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

: i'm sonali bassett.yield. it's time for the week ahead. monday, remarks from ecb president christine bogard and earnings. earnings from lv mh, royal caribbean on starbucks. more of a read into the consumer. wednesday i said rate is instead at a press conference from chairman powell and big tech earnings kickoff. hard to know which will have a bigger impact on the market. it may be technology this time. thursday morning -- earnings from apple, intel, visa and others and and ecb rate decision. finally pce data and earnings with exxon mobil, samsung, and novartis. a slight tick up in court pce for the month of december showing an acceleration from the month before and validating the feds more cautious approach to further interest-rate cuts. looking at those estimates court pce year-over-year expected to stay roughly flat but pce month over month expected to show a rise of .3% versus .1% prior. looking at markets right now, as we head out of the final week of the year we are looking of course at an s&p 500 t

sonali: this is bloomberg markets. i'm sonali basak. let's get a look at movers midday.hat, we bring in isabel lee. >> looking at shares of intel, popping on reports that the chipmaker is a target for acquisition. a tech news letters saying the company was trying to acquire intel "whole and have the resources to do that. intel has been one of the most dominant chipmakers but it has struggled with nvidia becoming the king in the space. last month, the ceo of intel being forced out after the board lost confidence in his plans to turn the company around. shares falling 65%, putting the market cap that just $85 billion. this is moving in the opposite direction. a fire broke out at one of its power plants in california. one of the largest factories when it comes to storage. this has prompted evacuation orders. vistra has been one of the biggest beneficiaries of ai, investors banking on the fact that its facilities will really soar as ai boosts energy consumption. last year, soaring as much as 300%. last, i'm looking at shares of novo. the u.s. is planning to slash what it pay

sonali: from new york city, i'm sonali basak and bloomberg real yield starts now. coming up, the first real yield show of 2025. we are going to take you through the year in fixed income. we are going to be watching geopolitics, along with everything that plays into the bond market. we will focus on credit as issuance surges and private credit is poised for some more gains. we are going to begin with the big issue. big questions looming on policy and the macro backdrop. >> volatilities going to be a little bit higher in the rights market this year simply because the fed is so data dependent. >> on the fixed income side we still see a lot of challenges. >> we have come into this year with no bond boost. >> markets think the fed has already done too much, and the fed is coming around to that view as well. >> what do yields reflect? they reflect fear over inflation. >> the key driver of corrections has been higher yields in the backend of the curve. that is clearly a risk. >> there is a lot that can cause volatility and that is what we think we are going to see for the

sonali: what is the outcome? think about the department of justice's moves in the final days of the biden administration. what kind of tone is at the doj expected to take with private equity in the future? sara: this is the justice department also kind of sending a message to the market to say don't try to hide stuff from us. it's illegal. it can be very expensive. they can fine companies up to $60,000 per violation per day. they are alleging $650 million worth of violations. you are absolutely right. we are in a presidential transition moment. this is the last week of the biden administration. this team is going out the door. the case will be on the desk of the new antitrust team coming in under trump to decide how to pursue it. sonali: how is kkr fighting back? what is the legal case for them to do so? sara: kkr filed its own lawsuit in a washington, d.c. court seeking a judgment from a judge saying it did nothing wrong and this was politically motivated and based on a misinterpretation of antitrust law by the

sonali: great to get that context. of course a lot of this optimism over the dealmaking landscape comes from the incoming second trump administration and speaking of the second trump administration, i do want to get your thoughts on rfk jr. of course jfk is known for its vaccines and rfk jr. is a noted vaccine skeptic. so have you had conversations with the trump administration and how are you thinking about navigating that relationship? >> the first thing to say is this country, the u.s. is extremely important for gsk. it is our number one priority without doubt. more than half the business globally, it is the single best market in the world for innovation, that's why we are bringing these five new lunches this year which we are really excited about. we had a very successful partnering and working with the previous trump administration and i would say we are optimistic and ambitious as we look into 2025. we have a very powerful and strong vaccines portfolio. it is not our biggest business, but we do believe in the pur

sonali: a little more strength.t the goldman numbers and jp morgan, goldman's head count rose while keeping expenses lower-than-expected. jp morgan in their statement said they will be investing in bankers and advisers across the country. they are hiring again. that is a story we have not seen for some time on wall street. jonathan: goldman sachs with some stunning numbers across the board, particularly overall net revenue beating by 13.87 billion dollars against an estimate of total $.37 billion. the stock is up by 1.7%. cinelli will be with us when numbers from citi cross. ken leon, i asked you what kind of business you like. ken: there's more dynamic story for goldman. and under promise and over delivery for most of 2025. the traditional businesses are going to get the benefits of positive trend. m&a with $1 trillion of private equity investments that have to be monetized in the next 24 months. ceo confidence is coming up. we are seeing higher equity market values. great trading. if i was goldman management, i wo

sonali: they look more than good.y will not only make more net interest income. by the fourth quarter they would be making $1 billion or more. that is how confident they are. this is due to loan growth and better deposit pricing. the securities they held a low interest rates now going to higher interest rates. this was a bank of america sweet spot and they are in with a lot of records that shows they are still competing with the big guys and keeping a handle on risk. the equity markets, you are seeing the banks take on more risk and leave dollars on the table because of the volatility. dani: usually in this earnings season we separate the more consumer focused ones from goldman sachs. is there a clear example -- is there a clear advantage to either business model? sonali: main street businesses are doing well and so are wall street businesses. bank of america is doing both. jonathan: let's head over to chris. we would love your thoughts. for the numbers we saw yesterday, how much of this is about a better environment

. ♪ ♪ sonali: live from bloomberg headquarters in new york i'm sonali basak. tim: i'm tim stenovec.nali: bitcoin stumbling to start that year. kriti gupta joins us. tim: the crypto industry is eager to have donald trump's administration in charge. sonali: we hear from blackrock. tim: a look at bitcoin this year. a little stumble out the gate. so far in 2025 it is up about 2%.

at least sonali is.idence coming from these airlines, especially the ones that are international and have a really solid premium offering. so what went wrong with american? >> if you look at american, their revenue guidance beat expectations just as much as you side united and delta, so i think they are saying the same strong revenue benefits that competitors are seeing. domestic, transatlantic, really strong, and premium doing really well for them. i think with america, it was a little bit on the cost side where the miss came in. we all expected costs to be a little higher, but it was a lot more concentrated on the first quarter. if you look out to the full year, it is a lot closer to expectations. so i think with america, it was a little more timing, but the topline line still very encouraging. sarah: if i think about the cycle and problems with airbus and boeing on delivering planes for a variety of issues, what is the point at which that stops and you see that capacity come in? some costs may be main

sonali: live from new york, this -- i'm sonali basak. tim: welcome to bloomberg crypto.o industry eager and optimistic on what the new administration will bring for companies and investors. tim: meeting in davos this week. that includes the circle ceo. we speak about trump and a new deal for the company. sonali: can coinbase's head of u.s. policies kara calvert. tim: look at

morgan wealth management sonali: live from bloomberg's headquarters, i'm sonali basak.e look at the transactions and technologies shaping the world of decentralized finance. sonali: potentially a historic time for the industry as donald trump and his pro-crip no stance take office. tim: we are going to speak to our first guest of the year. it is ripple

. ♪♪ sonali: from new york city for our viewers worldwide, i am sonali basak and "bloomberg real yield

. ♪ sonali: from new york city, i'm sonali basak and bloomberg real yield starts now.

scarlet: that was nassim taleb speaking with our own sonali basak.he 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, this has been a trend with myself and people that i work with. if there is a new model, we downloaded and try it. if it is not downloadable, we use an api. but i could download and use it as much as my computer could support. they have released a set of models and it is pretty good. one thing that stands it apart, it shows you the reasoning of how it comes up with your answer. some said that chatgpt doesn't do, same with anthropic. you can see how it comes to certain conclusions. being free, this is a win for the end user. scarlet: the price tag grabs your attention. another thing, it requires less power, doesn't rely on as much data to t

sonali: welcome to bloomberg markets. i am scarlet fu. equities 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 more than one present after texas instruments gave a disappointing forecast saying industrial demand remains slow. lower yields. treasuries hire. the two year yield coming down about three basis points to 4.25%. up the dollar weaker versus all 16 major currencies. we dig into that later. the yen's farmer. in the bank of japan hiked rates for the second time this cycle. the policy rate in japan is at the highest since 2008. before the currency conversation let's highlight a couple individual equity movers. we go to natalia. natalia: we are watching shares of meta up slightly below 2%. mark zuckerberg announced plans to spend $65 billion on ai in 2025. analysts expect the company will spend slightly

sonali: i'm sonali basak. katie: and katie greifeld. bloomberg open interest starts right now.t the first kate -- take from julie su and

sonali: bloomberg real yield starts right now.

sonali: bloomberg open interest starts right now.ariff 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

sonali: netflix closed out 2024 with a bang. delivering record quarter thanks to live sports.ent trump announces a $100 billion a idea was softbank, openai and oracle. katie: trump said he would be open to billionaires buying

sonali: coming up, nvidia drops the mic at the cf unveiling new chip software and services.morning. matt: meta gets rid of fact checkers and elects a trump ally and media executive to its board. katie:

. ♪ sonali: the clock is ticking for tiktok.e incoming president trump pledges and attention. matt: rio tinto and glencore have discussed combining their businesses. what could result in the

sonali: coming up, shareholders revolt. 2024 was a stellar year for corporate activist.: the steel deal that won't die. nippon steel and u.s. steel file lawsuits. in an effort to preserve. katie: chuck e.

sonali: a new year rebound. leading futures higher after a four-day slump. >> one stock in focus is tesla. the ev maker gaining ahead of a critical report that quarterly deliveries at a new record but failed to exceed last year's total. katie:

sonali: matt miller is off today and bloomberg open interest starts right now.wall near record highs as traders take stop -- stock. also digesting a fresh round of earnings from the surprise loss in american airlines to disappointing guidance over electronic arts. plus elon musk and sam altman clash again this time over that $100 billion ai effort hyped by president trump. all that and more coming up. let's look at where markets are trading. 30 minutes into the bells ring. you can see there's red on the screen behind me. a little bit when you take a ok

sonali: coming up, futures are rising and yields are falling as trump delays tariff orders for now butda and mexico. as soon as february 1 the dollar shoots higher. katie: president trump issued executive orders on the border, oil, military and federal workforce. we have all of the details and more coming up so let us dig into the markets and where there is trading. we will look at a cross asset look because

sonali: coming up -- katie: coming up deal.el. matt: car sales get a

sonali: katie greifeld is on assignment today. "bloomberg open interest" starts right now.dfire battle. we will take it to the front lines. stock traders have been hit by diminishing bets on fed rate cuts as apple's iphone sales fall 5% in the holiday quarter. plus, it is murder monday. j&j agrees to buy intracellular therapies for over 14 billion dollars. katie greifeld is in the midst of all of that action at the j.p. morgan health care conference in san