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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 the latest on President ELEC. Donald

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Speaker 2: Trump's cabinet picks. Hedge fund chief Scott Bessant is his

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Speaker 2: nominee to become the next Treasury secretary.

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Speaker 3: We get more from Bloomberg's Doug Prisner.

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Speaker 4: Bessant runs the macro hedge fund Key Square Group, and

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Speaker 4: he has deep familiarity with global financial systems and currency markets.

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Speaker 4: Many of Besson's views are well known, particularly his three

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Speaker 4: three three policy cutting the budget deficit to three percent

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Speaker 4: of GDP by twenty twenty eight, spurring GDP growth of

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Speaker 4: three percent through deregulation and producing an additional three million

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Speaker 4: barrels of US crude oil per day. He's also talked

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Speaker 4: about a phased end approach to tariffs and extending Trump's

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Speaker 4: tax cuts in New York. I'm Doug Prisner, Bloomberg Radio.

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Speaker 1: All Right, Doug, thanks with a market reaction to Donald

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Speaker 1: Trump's pick of Scott Besson for Treasury secretary has been

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Speaker 1: a positive one.

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Speaker 5: Stocks and treasuries are rising.

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Speaker 1: And currencies around the world are gaining against the dollar.

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Speaker 1: As Bloomberg's Kevin Whitelaw reports, investors believe the best in

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Speaker 1: choice will inject more stability into the economy and financial markets.

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Speaker 6: As a hedge fund manager, he's sort of deep in

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Speaker 6: that sort of Wall Street world and has a pretty

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Speaker 6: good reputation among his colleagues for someone who understands how

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Speaker 6: markets work. And so I do think that there is

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Speaker 6: a pretty big sigh of relief from investors to say,

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Speaker 6: at least there's going to be, you know, someone in

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Speaker 6: the room who can speak for the markets. And the

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Speaker 6: pick also suggests that Trump is eager to find ways

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Speaker 6: to make sure that the markets approve of what he's doing.

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Speaker 1: Bloomberg's Kevin Whitelaw adds that Besson has called for a

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Speaker 1: gradual approach to implementing trade restrictions and has appeared open

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Speaker 1: to negotiating on the exact size of tariffs. Well.

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Speaker 2: Karen Bested himself says he's going to focus on following

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Speaker 2: through on Trump's tax cut in tariff pledges once he

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Speaker 2: takes office. The hedge fund manager tells the Wall Street Journal,

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Speaker 2: putting tariffs in place and reducing spending will also be

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Speaker 2: a focus.

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Speaker 1: Scott Besson at Treasury was part of a flurry of

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Speaker 1: cabinet announcement to end the week. Nathan the president elect

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Speaker 1: named Oregon Congressman Laurie Chavez de Riemer as Labor Secretary.

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Speaker 1: Former NFL player Scott Turner is his choice to lead

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Speaker 1: the deperman of Housing and Urban Development. Marty McCarey is

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Speaker 1: getting the nod to leave the Food and Drug Administration.

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Speaker 1: Dave Weldon is Trump's pick to direct the Centers for

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Speaker 1: Disease Control, and Fox News contributor Jeanette Najawat is in

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Speaker 1: line to be the next Surgeon General Well Karen.

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Speaker 2: Some of Trump's other cabinet picks could be in line

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Speaker 2: for tough scrutiny on Capitol Hill. Republican Senator James Langford

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Speaker 2: says he has questions about his Director of National Intelligence,

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Speaker 2: Telsey Gabbart.

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Speaker 3: She met with Mishiro Sad. We'll want to know what

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Speaker 3: the purpose was and what the direction for that was.

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Speaker 7: As a member of Congress, will want to get a

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Speaker 7: chance to talk about past comments.

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Speaker 8: That she's made and get them into full context.

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Speaker 2: Senator Langford appeared on CNN's State of the Union. Democratic

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Speaker 2: Senator Tammy Duckworth says she's concerned about Defense Secretary Designate

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Speaker 2: Pete Hegsett's view that women should not serve in combat

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Speaker 2: piece is flat out wrong.

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Speaker 8: Our military could not go to war without the women

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Speaker 8: who were at this uniform, and frankly, America's daughters are

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Speaker 8: just as capable of defending liberty and freedom as her sons.

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Speaker 2: Senator Duckworth is a wlmptee from her service in the

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Speaker 2: war in Iraq. She appeared on CBS's Face the Nation

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Speaker 2: Heard Sundays on Bloomberg.

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Speaker 1: Radio Nathan while the incoming Trump administration staffs up that

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Speaker 1: Biden administrations trying to clinch a ceasefire in the Middle

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Speaker 1: East before it leaves office.

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Speaker 5: Now. Israel's ambassador to the.

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Speaker 1: US says his country is close to an agreement with

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Speaker 1: Hezbola and Lebanon. Michael Herzog told Israel's Army Radio it

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Speaker 1: could happen within days. It's unclear whether Hesbelo would accept

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Speaker 1: a deal. The AROUND backed militant group fired at least

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Speaker 1: two hundred and fifty rockets and drones into Israel yesterday alone.

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Speaker 1: White House Middle East Envoy Almos Hogstein was in Lebanon

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Speaker 1: and Israel last week on another round of Shuttle diplomacy.

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Speaker 2: Turin the markets now, Karen, As we mentioned, stock futures

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Speaker 2: are higher, fueled by President Elect Trump's of Scott Bessen

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Speaker 2: to the choice there as.

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Speaker 3: The next Treasury Secretary. Natti A.

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Speaker 2: Levell, senior US equity strategist for Global Wealth Management at UBS,

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Speaker 2: says the environment remains positive for stocks.

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Speaker 5: You have a.

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Speaker 9: Change in of the guard in terms of the government

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Speaker 9: with the red sweep. There is some uncertainty around government

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Speaker 9: policy and the risks that it could post to markets,

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Speaker 9: but fundamentally, the economy still remains quite strong. We have

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Speaker 9: in the economy that's grown above trend two and a

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Speaker 9: half percent pasting in the current quarter. Consumer that's so strong,

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Speaker 9: and a fact that's also now reducing interest rates, and

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Speaker 9: now all of that should be supportive to the market.

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Speaker 2: UBS is Natty A level expects the S and P

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Speaker 2: five hundred to hit sixty six hundred by the end

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Speaker 2: of twenty twenty five.

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Speaker 3: That's a more than ten percent gain from current levels.

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Speaker 1: Well, Nathan wall Street is looking at a holiday shortened

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Speaker 1: trading week, with several tech companies and retailers scheduled to report,

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Speaker 1: we get a preview with Bloomberg's Charlie Pillard.

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Speaker 8: The S and P five hundred index begins the week

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Speaker 8: close to a record A strategists release their forecast for

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Speaker 8: twenty twenty five and Phil Orlandos, chief equity market strategists

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Speaker 8: at Federated Armies.

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Speaker 10: Ultimately share prices reflect stronger earnings and we could see

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Speaker 10: the S and P five hundred, you know, from six thousand. Now,

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Speaker 10: let's call it up into the seventy five hundred neighborhood

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Speaker 10: as we look out over the next couple of years.

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Speaker 8: This week's tech earnings reports include crowd Strike, HPNC, and

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Speaker 8: Dell Technologies. Among retailers, best Buy and Macy's will provide

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Speaker 8: further insight into the health of US consumers in New

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Speaker 8: York Charlie Pellett Bloomberg Radio, Thank.

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Speaker 3: You, Charlie.

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Speaker 2: And in Europe, UniCredit has made a ten point six

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Speaker 2: billion dollar all share bid for domestic rival Bunco BPM.

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Speaker 2: The acquisition would make UniCredit Italy's largest lender by total assets.

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Speaker 2: The offer comes during the lull in Unicredits efforts to

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Speaker 2: by its German rival, Commerce Bank, which faces stiff opposition

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Speaker 2: from the government In Berlin.

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Speaker 1: It is time now for a look at so many

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Speaker 1: of their stories making news in New York and around

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Speaker 1: the world, and for that we're joined by Bloomberg's John Tucker.

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Speaker 5: John, Good morning, Yeah, Good.

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Speaker 7: Morning, Karen. The International Climate Summit has ended. After a

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Speaker 7: bitter fight, there is a deal on climate finance. I's

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Speaker 7: goid more this morning. In this report from Bloomberg's Genis Cervetti.

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Speaker 11: Nearly two hundred countries agreed to triple the amount of

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Speaker 11: money available to help developing countries confront rapidly warming temperatures.

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Speaker 11: But the deal reached at the close of the two

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Speaker 11: week COP twenty nine summit in Azerbaijan, resulted from fractious

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Speaker 11: and at times openly hostile negotiations, producing an agreement that

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Speaker 11: even its supporters may see as insufficient and disappointing. Rich

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Speaker 11: countries have pledged to provide at least three hundred billion

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Speaker 11: annually by twenty thirty five through a wide variety of sources,

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Speaker 11: including public finance as well as bilateral and multilateral deals.

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Speaker 11: Genus Cervetti Bloomberg Radio.

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Speaker 7: Hearing is said today for the Menendez brothers as they

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Speaker 7: try to convince a court to let them go free

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Speaker 7: thirty five years after they've murdered their parents, going in

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Speaker 7: front of a judge for the first time in their

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Speaker 7: new attempt to go free. The Menandez brothers are expected

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Speaker 7: to attend today's hearing, but remotely from prison. The brothers

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Speaker 7: claimed they should go free because they've been model prisoners,

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Speaker 7: and in a separate argument, they claimed there's new evidence

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Speaker 7: that their convictions should be vacated. A little known pro

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Speaker 7: Russian candidate was sent to win the first round of

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Speaker 7: Romania's presidential election after an unprecedented backlash against establishment candidates.

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Speaker 7: Caylin Georgescu, who ran as an independent and promoted himself

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Speaker 7: on TikTok, secured twenty three percent of the vote. The

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Speaker 7: result amounts to a sharp repudiation of established parties in

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Speaker 7: the Eastern European Union and NATO member state. The United

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Speaker 7: Nations says the deadliest place for women is at home,

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Speaker 7: and one hundred and forty women and girls on average

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Speaker 7: were killed by an intimate partner or family member per

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Speaker 7: day last year. The report released today on the International

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Speaker 7: Day for the Elimination of Violence against Women. So the

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Speaker 7: increase was largely the result of more data available. If

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Speaker 7: the game show Giant has died.

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Speaker 12: Good morning, Toddy, all Welcome to Wheel of Fortson.

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Speaker 7: Chuck Wilry was eighty three. His decades long career included

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Speaker 7: hosting Love Connections, Scrabble, even taking his spinet Wheel of

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Speaker 7: Fortune in nineteen seventy, five years before Pat and Vanna.

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Speaker 7: Later in life, he hosted a right wing podcast, Global

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Speaker 7: News twenty four hours a day and Whatever you wanted

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Speaker 7: with Bloomberg News. Now, I'm John Tucker, and this is Bloomberg.

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Speaker 3: Karen.

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Speaker 5: All right, John Tucker, thank you.

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Speaker 1: Time now for the Bloomberg Sports Update, brought to you

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Speaker 1: by Tri State Outy.

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Speaker 5: Here's John stash Hour.

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Speaker 13: John, Good morning, Good morning Karen. For the Giants, things

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Speaker 13: have gone from bad to worse. Welcomed into MetLife Tampa Bay,

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Speaker 13: who had lost its last four. By halftime, the Bucks

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Speaker 13: led twenty three to nothing, had two hundred and forty

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Speaker 13: five more yards of offense. The final was thirty to seven.

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Speaker 13: The quarterbacks switched to Tommy DeVito. Hardly matter, not with

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Speaker 13: the way the Giants defense played. Giants are two and nine.

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Speaker 13: They've lost six in a ro o, their h one

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Speaker 13: sixth at home. He coaches Brian day Ball.

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Speaker 14: You know get down twenty three and nothing, no changes

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Speaker 14: a complexion of the game. Some had a good drive

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Speaker 14: coming out of half turned the football over, So just

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Speaker 14: just not good enough and that all starts with me.

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Speaker 13: The way things are going, Honor, John Marray is gonna

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Speaker 13: have to at least consider firing day Ball, who two

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Speaker 13: years ago as Coach of the Year. Mara famously said

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Speaker 13: that if Saquon Barkley leaves the Giants and signs with Philadelphia,

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Speaker 13: he'll have a hard time sleeping. How'd his sleep go

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Speaker 13: last night? After the Giants tobacco, Barkley rushed for two

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Speaker 13: hundred and fifty five yards. The Eagles won their seventh

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Speaker 13: in a row, thirty seven to twenty all over the

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Speaker 13: Rams and Washington Wild fourth quarter with Dallas Commanders had

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Speaker 13: an eighty six yard touchdown with twenty one seconds left,

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Speaker 13: just needed the extra.

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Speaker 3: Point for overtime.

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Speaker 8: Cyberc's got to have butterflies here for the tie blow snap.

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Speaker 5: It is good for the last sessial teams history. Dous

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Speaker 5: A thirteen.

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Speaker 3: Furnish FOP Sports.

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Speaker 13: They missed three kicks and had two kickoffs returned for

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Speaker 13: a touchdown, Alice doing it after an on side kick

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Speaker 13: at Tampa Cowboys one thirty four to twenty six to

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Speaker 13: end of five game losing three. Then that's one. In

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Speaker 13: Sacramento one o eight to one oh three. Geno Thitko,

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Speaker 13: the twenty one year old from Thailand, rallied late to

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Speaker 13: win the women's golf in Naples, Florida. She won the

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Speaker 13: historically large first place prize of four million dollars. John

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Speaker 13: Stashie were Bloomberg Sports County.

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Speaker 15: Nathan 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.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Investors

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Speaker 2: appear to be cheering President of like Donald Trump's choice

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Speaker 2: of Scott Bessant to lead the Treasury Department. Patrick Armstrong,

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Speaker 2: Chief Investment Officer Plorimiwald, says Trump could have gone in

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Speaker 2: a much different direction.

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Speaker 10: It could have been somebody who was very pro tariffs,

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Speaker 10: very much cutting town, but no offsetting fiscal discipline. And

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Speaker 10: those are the worries that Wall Street had.

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Speaker 2: Patrick Armstrong of Plury Me Wealth spoke on Bloomberg Television

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Speaker 2: this morning and joining us now is Bloomberg News Senior

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Speaker 2: editor Bill Ferries. So, Bill is Scott Bessant, the Key

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Speaker 2: Square Group founder, seen as the market safe choice compared

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Speaker 2: to what President Electrump could have done.

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Speaker 3: Good morning, Hey, good morning, Nathan.

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Speaker 5: Yeah. I think so.

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Speaker 12: I mean, when you look at the whole panopoly of

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Speaker 12: people that President elect Trump has chosen for his cabinet,

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Speaker 12: there are some that have much more unconventional backgrounds. Scott

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Speaker 12: Bessant is not one of those. You know, he was

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Speaker 12: a chief investment officer for the George Soros, one of

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Speaker 12: George Soros's funds. He's been running the macro hedge fund

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Speaker 12: Key Square Group.

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Speaker 8: Listen.

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Speaker 12: He's someone who has both feet firmly planted in Wall Street.

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Speaker 12: He's a known quantity on the street. He has international connections,

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Speaker 12: and he was also a big supporter of President Electrum

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Speaker 12: throughout the campaign and so speaks to those issues that

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Speaker 12: Trump has said he cares about.

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Speaker 3: But he's not an unknown quantity.

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Speaker 12: And I think there was some concerns, is this process

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Speaker 12: dragged out over the last two weeks, that.

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Speaker 8: There might be a wild card thrown into the mix.

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Speaker 12: In the end, Trump came back to I think what

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Speaker 12: was his first instinct the guy who's been helping him

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Speaker 12: with his economic agenda all along during this campaign.

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Speaker 2: So what can we expect from Scott Bessett when it

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Speaker 2: comes to implementing the economic agenda that President Elect Trump

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Speaker 2: had talked about so much on Capitol Hill, particularly when

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Speaker 2: it comes to tariffs.

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Speaker 12: Well, so he is, you know, he's been a supporter

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Speaker 12: of tariffs, but you know the way. I think it's

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Speaker 12: the way he's talked about them that has eased some

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Speaker 12: of the concern and markets. You know, he talked about

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Speaker 12: he's talked about the sixty percent tariffs on China as

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Speaker 12: being kind of a maximalist position. So when you describe,

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Speaker 12: when you describe it that way, people start to see

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Speaker 12: a little bit more room for negotiation.

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Speaker 8: I think there's this.

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Speaker 12: Feeling that tariffs will be a tool for leverage over

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Speaker 12: other countries, whether they're allies or rivals like China, but

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Speaker 12: that there, you know, there is potentially room.

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Speaker 8: To make a deal here.

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Speaker 12: And that's so I think the market reaction. We've seen currencies,

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Speaker 12: a lot of currencies around the world gaining against the

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Speaker 12: dollar today. I think all of that is a reflection

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Speaker 12: that this is someone you can do business with.

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Speaker 2: Is this a reflection as well, Bill about potential limits

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Speaker 2: to Elon Musk's influence over President elect Trump. I mean,

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Speaker 2: he very publicly went for Howard Lutnick for this role.

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Speaker 2: Of course, Lutnick will ended up going to the Commerce Department.

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Speaker 12: Yeah, I mean I think, listen, Donald Trump, in the

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Speaker 12: end takes Donald Trump's advice more than anyone else's. I think, yeah,

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Speaker 12: there was a push not just by Elon muss but

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Speaker 12: some by some other Trump supporters to go with Lutnick.

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Speaker 12: He was kind of a late arrival, uh to the

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Speaker 12: the Treasury debate, and that kind of sparked this this

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Speaker 12: more almost two week delay really in uh in Trump

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Speaker 12: arriving at a candidate. But yeah, and I think, listen,

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Speaker 12: I think it also speaks to the importance of the

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Speaker 12: Treasury pick to a person like Donald Trump. I mean,

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Speaker 12: he's a New Yorker, He's been around Wall Street his

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Speaker 12: whole life. He did not want to make a choice

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Speaker 12: that resulted in a bad day for the markets. So

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Speaker 12: I think, you know, he was hearing from a lot

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Speaker 12: of people who said, you know, this guy has a

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Speaker 12: lot of credibility with us, and will uh you know,

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Speaker 12: I think that's that's the reaction the President elect has

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Speaker 12: seen today. But yes, I do think it you know,

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Speaker 12: in the end, it shows that Donald Trump really does

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Speaker 12: make his own decisions, particularly on these these appointments that

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Speaker 12: are so important to him.

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Speaker 2: So in our last minute bill, how can we expect

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Speaker 2: Scott Besson to lead TREY differently than Trump's first Treasury

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Speaker 2: Secretary Steve mnushin dead Well.

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Speaker 12: I think you know, you're going to see perhaps a

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Speaker 12: little less pushback by Scott Bessent than than you saw

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Speaker 12: by Steve Mnuchin. I think, you know, Besson is a

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Speaker 12: little more in tune with some of Trump's views. I

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Speaker 12: mean we talked about we talked about tariffs. Bessett has

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Speaker 12: proposed that there potentially be some kind of a shadow

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Speaker 12: fed chief and that would be, you know, basically someone

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Speaker 12: lurking behind Jay Powell for the rest of his I

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Speaker 12: think a year and a half.

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Speaker 8: Term in office.

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Speaker 12: And remember Steve Manuchin was a big backer of Powell

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Speaker 12: during Trump's first term and that's something that I think

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Speaker 12: President Elect Trump came to regret eventually.

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Speaker 8: So I think we'll see.

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Speaker 12: I think we'll see bestt trying to find someone for

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Speaker 12: that post who was perhaps more in line with President

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Speaker 12: elect Trump's use.

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