>> welcome to "bloomberg markets ." i am sonali basak. the market remains mostly focused on earnings and the economy. we will get a check on these markets to see how it is digesting all of these forces. we remain just below the 6000 level. we have been flirting with it all week. we are down .2%. nasdaq 100 also down .2%.

the 10 year yield now down to 4 .40%. a lot of volatility in the bond market. . bitcoin now below the $90,000 level but still up .6%. still at $89,000. we will bring in bloomberg abigail doolittle. abigail: the shares of disney had been up nearly 12%. right now up about 7%. up for an eight day in a row. the longest winning streak since 2018. there is an election rally but some of this could reflect expectations of a solid quarter. relative to the current quarter. earnings guidance for growth, high single digit.

to the downside, we take a look at the shares of super micro computer. this stock keeps tumbling. there is a 20% bear shortage. down nearly 40% on the year. all of this having to do with accounting issues. they are once again delaying the filing of a 10q. they are coming closer to a delisting on the nasdaq. we have mixed movers between tapestry and capri. at this point capri is higher. these two companies had been planning on merging over the last year. we have shares of tapestry up nearly 57%. capri down 57%. the ftc has blocked this deal from taking place. capri will be renovating 150 michael kors stores.

investors seem to like that if they cannot get the deal done that at least capri has plans to get the numbers going in the right direction. sonali: what is crazy about this is antitrust regulators were worried about less handbags. abigail doolittle, we thank you. we will switch to the economic front. this morning we had u.s. jobless claims dropping to the lowest level since may. producer prices picked up in october. earlier on bloomberg, we got a take on where this likely takes the fed. >> the fed is still on board with this gradual easing cycle. if you have underneath the surface you have fundamentals pointing to disinflationary pressures pointing into early 2025. sonali: for more on the u.s. economy and markets we are joined by joanne bianco. when i look at the 10 year yield, it makes me anxious.

there has been so much movement. we were just at 4.45% and we are now closer to 4.40%. how much more upside is there in the 10 year yield? joanne: thank you very much for having me here today. it has been a huge move for the 10 year. up close to 80 basis points since the mid-september low. basically the minute the fed started cutting rates in september, it looked like treasury yields went straight back up, especially at the long end. maybe that is a market's fields not necessary for the rate cuts to be happening. sonali: beyond even the number and pace of rate cuts that we get, one question i have is how do you determine what the ultimate set of reasons are

behind the tech higher? do you think this is all down to the deficit or are the inflation worries underpinning some of the terror of strategies will impact where we see the 10 year moving forward? joanne: i think it is a confluence of different factors. depending on the dates will determine what seems to take most presidents in the market worry. in general right now, our view is it is the potential for a re-acceleration of inflation after the fed has really spent the better part of two years to try to get inflation under control with its monetary policy. although it could certainly be a good thing if you see the economy continue to show nice nominal growth in 2025, to the

extent it is re-inflationary, that is a worry for markets. sonali: do you think at this juncture the market is still betting on another december rate cut? should the central bank be cutting again? joanne: it does not seem in our estimation that it is something that is necessary to do. they have made 75 basis points of cuts. we know they are planning to make further rate cut decisions on a meeting by meeting basis and they are not on a preset course. that is a good idea. they do not have enough data about what will happen with a new administration in terms of the timing and when things get implemented and what exactly the priorities end up being. they cannot necessarily factor that stuff in yet. sonali: how do you invest

through this uncertainty? do you think there is a lot of downside in the bond market when you think of the longer end of the curve, enough so that you would go short? joanne: whenever there is market volatility we think there can be more opportunities for investors. our basic stance -- it is not a new one, it is something we have said for the better part of two years -- is to focus on credit over duration. focusing on the u.s. high-yield market, triple b corporate's and the investment-grade market. benefiting from the strong fundamentals that we continue to see, as well as the coupon income that you can get that is elevated from the asset classes and how attractive that is. yes, we have seen in the past month the 10 year has lost its entire total return for the year in the space of one month with the volatility.

we have always been steering our investors away from the long end and the amount of volatility associated with that. sonali: it is interesting, you have at altman, a finance professor at nyu, quoted in a story today on bloomberg that the junk bond spreads we are seeing are being impacted by a fairly new factor, private credit. with more people going to private credit, this idea you are not seeing as much new issuance, less supply and more flows into that smother supply and therefore spreads that might be masking what the true risk is. we are curious to know what you think of that argument. joanne: we come at it from a different perspective. we think you are experiencing the benefit of all the

refinancing that has been going on in the high-yield market that has been shoring up balance sheets. since the pandemic, the focus -- and probably even prior to that -- the focus has been on refinancing as opposed to leveraged buyout's. we have a higher quality high-yield market right now. it has been supported by the resilient economy. credit spreads do not need to be wider. there are other structural reasons. there is more liquidity in the market than there used to be with the advent of etf's, portfolio trading. there are a lot more reasons spreads do not need to be as wide as the long-term average, for sure. sonali: we thank you so much for your time. complicated bond market. bondbloxx investor joanne bianco

. we continue to get reaction from around the world to donald trump's election and the incoming administration. here are some voices bloomberg talk to about what to expect. >> we do not know how his plan will translate into the deficit. how much the deficit will translate and how much of the incremental debt will transfer to inflation. too early to tell fundamentally. one thing that is for sure is we are getting into times of decisions. >> i am reasonably convinced volatility will be higher, the precise direction is a lot harder to predict. some of it depends on some of the policy expectations we have and less likely to translate into policy. >> he pulls out of the paris agreement, another 196 countries will continue to be in the

agreement. if he did that, he would see leadership to china. the very thing he said we do not want to do. >> world leaders have a relationship with president trump. they are probably thankful president trump won. it brings greater stability around the world and sends it clear message that america will not be pushed around. sonali: we will turn to washington where president-elect trump is naming his leadership picks. for treasury secretary some of president trump key advisors are backing scott present. the cantor fitzgerald chairman remains a top contender. we are joined by bloomberg balance of kailey leinz. let's talk about the treasury pick. you have howard let nick, who has been sitting with the

president-elect, looking to choose new leaders. scott has been advising the president-elect. what is the dynamic? kailey: they seem to be duking it out for the role. you are seeing it over the airwaves to some degree. scott bessent was on fox. they are both close to the president-elect. it is unclear when the decision will come down but we know based on bloomberg's reporting that trump is gravitating toward someone who will resonate more with wall street. that does not mean there are not other names in contention. robert lighthizer might be in the mix. j clayton. we are still watching the republican senator from tennessee, bill haggerty. this is one of a slew of economic oriented decisions donald trump will have to make. including those on his council

of economic advisers. we are waiting for a picks for other roles like the ustr, which robert lighthizer held. another set of pix that will require senate confirmation. sonali: we are out of time. that is kailey leinz. coming up, we will switch gears and talk about the private equity world. they have spark controversy borrowing money against their portfolios but big banks are backing them. more on that next. this is bloomberg. ♪

sonali: this is "bloomberg markets," and i am sonali basak. we are watching net asset value loans. it is causing quite a stir among investors. some firms are borrowing money against funds and now some banks are backing the funds that make the loans. joining us with more is bloomberg's kat hidalgo. what is the latest rendition? kat: it is a very exciting development we have written about. this fairly controversial form of lending is taking on an extra layer of debt. goldman sachs, j.p. morgan are willing to offer debt to funds.

sonali: what is sounds like is leverage on top of leverage on top of leverage. what could go wrong? kat: certainly when i am speaking to sources, they say very little could go wrong. there are being very careful about who they lend it to, being very tight. regulators have been very cautious about nav lending. i cannot imagine they would be too happy with adding an extra layer of leverage on top of debt they are already slightly concerned about. people have been throwing out the terms cdo, that kind of brings up horrible memories of the global financial crisis. that is not what sources are telling me this is. the most careful regulators and academics, their minds would go to that. sonali: for the net asset value

funds we have seen, can you give us a sense of how much they have expanded and grown? you have seen such a struggle to find liquidity in the private equity market. kat: we have seen iterations of this since before the global financial crisis but we started to take notice of them recently. private equity firms have looked for new ways to return capital to their lps. a lot of loans go toward portfolio investments and growth. the growth has been impressive in the nav laons sphere. there was a white paper suggesting nav facilities are likely to double to $300 billion. sonali: great story. you can read it on the terminal

and bloomberg.com. it is one of the most read stories. speaking of m&a, coming up next, our money undercover weekly segment is back. we will speak with searchlight capital founding partner eric zinterhofer about how industries are poised for a potential rise in deals with a new administration in d.c. this is bloomberg. ♪

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sonali: this is "bloomberg markets" and i am sonali basak. it is time for bloomberg money undercover. we cover the challenges facing alternative investments. a new trump administration could accelerate m&a. we are joined by eric zinterhofer.

founding partner at searchlight capital. he spent many years at many firms, watching the evolution of private equity. we are at an interesting juncture. we saw a closed off m&a market for a while. how much do you expect it to open up? eric: it is good to be back. i expected to open up, it needs to open up and we all expected to open up. i was looking at some statistics over the last year or so. do you know that twice the number of people are getting their news from facebook as they are from major news sources? you have multi trillion dollar businesses in youtube and amazon that are dominating the market for media and longform content, and yet there have been regulatory frameworks that have said broadcasters cannot merge. they are subscale relative to these behemoths who did not

start in media but now dominate media. sonali: it feels like traditional cable has had quite the run. if you're talking about the big streaming services, one big fascination today was disney's numbers. does it need to be the case that netflix needs to be the only person in the room or do you see room for others? eric: i hope not. they have close to 200 million viewers. youtube is close to 200 billion, as well. they are massive in size. disney is the only one close. they have done a good job of driving more profitability but they will be more scale, too, if they are going to compete with tech giants. sonali: does that lead the way for more m&a in the nontraditional tv world? are you looking for the company's of tomorrow that can fit into the model? eric: we are. ultimately there should be more m&a.

the ideal scenario would be if you look at traditional media companies, they are moving in the directive consumer world. they are building streaming platforms that ultimately can scale and be successful. they are financing that with a declining set of cash flows from media. google is financing it with your monopoly of search. amazon is financing with a near monopoly of commerce. netflix is way ahead of the game. the quality of the cash flows that are financing these growing streaming services are diminished for the traditional players. one way to mitigate that is through m&a. sonali: before we get back into the world of the general private equity landscape, you have also served on the board of charter for a while. you have seen the deal with liberty. is this just a matter of john malone's companies consolidating or does it say more about the

media landscape? eric: it is the former. there is a lot to talk about in the broader landscape that needs to happen strategically. from liberty's perspective, it is about simplifying their structure. from charter's standpoint, the transaction was well received by shareholders. sonali: you were talking about m&a opportunities. what about the ipo opportunities? are you anywhere near as excited about that? eric: we are really hopeful but a little more nervous. if you look at it big picture, the number of public companies over 20 years has been cut in half. there are so many barriers right now to be public that frankly exist regardless of changes in the administration. this is where i think the regulators need to look closely at what they have done to really diminish demand to be public. on the other hand, private

assets have figured out ways to take share and drive more liquidity and opportunities for eight broader set of investors to invest in those things -- private equity firms are talking about private assets competing with public assets. sonali: we only have about 30 seconds left. do you see the opportunity to return more money to investors across the industry? i think a lot of investors are hoping for a recycling of funds. eric: it is happening now and will accelerate. we are seeing the unlock occur. i am confident there will be a lot more liquidity and start to become under allocated again to private equities. i am near term bullish. sonali: that is eric zinterhofer . founding partner at searchlight capital, hopeful about the return of private equity dealmaking. moments ago, new york city

providing its once abandoned plan for the nation's first congestion pricing program. it would include a $9 toll for most cars to enter midtown. we will bring you know more as we know it. this is bloomberg. ♪

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sonali: welcome to "bloomberg markets," i am sonali basak. let's get a check on the markets. the s&p 500 still below 6000. it is down .4%. nasdaq 100, same. two year yield at 4.24%. i am stunned from the 10 year yield, now at 4.38%. a half hour ago we were at 4.40%

. this morning we were at 4.45%. abigail: one stock that is moving, shares of meta are declining. down .6%. this after the eu find them $841 million for antitrust violations. this follows meta making the concession of offering less personalized ads to folks in the eu but that not helping the decision. meta said it will appeal. a billionaire has reported a 9.9% stake. this is the best day since october 2022. if we take a look at the shares of hymns in hers and amazon, amazon announced they are

entering the telehealth space. down 16% on the prospect of the competition. this is the worst day ever since the company ipo. fearful of amazon into their market. sonali: fascinating, especially on the heels of one medical. abigail doolittle, thank you for keeping an eye on the top stories. investors globally are talking about a new trump administration's affect on the market. we spoke -- >> what is really remarkable is the rest of the world seems much more nervous than america. if you look at the investment trends that follow the election. the u.s. outperformance if you look at stocks, the dollar, versus the rest of the world, was already stretched.

going into this election after the election it has become even more stretched. you have this incredible situation where the u.s. stock market is approaching 70% of that index. we have never had a situation like this before. what the market is trying to tell you is america will be fined under trump but the rest of the world will suffer. that to me seems like a real overreaction. sonali: let's now turn to emerging markets, where new u.s. leadership could factor into investment themes. one firm, lazard asset management, assets under management of october 31 is $231 million. joining us is arif joshi. i want to start with the dollar. that will have ripple effects into emerging markets.

the dynamics behind the dollar. you saw it drifting higher with higher yields. you are seeing it decoupled from the yields. arif: thank you for having me. you are absolutely right. the big story is the dollar. there are two major factors that affect the dollar over time. one is relative growth of the u.s. versus the rest of the world. the second is what we should expect on tariffs. on the first part, it is absolutely right that the u.s. has been the best game in town for the last decade. to the extent that new policy under the trump administration causes growth to go higher in the u.s., that should attract money into the u.s. and that should be good for the dollar. second, generally economists view tariffs as being positive for the dollar and negative for the currencies that receive the tariffs.

we are in a staged were after the election, not only are expectations of growth in the u.s. increasing but we are getting closer to the tariff announcements. sonali: speaking of the tariff announcements, you think about this idea of investors holding pause on risk appetite when it was clear that trump was winning the presidency, and you saw the senate go red and you saw the house go red, what were the decisions you had make quickly? arif: the market started to sniff out a trump presidency in september or october. the view on wall street which ended up being correct is if trump were able to win, it was more likely than not that the house also went to republicans. we have known in the case of a trump victory it is likely to be a red sweep and that is where we are today.

i agree with you we have been reducing risk leading into the election and that specifically means protecting yourself against rising treasury yields and protecting yourself against a rising dollar and that is what has manifested. sonali: there has been a surge in the dollar since september, investors sniffing out the trump train. has it overcorrected? they are expecting a stringent tariff policy. what happens if we do not get tariffs quite so high? arif: that is the perfect question. i take you back to the last trump administration. this is a unique time in markets when you have something to reflect on. and the surprise election in 2016, the dollar went up 8% in about a month and a half. from election day until the end of 2016, you had a surge in the dollar. now we are up 6.2%.

a significant amount of that trade has happened. when are tariffs happening? last time we did not get the tariffs for another year and a half and 2017 was a fantastic year for emerging markets. are based case is tariffs come sooner than last time, which means it will probably not be another year that you wait. it will likely be a 2025 event. to the extent you get more of a selloff, you agree with that thesis. most of that news would have been priced in. sonali: what about what you are seeing a broad? if you think about emerging market debt, there was bullish sentiment but with the strength in the dollar, does that start to fade? arif: the trade has already faded. the market was up 7% or 8% in the middle part of the year on local currency, that is now flat. emerging markets have been an

unfavored asset class for quite a while. the technicals are quite strong for emerging markets. you do not have over buying in any part of what we do. to your point, there are other parts of emerging-market debt that are attractive. what goes unnoticed by many people is over the last year, fiscal policy and monetary policy and the emerging market countries is dramatically better than where we were 2, 3, 4 years ago. when you go down the list -- remember, emerging market countries play by different rules than the united states. there are bond market vigilantes that we do not see in the u.s. sonali: arguably. arif: not yet. policy is what we focus on. across many of these countries we are looking at primary surpluses. central banks that acted much quicker than the fed and ecb.

most of these emerging market countries are in much better shape than we have seen in a while. sonali: that is arif joshi. with lazard asset management. speaking to that strong dollar and the impacts it is having on the rest of the world. president-elect donald trump's administration is planning to kill the 7500 electric vehicle tax credit. that is according to reuters. we are watching shares of tesla, rivian, lose it and for dropping meaningfully, rivian down 10%. rivian had a strong bid earlier this week with a deal it had struck with vw. ford down .1%. lucid dropping 2.7%. tesla only down 3.8%. there are other things going on with tesla. coming up, we are going live to

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sonali: this is "bloomberg markets," i am sonali basak. the summit in peru is underway, bringing together ceos and world leaders to talk about artificial intelligence, markets, politics and health. lisa abramowicz is on location and joined by the global chair. lisa: i am here with mohamed

kande, who is talking with global executives. the one thing people said in private but will not talk about in public forums, they do not mention donald trump's names. how much are people wondering how much the trade landscape will change echo mohamed:. thank you for having me today. of many of the conversations we have, the u.s. election has been very visible. would it happened in many boardrooms, the conversation is happening and people are thinking about the consequences with trade and tariffs. lisa: this is one of my key questions. you see a lot of companies trying to be aggressive in terms of it investment. are u.s. companies waiting to find out or are they still being aggressive and investing? mohamed: it depends on which

companies we are talking to. we are looking at companies in different ecosystems. in the ecosystem that goes from shaping data centers, ai, infrastructure deployment, green energy, nobody is waiting. capital has been deployed, people are executing on strategies. they are not waiting for trade policies to change or not change because they have commitments they have to meet. other industries are probably waiting when it comes to good sensor, etc. so many goods have to cross borders. in general we are finding it is not a general statement. lisa: i do not see a lot of retailers. what i see -- google and microsoft -- i see a lot of discussion about energy and commodities, in particular

copper and lithium. what are the sectors that are coming more aggressively to latin america? other resource rich areas to figure out how to get a foothold? mohamed: you mentioned you are seeing a lot of big technology companies coming to latin america and we see them here. natural resources, you mentioned copper, lithium, you think about cobalt. also, biodiversity is key for green energy. a lot of companies depending on either having natural resources or artificial intelligence for strategies are seeking not only natural resources but clean energy to fuel their strategies. lisa: we have headlines with reuters reporting that donald trump will remove the $7,500 electric vehicle tax credit. it raises a question if the new regime place less emphasis on

clean energy and there will be a backtracking of sources. have you seen that from companies? mohamed: i have not seen that from companies. i know there are a lot of investments going to renewable energies and batteries. anything that can power green energy. lisa: do you get the sense -- one thing we have talked about is how present china is at the conference. china has a history with peru. i am wondering, how much that is true beyond a peck? are they taking on while the u.s. is backing away? mohamed: china is probably taking over -- china is having a strategy of expanding, whether were talking about latin america or africa. access to natural resources. it is not a new strategy. lisa: do you think going forward

there is a sense from companies that they have to be careful about doing business in certain areas? have they asked you to fix this and make sure we are not in violation? mohamed: any respectable company to be able have a backup plan. we do business in certain parts of the world and if something happens, what is a different plan for us to continue to execute our strategy. we figure out what if. most of the companies, when the question is being asked what if something happens? it is not a question being asked to prevent them from actions. they're still making investments and recruiting people because they still have to execute on their strategies. lisa: we have been talking about u.s. investment outside. what about outside investment in the u.s.? there is discussions about tariffs. do you see anyone taking action

on that front? mohamed: when you look at the numbers -- the u.s. is one of the top destinations for investments. look at the numbers. the u.s. is the market attracting the most foreign investments. lisa: even still that is accelerating echo mohamed: absolutely and will continue to. lisa: you talked about ai and i'm wondering how much people are looking at two systems. always on the ground. do companies feel they have to comply with two different technological streams that are evolving out of the current predicament? mohamed: it is a great question. what exactly is ai? different models and technologies. even in the u.s. to have different technologies than france and china. it is very fragmented around the

world when it comes to large language models. when we think about ai, we think about the ecosystem. we need data centers, infrastructure. that is what ai is. it is not just one thing. an ecosystem has been created. it is becoming a global ecosystem. that is why you see so many companies in lima. lisa: thank you for being with us. mohamed kande. i will send it back to you. sonali: that is lisa abramowicz live at the apec summit in lima, peru. you can watch lisa's conversation with jamie dimon at 2:30 p.m. new york time. we are watching disney shares after the company's earnings this morning beat estimates. this is bloomberg. ♪ y 3 minutes d isn with a cleft condition.

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>> we feel optimistic that as the industry comes together we will add subscribers. in addition to that because of the value we are delivering because of the great ip and a great product, we will be able to dictate pricing. combined with good cost management we have in place with good disciplines, we feel very optimistic about were streaming is going. sonali: this is "bloomberg markets" and i am sonali basak. we will now talk about disney. that was hugh johnson speaking earlier. it is our stock of the hour. we are joined by a bloomberg analyst. investors loved the report, the guidance, the turnaround story

in the streaming business. my big question is the one cloud still handing over disney's head, the next generation. how does this set disney up over the next couple of years? >> the one good thing is the next person, whoever it is, does not have to deal with the turnaround job or fix it. that is pretty much already underway in terms of whether it is the streaming business, which has turned profitable and will have almost double digit margins in a couple years. we talked about the studio business. we have seen them churn out multiple hits. a lot of the investments and course correction they have put in place after bob iger came back almost two years ago is taking shape and we are seeing tangible results. that is good news for the successor. sonali: you are seeing the stock

up more than 7%. it was up 11%. it is the best day since february. how much more upside -- we think about the businesses and the guidance for the businesses, where do you see the ability for a real hit here? something to make them expand even further? >> it is great they provided all of the guidance because the biggest overhang ove past few months was the lack of visibility and certainty. laying out a financial roadmap has cleared a lot of things up when it comes to investors. the big catalyst we are waiting for -- all of the industry is closely watching -- this has ramifications not just for disney but huge repercussions across the industry. when they launch what they call their flagship esp and product

in august of 2025. with that, their allegiance to the tv networks business reduces a lot because espn was the glue holding the cable tv bundled together. it will be interesting to see where they price the product, how many subscribers they expect and whether it triggers them to spin off the tv business altogether -- although they are currently saying they want to keep it the way it is. sonali: we thank you so much for your analysis on the show and all day over at bloomberg intelligence. that was the latest on disney. we want to talk now about microsoft. breaking news across the terminal. the federal trade commission is planning to investigate microsoft's cloud business, according to the financial times. this would be a major move by the ftc and the final days of

joe biden's presidency. i am sonali basak. that does it for "bloomberg markets." volatility level. this is "bloomberg markets" and this is bloomberg. ♪ ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month.

announcer: from the world of politics of the world of business, this is "balance of power." ♪

live from washington d.c. ♪ joe: washington waits for the next name to drop. welcome to the class show in politics as president-elect trump is the capital on the capital on edge after his latest round of appointments and we have got more to follow. the treasury and health and human services. thanks for joining us on the thursday edition of "balance of power" here on bloomberg tv and radio. i am joe mathieu alongside kailey leinz in washington. one thing we do know, why we still have some blanks to fill in, is that republicans control capitol hill starting in january. that goes for the house, they razor-thin majority it potentially center by donald trump, but they have managed to rewrite the rules in an important thing last night that might get lost in the shuffle, it might get more difficult to fire the speaker. kailey: the rule