ICE Minneapolis Shooting Sparks Anger; US Seizes Two More Tankers in Venezuela Campaign

0:00Hello, I'm Stephen Carroll. I'm in Brussels where many of Europe's biggest decisions get made. And I'm Caroline Hepker in London with the hosts of the Bloomberg Daybreak Europe podcast. We're up early every weekday keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now. And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break.

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1:02Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin this morning in Minneapolis. That's where an immigration and customs enforcement officer fatally shot a woman during a confrontation. Bloomberg's John Tucker joins us with the latest. John. And Nathan, the shooting caught on video and shared widely on social media happened during what federal officials describe as a targeted operation. It shows a Honda Pilot blocking part of the road as two federal agents approached. As one of them tried to open the door, the SUV backed up slightly.

1:42A third agent then appeared in front of the vehicle and fired at the driver as it began to turn and move forward. Homeland Security Secretary Kristi Noem calls it self-defense and domestic terrorism. The ICE officer fearing for his life and the other officers around him and the safety of the public fired defensive shots. He used his training to save his own life and that of his colleagues. The claim of self-defense drew this response from Minneapolis Mayor Jacob Fry. That is... Get the... out of Minneapolis. We do not want you here. The driver was shot in the head. She's identified as 37-year-old Renee Good.

2:18Minnesota Governor Tim Walz places the blame squarely at the feet of the Trump administration. It's governing by reality TV. And today that recklessness costs someone their life. President Trump described the video as a horrible thing to watch. He accused the woman driving the car of resisting and claimed she violently, willfully, and viciously ran over the ICE officer. Within hours, the Minneapolis killing ignited protests as far away as New York City. In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. We want to get the latest now on Venezuela. Mayla, oil traders and refiners are rushing to position after President Trump said the U.S.

2:55will take control of up to 50 million barrels of Venezuelan oil. In an interview with The New York Times, the president said only time will tell how long the U.S. will maintain oversight of the country. But when pressed, he said it could be much longer than a year. Bloomberg's Rosalind Matheson reports the U.S. may be aiming to control Venezuelan oil exports indefinitely. They would hold the proceeds in Treasury accounts, which means that creditors can't really get their hands on that money, at least for some time. The impact on the market remains to be seen. I mean, Venezuelan oil is not a key one in the market at the moment, a market that's already very well supplied.

3:34I mean, Donald Trump is talking about up to 15 million barrels of oil being available. That seems quite optimistic, given that Venezuela is only really pumping at the most one million barrels a day. And Bloomberg's Roz Matheson reports President Trump plans to meet with U.S. oil executives at the White House in the coming days. And staying with foreign policy, Karen, Bloomberg News has learned U.S. officials are rushing to come up with options for business deals and other ways to step up links to Greenland. President Trump has long said he wants the territory for security reasons. Secretary of State Marco Rubio says he plans to meet with Danish officials next week.

4:10That's always been the president's intent from the very beginning. He said it very early on. I mean, this is not new. He talked about it in his first term. Secretary of State Marco Rubio spoke with reporters on Capitol Hill. European leaders have said a U.S. takeover of Greenland would be a major violation of NATO. Nathan, when it comes to military strategy, President Trump is calling for a huge boost in defense spending from$1 trillion to$1.5 trillion a year. At the same time, he's demanding that major defense contractors end stock buybacks and dividends and cap executive pay at$5 million a year until they spend more on weapons development.

4:45The president made the demands in a series of social media posts and later followed them up with an executive order. Palmer Luckey is the founder of defense technology company Anderrill and says he does not have a problem with it. If I am getting paid by taxpayers, they should have the ability to elect people, elect representatives, elect who will then nominate people who can hold me to account in any way they wish. If they want to say that I only pay myself$5 million until I'm caught up with my schedules, they should be allowed to do that. And Palmer Luckey tells Bloomberg he only pays himself$100 ,000 a year.

5:18Now, shares in legacy defense contractors took a hit after the president's moves. But this morning, they're bouncing back. And Northrop Grumman, it's up 7.5 % this morning. Lockheed Martin, it's up 7.5 % as well. And RTX is up nearly 5%. Karen, the White House is reportedly drafting an executive order on affordability. That's according to a report from Politico. After President Trump posted on social media, he will immediately take action to ban large institutional investors from buying more single-family homes. Then he'll ask Congress to codify that. Bloomberg Intelligence real estate analyst Jeffrey Langbaum explains how this impacts Wall Street.

5:55If at the end of the day, these companies that largely grow by buying new rental homes, if they're prohibited from doing that, that takes away a big part of their growth engine. And then, you know, it raises the question of whether there's a viable business model there if the government is anti-institutional ownership of rental homes. Bloomberg Intelligence Analyst Jeffrey Langbaum, the president's post, sent the S &P 1500 home building index down 2.6 percent. Well, Nathan, on Capitol Hill, swing district Republicans divide party leaders to join Democrats in advancing legislation to revive expired Obamacare subsidies for three years.

6:33The procedural vote tees up floor consideration of a clean three-year subsidy extension later this week, which is expected to achieve similar levels of support. House passage would increase pressure on the White House and Senate lawmakers to reach a bipartisan deal to revive the enhanced tax credits that lowered out-of-pocket premiums. Turning to markets, Karen, futures are lower once again after a mostly down day on Wall Street, following a strong start to the equity markets in 2026. Cameron Dawson is chief investment officer at New Edge Wealth. We think that we'll have volatility along the way, but that there's still room for the markets to press higher.

7:08Key point is that in the fourth year of the bull market, we've had 23 bull markets that have been three years over the last 50 years, 50, 60 years or so. And the conclusion is about 50 % of the time, they're able to get to that fourth year of positive returns. So we have a 50-50 chance of being able to deliver positive returns in 2026. New Edge Wealth's Cameron Dawson says the next big event for the market is tomorrow when the Labor Department releases the December jobs report. In company news, Nathan, NVIDIA shares getting a bit of a boost in early trading. Bloomberg News has learned China plans to approve some imports of NVIDIA's H200 chips as soon as this quarter.

7:48And we get more with Bloomberg's Valerie Teitel. Definitely good news for NVIDIA to return to the Chinese market would be a big turnaround of events. China is the world's largest market for semiconductors. NVIDIA used to have a market share of 95%, but now because of these export restrictions, it has a market share that is closer to zero these days. Bloomberg's Valerie Teitel says Chinese officials are preparing to allow local companies to buy chips from NVIDIA for select commercial use, and shares of NVIDIA, they're up about a third of a percent this morning.

8:24Time now for a 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 Barr. Michael, good morning. Good morning, Karen. Nick Reiner, who is charged with killing his parents Rob and Michelle Reiner, appeared in a Los Angeles courtroom to be arraigned. However, Reiner's high-profile attorney, Alan Jackson, was granted a request to be removed from the case. Jackson offered no explanation as to why, but says he withdrew from the case due to circumstances beyond Nick Reiner's control. Jackson says, though, he remains committed to Nick's best interest.

8:58And you can take this to the bank. Is it pursuant to the laws of this state, pursuant to the law in California, Nick Reiner is not guilty of murder. Print that. Print that. Reiner has now been appointed a public defender. Police in Utah say two people were killed and several injured in a shooting outside a church in Salt Lake City. People were attending a funeral inside at the time. The shooting took place in the parking lot of a meeting house of the Church of Jesus Christ of Latter-day Saints. Salt Lake City Mayor Erin Mendenhall. This should never have happened. This should never have happened outside a place of worship.

9:43It should not have happened at a celebration of life. that was occurring inside of the church. Mayor Mendenhall says they are still searching for the shooter. NASA is considering ending a mission on board the International Space Station early after an astronaut suffered a medical emergency. The space agency said it could curtail the Crew-11 mission in a rare move, which involved astronauts from the U.S., Japan, and Russia. NASA postponed today's spacewalk in light of the emerging health concern. Global news, 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, Karen.

10:22Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. A trade in the NBA. Trey Young was the top player for the Atlanta Hawks for seven and a half seasons. The Hawks have traded Young to the Washington Wizards for C.J. McCollum and Corey Crispert. A baseball trade. The Marlins have traded starting pitcher Edward Cabrera to the Cubs for three prospects. College football playoff semifinals tonight in Phoenix. It's Miami against Ole Miss. The Hurricanes coming off the upset of defending champion Ohio State. Ole Miss has two playoff wins since.

10:55It's coach Lane Kiffin left for LSU. That's the Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. As markets move and headlines break, what matters most is context. A Bloomberg subscription gives you unmatched reporting, sharp analysis, and powerful tools that help you connect the dots. Visit Bloomberg.com slash podcast offer to learn more. Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The U.S. strategy for Venezuela may be starting to take shape.

11:40now that President Trump has said the U.S. will sell up to 50 million barrels of sanctioned Venezuelan crude. Here's Secretary of State Marco Rubio. We have tremendous control and leverage over what those interim authorities are doing and are able to do. But obviously this will be a process of transition. In the end, it will be up to the Venezuelan people to transform their country. That was Secretary of State Marco Rubio speaking after a briefing with lawmakers on Capitol Hill. This morning, we're joined by Bloomberg D.C. breaking news editor Alexander Pearson. And of course, Alex, we haven't just heard from Secretary of State Rubio.

12:12President Trump gave a pretty wide ranging interview to The New York Times saying only time will tell how long the U.S. will maintain control of Venezuela. That points to a pretty big challenge ahead, doesn't it? Good morning. Yes. Good morning, Nathan. Yeah, that's right. So we've heard not just from Trump, but also from his energy energy secretary that this could be a very, very long operation involving Venezuela and specifically the selling of Venezuelan oil. And that really has to do with the fact that it's going to take a long time to actually get a lot of the productive capacity in Venezuela back online.

12:49US companies, if they go in there, they're going to have to invest a lot of money. It's going to take a lot of time. And so they very much seem to be signaling that they're aware of this and that, you know, in the words of actually the Energy Secretary, Chris Wright, it could even be indefinite in terms of how long they are involved in the selling of Venezuela's exports on oil. So this raises a lot of questions, whether the interim Venezuelan government is really in cooperation with the U.S. and whether U.S. oil companies are willing to go in at this point when the situation on the ground in Venezuela may be pretty uncertain.

13:25Yeah, exactly. That's also a big question for these companies. Venezuela has not been a great prospect in terms of investments for many decades. and even now with the removal of President Maduro, his allies are still in office. The country is still in a very uncertain political environment. It's not clear where it's going to go, when the next elections are going to happen. And for the US oil majors who potentially want to go in, and certainly Trump wants them to go in, they will want reassurances from the US that an investment that's going to take place over 10, 20, 30 years is going to be protected, is going to be safe.

14:06And that certainly seems to be will probably be on the agenda tomorrow when President Trump meets with oil executives at the White House. And while the situation in Venezuela continues to unfold, we've gotten some pretty interesting comments from President Trump when it comes to his vision for the military, calling for a massive increase in defense spending while at the same time warning major defense contractors not to do stock buybacks and limit executive pay. How does Square all that, Alex? Yeah, it's been interesting in terms of his announcements, certainly on the stock market. There's been some whiplash.

14:41So initially, Trump was very critical of the major U.S. defense contractors saying they spent too much on dividends, buybacks, on executive pay, and was calling for essentially bans and caps on those. And that sent stock prices down. And then he followed up shortly thereafter saying he wanted a massive expansion on defense spending. So increasing it from just under a trillion right now to$1.5 trillion in 2027. That's obviously a huge increase on what is already a very high amount of spending on defense. The U.S. spends far more than any other country on defense. And that then caused all these stock prices to increase because obviously these companies are set to get a large windfall from that.

15:25But it is very much mixed messaging. And certainly investors and these companies will be looking at what the next steps will be, particularly on his criticisms and on this executive order that is attempting to curtail some of their decision making with regards to their shareholders. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121.

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