Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 2: Karen, The lift in futures this morning comes on signs that,
Speaker 2: after forty one days, the longest government shutdown in US
Speaker 2: history may be close to coming to an end.
Speaker 4: Like we're getting very close on the shutdown. We'll never
Speaker 4: agreed to give any substantial money or any money too
Speaker 4: really prisoners illegals to come into our country. Can I
Speaker 4: think the Democrats understand that?
Speaker 2: That was President Trump speaking before the Senate voted sixty
Speaker 2: to forty last night to advance a bill that would
Speaker 2: fund most of the government through January thirtieth, while providing
Speaker 2: full year funding for agriculture, veterans Affairs, and Congress. Eight
Speaker 2: moderate Democrats broke with their party leaders to break the filibuster,
Speaker 2: including Independent Angus King, who caucuses with Democrats. He says,
Speaker 2: we're publicans weren't willing to budge on Democrats demand for
Speaker 2: a deal on expiring health insurance subsidies.
Speaker 5: The question before us is how's the best way to
Speaker 5: get there? And it was our judgment after six weeks
Speaker 5: going on seven weeks of this shutdown that that path
Speaker 5: wasn't working.
Speaker 2: It was Independent Senator Angus King of Maine. We get
Speaker 2: more from Bloomberg's Jill Deesis.
Speaker 6: The moderate Democrats that the Republicans were able to sway
Speaker 6: over to achieve this sixty forty vote say that they
Speaker 6: were promised basically another vote on some Obamacare tax provisions
Speaker 6: that was ultimately at the heart of the shutdown, So
Speaker 6: that could come some time in December if that's what
Speaker 6: was ultimately achieved here.
Speaker 2: Bloomberg's Jill Deesis reports it's still not clear how quickly
Speaker 2: the shutdown will end. Even after this procedural step. The
Speaker 2: Senate needs consent from all its members to end the
Speaker 2: shutdown quickly. Any one of them could force days of delays.
Speaker 3: Nathan Mother shutdown continues. Millions of Americans are still facing
Speaker 3: flight delays and uncertainty over government food aid. Now. A
Speaker 3: federal speals court is ruled against the Trump administration and
Speaker 3: it's bid to only partially fund a snap benefits while
Speaker 3: it challenges a lower course order to fund the program
Speaker 3: at one hundred percent. The Department of Agriculture and other
Speaker 3: agencies have argued fully funding November snap benefits during the
Speaker 3: shutdown would limit funds for other programs, but the appeals
Speaker 3: court ruled that doesn't outweigh the harm of leaving tens
Speaker 3: of millions of Americans without food as winter approaches.
Speaker 2: Now, the government shutdown is added to headaches for travelers
Speaker 2: across the country. US airlines canceled more than twenty seven
Speaker 2: hundred flights yesterday, mostly because of the shutdown and the
Speaker 2: Federal Aviation Administration's order to reduce air traffic, but compounding
Speaker 2: the problem was frigid weather, delaying thousands more flights. Bloomberg
Speaker 2: meteorologist Craig Allen is tracking the latest weather pattern.
Speaker 7: The core of this unseasonably cold outbreak is plunging south
Speaker 7: and east this morning, and it's going to bring subfreezing
Speaker 7: temperatures to about three dozen states from the planes to
Speaker 7: the East coast, and rather than rise, the mercury may
Speaker 7: tumble all day, as much as twenty to thirty degrees
Speaker 7: from highs on Sunday, so tonight's lows will be in
Speaker 7: the twenties and thirties. It'll be felt from the Canadian
Speaker 7: border all the way down to the Gulf Coast, with
Speaker 7: numerous record lows expected in Texas, Louisiana, Mississippi, Alabama, even Florida,
Speaker 7: and Lake Effect snow will also be a big problem
Speaker 7: downwind of all the Great Lakes, but most notably running
Speaker 7: down the entire length of Lake Michigan. It's going to
Speaker 7: result in near treacherous to near impossible travel conditions, especially
Speaker 7: in Chicago and its suburbs.
Speaker 2: That's Sploomberg meteorologist Craig Allen. Chicago's O'Hare International Airport is
Speaker 2: a major hub for United and American airlines Nathan.
Speaker 3: President Trump suggested tariff revenue could be used to fund
Speaker 3: payments of at least two thousand dollars to most Americans.
Speaker 3: In a post on Truth's Social President Trump said that
Speaker 3: the government would soon begin paying down the country's debt.
Speaker 3: Treasury Secretary of Scott Besson says Trump's suggestion could come
Speaker 3: through the tax cuts passed in the Economic Policy Bill
Speaker 3: earlier this year.
Speaker 8: It could be just the tax decrease is that we
Speaker 8: are seeing on the President's agenda. You know, no tax
Speaker 8: on tips, no tax on overtime, no text and social
Speaker 8: Security deductibility of auto loans. So you know, those are
Speaker 8: substantial deductions that are being financed in the tax bill.
Speaker 3: Treasury Secretary Scott Besson made the comments on ABC's This Week,
Speaker 3: and you can catch the program Sunday afternoons on Bloomberg.
Speaker 2: Radio and Karen. President Trump has reportedly pardoned Rudy Giuliani,
Speaker 2: along with other people allegedly involved in attempts to overturn
Speaker 2: the twenty twenty presidential election. Justice Department pardon attorney Ed
Speaker 2: Martin posted a list on x of prominent Trump allies
Speaker 2: who've gotten reprieves. It also includes attorney's Sidney Powell, Boris Epstein,
Speaker 2: John Eastman, and former White House Chief of Staff Mark Meadows,
Speaker 2: along with seventy two others. It does not include President Trump.
Speaker 2: The pardon document states that explicitly.
Speaker 3: Well Nathan, there are Morris signs. Tensions between the US
Speaker 3: and China continue to ease. China has added more than
Speaker 3: a does in fentanyl precursors to a list of controlled
Speaker 3: exports to the US, Mexico and Canada. The mos there's
Speaker 3: a step and fulfilling Chain's pledged to combat the flow
Speaker 3: of synthetic opioid ingredients to the US. Meanwhile, the Trump
Speaker 3: administration has suspended a probe and to China's shipbuilding industry
Speaker 3: for one year.
Speaker 2: Turning to the markets now, Karen, as we mentioned, futures
Speaker 2: are higher on optimism the government shutdown is coming to
Speaker 2: an end. SMP futures right now are up one percent,
Speaker 2: Nasdaq futures up one and a half. Valerie Titel tracks
Speaker 2: the markets for Bloomberg.
Speaker 9: Well, look, I think for many weeks we thought there
Speaker 9: was really limited progress on the shutdown. We finally get
Speaker 9: a breakthrough, and we're seeing a very positive reaction from
Speaker 9: the equity market.
Speaker 10: Now, this all started on Friday.
Speaker 9: There was a steep reversal in the US equity market
Speaker 9: into the close, and with futures following through this morning,
Speaker 9: we've now essentially erased half of the drawdown in the
Speaker 9: S and P five hundred. Last week was a really
Speaker 9: bad week for the equity market. The Nasdaq had its
Speaker 9: worst week since early April. The S and P five
Speaker 9: hundred had a five percent draw down from all time
Speaker 9: highs at the end of October.
Speaker 2: Bloomberg's Valerie Ttel says the S and P five hundred
Speaker 2: had risen for three straight weeks weeks before last week's losses.
Speaker 3: Well, Nathan, several stock strategists say solid earnings will fuel
Speaker 3: a market rally next year. Morgan Stanley's Michael Wilson says
Speaker 3: there were clear signs that an Ernie's recovery was underway.
Speaker 3: UBS strategists forecast the S and P five hundred will
Speaker 3: hit a record five hundred points by the end of
Speaker 3: twenty twenty six, and that's about an eleven percent gain
Speaker 3: from current levels. And Oppenheimer's John Stoltzfuss says it's too
Speaker 3: early to give up on ship makers and the outlook
Speaker 3: for AI the.
Speaker 2: In company news, Karen Pfizer has won the bidding war
Speaker 2: for the weight loss drug startup Met Sarah, securing the
Speaker 2: ten billion dollar deal after Danish drug maker Nova Nordisks
Speaker 2: said it did not plan to increase its offer. Met
Speaker 2: Sarah cited a call from the Federal Trade Commission regarding
Speaker 2: potential risks from proceeding with the proposed Novo deal structure.
Speaker 3: And there's a new boss at Diagio Nathan, the British
Speaker 3: drinks giant has named Dave Lewis as the new CEO.
Speaker 3: The former head of Tesco and Sheriff hally On is
Speaker 3: set to take up the role at the start of
Speaker 3: next year. The announcement comes just days after the British
Speaker 3: Strange Giant lowered its full year outlook for sales and profit,
Speaker 3: setting weak demand in China and the US and Diaggio
Speaker 3: shares They are up about seven and a half percent
Speaker 3: this morning. Time now for a look at some of
Speaker 3: the other stories making news in New York and around
Speaker 3: the world. And for that we're joined by Bloomber's Monica Ricks. Monica,
Speaker 3: good morning, Good morning, Karen.
Speaker 11: President Trump wants a Justice Department now to investigate meat
Speaker 11: packing companies. We get the details from Bloomberg's Amy Morris.
Speaker 10: In Washington, President Trump is accusing foreign owned meat packers
Speaker 10: of driving up the price of beef in the US.
Speaker 10: He asked the Department of Justice to open an investigation.
Speaker 10: The president posted on social media that he wants a
Speaker 10: probe into whether companies are driving up the price of
Speaker 10: beef through quote collusion, price fixing, and price manipulation. Trump
Speaker 10: announced the move days after his party suffered losses in
Speaker 10: key elections in which the winning Democratic candidates focused on
Speaker 10: the public's concerns about the cost of living in Washington.
Speaker 10: Amy Morris, Bloomberg Radio.
Speaker 11: Later today, President Trump will hold a historic meeting at
Speaker 11: the White House and welcome the new president of Syria.
Speaker 11: Akmed al Sharah was once a leader of Al Qaida
Speaker 11: in Iraq, but he severed ties with the terror organization
Speaker 11: and later overthrew Syrian President Bashar Ala Sade. Edward Derejon
Speaker 11: is a former US ambassador to Syria and Israel.
Speaker 4: If it's a question of national security interests, what happens
Speaker 4: in Syria doesn't only affect the region itself.
Speaker 11: He says, it could affect relations with Israel and the
Speaker 11: entire Middle East. President Trump became the first sitting president
Speaker 11: to attend a regular season NFL game yesterday in half
Speaker 11: a century, not since Carter in nineteen seventy eight. He
Speaker 11: watched the Washington Commanders lose to the visiting Detroit Lyons.
Speaker 11: And Blue Origin postponed a planned second flight of its
Speaker 11: new Glen rocket yesterday in Florida due to weather conditions
Speaker 11: and unspecified ground equipment issues. The company says it's now
Speaker 11: reviewing opportunities for a new launch date and will eventually
Speaker 11: and two probes to Mars to find out why it
Speaker 11: lost its atmosphere. Global News twenty four hours a day
Speaker 11: and whenever you want it with Bloomberg News. Now, I'm
Speaker 11: Monica Rix and this is Bloomberg Karen.
Speaker 3: Thanks Monica. Time now for our Bloomberg Sports update, and
Speaker 3: for that we bring in John Stashauer.
Speaker 12: Thanks Karen. On an NFL Sunday, came the news of
Speaker 12: the death of Paul Tagliabu at the age of eighty four.
Speaker 12: He was the NFL commissioner from nineteen eighty nine to
Speaker 12: two thousand and six. First Game of the Day, the
Speaker 12: best game of the day, five league changes. In the
Speaker 12: first game ever played in Berlin, Germany, the Colts beat
Speaker 12: the Falcons in overtimes. Jonathan Taylor rush for two hundred
Speaker 12: and forty four yards scored three touchdowns. Also passing away
Speaker 12: Sunday was Lenny Wilkins, who's in the Basketball Hall of
Speaker 12: Fame as both a player and coach. He was eighty eight.
Speaker 12: That's your Bloomberg Sports update.
Speaker 3: Stay with us. More from Bloomberg day Break coming up
Speaker 3: after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
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Speaker 1: Business app. This is Bloomberg Daybreak.
Speaker 8: Good morning.
Speaker 2: I'm Nathan Hager. Now more than forty days into the
Speaker 2: longest government shut down in US history, the Senate has
Speaker 2: taken a major step to bring it to an end,
Speaker 2: advancing a bill to reopen the government without the health
Speaker 2: subsidy extension that Democrats had demanded. New Hampshire Senator Jean
Speaker 2: Shaheen is one of the eight Democrats who broke ranks.
Speaker 13: I understand that not all of my Democratic colleagues are
Speaker 13: satisfied with this agreement, but waiting another week or another
Speaker 13: month wouldn't deliver a better outcome.
Speaker 2: It's New Hampshire Democrat Jean Shaheen, following the sixty forty
Speaker 2: vote to advance this legislation in the Senate and for more.
Speaker 2: We are joined by Bloomberg's Jill Desis. Jill good Morning,
Speaker 2: walk us through the deal that was made between Democrats
Speaker 2: and Republicans and what ultimately got these eight Democrats to crack.
Speaker 14: Good morning, Yes, Good morning, Nathan. So what ultimately happened
Speaker 14: here was this deal only goes so far as funding
Speaker 14: part of the government primarily Congress itself plus the Department
Speaker 14: of Veterans Affairs, Department of Agriculture for the next year,
Speaker 14: and then it funds the rest of the government agencies
Speaker 14: through January thirtieth, just you know, kind of implying that,
Speaker 14: you know, it's not going to be too much longer
Speaker 14: until we're kind of back here again. But it does
Speaker 14: you know, reach a deal at least then to fund
Speaker 14: the government through that time. Also, there's some agreements here
Speaker 14: about repaying for load workers, et cetera. So that's really
Speaker 14: where we stand in terms of, you know, the crux
Speaker 14: of the issue here, the issue that Democrats really kind
Speaker 14: of had at the heart of why they were, you know,
Speaker 14: with they were trying to double down on that idea
Speaker 14: of extending those healthcare tax credits. What they've really only
Speaker 14: gotten from the Republicans here is a pledge that there
Speaker 14: will be a vote on that issue, on a bill
Speaker 14: on that issue in December. So nothing in terms of
Speaker 14: sort of like a long term sort of fulsome commitment there.
Speaker 14: You really just have the opportunity for a vote sometime
Speaker 14: next month. I mean, whether that actually ultimately lays out
Speaker 14: in democrats favor, I think, but that's what you have
Speaker 14: to see here. But you know, clearly, I mean the
Speaker 14: fact that they did get these eight moderate Democrats on
Speaker 14: board with them, I'm not sure that the rest of
Speaker 14: the party is going to be too happy about that
Speaker 14: kind of agreement. So that's kind of where we stand now.
Speaker 14: They'll go in for another vote in the morning, but
Speaker 14: that's and then you know the kind of page the
Speaker 14: way for a House vote there. But that's kind of
Speaker 14: where we stand.
Speaker 2: Yeah, that's I think that Senator Shaheen seemed to allude
Speaker 2: to in that comment just there, with the fact that
Speaker 2: the Democrats had sort of held out against this idea
Speaker 2: of going forward with a promise of a vote on
Speaker 2: the subsidies, what does that say about where this could
Speaker 2: where this bill could go in the House.
Speaker 14: Yeah, I mean, look, it's a good question. So I
Speaker 14: think in terms of, you know, where we ultimately end
Speaker 14: up in the shutdown, I mean, I guess, you know,
Speaker 14: the big difference here in the House is that I mean,
Speaker 14: you know, the Republicans have a majority there. Maybe you know,
Speaker 14: you ultimately don't see as much blowback, but I think,
Speaker 14: you know, it really does raise a lot of questions about,
Speaker 14: you know, some of these issues that the Democrats have
Speaker 14: really been fighting for here, right. I mean, I think
Speaker 14: that the fact that they've even reached the deal here
Speaker 14: it does kind of demonstrate how difficult it is for
Speaker 14: Democrats to use any kind of leverage they have in
Speaker 14: a Republican controlled Washington to push back on Trump's agenda.
Speaker 14: I mean, this is something that you know, a deal
Speaker 14: they were trying to reach just kind of on healthcare
Speaker 14: tax credits, you know, more meaningfully. They were trying to
Speaker 14: reach this for weeks. But you know now, I mean
Speaker 14: we're in the midst of the you have the longest
Speaker 14: government shutdown ever. Clearly they weren't able to you know,
Speaker 14: sort of make any breakthrough here. So we'll have to
Speaker 14: see kind of where that vote ultimately materializes in terms of,
Speaker 14: you know, a future vote on health care tax credits
Speaker 14: in December and whether the Democrats are able to actually
Speaker 14: take that and move it forward into any meaningful progress
Speaker 14: to accomplish anything on their agenda.
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