December 5, 2024: Trump Adds More Picks to Team, US Jobs Report Preview, More

Published Dec 6, 2024, 4:46 AM

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The news when you want it with Bloomberg News Now, I'm Charlie Pellett. President elect Donald Trump is nominating former Senator David Purdue as the US Ambassador to China, enlisting a former business executive turned politician for one of his most important diplomatic posts. Trump meanwhile also says he is selecting venture capitalist David Sachs of Craft Ventures to serve as his Artificial Intelligence and cryptos are and with more from Hong Kong, here's Bloomberg Zannabelle Droolers.

Crypto is very interesting because this is an area where the US has sort of been reluctant to Yes, they've got sort of the institutional base, and yes they've got a lot of the innovation coming from there, but actually to regulate the space. They haven't really wanted to do that just yet. But now we've actually got a sense of just the priority that this is going to be taking in another appointment. Because Trump has named David Osaks as the White House AI and cryptos are.

Trump is also naming Rodney Scott as US Customs and Border Protection Commissioner. Defense Secretary nominee Pete Hexseth was on Capitol Hill meeting with senators amid controversy surrounding his nomination. He met with South Dakota Republican Senator Mike Rounds and took questions from reporters about support for him from Trump and on the hill.

What a president elect?

Trumpsoaser? He said, he's behind us all the way spoken this morning.

Do you have the botet confirmed?

That's why we're here to meet with senators.

It's been a wonderful process.

There is welcome news for the commuters who use the Port Authority of New York and New Jersey bus terminal. It has finally secured the green light to start its ten billion dollar replacement and expansion of the world's busiest bus terminal. And with more. Here's Bloomberg's Denis Pellegrini.

The Federal Transit Administration announcing the approval following a federally mandated environmental review of the Midtown Manhattan Bus Terminal replacement construction slated to start early next year. The new terminal will replace the existing over seventy year old facility. It'll include a new two point one million square foot main terminal, a separate storage and staging building, and new ramps leading in and out of the Lincoln Tunnel, and this revamp also entails the permanent closure of a portion of forty first Street between eighth and ninth Avenue's a central main entrance, more street facing retail, a soaring multi story indoor atrium, and a new public open space. Denise Pelgriny Bloomberg Radio.

After the close of trading, we heard from Lulu Lemon Athletica and it edged up its full year outlook, showing the upscale active where brand is making progress in fending off upstart competitors and slower growth in consumer spending. Punam Goyal is a Bloomberg Intelligence Senior Analyst for e commerce and ath leisure.

So Lemon have had a tough year in all honesty, and part of that is because of product execution. They had a neutral color pilla earlier this year which didn't resonate with customers. As they've improved execution and really brought the product back to life with their customers who are now seeing it in the results, we're seeing better results. Sales in the quarter grew nine percent, ahead of consensus seven percent in their own expectations, and not only did sales grow, but margins also did better. They had one hundred and fifty basis point increase in gross margin, which was well ahead of expectations. So what this tells me is that they're doing things fright.

Punamgoya ill Love Bloomberg Intelligence. World Financial markets are awaiting the US employment report. A preview from Bloomberg's Vinidell Judae economistter forecasting.

US jobless claims held their historic lows last week. The media and forecast about two hundred and fifteen thousand. Even so, the total number of American workers collecting unemployment benefits is at a three year high, as sign it's taking longer for many defined work. Friday's monthly payroll report Meantime is expected to post a rebound on November, gain topping two hundred thousand. Vinnie Doel Judice, Bloomberg Ray.

US stocks declined from records. The Dow, the SMP, and Nestak all retreated. SMP was down eleven, down two tenths of one percent now industrials down two hundred and forty eight, down five tenths, while Nestak was down two tenths of one percent. And that's news when you want it with Bloomberg News. Now I'm Charlie Pelatan, this is Bloomberg,