♪ scarlett: midday right now on this wednesday and we want to get a quick check on where things stand in the financial markets. s&p 500 higher, on track for its 56th record close of 2020 four with mag seven names leading the gains -- 2000 24 with mag seven main -- meat -- names leading the gains. the yield over the curve over

the last couple of hours as jay powell gets ready to speak at 1:40 p.m., and we will keep you there when it happens. the euro, drifting before it moved slightly higher with analysts predicting it will fall to parity versus the dollar in the coming months. the french national assembly do to hold two no-confidence votes on the michel barnier governments. let's check in with abigail doolittle at visual companies. abigail: let's start off with retailers, a bit of a mixed bag as the holiday season is getting underway. dollar tree stores are up 1.4%. going up at 1.8 -- up book -- 1.8%, it was a relief after a tough year. chewy, all of its lows. down 4.8%.

posted even the guide. --the guide for the full year, 2025, they brought it down closer to the lower level below the street as they talk about a week or holiday season. i was shopping myself last night and there were not a lot of people out there, confirming what they are seeing in this small part of the world. turning to a big winner throughout the day, looking at sales force, trading on a record high the day they beat the guide looking good, demand helping analysts across the board with salesforce.com putting up a great quarter. finally, turning to the semiconductor space, which overall has been under pressure in a corrective area. today, gangbusters, marvell technology in particular, best day since may of 2000 23.

ai demand taking ship players along for the ride. scarlet: going back to one of our top stories, active manhunt underway after a long time executive of unitedhealth group fatally shot in midtown manhattan early this morning. the nypd press conference just wrapped up. thompson, shot in the chest before 7 a.m. outside the hilton midtown, where they were hosting investor day. the new york bureau chief is here with us for more. what did we learn from this nypd cop press conference? -- nypd press conference? >> it appears to have been a targeted attack. the suspect was waiting for brian outside of the hotel. there has been speculation as to whether the suspect used a silencer, but that is not confirmed at this point.

the individual then ran away. they also said that they shot him in the back. they clarify that. the back in the leg. the individual ran away and hopped onto a city bike and fled by city bike. there is a gps on the city bike. the nypd is like an army and they will find this individual. there is also a $10,000 reward for anyone with information. they released photos of the suspect. he had a backpack and a mask on. when he fled it seems he may have dropped his cell phone or there was a cell phone recovered, for police to have not released many details about that. scarlet: what we know about the victim? longtime executive, ceo of united health care health groups, the insurance business. >> that's right.

he's been on the firm a long time. my colleagues on the health care team are pulling up some information on him. what's interesting that we have noted today is that he did not have security. there was no security detail provided. or there doesn't seem to have been. other companies provide their ceos with security details. he seems to have been walking alone without any protection. he may have been coming to the hotel early to work on his presentation or set up investor day. he was likely the first speaker for the event. >> investor day, that is when the company gives an outlook to investors and analysts about the business. did it happen? >> it seems it has started. we are still firming it all up, but the investor day, which was supposed to be for analysts and

investors, shareholders, it's where they get their outlook for the company. you can pull it up on their website, the documents are already up there on what they are going to say. he was shot before 7 a.m., but it wasn't until after 9:00 that they were told the conference was going to come to a close, told by the ceo of united who went up there and said there was a serious situation with an employee and they closed it. it took a while before we even heard from the company. that is, i think it, you know, probably a confusing moment for those inside. doesn't seem they were aware of what happened. some seemed to have read it on bloomberg. >> in terms of including a statement, they posted, "we are

deeply saddened and shocked the passage of our colleague in dear friend, brian thompson, ceo of united health care. our hearts go out to his family and those close to him and investor day is usually not a controversial time for any executives there. not a typical issue for safety, right? >> i guess it depends on the executive. some just have security that go with them. you know, major companies. presumably, there are a lot of executives out there with safety threat, threats they deal with on a constant basis. perhaps he didn't have that. motive is fueling conspiracy theories.

personal? something to do with an angry customer, something like that? theories are flying and the nypd is digging into the motive and as soon as that is known, we will report it. scarlet: and you can get the extent of those questions at the nypd press conference, where they had asked if there was a track record of interactions he may have had with others. thank you for joining us to tell us what we know right now. we want to turn back to the other breaking news story across the pond in france, a vote of no-confidence is underway that could soon dissolve the government. caroline is live in paris in front of the french national assembly. where are we at? the debate on the no-confidence motion.

as a result, we are not quite sure we are going to get an answer immediately or in an hour or two. caroline: that's right, we are halfway through the debate on the first motion of no-confidence against the prime minister, michel barnier. the proposal is that the marvell --michel barnier government will fail with dishonor. we heard from the head of the far right parties, saying that it was the end of this ephemeral government and if it falls tonight, the government of marvell -- of michel barnier will be the shortest lived since 1958. we are waiting to hear from the prime minister in about one hour . he's going to defend himself ed the social security part of the budget he was trying to pass before his vote.

then we will probably get the vote in the next couple of hours. the far right in the left-wing have already said that they would join forces to support a vote of no-confidence. scarlet: caroline is life in front of the french national assembly in paris. we will check with you again live at this time. the debate continues before the no-confidence votes begin. we are going to dig deeper into this political turmoil now with mattias, associate professor of international political economy at the johns hopkins school of advanced international studies. thank you so much for joining us . what's interesting here, as caroline told us, gave us that latest update on michel barnier,

the extreme left and right are teaming up in opposing him. where is emmanuel macron and all of this? he wasn't even in the country yesterday and arguably it was his dix -- his decision to cause -- call the snap elections that caused this round of turmoil. >> he faces a difficult balancing act in this. he wants to be the president above the fray. the one that will bring stability to the government if it falls. you are right, he is the one who called snap elections in june on the night of the european elections, where his party performed abysmally. he's also the one who chose barnier, the lead negotiator for europe on brexit. the barnier method was that he

could get warring parties together to pass the budget. this looks like it won't happen now. so, for macron it's another major headache as he prepares to post the incoming president, donald trump, this weekend for the reopening of the cathedral of notre dame. scarlet: in many ways, the timing couldn't be worse. my question to you, how unusual is it for the far right and far left in france to be on the same side, in this case opposing barnier? could they agree on anything else and find common ground on other issues, like policy? >> that's a rubicon that's being crossed. in general, the left hates the far right. they don't want to be seen as cooperating. on this occasion, they have decided is that what they agree

on is for this government to fall in for barnier to go. neither party, the left or the right, like the austerity that this imposes. they could make common cause among the increases in taxes on the rich. that's already a part of the budget. but they are really opposed to is things like delays in the index of pensioners. they also opposed the costs of the electricity taxes that barnier had conceded on. it's hard to imagine them actually governing together in agreeing on anything, but both seem to have decided that a rollover of the 2024 budget is more palatable than being seen to tacitly support the budget of barnier going through this time. scarlet: shutting down for getting rid of the existing

government, what happens next? there's no budget set, no government in place. emmanuel macron is making his way back to france. i guess he could appoint a new prime minister, but that may not happen right away. how does france move forward? >> it's a very good question. given the institutions in place, it's fairly easy even for the president to use emergency powers. any outgoing government going into a caretaker capacity if the receive that boat, which should be our expectation now, he can still pass laws that would rollover the existing budget. there is no u.s. style government shutdown like what happened in washington, d.c., but you are right, micron will want to move quick. he will want to appoint a new prime minister. now he has multiple options.

with barnier he chose a man on the right. the center right. someone with strong views on immigration that work, that coincided to some extent with the views of the le pen. -- marine le pen. will he choose someone more to the left? then he might alienate some of the center right of his own faction. i'm beginning to think it will be a government of technocrats purely there to manage affairs and that can govern until june or july of next year. that is the time when you elections can take place. that's what micron is facing now. what is he going to do? appoint a prime minister closer to the left, or will he go for a technical government that can do very minimal things that while not all parties agree, would be

subject to another vote of no-confidence. scarlet: that would create a political leadership vacuum. not just in france, but in germany we can see the olaf scholz coalition imploding. this could create some extra tension between continent, the european continent in the u.s. with ts, thank you rick -- mattias, thank you very much. to keep you up to date on everything, if you want to follow the latest developments out of paris, check out the blog there on our terminal. coming up, jay powell is set to speak in just under two hours to discuss what -- we will discuss what investors might hear from him. [speaking another language] this is bloomberg. ♪

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scarlet: there was a boatload of economic data this morning. the most important event on the calendar, jay powell's remarks. set to speak at the deal book summit in new york city. joining us now with more is mike mckee. let me guess, he will say data-dependent? mike: you win a prize, i think. [laughter] we are still waiting for the jobs report, retail sales, all coming next week. a fed that wants to see all the data doesn't have it in hand yet. he's going to dodge questions

about december. he may go as far as some of the other members of the fed who will talk about decisions being made as they come along. caroline: the st. louis -- scarlet: you did speak with the st. louis fed president this morning. what did you hear that sets up the expectations about what we might want to hear from jay powell? mike: i would be asking him a follow on if i were doing the deal book interview. he suggested that he thinks we are close to a pause and one of the reasons is that the economy is moving very quickly, still growing fast. that inflation seems to have until this point stalled out somewhere above 2%, 2.5 percent, and maybe they need to keep the pressure on keep -- on, keep the foot on the brake a little longer. he didn't say that that means no cut in december. we still have to bring the fed

funds rate down, he said. but when we do it is an open question and he wants to see the cpi data next week. scarlet: no rush being the theme there. what's the big take away from today's round of data? mike: talking about the economy, it's kind of funny, growing quickly and maybe we take a break? ism services says cut. it's hard to know. basically, you ended up with a service economy that is growing but at a slightly or maybe even more than slightly slower pace. the headline number went down. all of the indexes went down, including new orders in production. outlooks are down. so positive, not in contraction territory, but definitely a

slowing to the economy. the only one that didn't move was prices. it's a mixed message, there. price pressures, still seeing problems for inflation. the overall economy, slowing down. scarlet: sounds like there is a need for more data. [laughter] mike: data-dependent. scarlet: yeah, read into it some more. michael mckee, thank you so much. coming up, a look at the current situation in south korea and how some of the etf's tied to that country are trading. this is bloomberg. ♪

scarlet: it's this is "bloomberg markets." we are monitoring the political turmoil in france and south korea, where he stunned the country in the world by declaring martial law yesterday.

protests erupted and opposition lawmakers voted to reverse the order. the presidential cabinet lifted the order six hours later. south korea's opposition is now ramping up impeachment. that's the backdrop for our etf report. as you can see, shares took a big dive yesterday and are recovering a bit today. as for what's next, we want to bring in clarissa, who covers korea for bloomberg news the question now is -- opposition parties have submitted impeachment motions, but do they have support from the rest of the legislature? clarissa: high. that's an interesting question, because there are 300 seats in the parliament and the opposition would need two hundred votes to pass impeachment.

what came out a few hours ago was that the ruling people power party, that had voted with opposition to reject the martial law has now decided to resist the ouster. we are talking 100 plus members and the ruling party. so, you know, if you look at the math, it might be tricky. scarlet: sounds like a set up for a bit of a power struggle. could take a while to sort itself out. how does the worldview south korea after this? the declaration of martial law clearly stunned everyone. >> for sure. it's gripping everyone, even outside asia. i think unlike -- i think the worldview of korea will not, you

know, change substantially because of one guy, one man's power grab. especially if it is resolved fairly quickly. scarlet: thank you so much, clarissa. we have to leave it there. ♪ it's our son, he is always up in our business.

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scarlet: welcome to "bloomberg markets." i am scarlet fu. we are meeting in the u.s. quick check on equity markets. everyone is on tenterhooks waiting for jay powell to speak at about 1:40 p.m. eastern time.

big tech is leading the way with encouraging earnings from salesforce.com let's dive further into what is going on france because the day before the no-confidence votes takes place -- it is expected that the result will lead to a demise of the current government led by shel barnier -- michel barnier. caroline, we talked about how this is the fall of michel barnier's government, but emmanuel macron is behind the scenes because he is the one who called the snap election and appointed michel barnier as prime minister. he has been in saudi arabia and is making his way back. what has been his role in all of this? caroline: i mean, he has come as

you said, the one who called the snap elections on july 9 after he lost the european elections. since then, the political uncertainty in france has been going on. there has been no relief on the bond market, there has not been much relief on the equities market either since the snap elections in july, and he took two months to name michel barnier as prime minister, and three months later he might become the shortest-lived by of the french republic since 1958. as we speak, we are still one and half hours from final vote. there is still some debate. we are waiting to hear from the former prime minister gabriel attal, who hasn't spoken yet. interestingly, gabriel attal was calling for a sort of pact of nonaggression on this. once the barnier government falls, what is next? if there is a new prime minister, and we sit down

together and get some sort of pact of stability in order to involve another vote of -- avoid another vote of no confidence against the next prime minister. scarlet: more to come encoding the former prime minister, as you mentioned. macron has called on french lawmakers not to topple barnier 's government. does macron have any sway over lawmakers at this point? caroline: at this point i don't think he does. in fact, he is on the plane from saudi arabia as we speak. he is supposed to land back in paris in about one hour's time. at the same time we should get the result of the no-confidence vote. he did say before taking off when he was in saudi that the alliance of the extremes in the alliance of the far-right and the far left voting together to topple this government would be an act of unbearable cynicism. it definitely - -- he definitely

bears a lot of responsibility in the political chaos we've seen unfolding in the last few days, and he will have to act very quickly to reassure everyone, to reassure the markets, and the french just a few weeks before christmas, we don't have a budget for 2025. hopefully he will name a prime minister quicker than last time. last time it took him two months to choose michel barnier. he could name a replacement within the next 24 hours. scarlet: caroline, thank you so much for the update. lightning in front of the french national assembly -- live in front of the french national assembly in paris and we will be checking in through the evening and afternoon with her. for more on the fallout, i want to welcome a nonresident senior fellow at the atlantic council's europe center. thank you for joining us. is this more of a political crisis or financial crisis for france? >> you asked a really good question. it is both from a political,

financial crisis that france is going through. political because the situation is a result, as your journalist was explaining a few minutes ago , of the elections that happened last july, meaning we had three blocs within the national assembly. none of them have the absolute majority. it means they have to compromise. and none of them are succeeding in doing so. from this political situation, which really brings a lot of instability, and the inability to really pass legislation, come the issue of the budget flow, which is really critical for france, especially in the crisis we are going through with a lot of deficits right now, way hi gher than it was expected to be. and from there we have a financial crisis looming really because for now the markets are pretty stable for france, but the issue for france is to borrow money, and the interest

rate is going very high, comparable to the one of greece, when it was very close to the one of germany even a few month ago. scarlet: right. no, that is very good point, and michel barnier has been repeatedly wanting of financial and economic storm if his government is dismissed. does that argument resonate with french voters who might then pressure their legislators? marie: so this is really what the current government and representatives are pushing, really saying to that calling for --calling for representatives to be responsible in avoiding this crisis. at the same time, what we can see when we look at the polls is that the french are actually very distrusting right of the institutions, especially the president, especially the national assembly, the one who's been elected. and so really it is not really

working right now, this line of argument, because ever since the national rally, the far-right, who always wants to appear responsible, ready to govern, because never the far-right has governed in france under the fifth republic. but even with that, it actually really to take the risk of this political crisis, four different reasons really. they vote together but they do not have the same objective. scarlet: right, right. i'm glad you bring up the far-right, because marine le pen is a principal figure here. it seems like she is someone with a lot of leverage, but her fate is not secure at all. for trial on a ledge at a bezel and is not over. she may not be allowed to run that her trial for alleged embezzlement is not over she may not be able to run for president in 2027. who are you watching for as the

votes are to be held later on this afternoon? marie: exactly. basically marine le pen's strategy has been evolving since the possibility that she will potentially not be able to be a candidate in 2027, and even if it is not officially said, more and more far-right officials are pushing for resignation -- by the way, very unlikely. what to look at is really who is going to be the next prime minister, because macron has a number of names, possibilities, and he picks a name who might content even whether far-right and compromise more on tax with the far-right and really closing the door to any cooperation with the left. or he could actually make the bet of going more on the left

and ot t-- to try to reach consensus with them. i think the scenario is way more unlikely. it could play on the current divisions of the left. we're looking a lot on the far-right, but he left is still the first political force of the national assembly, and even though it is a coalition of parties, they are divided. if the political crisis keep going, more and more divisions within the left, macron could play on that to basically try to have a coalition kind of with some of the left eventually, even though it is not the likeliest scenario. scarlet: he will really need to put his clinical skills to the test. marie jourdain, thank you so much. as you are just seeing, the debate continues in the national assembly in paris. to follow every moment of the news out of paris, be sure to check out the tliv blog on the

bloomberg terminal. the s&p 500 holding your session highs, giving back some of the gains at the moment. still we are in the green, before jay powell makes comments in about an hour's time. this is bloomberg. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management.

scarlet: this is "bloomberg markets." i am scarlet fu. time for stock of the hour, or stocks, really, because big tech is leading the gains, as we count you down to fed chair jay powell's comments in about an hour's time. salesforce gaining 8% on solid

earnings -- it is still earnings season, after all. i want to welcome the chief investment officer at vernon's capital advisors. to see big tech in the lead again is interesting, given that after the election we have seen small caps outperform, their is this shift to cyclical sectors that ignored parts of the market that people had kind of put aside because they were counting on big tech to lead the way. is that rotation into small caps and cyclicals over now? >> i think it is on hold for right now. we are getting back to some of the sectors of the u.s. equity market that people considered defensive, and that is technology. technology as a good earnings growth trajectory, it is just what price are you willing to pay for it. you have seen other sectors lag, especially ones that are economically sensitive. that could be things like energy. we are seeing that lag today. we are seeing some of the rotation pause for the time being because we are looking at

economic growth that is ok, but we are starting to see some weakness. this morning we saw the services report that came in lower than expected, even lower than the lowest analyst expectations on the street. we are looking at some of the economic data that is going to show some signs of cracking here. scarlet: the 56.1 rita -- i should say the 52.1 read in the ism services vs. the expected 55.7, certainly a big drop off there. how does this set us up, megan, for the comments of fed chair jay powell in about an hour's time? we know he will say he is data-dependent, we know he will resist commenting on what fiscal policy will look like in 2025. you will need to say something. -- he will need to say something. megan: i don't know if you will say a lot that will surprise the markets, because they need to hear it in a couple weeks. think what he will do is reiterate a lot of things he said the last time he spoke. i think he has to address inflation progress, kind of

stalling as well. we can look on the ism services prices-paid component. it still remains elevated, and that is one of the sticky parts of the market powell has talked about that he is concerned, services, housing, wages. these are things that are really stuck and he can't do much about that. stocks are going to take their cue today if he doesn't speak and does anything to the bond market. yields are lower after the ism services report. you can't deceive the interest-ra -- you tend to see the interest-rate-sensitive sectors the market do well. if he does anything that shifts that from the fixed-income side of the market, we could see this rally lose its euphoria here. scarlet: i want to pick up on something you mentioned earlier, the rhetorical question of what price are you willing to pay for big tech. i guess you could apply that to the u.s. equity market at large because it has had a banner year, certainly in contrast to other global markets. given the headlines out of france or south korea, all it

does is reinforce that when it comes to safe investments, the u.s. seems to come out on top consistently. megan: but at the same time i think it is priced in, that perfection. when you look in valuations, and just take the s&p 500, for example, when you look at the elevated valuation, that is pricing in a perfect scenario, leaving very little room for error. for when you look at developed markets, specifically developed international, it is pricing in the downside. what price you are willing to pay is what is pricing at these levels. what is pricing at these doubles is a perfect landing for the u.s. economy, a fed that will keep cutting interest rates with no concern that inflation will reignite, completely disregarding the fiscal situation in the u.s., taking way political uncertainty. this is something that the market in the u.s. is pricing this perfect environment over the next 12 months. when you look internationally,

with valuations historically cheap compared to the u.s., that could be pricing in a lot of the downside. focus long-term. if the valuations more attractive, that is where you want to add money. scarlet: given all that, megan, where should investors looking to allocate for 2025 be looking? megan: within the u.s. we would still be defensive in the value side over the growth, and that is because it is value from valuation is relatively attractive compared to the u.s. growth side of the market. we are looking at some opportunities in small and mid cap stocks. they are still trading pretty high, and they are very economically sensitive. we are looking in the u.s., look at the developed international markets. long-term if you can withstand the volatility, those valuations should revert back and you should see that the developed internationals can do well over the long run. scarlet: all right, don't get

full fight --- fooled by short-term gyrations. i know you have been super patient and flexible with us, with all the breaking news out of france and korea. thank you so much. coming up, we want to turn to the u.s. real-estate market and how technology like ai will affect the industry for the elizabeth hart will be joining us next. this is bloomberg. ♪

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scarlet: we have some breaking news that just crossed the bloomberg terminal. it looks like president-elect donald trump has chosen paul atkins as chair of the securities and exchange commission, according to a post on truth social. paul atkins is a former commissioner of the sec, not the chair.

he served as commissioner from 2002 to 2008. current share gary gensler plans to step down on generate 20, inauguration day. in the meantime i want to switch gears and look at the u.s. real-estate industry, because it is on a mission to redefine itself in 2025, according to our next guest. abigail doolittle has a special guest joining her. take it away. abigail: thanks so much, scarlet. joining me is liz hart, president of leasing for newmark. newmark is in a multitude of businesses in the real-estate space. your real house, leasing, but also advisory, capital management. in terms of the trillion and a half worth of debt coming due in cmbs, there was speculation a year ago that it would create a complete collapse. is that still on the table? elizabeth: what we are seeing is that there was a portion of the real-estate market that will have debt issues coming up, but

because it's coming at a fast pace at pre-pandemic levels, there is an amazing value ration we are seeing the same time. 24 month ago it was hard to find a way to get through this. now that there is more data points, we are able to move forward. abigail: it's interesting, because you are a publicly traded company, your stock not quite at the record highs, but to hundred percent off the lows. does this mean investors see a bottom? elizabeth: i do think investors see a bottom, but newmark has been investing in top talent during the downturn, and those people are creating the value and the assets and driving the real-estate market forward. abigail: relative to leasing, your in a lot of different areas including office. what are areas that might create headlines? elizabeth: well, we won't talk about deals we are working on, but we can talk about deals that are completed, and we have transactions from ai companies growing in san francisco, starting to grow in other markets. we have growth in the financial services sector and legal sector as well. looking like a very strong 2025

for the leasing market. abigail: in 20 seconds or so, are levels you are leasing in markets that existed pre-pandemic, are you happy pandemic rates, or still below? elizabeth: trophy desire, middle it is climbing but below are we are, and at the bottom there is a lot of work to be done. abigail: still a lot of recovery ahead. thank you so much for joining us, liz hart, president of leasing for north america newmark. elizabeth: thanks for having me. scarlet: thank you so much, abigail. i want to recap the headlines we broke a few moments ago, president-elect donald trump has made a pick for chair of the sec, the leading regulator of the equities market in the publicly traded markets in the u.s., and that is paul atkins. this is according to a post on truth social. i want to bring in one of our reporters in washington who covers financial regulation. thanks for joining us on short notice. what do we know about paul atkins?

my understanding is he did serve on the sec before. >> that's right. previously commissioner at the sec, very much a known quantity in washington and financial regulation and financial policy circles. he is coming back to the agency. if he is formally nominated and confirmed, he would be coming back from the private sector. i think taking a step back for a second it is important to think about what a trump-appointed chairman of the sec is going to take on. he would be coming off for years in which chair gary gensler says he will step down on january 20, has really tried to instill tougher rules on private equity firms, hedge funds, transparency rules across the equity markets, a lot of things that the big financial firms have really rallied against and pushed back against. there is going to be high expectation that paul atkins will lead an effort to deregulate and roll back any of the things chair gensler has tried to put in place. the other area people will be paying attention to his crypto.

trump has had a very big embrace of crypto during his campaign. all signs are that this incoming administration is going to want to embrace crypto further once in power. the sec is going to be integral to that effort. going back to trump's first term when jay clayton was leading the agency, the sec took a hard line and said most crypto tokens are effectively unregistered securities that are trading and need to register with the sec and are breaking american equity rules, essentially. we are seeing here now and expectation is that a paul atkins-led sec would loosen those restrictions and, with a new framework for regulating crypto. scarlet: really good information there. given that he has been commissioner for the sec in the past and in known quantity, he seems like a safe pair of hands. is there any reason to think this might encounter any

resistance? >> he's very well known in financial policy circles including the hill with lawmakers. nothing suggests he will run into the headwinds we have seen with other trump is likes thus far. -- trump picks thus far. scarlet: thank you so much. this is bloomberg. ♪ ♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪

>> from the world of politics to the world of business, this is "balance of power."

live from washington, d.c. joe: donald trump names his pick to run the sec. welcome to the factors show in politics, as the president-elect chooses paul atkins moments ago to replace gary gensler. we will discuss with nathan dean from bloomberg intelligence. we are waiting on a no-confidence vote in france that could mean the end of the current government and the end of a prime minister only three months on the job. that will likely happen within the next hour. we will have results live including a live report from paris and explore how we got to this point with a professor of french studies at george washington university. later this hour we will turn to tariffs in our conversation with canada's ambassador to the u.s. before we are done, a conversation with fed chair jay