tom: good morning, this is "bloomberg daybreak: europe." emmanuel macron vows to serve out his term as french president missing to choose a new prime

ministers who will work with everyone. in our exclusive interview national rally leader marine le pen tells us a budget will pass if the government narrows the deficit more slowly. >> well, it is a matter of a few weeks. we will discuss it with the new prime minister. we will work together. tom: south korea's ruling party leaders as the president should be suspended, a major shift ahead of an impeachment vote for treason. chinese stocks gain on stimulus hopes, european and u.s. futures edge lower as investors await u.s. droplet -- job data later today. happy friday. european futures pointing lower

by .3 of 1% after six straight days of gains despite the political uncertainty in france. we have seen that story turnaround as well where you end up in positive territory. it will see gift that plays out again today. we have had six straight days of gains, and if we get a seven over in france that would be the longest winning streak for french equities in three years, which would be remarkable given the standoff i in paris. s&p futures after a modest rep yesterday pointing lower by .1 of 1%. we look ahead to nonfarm payrolls with the print expected above 200,000 for the month of november. at nasdaq futures currently flat after losses yesterday. the russell 2000 took a bigger hit in terms of small caps. markets expecting a 70% chance of a rate cut, another one coming through from the fed on

december 18. the unemployment rate expected to remain at 4.1%. that is the overall forecast. bloomberg economics things it could take up to 4.2%. we know there was uncertainty around that. u.s. 10 year yielding 4.17. brent at $72 per barrel. we had the decision by opec-plus to push out to april adding any new brawls to the market, concerns about a surplus. bitcoin paring gains, down 1%. let's get to the politics of friends, because the french president says he will serve out the remainder of his presidential term as he seeks to put an end to the political turmoil in the country. >> this is why i will appoint a new prime minister in the coming days. i will as them to form a government for the general interest representing every

political force within the spectrum of parties destined to govern, and they can join or at least agree not to bring it down. the prime minister will form a more effective government at your service. it's priority will be the budget. tom: far-right leader marine le pen told the bloomberg in an exclusive interview that she believes the upcoming administration plan to bring the budget gap to 3% of economic output by 2029 is not feasible. >> getting to 3% in 2029 i do not think is credible, but i do not think is the only one. these are simply promises and they cannot take them. mr. barnier cap to this promise. if we do not make significant changes and put in the positions of the companies can work,

invest without being suffocated by extra taxes, we will not get there. we can get back to a reasonable deficit. >> how fast would that be? >> it is a matter of a few weeks. we will discuss it with the new prime minister. we will explain what our red lines are. we cannot ask the french people to pay the bill for the mistakes of their leaders. that is what mr. barnier did. he hence the retired, sick people, everyone. there are zero savings from the state. that is inadmissible. tom: the national rally leader marine le pen speaking exquisitely to francine lacqua who joins us right now from paris. what else did she have to say about the budget? >> we had a great conversation. it was about 18 minutes long,

and she was interested in making the message of the markets. the first thing she said as i walked in was a look at the markets. they are not worried about what happened, because inference she is getting blamed for having almost dissolve the government. on the budget she had a long-term view. she said some of the things that promised, it is at 6% gdp, and next year it will be 5% and 3%. the fact that she is looking at the markets and knows that she wants to stay within eu rules may be is of some comfort to the market, so it is clear that she thinks the next prime minister will be tasked with making her happy enough to vote him through. she struck this message of conciliation saying i am willing to work with no matter who he appoints. it is the policies i am interested in. tom: when everyone may think of

the brinkmanship, of her politics, she is right and it comes to the markets. friend stocks are up or six state race, and on the back of the conversation that spread over the german debt narrowed, so she has a point. what is your understanding of why the markets are relatively relaxed? >> it is odd, because if you look at the next five or six months it is difficult to see a way forward. in parliament you have to find three blocs. you have right, far-right, left, far left and a center that disintegrated. the markets are probably looking at the ecb as a backstop. it was such a shock when emmanuel macron is all parliament back in july, so maybe the markets are in a wait

and see situation thinking it cannot be as bad or as concerning is what happened in july. tom: the ecb may be is a backstop. when do we get a new p.m.? >> she said in the interview she thought a prime minister would come the day after the dissolving of the government. we heard from emmanuel macron vowing to stay on. there is really no reason why he should resign. it looks like the president stays until 2027, but the longer he delays it the longer he gets accused that it is his fault, and donald trump shows up with 50 heads of state with the reopening of notre dame. emmanuel macron does not have a good name yet. tom: so waiting if he can lend

on someone that will appease all sides of this political debate. thank you very much with that exclusive conversation with the powerbroker in paris right now. breaking lines right now, and we move to the politics of asia and the uncertainty there focused on south korea. some lines crossing in terms of what we have been giving as we look at moves to impeach the president on the back of the imposition of martial law. remarkable events earlier. this week we are seeing live pictures right now in seoul, the south korean capital. yoon is in focus, the national assembly speaker will be given an address at 3:20 p.m. according to reports it up south korea. a opposition lawmakers will be blocking and are blocking the

president from entering the national assembly. that appears to be lawmakers blocking the entrance. we continue to monitor events as it seems moves are underway given that the leader of the political party has no said he is willing to move ahead with impeachment proposals. what is the latest? explain what we are seeing on the ground in the capital of south korea and where we are in terms of moves to impeach the president? >> the situation in south korea is dramatically shifting every hour and every minute. we heard that the president is set to arrive, but three or five

minutes ago the presidential office said he will not come to the national assembly today, so there was a lot of confusion or misleading information. we are continuing to monitor the development. this comes after the ruling party leader just finished his meeting with yoon. the next 24 hours will be so crucial to see the next development. for the opposition to be successful the party needs only 80 votes from the ruling party. -- 8 votes from the ruling party. tom: the south korean

presidential office saying the president will not be visiting parliament again. we will keep across the story as developments continue. let's get the market reaction right now. bring in avril hong in singapore. a good day for chinese assets, and challenging day for south korea. avril: it is interesting to see how south korea's benchmark is pairing earlier declines amid uncertainty in the country. it is on a day where investors overall i really cautious, because it is not just the south korean political turmoil. it investors are looking ahead to u.s. jobs data. china is an out letter -- outlier. there has been talk about trump's pick for ambassador to china, somebody who spent a lot of time in the asian region. i letting what we are seeing in dollar-yen, because we did get

ways numbers that would support the case for the future to hike. let's recap what we have been seeing on dollar-korean won looking at that spike earlier in the week following the late shock announcement for martial law. i went to twilight would be using recently today, because the news in local media of second martial law has just been dismissed by the special forces chief. this bike shows you how on edge investors are about the political situation in the country. today the deed to -- the to clean -- the decline on a date when the asian currencies are rising against the greenback. tom: potentially a second attempt at martial law, that has been dismissed by military leaders. thank you its focusing on jobs data sheet that's on.

the key point of the day when it comes to the markets and the fed decision as well, and how that impacts the fed decision. markets pricing and a percent chance of another cut on december the 18th. mark cranfield with the analysis. what are you and the team going to be scrutinizing when it comes to u.s. job get out of the u.s. later? mark: there are a lot of moving parts. there are nonfarm payrolls to consider, average earnings, but it is all about the 4.1% estimate for the unemployment rate. it was the shocker going up to 4.3, which is what prompted the fed to do their 50 basis point rate cut, so people will be looking at that. 4%, 4.1 means traders will be expecting the fed to go ahead with another rate hike. if it dropped, that would be the last chance for the fed to go

10, so it is the unemployment rate that is very important. if it is in line, people will fully expect the fed to deliver that. they have looked through the nonfarm payrolls, but they will be looking for anything that can confirm that they are right under betting that the fed will go again and then probably start to hold in the first quarter of next year, so watch out for that 4.1% number later in the day. tom: that is the number to watch. mark cranfield, mliv strategist. thank you for the preview for that data point. opec-plus is excepting that its mission to defend oil prices will drag on much longer than expected. we discussed the oil markets next. he will bring you live pictures right now from outside the national assembly building,

fairly chaotic scenes as lawmakers line up inside and outside that building in the south korean capital seoul. we are we know from reports of that the national assembly speaker has canceled the address and the president will not be visiting parliament. you can see attempts by lawmakers to make their views known after the shock imposition of martial law. stay with us. this is bloomberg. ♪

tom: opec+ is coming to terms with signs that its mission to defend crude prices will drag on much longer than expected. at an online gathering the group agreed for a third time to delay the revival of vaulted production -- halted production and slow it down.

joining me now is carole nahkle. it is the third time they have make this decision. will it be the last? >> it does not have to be the last time because opec+ is reacting to market essentials. unless opec is happy to see prices going below $70 a barrel, and after that we have significant geopolitical tensions and still prices were trading closer to the 70's than they were 80's and 90's, so market fundamentals on the one hand are not supporting additional barrels, but also there is another dimension that is that geopolitical dimension. the arrival of president trump to the white house, and how his policies look like, because they will affect oil production and oil trade directly and

indirectly, domestically as they go to deliver on his promise of achieving record production levels, and what about globally his relationship with china, the trade tariffs on china, which is the largest oil importer in the world? his relationship with iran. it he go back to maximal pressure and then effort to reduce their exports to zero. it would mean a withdrawal of 100 million barrels per day of the market and their relationship with russia, so was it is sensitive for opec to wait for the first quarter of next year, whether they will was born again depends on price signals they are getting from the market. tom: the iea given all of those uncertainties, difficult to put a pin in it. the iea sing we could be in surplus throughout 2025 even if

opec+ does not add a single extra barrel to these markets. does that align with your assessment? >> indeed it has always been cautious in terms of ultimate output, whereas opec+ has been the most bullish in terms of demand growth and have been most ambitious with one million barrels per day difference, but so far the iea seems to be vindicated and it's numbers are closer to what we are seeing in the market. for 2025 if you put political uncertainty on the side, if we do not see a significant boost in the chinese economy in particular, i subscribed to the camp that will prices would be under pressure, and you are seeing business reports and surveys. people are expecting wti to try around $60 per barrel for 2025, so the general view is one of the press prices.

-- depressed prices. tom: you have talked to me before about how it is supposed erin to predict specific pricing. citigroup suggesting brent will be in the 60's. does that seem reasonable as an assumption given what we know now? >> yes, putting aside the political dimension, market fundamentals in the absence of significant stimulus in china, it is not unreasonable to look at prices between the 60's and 70's or a little bit more, but this is a current market sentiment. it will change depending upon how the situation will unfold in the coming months. tom: founder and ceo of crystal energy on what we can interpret from this situation from opec+ to delay putting more barrels on the market, delaying until april, so that story around the surplus will continue.

thank you very much. we bring you live shots once again from the national assembly in seoul. you see lawmakers standing at this event. the situation is clearly volatile. we are getting reports from local media saying upland address by the speaker of the national assembly has been canceled and reports that president yoon who made the shock announcement around the martial law that the president has canceled the visit to the national assembly, to parliament according to reports. other lines crossing suggesting from some officials within south korea that yoon ordered that lawmakers were arrested when he imposed martial law. military leaders suggesting they would not enact martial law if the president tried to push it through again. we keep across that for you.

the national assembly speaker asking you to delay the trip -- asking yoon to delay the trip to parliament. this is bloomberg. ♪

tom: the carbon capture industry is facing a reality track with a pipeline of projects looking far from certain. q2 impact what is happening is anastasia, an analyst. as the industry in trouble? >> that is a great question. it has been a year of consolations, and on top of these we have seen the investment drop from what we have seen last year, so definitely a reality check. 100 million tons of capacity for the end of the decade, we expect half of that is likely to come online for many reasons, like

the lack of infrastructure or lack of viable business cases or insufficient economics, but also pushback from communities where these projects are located. major progress toward [indiscernible] major projects or permits and major government support, but the risk is a high consolation. tom: the headwinds are clear. what is the situation in europe? >> the european picture is more inviting with the policy momentum going and major hubs in the region making progress. three of the major hubs have made significant milestones. the northern lights project in norway is fully completed and ready to store co2 from industry.

this is an important project. can it unlock the value chain especially in europe? a project in the netherlands is injecting co2 offshore under the seabed. tom: thank you very much. some progress in your challenges overall. really smart analysis. thank you for coming to the studio. coming up french bonds gained after marine le pen tells bloomberg to 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.

tom: [indiscernible] these are the stories that cite your agenda. emmanuel macron promises to choose a premiere that will work with everyone. >> we will discuss with the prime minister, work together. tom: the president should be suspended, a major shift as lawmakers blocked president yoon from parliament. futures edge lower awaiting jobs date or later.

six straight gaze of gains pointing lower so far. if you and with seven days of gains it would be the longest streak in three years. maybe it's a reality. futures flat, nasdaq futures are lower, let's flip the board. a cut on december 18th, 417 right now, yields are down.

unemployment is at 4.1%. euro-dollar is down. bitcoin is down, bit of a drop. hoax lawmakers will strike a deal, marine le pen told us a budget can see -- can be possed in a couple of weeks. >> i don't think it's credible to the president. these are promises and they can't keep to them.

michelle worsened the deficit so if we don't make savings and conditions so companies can work we will not get there. with those solutions we can get back to a reasonable deficit. >> how -- how fast could -- could that be? >> we will explain what our red lines are, they increased taxation and hit everyone and

zero savings from the state is inadmissible. what i said, the resignation is a personal decision and can only take place when a crisis takes place. it is not the case for the moment. for sure there will be new elections, we should work on a voting system and a real majority but the country needs a majority. the three blocks cannot implement policy. tum: marine le pen speaking with francine in paris and i'm joined

by joyce chen, we could get a budget over the line but she wants the targets around the deficit to be less aggressive, with the market except that budget? joyce: waiflike -- it adds fuller percept of gdp, their lives are not lowering reimbursement, the market can

accept that. this should that necessarily be contagion, you're looking at 6% of gdp. 5% on tap and. tom: 6% and the markets can broadly -- broadly stomach that. yeah, six straight days of gains, well below 3% on the french -- on the french tenure. joyce: i think that what the -- the -- the -- the market is looking at is quicker resolution at a higher number.

market priced in 5% not happening in this is something the market has been watching, has not impacted rest of the region right now, we are expecting the ecb to ease, looking out where the data is from january to december is a disappointment. focus not just on france but that bp. tom: it's a big -- it's a big call, a jumbo cut.

>> more risk right now, slowdown in growth. risks are structural, inflation is back on target. tom: 6000, 6500, what gets us there? joyce: that's our target next

year driven by the business cycle. the business cycle is performing well and there is a broadening and they are trying to waive that with policy uncertainty, but the focus is on deregulation, lower taxes and investment in the mag seven. tom: joyce from jp morgan, thank indeed.

50 basis point cut expected and a target of 6500 from big tech, always smot analysis. let's get you up to speed on south korea. outside and inside the national assembly we expected the president but that is not happening. they asked the president yoon to delay, one key member has suggested he would back impeachment of the south korean president and the people power party president saying he should

be suspended and the people power party along with the opposition party makes it look like impeachment is more likely, live pictures in the korean south korean capital. donna trump shows david sachs to serve as his ai and those are underscoring intent to boost to industries and he nominated david perjurer as ambassador to china, looking forward to implementing trump strategy. new york police released photos showing the face of the alleged suspect in the shooting of a ceo

, they offered $10,000 to find the man and they searched a hostile where the suspect allegedly checked in. the words delay, depose and defend were written on the shell casings. antitrust regulators approved vodafone's merger, both companies committed to invest 11 billion pounds in infrastructure. >> the rationale is to unlock investment.

9% of u.k. population is what we do for a living to give a better service and drive growth in our markets wherever revenues come from, but most important point for vodafone use that old and markets in vodafone will be growth markets with our scale will drive growth we grew big turns. tom: 11 billion pounds, when is that star and how will you be financing it? >> a few weeks to go with the

cma and partners we will complete in 2025 and start investing, big projects take time. our customers will see the benefits of bigger, better, broader network. you know the activity is part of the reshaping, to reshape balance sheets, all the funding we need. >> what does that do for your headcount? >> something we will be working on with our partners.

think about it as small, nothing in comparison to the investment we have in mind. tom: i, margarita the back of the announcement that the merger be going through. the sofa -- zofa raises funding, this is bloomberg.

tom: convenience drives

customers, a u.k. digital bank raised 68 million pounds, hoping to fuel growth. the ceo joins me now. a lot of investors knocking at the door. >> profitable bank, creating regulatory banking and generative ai. we all interact with our fingers

but we would like to talk to people, we think we can bring back humanity. we started with savings, we are stepping into accounts, very few places where they can get value

and that is how focused we will be. we would like to be 1.80. next year we will cost 400 million. double profits next year. tom: is the fed good news or bad news? >> from consumer standpoint we prefer soon air and low

interest-rate environment works better. i believe there is consolidation , you have to make the banking sector better. it's great to have competition but the markets, there is more work to be done. tom: you would list in the u.k.?

>> u.k. would be natural place. tom: indeed. plenty more coming up, this is bloomberg.

♪ >> we seem to be edging and the president of south korea seem to be aligning, volatility continues. let's flip the board.

green the pen spoke to francine saying deficit targets are moderated. here's the picture, france versus germany, hence the need to get this under control. let's flip the board. this is the number two watch, 4.1%, adjusting views, this dater point could change. speaking with your cookies, bank

of america member suwanee dingo. a dove. bloomberg will have coverage of the women, money and power events around the world to discuss the future of business. the opening trade is next, this is bloomberg. ♪

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>> i'm anner edwards, alongside guy johnson and kriti gooper. here's what you need to know. emmanuel macron promises to choose a prime minister