October 7, 2025 • 17 mins
On today's podcast:
1) With the US government shutdown closing in on the one week mark, President Trump showed signs of cracking Monday, sending mixed messages about the state of talks with Democrats on their biggest demand. Trump, who had remained on the sidelines of negotiations for days, on Monday said he was open to negotiating with Democrats over health care subsidies to bring an end to the funding stalemate, at one point suggesting those talks had already begun. The remarks appeared to mark a shift after days of Republicans maintaining they’d only consider a possible extension of Obamacare subsidies after Democrats first passed legislation to fund the government.
2) A federal judge declined to quickly issue a temporary order blocking the Trump administration’s plan to deploy National Guard members to Chicago to counter protests against the US immigration crackdown, while urging the government to delay the controversial plan until she rules. US District Judge April Perry on Monday said she could not rule immediately on a request by Illinois for a two-week halt to the deployment, which would include National Guard troops under federal control from Illinois and Texas. She set a Thursday hearing for arguments.
3) President Trump is pressing Israel and Hamas to secure a settlement to the two-year conflict that’s devastated Gaza and destabilized the Middle East, with the warring sides starting mediated negotiations. A key sign of progress in the talks, taking place in the Egyptian Red Sea resort of Sharm El-Sheikh, will be whether Hamas frees all the roughly 20 of its live hostages — plus the remains of those who are dead — in return for Israel releasing about 2,000 Palestinian prisoners. Indirect discussions between negotiators about preparing the conditions for that exchange got underway on Monday, AlQahera News reported on its X account, citing unidentified individuals. Egyptian and Qatari mediators are working with both sides to establish an appropriate mechanism.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin on day seven of the federal government shutdown.
The Senate has voted for a fifth time on a
stopgap spending bill that would reopen the government until November
twenty first, but would not include the healthcare subsidies that
Democrats are demanding. That bill has failed for a fifth time,
but now President Trump is signaling he's willing to negotiate.
Speaker 4 (00:34):
We have a negotiation going on right now with the
Democrats that could lead to very good things.
Speaker 5 (00:41):
And I'm talking about good things with regard to healthcare.
Speaker 2 (00:43):
The President Trump did not say specifically which Democrats he's
negotiating with. House Minoriti Leader Hakim Jeffrey says it's not him.
Speaker 6 (00:50):
Either Leader Schumer or myself have heard a word from
the administration about resolving this issue, making clear to us
that the White House wanted to shut the government down.
Speaker 2 (01:02):
That's House Minoriti Leader Hakim Jeffries. Later, President Trump posted
on truth Social that he'd be willing to work with Democrats,
but only after they allowed the government to reopen. He's
also suggested layoffs of federal workers could be triggered if
the shutdown continues much longer. Those workers will begin to
miss paychecks this Friday, and the military will start going
without pay on October fifteenth unless the government reopens well Nathan.
Speaker 3 (01:26):
President Trump is facing more pushback over his efforts to
send the National Guard to counter immigration protesters in major cities.
The state of Illinois is suing over the President's plan
to deploy the Guard to Chicago, but a federal judge
is declining to rule right away on the state's request
for a two week haul to the deployment. Illinois Governor J. B.
Prisker says the President's moves are entirely political.
Speaker 7 (01:50):
The Trump administration is following a playbook. Cause chaos, create
fear and confusion, make it seem like peaceful protesters are
a mob by fire, uring gas pellets and tear gas
canisters at them, why to create the pretext for invoking
the Insurrection Act.
Speaker 3 (02:09):
Illinois Governor JB. Pritzker denies the White House's claims that
a local police are not doing enough to protect immigration
and customs enforcement. US Sister Judge April Perry is not
ruling immediately on the state's request for a temporary restraining order,
but she says she's troubled by a lack of clarity
on where troops should be mobilizing and what they'd be doing.
(02:29):
She asked the Trump administration to delay its plans until
she holds a hearing on Thursday.
Speaker 2 (02:35):
Karen, we turned out to the political crisis in France.
President Dmanuel McCraw is giving his outgoing Prime Minister Sebastian
Lecorneo until tomorrow night to negotiate a last ditch deal
to salvage his government. The decision buys mccrawl a little
more time to decide his next steps, and we get
the latest in Paris from Bloomberg Daybreak. Euro banker Stephen Carroll.
Speaker 4 (02:55):
What of twenty four hours at spainber we heard, you know,
a cobnist only announced on Sunday night, for the prime
minister to resign yesterday morning, only to be told no way,
go back and try again. You get an extra forty
eight hours to try and negotiate some sort of compromise
that might eventually lead to a budget Bloomberg.
Speaker 2 (03:15):
Stephen Carroll says President mccorum's options include appointing a new
prime minister, calling a new parliamentary election, or resigning. Opposition
groups are clamoring for a fresh legislative vote.
Speaker 3 (03:26):
Well n than today March, two years since the October seventh,
the checks on Israel Hamas in Israel are continuing. Indirect
negotiations for a second day in Egypt be the very
latest from Bloomberg Middle East correspondent Jumana Burccci.
Speaker 8 (03:40):
There is a degree of optimism that perhaps this is
the diplomatic breakthrough that the families of those hostages have
been waiting for, that Palestinians have been striving for. President
Trump says, I really think we're going to have a deal.
He's personally invested in this, and you can question his motivations,
but what is very clear is the US right now
the administration is very focused on getting a deal across
(04:02):
the line because President jomp seems to think that he's
the only world leader capable of getting two piece in Gaza.
So there is a lot of stake right now. There's
a lot of focus from the international community. Many people
are saying that this is perhaps the last real efforts
and last attempt to get to some form of resolution,
so cautious optim is imprevailing.
Speaker 3 (04:22):
And Bloomberg Middle East correspondent j Mona Brissecci there twelve
hundred people were killed in another two hundred and fifty
were abducted. On the attack on Israel two years ago.
More than sixty seven thousand Palestinians have been killed in
the conflict, according to the AMAS run Health Ministry in
the territory.
Speaker 2 (04:39):
Turning to Wall Street, now Karen futures are lower a
day after stocks closed, it yet another record high. The
S and P five hundred is now gained for seven
straight sessions for its longest winning streak since early May.
Leslie Marx is chief investment Officer for Equities at Mackenzie Investments.
Speaker 9 (04:55):
When you look at the factors that are driving equities,
it's been primarily, of course, price momentum. The things that
are going higher are what people want, of course, but
also earnings momentum has been a top factor, and earnings
momentum is a very strong fundamental that we can really
anchor ourselves on and say that actually, with these companies
reporting strong earnings, we can build comfortable with the higher
(05:18):
valuations that they're trading at today.
Speaker 2 (05:20):
It's Leslie Marcus at mackenzie Investments. The SMP five hundred
rows four tenths of one percent yesterday.
Speaker 3 (05:26):
Well, Nathan, the biggest winner was the Nasdaq one hundred index,
which rose another eight tenths of a percent, leading the
way Advanced micro Devices, which soared almost twenty four percent
after inking a deal with open Ai. AMD will build
out AI infrastructure and a pack that chip maker said
could generate tens of billions of dollars in new revenue.
And we spoke with AMD CEO Lisa Sue.
Speaker 10 (05:49):
Together now we're embarking on a massive buildout of six
gigawatts of AI compute and it's a big deal for us,
for our shareholders, for our teams, and you know the
partnership and the overall AI ecosystem.
Speaker 3 (06:03):
And get the full conversation with AMD CEO Lisa Sue
and Open Ai president Greg Brockman on the Bloomberg Podcast
channel on Youtubell Karen.
Speaker 2 (06:12):
We've also been speaking with Citadel's Ken Griffin. He says
investors are starting to see gold is safer than the dollar.
He says that's something people should be worried about. The
billionaire says it is clear many are now reassessing the greenback.
Speaker 11 (06:27):
As you see sovereigns around the world, the central banks
around the world, as you see individual investors around the
world go, you know what, I now view gold as
a safe harbor asset in a way that the dollar
used to be viewed. That's that's what's really concerning to me.
Speaker 2 (06:45):
Ken Griffin made those comments in an interview with Bloomberg's
Fancy Lacua at the Citadel Securities Conference. That conversation is
also on the Bloomberg Podcast channel on YouTube.
Speaker 3 (06:54):
In company news, Nathan Bloomberg News has learned Tesla plans
to unveil a cheaper version of the Model Y later today.
Sources say the cheaper vehicle will lack certain features and
use less premium materials to offset the loss of the
up to seventy five hundred dollars federal tax credit that
the US stopped offering this month.
Speaker 2 (07:12):
Karen Tesla CEO. Elon Musk has reportedly named a former
Morgan Stanley executive the chief financial officer of his artificial
intelligence startup XAI. The Financial Times is reporting that Anthony
Armstrong will help finance both Xai and Musk's social media
platform x The paper says Armstrong helped Musk complete the
(07:33):
forty four billion dollar acquisition of the former Twitter.
Speaker 5 (07:41):
Time.
Speaker 3 (07:41):
Now for look at some of the other stories making
news in New York and around the world, and for
that we're joined by Bloomberg's Michael Mahr.
Speaker 6 (07:46):
Michael, good morning, Good morning Karen.
Speaker 12 (07:48):
It's the homestretch for the three remaining New York City
mayoral candidates. Front Runner Democratic nominee Zoron Mumdani proposes city
owned grocery stores, fair free buses, free childcare, and a
freeze on rent stabilized apartments. He spoke to ABC seven
about how it will be funded.
Speaker 4 (08:08):
By increasing taxes on the top one percent of New
Yorkers by two percent.
Speaker 3 (08:11):
It is by increasing the state's top corporate tax rate
to match that of New Jersey.
Speaker 12 (08:15):
Meanwhile, former New York Governor Andrew Cuomo, running as an independent,
says if Mamdani wins the election in November, it would
be a gift to President Trump.
Speaker 8 (08:25):
He said, if they elect this person, then I Donald Trump,
I'm going to have to step in take over New
York to protect the good people of New York.
Speaker 12 (08:34):
Cuomo spoke yesterday on ABC's The View Mamdani leads the
field in the polls over Cuomo and Republican Curtis Sliwa
on Bloomberg's Leewa says the polls had been wrong several times.
Speaker 5 (08:45):
Two munch into the Democratic primary, they were preparing the
coronation of Andrew Cuomo as on next MAYA forty points
ahead is Johann Mandani. He lust by thirteen points. I
look at my mentor in this rate, George Bataki on
November second of nineteen ninety four against the better Cuomo Mario.
They had him down by twelve points. He won by
(09:07):
three points.
Speaker 12 (09:08):
Current Mayor Eric Adams dropped out of the race about
a week ago. Former Mayor Michael Bloomberg, founder and majority
owner of Bloomberg News parent Bloomberg Lp, endorsed Cuomo in
the primary and has contributed to a pack supporting his candidacy.
Sean Diddycomb's lawyers want the hip hop mogul sent to
a low security federal prison in New Jersey to serve
(09:31):
his four year prison sentence. They were told a judge
Monday that the facility's drug treatment program will help him
stay clean. The Supreme Court has rejected an appeal from
Glaine Maxwell, the imprisoned ex girlfriend of Jeffrey Epstein. The
Justices declined to take up a case that would have
renewed attention on the Epstein's sexual abuse saget. Lawyers from
(09:54):
Maxwell argued she never should have been tried or convicted
for a role in luring teenage girls be sexually abused
by Epstein. Global News twenty four hours, a date and
whenever you want it with the Bloomberg News Now now
Michael Barrn, this is Bloomberg Karen.
Speaker 3 (10:08):
Thanks Michael, time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
Speaker 13 (10:13):
Thanks Staring. A pair of NLDS game twos. The Dodgers,
with four runs in the seventh inning, held on on
the bottom of the ninth and beat the Phillies four
to three, and they go back to LA with the
two games to none lead. The Brewers hit three home runs,
two of them were three run shots, a seven to
three win over the Cubs. Milwaukee leads the series two zip.
Mother Night football in Jacksonville, Kansas City had a two
touchdown lead, then trailed retook the lead with less than
(10:36):
two minutes ago. Trevor Lawrence slipped and fell getting a snap,
but scored a one yard run with twenty three seconds lap.
The Jags won thirty one twenty eight. That's your Bloomberg
Sports Update.
Speaker 3 (10:46):
Stay with us more from Bloomberg day Break coming up
after this.
Speaker 1 (10:54):
Coast to coast on Bloomberg Radio, nationwide on Serious XM,
and around the world world on Bloomberg dot Com and the
Bloomberg Business Appum. This is Bloomberg Daybreak.
Speaker 2 (11:05):
Good morning, I'm Nathan Hager. Forty eight hours. That is
the window that French President Emanuel mccron has given his
newest Prime Minister, Sebastian Lecornu to salvage his government and
keep their country from going even deeper into a political
crisis that had Lecornu announcing his resignation only yesterday. Joining
us from Paris for the very latest his Bloomberg Daybreak,
(11:27):
Europe Banker Stephen Carroll, Stephen, good morning. It took Prime
Minister Lecorno less than twenty four hours to hand in
his walking papers. Will another forty eight make a difference?
Good morning, Good morning, Nathany.
Speaker 4 (11:40):
I mean, that's the question that everyone in Paris here
is wondering about, and indeed across France, because we are
looking at a situation where the the first of those
meetings that Sebastian Lecorneo was due to hold with the
center right political parties has just finished in the past
few minutes. No news of what was discussed just yet,
but they were trying essentially to rebuild the coalition they
(12:02):
had before it all fell apart yesterday morning and Sebastian
and the Coornu resigned. So that's the first goal they
have to try and get back to where they started from.
But that still doesn't leave them with a sufficient number
of parliamentarians to pass a budget, which is of course
the broader goal. A question that we'll have to try
and answer between now and tomorrow night is whether or
(12:22):
not there's any hope for the original alliance or indeed
an expanded alliance that might actually be able to make
progress on this key point. The optimism is fairly thin
at the moment. I think it's fair to say the
markets so have cammed down a little. We're still looking
at that spread between French and German bonds at over
eighty basis points. That's our critical measure of risk that
we're watching in markets. Markets certainly got a fright when
(12:45):
Sebastian the Coornu resigned yesterday. But things are at least
in a holding pattern for now.
Speaker 2 (12:49):
So what are the options for Lacornu with this clock
ticking down now?
Speaker 4 (12:55):
Well, look, he has to try and make sure, first
of all, the original partners are on board, and we're
talking mostly about the center right Republicans Party led by
the outgoing interim Interior Minister, whatever term he'd like to
apply at the moment, Bruno Rataio. He's not taken part
in that meeting this morning at the Prime Minister's office,
although he has spoken directly to Sebas General Kornu. If
he comes back on board, at least there's some hope
(13:17):
of that coalition holding together. The issue is and was,
whether or not you can convince the center left Socialist
Party to get on board and to help put together
a budget plan, which is what they're all trying to
work towards. If that doesn't happen by tomorrow evening, Emmanuel
Macron has used this expression he will take his responsibilities now.
Plenty of interpretation as to what that might mean, but
(13:38):
it's seen as a sort of veiled threat to these parties,
to that he will hold fresh parliamentary elections if there
isn't an agreement reached. And those centrist parties, according to
the polls, are those that are likely to suffer. From
the center left to the center right, those are the
parties likely to lose out. Voters seem more likely to
go to the extremes, the far left and the far right.
(14:00):
So that is the threat whether if you don't manage
to put together a deal and agree to something now,
is that you could end up in a worse off
position afterwards.
Speaker 2 (14:08):
And it sounds Stephen like that's the kind of threat
that could hurt President Macron himself politically. I mean, we've
talked before about how he's resisted all this time the
idea of resigning himself. But what are the options for
President Macron if there if it comes to the point
that they could be calling a new election.
Speaker 4 (14:28):
Well, look, the same three options are on the table
for him now that have been every time that he's
found himself in this situation, and it's been fairly frequent
over the past two years. He can find a new
Prime Minister or even reappoints abas General Kornu, by the way,
that's still on the table, he can call those parliamentary
elections we talked about, or he could go as far
as resigning. One key development in the conversations this morning
(14:49):
has been the commentary from one of Macron's closest allies,
Eduar Philippoho's's first prime minister when he was elected in
twenty seventeen. Now they've had somewhat of a political separation since,
but have remained close allies. And Edward Philippe said this
morning that Emmanuel Macron should call early presidential elections once
he has passed this budget. That is a big departure
(15:10):
from Edward Philippe's position. It's an indication of how even
Macron's close allies are a bit fed up with them.
The leader of Macron's own party on television last night,
by the way, admitted he didn't understand the decisions that
Emmanuel Macron was making any more. Now you have to
think about this in a broader political context. All of
these political figures and political parties are thinking about the
next presidential election, currently scheduled for twenty twenty seven. They
(15:32):
might want to put a bit of clear blue water
between themselves and Emmanuel Macron to make things easier for
them and to increase their own prospects of election. From
the Elise's point of view, no sign or sound that
Emmanuel Macron's even considering resigning for now. That's been ruled
out by everyone that we've heard of, and the last
time we heard from Emmanuel Macron himself, he's also ruled
it out. But a lot can happen, as we know
(15:54):
in French politics, in a short period of time, and
we're still about thirty six hours away from that deadline
set tomorrow evening.
Speaker 3 (16:02):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (16:09):
Look for us on your podcast feed by six am
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Speaker 3 (16:15):
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Speaker 2 (16:29):
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Speaker 3 (16:35):
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Speaker 2 (16:47):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Day Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin on day seven of the federal government shutdown.
The Senate has voted for a fifth time on a
stopgap spending bill that would reopen the government until November
twenty first, but would not include the healthcare subsidies that
Democrats are demanding. That bill has failed for a fifth time,
but now President Trump is signaling he's willing to negotiate.
Speaker 4 (00:34):
We have a negotiation going on right now with the
Democrats that could lead to very good things.
Speaker 5 (00:41):
And I'm talking about good things with regard to healthcare.
Speaker 2 (00:43):
The President Trump did not say specifically which Democrats he's
negotiating with. House Minoriti Leader Hakim Jeffrey says it's not him.
Speaker 6 (00:50):
Either Leader Schumer or myself have heard a word from
the administration about resolving this issue, making clear to us
that the White House wanted to shut the government down.
Speaker 2 (01:02):
That's House Minoriti Leader Hakim Jeffries. Later, President Trump posted
on truth Social that he'd be willing to work with Democrats,
but only after they allowed the government to reopen. He's
also suggested layoffs of federal workers could be triggered if
the shutdown continues much longer. Those workers will begin to
miss paychecks this Friday, and the military will start going
without pay on October fifteenth unless the government reopens well Nathan.
Speaker 3 (01:26):
President Trump is facing more pushback over his efforts to
send the National Guard to counter immigration protesters in major cities.
The state of Illinois is suing over the President's plan
to deploy the Guard to Chicago, but a federal judge
is declining to rule right away on the state's request
for a two week haul to the deployment. Illinois Governor J. B.
Prisker says the President's moves are entirely political.
Speaker 7 (01:50):
The Trump administration is following a playbook. Cause chaos, create
fear and confusion, make it seem like peaceful protesters are
a mob by fire, uring gas pellets and tear gas
canisters at them, why to create the pretext for invoking
the Insurrection Act.
Speaker 3 (02:09):
Illinois Governor JB. Pritzker denies the White House's claims that
a local police are not doing enough to protect immigration
and customs enforcement. US Sister Judge April Perry is not
ruling immediately on the state's request for a temporary restraining order,
but she says she's troubled by a lack of clarity
on where troops should be mobilizing and what they'd be doing.
(02:29):
She asked the Trump administration to delay its plans until
she holds a hearing on Thursday.
Speaker 2 (02:35):
Karen, we turned out to the political crisis in France.
President Dmanuel McCraw is giving his outgoing Prime Minister Sebastian
Lecorneo until tomorrow night to negotiate a last ditch deal
to salvage his government. The decision buys mccrawl a little
more time to decide his next steps, and we get
the latest in Paris from Bloomberg Daybreak. Euro banker Stephen Carroll.
Speaker 4 (02:55):
What of twenty four hours at spainber we heard, you know,
a cobnist only announced on Sunday night, for the prime
minister to resign yesterday morning, only to be told no way,
go back and try again. You get an extra forty
eight hours to try and negotiate some sort of compromise
that might eventually lead to a budget Bloomberg.
Speaker 2 (03:15):
Stephen Carroll says President mccorum's options include appointing a new
prime minister, calling a new parliamentary election, or resigning. Opposition
groups are clamoring for a fresh legislative vote.
Speaker 3 (03:26):
Well n than today March, two years since the October seventh,
the checks on Israel Hamas in Israel are continuing. Indirect
negotiations for a second day in Egypt be the very
latest from Bloomberg Middle East correspondent Jumana Burccci.
Speaker 8 (03:40):
There is a degree of optimism that perhaps this is
the diplomatic breakthrough that the families of those hostages have
been waiting for, that Palestinians have been striving for. President
Trump says, I really think we're going to have a deal.
He's personally invested in this, and you can question his motivations,
but what is very clear is the US right now
the administration is very focused on getting a deal across
(04:02):
the line because President jomp seems to think that he's
the only world leader capable of getting two piece in Gaza.
So there is a lot of stake right now. There's
a lot of focus from the international community. Many people
are saying that this is perhaps the last real efforts
and last attempt to get to some form of resolution,
so cautious optim is imprevailing.
Speaker 3 (04:22):
And Bloomberg Middle East correspondent j Mona Brissecci there twelve
hundred people were killed in another two hundred and fifty
were abducted. On the attack on Israel two years ago.
More than sixty seven thousand Palestinians have been killed in
the conflict, according to the AMAS run Health Ministry in
the territory.
Speaker 2 (04:39):
Turning to Wall Street, now Karen futures are lower a
day after stocks closed, it yet another record high. The
S and P five hundred is now gained for seven
straight sessions for its longest winning streak since early May.
Leslie Marx is chief investment Officer for Equities at Mackenzie Investments.
Speaker 9 (04:55):
When you look at the factors that are driving equities,
it's been primarily, of course, price momentum. The things that
are going higher are what people want, of course, but
also earnings momentum has been a top factor, and earnings
momentum is a very strong fundamental that we can really
anchor ourselves on and say that actually, with these companies
reporting strong earnings, we can build comfortable with the higher
(05:18):
valuations that they're trading at today.
Speaker 2 (05:20):
It's Leslie Marcus at mackenzie Investments. The SMP five hundred
rows four tenths of one percent yesterday.
Speaker 3 (05:26):
Well, Nathan, the biggest winner was the Nasdaq one hundred index,
which rose another eight tenths of a percent, leading the
way Advanced micro Devices, which soared almost twenty four percent
after inking a deal with open Ai. AMD will build
out AI infrastructure and a pack that chip maker said
could generate tens of billions of dollars in new revenue.
And we spoke with AMD CEO Lisa Sue.
Speaker 10 (05:49):
Together now we're embarking on a massive buildout of six
gigawatts of AI compute and it's a big deal for us,
for our shareholders, for our teams, and you know the
partnership and the overall AI ecosystem.
Speaker 3 (06:03):
And get the full conversation with AMD CEO Lisa Sue
and Open Ai president Greg Brockman on the Bloomberg Podcast
channel on Youtubell Karen.
Speaker 2 (06:12):
We've also been speaking with Citadel's Ken Griffin. He says
investors are starting to see gold is safer than the dollar.
He says that's something people should be worried about. The
billionaire says it is clear many are now reassessing the greenback.
Speaker 11 (06:27):
As you see sovereigns around the world, the central banks
around the world, as you see individual investors around the
world go, you know what, I now view gold as
a safe harbor asset in a way that the dollar
used to be viewed. That's that's what's really concerning to me.
Speaker 2 (06:45):
Ken Griffin made those comments in an interview with Bloomberg's
Fancy Lacua at the Citadel Securities Conference. That conversation is
also on the Bloomberg Podcast channel on YouTube.
Speaker 3 (06:54):
In company news, Nathan Bloomberg News has learned Tesla plans
to unveil a cheaper version of the Model Y later today.
Sources say the cheaper vehicle will lack certain features and
use less premium materials to offset the loss of the
up to seventy five hundred dollars federal tax credit that
the US stopped offering this month.
Speaker 2 (07:12):
Karen Tesla CEO. Elon Musk has reportedly named a former
Morgan Stanley executive the chief financial officer of his artificial
intelligence startup XAI. The Financial Times is reporting that Anthony
Armstrong will help finance both Xai and Musk's social media
platform x The paper says Armstrong helped Musk complete the
(07:33):
forty four billion dollar acquisition of the former Twitter.
Speaker 5 (07:41):
Time.
Speaker 3 (07:41):
Now for look at some of the other stories making
news in New York and around the world, and for
that we're joined by Bloomberg's Michael Mahr.
Speaker 6 (07:46):
Michael, good morning, Good morning Karen.
Speaker 12 (07:48):
It's the homestretch for the three remaining New York City
mayoral candidates. Front Runner Democratic nominee Zoron Mumdani proposes city
owned grocery stores, fair free buses, free childcare, and a
freeze on rent stabilized apartments. He spoke to ABC seven
about how it will be funded.
Speaker 4 (08:08):
By increasing taxes on the top one percent of New
Yorkers by two percent.
Speaker 3 (08:11):
It is by increasing the state's top corporate tax rate
to match that of New Jersey.
Speaker 12 (08:15):
Meanwhile, former New York Governor Andrew Cuomo, running as an independent,
says if Mamdani wins the election in November, it would
be a gift to President Trump.
Speaker 8 (08:25):
He said, if they elect this person, then I Donald Trump,
I'm going to have to step in take over New
York to protect the good people of New York.
Speaker 12 (08:34):
Cuomo spoke yesterday on ABC's The View Mamdani leads the
field in the polls over Cuomo and Republican Curtis Sliwa
on Bloomberg's Leewa says the polls had been wrong several times.
Speaker 5 (08:45):
Two munch into the Democratic primary, they were preparing the
coronation of Andrew Cuomo as on next MAYA forty points
ahead is Johann Mandani. He lust by thirteen points. I
look at my mentor in this rate, George Bataki on
November second of nineteen ninety four against the better Cuomo Mario.
They had him down by twelve points. He won by
(09:07):
three points.
Speaker 12 (09:08):
Current Mayor Eric Adams dropped out of the race about
a week ago. Former Mayor Michael Bloomberg, founder and majority
owner of Bloomberg News parent Bloomberg Lp, endorsed Cuomo in
the primary and has contributed to a pack supporting his candidacy.
Sean Diddycomb's lawyers want the hip hop mogul sent to
a low security federal prison in New Jersey to serve
(09:31):
his four year prison sentence. They were told a judge
Monday that the facility's drug treatment program will help him
stay clean. The Supreme Court has rejected an appeal from
Glaine Maxwell, the imprisoned ex girlfriend of Jeffrey Epstein. The
Justices declined to take up a case that would have
renewed attention on the Epstein's sexual abuse saget. Lawyers from
(09:54):
Maxwell argued she never should have been tried or convicted
for a role in luring teenage girls be sexually abused
by Epstein. Global News twenty four hours, a date and
whenever you want it with the Bloomberg News Now now
Michael Barrn, this is Bloomberg Karen.
Speaker 3 (10:08):
Thanks Michael, time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
Speaker 13 (10:13):
Thanks Staring. A pair of NLDS game twos. The Dodgers,
with four runs in the seventh inning, held on on
the bottom of the ninth and beat the Phillies four
to three, and they go back to LA with the
two games to none lead. The Brewers hit three home runs,
two of them were three run shots, a seven to
three win over the Cubs. Milwaukee leads the series two zip.
Mother Night football in Jacksonville, Kansas City had a two
touchdown lead, then trailed retook the lead with less than
(10:36):
two minutes ago. Trevor Lawrence slipped and fell getting a snap,
but scored a one yard run with twenty three seconds lap.
The Jags won thirty one twenty eight. That's your Bloomberg
Sports Update.
Speaker 3 (10:46):
Stay with us more from Bloomberg day Break coming up
after this.
Speaker 1 (10:54):
Coast to coast on Bloomberg Radio, nationwide on Serious XM,
and around the world world on Bloomberg dot Com and the
Bloomberg Business Appum. This is Bloomberg Daybreak.
Speaker 2 (11:05):
Good morning, I'm Nathan Hager. Forty eight hours. That is
the window that French President Emanuel mccron has given his
newest Prime Minister, Sebastian Lecornu to salvage his government and
keep their country from going even deeper into a political
crisis that had Lecornu announcing his resignation only yesterday. Joining
us from Paris for the very latest his Bloomberg Daybreak,
(11:27):
Europe Banker Stephen Carroll, Stephen, good morning. It took Prime
Minister Lecorno less than twenty four hours to hand in
his walking papers. Will another forty eight make a difference?
Good morning, Good morning, Nathany.
Speaker 4 (11:40):
I mean, that's the question that everyone in Paris here
is wondering about, and indeed across France, because we are
looking at a situation where the the first of those
meetings that Sebastian Lecorneo was due to hold with the
center right political parties has just finished in the past
few minutes. No news of what was discussed just yet,
but they were trying essentially to rebuild the coalition they
(12:02):
had before it all fell apart yesterday morning and Sebastian
and the Coornu resigned. So that's the first goal they
have to try and get back to where they started from.
But that still doesn't leave them with a sufficient number
of parliamentarians to pass a budget, which is of course
the broader goal. A question that we'll have to try
and answer between now and tomorrow night is whether or
(12:22):
not there's any hope for the original alliance or indeed
an expanded alliance that might actually be able to make
progress on this key point. The optimism is fairly thin
at the moment. I think it's fair to say the
markets so have cammed down a little. We're still looking
at that spread between French and German bonds at over
eighty basis points. That's our critical measure of risk that
we're watching in markets. Markets certainly got a fright when
(12:45):
Sebastian the Coornu resigned yesterday. But things are at least
in a holding pattern for now.
Speaker 2 (12:49):
So what are the options for Lacornu with this clock
ticking down now?
Speaker 4 (12:55):
Well, look, he has to try and make sure, first
of all, the original partners are on board, and we're
talking mostly about the center right Republicans Party led by
the outgoing interim Interior Minister, whatever term he'd like to
apply at the moment, Bruno Rataio. He's not taken part
in that meeting this morning at the Prime Minister's office,
although he has spoken directly to Sebas General Kornu. If
he comes back on board, at least there's some hope
(13:17):
of that coalition holding together. The issue is and was,
whether or not you can convince the center left Socialist
Party to get on board and to help put together
a budget plan, which is what they're all trying to
work towards. If that doesn't happen by tomorrow evening, Emmanuel
Macron has used this expression he will take his responsibilities now.
Plenty of interpretation as to what that might mean, but
(13:38):
it's seen as a sort of veiled threat to these parties,
to that he will hold fresh parliamentary elections if there
isn't an agreement reached. And those centrist parties, according to
the polls, are those that are likely to suffer. From
the center left to the center right, those are the
parties likely to lose out. Voters seem more likely to
go to the extremes, the far left and the far right.
(14:00):
So that is the threat whether if you don't manage
to put together a deal and agree to something now,
is that you could end up in a worse off
position afterwards.
Speaker 2 (14:08):
And it sounds Stephen like that's the kind of threat
that could hurt President Macron himself politically. I mean, we've
talked before about how he's resisted all this time the
idea of resigning himself. But what are the options for
President Macron if there if it comes to the point
that they could be calling a new election.
Speaker 4 (14:28):
Well, look, the same three options are on the table
for him now that have been every time that he's
found himself in this situation, and it's been fairly frequent
over the past two years. He can find a new
Prime Minister or even reappoints abas General Kornu, by the way,
that's still on the table, he can call those parliamentary
elections we talked about, or he could go as far
as resigning. One key development in the conversations this morning
(14:49):
has been the commentary from one of Macron's closest allies,
Eduar Philippoho's's first prime minister when he was elected in
twenty seventeen. Now they've had somewhat of a political separation since,
but have remained close allies. And Edward Philippe said this
morning that Emmanuel Macron should call early presidential elections once
he has passed this budget. That is a big departure
(15:10):
from Edward Philippe's position. It's an indication of how even
Macron's close allies are a bit fed up with them.
The leader of Macron's own party on television last night,
by the way, admitted he didn't understand the decisions that
Emmanuel Macron was making any more. Now you have to
think about this in a broader political context. All of
these political figures and political parties are thinking about the
next presidential election, currently scheduled for twenty twenty seven. They
(15:32):
might want to put a bit of clear blue water
between themselves and Emmanuel Macron to make things easier for
them and to increase their own prospects of election. From
the Elise's point of view, no sign or sound that
Emmanuel Macron's even considering resigning for now. That's been ruled
out by everyone that we've heard of, and the last
time we heard from Emmanuel Macron himself, he's also ruled
it out. But a lot can happen, as we know
(15:54):
in French politics, in a short period of time, and
we're still about thirty six hours away from that deadline
set tomorrow evening.
Speaker 3 (16:02):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (16:09):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (16:15):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 2 (16:29):
Plus listen coast to coast on the Bloomberg Business app
Now with Apple CarPlay and Android Atto interfaces.
Speaker 3 (16:35):
And don't forget to subscribe. To Bloomberg News Now. It's
the latest news, whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
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Speaker 2 (16:47):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Day Bray
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