Skip to main content

tv   Bloomberg Daybreak Europe  Bloomberg  November 25, 2024 1:00am-2:00am EST

1:00 am
>> good morning. this is "daybreak: europe." treasuries rallying after donald trump pegs hedge fund executive scott bessent for treasury secretary. he has indicated he would back
1:01 am
terrace and tax cut plans. unicredit with a bid to take over a domestic rival. the italian lender is also considering an acquisition of commerce bank. iran reportedly hopes to hold talks about its nuclear program with european countries. >> let's dive into the market story. green on the screen when we look at the futures story. the ftse 100 higher by .2%. we are starting to see a gap. the internal dynamics. a lot may be coming from sentiment in the states
1:02 am
specifically with donald trump's tech in scott bessent -- donald trump's pick in scott bessent. the nasdaq 100 is higher by .6%. the euro stoxx 50 futures higher today and not just in the equity picture. the cross asset story is a similar dynamic you are seeing some movement in the 10 year yield. down by almost six basis points. this was expected. perhaps a sigh of relief that scott bessent could be a voice of reason. when it comes to global economics. reflected in the 10 year yield. the british pound at 126, green on the screen when you look at the european currencies. this comes in tandem with the u.s. dollar weakness. this is a big deal. in the last few months we have seen the dollar and bond story stretch and diverge.
1:03 am
as the dollar story more of a haven bid? the narratives have shifted and as a result put euro-dollar far closer to parity than a lot of people expected this soon after the u.s. election. just shy of 105. some of the major houses including deutsche bank calling for $.95 when you look at the euro-dollar story. look at the british pound. crucial, and -- crucial comments when it comes to cable. comments also out of the cbi talking about job losses and the labor market. a lot going on in the currency space. and bitcoin. is it a currency story or a commodity story? just shy of 100,000. higher by 1.2%.
1:04 am
a pretty decent move trading at about 98,000. one major thing --what is going on in the u.s.? the idea that you will see this new administration and a new treasury pick take a different approach in global economics. that is your european story. let's look at asian markets with avril hong standing by. >> asia stock traders and bracing donald trump's pick for treasury secretary. more of the idea that scott bessent could take a gradual approach to tariffs. the nikkei is leading gains. where we are still seeing the pain is in chinese stocks the friday selloff. traders brace for the imminent return of donald trump. the domestic picture isn't
1:05 am
helping when you talk about earnings or fiscal stimulus disappointment. bucking the trend in china today though we are seeing the ev maker is rubbing up. -- is ramping up. on stories that china and europe are working together. let's take a look at how this is playing out in currencies. the bloomberg dollar index has been sliding. it is worth noting it has moved off from session lows so maybe a bit of uncertainty about whether this pic is ultimately going to be a negative for the dollar especially if we see donald trump's policies ultimately being enacted. that seems to be a further upside for the greenback. it makes you wonder how long a
1:06 am
reprieve for asian currencies can last. also focusing on the yen. today's gains pale in comparison to other g10 currencies such as the euro. traders in the yen may need more convincing for a december boj rate hike care look at what we are seeing in the chinese tech names. last week we saw $41 billion in market cap erased from the biggest tech names. if you look at this chart courtesy of mark cranfield, past the golden cross we saw in october, it has been struggling. the suggestion of it losing upward momentum. >> avril hong standing by in singapore. thank you for walking us through some of the key technical levels. coming back to our top story, donald trump has nominated scott bessent as his next treasury
1:07 am
secretary. he said the delivery on donald trump's tax pledges is his top priority here we have been waiting for some sort of policy direction. tariffs and tax. how much of the narrative does this change for the rest of the world? >> it is ing more about tax andt he would enact donald trump's tax policy which is extending existing tax policies. he didn't talk as much about spending and tariffs. we know he is fiscally conservative so he won't want to see a lot of tax cuts followed by a lot of spending. perhaps he would be looking to move first on the tax side. and on tariffs, we know he is our verse to inflation. there is all the evidence
1:08 am
economically that tariffs in the world come extending them and lifting them around the world would be in way she mary for the u.s. we can imagine he would proceed cautiously. he is nodding to every element of donald trump's policies saying he will represent donald trump in his job as treasury secretary. however, how fast he moves -- there may be some wiggle room particularly on the tariffs side >> a little risk positive sentiment. we have been here before. the idea that he has had so much trouble with his treasury secretary. scott bessent has been swimming in some tricky waters. do we have any indication of any potential strife down the road? >> it is hard to tell. you look through the first administration on clues on how
1:09 am
he may operate. the reality is we don't know. donald trump on the surface has more experience in the role of president. some might say there will be a certain look to this kind of presidency. but he is being clear about what he wants to see happen which is following through on his pledges to put tariffs on goods from overseas including on countries that you would consider to be u.s. allies. there has to be some support for the idea of putting tariffs on these countries even if the pace is slower. maybe some potential tension as time goes on. >> when you come back to the tariff story, to the tax
1:10 am
incentives increase the need for tariffs? >> it is hard to see one not leading to another. when you look at donald trump's foreign policy, this is part of his strategy. he is a transactional person. when he looks at the economy he will say, hang on, we are paying this for your goods and you're not paying this for our goods. he wants a level playing field for u.s. companies. that will inevitably lead for him to push to tariffs. >> we are watching all things within interested i on u.s. politics. markets have reacted positively to the choice of scott bessent, a wall street veteran whose cautious approach may take the sting out of donald trump's america first policy. he has appeared to be open to negotiating on the size of tariffs.
1:11 am
>> markets are cheering this treasury pick. s&p futures solidly in the green this morning and a riley into treasuries. we are seeking the bloomberg dollar index falling. some of this coming alongside the fact that if they do pursue this tariff policy that they will need a week dollar policy to come alongside. a little tease when it comes to the bloomberg dollar index. talking about the bond market about what has gone on in the bond curve. this is led by a rally in the long and and it comes alongside scott bessent who has been a vocal critic of janet yellen and her decision to issue more t-bills when we had we had a zee policy instead of terming out the debt. he is in favor of terming out the debt in order to fix
1:12 am
america's debt problem here the treasury curve at the moment is not necessarily worried about the longer-term issuance. we are seeing a decent rally in the long end. down six basis points. talking about his 333 policy. taking a page from the book of shinzo abe. he wants to 3%. the current budget deficit is around 6% or 7%. nearly cutting the deficit in half. he wants to spur gdp growth to 3% by the regulation in tax cuts. he also wants to produce an additional 3 million barrels of oil a day. really trying to stoke the u.s. energy independence and ignite the u.s. led growth. >> we will kyiv those policies
1:13 am
that did well for japan do well for the u.s. in europe unicredit says it is in a bid to take over banco bpm. it is also considering an acquisition of commerzbank. let's bring in joe eason watching all of the m&a action. unicredit seems to be on a spending spree. >> we are seeinwe have the newsn government selling their stake in paschi which spurred an uptick in m&a in the sector. now we have the lenders with strong capital which is an after effect of the changes that went through during the financial crisis. also interest rates coming back up means they have more cash to spend really interesting. >> unicredit is on a spending
1:14 am
spree. is this a unicredit specific dynamic? >> i think it is something more broad in the italian banking sector. it is something the government wants to see happen. partly the reason for why they sold their stake in monte paschi a few weeks ago. the sector is fragmented so there are eight publicly traded banks in italy. in spain there are only four big lenders. a fragmented market and an opportunity to consolidate and save a bit of money on costs. there will be a lot of focus today on monte paschi. bpm -- if unicredit is buying bpm where does that leave paschi? everyone that has shares in any italian bank today, they will be
1:15 am
reevaluating what is going on. >> the ripple effect of the monte paschi story is fascinating. thank you for walking us through that. coming up, we go back to geopolitics -- president biden rushes to bolster ukraine before donald trump's returned to the white house. we will get the latest on tt ne. this is bloomberg. ♪
1:16 am
1:17 am
>> welcome back to bloomberg "daybreak: europe." iran will hold talks about its nuclear program this week with european nations. let's ring in patrick's legs joining us from istanbul. walk us through what we know about these upcoming talks. >> germany, france and the u.k., a block in the negotiations that
1:18 am
led to the 2015 nuclearit seems. the u.s., russia and china are not involved. we are not expecting a revival of that deal initially. iran saying that the nuclear issue is one of several alongside international issues like gaza. it is interesting to see iran engaging on that and it is the latest sign of that outreach with donald trump coming in shortly and iran perhaps feeling they have to get ahead of that perhaps maximum pressure of 2.0. before that we had the reported meeting between iranian officials and elon musk in new york and last week we had the agreement with the iaea to stop
1:19 am
enriching a particular kind of uranium that had been seen as an excel or a tory part of the program -- as an important part of their program. >> we will see how it all squares with donald trump at the white house. patrick cites thank you for walking us through some of the dynamics in iran.before donald r the presidency on january 20, joe biden is pushing to strengthen ukraine's position against russia before the return of donald trump to the white house. the president elect has promised to end that word. -- that war. how believable are these thoughts of an end to the war in ukraine? is this something that is
1:20 am
conceivable given the global dynamics we are seeing today? >> i would say that the come back of donald trump makes it likely that this conflict will enter a new phase. and that phase may well involve talks and could involve some kind of cease-fire that is the beginning of a political settlement. but even in the best case scenario, peace processes tend to be very long journeys. so i think there is nobody that takes literal trump would end te conflict by day one as he has said. but he is changing the dynamic and making it more likely that the parties will consider a way to at least look at the conflict. the question is whether it will be sustainable and a lot of that would depend on european countries and perhaps nato's
1:21 am
willingness to guarantee any cease-fire agreement or subsequent peace agreement. >> when it comes to a subsequent peace agreement, i was in brussels last weekend a big conversation was the idea of a potential cease-fire but it comes with a lot of caveats including cessation of territory and access to getting more checks on nuclear missiles and weaponry that fall under russia. in those negotiations, how much are some of these factors underplayed? >> i think from a distance it can look like it is basically an issue of finding a compromise over territory. but the concerns of ukraine are bigger than that because their fear is not only about giving up territory to russia, their fear is that if russia believes it has won the territory through forests, it might come back and try to take more.
1:22 am
vladimir putin made it clear on the eve of of the invasion that fundamentally he does not really respect ukraine as an independent and sovereign nationstate. he sees it as a historical part of russia. that does not mean he has the ability to take over and i think like many leaders he went into the war at the beginning thinking it would be a short success and quickly russian forces would take over kyiv. that hasn't happened but there continues to be the fear from ukraine that a cease-fire would only pause the conflict. it is why these questions about security guarantees are really important if there is to be an agreement. how do you make sure the agreement is respected and doesn't just fall apart 2-4 years down the line? and for its part also, russia still would like to have at
1:23 am
least a friendly government in kyiv. there are worries in russia that ukraine will be tempted to avenge itself or retake territory. so they guarantees of the enforcement are important but when the major power like russia is concerned, it is hard to find outsiders that can credibly guarantee it in the same way that they could with a smaller conflict. >> in the scenario of a potential cease-fire agreement on the table, talk to us about the other side of the equation. the narrative last week was that the fighting was increasing. russia actively denying the use of a ballistic missile but the narrative was largely escalatory. there is a report that russia is tapping yemenis mercenaries.
1:24 am
talk to us about this manpower conversation given that russia's allies are coming to its rescue. >> it helps them reduce how much they need to rely on their own population and tried to demonstrate to the west that they have allies also though nothing on the scale of the nato alliance. >> it is certainly something we will be keeping a close eye on. jane kinnimont from the european leadership network. plenty more coming up on the program. we dive into the markets and the geopolitics. stick with us. this is bloomberg. ♪
1:25 am
1:26 am
>> let's get to some other european stories. the uae has arrested three
1:27 am
suspects in connection to the murder of an israeli rabbi. israel has condemned the killing as a terrible act of antisemitic terrorism. the u.s. has commended the uae's efforts to hold the perpetrator accountable. antony blinken arrived in rome for a diplomatic trip to europe including a meeting of foreign ministers from industrialized n. he will participate in meetings with a focus on the wars in ukraine and the middle east. this comes as the biden administration winds down. taking the lead in romania's presidential election with 22% of the vote. he has voiced admiration for vladimir putin and has set up a runoff with the current prime minister. the campaign has focused on young voters and question
1:28 am
military support for ukraine sparking concerns about romanian's position on nato. we pivoted to the united kingdom and there is a stark warning from british business with more than half of u.k. firms saying they will hire fewer people. and in the meantime markets are green on the screen. cable at a 125 handle. euro-dollar as well starting to see more of a pickup. 104 it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.
1:29 am
1:30 am
>> good morning. i am pretty in london. let's get to the stories that set your agenda. u.s. president donald trump picks scott bessent
1:31 am
for treasury secretary in europe, unicredit has begun a takeover bid for benko bpm3. they also consider the acquisition of commerzbank. iran plans to hold talks about its nuclear program this week with european nations, including the u.k., france, and germany. this the first discussions since the new president was sworn in, in july. green on the screen when you look at the futures picture because you are starting to see that scott bessent bid show up. you are seeing ftse 100 futures up. futures higher in the s&p 500 and in the nasdaq. we will call a 0.5% as well. across assets, a different picture, but risk positive seems to be the ongoing sentiment. the cross asset story, we are starting to see a 10 year at
1:32 am
4.33, down about six basis points, almost seven on the treasury yield. perhaps a little bit of safety baked into that trade. euro-dollar, 1.04. all following the lead of the dollar. the weakness taking its cue from the bond story. bitcoin at a 98,000 level, higher by 1.3 percent, right on the cusp of 100,000. a lot of green on the screen for markets, but perhaps not so much when it comes to sentiment, specifically here in europe. i want to go to one of our top stories in this part of the world, where half of u.k. firms are planning to cut jobs after the tax hikes announced in last month's budget. a stark warning from britain's most influential business lobby group. joining us to break it down, lizzy burden joining us on set. it is the cbi annual conference. is the message positive, negative? how are we thinking about it? >> not as positive as before the election or the budget. we had that scramble to try to
1:33 am
woo business, now the cbi warning all these tax rises, 40 billion pounds in the budget, which fell on the wealthy and business, are going to have negative effects. about half planning to trim their workforces. even more than that, 62% saying they will pull back on hiring. we are expecting the ceo of the cbi to say at this conference they cannot have anything like this again done to bi wonder whs intervention is looking ahead to a potential second budget in the spring. could we see rates coming back with more tax rises than? it is also partly on the lobby groups for not taking this up with labor more seriously before the budget when they had the chance. they say the tax rises were expected, but not to this extent. interestingly, another ask from the cbi is they want the government to make occupational
1:34 am
health tax-free. why does it matter? we have seen so many people drop out of the workforce. indeed, there is an op-ed from the prime minister keir starmer over the weekend saying the government will lay out radical reforms on social spending, which you could see tying into the same thing. a bit of a stick to get people back into the workplace. kriti: there is also a warning that the government could push further for investability in u.k. assets. how big of a warning is that? lizzy: we heard from the chancellor rachel reeves that she wants pension funds to make bigger pools of capital to drive this investment. but one of the unanswered questions was how do you get that money to go into u.k. firms? i asked her, are you looking at mandating that? she said no. i asked, will you look at tax breaks like australia? she says, we already have tax breaks. so, what are you going to do? potentially, they could recoup tax benefits that are already
1:35 am
given. this is what the head of the british business bank is saying. he is effectively a government official, given that is a state owned bank. you could see that as a smaller caret rather than a stick in order to get this money into the u.k.. the working pension secretary has not ruled this out. kriti: lizzy burden walking us through the story in the u.k.. let's go on to something that will impact the united kingdom and other countries to come. it is the future of artificial intelligence. the nvidia ceo was in hong kong where he spoke with annabelle droulers about how his firm with handle the change in the u.s. president. >> i don't know what is going to happen with the new administration, but whatever happens, our wealth will balance simultaneously in compliance with laws and policies, continue to advance our technology and
1:36 am
serve customers all over the world. we will continue to do that and we will do that just fine. kriti: the past two years, nvidia has become the main supplier of the hardware that enables generative ai, making the company the world's largest by market value. some of the chipmaker's biggest customers, amazon, microsoft, google are cooking up their own so it -- their own silicon. olivia solon joins us on set. good morning. walk us through this move from amazon. they are making their own ai chips. that is a costly venture. why? >> like its cloud competitors google and microsoft, amazon has been heavily relying on nvidia's chips for generative ai, and the massive demand for these chips means they are very expensive and pretty difficult to get a hold of. they will want to bring some of that in-house to cut costs and bring more security to its supply chain. kriti: walk us through the plans
1:37 am
here. they said they are mulling this. they want to do it. how long does this take to actually get underway? >> spent years focused on building its own chips, and it has already built a couple so far. this is its third generation chip and it hopes it can dislodge nvidia from at least some of the processes and its data centers. it wants to start this as soon this year. they say they can offer better processes for the same price, and that are starting to test this technology. kriti: can they ever rival nvidia? one of the criticisms is there is a massive barrier to entry when it comes to getting involved, which is why they have earned the ire on both sides of the atlantic. what does it take to rival nvidia? >> nvidia has a huge head start, particularly for these specialized chips. but amazon does have a history of building its own cloud hardware to replace third-party
1:38 am
technology. it makes its own service, its own networks, which is in chips and data centers. it is not impossible, but what i will say is one of the things people really appreciate about nvidia is it has this good suite of software that makes it easy for customers wanting to launch machine learning products. amazon will need to build software that will match that in order to lure customers away. realistically, success for amazon will look like moving some of its internal ai processes to its own chips, and freeing up the nvidia chips for more intensive ai processes. kriti: we will see what happens with alphabet and microsoft and others getting involved. it is a fascinating bthank you e on set. staying with the ai theme, the boom in the sector has made an obscure 130 nine-year-old japanese company one of the country's hottest stock picks. fujikura has seen ciolacu a
1:39 am
surge of almost 400% over the course of the year. it will be japan's only addition to the msci global standard indexes during its latest rebalancing. the ceo of rolls-royce says he is optimistic about the growth trajectory of the british company. he sat down exclusively with francine lacqua to discuss subjects, including supply issues and the company's nuclear capability. >> i think so far, i think civil aerospace, we still have more performance improvement to do, and the market is growing, and we are growing more than the market. for example, this year, deliveries, our market share is 61%. and on installed market share is only 30%.
1:40 am
that shows you we are actually growing. we fix the business model. now the growth is coming. so, it is profitable growth. the second area, power systems, we fixed the business model. i used to say zero times zero is zero, because our margin was zero in power systems. now it is a very profitable business. we are growing. but then these are immediate growth areas. defense will grow. we actually have great winds. that growth will come from 2028 onward. then we have other things we are working on. smr's and micro reactors are very interesting. rolls-royce's nuclear capability
1:41 am
is unique in the world. there is no other private company with this kind of nuclear capability. it is propulsion, and that is our intent. but that is very unique. that makes us a natural leader in smr's, micro reactors, and so on. >> you have also had concerns. operators have gone for the ge engine. is there anything you can do to fight back on that? >> absolutely. of course we have concerns. otherwise, life would be really boring. but that is effectively what is going on. i think trent 1000 is a very good engine and people are confused with liability versus durability. very reliable engine.
1:42 am
it has been flying 19 million hours since it was actually in the market. the problem has been the durability. i talk about how long it has been on the wing versus the competitive product. what we are doing, we have been doing as part of this project, to actually get that time to really competitive levels. and this year, we have two upgrades. this year, we are making one upgrade. this will be in the market in the coming months. next year, another one. we have a competitive product and we will push that product because it is a very good product. but durability is important. kriti: we will get to the other stories making headlines around
1:43 am
the world. it is reported that goldman sachs asset management are set to write off almost 900 million dollars when it comes to investments in north volt. according to the financial times, goldman-s private equity funds will write down the entirety of their investment at the end of the year. in other news, the cop 29 summit has ended with 200 nations agreeing to triple the amount of money available to help developing countries confront rapidly rising temperatures. a final draft from the talks calls on rich nations to commit at least $300 billion a year in climate financing. the deal comes after two weeks of intense and sometimes hostile negotiations. wicket and gladiator 2 opened with 170 $9 million in the united states and canadian theaters, a positive start to the holiday season for cinemas. the film version of the broadway musical came in first with $114
1:44 am
million in ticket sales. the release recall last year's barbenheimer weekend. i am a little biased. i think i will see wicket first. but a fun combo indeed. we will make a hard pivot to a different kind of combo, and that goes to the u.s. administration. since donald's victory, the crypto market has surged in value by about a trillion dollars. we speak to the ceo of bit stamp. stick with us. this is bloomberg. ♪
1:45 am
1:46 am
>> i need a crystal ball to look at the future for what i see based on market trends. that is very robust for bitcoin, and i am seeing a lot of
1:47 am
allocation. i think if the u.s. comes in with the strategic reserve, many other countries will ensue. i think those are big positives. kriti: that was richard tang ceo of binance discussing recent price moves when it comes to bitcoin. the rally has studied shy of what would be an historic level of $100,000, trading at about 98,000 at the moment. traders weighing whether optimism for donald trump is sustaining. i am joined by the ceo of crypto exchange bitstamp on the program. a pleasure to have you as always. let's start with u.s. politics. this move in crypto and bitcoin largely feels like stemming from what is going on in the u.s.. we have been here before. is this going to stick? >> good morning. it has been a very positive
1:48 am
reaction from the markets. a couple weeks ago after the u.s. election, the sentiment of the moment, there is more parity on the markets and a very positive sentiment from the crypto industry toward the election in the u.s. it will last, obviously. kriti: i want to get into the mechanics of crypto, especially bitstamp, and a moment. but to stick with the macro line of questioning, it feels like so much of the narrative around this crypto rally has come from the stamp of approval not just from elon musk, but donald trump as well. but donald trump has also been a very big advocate of moves in the dollar and this america first question, america first policy. it feels like bitcoin is the exact opposite of that narrative. how do you justify a dollar rally and bitcoin rally at the same time? >> yes.
1:49 am
so, if we look at the nature of bitcoin, we are in a situation since a couple of years where we see more and more traditional investors entering the markets and essentially trading digital assets like a traditional financial asset, and a sense. today, we are in a world where th investors see more interest in the crypto space. with the election in the u.s. a couple of weeks ago, we see prices going up in many digital assets. we believe it is a good sign for the cycle, which would be a
1:50 am
bullish cycle, obviously. kriti: there's a lot of reasons to undermine that bullishness. one of them simply being that what has driven it has been largely talk on the campaign trail, talk in crypto conferences. but ultimately, just talk. there is an actual implementation of not only regulation, but the idea of an actual crypto reserve, which was floated on the campaign trail. on the other hand, a lot of the crypto mining comes based on cheap electronic prices. how do you justify that? >> it has been over the last years a lot of evolution in the regulatory landscape. we see some countries and a peck -- in apec.
1:51 am
in singapore and dubai as well. what we expect with the election of trump and the u.s. administration is that the regulatory scale will evolve to support the industry. we see a positive evolution across the board. we believe with the new administration, the regulatory landscape would be more clear. we drive even more into him innovation to support the market, the crypto market. kriti: before i ask you the next question, i want to make clear for our global audience that this is currently being acquired by robinhood. it is a way for the crypto exchange is to increase their footprint when it comes to europe, and of course in the
1:52 am
u.s. you have had a career in the payment space, and i want to ask you as someone local to the region, how does this joint venture or acquisition, this partnership with robinhood help tackle some of the concerns around things like a digital dollar on the horizon, or a digital euro? which has been a stamp of approval by the eu as well? how does bitstamp turn into a larger payments company in the face of that kind of competition from the regulatory authorities? >> as you mention, we can expect trump's action to close in 2025. bitstamp has more than 50 licenses in the world, so we are at the moment looking for regulatory approval. we expect to close the transaction next year. if we look at our business, we
1:53 am
have three types of licenses. we have a payment license, different crypto licenses as well, and we recently obtained a license so we are in position to offer crypto assets to our customers. but we would be in a position to potentially offer non-crypto activities and tokenization. i would say as an exchange, we are offering digital assets, but we ar stablecoins. in the acquisition, and is very interesting that we are very strong in europe. kriti: we have to leave the conversation there. i'm sorry to interrupt you. we will have to continue the conversation another time. the ceo of bitstamp joining us to talk about the crypto space. thank you so much. plenty more coming up.
1:54 am
this is bloomberg. ♪
1:55 am
1:56 am
>> if i can leave you with one chart to pay attention to, it is this one. there is a lot of green on the screen but i will walk you through it. this is talking about the 40 day correlation. as bitcoin nears the $100,000 level, and perhaps the endorsements of president-elect trump in elon musk, what does that mean from a macro perspective. these charts tell us something interesting. the oil story and gold story. you can start to see a correlation drop. but the correlation with the stock market means bitcoin could risk positive asset instead of a defensive one in line with the
1:57 am
bits for gold and inflation. all of that is important. you will find this chart on the bloomberg terminal. it will be an interesting one in the next couple of days, weeks, months, even. coming up, we will speak with clemens fuest. we will leave you in the hands of anna edwards. they will talk about what scott bessent so i started my own studio. and with the right help, i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business.
1:58 am
♪ ♪ essentials with the chase ink business cash card 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.
1:59 am
2:00 am
>> i'm anner edward alongside guy johnson. we are hour away from the opening trade. treasuries rally after donald trump chooses scott

21 Views

info Stream Only

Uploaded by TV Archive on