spitalnic to explain how the program has changed since last year. the of insurance trust fund is projected to run shortage, 2028 set up last year estimate of 2026 west turned to the bad news. medicare spending is 6 trillion dollars come from general revenues. that $6 trillion is not just lying around somewhere. the federal government s rendering running at a deficit. we are borrowing next medicare will oversee all $400 million of general revenue. medicare will be responsible for borrowing. the program is literally living on borrowed time. you will have been saying this for many years. medicare is not sustainable unless things change. we will need to take action. even more important, this up system needs to find ways to deliver clear care to patients. medicare it s the biggest health insurance program in the country care policies change, it changes how medicare health coverage is delivered through the system. medicare policy is critically important. our longer-te
Anna a very good morning, everybody. This is bloomberg daybreak europe. Lets talk about what is in catalonia and what impact that is happening on the markets. The euro down a little bit. Catalan separatist parties taking back control of the regional parliament. A very bad performance by the peoples party. Night for the local opposition. This doesnt necessarily take us any closer to independence, but the spanish Political Drama into used to unfold. Continues to unfold. We will watch for the yields on catalan bonds. The broader equity picture looks positive. A little bit in the asian session. We had some pretty threatened trading. Friday before christmas, fairly thin trading in the asian market. The 10 year yield is unchanged. Recovery. E treasury a little weakness in the yields. Billion, the strongest demand there since august 2012. Some people in the markets looking to protect their portfolio from inflation and perhaps to dual to do with the tax deal. At bitcoin. Oking it has fallen si
Talking about raising rates, minneapolis president tells bloomberg there is no need to rush another rate rise. Continue to call for 23 hikes this year. They all speak late in the day. Manus less than half an hour away from the cash trade. Very interesting turnaround weve seen this morning. Yesterday the equity down across the board with the exception of the ftse and the u. S. Looking at red arrows. Today we are looking at futures that were read a half hour ago. After so many issues came up yesterday, brexit, greece, the French Elections, i lost to talk lot to talk about. Is theat we are watching euro well bid on the back of what we saw last night and france. We are looking at a oneweek handle. We are trading at the moment. To bid. Certainly i just want to mention what is going on right now. With iron ore. Look at what is happening. Iron or getting back in local that as well. Quite a run and and adjusting trade. Enough chart that shows what is happening with iron ore. The aussie is lack
This is switzerlands number one insurer. Interim ceo guy he has been struggling to turn this around. The reality maybe coming home to roost. Anna they have been trying to equity, and other targets which were apparently thwarted. Guy lets get you the bloomberg first word. Manufacturing pmi has dropped to the lowest level in three years. In atficial reading came 49. 6 in november. Six Central Bank Interest rate cuts in your have not been enough to slow refectory manufacturing. In a historic move, the imf will to its list of reserve currencies. The euro lost the most with the changes. They Australian Dollar held a second day of gains after the reserve bank kept rates unchanged at a record low 2 . Ill ise seventh month makers have left the rates untouched. Morgan stanley is planning to month policyh makers have left the rates untouched. Morgan stanley is playing to cut fixed income jobs. Shares rose on the news. David cameron calling for a vote tomorrow on extending airstrikes into syria.
Report about President Trump. Today sources tell us that the independent Inspector General for the Intelligence Community would not tell lawmakers details about the complaint when he met with them behind closed doors today and we are told tonight that the white house and the Justice Department were involved in that decision and the mystery of this complaint deepens tonight. We are learning that this, quote, credible and urgent complaint involves multiple actions between the president and a foreign leader. Communications that involve President Trump making a promise of some sort. That specific is according to the washington post, so what was that promise and who did trump make it to . Frankly, these are questions that must be answered and yet at this hour trumps people are hiding them from congress which by law says it has the right to see the complaint. This shows how someone is trying to manipulate the system to keep information about an urgent matter from the congress. Someone trying