this is bloomberg. ♪ sonali: this is "bloomberg markets," and i am sonali basak.e are watching net asset value loans. it is causing quite a stir among investors. some firms are borrowing money against funds and now some banks are backing the funds that make the loans. joining us with more is bloomberg's kat hidalgo. what is the latest rendition? kat: it is a very exciting development we have written about. this fairly controversial form of lending is taking on an extra layer of debt. goldman sachs, j.p. morgan are willing to offer debt to funds. sonali: what is sounds like is leverage on top of leverage on top of leverage. what could go wrong? kat: certainly when i am speaking to sources, they say very little could go wrong. there are being very careful about who they lend it to, being very tight. regulators have been very cautious about nav lending. i cannot imagine they would be too happy with adding an extra layer of leverage on top of debt they are already slightly concerned about. people have been throwing out the terms cdo, that kind of brings up horrible me

this is bloomberg. ♪ katie: welcome back to bloomberg markets. time now for the stock of the hour.e have several stocks today and they are all crypto flavored. coinbase, marathon, microstrategy soaring as bitcoin hovers close to $85,000. this increased optimism comes since donald trump won the election last week with investors anticipating more acceptance of crypto in the white house. we are joined by mike regan. he leads crypto coverage for bloomberg news. increased acceptance. crypto had a great election. mike: acceptance might even be too weak of a word. if you go back to trump's speech at the bitcoin conference in nashville in july, that is when he said he wants to create a strategic stockpile of bitcoin. what does that mean? it would be like the strategic petroleum reserve. instead of oil, you would be holding bitcoin. what is interesting about that is the day before trump spoke, rfk jr. came and spoke. he said i understand trump is going to announced plans to buy one million bitcoin. talking lady $5 billion worth of bitcoin at these prices. trump never actually made that prom

this is bloomberg. ♪ sonali: this is "bloomberg markets." i'm sonali basak.ay spirit airlines filed for bankruptcy with a plan to hand over control to bondholders after failing to agree on a merger with rivals. we are joined by jonathan randles, who is covering this bankruptcy for us. if you look at the bloomberg bcy go page, you can see that spirit airlines is the largest bankruptcy by assets in the last year. what do we know about the details of the process? jonathan: yeah, they announced a pretty large restructuring of their balance sheet. that is their plan. they are in a deal with their bondholders, agreed to raise $300 million in equity, another $300 million or so in bankruptcy financing, and to take over the company through an equity swap they are swapping out 38 million dollars in debt for equity in the organized business, which on top of the equity raises what the company says will be enough to get them out of bankruptcy in the first quarter of 2025. sonali: is this the best option for the company? at the end of the day you think about the path to ge

this is bloomberg. -- and iheart. this is bloomberg. ed: this is bitcoin. highest level ever, just below $76,000 per token. highest level ever. that is all. bitcoin. caroline: there is a reason for it. many feel the next administration and congress will be crypto friendly. kavita gupta is with us. what action do you need to see to make the new record highs indicated? kavita: just the president-elect. you have elon musk standing next to him. this election has been one of the biggest crypto money going into a political motor and we saw a positive return. everything is up. bitcoin is at all-time high. look at even dogecoin. it has literally jumped up 21%. caroline: look at some of your investments. one protocol for example, polygon, has had an epic time. it was singled out as not living up to security. how important is a change at the top of the sec and clarity around regulation for project such as this? kavita: we are seeing the ecosystem and all the protocols bumping up their prices 20%-30 5%. everyone is expecting a change in attitude. where president trump

this is bloomberg. ♪ scarlet: this is bloomberg markets.y commercial real estate properties are at high risk of default heading into 2025. for more on the commercial estate market, i went to bring in the founder and ceo of united capital john deveney. things like cms, you have been calling for a considered implosion of office building collateral. before we get to which cities those are, why is that with interest rates heading lower and transactions in the space picking up? john: one of the biggest forces are the 10 year treasury moving from 2% to 4.5%. just that alone the appraisals from 10 years ago at a 4.5 cap rate to go to a 6.5 cap rate today. for the best properties, that winds up being a decline of 25 to 30%. these are huge headwinds for these companies to refinance. inflation made all the property taxes and expenses go up. inflation made the buildings go down as well. we don't need to get into work at home. work at home is a big issue for the whole country that has led to a lower occupancy some of the observations i have are the tri

>> this is "bloomberg technology." caroline: live from new york and san francisco, this is "bloomberg technology." coming up, apple fails on weakness around china. we will dig deep on tech earnings. ed: intel's third-quarter results spark optimism about its turnaround efforts. our conversation with pat gelsinger. caroline: the election draws near. we sit down with former republican candidate eric ramaswamy. but first we check in on these markets, which today ends on a higher note, but we are down for the week. on the nasdaq we are off 1.2%. he saw a selloff yesterday, the biggest we have seen since september 6, all on tech and its ability to show up in terms of earnings. i want to dig in on the micro. ed: i'm going to be looking at the two big names. the amazon story is pretty clear. there is growth in the cloud unit. it is tied to ai. give us the outlook for the final three months of the year. it gives us a strong signal and we are going to get into that. apple grew in every geography apart from greater china. iphone

this is bloomberg.es like spacex and blue origin are helping archer in a new wave of mainstream space exploration. they are not the only firm searching for answers in this guy. that is why 776 has already made investments in other space companies. let's talk through them with katelin holloway, cofounder of 776. we are not talking about reusable rockets, we are talking about mining resources in space. how you get to visualize they can build a totally new ecosystem? katelin: that is such a good question. my background in building high-growth companies for the last 15 or 20 years has helped me to better understand despite not being a rocket scientist myself what it takes to build into the future and look to the stars and see a future for humanity that most of us cannot. understanding what it takes to be a great founder, whether you are building a chocolate bar or a reusable rocket. there are pretty standard things that make founder fantastic. caroline: what makes the business opportunity or the valuation f

we are joined by a bloomberg reporter who covers that health care industry for us at bloomberg news.hen you think about this nominee -- it is that, it is a nominee, still needs confirmation, we are seeing a significant reaction. how does that conflict for investors who were so excited about the pharma industry under president-elect trump? madison: it is like a reversal of the trend we saw after donald trump came ahead in the polls and won the election last week -- or two weeks ago, i am losing my mind. there was enthusiasm that m&a would pick up, trump would be better for the economy overall, which would be good for health care and pharma. with this nominee of rfk jr., that throws that into a little bit of a flux. he has been really critical about vaccines. he has walked back some of that criticism more recently and said he will not do away with vaccines entirely but he wants more information and once the studies to be more accessible. for years -- this is not a recent thing -- for decades he has been critical of vaccines. he has said he does not want the corrupt influence of pharmac

sonali: this is bloomberg markets and it is time now for bloomberg money undercover, our weekly segmentnique challenges and opportunities acing alternative investments and for that we will turn it over to bloomberg surveillance coanchor lisa abramowicz. lisa: we've been talking a lot about how and what -- animal spirits have been turbocharged over the past two weeks and really the question a lot of people have been asking is, is that going to be the truth in private investing? joining us today is avi kalichstein, who formed hunter point capital back in 2020. very quickly growing company. avi, i would love your take on what the strategy is of a company that isn't just directly investing in the actual companies and traditional investments. avi: for context, hunter point capital is a gp solutions firm. that means we make permanent minority investments in the equity of alternative investment managers around the world. that could be private equity firms, private credit firms, real estate or infrastructure businesses and we've also recently started a business that makes shorter-term financing

i'm joe mathieu at bloomberg world headquarters in new york. special coverage of the election on the eve of bloomberg tv and radio. growing your business is easy once you know the moves. with godaddy websites plus marketing, you can quickly create a website, and ai will customize it for you. get your business out there and get more customers in here. no sweat... for you anyway. create a beautiful website in minutes with godaddy. it's our son, he is always up in our business. create a beautiful website in minutes 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

this is bloomberg. ♪ tom: welcome back to bloomberg.srael rejects charges against netanyahu by the international criminal court. they issued an arrest warrant over war crimes in gaza. did williams joins us with the details. what was the logic used behind the issuance of the warrants? dan: this has been a bombshell to compile evidence. the court once referred to as the world court issued arrest warrants not just for netanyahu but for his defense minister who was dismissed, alleging crimes against humanity, deliberate starvation of civilians in gaza. not unfamiliar or unexpected, the israelis have been dealing with this from the outset, they have suggested israel is being singled out. the israelis, while this will cause a struggle, arrest warrants are often issued in secret, they chose to make these public suggesting they may issue other arrest warrants for other officials. this really troubles the israelis and the government. what they have been doing is advocating that their defense try to gather support from countries that accept israe

this is "bloomberg technology." ♪ sonali: up into bloomberg markets. check on the markets. you're looking at the s&p 500 below 5900. .3% lower as we hit midday. nasdaq 100 more so, almost .4% lower. the 10 year, which has behaved like a haven bid this week in the middle of geopolitical conflict

this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak: europe."s revenue forecast failed to meet the highest expectations , and those expectations were stretched suggesting it is he is -- dizzying growth run has some limits. let's be another player, polyai produces ai assistants, raising $50 million in a funding run from becker's -- backers. i am joined by the ceo and cofounder of poly ai. thank you for joining us from helsinki. let's talk about the monetization of ai, because you are at the cold phase of this. you have that front-end touch point in terms of the demand. this is a key question when it comes to nvidia. as the monetization story starting to fade when it comes to ai? are you seeing any cooling of demand? >> absolutely not. people are confusing two things. there is the first wave of people buying chips and gpu's to fuel future growth, and there is a story of greater exponential growth just from a lower base, at first it option of ai for workflows, customer service sales in many things. in our case growth is higher. nvidia share price f

>> good morning, this is bloomberg "daybreak: europe." asian stocks fall to the lowest in two months on concerns that donald trump's agenda could start price pressures. we will look ahead to u.s. inflation data later today. the president-elect picks entrepreneur vivek r.i.m. a swami lead the charge to dismantle government bureaucracy. plus vermin ease -- olaf scholz making his case later today for another term as german chancellor. tom: to the early story right now, lines crossing, the asset manager over germany, elian's coming in with our core operating profits, beating the estimates. 3.90 4 billion euros, operating profit for the third quarter for alley on's, above the estimates just shy 3.8 billion -- fourallianz. the focus is on pimco, the asset manager. enclosing to that part of the business will be scrutinized as well and see a um for allianz. we will continue to watch that story through the day and see how that stock reacts. the dutch lender the focus on net interest income in the search for new ceo. the stock is up about 22% year-

stay with us, this is bloomberg.ing attention to a chart that shows correlation breaking down between u.s. yields and odds of donald trum'' s victory. you seen the yields up as expectation has built that trump could win and that has changed, we are now neck and neck and the odds have come down, the betting odds have adjusted, less charts than previously. yields are high with terrorists, higher yields than the backend when it comes to the treasury. let's move on to the cause around jp morgan, the u.s. dolla come january 2025, expectations you get a stronger u.s. dollar. the opening trade is next, this is bloomberg. 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 lea

this is bloomberg. ♪ >> this is bloomberg markets. york city renters may no longer be on the hook for costly broker fees when signing a new lease. the city council was poised to pass the fair act which requires landlords who hire real estate agent to pay the agent fees themselves instead of passing the monte tenants. it has widespread support from the affordable housing advocates , but those from the real estate industry argue that it wouldn't address a main reason why living in the city is so expensive. during is now with her insight, the ceo of luxury real estate company brown harris stephens, and also without abigail doolittle who has been all over the real estate for us here at bloomberg television. when you think about what is trying to be done here in new york city, do you think it will fix the problem? >> i don't think it will fix the problem. there's going to be unintended consequences for this legislation, and i think they are not thinking about the long-term because what is going to happen is that landlords are going to have

this is bloomberg. ♪ tom: welcome back to bloomberg daybreak: europe. happy monday.u superlatives when it comes to the asset class of the moment. yes, it's bitcoin, record after record falling for the cryptocurrency. talking about having a strategic reserve for bitcoin. but in class regulators. making the u.s. the center of the crypto industry and again just keep coming through. that bullish way for crypto and bitcoin up by 30%, six november the fifth. coins like dogecoin up even more. 60% for dogecoin. now, let's let the board and have a look at tesla, another beneficiary. elon musk, we see with the role is for the ceo of tesla but expectations that whatever role he has in the incoming trump administration will be positive for the electric vehicle maker and maybe the other businesses as well. currently up 40% since november the fifth. we will see if that can be sustained. let's put the board and look at what's happening with gold because there's a lot of pressure as money has moved into things like bitcoin and u.s. equities. your today it is now just dipped slightly

this is bloomberg. ♪ lizzy: buckham back to bloomberg markets.ng this delay to the opec-plus meeting on december the fifth, but also the geopolitical backdrop. have residents of southern lebanon returning after a 60-day cease-fire between israel and hezbollah has taken hold. let's get more on the easing tensions with golnar. we have had this cease-fire, how is it holding up? lizzy: on the ground, from what we have heard, it seems to be holding up from a military point of view. but there is a huge and out of movement from beirut towards southern lebanon, more than a million people were displaced in lebanon as a result of this conflict. so there are huge numbers of families trying to move back to their villages and homes. now the idf has said the lebanese government has told him not to rush back. that they do not have the all clear or greenlight yet in certain villages and towns. and there have been reports of attacks by the idf on what they claim more hezbollah facilities. it seems to be holding but there are concerns about the way and means by wh

this is bloomberg. this is bloomberg. so, what are you thinking? i'm thinking...o 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. ♪ >> restoring sight to the blind. it is a science fiction like ambition, but a growing number of tech stocks are now deploying resources into that new field. sarah mcbride this year and has been writing about it. when we think about this brain implant company, we've discussed all kinds of use cases, largely related to movement in the human body. now what prompted you to write about it? >> just what you said. there's been so much movement focus but elon musk in particular keeps talking abo

bloomberg's u.s. is looking to force google to settle its chrome browser and what would be a historic crack down on one of the world's biggest tech companies. donald trump team is said to consider pairing former fed official kevin wash in the treasury secretary role alongside hedge fund manager of scott besson at the national economic council. 40 five democracy activists in hong kong are imprisoned for up to 10 years under a china imposed security law. the u.s. calls the trial politically motivated. let's check in on the markets right now. asia stocks putting in a decent session. they hand off coming through from the u.s. with the nasdaq 100 up by the end of the close. the s&p closing higher by .4 percent. european futures higher by .3% of a percent after essentially flatlining yesterday. ftse 100 futures getting a lift from commodity prices up. pointing the gains. s&p futures looking to build on the upside of yesterday. just up a 10th of a percent. nasdaq future pointing higher. that's what the board

this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak europe."reaking lines on the politics of germany. we will get details in the next couple seconds. the german opposition leader merz is talking to the dlf radio station giving an interview saying scholz the chancellor and the bid to delay that election until march is irresponsible. that is the line from the german opposition leader speaking to german radio. as olaf scholz pushes back on pressure from those competing parties to call an election earlier. scholz trying to push that back to early next year. opposition leaderd saying that is irresponsibles. we will continue the story right now. olaf scholz rejected the opposition's demand to hold the confidence vote by next week, pushing for one early next year instead. you have to have the confidence vote before the president decides on whether you get that election. the german chancellor is trying to hold out until a possible election in march to give his beleaguered party a chance to recover in the polls. with go straight to -- let's go straight

caroline: live from new york, this is bloomberg technology. nvidia falls on reports of further design snacks with its black while chip line-up as the chipmaker reports earnings later this week. tesla shares are rallying as the trump team looks to ease self-driving rules. it was a glitch start to netflix's push into live sports. details from the tyson-some -- tyson-paul fight. the latest selloff since january. we get a reprieve. it has been a volatile start of trading this week. we went lower at the start of trading and now we push higher. bitcoin once again on a tear. citigroup saying the biggest driver for crypto is the equity market, but now we are up 3.5% off that selloff and almost back at those record highs. we move on and this risk on attitude. tesla is up 7% on a story surrounding the inner workings of the trump administration and what it means for a full self-driving autonomous vehicles and the federal law that will come into shape. it is good news for tesla, many interpreting palantir down 6.5%. it rose hard friday. it is one of the k

this is bloomberg. ♪ tom: welcome back to bloomberg daybreak europe.there and the growing complications of doing business in russia. and he discussed the plan with courtroom company ben & injuries. >> i found that in my last one and a half years it was arguably the most significant decision to make but i made it soon because i wanted to create optionality to exit that market. so it took us more than 12 to 14 months to come to that point that we were able to exit. and i felt i had that optionality on the table. but i made the decision to go not because of the war that's going on right now, but because i felt like the control on our business was coming down. i feel that ultimately if you're a global company you need to have control of your operations. we need to be able to review results. we need to be able to get the cash out in the country ultimately. we need to live up to potentially international sanctions. we need to be able to control our brands and where our brands travel. and that was something that i felt wasn't enough and i didn't see the windo

of "bloomberg markets" on bloomberg television.ng at these markets, a little bit of green. s&p up about 16 points, .2%. nasdaq up 57 points, .3%. i am looking at the russell, doing a little better, small-cap era 10-year yields, 4.19%. to alix steel and those folks who follow commodity, wti crude oil still below seven dollars a share. a little bit of green. caroline: looking at the sectors, consumer discretionary about .4%. looking into what is happening this holiday season, what consumers are doing. bloomingdale's is going full "wicked." i have been hit around the head with that marketing. i am that demographic. it is all about that musical. romaine bostick and scarlet fu spoke with the bloomingdale's ceo about the reason behind the decision to go all "wicked." take a listen from earlier in the month. >> bloomingdale's in asia and europe are flagship focused, so that is a big difference. i think the flagships have a bright future in the next 10, 20 years. not a problem at all. i think the problem is managing such a large footprint,

that does it for bloomberg markets. this is bloomberg.uld -- this is bloomberg. ♪ ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. >> from the world of politics to the world of business, this is balance of power. life from -- live from washington, d.c.. >> president-elect trump is using his favorite word in the dictionary, tariffs. all come to balance of power on tv and radio. donald trump makes threats to mexico, canada and china when it comes to higher levees placed on goods. we will have more with democratic congressman jake often because of massachusetts. he is a member of the house china select committee. . we have our eyes on the middle east with is really prime minister netanyahu set to speak in televised address with a cease-fire deal with hezbollah in lebanon potentially within reach. have more with evelyn farkas of the mccain institute and christopher

this is bloomberg.f former google and stripe executives who helped the android platform are now raising $56 million for a new company. this one focused on developing an operating system for ai agents. shrink fra joins us now. every other moment i seem to be reading about the latest ai agent company, and this one is to foster an operating system. >> that's right. the idea is they are not building the ages themselves, but because they believed the future of computing will not be apps, but the next evolution of these ai agents, that they want to build something that will connect all of these agents to talk to each other and for developers to build on one platform. kind of like how we have android for os. caroline: it is kind of like dev agents, as they are coming out of stealth. this is the new name. they have some interesting characters. alexander wang of scale ai. they also have nikesh aurora. who are the vcs behind this and how did they find them? shirin: index is leading the round. it is interesting is

this is "bloomberg surveillance." if you are wondering why your hosts look a lot better, that is because we do. jonathan ferro, annmarie hordern and lisa abramowicz are taking the day off coming off of the holiday, yesterday, thanksgiving day here in the u.s. katie greifeld, i hope you are ready for today because we have a lot to talk about. kaite: it is hard to be president for thanksgiving dinner. >> i did not even go to bed. it was like waiting for santa claus. what other treats do we have? katie: a great month for equities. we will see how the rest of the year goes. >> 5% gain on the s&p 500. you would not know it given some of the set of his of your hearing in the market. katie: shaping up to be the second best month of the year but we will see how today goes. it is a shortened session but we are one tense of the way away from having the best year. >> 6:00 a.m. in new york. 12:00 noon right now in berlin. asian markets have closed. chinese markets are higher on the day. the weakness we saw in japan and north kore

this is bloomberg. ♪ sonali: this is "bloomberg markets," and i am sonali basak.are days away from the polls closing in the u.s. election at investors will be awaiting the results. the economy is perhaps the biggest issue among voters. consumer confidence has been wavering. for more on this we are joined by christian dery, the head of strategy at capital fund management. he joins us from london. there is a very interesting trade underpinning this market. there are a lot of trump trades. for example, in the 10 year. to see it hit 4.35% today. how do you think the traits will play out around tuesday? christian: thank you for having me on the show. there are two forces at work. there has been strong u.s. data that happens to have the same sign as a republican sweep trade. we have seen the odds increase of a republican sweep. the price action has been similar to 2016, when trump won with a sweep. we are seeing bonds selling off and the yield curve steepening. if you look up financials for the month of october, they have done very well. in the sense of discounting the

vonnie: this is bloomberg markets. i'm vonnie quinn.ognize the elf on the shelf, but the brand is gearing up for a new holiday season with a cornucopia of products and projects. it is a vast world compared to that single elf that started it all almost 20 years ago. joining us is christa pitts, co-ceo of the lumistella company , makers of the elf on the shelf. it is an expanding universe. you control the ip these days, so how do you go about building out the elf on the shelf and and going into more products, collaborations, networks? christa: he realized was not every product we cover is not necessarily the elf on the shelf, right? the elf works for cena, reports to him, come back -- comes back to your home and flies back and forth from the north pole. but in the case of the ever-broadening world we are creating we needed a new name, a caretaker. that is where the santa verse comes from. underneath the santa verse all of our products, all of our brands can live in harmony. vonnie: do you work in countries where there is not a christmas,

this is bloomberg.eady to go toe to toe with nvidia in the ai hardware space, though not anytime soon as they are hoping to reduce reliance on the chipmaker. that quote comes from a very key executive within amazon who is trying to take on nvidia in the training and inference space. tell us about it. >> that was james hamilton, the godfather of amazon weds -- web services hardware strategy. we are seeing the fruits of making chips now. they are not -- were not expecting the ai boom to unfold but now they are on their third generation ai ship. caroline: why is it so important and why have they gone all out in handing $4 billion to get an throbbing to use these chips? >> third generation is the prove it point. first, experiment. second, catches on. third if you did it right get to the volume in the success. otherwise, you go a different direction. this explains why they are doing all that money into those partners that will help them to use chips and improve their better mousetrap to compete more effectiv

this is bloomberg daybreak: europe. the biden administration weighing additional curbs on semiconductor equipment and ai memory chips sold to china. the latest crackdown on beijing's tech ambitions. the french government facing a no-confidence vote that could oust michel barnier as he attempts to pass the budget, shaking french bonds and stocks as well. the u.s. ftc launching a broad investigation in microsoft, looking to everything from cloud computing to ai, even cybersecurity ahead of a new administration. good morning. let's get a quick check on the markets. green on the screen. i have to warn you that is thanksgiving in the states. a lot of folks are off. luckily for us, we get a little bit of positive vibes. we are think over that. that means light volume, light liquidity, auto. that's what you are seeing in futures this movement -- this morning. ftse 100 on the back foot, down by two tents of 1%. s&p futures and nasdaq higher. i wouldn't read too much into that. light volume, light liquidity on this u.s. holiday.

this is bloomberg. ♪ tom: welcome back to bloomberg "daybreak: europe."rish voters head to the polls today for a snap election. for more, we are joined by jennifer in dublin. why did simon harrison call the election early? what was the rationale behind that move? >> he came under a lot of pressure from within his party. his party has seen its support rise since he took a position in april. that was a big motivating factor. the opposition party sinn fein has seen its support fade in the last year. and the government is in a position to have a budget surplus. in october they were able to offer what is described as a giveaway budget. a lot of tax cuts and one-off measures. i think there was a feeling that they wanted to capitalize on that budget. tom: i still love the contrast you have their in ireland with a giveaway budget as we look forward to what is happening in france and germany and u.k. as well. what are some of the biggest issues when it comes to this election? >> you mentioned housing. ireland is not unusual in the fact that it has a housing crisis

this is bloomberg. this is bloomberg. think scaling your ai pilots is hard? think again. with watsonx, you can deploy ai across any environment. above the clouds and on lots of clouds. with your secured data on prem, in real time on center court and assisting bank tellers on the edge. watsonx helps you deploy ai wherever you need it. so you can take your business wherever it needs to go. ibm. let's create. >> we take this as a new phase of the western war against russia. we will react accordingly. >> that was russia's foreign affairs minister sergei lavrov making a statement after ukraine struck a military base in russian territory using u.s.-made missiles. ukrainian president volodymyr zelenskyy speaking today saying that ukraine must push russia towards peace. he urged more sanctions on russia. for more on this we will go to bloomberg's david gura live at the g 20 summit in rio perhaps talking about the fallout among world leaders outside the u.s. when it came to what happened between russia and ukraine a number of hours ago. david: the words from sergei lavrov resonate

this was "bloomberg real yield." this is bloomberg. ♪ you know what's brilliant? boring. about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. 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 loc

>> welcome to bloomberg markets. i'm matt miller. a rally that drove stocks to a series of all-time highs running out of steam a bit today but the trump trade is still on. if you take a look at where the markets are trading, we have the s&p 500 off a third of 1% but we are at 5980 and we did cross over 6002 close higher than that yesterday for the 51st or 52nd record high this year. we typically see 18 record highs on average going back to the 1950's so we are well above that level. the nasdaq coming down a third of a percent over 21000 and the dollar at the strongest level we have seen since november of 2022. if you read the scott besson piece either wall street journal, you know the day after donald trump was elected we got one of the strongest rallies in the dollar. the third strongest we have seen over the last 10 years. real conviction behind that should the 10 year yield coming back up almost 13 basis points. this is something we saw the week of the election. the 10 year yield rallied from 428 almost two 450. back down to 428 a

check out the "bloomberg technology" podcast. this is bloomberg.rivate fintech giant stripe is buying back some of its shares at a $70 billion valuation. it is likely to see a lot of money change hands. another secondary market activity. who are they purchasing from? who needs the liquidity? >> this is for ex employees rather than current employees. and venture capitalists. stripe has done several tender offers. i believe this is the third one this year. this is different than the sukhoi a one where they purchased a lot of shares. our understanding is a good be stripe itself buying back a lot of shares. this could be a move to clean up their cap table. caroline: that always helps. talking about potential ipo's, you were reporting on one. katie: one password is having early conversations with banks. our understanding is they are hoping to go public next year. it is a toronto-based company and the password management business. they started taking outside capital five years ago. it looks like they are getting closer to providing a liquidity event for

this is bloomberg.i start up writer already helps clients like l'oreal, spotify, and uber produce corporate content. it has major growth plans. the platform is announcing to spearhead that growth, $200 million in this funding round. here is the writer ceo. 1.9 billion dollars. what will you use the $200 million to do? may: it is wonderful to be here. we will use the money for the next buildout for the next phase. autonomous ai systems that can plan and execute complex workflows across systems and teams. it is the across systems part that has gone adobe, salesforce, and workday excited with a shared vision for how systems can talk to each other to make generative ai incredibly valuable in the enterprise. caroline: salesforce is one of your investors. it is an area that is focusing very much on building agents to make me and you and everyone far more productive in the workplace. how are you additive? may: four years ago we started working on pioneering the enterprise generative ai category. salesforce has

this is bloomberg. ♪ sonali: i am sonali basak and this is "bloomberg real yield."t is time for the auction block were global issuance picked up. we will start in europe where spreads on high-grade bonds eased to the highest since january 2022. low borrowing costs helped fuel. a similar story for u.s. high-grade with companies taking advantage of robust demand and favorable borrowing costs. tuesday through thursday march the largest three day volume total says right after labor day. high yield, there was also the postelection rush with notable names selling debt. it comes with junk bond spreads near the tightest level since 2007. speaking of spreads, jp morgan said a more measured outlook might be needed going forward. >> the last time we saw spreads at these levels, just before the jfc and the bubble burst in the late 2000's. these valuations are definitely pushing against historic. sonali: joining us now, meghan robson of bnp paribas off, and dominique toublan of barclays. the issuance has been quite stunning, especially given we have not seen as many rate cuts as

this is bloomberg.a wave of startups and mega companies focusing in on developing ai powered agents, in particular for salespeople, all in an effort to more efficiently complete tasks with minimal human supervision. rox announces a $50 million raise. here with more, rox ceo and cofounder ishan mukherjee. first things first four we get to the exact details of the numbers, how many companies do you estimate are out there building agents for enterprise? ishan: there is quite a few. you have a growing incumbent kind of market of vendors that are repositioning themselves as ai companies, and because of the barriers of entry being lowered, there is always early stage companies entering the market. caroline: and yet sequoia picks you a general capitalist picks you. why? what are you offering that salesforce is not already plowing money into, microsoft is not doing, or some of the other startups in the field? ishan: at rox, we are building ai that focuses on x limiting revenue for the largest enterprises. carol

bloomberg. [applause] elizabeth dole. gregory j. boyle. james e. clyburn. phil donahue. rena evers accepting on behalf of medgar wiley evers. al gore. clarence b. jones. john forbes carry -- john forbes kerry. bonnie lautenberg accepting on behalf of frank r. lautenberg. kathleen genevieve ledecky. opal lee. ellen ochoa. nancy dalessandro -- nancy d'ale xandro pelosi. jane rigby. teresa romero. judy shepard. gail lynn canon accepting on behalf of james francis thorpe. and michelle yeoh. ♪ distinguished guests, the president of the united states. [applause] ["hail to the chief" playing] president biden: please have a seat. i think i told my buddy john kerry for the first two years they played "hail to the chief," i looked around and asked, where the hell is he? thank you for joining us for one of our favorite events at the white house. 61 years ago, president kennedy established the presidential medal of freedom. in the first class of recipients was a great american writer, eb white. years after

this is bloomberg technology of and ed ludlow. caroline: live from new york this is bloomberg technology. nvidia says its new chips are on track but the rush to get the lineup out the door is more costly than expected. bitcoin rises to new heights as the trump transition team weighs the creation of a dedicated wipeout -- white house crypto post. the ceo palo alto networks joins paid how ai can help stop the threat for the future but first we get straight to the world of nvidia and indeed the points drag on the nasdaq is somewhat. there's been a volatile day of trading as people try to pass ultimately how strong future growth still looks under nvidia and indeed the supply-side headaches, let's get straight to it with ian king. we had all been threat -- fretting about blackwell. how easy it is to get into customers hands. did jensen managed to calm investors nerves. >> obviously to an extent, we haven't seen the massive falloff we have seen manifest previously with concerns. he talked about we are getting into market and going to pr

this is "real yield" on bloomberg. ♪ sonali: i am sonali basak. this is "bloomberg real yield."t is time for the auction block or will take a trip around the credit world. countries observed a bank holiday. the bond sales were mostly frontloaded, totaling 30 billion euros. in the u.s., $27 billion of high-grade issuance made october the biggest in volume since 2021 despite ending the month without a single new yield. in high yield, two issue were a combined $1 billion in junk-bonds. chris said the credit market has been un-stirred by higher rates. >> there has been no week this in credit. maybe there is a hint of spread widening. but for the most part credit conditioning's are not confirming the needs. i see cyclicals outperforming. the market is not as agitated as the consensus. sonali: joining us now, the global head of strategy at creditsights. we are down with the strategy table today. it is interesting because strong economy is what you hear over and over. what is happening among sectors and areas that are weaker. the manufacturing data is clearly week. what does that mean

this is bloomberg. tom: welcome back, happy thursday, welcome to bloomberg daybreak: europe. donald trump's party has full control of the government. kevin mccarthy welcome the nominations with the exception of matt gaetz. >> world leaders have a relationship with trump and it brings greater stability, america will not be pushed around and he wants to negotiate. tom: i'm joined by josephine from northeastern. mike mccarthy he thinks that matt gaetz would not be appropriate. let's talk about the fact that they have control, can we assume the key policies will sell through congress? josephine: there will not be much opposition because the senate is controlled by republicans. when it comes to trump's priorities will be about the border which will get support in the house and the senate so as you say controlling all three, house, senate, presidency, supreme court. he dominates across the board. tom: the first hundred days, what do they look like? josephine: very loud punchy policies around the buddha, -- the border. speculation about pardoning the january 6 rioters, and a part of

this is bloomberg. ♪ tom: welcome back. welcome back to bloomberg daybreak: europe.7 nations will increase pressure on china for allegedly supporting russia in that war against ukraine the currently -- ukraine according to an early draft of the communiquÉ. ben sills joins us with the details. what are we expecting to hear in terms of this communiquÉ, the potential steps we are looking at taking are looking at taking on this front? >> this is a major escalation from the g7 in terms of their rhetoric the last time the foreign ministers met in april they were calling on china to ensure these companies within their borders were not supplying military equipment to the russians and this time the g7 are proposing to take measures themselves to stop that supply to the russian military and within hours of breaking the news of that communiquÉ we had more news at brussels with the european union. they are proposing their own sanctions and these are the measures we are talking about on chinese firms that it says are supplying the russian military. >> so we look to see if those g

this is bloomberg. ♪ scarlet: this is "bloomberg markets."s is our weekly segment where we cover the unique challenges and opportunities facing alternative investments. i want to turn things over now to lisa abramowicz. lisa: thank you. we have been talking about the golden era for credit, spreads on high-yield bonds being the tightest they have been since 2007 with everyone piling money into private credit funds. joining us now to talk about whether things can get even better, david rosenberg, who cochairs the high yield investment strategy at oaktree. david, thank you so much for being here. david: thank you for having me. lisa: is this as good as things get? david: the beauty of credit is you are getting contractual return. for me it's about the yield i'm going to earn and will i earn it right now? if you can get around 8%, that's pretty attractive, so we are in a good place for it. lisa: as a student of howard marks, i have always read memos about the pendulum of fear and greed, risk versus reward. where are we on the pendulum right now?

this is bloomberg. ♪ ♪♪ ♪♪ ♪♪ ♪♪ the winter escapes sale is now on.00-sandals. jennifer: russian president vladimir putin said the newly expanded brix group shows that a multi-polar world is being created in a challenge to the u.s. dominated global order. russia hosted the first summit since the membership grew to nine countries in january. why the economic block increasingly matters to africa as the continent seeks to expand its influence on the world stage. >> the bricks block has gone from this to this. now these countries make up 35% of the global economy. and almost half of the world population. among the new members is ethiopia, key to brics expansion in east africa. its biggest trading partner is china while its relations with the u.s. have been strengthened. from washington's perspective, ethiopia's inclusion along with 10 official applicants and 35 other countries expressing interest is likely a growing concern. any country that joins brics may ultimately have to decide whose side is on, which could be swayed by the next resident of the white

it is bloomberg surveillance. lisa abramowicz is on assignment and nearly 30 hours of tv last week jonathan ferro is taking a much needed day off. they are still pricing in a trump trade after the s&p 500 secured another record. this is fascinating because the market seems to think we will have a trifecta even though we are still waiting on the balance of power in congress. dani: that small cap rally is so telling. 1.2% on basically nothing, just a continuation of the trump trade. part of the reason it is so significant is we get a lot of data this week. we have cpi in retail sales. for this market the politics is more important than the data. annmarie: politics more important by matching for the fed the data will be important. neel kashkari talking about the fact that the job is not done to get to 2%. manus: then you have to ask yourself the state of play in terms of the breakevens. the market is hesitant to see the trajectory. it is important to see the context of what is deliverable under the deportation czar.

this is bloomberg. ♪ kriti: welcome back to bloomberg "daybreak."my live has taken the stand to defend himself against national security charges in a case being closely watched in beijing and the west. our china correspondent min min lo has joined us. a pleasure to have you on the program this morning. walk us through what jimmy lai has said. >> good morning, kriti. jimmy lai came into court looking visibly thinner although he appeared to be in good spirits as he was led in by the police. he began giving his testimony. a couple of things that stood out to me. his remarks appeared to be calibrated to rebuff any allegations that he's a political advocate. he said he had never allowed his staff on his newspaper to mention that his ties with foreign dig na tears also under scrutiny including his former enter abcs with the former president of taiwan former u.s. vice president mike pens for example and jimmy lai said that he did ask mike pens to show support -- pence to show support. but it would be far beyond him to tell him what to do. he tried to pass

this is bloomberg. ♪ tom: u.s.cks have surged since donald trump's victory with the s&p 500 briefly topping 6000. our next guest thinks there's a 20% chance of it hitting between 6006 on the -- 6000 and 6100. we are now in that territory. i'm joined by the head of investment strategy at robinhood financial. thank you for joining us in the studio. the bull market in u.s. stocks is taking a breather in the last few days. the next steps for this s&p 500? do you upgrade your targets as you push into 2025? >> we are knocking on the door. i thought there was a 20% chance. i thought the election could be the thing that pushes it higher depending on what the outcomes were. i think we could get to 6300 and the next three to six months. that being said, i'm a bit more positive on the mid-cap space for example. tom: what takes you to mid-caps? what are the catalysts? why are you not yet seeing enough evidence to want to push further into small caps? >> it's a couple of things. mid-caps right now have a better valuation than l

"bloomberg technology this is." -- this is "bloomberg technology." ♪ it's time to grow your business.ate a website. how? godaddy. coding... nah. but all that writing... nope. ai, done, built. let's get to work. create a beautiful website in minutes with godaddy. caroline: in the world of social media, x and meta indicated they went too far on content moderation and now academics say that all the elements are in place for abuse of those platforms despite attempts to suppress this information. alexander levine has some interesting expect -- perspectives on how the landscape has changed. alexandra: the biggest changes have occurred across tiktok, meta, and x. in 2020 it was the center of the political universe. the online digital political water cooler. journalists and political figures, public figures, were spending their time. when elon musk took over, a lot of that changed. in addition to him deciding that he didn't want to build off of that elected -- election integrity work that had been built by twitter for 2020, 2016 and earlier, he's been using the platform to really rally suppor