December 23, 2025 • 16 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump warned President Nicolas Maduro not to challenge the US and vowed to keep oil seized from a supertanker but declined to say if he’s seeking to oust the Venezuelan leader.
(2) Larry Ellison is throwing his personal fortune behind Paramount Skydance’s bid for Warner Bros. Discovery, aiming to give his son’s company an advantage in a fiercely contested takeover battle with Netflix.
(3) Novo Nordisk won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US, a crucial step in its effort to defend its market share from rival Eli Lilly
(4) Bank of America Chief Executive Officer Brian Moynihan said that artificial intelligence is starting to have a bigger impact on the US economy.
(5) UK businesses ended 2025 feeling more upbeat about the economy’s prospects after they were spared much of the tax pain at last month’s budget.
Podcast Conversation: Restaurants Turn to Sweet Wines to Save Labor, Fatten the Check
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Good morning, It's Tuesday, the twenty third of December. I'm
Caroline Hepga in London. Coming up today, Donald Trump warns
Venezuela not to play tough as the President seeks to
reshape the US diplomatic service. Mouthful of profit noa nor
disk wins US regulatory approval to sell a weight loss
pill from January, plus a confidence boost. UK businesses end
(00:33):
twenty twenty five more upbeat after being sped major tax hikes.
Let's start with the roundup of our top stories. President
Donald Trump is continuing to reshape America's foreign policy as
he ramps up pressure on Venezuela. In a press conference yesterday,
the leader warned President Nicolas Maduro not to challenge the US.
Speaker 3 (00:55):
We have a message or a minor form, the biggest
we've ever heard and by far the biggest we've ever
had in South America. He could do whatever, much to
do it, whatever he wants to do, if he wants
to do something. If he placed tough, it will be
the last time he's ever everyone played out.
Speaker 2 (01:14):
President Trump has repeatedly threatened to strike Venezuela's territory in
recent weeks and has stepped up a blockade of the
country's oil exports, sources tell Bloomberg. The President has also
asked dozens of US ambassadors to step down in recent days.
What's more, the President announced that the US Navy would
(01:34):
build a new class of battleship named after him. The
president breaking moves come as a report from the Union
for America's Diplomats WARN's US diplomacy is being quote decimated
from within. In corporate news, Larry Ellison has pledged forty
billion dollars of his personal wealth to boost Paramount's bid
(01:57):
for Warner Brothers Discovery. The billionaire who built his fortune
with Oracle is aiming to give his son, Paramount CEO
David Ellison, the advantage in a fiercely contested takeover battle
with Netflix. Bloomberg Intelligences senior credit analyst Stephen Flynn says
the change is just one of a number of adjustments
(02:17):
made in order to strengthen Paramount's bids.
Speaker 4 (02:21):
Yeah.
Speaker 5 (02:21):
Well, so, mid last week, the Warner Brothers Discovery board
recommended shareholders do not participate in the tenor offer, and
they listed the reasons why. Now what Paramount this morning
has done is kind of addressed many of those reasons,
particularly given the Larry Albison guarantee. So I believe Paramount
is going to see how many shares they yet to
participate in the tenor offer, and if they need to,
you know, conversations with shareholders, if they need to raise
(02:43):
it to a certain level at those Shuggle are still
comfortable with that, imagine that's what they would do.
Speaker 2 (02:48):
Stephen Flynn from Bloomberg Intelligence speaking there yesterday, Warner Brothers
confirmed that it had received Paramount's amended offer and said
that it would evaluate the proposal, but the company says
that it still supports Netflix. Is competing offer. Nova nordisks
one approval to sell a pill version of its blockbuster
(03:08):
obesity drug wegav in the US. According to a statement,
Novote will start selling the pill in the US in
January to patients, set a starting price of one hundred
and forty nine dollars a month in cash, or potentially
for as little as twenty five dollars per month with
insurance cover. It's a crucial step in Novo's efforts to
defend its market share from rival Eli Lilly, which says
(03:30):
that its own oral OBEs drug could be approved by March.
Nova Nordisk also says that its bids for approval in
Europe and other parts of the world were filed in
the second half of twenty twenty five. Bank of America's
CEO says that artificial intelligence is starting to have a
bigger impact on the US economy. Brian Moynhern told Bloomberg
(03:53):
that the new technology is part of the bank's positive
forecast for twenty twenty six.
Speaker 6 (03:58):
We go from basico two percent type of growth level
this year plus or mindus up to two point four percent,
which is all due to that in AIS kicking and
more and more, and so it's not all a tributable AI,
but that's having a marginal impact is pretty strong.
Speaker 2 (04:13):
Menerhan added that the bank itself is now using its
own custom AI bots. The CEO's comments come as business
leaders debate whether there is a bubble in the AI space.
Billions of dollars have been pledged, but the returns and
when they will appear are still hard to gauge. Here
In the UK, businesses end this year feeling more upbeat.
(04:34):
Lloyd's Bank says that its gauge of business optimism rows
five points to a net balance of forty seven percent
in December. The figures add to evidence from the PMIS
suggesting business confidence bounce back after Chancellor Rachel Reeves unveiled
her fiscal plans in last month's budget. Reeves has vowed
to beat forecasts that point to pedestrian levels of economic
(04:57):
growth in the coming years. So those are some of
our top stories for you this morning. In terms of
the market, it's very interesting that we go into year
end with a global stocks rally. Yes, we're inching high.
The all country well did decks is up a tenth
of one percent. We've seen games for four sessions in
a row after a record high on Monday. Also for
(05:19):
the global stock index. The Japanese yea and also interesting
this morning, it strengthened quite aggressively after a warning from
the Finance Minister Satsuki Katayama, who said that the country
has a free hand to take bold action against currency moves.
Some of that has faded a little bit, but the
yen is still stronger six tents of one percent against you.
It still one hundred and fifty six spot zero six. Also,
(05:42):
you have gold, a fiftieth day of record highs for
the yellow metal up seven tens of one percent four
four hundred and seventy six dollars. You have the S
and P five hundred EMAII futures this morning in the red,
but we did erase all of December's losses on Monday
for the S and P five hundred and one European note.
European car sales rising two point four percent in November,
(06:05):
the latest data that we've had out this morning, So
those are the markets. In a moment, we're going to
bring you the latest on Venezuela, as President Maduro sounds
more conciliatory, it would seem, and will also bring you
the latest on the markets and this year end rally.
But before that, another story has caught my attention this morning. Parently,
dessert wines are making a comeback. Not only are they
(06:29):
more affordable than a red wine from a similar year,
but apparently they pair beautifully with desserts. Of course, as
the name would imply, but it also has to do
with the business of running a restaurant. A lot of
restaurants are doing away with pastry chefs, and so they're
filling their menus with things like sweeter drinks with cheese
courses that are simpler to prepare, maybe also boost their
(06:50):
bottom line a little bit. It's a push to change
people's skepticism also about dessert wines, because apparently people are
very skeptical about them. Is basically too sweet or unsophisticated.
But I learned from Bloomberg's Elena Didyk and her story
on this that actually still a lot of adults don't
consume al colat all fifty four percent. I didn't realize
(07:13):
it was that high, according to the latest gallop Pole.
But she points to Portuguese madeira, to French sootowns, and
to Hungarian dessert wines, all making renewed appearances apparently on
menus around the world and in sort of fine dining establishments. Anyway,
I'll be on the lookout for that perhaps this festive season.
We'll put a link to that article in our show notes.
(07:35):
You can read all about it now. President Donald Trump
has warned President Nicholas Maduro that he may well keep
oil seats from a super tanker, but he declined to
say if he's seeking to oust the Venezuelan leader. Joining
us now for more on this story, Bloomberg's senior editor
Brian Fowler Brian, good to speak to you today on
(07:58):
what is really much multi prongs and quite complex story
in some ways. Firstly, what is just happening with the
oil tank is off of Venezuela themselves.
Speaker 1 (08:08):
Yeah, so this whole, this US campaign in the Caribbean
has continued to evolve from what started as anti drug
trafficking operations and now it's become something more amorphous. The
US has boarded two tankers so far, two of them
were over the weekend. One was in Panamanian flag vessel
(08:32):
that had loaded Venezuelan oil and I guess had disconnected
its transponder, and the US is in pursuit of a
third tanker called the below one, which it has determined
was not flying a valid national flag, and that chase continues.
But loadings are still happening at a roughly normal pace.
Since December eleventh, more than a dozen tankers have loaded
(08:55):
oil off Venezuela's coast, and at least six of those
ships are posedly under sanctions. So the work continues, and
the US continues to clamp down and send threats saying
it'll seize the oil and also warning yes, as you mentioned,
Maduro should not try to fight back against This.
Speaker 2 (09:16):
Could escalate further because President Trump has repeated the threat
of land strikes again, this idea of hitting drug trafficking operations.
Speaker 1 (09:26):
Yeah, exactly, it really it could escalate. He said, We're
going to have the same success on land. And it's
kind of hard to really imagine this sending US trips troops,
land troops to Venezuela, but that is what.
Speaker 7 (09:40):
He has said.
Speaker 1 (09:41):
And we've already had some opposition from around the world,
particularly from China. China is the number one importer of
Venezuelan oil, and it's criticized what the US is doing
as illegal, and we even have people in the US
government saying that they're seeing things that be very alarming
(10:01):
around Paul said, he sees this as basically a prelude
to war.
Speaker 2 (10:06):
Yeah, and so to the question, is Venezuela actually about China.
Speaker 1 (10:12):
Certainly China is part of it. This is one more
way for the US to apply pressure to China, especially
on its energy needs. But we haven't had the US
saying anything directly about that. Trump has stopped short of
saying that he's pursuing a regime change in Venezuela, but
members of his cabinet have been a lot more clear
on that. Christy Non, the Home Security Secretary, said it's
(10:36):
time for him to go. He needs to be gone.
So it's clear that people around Trump see this as
all about changing the regime in Venezuela for now.
Speaker 2 (10:47):
Meanwhile, the US foreign policy itself is being reshaped. People
familiar saying that President Trump has ordered dozens of US
ambassadors to step down, so not necessarily firing them, but
sort of recalling. This does seem very signal, doesn't it.
Speaker 1 (11:01):
It does, indeed, and it will certainly shake up, you know,
the process of building relationships with our allies. I mean
another story, we had Trump talking about Greenland overnight and
he's getting ready to send his new envoy there, Jeff Landry,
and Trump describes him as a deal maker type guy,
and then he says, well, you know, we want Greenland
(11:23):
and we need it now. We need it because of
national security reasons. That's not something that's going to play
well with our allies overseas. We've already had the European
Commissioned President Ursula vonder Lane saying that the EU stands
in full solidarity with Denmark and the people of Greenland.
So she's putting a line in the sand there saying
(11:43):
that the importance of territorial integrity and sovereignty is number one.
Speaker 2 (11:49):
Yeah. Indeed, so that is also another story that we're
going to keep a close eye on that semi autonomous
island Greenland. That President John has said that she doesn't
want Greenland for minerals or oil, but for security. But yes,
the threat also against Greenland seems very pertinent. Brian, Thank
you so much for being with us this morning talking
about well, President Trump really pursuing foreign policy agendas. As
(12:15):
you say, Brian Fowler there this morning, Thank you for
your time, stay with us. More from Bloomberg daybakeup coming
up after this, right, let's go from well, foreign policy
to what's happening in the markets. Global stocks have extended
their record breaking run today. Gold has broken through another
all time record high for a fiftieth day this year,
and we did get the we will get the last
(12:37):
big reading of the US economy for twenty twenty five.
Joining me is Bloomberg's cross assets strategist Ven Ram to
discuss Ven good morning, what is driving this stock rally
and what is a very light holiday week.
Speaker 4 (12:51):
It seems to me that it's like the market front
running the January effect, where people generally bid up stocks
at the start of the year's fund managers open allocations
for the year. Now we all know the feel good
story in the markets, the promise of AI, its effect
on productivity and earnings. But even so, I don't think
it's going to be a slam drunk for the markets
(13:12):
in the new year. They're going to be testing periods.
There are bound to be a lot of questions around
capital spending and when exactly the payoff around that spending
will come. But even so, the big posal from traders, Carolin,
is that you know, they seem to be asking the
question shows one overwhelming reason why we should be selling
down stocks viciously from here. And apart from overstretched valuations,
(13:36):
which speculators just don't care about, there isn't any and
that's what worries me. Overstretched valuations or warning definitely, but
they sell them a catalyst for trading action, and that's
why I'm kind of concerned. That's what would keep should
keep up investors at night.
Speaker 2 (13:55):
Yes, yes, I suppose, when there's so much relitionists, one
has to ask why, whether it's justified, and so on
do you think that gold, you know, would be in
the kind of position that it is in now when
you think back to the start of this year, because
that's the other extraordinary stories, is this record breaking run
(14:16):
for brillion.
Speaker 4 (14:18):
It's very incredible, isn't it. I mean, to be honest,
I was constructive, but not certainly not so for rish
that I foresaw a seventy percent rally. I mean, this
is the stuff of fairy tales. Bullion has never had
such a good year in the modern era, except in
nineteen seventy nine when it went even higher. The point
is that those who bought into the height of that
bubble back then had to cool their heels for decades
(14:41):
before they even broke even so, yet, given the momentum
that gold has, it is likely that you know, five
thousand dollars announced, it's becoming more of a self fulfilling
prophecy for the markets. So it is likely that you'll
see gold pushed through that level next year, perhaps early
next year, at the pace it's galloping, but it's I
want to see it pushing higher from there. The fair
(15:02):
value of gold cattle in based on inflation, central bank purchases,
and the dollar is at around three thousand dollars an ounce,
So the risks reward point investors from here is lopsided
and they should definitely keep in mind what happened in
nineteen seventy nine.
Speaker 7 (15:19):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:25):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 7 (15:31):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:37):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 7 (15:46):
And I'm Stephen Carroll. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg day Break Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Good morning, It's Tuesday, the twenty third of December. I'm
Caroline Hepga in London. Coming up today, Donald Trump warns
Venezuela not to play tough as the President seeks to
reshape the US diplomatic service. Mouthful of profit noa nor
disk wins US regulatory approval to sell a weight loss
pill from January, plus a confidence boost. UK businesses end
(00:33):
twenty twenty five more upbeat after being sped major tax hikes.
Let's start with the roundup of our top stories. President
Donald Trump is continuing to reshape America's foreign policy as
he ramps up pressure on Venezuela. In a press conference yesterday,
the leader warned President Nicolas Maduro not to challenge the US.
Speaker 3 (00:55):
We have a message or a minor form, the biggest
we've ever heard and by far the biggest we've ever
had in South America. He could do whatever, much to
do it, whatever he wants to do, if he wants
to do something. If he placed tough, it will be
the last time he's ever everyone played out.
Speaker 2 (01:14):
President Trump has repeatedly threatened to strike Venezuela's territory in
recent weeks and has stepped up a blockade of the
country's oil exports, sources tell Bloomberg. The President has also
asked dozens of US ambassadors to step down in recent days.
What's more, the President announced that the US Navy would
(01:34):
build a new class of battleship named after him. The
president breaking moves come as a report from the Union
for America's Diplomats WARN's US diplomacy is being quote decimated
from within. In corporate news, Larry Ellison has pledged forty
billion dollars of his personal wealth to boost Paramount's bid
(01:57):
for Warner Brothers Discovery. The billionaire who built his fortune
with Oracle is aiming to give his son, Paramount CEO
David Ellison, the advantage in a fiercely contested takeover battle
with Netflix. Bloomberg Intelligences senior credit analyst Stephen Flynn says
the change is just one of a number of adjustments
(02:17):
made in order to strengthen Paramount's bids.
Speaker 4 (02:21):
Yeah.
Speaker 5 (02:21):
Well, so, mid last week, the Warner Brothers Discovery board
recommended shareholders do not participate in the tenor offer, and
they listed the reasons why. Now what Paramount this morning
has done is kind of addressed many of those reasons,
particularly given the Larry Albison guarantee. So I believe Paramount
is going to see how many shares they yet to
participate in the tenor offer, and if they need to,
you know, conversations with shareholders, if they need to raise
(02:43):
it to a certain level at those Shuggle are still
comfortable with that, imagine that's what they would do.
Speaker 2 (02:48):
Stephen Flynn from Bloomberg Intelligence speaking there yesterday, Warner Brothers
confirmed that it had received Paramount's amended offer and said
that it would evaluate the proposal, but the company says
that it still supports Netflix. Is competing offer. Nova nordisks
one approval to sell a pill version of its blockbuster
(03:08):
obesity drug wegav in the US. According to a statement,
Novote will start selling the pill in the US in
January to patients, set a starting price of one hundred
and forty nine dollars a month in cash, or potentially
for as little as twenty five dollars per month with
insurance cover. It's a crucial step in Novo's efforts to
defend its market share from rival Eli Lilly, which says
(03:30):
that its own oral OBEs drug could be approved by March.
Nova Nordisk also says that its bids for approval in
Europe and other parts of the world were filed in
the second half of twenty twenty five. Bank of America's
CEO says that artificial intelligence is starting to have a
bigger impact on the US economy. Brian Moynhern told Bloomberg
(03:53):
that the new technology is part of the bank's positive
forecast for twenty twenty six.
Speaker 6 (03:58):
We go from basico two percent type of growth level
this year plus or mindus up to two point four percent,
which is all due to that in AIS kicking and
more and more, and so it's not all a tributable AI,
but that's having a marginal impact is pretty strong.
Speaker 2 (04:13):
Menerhan added that the bank itself is now using its
own custom AI bots. The CEO's comments come as business
leaders debate whether there is a bubble in the AI space.
Billions of dollars have been pledged, but the returns and
when they will appear are still hard to gauge. Here
In the UK, businesses end this year feeling more upbeat.
(04:34):
Lloyd's Bank says that its gauge of business optimism rows
five points to a net balance of forty seven percent
in December. The figures add to evidence from the PMIS
suggesting business confidence bounce back after Chancellor Rachel Reeves unveiled
her fiscal plans in last month's budget. Reeves has vowed
to beat forecasts that point to pedestrian levels of economic
(04:57):
growth in the coming years. So those are some of
our top stories for you this morning. In terms of
the market, it's very interesting that we go into year
end with a global stocks rally. Yes, we're inching high.
The all country well did decks is up a tenth
of one percent. We've seen games for four sessions in
a row after a record high on Monday. Also for
(05:19):
the global stock index. The Japanese yea and also interesting
this morning, it strengthened quite aggressively after a warning from
the Finance Minister Satsuki Katayama, who said that the country
has a free hand to take bold action against currency moves.
Some of that has faded a little bit, but the
yen is still stronger six tents of one percent against you.
It still one hundred and fifty six spot zero six. Also,
(05:42):
you have gold, a fiftieth day of record highs for
the yellow metal up seven tens of one percent four
four hundred and seventy six dollars. You have the S
and P five hundred EMAII futures this morning in the red,
but we did erase all of December's losses on Monday
for the S and P five hundred and one European note.
European car sales rising two point four percent in November,
(06:05):
the latest data that we've had out this morning, So
those are the markets. In a moment, we're going to
bring you the latest on Venezuela, as President Maduro sounds
more conciliatory, it would seem, and will also bring you
the latest on the markets and this year end rally.
But before that, another story has caught my attention this morning. Parently,
dessert wines are making a comeback. Not only are they
(06:29):
more affordable than a red wine from a similar year,
but apparently they pair beautifully with desserts. Of course, as
the name would imply, but it also has to do
with the business of running a restaurant. A lot of
restaurants are doing away with pastry chefs, and so they're
filling their menus with things like sweeter drinks with cheese
courses that are simpler to prepare, maybe also boost their
(06:50):
bottom line a little bit. It's a push to change
people's skepticism also about dessert wines, because apparently people are
very skeptical about them. Is basically too sweet or unsophisticated.
But I learned from Bloomberg's Elena Didyk and her story
on this that actually still a lot of adults don't
consume al colat all fifty four percent. I didn't realize
(07:13):
it was that high, according to the latest gallop Pole.
But she points to Portuguese madeira, to French sootowns, and
to Hungarian dessert wines, all making renewed appearances apparently on
menus around the world and in sort of fine dining establishments. Anyway,
I'll be on the lookout for that perhaps this festive season.
We'll put a link to that article in our show notes.
(07:35):
You can read all about it now. President Donald Trump
has warned President Nicholas Maduro that he may well keep
oil seats from a super tanker, but he declined to
say if he's seeking to oust the Venezuelan leader. Joining
us now for more on this story, Bloomberg's senior editor
Brian Fowler Brian, good to speak to you today on
(07:58):
what is really much multi prongs and quite complex story
in some ways. Firstly, what is just happening with the
oil tank is off of Venezuela themselves.
Speaker 1 (08:08):
Yeah, so this whole, this US campaign in the Caribbean
has continued to evolve from what started as anti drug
trafficking operations and now it's become something more amorphous. The
US has boarded two tankers so far, two of them
were over the weekend. One was in Panamanian flag vessel
(08:32):
that had loaded Venezuelan oil and I guess had disconnected
its transponder, and the US is in pursuit of a
third tanker called the below one, which it has determined
was not flying a valid national flag, and that chase continues.
But loadings are still happening at a roughly normal pace.
Since December eleventh, more than a dozen tankers have loaded
(08:55):
oil off Venezuela's coast, and at least six of those
ships are posedly under sanctions. So the work continues, and
the US continues to clamp down and send threats saying
it'll seize the oil and also warning yes, as you mentioned,
Maduro should not try to fight back against This.
Speaker 2 (09:16):
Could escalate further because President Trump has repeated the threat
of land strikes again, this idea of hitting drug trafficking operations.
Speaker 1 (09:26):
Yeah, exactly, it really it could escalate. He said, We're
going to have the same success on land. And it's
kind of hard to really imagine this sending US trips troops,
land troops to Venezuela, but that is what.
Speaker 7 (09:40):
He has said.
Speaker 1 (09:41):
And we've already had some opposition from around the world,
particularly from China. China is the number one importer of
Venezuelan oil, and it's criticized what the US is doing
as illegal, and we even have people in the US
government saying that they're seeing things that be very alarming
(10:01):
around Paul said, he sees this as basically a prelude
to war.
Speaker 2 (10:06):
Yeah, and so to the question, is Venezuela actually about China.
Speaker 1 (10:12):
Certainly China is part of it. This is one more
way for the US to apply pressure to China, especially
on its energy needs. But we haven't had the US
saying anything directly about that. Trump has stopped short of
saying that he's pursuing a regime change in Venezuela, but
members of his cabinet have been a lot more clear
on that. Christy Non, the Home Security Secretary, said it's
(10:36):
time for him to go. He needs to be gone.
So it's clear that people around Trump see this as
all about changing the regime in Venezuela for now.
Speaker 2 (10:47):
Meanwhile, the US foreign policy itself is being reshaped. People
familiar saying that President Trump has ordered dozens of US
ambassadors to step down, so not necessarily firing them, but
sort of recalling. This does seem very signal, doesn't it.
Speaker 1 (11:01):
It does, indeed, and it will certainly shake up, you know,
the process of building relationships with our allies. I mean
another story, we had Trump talking about Greenland overnight and
he's getting ready to send his new envoy there, Jeff Landry,
and Trump describes him as a deal maker type guy,
and then he says, well, you know, we want Greenland
(11:23):
and we need it now. We need it because of
national security reasons. That's not something that's going to play
well with our allies overseas. We've already had the European
Commissioned President Ursula vonder Lane saying that the EU stands
in full solidarity with Denmark and the people of Greenland.
So she's putting a line in the sand there saying
(11:43):
that the importance of territorial integrity and sovereignty is number one.
Speaker 2 (11:49):
Yeah. Indeed, so that is also another story that we're
going to keep a close eye on that semi autonomous
island Greenland. That President John has said that she doesn't
want Greenland for minerals or oil, but for security. But yes,
the threat also against Greenland seems very pertinent. Brian, Thank
you so much for being with us this morning talking
about well, President Trump really pursuing foreign policy agendas. As
(12:15):
you say, Brian Fowler there this morning, Thank you for
your time, stay with us. More from Bloomberg daybakeup coming
up after this, right, let's go from well, foreign policy
to what's happening in the markets. Global stocks have extended
their record breaking run today. Gold has broken through another
all time record high for a fiftieth day this year,
and we did get the we will get the last
(12:37):
big reading of the US economy for twenty twenty five.
Joining me is Bloomberg's cross assets strategist Ven Ram to
discuss Ven good morning, what is driving this stock rally
and what is a very light holiday week.
Speaker 4 (12:51):
It seems to me that it's like the market front
running the January effect, where people generally bid up stocks
at the start of the year's fund managers open allocations
for the year. Now we all know the feel good
story in the markets, the promise of AI, its effect
on productivity and earnings. But even so, I don't think
it's going to be a slam drunk for the markets
(13:12):
in the new year. They're going to be testing periods.
There are bound to be a lot of questions around
capital spending and when exactly the payoff around that spending
will come. But even so, the big posal from traders, Carolin,
is that you know, they seem to be asking the
question shows one overwhelming reason why we should be selling
down stocks viciously from here. And apart from overstretched valuations,
(13:36):
which speculators just don't care about, there isn't any and
that's what worries me. Overstretched valuations or warning definitely, but
they sell them a catalyst for trading action, and that's
why I'm kind of concerned. That's what would keep should
keep up investors at night.
Speaker 2 (13:55):
Yes, yes, I suppose, when there's so much relitionists, one
has to ask why, whether it's justified, and so on
do you think that gold, you know, would be in
the kind of position that it is in now when
you think back to the start of this year, because
that's the other extraordinary stories, is this record breaking run
(14:16):
for brillion.
Speaker 4 (14:18):
It's very incredible, isn't it. I mean, to be honest,
I was constructive, but not certainly not so for rish
that I foresaw a seventy percent rally. I mean, this
is the stuff of fairy tales. Bullion has never had
such a good year in the modern era, except in
nineteen seventy nine when it went even higher. The point
is that those who bought into the height of that
bubble back then had to cool their heels for decades
(14:41):
before they even broke even so, yet, given the momentum
that gold has, it is likely that you know, five
thousand dollars announced, it's becoming more of a self fulfilling
prophecy for the markets. So it is likely that you'll
see gold pushed through that level next year, perhaps early
next year, at the pace it's galloping, but it's I
want to see it pushing higher from there. The fair
(15:02):
value of gold cattle in based on inflation, central bank purchases,
and the dollar is at around three thousand dollars an ounce,
So the risks reward point investors from here is lopsided
and they should definitely keep in mind what happened in
nineteen seventy nine.
Speaker 7 (15:19):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (15:25):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 7 (15:31):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (15:37):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 7 (15:46):
And I'm Stephen Carroll. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg day Break Europe
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