Speaker 2: and Wedbush analyst Dan Ives has raised his price target

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Speaker 2: on the ev maker from three hundred to four hundred dollars.

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Speaker 2: The stock is trading near three hundred and thirty dollars

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Speaker 2: this morning.

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Speaker 1: Well. As for the overall markets here Nathan futures are lower.

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Speaker 1: After another winning day on Wall Street, however, we did

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Speaker 1: see a stock rotation. Most big tech stocks fell, while

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Speaker 1: small caps stock rallied. Matt Michigan, co chief investment strategist

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Speaker 1: at John Hancock Investment Management says the markets are pretty

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Speaker 1: richly valued.

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Speaker 6: The fundamentals are okay, don't get me wrong. I mean,

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Speaker 6: earnings are up about five six percent here in Q three,

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Speaker 6: and the economy is holding in pretty well. But this

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Speaker 6: to us is getting rich, and the pe ratio and

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Speaker 6: the S and P five hundred proaching up on twenty

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Speaker 6: two times twenty seven times on a trailing basis is

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Speaker 6: we're really looking at kind of tech buble type valuations

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Speaker 6: and it's going to be hard for fundamentals to come

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Speaker 6: in and deliver given how much good news is really

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Speaker 6: priced into these markets.

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Speaker 1: John Hancock Investment Management's Matt Michigan noted the S and

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Speaker 1: P five hundred is up almost four percent since the election.

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Speaker 2: And earnings continue this morning. Karen Home Depot is set

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Speaker 2: to report before the opening bell. We get a preview

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Speaker 2: from Bloomberg's Tom Busby. Same source.

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Speaker 7: Sales at Home Depot expected to continue to dip a

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Speaker 7: little lower, reflection of the uneven US housing market and

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Speaker 7: rising prices. Investors, of course, want to know what the

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Speaker 7: change outlook is on housing and whether hurricane related demand

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Speaker 7: could boost sales. Also of interest any ships and consumer spending,

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Speaker 7: and the impact of potential tariffs from the incoming Trump administration.

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Speaker 7: Bloomberg consensus calls for COMP sales to be down three

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Speaker 7: point twenty seven percent, revenues forecast to be thirty nine

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Speaker 7: point two nine billion, adjusted earnings per share of three

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Speaker 7: dollars in sixty six cents. Tom Busby Bloomberg.

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Speaker 1: Radio, All right, Tom, thanks well. In Asia shares a

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Speaker 1: Nissan searched almost thirteen percent. The rally comes after an

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Speaker 1: activist investor took a two and a half percent stake

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Speaker 1: in the in battle Japanese automaker. The jump in shares

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Speaker 1: comes after Nissan plunged last week after the carmaker announced

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Speaker 1: plans to slash jobs and cup production capacity, and lowered

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Speaker 1: its operating income forecast by seventy percent. Time now for

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

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

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Speaker 1: we're joined by Bloomberg's John Tucker, John, Good morning.

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Speaker 8: And Good morning Karen. Presidentlect Donald Trump has selected former

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Speaker 8: New York Congressman Lee Zelden to lead the Environmental Protection

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Speaker 8: Agency the story this morning. In this report from Bloomberg's

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Speaker 8: Charlie Pellett.

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Speaker 9: It places the Long Island Republican in charge of the

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Speaker 9: president's plans to boost energy production and curb regulations. In

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Speaker 9: a social media post, Zelden said he would work to

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Speaker 9: quote restore US energy dominance, revitalize our auto industry, to

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Speaker 9: bring back American jobs, and make the US the global

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Speaker 9: leader of AI. Zeldin's portfolio is expected to include ending

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Speaker 9: the Biden administration's pause on constructing new natural gas export

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Speaker 9: terminals and redrawing national monument boundaries to permit mining and

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Speaker 9: development in New York. Charlie Pellet Bloomberg Radio.

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Speaker 8: President Joe Biden's administration is setting out plans for the

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Speaker 8: US to triple nuclear power capacity by twenty fifty under

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Speaker 8: roadmapping unveiled today, the US would deploy an additional two

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Speaker 8: hundred gigawatts of nuclear energy capacity by mid century through

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Speaker 8: the construction of new reactors, plant restarts, and upgrades to

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Speaker 8: existing facilities. The strategies one that could win continued support

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Speaker 8: under President at Donald Trump, who called for new nuclear

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Speaker 8: reactors on the campaign trail. World leaders aren't converging today

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Speaker 8: at the UN Annual Climate Conference in Azerbaijan. Though the

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Speaker 8: big names and powerful countries are noticeably absent. The top

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Speaker 8: leaders of the thirteen largest carbon diox at poluting countries

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Speaker 8: will not appear. Still, there is progress, climbent negotiators and

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Speaker 8: near creating the first ever global carbon market. And Palestinian

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Speaker 8: medical officials say two Israeli strikes in Gaza killed at

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Speaker 8: least fourteen people, including two children and a woman. The

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Speaker 8: deaths came as eight international aid groups sandy in a

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Speaker 8: report today that Israel has failed to meet US demands

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Speaker 8: that allow greater humanitarian access to the Gaza's trip Global

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Speaker 8: news twenty four hours a day and whatever you wanted

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Speaker 8: with Bloomberg News. Now, I'm John Tucker and this is

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Speaker 8: Bloomberg Karen and Nathan.

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Speaker 1: Great John, thank you time now for the Bloomberg Sports Update,

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Speaker 1: brought to you by Tri State OUTI. Here's Dan Schwartzman, Dan,

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Speaker 1: good morning.

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Speaker 10: Good morning, Karen. Week ten, the NFL season coming to

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Speaker 10: an end. The Dolphin snapping is three game losing Street

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Speaker 10: Gate twenty three to fifteen win on the road of

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Speaker 10: the Los Angeles Rams Protection.

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Speaker 4: Breaks down Ton de Baila looking.

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Speaker 11: For somewhere why open his model.

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Speaker 2: And a big play on third and thirteen.

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Speaker 10: That's Cursey of ABC two, a tag of Iloa, completing

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Speaker 10: twenty of twenty eight passes or just over two hundred

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Speaker 10: yards with the touchdowns and an interceptions. Dolphins improved to

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Speaker 10: three and six on the season, Rams falling to four

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Speaker 10: and five. Baseball announcing its awards finalists with no surprises.

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Speaker 10: Dodger star Shoe Otani and Yankee slugger Aaron Judge leading

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Speaker 10: the MVP picks in their respective leagues. Otani joined in

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Speaker 10: the National League by Francisco lindor the Mets, and Kettle

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Speaker 10: Marte of the Diamondbacks.

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Speaker 2: On the American League.

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Speaker 10: Yankee star Juan Soto and Bobby Wood Junior of the

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Speaker 10: Kansas City Royals are finalists alongside Judge. Chris Sales, Zach

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Speaker 10: Wheeler and Pirates rookie Paul Skeins are.

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Speaker 2: Nlciung Award finalists.

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Speaker 10: On the al Tarek Scuball, Seth Lugo and Emmanuel Class

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Speaker 10: are the finalists. In the NBA. The Cleveland Cavaliers are

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Speaker 10: just the eighth team to start a season twelve and

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Speaker 10: zero after knocking off the Bulls one nineteen to one

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Speaker 10: thirteen behind thirty six points from Donovan Mitchell.

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Speaker 2: Elsewhere, the Thunder.

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Speaker 10: Now nine and two OKC knocking off the Clippers one

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Speaker 10: thirty four to one twenty eight. Net's slipping past the

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Speaker 10: Pelicans one oh seven to one oh five, while the

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Speaker 10: Wizards lose at the Rockets one oh seven to ninety two.

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Speaker 10: Nake's in action tonight on the road versus the seventy

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Speaker 10: six or Celtics are hosting the Hawks a battle of

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Speaker 10: Juggernauts Tonight. In the NHL, Rangers are hosting the fourteen

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Speaker 10: and one Winnipeg Jets. Meanwhile, Bruins are at the Blues

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Speaker 10: Devils visiting the Panthers, while the Edmonton Oilers are hosting

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Speaker 10: the Islanders. That's your Bloomberg Sports update on Dan Schwartzman,

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Speaker 10: Karen and Nathan.

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Speaker 11: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak. Good morning. I'm

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Speaker 11: Nathan Hager. President to like.

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Speaker 2: Donald Trump may be signaling a much tougher approach to

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Speaker 2: foreign policy with his latest cabinet picks. He is set

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Speaker 2: to name Florida Senator Marco Rubio Secretary of State. Rubio

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Speaker 2: has made no secret about what he considers the greatest

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Speaker 2: threat to the US.

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Speaker 7: China today is the single most formidable adversary the United

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Speaker 7: States has ever faced. Soviet Union was not an industrial power,

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Speaker 7: technological power, commercial power.

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Speaker 2: I was Senator Rubio speaking on Capitol Hill nearly two

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Speaker 2: years ago. This morning. Were joined by Bloomberg's Kevin Whitelaw Kevin,

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Speaker 2: Good Morning. China. Hawkishness was a hallmark of the first

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Speaker 2: Trump administration. Is it going to be? And then some

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Speaker 2: this time around? Good morning, Good morning.

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Speaker 1: You know.

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Speaker 12: I do think that we all expected that he was

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Speaker 12: going to come in to his his second terament, be

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Speaker 12: very very aggressive when it comes to China, particularly on trade.

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Speaker 12: And I think that that you're starting to see that

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Speaker 12: that that's playing out in his picks. Obviously, the Marco

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Speaker 12: Rubio pick doesn't seem entirely final, but it is what

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Speaker 12: we're expecting at this point, and that that that's a

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Speaker 12: hallmark of where Rubio has been. Interestingly, Rubio's actually someone

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Speaker 12: who's been a Ukraine supporter as well, so that made

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Speaker 12: it a little outside the box from from that perspective,

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Speaker 12: given where Trump's Ryderick has been on Ukraine, I think,

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Speaker 12: but I think for for for the China side, and

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Speaker 12: also now if you look at some of the other

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Speaker 12: picks for you know, for the immediate names Israel, I

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Speaker 12: think also would have to be feeling very good about

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Speaker 12: the voices that they're seeing coming into to shape for

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Speaker 12: the cabinet.

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Speaker 2: Is a lot of Wall Street listeners are waiting to

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Speaker 2: hear what former president now President elect Trump is thinking

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Speaker 2: in terms of tariffs. He's campaigned on sixty percent across

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Speaker 2: the board tariffs on China. Does Rubio's appointment signal anything there?

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Speaker 12: You know, Ultimately, the Secretary of State isn't normally the

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Speaker 12: main sort of sort of voice on that, So I

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Speaker 12: think I want to wait and sort of see where

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Speaker 12: we're going to get sort of Treasury Secretary, US Trade

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Speaker 12: Rep some of the you know, commerce some of the

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Speaker 12: other sort of more economic things, but obviously Secretary States

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Speaker 12: of Voice there.

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Speaker 11: Uh.

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Speaker 12: Ruby is not someone who's sort of been been hardcore

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Speaker 12: on tariffs. But I do think that he'll be part.

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Speaker 12: He'll he'll he'll understand that he has to go along

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Speaker 12: with what the broad uh the push for for for

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Speaker 12: the for for the White House is on this. I

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Speaker 12: think when it comes to where we're expecting that should go,

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Speaker 12: be a little careful about what any specific numbers are.

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Speaker 12: I think the idea here is to take Trump seriously

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Speaker 12: and not literally. Don't We'll have to see where he

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Speaker 12: ends up, and the starting point may be more of

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Speaker 12: a negotiating position than necessarily the end point. So he's

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Speaker 12: going to want to make a splash early on. But

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Speaker 12: that that as to as to what kind of a

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Speaker 12: splash and where that actually ends up landing, We'll have

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Speaker 12: to see how it settles out.

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Speaker 2: Rubio's appointment is another pick out of Capitol Hill. He's

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Speaker 2: named Congresswoman Elist Staphonic as U n Ambassador, Florida Congressman

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Speaker 2: Mike Waltz as National Security Advisor. Does that signal confidence

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Speaker 2: from the president elect that Republicans are going to hold

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Speaker 2: onto their majorities and that he's going to win quick

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Speaker 2: confirmation for some of these picks.

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Speaker 12: I mean, I do think it's interesting. I think in

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Speaker 12: some ways the picks are probably a little more traditional,

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Speaker 12: isn't maybe exactly what I think, But they're not perhaps

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Speaker 12: assort far out of the mainstream as some Democrats and

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Speaker 12: critics may have feared he would go, so, at least

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Speaker 12: from an early start, this does at least signal these

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Speaker 12: are folks who have won elections and are are part

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Speaker 12: of a little more in the mainstream parties. So there's

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Speaker 12: probably a little bit of relief even within the Republican

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Speaker 12: Party about some of these early choices. But it does

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Speaker 12: raise some challenging questions potentially for that control of the House,

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Speaker 12: particularly if it's really really slim. He's obviously picking people

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Speaker 12: who are in reasonably safe districts, but there may be

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Speaker 12: some sort of hiccups along the way depending on where

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Speaker 12: the actual uh sort of line ends up with in

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Speaker 12: control of the House, it is looking like Republicans will

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Speaker 12: probably hold on, but that margin could be uncomfortably slim,

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Speaker 12: particularly if he's to pick off a few people for

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Speaker 12: his cabinet.

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Speaker 2: Now our last minute, Kevin, one choice he's not making

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Speaker 2: from Capitol Hill is South Dakota Governor Christy nom for

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Speaker 2: Homeland Security, adding to his border security team.

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Speaker 12: Yeah, that's right. I mean, she'll she'll come in in

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Speaker 12: the position of having to be part of the sort

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Speaker 12: of deportation pledge that that Trump has made for for

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Speaker 12: for undocumented immigrants. And you know, obviously South Dakota isn't

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Speaker 12: normally what you think of as a border state, so

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Speaker 12: her level of experience on some of these issues is

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Speaker 12: not exactly what you might have assumed. But she's been

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Speaker 12: a tough talker on these issues. She's she's had a

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Speaker 12: strong stance on it, and I think that she she

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Speaker 12: did move to back Trump very early on.

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