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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on the push to end the war in Ukraine. The Kremlin says Russian President Vladimir Putin held quote very useful talks with White House Envoy Steve Whitcoff and President Trump's son in law, Jared Kushner, but once again those discussions ended without a breakthrough to end the fighting. Tony Happin leeds Bloomberg's Ussia coverage.
They said there were constructive discussions, very informative. They talked about receiving more detailed documents from the US that they need to study, but there was a little actual substance on which they agreed. And Kremlin policy aid Yuri Ushakov basically told reporters that there were crucial areas such as the territorial question on which they didn't agree in that there would be much more work needed.
Bloomberg's Tony Happen reports Attention now turns to a NATO feign minister's meeting today in Brussels to discuss the alliances support for Ukraine. Secretary of State Marco Rubio is not expected to attend well.
Back in Washington, Nathan Defense Secretary Pete Hegseth is speaking for the first time about a suspected drug boat strike that has him facing accusations of possible war crimes. During a White House Cabinet meeting heard live on Bloomberg Radio, Haigeseth said he wasn't watching when a Navy admiral ordered
a second strike on the vessel on September second. As you can imagine, the Department of War, we got a lot of things to do, so I didn't stick around for the hour and two hours whatever where all.
The sensitive side exploitation digitally occurs.
So I moved on to my next meeting.
Secretary Heggseth says he learned the full sequence of events a couple hours later, and he says Admiral Frank Bradley made the right call to sink the boat and eliminate the threat. Not all lawmakers are convinced. Ted Low is Vice chair of the House Democratic Caucus.
I served on.
Active duty as a jack for four years and then additional twenty one years in the reserves, and let me be very clear, killing shipwreck survivors is a war.
Crime, and Republican Senator Tom Tillis is calling the second strike a violation of ethical, moral, and legal code. The top Republican and Democrat, and the Senate Armed Services Committee plan to meet with Admiral Bradley tomorrow.
Kry, we have some key election results this morning. Yes, it was an election day. A couple races that your national attention. Let's bring in Bloomberg's John Tucker to get the details, John and Nathan.
A special election in Tennessee allows Republicans to keep their razor thin majority in Congress. The winner, Matt Van Epps, had no apologies for being hardcore maga.
This is President Trump's party.
I'm proud to be a part of it and can't wait to get to work.
Van Apps receiving fifty four percent of the vote the Democrat challenger after Bain's forty five, a margin of nine points, not as great as some would have thought for a regent. President Trump won by twenty two points for Bain. It signals a future of.
Change and we may not have won tonight, but we changed the story of what's possible here and we're not done.
Not by a longshot well. The special election was called to field the vacancyed once held by now former Congressman Mark Green, a Republican who resigned in July. And in another race that gained national attention in New Jersey, a runoff election for mayor of Jersey City. City Council member James Solomon won the race, beating former Governor Jim McGreevy. Shortly after the polls closed, Solomon was leading with sixty nine percent of the vote, according to the AP, which
called the race. Solomon pledging to make the city more affordable and to fight corruption, similar promises to those made by New York City Mayor elect Zorinbumdani. I'm John Tucker, Bloomberg Radio, All.
Right, John, thank you by The Trump administration is poised to undo Biden era fuel efficiency standards, which it blames for driving up the cost of new cars and Bloomberg Amy Morris reports from Washington.
The administration is expected to propose standards that are less stringent than those finalized under former President Biden. The move is the latest in President Trump's push to dismantle policies he criticizes as an ev mandate. The Trump administration has argued that artificially high fuel economy requirements have pushed the price of a new car out of reach for many Americans.
Still using fuel economy requirements is not likely to bring down car prices because carmakers plan those lineups years in advance. In Washington, Amy Morris Bloomberg Radio, all.
Right, Amy, thank you for expecting that announcement from the president later today. But President Trump says he plans to announce his selection to lead the Federal Reserve early next year. At that cabinet meeting at the White House yesterday, the President te's White House National Economic Council Director Kevin Hassett as his possible choice.
I guess the potential fed cheers here too.
I don't know.
We sh allowed to say that potential is a respected person that I can tell you. Thank you, Kevin.
Now the comments for President Trump offer a clearer timeline for that announcement, which he said would come after considering around ten candidates.
Well, Nathan, we turned to the markets, where futures are higher again. Following yesterday's gains on Wall Street, the S and P five hundreds rallied for more than a week on an expected rate cut one week from today. Laura Cooper is a global investment strategist at Neuvene.
Historically, we do tend to see December as a strong month of outperformance for US equities, and I think we're probably in for some modest upside, but I think there's limited scope for significant gains because a lot of the driver of recent price action has been that repricing of the FED rate cuts. It's expected next week.
New Vean's Laura Cooper says the feds outlook on future rate cuts will be key for the markets.
In some company news this morning, Karen, we're watching shares of crowd Strike. They're down about two percent in early training. The cybersecurity provider did top earnings estimates, but its outlook disappointed some investors. CrowdStrike was up fifty one percent this year before that earnings release.
And looking at the flip side, Nathan shares of Marvel Technology, they're up about ten percent. The company announced plans to acquire startup Celestial AI for at least three and a quarter billion dollars. It's part of Marvel's push to capture more of the runaway spending on artificial intelligence computing.
And Bitcoin's trading at a two week high this morning Karen right now up about one point six percent. That ninety three thousand cryptocurrency seeking a sustained recovery from a week's long sell off that began in early October, days after bitcoin hit a record of more than one hundred and twenty six thousand. Since then, more than a trillion dollars in crypto market value has been wiped out.
We have a warning here, Nathan from the SEC. It has issued a flurry of letters to firms, including direction pro shares and title blocking the introduction of products designed to deliver two or three times the daily returns of stocks, commodities and cryptocurrencies. The SEC's concern is that the fund's risk exposures may see the agency's limits on how much risk of fund can take on relative to its assets.
The regulator has directed the fund managers to other revis their investment strategies or formally withdraw their applications.
And it is an unprecedented philanthropic effort Karen Dell Technologies founder Michael Dell and his wife Susan are giving twenty five million American children two hundred and fifty dollars each to jump start investment accounts for their future that adds up to six point twenty five billion dollars, a pledge that's part of the America Initiative, better known as Trump Accounts, that were created earlier this year under the One Big,
Beautiful Bill Act. Michael Dell discussed the pledge in bloomber interview.
We do think that this will be catalytic and that more philanthropists and companies will will join us over time. And again, this is a platform for the future of these children.
And you can watch our full interview with Dell Technologies founder and CEO Michael Dell at the Bloomberg podcast channel on YouTube.
Time now a look at some of the other stories making news in New York and around the world, and for that we're joined by Bloomberg's Michael Barr.
Michael, good morning, Good morning Karen. The cleanup continues in the Midwest and northeast from a snowstorm in Nashua, New Hampshire. The city's street department has been working to keep the roads clear of snow. This man was out driving and found things a bit difficult.
It was raining, so the roads were already wet, and then the snow just came up on top of it, so you can't really see the black ice.
New York City just got rained, but the Central Hudson River Valley got about nine inches of snowfall. The Pennsylvania police officer who arrested accused CEO killer Luigi Mangione appeared in a New York City court. Officer Joseph Dettwiler testified on day two of Mangione's hearing to bar New York prosecutors from using evidence they say links him to the murder of United Healthcare CEO Brian Thompson on Manhattan Street.
Officer Debtwiler testified he was skeptical about the tip about a male who looks like the shooter, but as soon as the man pulled down his max, the officers said, I knew it was him immediately. Ed Wiler said MANGIONI gave him a fake name in ID and claimed he was homeless. The Trump administration says it will withhold funds for administering snap food Aid and most Democratic controlled states starting next week unless they provide data about those receiving
the assistance. Agriculture Secretary Brook Rollins said that the action is looming because those states are refusing to provide requested information about the recipients, including the names and immigration status, but twenty.
One states, including California, New York, and Minnesota Blue States continued to say no.
Secretary Rolin says it's necessary that states comply to root out fraud in the program. Democratic states have sued to block the requirement. Global News twenty four hours a day and whenever you want it with Bloomberg News Now Michael Barr and this is Bloomberg Herron.
Thanks Michael. Time. Now there are Bloomberg Sports Update, and for that we bring in John Stashauer.
Thanks Karon. On Sunday, we'll find out who's going to the college football Playoff. The committee says that as of now, there'll be five SEC teams, three from the Big Ten, and the buys go to Ohio State, Indiana, Georgia, and Texas Tech. Alani Sataki decided to stay at BYU rather than take the job at Penn State. Oklahoma City thunder with a one twenty four to one to twelve win at Golden State. Shay Gildess Alexander scored thirty eight points the thunder that depended NBA Champs off to a twenty
one to one start. That's your Bloomberg Sports Update.
Stay with us. More from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business opp This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. Very useful, very informative. Those are some of the words the Kremlin is using to describe the latest talks between Russian President Vladimir Putin and US envoys Steve Witkoff and Jared Kushner. Ukrainian President Vladimir Lensky says he's waiting to hear the results. If I feel phil that we can count on real specific dialogue, not just wors with some result, we will admit. That was Ukrainian President Vladimir Lenski speaking in Ireland ahead of
the nearly five hour talks in Moscow. Joining us for more is Bloomberg Opinion columnist Mark Champion, Mark, Good morning. Did we hear real specific action coming out of those talks?
Good morning, good morning.
No.
In essence, the message all that we know about the talks that so far has come from the Russian side one of President Putin's advisors explain what went on, and his message essentially was, you know, this was good, We liked it, but there was no progress. We looked at the plan that the Americans had, the old plan that's been you know, made since the Russian American plan was initially put forward. We looked at the altered plan, but we were focused really on the kind of spirit of
the deal. We didn't get into the nitty gritty and you know, and there's stuff in there. Some of it we might be able to accept some of the changes, but some of some big key things that we are not, and we see quite negatively. So you know, it's pretty clear there won't be a big summit between Trump and
put In to announce a deal anytime soon. Whether this can actually move forward, it really depends on how the Americans play it and whether there was any sign of real movement from the Russians, because that initial deal with the twenty eight points that the Russians still like to sort of, you know, lean on, that one was really poison for the Ukrainian side and for their European allies.
We've heard from President Zelensky on X this morning saying his Defense Secretary rustam Umrav is going to meet with national security advisors to European leaders in Brussels today following these discussions. Where is Europe in all this?
Mark, Well, they're I mean, they are important in the sense that Ukraine, you know, they're they're only Ukraine's only true allies. At this point, the US has you know, posed itself as a mediator between Russia and Ukraine, which means it's distance itself from supporting Ukraine and it also has its own interests. So you can see that, you know, threaded through those twenty eight points, it's you know, there are American profits to be made, American deals to be made.
If you look at who is negotiating the deal on behalf of the Americans, it's a real estate developer, Steve Witkoff, and then Jared Kushner, who is you know, a son in law to the President but also primarily a businessman and a lot you know. On the other side for the Russian side, one of the key players in negotiate and keep partner for Wikoff has been kirolled Dimitriev, who
runs the Russian Sovereign Wealth Fund. So this is you know, on the Americans are trying to negotiate a deal that resets relations in a way that's economically beneficial to the US. The Ukrainian issue for them is secondary. It needs to get dealt with, but it isn't actually the primary issue for the Americans. It remains the primary issue for Europe because Ukraine is a vital security interest for the Europeans just because of geography.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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