Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with legal news involving Donald Trump. The president elect has failed to convince a judge to set aside his conviction in the New York hush money case on presidential immunity grounds. New York State Justice Juan Mrshan rejected Trump's argument the trial was tainted by testimony and other evidence that should not have been allowed under a July Supreme Court decision granting presidents brought immunity from criminal charges. Bob van Vories is a legal reporter for Bloomberg News.
Jose Marshawn ruled that Trump had failed to preserve most of the objections to the evidence that he objected to, meaning that the judge is unable to rule on it because he didn't know object at the time. He ruled also that even if he had preserved those objections, they would not fall within the immune.
To Bloomberg's Bob van Vores says it's unclear if the case will proceede the sentencing, as the president dilect continues to challenge the verdict. In May, Manhattan jury found Trump guilty of falsifying business records to conceal a one hundred and thirty thousand dollars payment to former adult film actress Stormy Daniels before the twenty sixteen election.
Meanwhile, Nathan Trump spoke to reporters for over an hour at his ma A Lago, Florida club, covering a wide range of topics. He says, Ukraine needs to reach a deal and the Russian invasion, You've got to be a deal.
Got to be a deal. Too many people being killed. That is a war. That's too many people. Got to make a deal. And Boom has to make a deal to what's deal with.
Hours after Trump spoke, Ukraine claim responsibility for the assassination of the head of Russia's Radiological, Chemical, and Biological Defense troops and a bomb explosion in Moscow.
Another topic that reporters brought up Karen was drones. White House officials they're still trying to ease concerns about the thousands of sightings in New Jersey and other parts of the Northeast. National Security spokesman John Kirby says there's no reason for alarm.
Our assessment at this stage is that the activity represents commercial, hobbyist law enforcement drones all operating legally and lawfully, and or civilian aviation aircraft.
White House spokesman John Kirby says the FBI followed up on one hundred tips out of the more than five thousand it's received in recent weeks. President like Trump says he thinks the White House knows more than it's saying.
They know where it came from and where it went, and for some reason they don't want to comment, and I think they'd be better of saying what it is. Our military knows than our president knows, and for some reason they want to keep people in suspense.
The President elect says he doesn't think it's the enemy, but he suggested his new Jersey golf course could be a target, saying they're flying very close to Bedminster Well Nathan.
President elect Trump also discussed immigration at Is mar a Lago news conference. He threatened legal action against the vided Administration for selling unused materials from his border wall with Mexico.
We're going to have to rebuild it, and it'll cost double what it costs years ago, and that's hundreds of millions of dollars.
The president elect was also asked if he's had preliminary talks with Venezuela and other countries about his promised mass deportation of millions of immigrants. Trump said, quote, they'll take them back. Bloomberg News has learned Trump's transition team has begun back channel talks with Mexico and El Salvador about taking in undocumented migrants. Advisors involved in the effort include incoming National Security Advisor Mike Waltz and Deputy Chief of Staff Stephen Miller.
Current presidents like Trump also talked about his pick to lead the Department of Health and Human Services, Robert F. Kennedy Junior.
I think he's going to be much less radical than you would think. I think he's got a very open mind, or I wouldn't have put him there. He's going to be very much less radical.
But there are problems.
I mean, we don't do as well as a lot of other nations.
The president spoke as Kennedy kicked off meetings with Senate Republicans ahead of his conformation hearings. Senator Mark Wayne Mullen said after their meeting he plans to vote yes and the Kennedy supports the polio vaccine, in his words, one hundred percent. Kennedy also met with Florida Senator Rick Scott and has more meetings this week with Lindsay Graham of South Carolina and Senate Finance Chairman Mike Crapo.
Nathan, the CEO of TikTok, met with Trump at mar A Lago on Monday, just weeks before the popular video app is expected to be banned in the US over national security concerns. The private meeting came just hours after Trump suggested he'd somehow try to reverse the band to save TikTok, which he used to reach young voters on the campaign trail.
Turn back to markets now, Karen, as we watch futures move lower a day after the Nasdaq one hundred closed at an all time high. The moves come a day before the final FED great decision of the year. Veronica Willis is a global investment strategist at Wells Fargo Investment Institute.
I think we're going to move from the market being excited about an easier FED to refocusing on excitement or around economic growth. So I think through the early part of twenty twenty five, the FED may still be able to cut rates, but as we see growth strengthen and as we see inflation maybe moving a little bit higher, we're probably not going to be able to see the Fed continuing.
To cut rate Well, As Fargo Investment Institute's Veronica Willis says, the Fed is widely expected to cut rates a quarter percentage point tomorrow. Stick with Bloomberg for full Fed coverage on a special edition of Bloomberg Surveillance. The Fed decides that's tomorrow, one thirty pm Wall Street Time on Bloomberg Radio and television.
Well, Nathan, look for a tenure treasury yields to climb under President Trump. That's the word from t ROW Price. In fact, the firm says yields may climb to six percent for the first time in more than two decades as US fiscal woes worsen and Trump's policies help keep inflation elevated. Tenure Treasury yield, which influences the pricing of everything from corporate debt to mortgages, is currently trading at four point four to two percent.
When it comes to interest rates. Overseas, Karen Traders see fewer cut by the Bank of England. That's after data showed UK wages rose more than forecast in the three months through October, the implied chance of a third quarter percentage point cut from the BOE in twenty twenty five fell below fifty percent. That's down from ninety percent ahead of the report.
And staying in Europe here Nathan. The Bank of France has cut its domestic growth outlook, just days after President Emmanuel mccron named the country's fourth prime minister in a year. We get more from Bloomberg Senior editor Phil Serafino.
It's not great news. Growing economy can really help France with a lot of its budget problems, and growth has just not been great for a long time and it's going in the wrong direction. The head of the Central Bank, Francois de Luis de Gallo, is out doing media now to talk about this report, and he's got a pretty strong message also, which is that this political discord is really a problem. There was a quote he said at risk gradual economic decline, which is not something you want to hear.
And Bloomberg's Phil Serafino says the French Central Bank now expects only a ten percent expansion in twenty twenty five instead of one point two percent had predicted in September. And it's time now for 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 John Tunker. John Good Morning, Yeah.
Good morning, Karen. Another deadly school shooting, a fifteen year old student killed a teacher and another teenager with a handgun Bunday at a Christian school in Wisconsin. Madison Police chief shown Barnes.
She was a student at the school and evidence suggests she died from a self and afflicted gunshot warm Well.
The female student also wounded six others at a study hall at the Abundant Life Christian School, including two students who were in critical condition. And Canada, the Prime Minister there Justin Trudeau's administration has been thrown into crisis. His trusted deputy, the Finance Minister, Christia Freeland, published a withering resignation letter. It left you to weekend at the worst possible time to doing. His cabinet have been struggling for
weeks to show a united front. Donald Trump's threat to slap twenty five percent tariffs on Canadian goods the president elected, giving some hope to New York City Mayor Eric Adams. Donald Trump was asked if he pardoned Adams, who's been indicted on federal corruption charges.
Yeah, I would certainly look at it.
Bloomberg TV. Yesterday, Adams painted himself as a victim.
President Biden stated that his Justice Department has been politicized. President Trump said that I said that.
Adams said he's moving forward and committed to running for re election. We'll have more of his interview in a few minutes. A major earthquake and Vanatu appears to have damaged buildings in the Pacific onland Nation. The seven point three magnitude quake strunk about nineteen miles from Vanadou's capital. The US embassy has attained considerable damage. It's closed until further notice. The y Shape Archipelago and the South Pacific is home to about three hundred and thirty thousand people.
Global News twenty four hours day, whenever you wanted with Bloomberg News. Now, I'm John Tucker and this is Bloomberg Karen.
All right, John, thank you time now for the Bloomberg Sports update, brought to you by Tri State Outy. Here's John Stashauer.
John, Good morning, Jim Morning Karen's been quite a season in Minnesota. Vikings went just seven and ten last year and drafted a new quarterback. JJ McCarthy got hurt, so the Vikes turned to the journeyman Sam Donald and he's been terrific. Ost in Chicago, Donald of the Vikings struck in the first quarter. Reaction from Donaldson touchdown, Jefferson.
Shout out to Randy Boss after the.
Touchdown from Justin Jefferson his.
Eighth of the year, esping the call Randy Moss, the former Vikings great, just reveal the s cancer in Minnesota went on to win thirty to twelve, Now twelve and two. With seven wins in a row and with Detroit's last Sunday, there's a tie for first. In the NFC North. Atlanta won in Las Vegas fifteen to nine Falcons and the four game losing Streek. They're one game out. In the NFC South, the Raiders are two and twelve. They're tied
with the Giants for the NFL's worst record. Kansas City has the best at thirteen and one, hosting Houston Saturday. May not have Patrick Maholmes has a mild high ankle sprain there's no reason to think he won't be fine for the playoffs. Blowout at Barkley's. Cleveland's got the NBA's best record twenty three and four calves up by twenty in the first quarter. They beat the Nets one thirty to one oh one in Vegas. Tonight, it's Milwaukee and
Oklahoma City in the nd season NBA Cup Final. John Stanshaward Bloomberg Sports, Karon.
Nathan all Right, John, thank you on Bloomberg day Break. Brown to you by Audi. Visit your Trent State AUDI dealer today and get behind the wheel of the Audi model you've always wanted.
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This is Bloomberg Daybreak.
Good Morning on Nathan Hagar. Donald Trump might not be able to leave his legal issues fully behind him when he returns to the White House next month. The New York judge who's been overseeing the President elects hush money case is leaving his felony convictions intact, though it's not clear if the incoming President's going to have to face sentencing over this for more and on all the political headlines this morning. We are joined by Bloomberg News Senior
editor Bill Ferries. Bill, good morning. So where does this decision leave the case now for President Electrump?
Well, good morning, Nathan. I mean it does leave it in still a bit of a limbo. I mean Judge Judge Murchon here in New York saying that basically the immunity argument that Donald Trump and his lawyers have put forward in this case really doesn't apply to this situation. I mean, this is you know, you have to remember back now it's almost eight years. This goes back to the Stormy Daniel's case in the twenty sixteen election campaign.
Mrchon basically saying, none of the rulins from the Supreme Court that deal with Donald Trump's immunity as president have any bearing here. But the reality is that the you know, the sentence is probably not going to happen or it's going to be a lot of questions about whether he could face even a fine at this point, which was kind of the most likely scenario. So that's something that's still going to play out. But it is a legal
setback for the president. It shows that there are some limits to that immunity ruling that we got earlier this year.
Well, it doesn't seem like that legal cloud was much of an impact for the President to elect. As he held this wide ranging news conference at Amara Lago yesterday, he really seemed to relish the President in waiting role.
Oh absolutely, I was putting down a list of everything he hid in that. Besides, you know, there's TikTok and return to office investments in the US pardons potentially for the New York mayor the Iowa Polster. Going after that, I mean, it was drones in New Jersey. I mean, you can almost throw a dart at aboard and you'll hit an issue that he raised there, But particularly of interest was Ukraine and how his view that needs to
come to an end very quickly. Was very dismissive of the idea that the US has allowed Ukraine to hit targets deep within Russia, and he said there's got to be a deal soon.
Well you have to wonder though, whether there's going to be a deal with this latest development just this morning that Ukraine's claiming responsibility for the assassination of a top Russian general in Moscow.
Bill, Yeah, we're looking at still all just breaking in the last hour or so, Ukraine's saying that it was behind the killing of this lieutenant general who helped oversee Russia's radiological, chemical and biological defense forces in an explosion in Moscow early. We don't know what the ramifications of that are going to be, how Putin might respond, but it's certainly a sign that continues to be ways for both sides to escalate in this conflict.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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