Bloomberg Morning Briefing Americas

Good morning. Some Wall Street traders had a rough year. Australia outlaws social media for kids. And Starbucks offers a glimpse into a reclusive world. Listen to the day’s top stories.

One high-profile corner of Wall Street is headed for its worst year since the pandemic. Revenue from trading interest rates looks set to fall 17%, and foreign-exchange by 9%, according to an influential report. The US stock market, however, is motoring ahead with the S&P 500 Index set for one of its best years in history. Futures gained this morning ahead of shortened trading day. Watch this video to get all your market insights for the day.

Russian President Vladimir Putin warned of potential strikes on "decision-making centers" in Ukraine’s capital Kyiv with new ballistic missiles that he said could turn the city into dust. As this plays out, Russia’s defense minister is in North Korea to meet with his counterpart, stoking concerns over deepening military cooperation between Pyongyang and Moscow. In the Middle East, Israel and Lebanon accused each other of violating a cease-fire deal that ended over a year of fighting.

Marine Le Pen at the National Assembly in Paris. Photographer: Amaury Cornu/Getty Images

Here’s the latest on France’s political crisis. Far-right leader Marine Le Pen, who holds outsize leverage in the nation’s split parliament, gave Prime Minister Michel Barnier until Monday to accede to her budget demands before she decides whether to topple the government. The standoff has investors spooked, causing them to sell French assets and driving up the country's borrowing costs. Bloomberg Opinion’s Lionel Laurent looks at what’s a stake.

Saudi Arabia-backed LIV Golf is said to be weighing a potential tie-up with Europe’s DP World Tour that may result in a surprise end to enmity that’s plagued the sport. The hope is that the PGA Tour (think Rory McIlroy) can reunite with top golfers who defected (think hole-in-one guy Bryson DeChambeau) for LIV.

Photographer: ArtistGNDphotography/E+

Black Friday is here! And the savviest among us will be using AI tools like ChatGPT to find the best deals, rather than camping out at stores. A survey showed that 44% of likely shoppers plan to use the technology this year to ease the strain. Another stress factor will be travel over the Thanksgiving weekend as bad weather may cause flight delays and dangerous road conditions. Stay safe, and just be aware of what Amazon is doing if you tune into the Raiders-Chiefs game.

Deep Dive: Banning Social Media

Photographer: Matt Cardy/Getty Images

Over to you, Facebook, Instagram, TikTok etc. after Australia passed a law banning kids under 16 from setting up social media accounts.

  • It’s one of the toughest crackdowns yet as governments worldwide are under pressure to stem online bullying and grooming.
  • Tech giants oppose the new law of course, which will take effect in about a year, and risk hefty fines for breaches. Still, it’s unclear how the ban will work.
  • Adding to Big Tech’s problems, Canada’s antitrust regulator is taking Google to court for alleged abuse of dominance in web advertising.

The Big Take

Opinion

ChatGPT is an $8 trillion gift to Big Tech, Parmy Olson and Carolyn Silverman write. Two years in, generative AI’s value to the world is still unclear. But it’s been a bonanza for the largest technology firms.

Before You Go

Photographer: SeongJoon Cho/Bloomberg

Rare glimpse. Starbucks is offering a brew with a view into North Korea’s reclusive life from its new cafe located in an observatory tower in South Korea’s Gimpo city. Coffee aficionados will be able to take a look at normal village life in Gaepung county across the border while they sip their latte.

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