david: coming up, more from brian moynihan.k with him about his bitcoin on the banks, and more. live from new york, this is bloomberg. ♪ the money will go back into circulation, if it is share repurchase or dividend. bank of america david moynahan on how the tax overhaul affects the economy. more from my exclusive interview. u.s. growth and inflation data out in 30 minutes, telling us if we are on track the fed things we're on. and who will be the retail winners and losers in the tax lottery? welcome to "bloomberg daybreak." i'm david westin. alix steel is off today, a shortened trading day of the year. taking a look at the markets, looking at the stoxx, ftse 100 up by half a percent. .he dax down by nearly .1% s&p futures up, have gained on the nasdaq more. of the stock market, the euro is gaining against the japanese yen as the japanese bank decides to stay put with her stimulus effort overnight. the euro gained against the british pound as turmoil in britain continues to depress the outlook. 10-year yields are declining just

an exclusive with brian moynihan. what he says about growth and risk in the wake of the tax overhaul. a look at the turbulence that the sector face is in the new year as retailers cope with competition from online rivals. in spain and the eu, polls closing in. they are seeking a slight gain voter turnout. u.s. markets closing, movement staggering to the close. abigail: today, we are looking at modest gains. it we have the dow s&p 500, higher by .4%. it comes after the attack to form bill passes. investors thinking rightly or wrongly that the $1.5 trillion in proposed tax cuts will trickle through into the economy and help the stock market more with shares rising on the day. take a look at bitcoin. volatility there. is hurting many of the bitcoin and blockchain related .ompanies up 290%.nd iced tea, this company is going to be changing their name to long blockchain, getting into the blockchain space. haveample of the media we been seeing on all things cryptocurrency and bitcoin. , this is aockchain $69 million market c

brian moynihan is the ceo of bank of america and says the firm is a tech company at heart.ur exclusive interview. apple is developing an advanced heart monitoring feature for its new apple watch. it is part of a broader push to turn what is a luxury fashion accessory into a serious medical device. wearables are far from mass production. less than 20% of the population will be using a wearable device by next year. that growth rate is slowing. and analyst joins us from chicago, along with our bloomberg tech reporter alex webb who broke the story about , apple. what exactly is apple working on -- it are ready monitors your heart, but this is different. alex: they can monitor your heart rate. but that is in the moment. your heart rate extended over certain period of time. an electrocardiogram, the ekg, the device they are developing what that is able to do is , anticipate future cardiac events. they can see if you possibly will have a stroke or blood clot and should see a doctor. that predictive and preventive and health care is a huge opportunity for apple, potentially. emily:

under ceo brian moynihan, the company has made strides in voice-recognition to improve the banking experience we sat down with mr. moynihan and discussed the transformation. ♪ brian: since i've been ceo, i had someone look this up the day to day/ we are about $25 billion in coding. >> wow. >> so you start to think about that, that is a lot of future functionality improvements. the nature of this is about $2.5 - 3 billion a year. we are doing mergers. we are a technology company. we are a talented group of 200 something thousand teammates. a bunch of huge ticket computer technology systems, and that is what we do. ones and zeros, money is digital. the activity is digital, huge systems. knitting that together is huge. for our customers and our teammates is huge. what will happen between the improvements in voice-recognition and artificial intelligence and data retrieval wi-fi networks being able to transfer on the basis tons of data without the battery going down in 10 seconds, all of that together is important. having all of the data in the world, unless the person is going to act on a hat, wh

we asked brian moynihan about the uncertain political landscape.e's what he said in a bloomberg exclusive interview. brian: we see it in the mid ones, mid 1.5 type of level. it has caught up with itself. restructuring in the financial centers is not going to hurt the economy. the big wildcard is how brexit will fall out. you just don't know. their negotiating as we speak. you read the paper one day and it's going to look like this, the next day is going to look like that. this is trying to rewrite tremendous, 45-40 year history of how they came to this point. nobody can predict the outcome of that. i don't think it is good overall for europe. are spending a lot of money trying to figure out what to do as opposed to spending that time try to help clients and customers. they are not going to get anything more out of this. it's negative, but not a strong negative. -- there's noive incentive for them. they are spending money trying to figure out what to do as these negotiations go on forever. when do you need to decide? is there a first move or advanta

bank of america chairman, brian moynihan says exit remains a big wildcard.e with david westin the began by asking on the confidence growth aspects. david: we see it in the mid-ones, 1.5 levels. we think it is fairly fundamental. it is caught up with itself, the structuring of the financial sector. it is not going to hurt the economy. .e feel very instructive how brexit will fallout and you just don't know. you read the paper one day and it is going to like this. it is hard. this is trying to rewrite tremendous 35 history of how they came to this point. nobody can predict the outcome. i don't think it is good overall for europe because it was moving along and people were spending a lot of money to figure out what to do. they are not good to get anything more out of this i think it is a negative. incentive to make this thing growth rate. we feel pretty good by europe. david: you spent time figuring out what to do is negotiations seem to go on forever. expecting you to say what you're going to do but is there a first move or advantage for large bank to tell emp

and our exclusive interview with bank of america ceo brian moynihan.e is skeptical about bitcoin. ♪ emily: but first to our lead and a bloomberg scoop. uber has a new number two. the world's most valuable startup has named barney harford its chief operating officer. hartford is the former ceo of the online travel site orbitz. he is the second-profile hire by the uber ceo. he has worked for and competed with khosrowshahi in the online travel sector. and it is an interesting move considering the other uber news out wednesday, the european top court has officially ruled the service should be regulated as a transportation company rather than a digital company. the ruling is aimed at uberpop which allows people to pick up passengers, the equivalent of uberx. we spoke with the capital managing partner from london along with bloomberg technology partner eric newcomer. eric: he has a long history with khosrowshahi. i think that is definitely helpful. this is sort of a loyalist you can bring in, a trusted hand. so i think that is part of it. barney did a really

vonnie: that was david westin's exclusive interview with brian moynihan.eaking headlines out of washington. the house is planning a vote on a stopgap spending bill between 4:30 and 5:00 p.m. today. they vote on a disaster aid bill around 5 p.m.. there continues to be news out of washington. vonnie: rand paul threatening to force a senate vote on whether to let the pay -- it would have to go back to the house. some obstacles there. julie: i'm sure these folks are anxious to depart for their christmas holiday. coming up, a market reckoning on the horizon? that's what some money managers are saying. fundsings hedge are looking for next year. ♪ julie: this is "bloomberg markets." vonnie: time for our stock of the hour. carmax shares lower after reporting earnings. they put up in ok third quarter. the headline comp sales number trending down. investors are worried about that. plus, the number of cars sold less than expected. the broader theme is the idea that they will have a flood of a fleet ofitting used cars hitting the new car market which will cause new ca

then we hear from brian moynihan in an exclusive interview. why he is skeptical about an anonymous currency. forlly, after a big year emerging markets, which nations are most primed for growth? we will take a trip around the globe. we are 30 minutes from the trading session. abigail doolittle is here. it looks like they're trying for a last-minute santa claus rally. >> absolutely. we don't have all-time highs. record closing highs. let's see if the dow can hang on. just talking about the tax reform bill. read -- tacit for mania. reaching its target for the s&p 500 to 3000. a lot of anticipation about what tax reform might do for stocks and the economy. we have some movers based on tax reform and the tax reform bill. at delta, we have gains saying they expect all u.s. airlines to benefit from aspects of tax reform. delta is one of deutsche bank's top airline picks for 2018. and wells fargo trading higher as they are saying they will use lower corporate tax rates and a bit of a hike for wages. we have seen a big selloff for bonds. it is a longer

emily: that was brian moynihan.t century foxx lost their bid to keep sensitive business documents out of the antitrust case that pits at&t against the u.s. justice department. disney saw to shield information relating to agreements with .ay-tv companies to distribute this week, elon musk gave his phone number to his twitter followers in what looks to be a message intended for the cofounder of oculus. the ceo quickly deleted the post. in the meantime, tesla got big news this week. united parcel service has placed a reservation for 125 semi-trucks. that is the biggest preorder yet. the new trusts will join ups's existing alternative fuel fleet. -- the new truck will join ups's existing alternative fuel fleet. up, revamping its ipo in order to lower a new group of the companies -- new group of companies. -- amazon on track for another major milestone. this is bloomberg. ♪ ♪ vision fun isk's fund to itstech portfolio. uses artificial intelligence and box to minimize paperwork and speedup claims process. alibaba famously

that was bank of america's ceo brian moynihan. italy prepares for new elections.oversial five-star movement is ahead in the polls. this is bloomberg. ♪ david: this is bloomberg markets balance of power. i'm david westin. the canadian producer of medical marijuana rising more than 8% and up nearly 40% of the last week. to explain was driving the rally is emma chandra. >> the outlook for 2018 is good for legal pot. california is legalizing recreational marijuana use january 1. there are a few states that allow sales, but there's no move towards legalization on the federal level. canada will be a smaller market and recreational pot is going to be legalized across canada later this year and medical marijuana use is already allowed. which isred for canopy the world's largest public the traded marijuana company. a market cap of $5 billion. our colleagues in canada have spoke with the ceo and being very bullish about the year, saying this move toward globalization of medical marijuana is going to be a big theme for the company. and they will really push that and the stoc

an exclusive with brian moynihan. says about growth and risk in the wake of the tax overhaul. a look at the turbulence that the sector face is in the new year as retailers cope with competition from online rivals. in spain and the eu, polls closing in. they are seeking a slight gain voter turnout. u.s. markets closing, movement staggering to the close.

still ahead, our exclusive interview with bank of america chair brian moynihan.houghts on bitcoin and why he is skeptical about bitcoin. this is bloomberg. ♪ alisa parenti in washington. let's start with a check of your first word news. the house of past federal funding to keep the government running for three more weeks. the bill still has to clear the senate before the shutdown deadline on friday. 188.ure passed 231- it would maintain current spending levels through january 2019 and provides emergency funding for missile defense work as well as other pentagon expenses. authorities say the driver of an suv who drove into a crowd is an australian citizen with a history of mental ole miss and no known link to terrorism. vice president pence has outlined president trump's strategy in afghanistan. pence says trump has put pakistan on notice that the country has much to lose if it continues to harbor terrorists. says -- he says too often they provide safe haven to terrorists and says those days are over. the department of homeland security's internal watchdog says hi

anna: brian moynihan.ou can watch more of that exclusive interview with the bank of america chairman and ceo, brian moynihan, on daybreak america. that is coming up later on. agenda, theresa may will be in poland. she has to poland as part of a charm offensive to win friends before trade talks begin with the you her trip comes after -- the e.u. she toldcomes after damian green to resign after misleading statements he made about pornography found on his parliamentary computer a decade ago. he is the third cabinet members third cabinet-- minister to quit. afteraded to poland a day the e.u. started article seven proceedings against poland. still with us. in terms of the markets, where do you stand? i pulled up a chart on the pound. if you want to pull it up on the bloomberg. this, according to my friends who are much more technical, talk about how buying at 133 suggests the market is preparing to go higher on the pound. i know the pound going higher a little bit is -- what are your thoughts heading into the n

in late august, we sat down with brian moynihan.ow industrial was about to reach 22,000 for the first time ever and the most recent jobs report showed unemployment falling to a 15 year low. so we asked the head of america's number two bank to assess the economy beyond those numbers. >> of all the indicators you keep tabs on as ceo, internal indicators, not the indicators we are talking about, not unemployment, gdp growth, which growth, the stuff only you can see inset bank of america. what's going on under the surface? what's green, full steam ahead? all of yourrt out thinking about the economies, you come down to the largest andomies, the u.s. economy, two thirds is consumers. what are consumers spending on? they spend $30 billion to $50 billion on credit cards. is that getting bigger? if that's getting bigger, people are spending more money. it's up 5% every year. checks paid, cash out of the atm's, wires, debit and credit cards, that's good. that means consumers are spending money. that includes cash coming out of the atm's. chec

wilfred frost sat down with brian moynihan and steve schwarzman to get their views on the tax plan and the state of the u.s. economy they both told him they were optimistic. >> reporter: brian moynihan was upbeat about the state of the u.s. consumer, especially during the current holiday quarter. >> consumers are moving cash about 6% over last year. credit and debit card spending 6.5% the year before those numbers have been five on credit and debit and about 3 on general cash, that's cash out of the atms, teller, payments >> so that's doubled >> it's doubled. that's 2.4 trillion dollars in spending so that doubling means that things are going on in the economy, which is good and so consumers are in good shape. >> he also addressed the company's extra $5 billion buyback announced this morning and said it showed the bank continued to be overcapitalized and he had this to say about tax reforms impact on the economy. >> america needed a couple things one is a more competitive corporate tax rate that's in the bill second a territorial system so people can operate in a global economy. and no

and later today, wilfred's live coverage from the goldman sachs conference, his guests will be brian moynihannd steve schwarzman ♪ ♪ ♪ what we do every night is like something out of a strange dream. except that the next morning... it all makes sense. fedex powers global commerce with vast, far-reaching networks... deep knowledge of industries... and, yes... maybe a little magic. ♪ we that's why at xfinityic. we've been working hard to simplify your experiences with us. now with instant text and email updates you'll always be up to date. you can easily add premium channels so you don't miss your favorite show. and with just a single word, find all the answers you're looking for. because getting what you need should be simple, fast, and easy. download the xfinity my account app or go online today. >>> >>> welcome back to "worldwide exchange. futures pointing higher for the dow and s&p, lower for the flaz d nasdaq yesterday we were up 300 points on the dow but only ended up 58 points higher. the nasdaq down a full percent shaping up a similar picture again today with tech the laggard. >>> let's

ceowhile, bank of america brian moynihan spoke to bloomberg about bitcoin as a currency.sten. >> when you talked about digital movement of money, one half of the money move by consumers of bank of america today, one half. to anonymous currency, that's a different question. that's a policy question of if we want an anonymous currency of size and scale and so -- and scope. >> you think we do? don't think we do. i think the reason why the $100 bills the largest foundation of bills to make money harder to move. that's a lesson a lot of economies have learned as they brought the denominations down to improve the transparency of the economy. find, andy to track, see the money move. you find all kinds of interesting things. that's important for law enforcement and other types of things. the speculation, i will let other people are flecked on it. the idea of digitizing money is not new. the wire system is a digital transfer. what's exciting is when you can walk around bryant park out here , to be looked to tap your phone or something like that as opposed to carrying dollars, thos

brian moynihan, bank of america chairman and ceo back to you guys >> wilfred, our thanks to you. mistic message from moynihan this morning if you're just tuning in, talked about labor conditions continuing to tighten, consistent loan growth, and as pertains to the tax bill, real benefit will be an american society and broad economy. >> headline to me, spending. more spending. consumers spending more, but also from everything he's hearing in terms of early readings from corporate clients, that they would potentially spend more on capital, on cap x, and the company itself would consider spending more, as well. >> banks, of course, tend to benefit among the most in terms of types of companies from this tax bill, so no surprise that he says that this bill would send the message that it's a pro business environment the stock market seems to have liked the business environment for quite a few years now. interesting what he said also about bank branches and the idea that you can't do away with them entirely kind of echoing what we're seeing with bricks and mortar retail >> took the thoug

. >> rick santelli >>> still to come, an exclusive with the ceo of bank of america, brian moynihan, asine points. s&p largely unchanged at 2640. we're back after a break [ keyboard clacking ] [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. >>> the whipsaw action continues this week as money rolls back into tech and semis and faang to some degree. transports, media, retail giving back some of their recent gains. dow down 20. we're back in a minute see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a p

rishaad: that was our interview with brian moynihan.t down over 7% down at the moment. 1094, this selloff taking place. you'll take a look at what's going on. that's of today. let's what it into context. we were mentioning this earlier. back,e a 20% plus fall maybe nearly 30% given we had such a big drop today. it was up to its peak, a close over $1600 bitcoin level and it says more and more people look at this gaining legitimacy. thei: it really challenges tenets of trading and technical -- down 20%, is it really a bear market if it is up 6000% this year? that's really going to set the pass forward. as you say, for the credibility. is letter from goldman sachs opening up and trying to get on foot a trading desk to trade cryptocurrencies, including bitcoin. let's get your latest business flash. a multiyearned licensing deal to carry songs and artists from universal music across its platforms, ending a dispute were facebook was agreeing to compensate when users post videos a putting copyrighted material. the deal applies to facebook, ins

brian moynihan talked to brian weston about this.he said was this allows us to retain more people. they don't think it is just about grabbing those technology talented people that the banks want, but it is also about keeping people there. cory: great stuff. thank you so much. coming up silicon valley titans joins us to talk about punctuated equilibrium. it is a big idea and i think you'll like this because it weps understand where will see innovation for the future. this is bloomberg. ♪ ♪ ♪ >> you are watching "bloomberg technology" ♪ y." the border wall donald trump ,romoted on the campaign trail a prototypes in the desert outside san diego. congress has not approved the funds to advance the project. that vladimir putin convened today to formally nominate him for presidency after he announced he would seek reelection as an independent candidate. putin has been in power for 18 years and is expected to win another term. top election officials have barred a candidate from a presidential run. the kremlin hinted at possible legal repercu

david: that is my exclusive interview with ryan moynihan. -- with brian moynihan. they have to make some decisions. alix: i love how people on the great.say frankfurt is know.t david: and sometimes when you move a lot of people, they don't move. and you lose a lot of people. alix: coming up, commodities are charging into the new year. we look at what it says about the global recovery next. this is bloomberg. ♪ xt. this is bloomberg. ♪ alix: copper trying to close out the year on a high note. a.l. me prices are rolling forward. this puts it into perspective. this is the price change for the rivalingper and it is what we saw in 2005-2000 six. the question, is the supplier demand driven? stewart, your call, supply or demand? stewart: supply. what is going on is that the chinese government, globally, is trying to figure out the have seen theou shutdowns with the steal industry and the coal industry and power plants. and value star to see it with copper. it is being told to shut down for a week. they'll find a solution and then come to a conclusion about how much you ca

brian moynihan talked about this -- he says this allows us to retain some of our people. not about grabbing those technology talented people that banks want, but it is keeping people once they are there. cory: thanks so much. up, silicon valley up, silicony titans. talking about the peng shuai did equilibrium. equilibrium. it is an interesting idea. it speaks to where we will see innovation in the future. this is bloomberg. ♪ it is an interesting idea. it speaks to where we will see innovation in the future. this is bloomberg. ♪ is is bloomberg. ♪ ♪ reporter: you're watching bloomberg. bitcoins wild ride is continuing as 2017 draws to a close. they passed 16,000 dollars earlier as it rebounded from a five-day holiday slump that erased 44% of its value. the advanced suggests that even as financial authorities issue warnings about the risk of a bubble in the asset class, investor interest remains intact. oil revenue expects forump about 80% by 2023 its first budget surplus in a decade, according to people with knowledge of the matter. officials predict rising crude result i

brian on brexit and we speak exclusively to the chief executive brian moynihan. ♪ mark: welcome to "bloombergurveillance." i am mark barton in for francine lacqua. stoxx 600 down by .5%. it is down for a third day. seven investors mulling over the staffing of the tax cut that took place yesterday by the house of representatives. german 10-year yield continues its recent -- two basis points higher today. we have had a number of factors boosting germany across core markets. it is ecb hawkish commentary. to take account of dollar yen up by .1%. dollar is rising for third day against the boj, maintaining its policy start. governor kuroda says there is the need to reconsider the current monetary policy framework. will that stance be the case next year ago that is what economists are pondering. saywell.ined by steven michael ward will be here at 10:30 u.k. time. charles can tour joins us at 11:00. let's get bloomberg first word news. >> theresa may hits the poland and attempt to win a brexit l.a.. -- two when a brexit ally. he made misleading statements over pornography discovered on his limitary c

still do well, potentially overshooting valuations, but you are having the lay tent latent s >> brian moynihan talks to cnbc later today, and cnbc will also be sitting down with blackman's steve schwarzman >>> u.s. special council robert mueller in the u.s. has reportedly asked deutsche bank to share data on accounts held by u.s. president donald trump roeuters is reporting that a subpoena was issued weeks ago.i. >> reporter: the president 2,000 miles from washington but unable to escape serious questions about what he knew and when about his former national security advisers lies to the fbi. the president simply saying he feels badly for michael flynn. >> hillary clinton lied many times to the fbi nothing happened to her. flynn lied and they destroyed his life i think it's a shame. >> reporter: setting aside that james comey testified hillary clinton didn't lie to the fbi, the focus now did president trump obstruct justice and could this tweet be used against him? quote, i had to fire general flynn because he lied to the vice president and the fbi the problem, if the president knew flynn lied

brian moynihan was telling me consumer spending is up 6% this holiday quarter where it was expected tostrong growth so far. we wait to see the earnings and the bottom lines top trending stories now this morning. >>> a new report on president trump giving a glimpse into his down time. "the new york times" says that trump spends a minimum of four hours watching tv per day and up to eight hours total this equals about the standard 40-hour workweek it's interesting this story. it's, of course, based on various sources in reporting he's denied how much tv he watches in the past. also, if it's something like news in the background as opposed to sitting down and watching "the crown" or whatever that takes up all of your attention -- >> which is so good. >> you know, we've got tvs on in the office all day long, but we wouldn't say we've watched eight hours of tv because we're doing other work i think it's a little bit cheeky how they frame it to try and suggest he's not working, he's watching tv. but you know, anyway, this is their reporting. >> yeah. volume up or volume down, right? >> exactl

in the studio were just discussing tax reform, the potential benefits of t.earlier today i had brian moynihan and he was pretty optimistic about the broad effects it's going to have on the economy. what's your take if it passes broadly as it shapes to do so at the moment >> i think it will be certainly positive for the economy right now we've been growing around 3%, which is up from the 1.8 the previous eight years on average, and -- and i see a lot of stimulus coming from this, and it should be in the 3s. >> and if the bill does pass before christmas, i mean, you got to know the president fairly well with one of his advisers for of his first year in office, how big a win will it be personally, and will he be personally proud and optimistic of what he can achieve next yore if it does pass this side of christmas? >> i think it's been a game-changer because there's been enormous frustration in terms of getting legislation passed, and this is a whopper. there's no doubt about it in terms of its impact scale, and the fact that many people thought that this wouldn't work, and it seems at this poin

coming up tomorrow, i will sit 10 with brian moynihan and will ask him about this program.ve an exquisite interview in a 7:00 hour tomorrow. coming up, why more are investing into the future of tesla's electric trucks. this is bloomberg. ♪ david: this is what caught my eye. i like cars, trucks. tesla may be seeing an uptick in their electric semi truck sales according to morgan stanley. since last month, they have orders, ander 1230 the momentum is expected to grow. people are putting down deposits. a $5,000 deposit on a $100,000 truck. ,ut ups is up there with 125 pepsico, 109. there is real interest for these big trucks. lisa: there is real interest in tesla. just ingenious coming up with new ways to take money from people. they are getting these $5,000 deposits, basically, a way to raise money in the short term as they burn through billions of dollars of cash a quarter without having to go to public markets, which have jacked of their borrowing costs. david: they are burning through it, but they did it with the model three. people were lined up around the block. lisa: th

david: although, brian, you know, we've seen other administrations try to do this, and some really -- with some really good players like john bolton, like jeane kirkpatrick, dan patrick moynihaneform the u.n., they've all failed. is it conceivable unless you just get rid of the organization or send the headquarters to some place like timbuktu you won't get real change? >> i think the reason we haven't got real change was because in the past we talked about it and complained about it. i think once you pull back $285 million from their budget, that's a little more of a wake-up call. i think that might help a little bit more to get their attention. david: can they do it, scott? do you think they'll succeed? >> yes. i think it's a first step, and it's going to take nickly haley to continue to badger them to get the kind of results we're expecting. david: and, patrice, again, when you think of what people in america need right now when they haven't seen their salaries go up in ten years, when you see the single mother that i was talking about before very happy abouting being able to get an ea $40 a week for an extra bag of groceries and then you think of how these people that are