On today's podcast:

1) Intel Plunges After Forecast Casts Doubt on Comeback Bid

2) Apple Overhauls App Store and iPhone Features to Appease EU

3) US Extends Lead Over China in Race for World’s Biggest Economy 

On today's podcast:
1) Intel Plunges After Forecast Casts Doubt on Comeback Bid
2) Apple Overhauls App Store and iPhone Features to Appease EU
3) US Extends Lead Over China in Race for World’s Biggest Economy

Listen for today's top stories, with context, in just 15 minutes. Get informed from Bloomberg's 3,000 journalists and analysts.

Listen for today's top stories, with context, in just 15 minutes. Get informed from Bloomberg's 3,000 journalists and analysts.

Bloomberg Daybreak: US Edition

Intel Shares Plunge; Apple Overhaul in the EU

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/76b981d5-2167-4659-9439-b10300abb55f/transcript

On today's podcast:
1) Kevin Hassett may not have the ability to deliver the rapid pace of interest rate cuts President Trump would like, even if he is approved as the next Federal Reserve Chair, said Gregory Peters, co-chief investment officer at PGIM Fixed Income. Peters made the remarks amid rising talk that Hassett, the White House National Economic Council Director, may ease monetary policy aggressively to please Trump if he is picked to run the Fed. But the PGIM fund manager suggested that — since Fed rate decisions are ultimately decided by committee — Hassett won’t have the power to deliver on his own. Peters’ remarks were in response to a Financial Times report that bond investors, including those on the borrowing advisory committee, have voiced concerns to the US Treasury about Hassett’s potential appointment as the Fed chief.
2) President Trump’s aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser — in addition to his current job — should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter. Tapping Bessent to lead the White House’s National Economic Council would allow him to consolidate oversight of Trump’s economic policies if Hassett — the current NEC director — becomes the next leader of the US central bank, an announcement Trump has hinted at in recent days. If Bessent is also named to the NEC, he would become the chief arbiter of the administration’s economic portfolio spanning the purview of both the Treasury Department and White House. It would also give Bessent a West Wing office, granting him even more physical proximity to the president.
3) The Pentagon watchdog concluded that Defense Secretary Pete Hegseth risked endangering American troops and the US mission against Houthi rebels in Yemen when he shared attack plans on the Signal messaging app, a person familiar with the matter said. The acting Pentagon inspector general’s classified report, delivered to a Senate committee yesterday, said Hegseth violated government policies by using his personal phone and Signal to transmit the information, which was marked “Secret.” The person describing the contents of the report asked not to be identified discussing private information.

On today's podcast: 1) Kevin Hassett may not have the ability to deliver the rapid pace of interest rate cuts President Trump would like, even if he is approved as the next Federal Reserve Chair, said&nbsp;Gregory Peters, co-chief investment officer at PGIM Fixed Income. Peters made the remarks amid rising talk that Hassett, the White House National Economic Council Director, may ease monetary policy aggressively to please Trump if he is picked to run the Fed. But the PGIM fund manager suggested that &mdash; since Fed rate decisions are ultimately decided by committee &mdash; Hassett won&rsquo;t have the power to deliver on his own. Peters&rsquo; remarks were in response to a Financial Times report that bond investors, including those on the borrowing advisory committee, have voiced concerns to the US Treasury about Hassett&rsquo;s potential appointment as the Fed chief. 2) President Trump&rsquo;s aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser &mdash; in addition to his current job &mdash; should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter. Tapping Bessent to lead the White House&rsquo;s National Economic Council would allow him to consolidate oversight of Trump&rsquo;s economic policies if Hassett &mdash; the current NEC director &mdash; becomes the next leader of the US central bank, an announcement Trump has hinted at in recent days. If Bessent is also named to the NEC, he would become the chief arbiter of the administration&rsquo;s economic portfolio spanning the purview of both the Treasury Department and White House. It would also give Bessent a West Wing office, granting him even more physical proximity to the president. 3) The Pentagon watchdog concluded that Defense Secretary&nbsp;Pete Hegseth&nbsp;risked endangering American troops and the US mission against Houthi rebels in Yemen when he shared attack plans on the Signal messaging app, a person familiar with the matter said. The acting Pentagon inspector general&rsquo;s classified report, delivered to a Senate committee yesterday, said Hegseth violated government policies by using his personal phone and Signal to transmit the information, which was marked &ldquo;Secret.&rdquo; The person describing the contents of the report asked not to be identified discussing private information.

Market Doubts Hassett Can Deliver in Fed; Bessent Under Discussion to Also Lead NEC

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/e40c800c-9927-4978-85f9-b3a900afcc04/transcript

On today's podcast:
1) The Kremlin said Vladimir Putin held “very useful” talks with US envoys Steve Witkoff and Jared Kushner though the sides failed to reach agreement on a plan to end Russia’s war in Ukraine. The negotiations lasting almost five hours were “constructive and very informative,” though “a compromise hasn’t been reached yet” on the critical issue of territorial control, Kremlin foreign policy aide Yuri Ushakov told reporters in Moscow. A possible meeting between Putin and President Trump “will depend on what progress is being made,” Ushakov added.
2) Republicans averted an upset in a Tennessee-based US House race Tuesday, a relief to President Trump and his congressional allies. Matt Van Epps, the Trump-backed Republican candidate, was projected to win by the AP, NBC News and Decision Desk HQ, an election analysis website. Trump praised the GOP victory in a social media post and Van Epps declared victory. Yet even in victory, voters in a district Trump won overwhelmingly just over a year ago swung away from Republicans, the latest data point in a trend that is raising alarm about the GOP’s prospects in next year’s midterm elections, as Van Epps’ victory came about only after Republicans surged resources and expended political capital in a strident GOP district that would typically be considered safe.
3) President Trump said he plans to announce his selection to lead the Federal Reserve in early 2026 and teased National Economic Council Director Kevin Hassett as his possible choice on Tuesday, fueling further speculation about the next leader of the US central bank. Hassett is seen as the likely choice to succeed Powell, people familiar with the matter told Bloomberg News last week, and Trump nodded to that position at a separate event shortly after the Cabinet meeting on Tuesday. Trump’s comments offer a clearer timeline for the announcement. Treasury Secretary Scott Bessent, who has been overseeing the selection process, previously said the pick could be revealed around Christmas.

On today's podcast: 1) The Kremlin said&nbsp;Vladimir Putin&nbsp;held &ldquo;very useful&rdquo; talks with US envoys&nbsp;Steve Witkoff&nbsp;and&nbsp;Jared Kushner&nbsp;though the sides failed to reach agreement on a plan to end Russia&rsquo;s war in Ukraine. The negotiations lasting almost five hours were &ldquo;constructive and very informative,&rdquo; though &ldquo;a compromise hasn&rsquo;t been reached yet&rdquo; on the critical issue of territorial control, Kremlin foreign policy aide&nbsp;Yuri Ushakov&nbsp;told reporters in Moscow.&nbsp;A possible meeting between Putin and President Trump &ldquo;will depend on what progress is being made,&rdquo; Ushakov added. 2) Republicans averted an upset in a Tennessee-based US House race Tuesday, a relief to President Trump and his congressional allies. Matt Van Epps, the Trump-backed Republican candidate, was projected to win by the AP, NBC News and Decision Desk HQ, an election analysis website. Trump praised the GOP victory in a social media post and Van Epps declared victory. Yet even in victory, voters in a district Trump won overwhelmingly just over a year ago swung away from Republicans, the latest data point in a trend that is raising alarm about the GOP&rsquo;s prospects in next year&rsquo;s midterm elections, as Van Epps&rsquo; victory came about only after Republicans surged resources and expended political capital in a strident GOP district that would typically be considered safe. 3) President&nbsp;Trump&nbsp;said he plans to announce his selection to lead the Federal Reserve in early 2026 and teased National Economic Council Director&nbsp;Kevin Hassett&nbsp;as his possible choice on Tuesday, fueling further speculation about the next leader of the US central bank. Hassett is seen as the likely choice to succeed Powell, people familiar with the matter told Bloomberg News last week, and Trump nodded to that position at a separate event shortly after the Cabinet meeting on Tuesday. Trump&rsquo;s comments offer a clearer timeline for the announcement. Treasury Secretary Scott Bessent, who has been overseeing the selection process, previously said the pick could be revealed around Christmas.

Kremlin Calls Russia-US Talks Constructive; Trump Sees Fed Chair Pick 'Early Next Year'

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5ec88905-d8cc-4199-9ac2-b3a800abcb21/transcript

On today's podcast:
1) US envoy Steve Witkoff is traveling to Moscow to meet with President Vladimir Putin, who claimed a key Ukrainian city had fallen to Russia on the eve of talks about a potential peace plan to end his war. Putin said Russian troops had taken the city of Pokrovsk in Ukraine’s eastern Donetsk region in a video announcement posted late Monday by the Kremlin, an advance that would be Russia’s most significant on the battlefield in nearly two years. Ukraine’s Military Staff spokesman Bohdan Senyk denied its forces had lost the city in a message early Tuesday. Bloomberg isn’t able to independently verify the claims of either side. Witkoff is due to hold talks with Putin on Tuesday on the latest proposals for ending Russia’s full-scale invasion of Ukraine following negotiations between US and Ukrainian officials in Florida. Amid fears in Europe that the plan risks rewarding Russian aggression by forcing Kyiv into a deal, Ukrainian President Volodymyr Zelenskiy said the latest version “looks better” during a visit to Paris on Monday to meet with French counterpart Emmanuel Macron.
2) The White House defended the Pentagon’s handling of a September attack on an alleged drug-running boat and denied that Defense Secretary Pete Hegseth had given an order to kill everyone on the vessel, rebutting a report that had led to allegations of possible war crimes. White House spokeswoman Karoline Leavitt confirmed there were two strikes on the vessel in the Sept. 2 attack but stressed the actions were lawful amid a deadly domestic opioid crisis in the US. The comments signaled Trump continues to support Hegseth, who came under fresh scrutiny after the Washington Post reported Friday that he ordered the attack and demanded that those strikes kill everyone on board. That report led to accusations that the US military was committing war crimes in the waters off the coast of South America.
3) Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff. Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks. The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year. The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October as President Trump whipsawed markets with threats of higher tariffs, data compiled by tracker Coinglass show. That was just days after Bitcoin set an all-time high of $126,251.

On today's podcast: 1)&nbsp;US envoy Steve Witkoff is traveling to Moscow to meet with President Vladimir Putin, who claimed a key Ukrainian city had fallen to Russia on the eve of talks about a potential peace plan to end his war. Putin said Russian troops had taken the city of Pokrovsk in Ukraine&rsquo;s eastern Donetsk region in a video announcement posted late Monday by the Kremlin, an advance that would be Russia&rsquo;s most significant on the battlefield in nearly two years. Ukraine&rsquo;s Military Staff spokesman Bohdan Senyk denied its forces had lost the city in a message early Tuesday. Bloomberg isn&rsquo;t able to independently verify the claims of either side. Witkoff is due to hold talks with Putin on Tuesday on the latest proposals for ending Russia&rsquo;s full-scale invasion of Ukraine following negotiations between US and Ukrainian officials in Florida. Amid fears in Europe that the plan risks rewarding Russian aggression by forcing Kyiv into a deal, Ukrainian President Volodymyr Zelenskiy said the latest version &ldquo;looks better&rdquo; during a visit to Paris on Monday to meet with French counterpart Emmanuel Macron. 2) The White House defended the Pentagon&rsquo;s handling of a September attack on an alleged drug-running boat and denied that Defense Secretary Pete Hegseth had given an order to kill everyone on the vessel, rebutting a report that had led to allegations of possible war crimes. White House spokeswoman Karoline Leavitt confirmed there were two strikes on the vessel in the Sept. 2 attack but stressed the actions were lawful amid a deadly domestic opioid crisis in the US. The comments signaled Trump continues to support Hegseth, who came under fresh scrutiny after the Washington Post reported Friday that he ordered the attack and demanded that those strikes kill everyone on board. That report led to accusations that the US military was committing war crimes in the waters off the coast of South America. 3) Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff. Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks. The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year. The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October as President Trump whipsawed markets with threats of higher tariffs, data compiled by tracker Coinglass show. That was just days after Bitcoin set an all-time high of $126,251.

US Envoy Witkoff Heads to Moscow; White House Defends 'Second Strike'

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/26298d1b-a20a-4fd2-92d6-b3a700abaeb7/transcript

Intel Shares Plunge; Apple Overhaul in the EU

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