The team at Morgan Stanley releasing their outlook for 2026, writing We raise our S&P 500 price target to 7800, driven by strong earnings growth. We believe that we're in the midst of a new bull market and earnings cycle, especially for many of the lagging areas. Michael Asset of Morgan Stanley joins me now.Wonderful to see you, Mike. Thanks, Alison. So let's start on the optimism you have and optimistic for quite a while talking about the rotation into the adopters, not just the tech behemoths.Why are you ...

Government Intervention & Policy Changes - The Trump administration is anticipated to announce a plan to address rising health insurance premiums, potentially as early as this week [1][2] - The administration aims to secure the plan by January 30th [1] - Discussions involve the possibility of extending healthcare subsidies, potentially for an additional two years, with income caps and mandatory minimum premiums [4] Healthcare Costs & Accessibility - Healthcare prices are expected to decrease [1] - The White House is prioritizing the affordability and accessibility of healthcare [2] - A key point of contention, potentially leading to government shutdown, was the rising healthcare insurance costs for millions of Americans [2] Potential Policy Actions - President Trump has previously expressed a desire for direct payments to individuals to empower them in making healthcare decisions [3]

I want to start on your discussions with the European Union. We were hearing some noise that it doesn't necessarily include reducing steel and aluminum tariffs from 50% to 15%. Is that off the table for now.Know what we're talking about. Everything is on the table When you have such a great partner as the European Union. They have 450 million people and a $20 trillion economy.So the opportunity is great. They would like to have steel and aluminum as part of this package. And we think it is very, very import ...

Market Trends & Geopolitics - Traders increase bets on a rate cut by the Fed next month [1][48] - Marco Rubio says talks with U S -backed peace plans with Russia could extend past Trump's deadline [1][48] - There is considerable pressure coming through on Ukraine from the United States [9] - European leaders surprised by the 28 point plan on Ukraine that the U S put out [52] - Lithuania has accused Russia of violating its airspace and sabotaging Poland's railway [84] - The U S government accuses the group whose name translates are being led by Venezuelan President Nicolas Maduro [60] Company & Industry Dynamics - BHP backs off from another attempt to take over Anglo American [2][48] - Mining industry will continue to look at opportunities to acquire copper assets [29] - U K 's CEOs are bracing for a Chancellor Rachel Reeves to pop costs on their businesses in the budget [31] - Private credit has fundamentally changed to the structure of credit markets [39] - HSBC is active in lending to SMEs [45] Financial Markets & Investments - S&P futures are up 0 7% in anticipation of a Fed pivot with dovish commentary [2] - Germany's business confidence index at 88 1 versus estimates of 88 5% [3] - Defense stocks have been darling trades [14] - Defense segment of the market trading at 32 times forward 12 month multiple to about 10 for banks [17] - Banks are at the center of the region in the big wave of savers moving into investments, we talk about 14 trillion waiting to be deployed [19] - Gold has been a massive outperformer, up around 50% this year [63] - Alamos Gold CEO sees gold ultimately trading substantially higher than what it is today, potentially reaching $5,000 an ounce by 2026 [69][75]

Good morning. This is Bloomberg Daybreak Europe. I'm Tom Mackenzie in London.These are the stories that set your agenda. US Secretary of State Marco Rubio hails tremendous progress in talks with Ukraine as President Trump pressures the country to strike a controversial deal with Russia. Oil in flux as traders weigh the prospects of a Ukraine Russia peace agreement.Stocks in Asia advance alongside European and US futures as investors increase bets on a Fed rate cuts next month. Plus, BHP backs off the world' ...

Am I going to have another busy week like last week. Can I can I just look forward to Turkey or is it going to be bumpy. We're still very much in a choppy trading environment.Because the headline we talk a lot about the Santa rally into year end, then people get optimistic. But I think what's less appreciated is that there's also a seasonal component to volatility. So you see that it generally tends to decline into the Christmas period and into the summer.Now in theory, that's a positive. I think the issue ...

Market Trends & Funding - UAE property developers are increasingly utilizing diverse funding tools, including Islamic bonds and private credit, to capitalize on the real estate boom [1][2] - Dollar bond and sukuk issuance from UAE property developers has surged 12-fold since 2021, reaching $6 billion [2] - Developers are primarily using these funds to acquire prime land locations, driven by a property price rally of up to 70% since 2019 [2][3] Risk Assessment & Sustainability - A potential "wall of maturities" is building, particularly from new issuers, raising concerns about future repayment capabilities [4] - While fundamentals are considered strong with low leverage and high profit margins (40%+), the sustainability of the boom is questioned due to potential oversupply in the coming years [3][4][6] - Developers are experienced in managing supply and market fluctuations, mitigating immediate concerns about the boom's sustainability [6][7] Investor Landscape - The investor base is expanding, with sukuk attracting different investors than traditional bonds, and some developers exploring IPOs [4][5] - Market is experiencing fatigue from numerous issuers tapping the same markets, potentially leading to more expensive pricing [7]

Geopolitical Tensions - Japan-China tensions are escalating over Taiwan, with China warning against Japanese military intervention [1][3] - China submitted a letter to the UN vowing resolute self-defense if Japan intervenes militarily, while Japan dismisses China's claims as baseless [3] - Japan's defense minister visited Yonaguni Island, near Taiwan, planning missile deployment, a move potentially provoking China [5][6] - China cites an "enemy status clause" to defend itself without UN approval, a claim Japan deems obsolete [4] Diplomatic Stance - Japan is calling for dialogue but dismissing China's claims regarding its position on Taiwan [3] - Prime Minister Takaichi's statement on Taiwan reflects existing Japanese security policy since 2015, not a new stance [8] - Takaichi stated Japan would consider its defense needs if China uses force against Taiwan, but did not explicitly say Japan would militarily intervene [11][12] - The Chinese government requested a retraction of Takaichi's statement, but the chief cabinet secretary refused [10] Domestic Impact - Takaichi's government, despite being a minority, is unlikely to compromise on the Taiwan issue [9] - Public opinion in Japan is showing a positive rebound in approval for Takaichi's handling of the situation, despite initial hesitancy about the use of force [15] - The diplomatic spat may be boosting Takaichi's approval ratings, with polls showing 72% (Yomiuri) and 65% (Mainichi) approval [13] International Relations - Japan aims to defend the existing rules-based order and views China as challenging it [19] - The US-Japan alliance remains strong, with cooperation on economic security priorities like rare earth minerals and next-generation technology [23][24]

Negotiation Progress & Key Issues - The US and Ukrainian sides deemed the talks productive, but concrete details on the evolution of the 28-point plan remain unclear [2][3] - A major point of contention for the Ukrainians is the issue of territory, specifically resistance to ceding additional territory to Russia beyond what it currently controls, despite US proposals [4][5] - Security guarantees for Ukraine are paramount, requiring a clear enforcement mechanism beyond the Budapest Memorandum of 1994, potentially involving military guarantees [6][7][8] Plan Origins & Controversy - The 28-point plan reportedly originated from discussions between Kirill Dmitriev (Russian Sovereign Wealth Fund) and Steve Wyckoff, raising concerns about its pro-Russian bias and awkward translation from Russian to English [10][11] - The plan has sparked controversy and criticism from European leaders like Donald Tusk, who questioned its authorship, and US politicians who condemned it as undermining alliances [12][13][14] - Senator Marco Rubio is attempting to distance himself from the plan, while the US President hopes to finalize it by a fluid Thanksgiving deadline [9][15]

Market Trends & Sentiment - Asian stocks are poised for a positive open, driven by improving sentiment and traders looking past last week's turmoil [1] - Market optimism was spurred by the New York Fed President backing calls for a December rate cut, viewing policy as moderately restrictive [1] - Volatility saw a slight decrease, while the dollar remained flat, influenced by dire Michigan consumer data and anticipation of retail sales data [1] Geopolitics & Policy - Marco Rubio indicated that President Trump's Thursday deadline for a U S -backed Ukraine peace plan is flexible, following officials' meeting in Geneva [1] - Tensions between Japan and China are escalating over Taiwan, with Japan rejecting claims of a shifted position and China vowing resolute self-defense if Japan intervenes militarily [1][5] - The White House stated that Ukraine's concerns have been addressed in peace talks, marking a significant step forward, with continued talks planned for final refinement [3] Company & Industry Specifics - BHP walked away from Anglo American after a fresh bid failed, marking the second time they have changed their mind [1] - U S officials are in early discussions about potentially allowing NVIDIA to sell its chips to China, assessing the impact on market investors [2] - Foxconn plans to increase its U S manufacturing footprint with an additional investment of $15 billion, aiming to meet the needs of AI firms like NVIDIA and OpenAI [20][22] Monetary Policy & Economic Indicators - The market has priced in a two-thirds possibility of a December rate cut, which helped lift U S equities [3] - Four central bank decisions are on the docket in Asia, with the Bank of Korea and Sri Lanka likely to keep rates unchanged [3] - India's third-quarter GDP is expected to slow, dragged down by weaker tax receipts and a slowdown in services [3]