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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
news when you want it. With Bloomberg News Now, I'm Amy Morris. Bitcoin slide continues as traders game out how low it can go. Right now, the cryptocurrency is down more than 9%, around $66,000. Bitcoin is at its lowest level since November of 2024 and is down about 45% from its October high. and a sharp drop for Google's parent company, Alphabet, pulling stocks lower.
Alphabet shares are more than 2% lower after it reported a stronger profit, but also said it would be spending more than expected on AI technology. The week-long sell-off in tech stocks and cryptocurrencies shows no signs of slowing down. Wedbush Securities Managing Director Dan Ives.
I'm hearing from clients I haven't heard from in a decade. They're that... panicked and nervous not to explain some of these sell-offs. This is one. It is a massive, it's a structural sell-off in software that's unlike anything in terms of just core structural that I've ever seen.
Dan Ives with Wedbush Securities on Bloomberg Surveillance. We do check markets for you all day long here at Bloomberg. The S&P 500 down more than 1%. NASDAQ down more than 1.2%. And the Dow is down 1%. The 10-year Treasury yield at 4.2%. The two-year yield at 3.48%.
Anthropic releasing a new version of its AI model, Cloud Opus 4.6, designed to carry out financial research and other work-related functions. The release of Opus 4.6 has caused shares of financial services companies to slump. Companies like FactSet Research Systems and S&P Global are turning sharply lower.
A knockoff version of Novo Nordisk's weight loss pill is already on the market, launched by telehealth firm Hims & Hers Health. Hems will offer its copycat pill starting at $49 for the first month. Novo Nordisk's shares are down nearly 8%.
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Chapter 2: What are the latest trends in Bitcoin's market performance?
Eli Lilly's shares now down nearly 7%. And we did see a big jump in jobless claims last week to 231,000, way over estimates. The number could reflect seasonal adjustment challenges around the weather and the Dr. King holiday. Last month saw the largest number of layoff announcements for January since 2009 at the height of the Great Recession.
Bloomberg's Michael McKee reports more than 108,000 job cut notices went out. That's according to the outplacement firm Challenger, Gray & Christmas.
Who cut the most? Well, transportation was the biggest, and that was largely due to UPS announcing 30,000 job cuts, followed by Amazon and their 16,000. But health care, which is an unusual one to be in this category, was also big.
Bloomberg's Mike McKee says contract loss, economic conditions and restructuring were the top three reasons why companies announced layoffs last month. Jolt's data came in lower than expected, but layoffs were higher than forecast. U.S. job openings fell to the lowest level in more than five years to six and a half million in December. That's the lowest since September of 2020.
Now on Capitol Hill, Democratic Senator Elizabeth Warren says President Trump's choice of Kevin Warsh to lead the Fed is, quote, dangerous. And she says she'll oppose it.
Now he wants to appoint his man who's going to do exactly what he says at the Fed. And that's a takeover. And there are a lot of folks who know just how dangerous that would be, not just for our economy, but for American families who will end up doing the bailouts, paying the higher interest rates.
Later, Warren asked Treasury Secretary Scott Besant if he could guarantee that the president won't sue Warsh if he decides not to lower interest rates.
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Chapter 3: How are tech stocks reacting to AI investments?
Can you commit right here and now? that Trump's Fed nominee, Kevin Warsh, will not be sued, will not be investigated by the Department of Justice if he doesn't cut interest rates exactly the way that Donald Trump wants?
I... That is up to the president. Can you commit that you will not hold up?
I'm sorry, you can't say that he won't be sued if he doesn't drop interest rates?
Besant was in his second day of testimony on Capitol Hill delivering the annual report of the Financial Stability Oversight Council before the Senate Banking Committee. The United States and Russia have agreed to restart high-level military contacts that had been suspended shortly after the invasion of Ukraine.
That agreement came during negotiations in Abu Dhabi aimed at seeking an end to Russia's war. President Trump says the U.S. should work on a new nuclear pact with Russia instead of extending the New START treaty. Trump posted on social media that the U.S. should have nuclear experts working on a new, improved and modernized treaty. The search for Nancy Guthrie continues.
Investigators believe the 84-year-old Guthrie is still out there, but they have not identified any suspects. The FBI and Pima County Sheriff's Office are offering a $50,000 reward for information to bring Guthrie home. Keith Yonke is the FBI special agent in charge. He says they take those ransom notes seriously.
If someone has Nancy and is demanding the ransom, that there is communication with the family. There has been no proof of life, and there was no other demands within that letter. So they're still waiting for communication.
Police say DNA tests showed the blood found on Guthrie's front porch was hers. That's news when you want it with Bloomberg News Now. I'm Amy Morris. This is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
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