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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 ongoing search for the next Treasury secretary. The debate over who President elect Donald Trump will select as his chief economic policymaker spiraled into uncertainty over the weekend. Sources say Elon Musk spoke to potential pick Scott Bessent after already publicly endorsing another candidate, Howard Ludnik. Bescent declined to comment on the reports. Musk did not immediately respond, but he did post on X over the weekend that his view is Besent is a business as
usual choice, while Ludnick would actually enact change. Bloomberg's Pretty Goodta says the Trump transition team is not any closer to making a selection, is now considering alternatives.
Did feel like Scotpissett was going to be the no brainer choice, and now it feels like that has been unseated. But Howard ludle like coming back to the same issue, the question of tariffs and how tough you can go. Of course, it's not the only players in the kind of race to be the.
Next Treasury Secretary.
It's Roberty Lighthei as the former US Trade Representative, Bill Haggerty, a Senator out of Tennessee, and even Mark Rowan, the CEO of A.
Paul Bloomberg's Gritty Goodta says. Among other duties, the Treasury Secretary oversees the twenty eight trillion dollar treasuries market and economic sanctions and Nathan.
President elect Trump continues to fill out his incoming cabinet at a rapid pace, making nominations for a couple key posts. This weekend, Trump chose Brendan Carr as the new chair of the Federal Communications Commission.
Cars served at the FCC.
Since twenty twelve and has been a strong advocate for free speech, limited regulation, and reigning in big tech. Trump also picked Chris Wright, who runs a Colorado based fracking services company, to leave the US Energy Department. Additionally, Trump announced that his attorney, William Owen Sharp, would be his staff secretary, and he backed Republican and National Committee CoA chair Michael Wantley for another term.
Turned out of South America, Karen World gathering there for the Group of twenty summit. Bloomberg's David Gura is in Brazil with a preview.
On the formal agenda are conversations about sustainability and climate change, and the future of development financing. There'll be some hard conversations among world leaders about the future of major conflicts in the Middle East and Ukraine. This meeting comes on the heels of another smaller gathering of heads of state in Peru. It hosted the Apex Summit, and while President Biden was there, he sat down with his Chinese counterpart
Cheshin Ping. Biden took credit for improving the relationship between the US and China after four frosty years when Donald Trump was the president. Of course, Trump has been re elected and Biden's term is almost over, and that is looming large as the G twenty Leader Summit gets under way. David Gura, Bloomberg Radio, Rio de Janeiro.
All right, David, thanks, And as David just mentioned in that meeting between President Biden and Sheshin Ping and Lima Peru, China's leader Tom Biden, the country is ready to work with Donald Trump to boost relations, but it comes to the warning. Bloomberg's executive editor for Greater China, John Lewis, says she outlined four red lines in China's relationship with the US that are targeted at Trump.
One that the US should not seek to contest the Communist Party's grip on power in China. That the United States should not try to push China to become a democracy. That the United States should not try to contain China's economic rise. And lastly, and probably most importantly, that the
United States should not support Taiwan's independence. And so it did seem President she ahead of a new Trump administration trying to put some guardrails bumpers around where this relationship could go Bloomberg.
John Lewis President Delight Trump has tapped several hardliners on China to lead his foreign policy team, having campaigned on hitting Beijing with tariffs of sixty percent.
In Europe, Karen President Biden is giving Ukraine the green light to use Western made missiles for long range strikes on on Russian territory. This major shift in policy is thought to be motivated by North Korean troops appearing on the battlefield alongside Russian forces. Speaking through an interpreter, Ukraine's President Vladimir Lensky said any strikes on Russia would not be telegraphed in advance Blanc.
Postula and Ukraine. It's a plank permot.
Today. There's a lot of talk in the media about US receiving permission for respective actions, but strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves.
Ukrainian President Vladimir Lensky spoke after another massive Russian aerial attack on Ukraine's energy infrastructure.
Well, Nathan leuchshift now to the economy and markets. Traders will watch a couple of key earnings reports this week, first Tomorrow, where investors will get a gauge on consumer health when Walmart reports, and the possible big market moving event will come on Wednesday when chip giant Invidia releases its latest earnings. Ahead of those key earnings, the information is reporting in Vidia has asked suppliers to change his sign for server racks in recent months for its new
Blackwell graphics processing unit due to an overheating problem. It's leading to worries about delays. The company already hit engineer snags in the development of its Blackwell chip lineup, slowing the release by at least a quarter.
Well.
Meanwhile, Karen wall Street's strategists remain focused on how high equities will go in a second Trump term. Notable Wall Street bear Mike Wilson of Morgan Stanley wrote in a recent note that his team now thinks the S and P five hundred will end the year of twenty twenty five at sixty five hundred points. That's up eleven percent from Friday's close. Bloomberg's Mark Cutmore says market uncertainty is what's on traders' minds.
Market's the moment. The only thing they care about is everything Trump. That may slowly fade over time. But if everything between who Trump's picks are, what that means for likely policy, and then of course there's the secondary step of actually analyzing how that policy will interact with each.
Other with markets.
Bloomberg's Mark Cutmore says traders are still trying to determine how much tariffs will impact the economy and markets in a second Trump term.
However, nath In the path for an extended rally could be quelled by Fed policy and slower than expected interest rate cuts as the Central Bank moves toward its neutral rate. Chicago Fed President Austin Goulesby spoke to Bloomberg about what he sees as the current path for interest rates.
I think we're going to be looking at rates coming down over the next year along the lines of what the dot plot said.
So I still think we.
Have a long way to go down with rates. There's some dispute about what is the neutral rate at which we're going to settle down.
If there's disagreement.
About that, that we don't just charge right to it, that we slow the pace as we get toward it.
Chicago Fed President Austin goules Bey added that interest rates remain restrictive, so there's still room to cut borrowing costs to a more neutral level. Here the full conversation on the Bloomberg Talks podcast feed on Apples, Spotify or anywhere you get your podcasts.
And Karen's strategistic Goldman's baks for telling investors go for gold. Analysts of the banks say they expect bullion to rally to a record three thousand dollars an ounce in about a year from now, due to Central bank buying and Federal reserve interest rate cuts. They also cite increased trade tensions and potential tariffs as reasons for gold to rise. Spot Gold was lasted about twenty five to eighty four announce at peaked just below twenty eight hundred last month.
Turning to the tri state now Nathan, The crowded race for New Jersey's governor is heating up, with US Rep. Josh Gothheimer announcing his run. He joins four other Democrats jockeying to succeed term limited Governor Phil Murphy next November. North Jersey dot com or porus. At at least four other Republicans plan to run.
Thank Karen, we have this breaking headline crossing the Bloomberg terminal on the airline industry. Spirit Airlines has filed for bankruptcy protection in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with Jet Blue. Spirit filed for Chapter eleven in New York Work, according to a court document.
Any time now for a look at some many o their stories making news in New York and around the world. For that, we're joined by Bloomberg's John Tucker.
John Good Morning, Good morning, Karen. New York City's congestion pricing op for a vote by the Metropolitan Transportation Authority today. Supporters say The program will help alleviate some of the gridlock on Manhattan streets and generate desperately needed funding for mass transit. However, opponents are out in forests, including New York State Assembleman David Wepron.
The financial burdens associated with congestion pricing will shut down businesses across New York City, will force them to pass on the added cost to consumers.
Governor Kathy Hokel trying to push it through before President like Trump takes office. Trump is found to kill it. The initiative is the first of its kind in the US. As President Biden gathers with world leaders for his final G twenty summit in Brazil, he's considering fossil fuel finance curbs that could outlast the Trump administration. Let's get more in this report from Bloomberg's Denise Pellegrini.
The Biden administration is weighing a last ditch push for an international agreement that would restrict financial support for foreign oil and gas projects. Just as critical talks start in Paris, it sleeps a little time before today's negotiations among members of the Organization for Economic Cooperation and Development. At issue is a proposal to expand an existing three year old man on Export Credit Agency support for autobated coal fire
power plants. Under the proposal, export Credit Agency financing would be off limits for most oil and gas projects. Denise Pellegrity, Bloomberg Radio.
National average gasoline prices are set to fall below three dollars a galon just in time for Thanksgiving. That's when holiday travel is expected to climb back to pre pandemic levels. The national average retail fuel price already has fallen to the lowess since January, floating just a few cents above it's twenty twenty one level, and prosecutors say our Chagos Capital Management founder Bill Wong should serve twenty one years behind bars for fraud and market manipulation that led to
his firm's massive twenty twenty one collapse. Scheduled be sentenced this week. Wang was found guilty in July of misleading Wall Street banks into helping him inflate the value of Archigos's highly concentrated portfolio and authorities in India's capital, she had schools, halted construction and banned non essential trucks from
entering the city. Today, every air pollution shot up to its worst level this season, residents of New Delhy woke up to thick, toxic smog enveloping the city of some thirty three million as the air quality became increasingly hazardous. Global News twenty four hours Day and whatever you wanted with Bloomberg News Now, I'm John Tucker and this is Bloomberg Karen and Nathan.
Right, John, thank you.
Time now for the Bloomberg Scores update, brought to you by Tri State. Here's John stash Hour, John, Good morning.
Good morning, Karen. Jets hosted the colts lot of Booze casscadadut of met Life for much of the first half of Jets' first five possessions, four punts, a fourth down stop, a total of one first down, but the Jets did come alive. Reese Hall scored late first half. In early second Jets drabbed a one point lead. They were up by five in the final minute.
It's just an out of the gun's second off left heads take to five cuts into the.
Insist away into the exode touchdown. Anthony Richardson this second nothing touchdown. Today they end the Cults with the score right there, lead twenty eight to twenty seven with forty six seconds.
To go Colt Radio. They end the three game losing streak. The Jets are three and eight. They're one and five since the firing and coach Rob Sala. The Chiefs are now nine and one. Last team to lose it came in Buffalo thirty one to twenty. The Bills are nine and two. They won six in a row. The Steelers fifth straight win eighteen sixteen over Baltimore, who got stopped on a game time two point conversion with just over a minute left. Pittsburgh won one without scoring a touchdown.
Every ninety years, the Detroit Lions start a season nine to one. It happened in nineteen thirty four, and now again. The Lions overwhelmed Owley Jacksonville fifty two to six, the worst loss in Jaguars history. The Patriots lost with the Rams twenty eight twenty two. Matthew Stafford had four touchdown passes.
Last night.
The Chargers blew a three touchdown lead but scored with eighteen seconds left. Beat Cincinnati thirty four to twenty seven at the Garden. Next, beat the Nets as they did Friday, this one not as close, one fourteen to one, oh four to four. Knicks scored twenty or more. Minnesota beat Phoenix on a Julius Randall three pointer at the buzzer of the ex Knicks scored thirty five. Cleveland beat Charlotte, the Cavs with a fourth team in NBA history to
begin a season. Fifteen to oh Rangers began a four game road trip with a two nothing winning Seattle to shout out for Jonathan Quick. Saint John's now four to oh Red Storm had all five starters and double figures in eighty five to seventy one win over New Mexico, which met Rick Patino beat his son John Steshawer Bloomberg Sports, Karen and Nathan.
Cohost on Bloomberg Radio nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The rapid transition.
President elect Trump's been looking force hit a bit of a ball when it comes to the Treasury Secretary. Public jockeying has led to behind the scenes disarray, but the President elect's son, Donald Trump Junior, is sounding confident that all his father's cabinet picks will get through.
We have control of the Senate because of my father.
John Thune's able to be the majority leader because of my father, because he got a bunch of other people over the line.
It was Donald Trump Junior over the weekend. On Fox News this morning, we are joined by Bloomberg's Critty Gupta. So Critty, we were expecting a Treasury Department announcement as soon as last week.
Last week is come and gone. What's happening now?
Good morning, Good.
Morning, Nathan.
Well, looks like we even more contenders have kind of entered the race, or at least been considered a little bit more seriously, because really it felt like this was a neck and neck race between Howard Lutnick and Scott Pissent.
And there's already some kind of internal dynamics there with Elon Musk very publicly threw his weight behind Howard Lutnik, basically saying that scott descent was more of the same that those comments on his platform X. But then you have a couple of others as well, the former Trade representative Leittheiser being considered as well, even Mark Rowan, the CEO of Apollo and a Senator from Tennessee, Bill Haggerty also in the mix or names at least that have
been floated for this particular position. But Nathan, I think you've got it right there, which is that we thought we were getting closer and now it feels less so.
And it's such an important decision, isn't it. Because the Treasury Department has control over all the economic sanctions we've seen over the last several years under Janet Yellen, as well as implementing Donald Trump's strategy when it comes to potentially imposing.
Tariffs, it is it's a really crucial one. And look, twenty eight trillion of the treasuries market is also under this person's control. U mesh economic sanctions one hundred percent on Russia, on members of China, the Chinese Communist Party as well. Another piece I think a lot of people don't realize intuitively is that on the campaign trail, Donald Trump has been very vocal about saying that the reason that the deficit is not a concern for his economic
plan is because tariffs would offset tax cuts. That tax policy falls under the Treasury Secretary's role as well. And Nathan, a little bit of a fun fact for our global audience as well is that the Treasury Secretary is also fifth in line in the presidential succession. Of course, we've never gotten to the fifth in line, but it's important to kind of point out that that's where they rank in terms of importance in Washington, in terms of that administration.
But yes, this is absolutely a crucial role, and at the core of it is this concept of loyalty of kind of the vision aligning with Donald Trump as well.
And that's really where it seems to be that Howard Lutnik and Scott Pissent are differing in terms of Scott Piscent maybe perhaps not be as tough as Howard Lutnik would be, at least as a claim that Elon Musk is making the context crucial Nathan, as you'll remember, Stephen Minuchin was a favorite of Wall Street and was a favorite under the Trump administration as well, but kind of fell into some hot water there when it came to the idea that he wasn't as strong and as four
some of the tougher tear policies that Donald trumpet put forward.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg.
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