Trump Urges House Vote for Epstein Files Release; Bessent on $2K Tariff Dividend Checks

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 So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens It's smart, calm and to the point And it fits into your morning You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris On Apple, Spotify, YouTube or wherever you get your podcasts

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 with an apparent reversal from President Trump when it comes to the Jeffrey Epstein files. The president posted on social media last night that House Republicans should vote to require the Justice Department to release its documents on the late sex offender. In the president's words, quote, we have nothing to hide and it's time to move on. End quote. It's a shift from a position that had President Trump calling conservative Congresswoman Marjorie Taylor Greene a traitor and a disgrace to the Republican Party.

1:43The most hurtful thing he said, which is absolutely untrue, is he called me a traitor. And that is that is so extremely wrong. And those are the types of words used that can radicalize people against me and put my life in danger. Republican Congresswoman Marjorie Taylor Greene appeared on CNN's State of the Union. House Speaker Mike Johnson had resisted bringing the Epstein files up for a vote until a petition forced his hand. Now he says it shouldn't be an issue for the president. He's not worried about it. I talk to him all the time. He has nothing to do with this. He's frustrated that they're turning it into a political issue.

2:20and it's not surprising because the Democrats have nothing else to talk about. House Speaker Mike Johnson was a guest on Fox News Sunday, heard every Sunday on Bloomberg Radio. The House is set to vote on the Epstein-Files bill tomorrow. Well, Nathan, it could be back to normal today at the airport after more than a week of flight restrictions tied to the government shutdown. The Transportation Department and Federal Aviation Administration are allowing airlines to resume normal operations at 40 major airports as of 6 this morning Wall Street time. Flight cuts had been capped at 3 % through the weekend.

2:52They were supposed to rise as high as 10 % by last Friday before President Trump signed the bill to end the shutdown. FAA Administrator Brian Bedford and Transportation Secretary Sean Duffy says staffing levels at air traffic control have continued to snap back since the government reopened. Well, Karen, Treasury Secretary Scott Bessent says President Trump's proposal to send$2 ,000 dividend payments from tariffs to U.S. citizens would require congressional approval. Bessent was asked by Fox News Sunday Morning Futures anchor Maria Bartiromo whether the president would be sending the payments.

3:26We will see. We need legislation for that. And again, President Trump is all about solutions, Maria. And everything is on the table. Again, that was Treasury Secretary Scott Bessent on Fox's Sunday Morning Futures. President Trump has touted billions of dollars raised in U.S. tariff revenue this year, and he's talked about the checks as public frustration mounts over the cost of living. Let's turn to the markets now, Nathan, where futures are higher. As we kick off the new trading week, investors are awaiting some key earnings reports and the release of long-delayed economic data. This morning, Morgan Stanley raised its 12-month target for the S &P 500.

4:07Strategist Mike Wilson says we're in the midst of a bull market. He's raising his target to 7 ,800, and that's about 16 % above current levels. And the big market event of the week comes Wednesday when NVIDIA's highly anticipated earnings report hits. We get a preview from Bloomberg's John Tucker. NVIDIA's report will be closely scrutinized by investors who are increasingly uneasy over stratospheric AI valuations. And now the chipmaker is widely expected to deliver another earnings beat. Bloomberg Intelligence says demand from operators of massive data centers will more than offset problems NVIDIA is having in China.

4:43But the$4.5 trillion company faces questions about SoftBank's recent exit as a shareholder. It's a move that's further fueled concerns that circular investments across the AI industry are creating a bubble. I'm John Tucker, Bloomberg Radio. All right, John, thank you. It's been a volatile month for Bitcoin investors. Hundreds of billions of dollars have been erased since October. We get more with Bloomberg Markets reporter Valerie Teitel. Bitcoin's reversal from all-time highs on October 6th is really following the broader weakness in tech stocks in the equity market. We know the equity market has not had a good November.

5:20Frankly, it's down some 5 % from all-time highs, at least the Nasdaq is, from late October. But when it comes to Bitcoin, obviously the move has been a lot more pronounced. Not only has it wiped out year-to-date gains, it's also down 25 % since its October 6th peak. So in just a month and a half, it's gone from$125 ,000 to now trading around the$95 ,000 level. It's wiped out$600 billion in market cap in that time. And that's Bloomberg's Valerie Tytel. Looking at Bitcoin this morning, it's higher, up 2.3 % at$95 ,600. And this morning, Karen, investors have new insights into the holdings of the world's biggest stock pickers with the latest 13F disclosures to the Securities and Exchange Commission.

6:04We get more from Bloomberg Financial reporter Charlie Wells. When you look at some of the holdings, some of the increases in those holdings as far as market value, you've got some familiar names kind of coming up as far as growing over that third quarter. So NVIDIA up some$11 billion within the holdings of hedge funds. You've got Alphabet and Apple as well. When you think about losers, there's something interesting that's going on here, too, as well, because it's also tech names. So one of the biggest decliners as far as market value within these hedge fund holdings was Corweave. Bloomberg's Charlie Wells notes Corweave shares are down 55 percent from their all-time high set back in June.

6:43Well, a 13F filing is giving a big boost to Alphabet shares this morning. Nathan, they're up more than 5 percent. And regulatory filings show Warren Buffett's Berkshire Hathaway acquired 17.9 million shares in the Google parent during the third quarter. And Boeing's just gotten a big win. Karen, Emirates is placing another major order for the planemaker's flagship 777X airliner. The deal, which Emirates valued at$38 billion, was announced on the first day of the Dubai Airshow. The purchase cements Emirates' status as the biggest operator of Boeing's largest aircraft.

7:19Time 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. President Donald Trump says the U.S. may be having some discussions with Venezuelan President Nicolas Maduro. It's a potential diplomatic avenue as the U.S. further builds up its military presence near the South American country with the arrival of its most advanced aircraft carrier. The president spoke while leaving Palm Beach last night. We may be discussing, we may be having some discussions with Maduro, and we'll see how that turns out.

7:57They would like to talk. The development comes as the Trump administration has carried out a series of military strikes against vessels suspected of transporting drugs. Meanwhile, the U.S. plans to designate a Venezuelan drug cartel it alleges is led by Maduro as a foreign terrorist organization. New York City Mayor-elect Zoran Mamdani says that he plans to meet with current Mayor Eric Adams. Mamdani spoke to ABC7 as he prepares to assume office January 1st. We will be sitting down when he does, and I had a conversation with him. And what I have to say is, despite the many political disagreements that we have, I am appreciative of the fact that the transition itself is one that is moving forward.

8:41Mamdani says part of the ongoing transition efforts include their hiring process. His office has received more than 50 ,000 applications from all five boroughs since the portal was opened earlier this month. Meanwhile, President Trump plans to meet with Mamdani and said they'll work something out. The New York Mayor's office says Jets cornerback Chris Boyd remains in critical but stable condition after a shooting in midtown Manhattan. The New York Police Department said Boyd was shot early Sunday. There have been no arrests. Boyd hasn't played this season. He's first with the Jets after going on the injured reserve list in August.

9:21Global News, 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Aaron. They played for first place in the NFC West. And the Rams intercepted Sam Donald four times, beat the Seahawks 21-19. L.A.'s won five in a row. Also, a big NFC game last night in Philadelphia. Low-scoring affair. The Eagles beat the Lions 16-9. The Broncos, on a last-play field goal, beat the Chiefs 22-19. Denver's won eight in a row. Kansas City is just 5-5.

9:57Easy win for the Steelers, but an injury to Aaron Rodgers to his left wrist. Initial concern is there's a slight fracture. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. I'm Carol Masser. And I'm Tim Stenevec, inviting you to join us for the Bloomberg Business Week Daily Podcast. Now, every day we are bringing you reporting from the magazine that helps global leaders stay ahead. We've got insight on the people, the companies and trends that are shaping today's complex economy. That's right, Tim. We're all over global business, finance, tech news, all as it is happening in real time.

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11:19Coast 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. He's called it a Democratic hoax and a smear campaign. Now, in what appears to be a major reversal, President Trump says House Republicans should vote to require the Justice Department to release its files on Jeffrey Epstein. It's a vote Republican Congressman Thomas Massey's been pushing for months. I think we could have a deluge of Republicans. There could be a hundred or more. I'm hoping to get a veto-proof majority on this legislation when it comes up for a vote.

11:57Republican Thomas Massey appeared on ABC's This Week, heard Sundays on Bloomberg Radio before the president's social media post on the issue last night. And we're joined this morning by Bloomberg's breaking news editor, Alexander Pearson. Talk about breaking news, Alex. What's behind this apparent reversal from President Trump on the Epstein files? Good morning. Good morning, Nathan. Yeah, that's right. It's quite a surprising turnaround for President Trump, who, since taking office in January, has resisted the release of these Department of Justice files. He has been coming under increased pressure in the last week.

12:33Last week, the House voted for a petition to force this vote that we'll see this week on releasing the files. And that came with a number of Republican lawmakers joining Democrats to vote in favor of that petition, including Representative Massey, but also Representative Majority Taylor Greene. Trump's initial reaction was one of scorn. He publicly denounced Representative Taylor Greene. But then this morning or late last night, he then decided to actually support the measure. and his case is that he has nothing to hide and that they can be released as a result in good conscience. And this is something that the president has said in the past.

13:15Even in the social media post last night, he said that he has nothing to hide before. But could this be an acknowledgment here that there were cracks forming between the president and his base and that he could be trying to shore them up here? I think, yeah, very much so. There's always been this tension on the Epstein story in terms of Trump's resistance to releasing those files and many of his so-called MAGA supporters. And it does appear that this might be an attempt by the administration to control this narrative, not to create too much of a division with that part of the base. It also comes after Trump ordered the Department of Justice to investigate Epstein's ties to other prominent, mainly Democratic officials.

14:05So this does seem to be part of a concerted effort to just try and control the narrative here and not annoy too many of his people in his own space. Yeah, I did want to ask you about that call last week and apparently heated by the Justice Department to investigate Jeffrey Epstein's links to Democrats. Does that continue, that investigation? Yeah, as far as we're aware at the moment, yes, that does continue. The Department of Justice has opened that probe. And that's primarily, I mean, some of the individuals who are being targeted there are former President Bill Clinton, also former Treasury Secretary Larry Summers.

14:44and that will continue as far as we're aware while this process goes on in the House on this motion to release the files that the Department of Justice holds. And that motion is, as we say, set to go up for a vote in the House tomorrow. How are we expecting that vote to go? We just heard from Congressman Massey saying that he's hoping for a veto-proof majority. Does it look like he could get it? That's unclear right now. I mean, in terms of just passing the motion, it just requires a simple majority that would then send it to the Senate. And there it would require at least 60 votes to ensure it could pass.

15:22So in terms of getting a veto-approved majority, that would require more. And at this stage, it's not really clear how many Republicans are willing to shift. Previously, Speaker Johnson was resisting attempts to have this vote in line with Trump's demands. But now that Trump's actually flipped on this issue, there could be enough support for a veto-proof majority, as Representative Massey calls it. Yeah, I was going to say in our last 30 seconds, could there be more pressure on Senate Republicans to go ahead and vote in favor of this now that the president has apparently made that reversal? Yeah, there very well could be.

15:59And so we could actually see this pass through to the point where then it lands on President Trump's desk and he signs it, given his now vocal support for releasing those files. So it very much well could now run through the various stages of Congress and then to Trump's desk unimpeded. 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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