Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
The search is on for a gunman who killed more than twenty people and injured dozens more at a restaurant and bowling alley in Lewiston, Maine. Here's the mayor of neighboring Auburn, Maine, Jason levec When I.
Was bringing people in that we're looking for their loved ones, there's fear, if there's panic, of course, there's worry, understandable. But the people that were actually there tonight, it was what I didn't hear. It's think just it's shocked. It's hard for me to explain.
Auburn Mayor Jason Leveck says police are looking for forty year old Robert Card. He has described as a firearms instructor, believed to be in the Army Reserve assigned to a training facility in Saco, Maine.
Well, Nathan, We've had major developments overnight as well in the Israel Hamas War. Israel's military has been carrying out limited ground raids in northern Gaza to quote prepare the battlefield for the next stages of combat. President Biden says he's asked Prime Minister Benjamin and Yahoo to delay a full scale invasion to secure the release of more hostages.
Well, I have indicated to him is that if that's possible to get these folks out safely, that's what he should do. Is third decision.
President Biden says he's also urged Israel to focus on a pathway for a permanent peace with the Palestinians. Israel's military now says Amas is holding two hundred and twenty four people hostage in Gaza. That's a bit more than earlier estimates.
I'm back here in the US, Karen. The auto strike at Ford appears to be over. The United Autoworkers reached a tentative agreement with the automaker last night. UAB President Sean Fain made the announcement today.
We reached a tentative agreement with Ford. For months, we've said that record profits mean record contracts, and uaw family, our stand up strike has delivered.
UAWD President Sean Fain says the contract calls for a record twenty five percent hourly wagehike over the life of the contract, which seeds four years.
Well from Detroit to d C. Nathan. After weeks of infighting and jockeying for votes, lawmakers have elected Republican Congressman Mike Johnson of Louisiana as the fifty sixth Speaker of the House, and Bloomberg's Amy Morris has details from Washington.
Congressman Johnson was sworn in as the House Speaker after three failed GOP tries by his colleagues. He won with two hundred twenty votes, three more than he needed after the seat remained vacant for more than two weeks. Johnson announced to the members that the People's House is back in business, and he says he will create a bipartisan committee to reduce the nation's debt.
And we're going to establish a bipartisan Debt Commission to begin working on this crisis immediately, immediately.
Johnson says his first bill will focus on the needs of Israel in Washington. I'm Amy Morris, Bloomberg Radio.
Amy thanks Speaker. Johnson was endorsed by former President Trump. He's been fined a second time for violating the gag order in his trial in New York. Bloomberg Zed Baxter has that.
The judge in Trump's civil fraud trial has fined him ten thousand dollars, saying he violated a limited gag order barring personal attacks on court staffers. Trump was called to the witness stand to explain his comment that quote a person who's very partisan sitting alongside the judge in this case. Trump said he and his attorneys repeated the comment was
aimed at Michael Cohen and not the judge's clerk ripple effect. Though, after federal prosecutors pointed to this to keep a gag order in place in the DC election obstruction case, ed Baxter Bloomberg Radio all right ed thanks.
While sticking with legal news, the fraud trial of Sam bekman Fried picks up again today after a week off. His lawyer says the FTX founder plans to take the stand to testify. Could happen as soon as this afternoon because prosecutors are expected to rest their case this morning. Benkman Freed has pleaded not guilty to charges that he looted the financial accounts of his customers and investors.
On Wall Street Care when a leadership change is coming at Morgan Stanley. The bank has selected Ted Pick as its new chief executive officer, succeeding James Gorman after his fourteen year run. More from Bloomberg's Charlie Pellett.
In tapping Pick, the firm is turning to the man credited with spurring a revival in its trading business after a perilous stretch during the two thousand and eight financial crisis, a period when clients ditched Morgan Stanley and doubts about its ability to survive reverberated around Wall Street in New York. Charlie Pellett, Bloomberg Radio.
All right, Charlie, thanks, and we'll be hearing from both executives coming up at ten thirty Wall Street time this morning on Bloomberg Radio and Television.
Well, turning to the markets now, Nathan Shares of Meta down two and a half percent in early trading. Third quarter revenue did beat analyst estimates, but as Bloomberg's Alex Sporanka reports, the stock took a big hit following the company's conference call.
CFO Susan Lee set on a call with analysts that they are still at the whims of uncertain macroeconomic conditions and that revenue for twenty twenty four is still uncertain As investors evaluate the stock going into next year, they'll have to take all of these things into account and answer the big question of how is artificial intelligence actually going to contribute to Meta's top line.
Bloombergs Alix spirriincas as Metas overall monthly user numbers rose seven percent to three point one four billion.
And it is a busy morning on the economic front, Karen. Here in the US, we'll get a reading on third quarter GDP as well as jobless claims. Overseas, the European Central Bank set to keep interest rates on hold after ten back to back increases. All analysts surveyed by Bloomberg expect policymakers to leave the ECB deposit rate at four percent.
All right, Nathan, thank you. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, good morning, Good morning, Karen.
Former President Donald Trump stormed out of the courtroom during day two of Michael Cohen's testimony. Trump's former lawyer took the stand in his former boss's civil fraud trial, and after court, Cohen said he would not be intimidated.
He's got the wrong guy to intimidate.
As you've seen.
I haven't stopped since I don't know how many years now, and I won't until, as I said, accountability.
Has had NBC reports. Trump returned to the courtroom after the court day ended and Cohen finished his testimony. The judge called on Trump to testify and was fined ten thousand dollars for violating his gag order again. Ukraine President Vladimir Zelenski will ask European Union leaders meeting in Brussels to expand sanctions against Russia to impede the Kremlin's ability to resupply as allies brace for a long war and
military support for Ukraine becomes more pressing. According to documents seen by Bloomberg News, the EU risks falling behind on plans to provide Ukraine with a million artillery shells by March, with only about thirty percent of the target delivered. President Biden welcomed Australian Prime Minister Anthony Albinizi to a state dinner at the White House last night. The President praised the US relationship with Australia dating back to World War.
II, that commit meant to face tough challenges, that courage to fight for a better future. Pass what's always brought America and Australia together.
President Biden says that much of the history of the world will be written in the Indo Pacific region in coming years, and that Australia and the US must write that story together. The Biden administration is taking a crack at regulating the use of artificial intelligence in the US government. Bloomberg's Nancy Lyons says that story.
President Biden is planning to sign a wide ranging directive on AI in the hopes of stopping possible misuse before the AI models a released to the public. Those familiar with the plans say the action plan for Monday will coincide with a White House event promoting safe, secure, and trustworthy artificial intelligence. Some executives from the tech sector are expected to be there, and in the coming days, Vice President Harris will attend a summit in the UK looking
at AI risks in Washington. Nancy Lyons Bloomberg.
Radio Global News twenty four hours a day, whenever you want it with Bloomberg News. Now, Hi, maybe Morris, this is Bloomberg Karen.
All right, Amy, thank you, while we bring you news throughout the day here on Bloomberg Radio. But Now. You can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify,
and anywhere else you get your podcasts. But it's time now for the Bloomberg Sports Update, and we bring in John Stashaur, John Karen.
Dusty Baker says baseball has been his life. Drafted by the Atlanta Breys in nineteen sixty seven, he played for nineteen years and managed for twenty six years five different teams, the seventh most wins as a manager in baseball history.
Won the World Series last year with the Astros, and Baker is retiring as Astros, coming up a little bit short in the ALCS when they lost that Game seven to Texas, seventy four years old, Dusty Baker calling it Quif World Series begins tomorrow, Arizona's gonna start Zach Gallen and Texas will go with Nathan Evaldi, who's four to zero in the postseason leak. The NFL begins tonight with Tampa Bay who's three and three at Buffalo, who's been
a disappointment at four and three. Deshaun Watson will again not play for Cleveland Sunday in Seattle. He's got the shoulder injuries, so the Browns will go with p J. Walker and Brock Perdy and concussion protocol so very likely will not play for the forty nine ers in their game against Cincinnati. The Niners would turn to Sam Darnold. The NBA announced the All Star Game is going back to the East versus West format. They've been using captain's picks.
James Harden back with Philadelphia, but he won't play the Sixers opener tonight against Milwaukee. Victor Webbin Yama played last night his first game in the NBA. Scored fifteen points, the nineteen year old top pick of the draft. The Spurs lost their game with Dallas. The Celtics beat the Knickson New York. Jayson Tatum scored thirty four. Washington got I don't add at Indiana one forty six to one twenty. The Capitals beat the Devil six to four. Johns dash that we're bloomberg.
Sport from coast to coast from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias exam the Bloomberg Business app in Bloomberg dot Com.
This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. After three weeks of deadlock and four nominees, Republicans have finally rallied behind a little known religious conservative, Mike Johnson, to be the fifty sixth Speaker of the House. And Speaker Johnson is promising to get to work in this.
Time of great crisis. It is our duty to work together as previous generations of great leaders have to face these great challenges and solve these great problems.
And that was Speaker Mike Johnson after he was sworn in on a vote of two twenty to two thirteen. For more, We're joined by Terry Haines, the founder of Pangaea Policy. Terry, it's good to speak with you. In one of those great challenges. Now suddenly becomes the issue of gun violence once again after last night's mass shooting in Maine, the deadliest this year. Does that issue come back into focus now in Washington?
Good morning, Nathan, Yeah, it does come back into focus in Washington. But Sadly, it's almost certain that nothing comes of it. Both parties tend to have very purest physicians on these things, Republicans much in favor of Second Amendment purism and the Democrats very much wanting different sorts of gun control. They've not shown themselves able to come together around incremental solutions even that everybody thinks are necessary, and
haven't been able to for about ten years. The last time that anybody tried to make a run at the registrations and a bunch of other bunch of other common sense things, it was now retired Senator Pat Toomey on their Republican side and the now much more Famousmocrat Joe Mansion, and they really couldn't get anything going thanks to that purism on both sides. And I would not look for anything to change here.
And just to note, Michael Bloomberg, the founder majority owner of Bloomberg Radio parent company Bloomberg LP, does support organizations that support gun control, including every Town for Gun Safety. And speaking of purist positions, Terry, I think that's something that this new speaker is known for. He sort of
invoked his religious background when he claimed the gavel. What could Speaker Johnson the kind of conservative that he represents on Capitol Hill mean for getting legislation done, well, it's.
I think it's two things. For markets. First, it's a lot less than meets the eye, but at the same time it's an incremental markets plus. I'll get to the meets the eye in a second. It's an incremental markets plus because Congress only has two basic things to do right now for the next year. One is to continue to assure that the government is funded somehow, and secondly, to make sure that it takes care of its geopolitical obligations by providing aid for Ukraine and Israel as well
as as well as the Southern border. The good news is you've got shutdown risk is now I think down to forty percent. Things are volatile, but a funding extension is much more likely thanks to the kicking the can that the Republicans have done over the last few weeks. But we still made a tangible sign of that. Markets that will be disappointed though that there's really no attempt to write size fiscal or debt or deficit or anything else Johnson talks about in his speech yesterday, talked about
establishing a debt commission. That's all well and good, but it's also classic Washington can kicking. It's the job of members of Congress, of both parties and in both houses to do that sort of work, not debt commissions. So you know, it's also market positive for defense, for example. But there's that politically, you know, Johnson is not going
to be the main driver here. It's going to end up being people like Scalise and Emmer and Jordan, all of whom were much less important over the last three weeks because they lost bids for speaker. Now they're much more important because they're the senior leaders of the party
that are actually going to drive the bus again. So you know, Johnson is is not somebody who should be viewed in the mold of a super speaker like Pelosi styled herself on the Democratic side, like people like John Bayn or Paul Ryan tried to be on the Republican side. This is somebody that is part of the leadership, but by no means is the leader of the party in the House.
Just thirty seconds left, Terry, it sounds like you're characterizing Speaker Johnson is almost a figure.
Is that how you see him a little.
Bit more than that? But I do not see him as a leading figure in the party. He has not become so he was not one before before his elevation, so I would not expect him to exercise the size of influence on any particular issue.
This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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