this is bloomberg. ♪ lizzy: all comeback to "bloomberg daybreak europe."t's just gone 6:13 in london. let's go to south africa where the second half of last year saw the country's bonds the best performers among 18 other emerging markets, generating a total return of 14%. but coming to power of a ruling coalition, the first item 30 years between the anc and the democratic alliance, boosted investment in south africa's currency, equities and bonds. we get more with editor-in-chief m.r.i. does -- emeritus who joined us now from new york. good morning, matt. no one saw the ram strength in 2024 coming, but nor was the rewriting of south african political history a given. since the strong dollar knocked it, will it last in 2025? >> the real test is the federal reserve, as you know, has kept a very restrictive credit stance. as you mentioned earlier, just about every currency that is a major in the world. whether it is the yen or especially the euro has depreciated significantly against the dollar. particularly with the fed's credit policy. the fact that the ran

this is bloomberg. ♪ tom: dutch prime minister dick schoof has told bloomberg that it is important that security of europe be quote top of mind for president trump, as well as for europeans, and that the two sides maintain an open trading relationship. he spoke exclusively to chad thomas at the world economic forum in davos. >> it is very important that the security of europe is top of our minds and the top of mind of the u.s. president, in relationship to ukraine, to make sure that peace. and economically it is important that the open relationship, the trade relationship is still in place. we are looking very carefully at import tariffs and what that could mean for our trade and our companies. >> do you expect a united europe if there becomes a tariff war? obviously, that is not what anyone wants but is there a worry that it is every man or woman for himself, if countries in europe don't stick together? >> there is always a. worry. the european council has the idea that we should do it together. whether it is on the positive side making sure europe is competitive. you might say on the

stay with us, this is bloomberg -- this is bloomberg. ?likely to get a couple of cuts, no hurry, it will take until the june meeting to be delivered. tom: fed expectations through this year, analysis based on inflation dater and producer prices holding, estimated increase, the headline rate will be lifted in financial services, bloomberg says the dater today will not assuage the fed, and not likely to come through from the dater. let's flip the board and have a look at what higher rates means for the earnings story because the view on tech if you strip out names they are making money, including amason and tesla. worth looking at. coming up, opening trade is actually first -- first, but we will hear from the ceo on the polls, be fooled that the it is the opening trade, this is bloomberg. ? let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, lik

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and michael bloomberg, parent company of bloomberg news. mentioned we have to factor into the oil price, chinese economic recovery. we got the pmi numbers from caixin earlier this morning, the weakness factoring into chinese stocks as well. the csi 300 down 0.3%. indeed, this supplements the data, the official numbers we got earlier in the week. we saw some strength for services. we are in, on the growth side of 50 but it is weaker than expected on manufacturing. factor in the tariff story, the uncertainty around that and also the question of what stimulus we can expect from beijing in 2025. the president-elect coming up, his progress -- his return to the white house is dominating wall street predictions. from u.s. assets to bond vigilantes, we will discuss with the finance world is expecting in 2025. do stay with us. this is bloomberg. ♪ >> looking at 2025 being the year of the great pipit. -- the great pipit. china is likely to outperform the u.s. and uncertainties abound. >> it is very important for china to track the policy space more a

this is bloomberg. ♪ lizzy: welcome back to "bloomberg daybreak europe."oming up to 6:19 a.m. in london. breaking news crossing the terminal from the ecb. a rate cut in january not a foregone conclusion according to robert holzmann on the governing council. he says the ecb risks credibility cutting rates when cpi is rising. this, as attention turns towards growth, the risks likely to be highlighted in the pmi numbers later in the week for the euro area expected to still be in contraction territory. off the back of these lines, this interview with politico, we have euro-dollar currently stronger 0.3% at 1.03 handle. we keep an eye on that as we head towards the ecb meeting towards the end of the month in frankfurt, of course. let's get back to the sofa media story developing over the weekend. social media app tiktok restoring service in the u.s. after briefly going dark to comply with that supreme court ruling. the reprieve came after president-elect donald trump promised an executive order giving three more months to find an american buyer for the platform

this is bloomberg. ♪ scarlet: this is bloomberg markets.e are looking at the s&p 500, down with eight out of 11 sectors in the red. let's bring in natalia. >> we are watching shares of ebay and meta. meta is down, but that is part of bigger risk off sentiment. ebay is the current best performing stock as humpton said ebay -- as meta said ebay will be able to publish listings and customers will complete purchases directly on ebay. it is a big move for the company. we see the stock reacting positively. next is a biotechnology company. it is a big move. the stock is up by more than 200%. the company posted positive results on its trial and treatment of type one diabetes. the study found no safety issues. analysts are excited about this news, but they are saying on the one hand, the timeframe between now and the moment when the tree it will be available for commercialization could take a long time, but at the same time it changes the risk profile of this company. finally, the worst performing stock in the s&p 500, down by almost 10%. the stock

this is "bloomberg markets." ♪ ♪ scarlet: this is "bloomberg markets." i'm scarlet fu.time now for the stock of the hour. and we're looking at procter & gamble it is the first consumer package goods company to report and the shares are higher after organic revenue that beat the average analyst estimate. volumes topped estimates. let's bring in goldman-sachs senior consumer analyst bonnie herzog. fantastic for you to join us. i mentioned organics beating on higher volume which is a change where revenue growth was really driven by price increases is this volume growth sustainable? bonnie: i think we were looking for organics sales closer to 2%. we're better than expected, which is what is driving the stock higher. i think expectations had moved lower heading into the print. and a lot of that has had do with the end market demands slowing a love of what we're seeing with the macro, pressures on the consumer, geopolitical issues. it really highlights proctor's ability to execute strongly in what is considered a very difficult environment. so it's encouraging. scarlet: and t

and bloomberg's executive editor is the chair of bloomberg's of directors. and traders are grappling with the prospect of rising trade tensions and that was one of the factors that led to the downfall arguably of trudeau after donald trump denied a washington post report that he's considering a more targeted approach to tariffs. he denied that. let's dive deeper into the action with valerie tytel. a reminder of the whipsaw effect of speculation around from's policies. >> what a whipsaw we had especially in the fx market around these headlines. the original reaction to that washington post article saw the dollar really erase a lot of its gains and against that the euro a big leg stronger versus the dollar on those original headlines, moved over a percent which i think showed there were a lot of euro shorts they got squeezed. we had reports of traders talking about the surgeon option volumes. a lot of them seem to be getting stopped out over these headlines yesterday but it was not just the tariff headlines we had to deal with but also some headlines about res

this is bloomberg. ♪ tom: good morning, this is bloomberg daybreak: europe.om mackenzie in london, these are the stories at set your agenda. asian stocks follow a china wraps up support by iran. they are betting the fed will not cut rates before the second half of this year. we get minutes from the central bank later today. samsung gaining after nvidia's ceo expresses confidence that the company can resolve its tech problems despite a profit minutes. and president elect donald trump lets loose on foreign affairs threatening to absorb canada, sees the panama canal, and take control of green liquid. let's check in on the markets. the nasdaq 100 fell around 1.8 percent. the s&p fell around one point 1%. the future suggest there could be relieved coming through for u.s. stocks today after the selloff of yesterday. it's falling by .3%. ftse 100 is currently stable and unchanged. s&p futures pointing higher up .2% after yesterday selling similar picture for the nasdaq 100. this was down to stronger jobs data. a drop of a little over 6% for nvidia. so, big drop in t

this is bloomberg. sonali: this is bloomberg markets. i'm sonali basak time for the stock of the hour. sl x, the largest producer of medicine for pets and livestock in the u.s.. it stock has been lower going up to 2025. the company has a number of treatments waiting approval. -- awaiting approvals. my cali katie greifeld and kristin pe at the j.p. morganck health care conference in san francisco. katie: let's start with the broad breakdown. are you addressed companion animals. i am thinking cats, dogs, livestock like cattle. what is the current breakdown when it comes to your revenue and how do you see it evolving over the next couple years? kristin: it's great to be on. what is important to know about animal health is it has been growing for percent-6% over time with a compound annual growth rate of 5%. companion animal generally grows about 6%-8% and livestock slower to percent-4%. about 6% of our portfolio is in companion animal, the faster growing. what really differentiates zoetis's we are driving market growth with innovation and c

this is "bloomberg technology." ♪ caroline: this is "bloomberg technology."ng at a live shot of the principal room. tomorrow, bloomberg is heading to las vegas. you do not want to miss it. this is bloomberg. ♪ caroline: microsoft is making a major ai investment announcing it will spend $80 billion on data centers over the next year. the company wrote previously that not since the invention of electricity has the united states had the opportunity it has today to harness new technology to invigorate the nation's economy. microsoft is also investing in ai through the venture capital fund calling it the defining technology of our times. i'm pleased to welcome michael stewart who has been at the ai, hardware, software investment for a long time. i want to dig into the idea of data centers and the commitment of money towards it. where are innovations happening within data centers? michael: the demand we are going to seaford ai -- see for ai as applications roll out this year and next year will accelerate. it is key not just to have ai available but also that is aff

this is bloomberg. -- this is bloomberg. ♪ let's go boys.hat i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ i: i'm alongside tom mackenzie. one hour away from the opening trade. what you need to know this thur

, bloomberg news has been reporting for months, bloomberg intelligence ranked it as the seventh most powerful llm all the way back in june of last year but now it gives us the fact its latest r1 model isn't sophisticated many would say on the internet and other experts out there. isn't as sophisticated as that of anthropic's latest model or openai's latest model. they have done at fraction of the cost. as well as reported to have cost we haven't been able to delve into the veracity of that number. when it comes to the rush to the bottom, evermore cheap applications the generative ai. do we therefore see microsoft have to cut its prices. do we see revenue profitability of these providers, in. >> i think that's a good question. i would say we don't know why openai and anthropic will release next. in those times there are so many innovations market is moving very quickly. they have something that's really exciting to be launched. so that's number one. number two, a lot of times this is a fast volume or aggressive model that has a ceiling in terms of what it can do. openai with their mod

this is bloomberg.his is bloomberg. ♪ i earned my degree online at southern new hampshire university. after i graduated, i started a new job. i was finally able to realize my purpose and passion in life. pursuing my degree gave me so many opportunities to grow don't just think about yourself. think about the lives that you can really change. snhu laid the groundwork. i am doing what i've always wanted to do. if i was back at the beginning, i would choose snhu all over again. (♪♪) scarlet: this is "bloomberg markets." i'm scarlet fu. it's time now for the stock of the hour and we're looking at the entire nasdaq the qqq's, down today over the story that we've been following all morning after chinese start-up called deepseek launch ag product that rivals u.s. a.i. cot bot that appears to be a fraction of tell cost. a month ago, jade lee wrote wall street demands meaningful return on investment from a.i. will get louder. capital centers and semiconductor hoard willing skyrocket. but the capability won't mat

this is bloomberg. ♪ >> welcome to bloomberg markets. greg, chief policy strategist over at agf investments joins the program this morning. a pleasure to have you on the program. it's a historic day in washington and around the world. a lot of campaign promises that may or not be fulfilled from president-elect trump in the next couple of years. walk us through what you think is going to be his first policy priority. >> i think it will be immigration. i think by the end of the day today he will have executive orders that will begin a process of deporting people, my sense is the next three to four months will be rocky read we are not going to get a budget deal anytime soon in the house as you know the speaker only has a couple of those to spare. i think the second half of the year as you previous speaker was saying the second half be pretty good but i think all of the hype right now about how things look great are overdone. >> overdone in what way? i just want to argue the other side of this which is what is perhaps manageable given that t

this was bloomberg "real yield". this is bloomberg. sonali: welcome to bloomberg markets.es hovering near all-time highs today. let's check where the s&p 500 stands after four days of gains holding around the record high. a bit of a stalling out of the moment. we have seen this return into gains in the session earlier this week. the pressure semiconductor stocks are under. the philadelphia semiconductor index down by

this is bloomberg.uments on the future of tiktok in the u.s., let's take a look at the app's impact on the economy. >> creators from all around the world come to tiktok to be discovered. to find an audience, live their dreams of fame and fortune. in addition to launching countless global stars, the discovery and authenticity that defined the tiktok experience have also made the platform a home for serious issues that are vital to the global good. caroline: let's bring in the ltk co-founder, amber venz box, who knows a thing or two about content creators worldwide. amber: i have to start out by acknowledging what is happening with the wildfires in l.a. our thoughts and prayers are with the huge part of the community affected today. we have 10,000 creators operating out of l.a. county. i would be remiss not to acknowledge they have had a struggle at the start of the year, both how they will operate out of their homes, the products they will show to their audience and thinking about re-homing their communi

this is bloomberg. ♪ scarlet: this is bloomberg markets. i'm scarlet fu.fter chinese start up deepseek shook the tech universe on monday with its lower cost ai model, nassim taleb is warning the steep selloff in nvidia shares yesterday exposes the markets fragility. >> the story was nvidia would keep rising. now they pull back a little bit considering the risks involved in such an industry. you are building everything on the hope that people will use your chip, will use chips, and the advancement will not come from software or someone figure out a better idea or some other method. which is what happened. that is a hint of what is to come. scarlet: that was nassim taleb speaking with our own sonali basak. the reaction to deepseek it boils down to technology that challenges wall street's current understandings of the economics of ai. for more, let's bring in darila porechna, the head of protocol at autonomys. talk about your experience with deepseek. you have it on your devices. how does it compare to what openai looks like or chatgpt? darila: of course, thi

this is bloomberg. ♪ mike: elon musk is being sued by the u.s. a securities and exchange commission. the sec claiming that the tech billionaire cheated twitter shareholders out of 150 million dollars by waiting too long to disclose his growing stake in twitter as he prepared a takeover bid. for more, we are joined by nicola white, here in washington. thank you for all of your reporting on this. this case has been building for a while. yet, it didn't end to the usual way a lot of these do, with a settlement announcement. nicola: that is pretty on brand for elon musk. mike: yes. nicola: normally these kinds of cases are usually settled because they are, even though this has generated tons of headlines, it's a straightforward case, filing this forum or not and it is you it on time? he did not, according to the sec. not only that, he apparently did the wrong form. the sec said in the process that he made $150 million and you know, that didn't go over well for the rest of twitter shareholders. caroline: $150

this is bloomberg. ♪ i earned my degree online at southern new hampshire university. after i graduated, i started a new job. i was finally able to realize my purpose and passion in life. pursuing my degree gave me so many opportunities to grow don't just think about yourself. think about the lives that you can really change. snhu laid the groundwork. i am doing what i've always wanted to do. if i was back at the beginning, i would choose snhu all over again. (♪♪) caroline: china's deepseek ai model up ended. what about providers? clearly open-source is impacting ai development. he is the chief science officer at hugging face. is this the huge breakthrough the market thinks it is? >> it is a bit of an overreaction. we have seen a steady increase in open-source models but we also have to be honest. it is a first model. the gap is close now. caroline: let's talk about how derivatives have expanded because you are all about open sores. you are about community and innovation one model can provide to others.

this is bloomberg. ♪ caroline: bloomberg is live at davos.hey sat down with bank of america's ceo. >> hey, guys. day two of the world economic forum in davos. mines firmly elsewhere, in washington, d.c.. 24 hours of conversations about how great america is and how the rest of the world will struggle with donald trump. >> every conversation has been, what is america going to do? how can i leverage myself to be in the best position possible. and what is the latest headline? jon: brian moynihan alongside of us, the ceo of bank of america. there is an important occasion to mark. 15 years at bank of america. brian: it was interesting to start, but for the last 10 years or so we have been on a roll. we can take pride. we put the company where it should be, as one of the great companies in the well. jon: 15 years ago it was the absorption of financial -- countrywide. it is a very different moment. that phrase you used, responsible growth. there is a feeling that maybe we move toward the world of banking over the next few years, reckless growth which

this is bloomberg. ♪ ♪ >> good morning. this is bloomberg daybreak. i'm tom mckenzie.re the stories that set your agenda -- markets from both sides of the pond. uscpi expected to remain firm while the u.k. one is the first incumbent to be taken into custody in the nation's history. the s.e.c. is parting short of elon musk as the regulator shoe it is richest man over and i ledged failure to reveal his twitter stake before his take over. european futures pointing to .2 of a percent. there is some expectation there will be a bet of a holding pattern. then of course, u.s. inflation later in the day futis .22%. -- futsi, .22%. we focus on the treasury. there may be some movement around treasuries and how much volatility there will be around the inflation data as investors adjust or readjust their views on the federal reserve and rate cuts. 4.77. the pound softer again in the session. down at 1.22. brent trading higher by .0% and gold is gaining just shy of .2%. yoon suk yeol has been arrested after a raid in his residence. he's agreed to be questioned over his short-lived m

this is bloomberg. ♪ tom: welcome back to bloomberg daybreak: europe.he world economic forum in davos is taking place now in the shadow of donald trump's the white house --donald trump's return to the white house. francine lacqua is on the ground and joins us with another guest. >> thank you. joining us is jenny johnson, chief executive of franklin templeton, and i have to say it's cold, colder this morning then yesterday, but at least it wakes us up to try and figure out the world economy and everything that goes with it. a lot of the participants were looking at the inauguration. a lot of the bankers are expecting the regulation -- expecting the regulation and donald trump to not kickstart because it is doing ok but better the economy of the u.s. jenny: the view on trump is very clear that he once less regulation. he said that for every new one enacted he will take away two regulations so i think that is positive for business. i think you will continue spending --i think he will continue spending, which is positive in the short run for an economy. we

tune in today and noon eastern only on bloomberg. >> welcome to bloomberg markets.ock market make a turnaround here, giving up their early losses and inching higher here. he sees inflation cooling and that supports his view for more rate cuts this year. the russell continues to underperform with small caps lagging behind.

this is bloomberg. ♪ scarlet: this is "bloomberg markets."trudeau saying he will be stepping down as party leader, insuring an election in the coming weeks. he made the announcement in auto up. >> i intend to resign as party leader and prime minister after the party selects its next leader through a robust nationwide competitive process. last night i asked the president of the liberal party to begin that process. this country deserves a real choice in the next election and it has become clear to me that if i have to fight internal battles, i cannot be the best option in the election. scarlet: for more on this, let's bring in brian out of ottawa. feels like trudeau may have made the same mistake as joe biden, hanging on for too long. now that he made the announcement, how quickly do things need to unfold for the liberal party to have a new leader? >> there is a ticking clock in place. the parliamentary session has been suspended until the end of march, but it has to come back, there need to be votes to fund the government like basic money bill

mike: bloomberg's loren grush, thank you.nse tech, geopolitical and isolationist risks price. here is what palmer lucky told us about a potential conflict with china when he announced a new plant in ohio. palmer: the fact we are predicted to run out of munitions in the first eight days of a potential conflict with china -- e wasd ohio the only state they could: guarantee the timeline? palmer: they were the best state of giving us a chance to hit the timeline. mike: bloomberg's lizette chapman joins us now. you have done some great reporting trying to find names to watch. tell us more about how big the universe of defense tech companies is the lizette: loren mentioned the granddaddy of the mall, spacex. it has proven companies can and will secure these big contracts. its market cap is twice that of lockheed martin. palantir also has a market cap that is bigger than lockheed martin and raytheon. we have a bunch of startups and it is down to 10 on the list that focus on things that will have an impact on war. one company special

the move confirming bloomberg earlier scoop. bring in our managing editor for southern europe. the scoop from your team has been confirmed. what do we know about this potential tie up? >> we know that we didn't sleep too much last night. we managed to report the news first. it is quite a big surprise because monte paschi is smaller than mediobanca which is a larger rival. auntie paske is coming out from a long restructuring process. the italian government is still the biggest investor while mediobanca is seen as the leading investment bank in the country. somehow a surprise move. what is not surprising is that mediobanca and paschi shares investors. the billionaire delvecchio family. they are the biggest, together, the biggest investors in mediobanca. and recently, they moved on pa schi, about 9%. the italian billionaire families could play a key role in such a move. we have to see which will be the market response, the mediobanca response to an unsolicited offer. this is just a new chapter in a wave of consolidation in the ital

this is bloomberg. they live shot of the principal room. check out the "bloomberg technology" podcast on the terminal as well as apple, spotify, and iheart. this is bloomberg. mike: let's talk about openai, softbank, and oracle and their plans to open the first data center associated with the $100 billion stargate venture bringing in brody ford for more. there has been and a lot of talk about the project heralded at the white house wednesday with president donald trump. it included the prospect of a lot of jobs being created. you have findings which suggest maybe that is not quite so. brody: yes. tuesday trump said 100 south and jobs -- 100,000 american jobs. openai double down on that number and we got our hands on some documents from the government down there saying there is a guarantee of 57 full-time jobs. obviously that is a far cry from the 100,000 range. of course when you build a data center you will employ thousands of construction folks. those jobs go away at some point. the people needed to k

this is bloomberg.e: as california's dead deadly fires look to reignite, some social media users are pushing political agendas as well as conspiracy theories. for more we have the latest on political agendas being one thing, disinformation another. how does this compare at the moment to prior such events? >> one of the things we are seeing is this really becoming a normal part of these disasters. if you remember back in 2023, there was suspected chinese operatives that were spreading conspiracy theories around the wildfires that struck in maui, as social media has become the way that people consume news, instantaneously a lot of conspiracies unfounded, bizarre conspiracy theories, gain a lot of attention very quickly. mike: jeff, you and i have worked on a number of disinformation stories over the past year, including natural disasters but in other areas too including online extremism. but one thing that we have noted in our work is that it doesn't stay online. what are some of the real world impacts of

this is bloomberg. ♪ ♪♪ ♪ three little birds ♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ scarlet: this is bloomberg markets.ow are at session highs as we build on last week's rallies. let's look at some individual movers and bring into emily graffeo with more. emily: charles schwab had a pretty good earnings beat. the stock was up as much as 8%. the biggest jump since november after the company attracted record inflows into its retail brokerage business, adding 1.2 million new brokerage accounts in the fourth quarter, beating estimates. revenue also beat estimates, coming in 20% growth year over year, five .3 billion. over all results showing positive trends of you where, according to an analyst at jefferies. a different story for shares of walgreens. that stock tumbling today after the u.s. department of justice claimed walgreens distributed controlled substances like opioids in pharmacies across the u.s. while ignoring red flags that the prescription were probably illegal. walgreens had denied the allegations and actually sued the usda over requirements on pharmacists. finally, looking at shares of netfli

this is bloomberg. ♪ tom: the take our viewers inside bloomberg house in davos with a conversation ofvereign wealth funds. take a listen. david: is that the case in norway? say don't really care with the u.s. is doing? >> there is clearly a backlash, but the policies we have are anchored in the parliament, so we are not changing her mind. we think it's important for client reporting, we think diversity is good. david: in most scandinavian countries, certainly in norway, there is about climate change and there's a lot of interest of renewable energy, but you make your money from nonrenewable energy, so is there incongruity when you're making all this money from carbonized chemicals and fuels, but you really don't believe in that to some extent, how do you square that? >> we believe in it, and we think the gas that norway produces, which is very high proportional, the gas supply in europe is very important and continues to be a big part of the energy supply. tom: ceo of norway sovereign wealth fund from the bloomberg house in davos. plenty more coming up. stay with us. this is bloomberg

this is bloomberg. ♪ tim: this is "bloomberg technology." looking at a live shot of the principal room. check out the technology podcast. you can find it on, spotify, and iheart radio. this is bloomberg. katie: well, the race to ai enhanced human productivity is on. the coming year will feature ai companies grappling with pushing out software that can do more with less help from humans in figuring out how to train the most powerful models. rachel has more on the most -- on the ai predictions for 2000 25. happy new year. what can we expect from the world of ai in the coming year? rachel: a couple of things. a lot of focus on so-called agents, systems that use ai to accomplish tasks with little or no help from humans. ai software that can go out and do something like say help you plan a trip or help you to process certain kinds of information more efficiently in a more complicated way than just looking over documents. a lot of people are talking about that. one of the other things we are going to be seeing or hearing people talk more about is

scarlett: welcome to bloomberg markets. president trump just concluding remarks in davos and we will unpacked what we have to say and track the price action across the markets. let us talk about where the benchmark index stands after stalling initially at the open. yesterday, the s&p 500 turned positive over the past hour. however, semiconductor stocks are under pressure with the stocks down more than 1%. south korea posting strong results but did warn of a potential slowdown in ai spending while europe fell under concern over u.s. export controls. we have texas instruments reporting later tonight to set the tone for the chip sector as well. when you look at the bond market, bonds are down at the long end of the curve pushing up yields. the 10-year up almost four basis points the dollar-yen and this is what i am watching carefully because the boj does need to make the consensus and that is widely accepted and agreed upon and priced in that they will hike by 25 basis points. now let us look at oil prices because in his remar

this is bloomberg. ♪ vonnie: this is bloomberg markets.itigroup reported fourth-quarter results before the open. shares are more than 7% after the bank reported a beat on earnings and plans for a $20 billion buyback. for more let's bring in todd gillespie with bloomberg news who calibers -- it covers all things citigroup. quite the turnaround. jane fraser deciding capital plants are something she wants to implement. >> absolutely and this is something shareholders have been begging for. citigroup only gives clarity quarter to quarter. to have a $20 billion figure -- it is still not perfect. it is a multiyear plan and starting off with $1.5 billion this quarter. that will be underway. generally speaking for the bank. it is a sweetener right now as jane frazier slightly rolls back her medium-term return on tangible target -- vonnie: she was really ambitious with this turnaround but she seems to be convincing markets and obviously it was a record haul for all of the banks. did citi perform? his morale good? todd: for sure. the underlying numb

this is bloomberg. ♪ sonali: i'm sonali basak and this is bloomberg "real yield."t is time for the auction block. we start in europe, with the eu lead market-white volume for 2024 reached a record-setting 1.27 billion euros. -- trillion euros. here in the u.s. borrowers wasted no time with raising money in 2025. high-grade sales on thursday were 15 billion dollars, led by credit agricole, ford, and gm. kicks off what analysts say could be a record-setting january. an informal survey called for $200 billion worth of sales, and that could surpass the record we saw just last january. speaking of credit, join beyonca ocs major opportunities this year. -- joanne beyonca sees major opportunities this year. >> the number one area is credit. we are in a better quality environment. to get lily in the u.s. high-yield market. there is more double-b's than there ever have been. the triple-be market is higher than it has ever been. sonali: we are going to get deep into the credit markets now. we are joined by a keeley gray wall and sinjin bowron -- a keeley gray wall and sinjin

caroline: this is bloomberg. caroline: this is bloomberg. safari? hot air balloon ride?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. let's go boys. the answer is the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ sonali: live from bloomberg headquarters in new york i'm sonali basak. tim: i'm tim stenovec. welcome to bloomberg crypto. sonali: bitcoin stumbling to start that year. kriti gupta joins us. tim: the crypto industry is eager

>> welcome to bloomberg markets. we have stocks and bonds falling so let's show you how things stand. the real action is the bond market. the 10 year yield is moving up. that is an eight-month high. this comes in for a 39 billion dollars sale of 10-years later today. the catalyst for today is dated from ism services that shows the services economy is growing faster than expected, reducing the odds of a cut before july. stocks under pressure. s&p 500 declining, losing .3% -- .75%. big tech is leading the way with nvidia and focus, losing 5.4% on the day, retreating from a record high. jensen whan -- these are long-term investments. investors looking past that and what the look for catalysts to boost the stock. specific individual movers on the equities side. stryker agreeing to purchase an aari medical -- inari medical. the deal aimed at using blood clot devices. paychex is higher after agreeing to buy paycorp. four $1 billion in cash. the transaction will enable paychex to enhanced capabilities for ai technology with

this is bloomberg. ♪ vonnie: this is "bloomberg markets."oll report increased by more than expected, particularly one sector is standing out, 43,000 jobs added in leisure and hospitality and in the accommodative food services. for more on that sector, we are talking with eugene, cofounder and partner at catch hospitality, a portfolio of restaurants including locations in new york, los angeles, and soon scottsdale. we will talk about the new open, but first, the labor market dynamic out there. seems like in december a lot of more people were hired in leisure and hospitality. >> it's a great headline but i think the bigger conversation is on efficiency and all the restaurants that will have to work with a better efficiency model, doing more with less in all aspects. whether that is the food, the service, the labor, everything. you have got to focus a lot on technology. ai changes a lot of the dynamics. technology is a supplement, it doesn't replace the team, and if you don't have a great team, you won't have great guests and he won't make the

this is "real yield" on bloomberg. ♪ sonali: i am sonali basak and this is "bloomberg real yield."t is time for the auction block were issuance surged thanks to the big banks. jp morgan, citigroup, wells fargo and morgan stanley. bank of america also had big debt sales totaling $25 billion. overall issuance pushed to over $46 billion. another notable sale for the week was citadel. it sold $1 billion over two parts to fund a payout to its owners. we end with u.s. leverage loans as that area stays red hot to start 2025. volume around $50 billion with monday seeing the most launches on record. the bulk of activity is mainly from repricings. when it comes to credit, morgan stanley lays out the drivers for current investor appetite. >> this is a credit market i think a lot of investors would describe as a good yield and a bedspread. yields are quite high and nominal. relative history on the corporate indices. spreads are low. i think a lot of buyers of credit at the moment are more yield driven. sonali: joining us now, the global head of credit strategy at bnp paribas and the portfolio

this is bloomberg.ie: 2024 was deemed the year of artificial intelligence, but many are waiting to see if wall street will grow impatient with the ai movement. we are joined now. tie this into what you call the brain rot economy. all this enthusiasm we are seeing over ai and what is actually happening. >> piercing investors excited that ai is going to come good this year and revenues are going to start bringing. capital expenditure will go through the roof. where that links with the brain rot side of things is that one of the early uses of ai has been to fill things like facebook with nonsense, really. pictures that don't make sense. or text that is not really fun to read, i think. i think there is going to be an awakening from people saying, why am i looking at this? that will spell trouble for companies like meta. katie: your prediction -- tim: your production about tiktok -- will it be banned? >> the supreme court will hear arguments on january 10, and many legal observers say it is unlikely the supr

this is bloomberg. let's go boys.ch work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ - it's something about having that piece of paper. some people think that's worth more than my skills. - i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. - you gotta be so good they can't ignore you. - it's the way my mind works. i have a very mechanical brain. - analytics and empathy. that's how i gain clients. - i am more... - i'm more... ...than who i am on paper. >> this is bloomberg daybreak: europe. these are the stories that site your agenda. edge and stocks headed for a fuller -- a fourth session. oil climbing to the highest in more than a month so a new u.s. sanctions against russia and china's annual trad

♪ >> welcome to bloomberg markets and happy new year.oming up on the program, stocks looking to rebound after closing out the year with or straight days of declines. excuse me, the u.s. is on high alert following a pair of holiday attacks. the latest from the white house on what is being done to keep people safe. and here is tesla under pressure as annual ev sales fall for the first time in more than a decade. but first let's show you what is going on in the financial markets. stocks and bonds that open with modest gains that we have since seen the gains in the bond market fade. s&p 500 of one third of 1%. the 10 year yield now inching higher by two basis points but still very much in that 4.5% range. the dollar was a story of strength in 2024 that continues to be at the start of 2025. you can see the dollar stronger and of course there is continued political uncertainty in canada, whether prime minister justin trudeau given to internal pressure in his party and step down. and a quick glance at emerging markets, that is on the verge of a

this is bloomberg. ♪ tom: bloomberg understands the israeli prime minister benjamin netanyahu is planningvisit washington next month to meet with president trump the meeting would come weeks before the end of the first phase with the ceasefire in gaza. the middle east envoy steven witkoff is expected to travel to israel this week to discuss a longer-term solution to the conflict. president trump speaking yesterday in florida. he talked about deepseek, he also talked about the metals market when he was discussing potential tariffs. he called out for example copper imports into the u.s. here is a check on how metals are trading this morning. iron ore currently flat, aluminum taking a bit of a hit, copper lower 46 points at 9000 per ton. was to see broad tariffs more than 2.5% particularly targeted sector tariffs as well on metals, pharmaceuticals and potentially autos. plenty more coming up. stay with us. this is bloomberg. ♪ >> good morning. concerns about nai stretch into a second day triggered by china's progress. nvidia lost $589 billion in value, demand is strong. donald trump calls it

here is your bloomberg brief.udge temporarily blocked president trump's executive order restricting automatic u.s. citizenship at birth for children of immigrants who entered illegally or have temporary legal status. the judge called the order blatantly unconstitutional. the administration is facing at least six lawsuits over the citizenship order. apple and googled tiktok from the app store since it briefly went off-line. this comes despite president trump's pledge not to enforce a national security law that would punish u.s. partners of tiktok. oracle has kept the apps raising concerns that the cloud company may have opened itself up to lawsuits and fines if the administration decides to retroactively enforce penalties. president trump signed in order to create a working group to advise on crypto policy. it supports regular -- regulated dollar backed and seeks to prohibit digital currency. the group will submit a report to the president including legislative proposals including potentially creating a crypto stoc

thank you for choosing bloomberg tv.d new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. matt: a little bit of a rebound after we finished and agreed. 30 minutes until the start of the cash trade. sonali: bloomberg open interest starts right now. matt: coming up, another report that trump's economic team is considering a gradual approach to the tariff hikes in the dollar tips on that. the latest word on tariffs, as they digest the ppi data and race for big swings tied into the cpi report. also as we kick off the earnings season. plus a shakeup at j.p. morgan. the bank names a new chief operating officer, replacing daniel pinto who retires at the end of 2

this is bloomberg. ♪ tom: welcome back to bloomberg "daybreak: europe." u.k.ket tumble yesterday, pushing levels to the highest since 1998. the treasury has signaled if higher worm costs wipe out the fiscal headroom, she will choose cuts overspending tax hikes. let's bring in lizzy burden, this is a challenge to state police least for racial reis. having flashbacks to liz truss and to the budget. we saw the pressure on the pound, those dynamics suggesting the fed is turning sour on u.k. assets. what is rachel reeves to do? >> let me give you the big picture, the labour party really contrasted themselves with the conservatives by saying remember the specter of liz truss? rachel reed has put herself in a straitjacket, she said there will be no more tax rises, no austerity, one physical event in gear and she will stick to her fiscal rules of only borrowing to invest. she has really box herself in here. this is high risk because at the october budget she left herself a big margin for error, really relying with a hope and a prayer that the economy was going to grow

that's your bloomberg brief. jonathan: up next on the program, bracing for tariffs. >> in terms of economic policy, writ large, there are more questions than answers at this point. while transaction man is going to be there, tariff man will be very much present. we are preparing for increased tariffs. that conversation coming up next. -- jonathan: that conversation coming up next. live from new york city this morning, good morning. ♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses you know what's brilliant? and more in prospectus at invesco.com investment objectives, risks, charges, expenses boring. think about it. boring makes vacations happen, early retirements possible, and startups start up. that's why pnc bank strives to be boring with

this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak europe."san may slow a planned wrap up of u.s.-made electric vehicles on uncertainty around trump's energy policies. production plans in mississippi will depend on whether the 75 hundred dollars tax credit for ev's is scrapped as threatened. a japanese media report over the weekend said nissan is planning to thousand job cuts in the u.s. this year. 2025 is looking for another record here for global sales of electric vehicles. the pace of sales will differ around the globe, as europe rolls out new policies and the trump administration changes as we were mentioning u.s. government policy, particularly that support for the ev sector. ryan fisher from bloomberg's clean transport team is here to explain the year ahead. thanks for joining us. give us an update in the main changes happening within the ev markets and how much is coming from the trump administration. >> we do a 10 things to watch each year. the ev market is a big one. we think it will keep rising, about 22 million ev sales. all the hea

that does it for bloomberg markets. ended the week with the s&p 500 looking like it will and above 6000 once again. and that the week on the s&p 500 that has been rising at the best rate since we have seen in the election. the last week of bidens term. next week, we will bring you back the markets under president trump's term. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power. live from washington, d.c. >> the inauguration will take place under the dome. welcome to the fastest show in politics as donald trump makes it official, monday's ceremony is moving inside the capital because of bitter cold temperatures. much like we saw a ronald reagan do 40 years ago. i'm joe mathieu alongside kailey leinz in washington. thanks for being with us. it will be nine degrees out on monday. this sounds like a logistical nightmare. >> the real feel will be even lower than this. one can understand why not everyone is willing to spend hours outside on a freezing monday morning. capital