i'm david westin. shery ahn is on assignment. welcome to "bloomberg markets: balance of power." a focus on where business meets government. here are the top stories we're watching at this hour. jumping the gun on taxes. aspayers are rushing to get many deductions into 2017 as possible before they lose them under the new tax regime. filling up the fed. new reports of possible candidates for those fed openings with pimco's rich clarinet talking to the white house along with larry lindsey. and getting to know. british prime minister wants to get past her role as madame brexit even as the new year ramped up the pressure to get those trade deals done so britain can work its way out. ♪ david: those new tax laws go into effect next monday come on which means that many taxpayers right now are rushing to make sure they take advantage of any deductions they have today but will lose next week. to take us through how it all will work, we welcome now laura davison. welcome back to the program. on the individual sid

i'm david westin. sherry: and i'm shery ahn. alabama has become an unlikely swing state in a deep red state. the senate rate is a tossup. the special election has attracted national attention over sexual misconduct allegations over republican roy moore and millions of dollars for his democratic opponent who just got a last-minute boost from alabama's other senator. >> i cannot vote for roy moore. the state of alabama deserves better. we have a lot of great republicans that could have won and served honorably. sherry: we are joined by josh green. where are we in the polls right now? roy moore ahead of jones? poll that has doug jones up 10. the problem is, alabama is not a

. -- i'm david westin. and i'm shery ahn.an backed militants were targeting a meeting at a palace. saudi officials were expected to approve the budget. this is the third missile the saudi's have intercepted in two months. we are joined by phone from divide. this missile attack was aimed at heart of theery saudis. how serious is this develop it? messageope is sending a to the saudis that they can hit them where ever they want to. they are also threatening the oil installations if they so desired. they want to get into a tip for chat with the saudis. as long as they are bombing yemen, they're threatening to strike. the saudi's are reacting by pointing out that this explains why they are even after them in yemen because to them, it is evidence of involvement and the danger that was bring in yemen before. you. this has been a dispute that has been associated with the crown prince of -- it david: this has been a dispute that has been associated with the crown prince of saudi. it doesn't seem to be going well for the saudi's. start

i'm david westin.david, prime minister paladin to loney says the government will continue to carry out duties even after it hands temporary control to the president of italy. political trigger instability. >> they trust the government and the friends and decisions of the president. there will continue to carry out the timing and procedures the next institutional steps. >> it appealed the political parties and avoid unrealistic promises. the white house says president trump has been briefed on the islamic state attacks on the cultural center. the president can continue to monitor the situation. killed morehich than 40 people and wounded dozens more with the latest in a series of assaults by the local affiliate of the extremist group. doug jones asking a judge to toss out a last-minute lawsuit from roy moore who's refusing to concede to feet. a lawyer says there's no legal ground for his attempt to overturn the results of the historic election. more is claiming election fraud and wants the judge to order

david: and i'm david westin.cellor john mcdonnell is urging banks to lay the ground. momentum asd theresa may struggles to recover her 30 -- her authority. today, the chancellor spoke exclusively to bloomberg's anna and gave an idea of public ideals. >> i have at all these questions thrown at me. i have never raised capital controls. no run on the pound was a question to me. there won't be a run on the pound. >> no wargaming? proposal,look at the i think it will be a strong pound under us. we'll give certainty that the economy will be strong. of course, when we go into sure. we want to make no run on the pound, quite the reverse. >> for many people, it will be the first time they have had a marxist writing the treasury. socialist. are different ideas that come together. ofre are elements marxism, democracy, how you manage your government in redistribution wealth, and tackling inequality come up to play with education. i am body all of those trends -- embody all of those trends. we have drawn on all of those eleme

i'm david westin. shery: i'm shery ahn.r the stock of the hour. hopping hires are shares of after news they are going to be bought by campbell soup for $50 a share in cash. not a surprise. abigail: we have news of this late last week. shares of 27%, these are the details around the deal. you can see what a bullish reaction this is. g #btv 4667, a six-month chart of schneider's, and you can see around the 200 day average the represent long-term buyers, and the last thursday we had the campbell soup would buy the snack company. and up, up, and away. , its not entirely surprise suggests that some investors are truly a little surprised, $50 a share, is a solid move and relative to why campbell soup is doing this, the suit business has been sagging over recent years, there is salty snack business, goldfish, i don't feel like those. that's been doing better. , all of theseels really good salty brands are likely to be good for campbell soup and they could help the top line. that's been down about 1%. it might help bring that is hi

more on that from our david west and -- david westin.is bloomberg. ♪ guy: welcome back to the european open pit we are 12 minutes into trading. let's take a look at where the markets are. you can see a generally kind of -- that is selling but not a lot. .2%.arkets down london is barely budging because the material stocks are doing well. that is why london is outperforming just a bit. oil and gas. the underperforming sectors, financial services. a big move yesterday. we are not bouncing back from it at this point. matt: let's talk about a big interview we had here. bank of america chairman, brian moynihan says exit remains a big wildcard. he spoke 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 h

i am lisa abramowicz alongside david westin. alix steel is off today.endy -- and i want to get you caught up what markets are. dow jones down 17 basis points. nasdaq futures up. the tech companies are continuing their rebound. i want to flip up the charts and get a sense of what is going on cross-asset. 10-year yield unchanged. david: and we have initial jobless claims -- they are 236,000. the projected survey was 240,000. a whole 4000 less than we thought it was going to be. that is a big surprise. joining us is steve ricchiuto and our bloomberg colleague. steve, first of all, i know these numbers are chopping. we're always focused on them because the day before -- it is the day before we get the nonfarm jobs payroll. what do you make of the situation? steve ricchiuto: you have an economy that is growing at about 2.5%, averaging about 175,000 jobs. that is where we have been. at the end of the day, 175 has been the long-term estimate. david: if i am an investor or if i am on the fed, do i care about that number or the wage number? steve: you care about

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

i'm david westin. julie: i'm julie hyman.ove will drive up taxes on investors if the senate gets its way. the bill mandates that those with taxable brokerage accounts, ll shares that they have owned the longest, first. like all things involving taxes it gets a little complicated. let's explain what we are talking about, here. think of shares from apple that went from under one dollar in the 90's, to what they are now. over that duration of time they have gone pretty much straight blipsich -- with some here and there. if you but shares in 1995 when they were under one dollar, you would be paying taxes on and enormous capital gain, $169, or something like that. if you bought them in 2012, you'd be paying taxes on the difference between about $80, and a hundred and 70 -- $80, and $170. the shares that you bought in 1995, about $30, 2012, about $15. so you would sell the wednesday you bought in 2012 and hang onto the shares you bought in 1995. the senate provision would change that. they would say you have to sell the shares you

david westin and alix steel spoke to gene munster. he says, don't worry, be happy.ene: if you take the numbers for face value, for the production and the march quarter, that would imply about 50% of the phones and the next year will be the iphone x. that is the $1000 plus phone. and analysts are expecting that number to be 25% to 30%. this is expected, number one. number two, it is a positive. david take us back to the fourth : quarter of 2017 for a minute. they brought the eight and the 10 out at the same time. do we have any indication whether they made up the disappointing sales with the iphone x? gene: we have a little bit of an indication by looking at the supply. and we talked to some of the builders, the suppliers. they have been struggling to keep up. if you look at the inventory in the u.s., we checked this every day thing at 140 stores every day. and they are reaching full supply. they are as -- they are at 97% as of yesterday. if there was not a lot of demand for the iphone x, you would have more supply. the numbers are going to be reported in the next th

i will send it over to david westin. david: it is official, the house has passed the tax bill for a second time. now it is on its way to the president. they will do some work on the bill before he signs it. now it is time to figure it how they can make the bill popular to the american people. there is not that much support. mitch mcconnell has set of they cannot sell this tax overhaul bill to the american people, they should look for more jobs, new jobs. they may have to. for a first look at what the republican sales pitch will look like, we welcome kevin cirilli. he has been reporting right through this. now to how they will sell this to the american people. what do we know? ago, i was moments speaking with some senior republican aides who tell me that at 5:00 tonight, they will have this house conference meeting behind closed doors, and they will have to hash out the details of the continuing resolution. they will have to rebrand their pitch to the american people. polled say they think their taxes are going to go up a

emily: that was governor jerry brown of california speaking with bloomberg's david westin.vernor were just discussing, san francisco mayor ed lee has died. we had a close working relationship with the tech industry in the city since taking office in 2011, looking to lower startups and keep major tax friends in san francisco through various proposals including taxes and housing. he also trumpeted san francisco as a city for undocumented immigrants and proposed the executive order and shipping subsidies of federal funding. he was 65 years old, he was a guest on our show several times and he will be missed. ♪ ♪ emily: facebook is changing its tax structure. they will pay taxes in every country that it is. they were routing u.k.-based disaster island and given the state it is currently locked in a battle with the internal revenue service that may cost of more than $5 billion. plus interest and penalties related to its irish operations. bloomberg's sarah frier joined us with more. >> these companies exist on the internet. right? so they have been able to be very creative about w

i'm david westin. shery: i'm shery ahn. get a check of bloomberg's first word news. of the liberal lions of the united states congress has -- is stepping down. 88-year-old john conyers made the announcement during an interview on a does -- on a detroit radio station. he is faced calls to leave the house following allegations of sexual misconduct. >> i am retiring today. and i want everyone to know how ,uch i appreciate the support incredible, and diminish support i have received across the years from my supporters. not only in my district, but across the country as well. against the allegations him, conyers said "whatever they are, they are not accurate or they are not true." conyers endorsed his son to replace him. there is a report that president trump has told the palestinian he plans to move the u.s. embassy in israel to jerusalem. according to the palestinian news agency, abbas warned the president of the danger of taking that step. said it president moving the empathy to jerusalem was a red line for muslims. the europ

david: from bloomberg world headquarters in new york, i'm david westin."bloomberg markets: balance of power." this is where we focus on the intersection of power and business. here are the top stories we're watching at this hour. president has signed the tax overhaul bill. it is now the law of the land. businesses and individuals scurry to find out what it means for them. the government will not shut down. the president signed a stopgap spending bill to keep washington humming along, at least for one more month. catalonia still wants out, or at least it has elected more independence candidates. the prime minister's people's party loses out. before we get to the big

. ♪ david: from bloomberg's world headquarters, i'm david westin.e to bloomberg markets: balance of power. david: here are the top stories we're watching at this hour. kicking the can down the road. congress puts off any cut questions on the budget until just before christmas. getting the tax bill on the president's desk for the holidays. getting the full employment. the u.s. as another 228,000 jobs in november think you see unemployment rate at 4.1% and gross ranges to tens of 1%. where is the range -- 2/10 of 1%t? the eu could have more talks the critical issues of transition and trade. we will look into the next that's right it. -- steps for brexit. ♪ shery: after passing the senate last night, the short-term spending deal to fund the federal government

i'm david westin. street journal that says contrary to everything you learned in tax law but if the senate version goes through there are people that could have more than 100% marginal tax rate. the extra dollar they earn, they will lose more than a dollar in taxes. a $615,000 year lawyer in new jersey. if he makes one more dollar, he will $01 and five cents in taxes. owealix:owe $1.05 in taxes. that wraps it up for bloomberg daybreak: americas. bloomberg the market open is next. this is bloomberg. ♪ cannot live without it. so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. jonathan: from new york city, i'm jonathan ferro. this is the countdown to the open. ♪ jonathan: coming up, the two-day fomc meeting begins.

for more reaction of the forecast, david westin and alix steel spoke to gene munster.e says, don't worry, be happy. gene: if you take the numbers for face value, for the production in the march quarter, that would imply above 50% of the phones and the next year -- in the next year will be the iphone x. that is the $1000 plus phone. and investors are expecting that number to be 25% to 30%. so this is i think expected, number one. and number two, i think it is actually a positive. david: that is the first quarter of 2018. take us back to the fourth quarter of 2017 for a minute. they brought the 8 and the 10 out at the same time. the 8 sales were disappointing because people were waiting for the x. do we have any indication whether they made up the disappointing sales with the iphone x in the fourth quarter? gene: we have a little bit of an indication by looking at the supply. and we talked to some of the builders, the suppliers. they have been struggling to keep up. if you look at the inventory in the u.s., we checked this every day, we looked at about 140 stores every d

i'm david westin. julie: i'm julie hyman. mark crumpton has more.k: president trump says an agreement on tax reform very, very is quote close. his comments came as tennessee senator bob corker said he is still undecided on the proposed tax bill. worker was the only republican to vote against the bill in the senate. the president added that lawmakers are closing in on a new corporate tax bill, and that the legislation will be, in his words, extremely impressive. he also said it may allow for trillion dollars to be repatriated from overseas. the british prime minister theresa may's brains of bill is in the house of commons for a vote that could be the first one the government loses. some conservative party members want parliament to be able to alter or veto a final brexit deal, if they don't like it. the u.k. government says it's already made concessions on the eu withdrawal bill, suggesting it's not planning to make any more in order to prevent a rebellion in parliament over its landmark brexit legislation. global news, 24 hours a day, powered by mor

from bloomberg's world headquarters, i'm david westin. shery ahn is on assignment."bloomberg markets: balance of power<" where we focus on where business needs government. taking the hit. goldman sachs says it will make $5 billion less in the fourth quarter as it books the taxes on money it will bring back into the united states under the new tax law. comments returns next week to face a pile of work. what is it really like in an election year? and making those numbers work. two more saudi princes released, those remaining they have to come up with more billions in fines. ♪ david: let's start the market check and where the markets stand. taylor riggs is here with the latest. taylor: it is looking like we are a little lower today. mostly unchanged. the

situation unless the us both within moria camp and outside truly pulling out on acceptable and i've westin refugee sitting settings across the welt and this is that i have to say what we absolutely need to see is people being able to leave the island as part of the process in their asylum claims there's a containment policy put in place by the greek government with the support of other european member states that is keeping people there there is no way really to improve the situation on the island that's the solution has to be being able to allow people to move to the mainland whilst their son playing gets its head and processed ok say move to the mainland but what's the situation there is lesbos unique or are we seeing similar conditions on the mainland where the refugees migrants would potentially be heading. the situation in mainland is better i'm not saying it's perfect and there's work to be done there too but it is by no means anywhere near as bad as what you're seeing on lets the silence at least on the mainland you have people living in proper accommodation not squashed into tents

coming up shortly, bloomberg daybreak: americas with david westin and alix steel.s the cbs aetna -- cvs aetna merger. jim barnes is the vice-chairman of ubs investment bank. we're going to talk to him about that and we will talk about the tax overhaul and what it's going to mean for his business and m&a. the tax that striving markets higher. thank you, david westin with daybreak america's coming up shortly. brexit andday for theresa may. she will have lunch with european commission president jean-claude euchre -- jean-claude euchre -- john claude juncker. let's get straight to nejra in brussels. they still haven't agreed on the irish border on -- or eu nationals. >> that's right. we did see the pound actually rise when that headline broke. barney's office actually declined to comment on that. heard that today it is seen more of a staging post from the eu summit. with the aim of moving the talks on to trade at the summit on december 14. big questions over whether that is actually going to happen. there are still challenges particularly the irish border and the europ

scarlet: that was larry summers speaking with david westin. bloomberg business flash and a look at some of the biggest stories in the news. soul cycle is betting high-fashion will get you spending. at new york fashion week, they debuted a high-end clothing lines along with public school. items included a $185 leggings and $655 bomber jacket. the reflects the growing interest in athletic leisure wear as a lifestyle rather than a trend for millennials. discovery is boosting their ownership of the oprah winfrey network and they have paid $70 million for an additional 24.5% stake. the move raises their ownership to over 70%. oprah winfrey will continue as a chief executive officer. her extensive ticket to the network will go through 2025. that is your bloomberg business flash update. do you spend -- spin? scarlet: i hated. no. no spinning. up next -- [laughter] julia: coming closer to making the tax overhaul a reality, we will discuss. julia: it's 2 p.m. in new york, 12:00 p.m. in san francisco, and 8 p.m. in london. scarlet: welcome to "bloomberg

. >> reporter: there's a lot of real estate moves downtown right now with the hyatt and westin also selling this year. >>> aquatic park in san francisco is still closed and won't reopen until wednesday. it was closed friday after a second swimmer was attacked by a sea lion in just two days. both victims are expected to recover. danger signs are still posted in area. still we spotted swimmers who did not heed the warnings. >> people don't know how we call it the best kept secret, this wonderful and fun secret to the water. >> marine life experts are still working to determine why the swimmers were attacked. now faci >>> the richmond police officer accused of firing a gun inside san francisco's four seasons hotel is now facing a number of charges. the shooting happened early sunday morning. hotel guests were told to shelter in place. off-duty police sergeant phillip sanchez was booked for neglect discharge of a firearm, vandalism of $400 or more, assault with a firearm and shooting in an inhabited dwelling. no word of any motive for all this and nobody was injured. >>> san francisco has a sec

kids at eagle point elementary in westin, florida, collected backpacks to send. >> our children wantedhildren in puerto rico. >> more than 600 distributed to recently reopened schools around the island. >> this is my favorite color. >> this is beautiful. she need this. she got a ruler too. glue, pencils. she need this for the important than the supplies and backpacks. these elementary students in south florida sent hope. >> i want you to never give up and keep going. >> reporter: each backpack contained a note to a child they've never met. >> just a note to say i'm thinking of you today. >> i have you in my heart. >> with a big message. >> i want them to know that just because their island is destroyed, nothing can stop them. >> for all of us it's a blessing. it's a blessing. >> tammy laettner, nbc news, puerto rico. >> that's nbc nightly news for this saturday. tomorrow, we'll explain why more of us are going cashless add digital payments get easier. i'm jose diaz balart reporting from new york, thank you for the privilege of your time, and good night. >>> time has come for the "redsk

david westin is off today and shery ahn is on assignment. >> three major u.s.s have a central lawsuit against the u.s. department saying many service members that were disqualified from gun ownership have not been reported to the national background check system. new york, san francisco, and philadelphia, the city arguing the defense department failed to toort significant numbers the fbi national background check system. it reportedly allowed the disgraced air force member to buy a high-powered rifle and shoot 26 people to death at a texas church. a federal judge in seattle lifted a trump administration ban on certain refugees this weekend. two groups argue the policy prevented people from mostly muslim countries from reuniting with family living legally in the united states. with enhanced capabilities, and nationwide injunction has the administration's restrictions. regional authorities in france are's gambling to deal with migrants. they want to get them off the streets. they are tightening the screws. pressure on economic migrants and allowing divisive id ch

i am david westin. alix steel is off today. we want to check into the markets. jedi market is going strong today. green across the screen. nasdaq and s&p futures up. six tenths ofst 1%. up in paris as well as germany. get you caught up on other things happening around the world in markets. africa is a fascinating story. votes are being counted for the election. it looks like the more market friendly candidate is going to win. the u.s. dollar is weakening against the rand. we will catch up with that later in the show. peso, a big day for emerging-market elections. it is viewed as market friendly. it is also viewed as looking at the next index down, despite the fact we are getting so much information about the tax plan, about different political developments. david: nothing well bring the vix up. let's get an update on what is making headlines. trump will do clot -- declare china a competitor in a speech. his speech will be heavily influenced by his views on trade and economic relations. he is expected to outline economic actions that could target china. in atlant

david westin is off.and a half before open in the u.s., s&p futures up around six points. sterling interesting move, down by .4. weakerbeen a story of a dollar, but sterling bucking the trend, despite the fact that brexit talks move forward on trade. treasury market flat despite the huge move in two-year yields over the last nine weeks, the longest winning streak for them since 1994. crude slacked on the day. lisa: we look in other niches, particularly in russia, there was an interesting central-bank meeting, where the decided to lower rates more than expected and signaled more was to come. the response, lower yields. not much, but an interesting move for russia, which saw pretty high yields that 3.9 on the 10 year. hong kong stocks dropping. been an amazing year for hong kong stocks and now people are starting to get worried about tightening of liquidity from central banks around the world from the u.s. to china. there has been the most volatility in about one year on that particular index. meanwhile, in

i'm julie hyman with david westin. let's get to the headlines of mark crumpton.ark: republicans want to use the moment them from their tax bill victory to take on welfare. house speaker paul ryan regards 2018 as a chance to reshape the social safety net for the poor and disabled. he also lost change the food stamp and medicaid programs. jim mattisretary visited that enables a very -- the naval secretary. it comes on continued abuse of the military. guantanamoo visit since donald rumsfeld in january of 2002 just weeks after the prisoners arrive from afghanistan in early stages of the u.s. fight against terrorism. in catalonia, deciding to back political parties are those that want to stay in. neither side having a clear majority in the regional parliament. declaredt lawyers independence. it could cause or upset huge fire still smoldering. the blazes about 60% contained in the second largest in california history. firefighters attacked southern sections of the blaze from the air because terrain near the city was too rugged. dayle news 24 hours a powered by more tha

emily: that was a good america ceo brian moynihan speaking to bloomberg's david westin.st their bid with fox to keep sensitive documents out of the anti-trust case. disney bought to shield the information as well as data on revenue, pricing, and subscribers. the u.s. government seeks to interview as many as 60 witnesses ahead of trial. at the biggest stories of 2017. this is bloomberg. ♪ emily: from bitcoin to the theory him, to light going, the value of the current he exploded in 2017. one of the biggest players is going base, an online -- is coin base. it almost tripled its base this year now standing at 13 million accounts. he caught up with the ceo talk about the growing interest in cryptocurrency. >> there has been an influx of interest in digital currency. heart of it has been driven by institutional money getting interested in the space. --have seen large curative large derivatives space. that has driven a lot of interest. it is a signal that traditional institutions are starting to move into digital currency here it -- digital currency. emily: what does that mean

i'm david westin. goes into the she fed decision later this afternoon.pping into negative territory, s&p futures off a little as well. the dollar is mixed after that senate election in alabama. you are seeing selling picking up at the margins in the 10-year market, moving up one basis point. 2.42. percent, a nice rally underway for the base industrial metals. oil prices, this is a february spread, the most actively traded contract, using it as a barometer to see how traders are looking at that pipeline blowout in the u.k. that is a question percolating now in the market. it is all about oil. time for the morning brief. in just under a half hour, we will get consumer price index numbers, that comes on the heels of ppi yesterday. and it is decision day for the fed. they are expected to hike rates again with a janet yellen conference to follow. and at 3:00, president trump will be speaking at the white house giving his final statement on tax overhaul, urging congress to get a bill to him before the end of the year. there was big news in the political world,

mark: bank of america chief executive brian moynihan speaking exclusively with bloomberg's david westinit earlier. take a look at where european markets are trading. stocks are rising. they were lower earlier. a bit of a rebound. i will leave you with the currency board as we approach the close here on "bloomberg markets." this is bloomberg. ♪ mark: live from bloomberg's european headquarters in london, this is the european close. day.s up for a third it was earlier down for a third day. a bit of a rebound from that decline of .4% to finish the day up by .5%. britain recorded its lowest november budget deficit in a decade. another month of healthy growth. net borrowing narrowed to 8.7 billion pounds. down 6% on the same period a year earlier. prompting the budget watchdogs to lower their forecast to 50 billion pounds, 2.4% of gdp. let's talk about consumer confidence. a four-year low in december, risks weakening further in 2018. the lowest level since december 2013, the lowest level reached in the aftermath of the brexit vote last year. households declaring themselves deeply pessimistic

speaking withhan david westin in an exclusive interview.re are the emerging-market opportunities in 2018? johnjohn taylor, deutsche bank,d of emerging markets. this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york, i'm vonnie quinn. mark: i am mark barton. let's check in on the first word news. i'm a has more. america may try to get on president trump passes good side the tax bill. 200,000 u.s. workers have a thousand dollars bonus to celebrate. wells fargo said they are raising their minimum wage and $300 million invested in employee training. spending bill, needed to keep the government open. the bill today in the shutdown saturday. attempt to add other provisions. stateshosts the united will be taught a lesson in jerusalem. among the most vocal critics of president trump passes decision to recognize to root -- jerusalem as the capital as president trump has threatened to cut off funding. received her defensive today in poland where she tried to win more friends on toss of trade in march. an investigation found g

i am david westin with abigail doolittle. alix steel is off today.you believe this is the second friday of 2017? david: and the days are getting longer. abigail: they are. this day is optimistic and positive. speaking of, let's look at the markets. in europe, not so much when we look at the ibex. it is down more than 1% as separatists did when the snap election in spain. with that, the s&p 500 futures about flat. the bloomberg dollar index about flat, reflecting what will be a slow holiday trading day. , but no, near the low higher on the year. finally, bitcoin. date is the biggest story. at the low you see there, earlier in the session, down 21%. a bear market, down 31%. bitcoin has been on pace for its worst week since 2013 after touching $29,500. david: i bet it will go down some or. is david: what the pattern suggests. outside the business world, we turn to emma chandra. emma: congress managed to keep the u.s. government from shutting down. it faces a messy start to the new year. last night, lawmakers approved a spending measure to keep the gover

i am david westin. alix steel is off today. >> we may be seeing another record in u.s. stocks. s&p and dow futures up today as we do expect another vote in the house on the tax bill. it is pretty much a done deal. the ftse 100 little changed as the dax is down. market is where the action was yesterday. 10 year yields going down the touch after yesterday selloff and yields rising yesterday the most since september. german ten-year yields continuing their assent. the selloff is the biggest since the end of june. dollar gaining today against currencies stacking up ahead of the open. david: let's find out what's happening with first word news. emma: in the u.k., theresa may is facing questions from lawmakers in the latest eu moves on brexit. these are live pictures from the house of commons. the eu brexit negotiator says the transition will in in 2020 and says there will not be "anÀa la cart transition." president trump is on the verge of his first major victory in congress. earlier today, the senate approved the biggest overhaul of the nation's tax code. the bill must go back to t

i'm david westin. alix steel is off today, a shortened trading day of the year. 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 a touch after the selloff in the past two days as the german 10-year the continues its ascent, to a lesser degree. david: let's get an update on what's happening outside the business world with emma chandra. the white house is taking a victory lap after congress passed a landmark tax overhaul bill. promised he was companies would stop relocating overseas now. the bill cuts the corporate tax rate from 35% to 21%. a majority of americans believe the bill was written to help the wealth a. congress is coming down to the wire to keep the government open. the house is working on

i'm david westin. shery ahn is on assignment.balance of power where business needs a government. if you are the top stories we're watching at this hour. sorting out your taxes. individuals scurry to get the state and local taxes early well some businesses discover not all enterprises in the tax overhaul our happy ones. congress gets back to work last week. everything from infrastructure to health care and keeping the government-funded. and jailbreak. it reports that two saudi royal princes have been released from detention. officials look to wrap up their corruption investigation and collect some healthy fines in the process. ♪ david: homeowners this week are rushing to pay their property taxes early hoping to take advantage of a federal deduction that will be scaled back under

emily: governor jerry brown of california speaking with david westin as they were discussing their sanlee had died. working to lower startups and major firms to san francisco. he also trumpeted san francisco as a sanctuary city for undocumented immigrants and opposed president trump's executive order aimed at stripping subsidies of federal funding. he was 65 years old and many people in san francisco will miss him. this is bloomberg. ♪ ♪ indonesia's first one billion dollars startup is facing competition and challenges with rapid growth. band of itsest is a food delivery service to a local jakarta school and the opposition that followed. tell us exactly what happened here. this is a lighthearted reminder of some of the issues these startups face as they go into in trenched industries. dozens of drivers delivering food to school kids at lunch, and kids were enjoying it. upre were dozens lining every single day and the school said this is not good for us. it is diverting revenue from our school cafeteria and delivering unhealthy food and creating waste with all the delivery bags and cart

from bloomberg's world headquarters in new york, i'm david westin. shery: i'm shery ahn.berg markets: balance of power." with a focus on the intersection of politics and the economy. david: here are the top stories. show down in alabama. voters head to the polls to vote in the controversial senate election. most polls have it too close to call, despite sexual assault charges against republican roy moore. a crime against humanity, that is what governor jerry brown calls the lack of progress on climate change. we will bring you that conversation. the most deregulatory administration ever. that is what president trump claims he is leading. the fact -- do the facts and figures support him? ♪ david: it is election day in alabama as voters go to the polls between -- to choose between roy moore and doug jones. kevin cirilli is on the scene in montgomery. we welcome him for a report. it is too soon to have reports. tell us what you know about the election at this point. kevin:

i'm david westin. shery: i'm shery ahn. welcome to "bloomberg markets: balance of power."s on intersection of politics and the economy. david: hidden gifts. tax overhaul is hidden gifts to the milk labs. -- onethe hidden gifts of the hidden gifts to be open by very wealthy people? the democrats future. talk brazil is here to about her new book about the 2016 election and what comes next for her party and the country. and recovery. bernie madoff victims are about to get another $584 million return that will bring the total to almost $11.4 billion. we talked with the trustees already returning more than half of the loss principle and they say that more is still on the way. ♪ shery: the republicans sweeping tax overhaul is expected to hit the president's desk this

it is important that westin to have these conversations. i want to also thankfully for elaborating and acknowledge we are also doing a part of the congestion management study inside district 10. this works in concert with the other studies that have been conducted and future studies to come. this is not only about 101 but also 280. as we also think about does it remain? do we tear it own? how does that connect with high-speed rail? there are a lot of different large moving parts that are part of this conversation. i want to give toys to. >> commissioner sheehy. >> one last point. when i look at trying to machine age traffic coming into san francisco. you pay from the north and you pay from the east. if we are looking at doing this we should look at ways people have to pay to come in from the south. i see the hov lanes as a bod date and $6 million. the traffic congestion on the southeast side of town are going to explode. these aren't really solution. the solution to my mind is to make the southern routes to the city mirror the north and iso

from bloomberg's world headquarters, i'm david westin. shery: i'm shery ahn.omberg markets: balance of power." with a focus on the intersection of politics and the economy. david: here are the top stories, trouble brewing. of hisnt trump tells intention to move the embassy to jerusalem. the president has a call scheduled. texas and growth. ceos take the -- save the tax legislation should be the growth of a jobs. most economists disagree. we's hear from -- we hear from mark weinberger on why he thinks economists are wrong. leveling the playing field. j.p. morgan chase and cbo jamie dimon says u.s. companies made the tax overhaul to be competitive globally. we go through the roundtables recent survey with ceo michael berg later this hour. ♪ david: president trump is

. >> i'm kevin's a david westin. "bloomberg markets: balance of power." -- welcome to "bloomberg markets: balance of power." shery: here are the top stories. tax overhaul back in jeopardy. marco rubioenators and susan collins are criticizing tax cuts for the highest earners. the fcc was voting on net neutrality this morning but the meeting was adjourned moments because of an unspecified security fed. we will have the latest. -- theys enthusiasts are preparing for battle in theington to protect cryptocurrency from a new regulation and tax reporting requirements. a deeper look at the lobbying group and gearing up for a fight. ♪ shery:

david: and i'm david westin.arkets: balance of power," with a focus on the intersection of politics and the economy. . story.. the tax overhaul means three decades boat is this hour. can democrats do anything to slow the process? friday is fast approaching and the threat of a government shutdown is becoming more of eight reality as the house and senate struggle to reach a deal before the deadline. we will speak with ranking member john yarmouth in moments. protecting the palace. a coalition thwarted a ballistic missile fired by a around by yemeni rebels earlier today. the latest from that region this hour. ♪ shery: losing ground ahead of the tax vote.

emily: that was bank of america ceo brian moynihan speaking to bloomberg's david westin. 21st century their bid to keep sensitive business documents out of the anti-trust case. that pits at&t against the justice department. disney thought to shield the information they have with paid companies to distribute programming, as well as data on revenue, pricing, and subscribers. the u.s. government seeks to interview as many as 60 witnesses ahead of trial. coming up, the crypto craze was one of the biggest stories of the year as we look back on 2017. highlights from our conversations. this is bloomberg. ♪ emily: from bitcoin to ethereum -- the value of the cryptocurrency exploded in 2017. one of the biggest players is coinbase. it almost tripled its user base, now standing at 13 million accounts. we caught up with the ceo brian armstrong to discuss the growing interest in cryptocurrency. >> there has been an influx of new interest in digital currency. part of that has been driven by institutional money getting interested in the space. we have seen most of the larger derivatives

i'm kevin cirilli in for david westin.let's get to the first word news with mark crumpton. >> russian president vladimir putin dismissed allegations of collusion between the trump presidential campaign and kremlin officials. know all of this has been whonted, made up by people are in opposition to president trump. with a view to shedding a negative light to what president trump is doing and to me it is very bizarre. as if they were doing that without understanding one simple fact. by doing that the people who are responsible for dealing a blow to the entire political environment of the country. was brought onto president trump's legal team in part because of ties to robert mueller. according to people familiar they have been having a quiet back and forth with mueller and his team over the russian investigation for months. a reportedly persuaded the president to back off personal attacks on mueller. in saudi arabia the government has unveiled a $19 billion stimulus program to boost private-sector growth through the money wi

headquarters in new york, i'm david westin. welcome to "bloomberg markets: balance of power." this is where we focus on the intersection of power and business. here are the top stories we're watching at this hour. president has signed the tax overhaul bill. it is now the law of the land. businesses and individuals scurry to find out what it means for them. the government will not shut down. the president signed a stopgap spending bill to keep washington humming along, at least for one more month. catalonia still wants out, or at least it has elected more independence candidates. the prime minister's people's party loses out. before we get to the big stories that want to start with a bloomberg scoop. -- it shelving his plans to study cryptocurrency has fund -- hend fund. erik schatzker broke the news. what do we know with this? erik: as you may recall, mike novogratz talked about or had plans to start a $500 million cryptocurrency hedge fund biggest regulatory constraints he cannot talk to us, that he talked about his enthusiasm for cryptocurrencies at assets. stores of value,

that was due must are speaking to david westin and how still on bloomberg daybreak: americas.ictim's, big checks, google and amazon saw double-digit gains in revenue, there could be headwinds on the horizon. plus as much as 12 months for rightwe don't with the handling apps biggest roadblocks for 2017, this is bloomberg. ♪ ♪ >> as we close at 2017, tech companies are getting historic gains. by fast-growing sales and hopes of continued growth. a big tech reckoning could come in 2018 in the form of oversight in a fractured relationship with users. we discussed with james talk mark. >> i love the way that you have covered these companies because you're looking at a lot of these very big companies but with a skeptical eye and some of the top issues we have seen them shall. but when you look at them, who has the toughest halt in the company? >> it has been an interesting year. they have all posted tremendous financial successes and definitely grown much bigger than what many thought at the beginning of the year. at the same time, we saw this regulatory scrutiny across all the compa