WEBVTT - Bloomberg Daybreak: September 19, 2022 - Hour 1 (Radio) 0:00:02.680 --> 0:00:05.360 Live from the Bloomberg Interact at Burgers Studio hosts is 0:00:05.400 --> 0:00:09.880 Bloomberg day Break for Monday, September two. Coming up the Shower, 0:00:10.200 --> 0:00:13.280 a last goodbye. Britain prepares for the funeral of Queen 0:00:13.320 --> 0:00:17.000 Elizabeth the second. We are live in London with special coverage. 0:00:17.120 --> 0:00:20.120 President Biden said US forces would defend Taiwan if there 0:00:20.160 --> 0:00:23.079 was an unprecedented attack, and the Fed Bank of England 0:00:23.079 --> 0:00:25.959 and Bank of Japan all make rate decisions this week. 0:00:26.160 --> 0:00:28.760 The U in General Assembly is back in New York City, 0:00:28.800 --> 0:00:31.680 plus all of Puerto Rico was without power after Hurricane 0:00:31.680 --> 0:00:33.959 For you want to crash the shore, I'm Michael bar 0:00:34.159 --> 0:00:36.920 More Ahead, I'm John Stashower. Big day in New York. 0:00:36.960 --> 0:00:40.160 Sports wins for the Jets, Giants, Mets, and Yankees. Aaron 0:00:40.280 --> 0:00:43.880 Judge Omber twice to reach fifty nine. That's all straight 0:00:43.880 --> 0:00:47.519 Ahead on Bloomberg day Break on Bloomberg eleven three on 0:00:47.640 --> 0:00:52.040 New York, Bloomberg one, Washington, d C, Bloomberg one oh 0:00:52.080 --> 0:00:56.800 six one, Boston, Bloomberg nine sixty, Francisco, Syrius x M 0:00:56.880 --> 0:01:00.040 one nineteen and around the world on Bloomberg, rady O 0:01:00.200 --> 0:01:08.440 dot com and via the Bloomberg Business Act. Good morning. 0:01:08.480 --> 0:01:11.560 I'm Nathan Hagar and I'm Karen. Moscow and US Dock 0:01:11.600 --> 0:01:14.440 Index futures are lower this morning. We're coming up to 0:01:14.520 --> 0:01:16.200 five oh one on Wall Street, and we check the 0:01:16.200 --> 0:01:19.399 markets every fifteen minutes throughout the trading day. On Bloomberg 0:01:19.480 --> 0:01:21.640 right now, S and P futures are down thirty two 0:01:21.680 --> 0:01:25.440 points down, futures down two hundred forty, NASDAG futures down 0:01:25.440 --> 0:01:28.200 one hundred sixteen. We are waiting for treasuries to begin 0:01:28.280 --> 0:01:30.800 trading today as markets in Japan and London are closed 0:01:30.800 --> 0:01:33.560 for holidays. NIMEX screwed oil is down one and a 0:01:33.560 --> 0:01:35.760 half percent at a dollar twenty five at eighty three 0:01:35.760 --> 0:01:38.759 dollars eighty six cents of barrel comes. Gold is down 0:01:38.800 --> 0:01:41.199 three quarters of a percent, or twelve dollars forty cents 0:01:41.200 --> 0:01:44.679 at sixteen seventy one. Ten announced the euro point nine 0:01:44.800 --> 0:01:48.520 nine seven seven against the dollar. Nathan, Karen, We'll have 0:01:48.600 --> 0:01:50.600 more on the markets in a minute, but we begin 0:01:50.720 --> 0:01:54.120 this morning with the UK bidding farewell to its longest 0:01:54.160 --> 0:01:57.120 serving monarch. Leaders from around the world today are gathered 0:01:57.160 --> 0:01:59.960 in London for the funeral of Queen Elizabeth the Second 0:02:00.320 --> 0:02:04.120 Bloomberg's leanne Garn's is outside Westminster Abbey and brings us 0:02:04.200 --> 0:02:07.720 the very latest. Global leaders and dignitaries are gathering in 0:02:07.800 --> 0:02:11.120 London for the state funeral of Queen Elizabeth the Second. 0:02:11.480 --> 0:02:15.680 Around two thousand people will attend the service at Westminster Abbey, 0:02:15.960 --> 0:02:20.160 including Prince George and Princess Charlotte, who will walk alongside 0:02:20.200 --> 0:02:23.639 the Prince and Princess of Wales. The funeral will mark 0:02:23.680 --> 0:02:26.640 the end of ten days of National Morning, during which 0:02:26.720 --> 0:02:30.440 hundreds of thousands of people killed. To see Queen Elizabeth 0:02:30.560 --> 0:02:34.160 lying in state at Westminster Hall, the service will include 0:02:34.200 --> 0:02:37.519 a reading from the Prime Minister List Trust, the hymn 0:02:37.760 --> 0:02:41.760 Lord's My Shepherd, and the Archbishop of Canterbury, Justin Welby, 0:02:41.800 --> 0:02:44.800 will give the sermon. On Sunday night, the UK held 0:02:44.840 --> 0:02:47.640 a moment of silence for the only monarch most of 0:02:47.720 --> 0:02:50.560 us have known. Her seventy year reign began with the 0:02:50.680 --> 0:02:54.160 UK's recovery after World War Two and ended with the 0:02:54.200 --> 0:02:58.280 appointment of her fifteenth Prime Minister. Queen Elizabeth the Second 0:02:58.360 --> 0:03:01.560 ascended to the throne in nine teen fifty two and 0:03:01.639 --> 0:03:05.800 died at the age of nineties six in Westminster Abbey. 0:03:05.880 --> 0:03:09.720 I'm Leanne Geren's Bloomberg Daybreak. Leanne, thank you, and we 0:03:09.800 --> 0:03:12.760 will be live from Westminster Abbey throughout the morning here 0:03:12.800 --> 0:03:15.800 on Bloomberg Daybreak. Join us for live coverage of the 0:03:15.840 --> 0:03:18.440 Queen's funeral coming up less than an hour from now, 0:03:18.800 --> 0:03:22.120 Well Nathan. President Biden is among the dignitaries at today's 0:03:22.160 --> 0:03:25.120 state funeral. But before he left for London, the President 0:03:25.160 --> 0:03:28.680 gave a wide ranging interview to CBS IS sixty minutes. 0:03:28.960 --> 0:03:32.639 He addressed recent tensions with China over Taiwan. There's a 0:03:32.720 --> 0:03:35.839 one China policy that Taiwan makes their own judgments about 0:03:35.880 --> 0:03:39.720 their independence. We are not moving, We're not encouraging or 0:03:39.800 --> 0:03:43.800 being independent. We're not That's their decisions. But would US 0:03:43.840 --> 0:03:46.840 forces defend the iowant, Yes, if in fact there was 0:03:46.840 --> 0:03:50.960 an unprecedented attack. The President also says the pandemic is over, 0:03:51.080 --> 0:03:54.800 while warning the US still faces problems with COVID. Correspondent 0:03:54.840 --> 0:03:58.520 Scott Pelley also confronted the President about inflation. That's the 0:03:58.600 --> 0:04:02.720 highest inflation rate, Mr President, in forty years. I got that. Well, 0:04:02.840 --> 0:04:05.600 guess what we are. We're in a position where, for 0:04:05.640 --> 0:04:08.320 the last several months it has its spiked and has 0:04:08.400 --> 0:04:12.600 just barely has been basically even. President Biden also called 0:04:12.600 --> 0:04:15.960 it totally irresponsible for a former president Trump to keep 0:04:16.000 --> 0:04:19.400 classified documents at his home in Florida and said he'll 0:04:19.440 --> 0:04:22.479 decide after the mid terms whether he'll run for re election. 0:04:22.800 --> 0:04:26.080 Our listeners in Washington can hear sixty minutes every Sunday 0:04:26.160 --> 0:04:30.279 night at ten on Bloomberg. Turning to markets now, Karen, 0:04:30.400 --> 0:04:32.919 US futures are lower once again as we begin a 0:04:32.920 --> 0:04:35.640 new trading week, the SMP five hundreds coming off a 0:04:35.640 --> 0:04:38.720 loss of almost five percent last week, while two year 0:04:38.760 --> 0:04:41.839 treasury yields into the day at three point eight seven percent. 0:04:42.160 --> 0:04:44.880 Brian Railing is head of Global fixed income Strategy at 0:04:44.880 --> 0:04:47.960 Wells Fargo Investment Institute. Yeah, well, the pick tinker market 0:04:48.000 --> 0:04:50.840 has been giving alarm bells here since June with the 0:04:50.920 --> 0:04:55.960 yield curve and verden And you know that inversion maintains itself. 0:04:56.120 --> 0:04:58.520 Um uh. You know if you look at just two 0:04:58.600 --> 0:05:01.400 to tens almost forty based these points inverted there, so 0:05:02.040 --> 0:05:04.839 um it's saying that rough times head for the economy. 0:05:05.000 --> 0:05:08.240 Wells fargoes Brian Railing thinks the Fed will eventually win 0:05:08.320 --> 0:05:12.200 its fight against inflation. Well Nathan. We're also seeing weakness 0:05:12.279 --> 0:05:15.479 this morning in Asia. Chinese stocks listed in Hong Kong 0:05:15.560 --> 0:05:19.240 are in a bear market territory. Beijing's COVID zero strategy 0:05:19.279 --> 0:05:23.040 and a property market slump are dampening sentiment. Losses for 0:05:23.080 --> 0:05:26.840 the hang sing China Enterprises Index have now reached a 0:05:26.920 --> 0:05:29.720 level that marks the start of a bear market. Well. 0:05:29.720 --> 0:05:31.800 The direction of markets this week, Karen may well be 0:05:31.880 --> 0:05:35.400 determined by some key policy decisions around the world. The 0:05:35.400 --> 0:05:38.280 FED leads the parade. In the coming days, we get 0:05:38.279 --> 0:05:42.479 a preview from Bloomberg Economics correspondent Michael McKee. Interest rates 0:05:42.600 --> 0:05:45.320 lead the news this week, with twelve central banks set 0:05:45.360 --> 0:05:48.240 to change policy on Wednesday and Thursday. The FED, the 0:05:48.240 --> 0:05:51.039 Bank of England, and the Swiss National Bank are the biggest, 0:05:51.080 --> 0:05:53.240 and the most market attention will be on the FED. 0:05:53.440 --> 0:05:56.200 US policymakers are forecast to raise the U S benchmark 0:05:56.240 --> 0:05:59.719 interest rate by three quarters percentage point to arrange between 0:05:59.800 --> 0:06:02.200 three and three and a quarter percent. In the UK, 0:06:02.400 --> 0:06:05.280 forecasters think the bank will raise that nation's base rate 0:06:05.320 --> 0:06:07.800 by half a percent to two and a quarter percent, 0:06:07.880 --> 0:06:10.359 but still rising inflation has some bedding. The b o 0:06:10.400 --> 0:06:13.479 E will raise by three quarters Switzerland is forecast to 0:06:13.520 --> 0:06:16.920 see it's benchmark turn positive, rising to half a percent 0:06:17.000 --> 0:06:19.599 from a negative quarter percent. Back In the US, the 0:06:19.640 --> 0:06:22.560 week is light on economic data, with housing starts on 0:06:22.600 --> 0:06:26.279 Tuesday and jobless claims Thursday the major numbers. Michael McKee 0:06:26.320 --> 0:06:29.520 Bloomberg Daybreak Right, Mike, thank you. The White House, of course, 0:06:29.520 --> 0:06:32.359 will be closely watching this week's fan decision, and economic 0:06:32.400 --> 0:06:36.400 advisor Jared Bernstein says, even though inflation is uncomfortably high, 0:06:36.720 --> 0:06:39.359 the fan has helped to cool the housing market. We 0:06:39.440 --> 0:06:42.000 know that the federal reserves in a hiking cycle to 0:06:42.040 --> 0:06:45.039 try to dampen those inflationary pressures as they should be. 0:06:45.320 --> 0:06:48.520 We know that's cooling off an overheated housing market. And 0:06:48.560 --> 0:06:51.640 White House Economic advisor Jared Bernstein made the comments on 0:06:51.680 --> 0:06:55.119 Funk's News Sunday. Catch the program every week on Bloomberg Radio. 0:06:55.480 --> 0:06:59.159 The prospect of higher interestrates is affecting cryptocurrencies. This morning, 0:06:59.200 --> 0:07:01.599 Bitcoin is on the verge of sinking to its lowest 0:07:01.640 --> 0:07:05.320 level since Right now, bitcoins trading at about eighteen thousand, 0:07:05.520 --> 0:07:09.479 four hundred thirty dollars SMP futures are down thirty points down. 0:07:09.480 --> 0:07:12.880 Futures down two twenty six and NASTAC futures are lower 0:07:12.920 --> 0:07:15.840 by a hundred seven points. Straight ahead, your latest local 0:07:15.880 --> 0:07:23.200 headlines and a check of sports. This is Bloomberg and 0:07:23.240 --> 0:07:25.239 it's five oh seven on Wall Street where it's seventy 0:07:25.240 --> 0:07:28.240 one degrees in Central Park. We've got an accident investigation 0:07:28.360 --> 0:07:31.720 close to the northbound Connecticut Turnpike between Eggsits eight and nine. 0:07:32.120 --> 0:07:34.960 Details coming up in traffic. First, Michael Barr with what 0:07:35.040 --> 0:07:37.360 else is going on in New York and around the world. 0:07:37.360 --> 0:07:40.440 Good morning, Michael, Good morning Nathan. The United Nations General 0:07:40.440 --> 0:07:44.360 Assembly is back in Manhattan and sense COVID restrictions have ease. 0:07:44.480 --> 0:07:48.000 It will mean the return of gridlock alerts. According to 0:07:48.040 --> 0:07:51.040 the NYPD, will be the largest UN General Assembly in 0:07:51.120 --> 0:07:54.320 recent years, as the city will welcome about a hundred 0:07:54.360 --> 0:07:57.600 forty heads of state. The police say that there is 0:07:57.640 --> 0:08:01.320 no threat. However, thousands of officers will be on you 0:08:01.440 --> 0:08:06.440 in patrol this weekend. More buses dumped migrants in northern cities. 0:08:06.520 --> 0:08:10.280 Buses that arrived un announced, sent mostly by the Texas governor. 0:08:10.680 --> 0:08:13.560 More busses of migrants and asylum seekers arrived in New 0:08:13.640 --> 0:08:17.080 York City. Mayor Eric Adams is begging four heads up 0:08:17.120 --> 0:08:20.480 and to work with Texas Governor Greg Abbott well sending them, 0:08:20.480 --> 0:08:23.720 sending them on a forty five hour ride without any 0:08:23.760 --> 0:08:27.520 proper food, water, or medical care. We reached out and 0:08:27.600 --> 0:08:31.160 stated that let's coordinate and broke together so we can 0:08:31.200 --> 0:08:33.679 deal with this crisis together. They refused to do so. 0:08:34.200 --> 0:08:36.800 Adam spoke on ABC's This Week, which can be heard 0:08:36.800 --> 0:08:40.840 Sundays on Bloomberg. Meanwhile, Republican Florida governing around the Santis 0:08:40.840 --> 0:08:44.720 slam the number of migrants crossing the southern border, praising 0:08:44.800 --> 0:08:49.000 flying fifty migrants from Texas unannounced to Martha's Vineyard and 0:08:49.120 --> 0:08:53.560 dropping them in the sanctuary jurisdiction. They said they're a 0:08:53.640 --> 0:08:58.880 sanctuary city. They say that nobody, no human being, is illegal. 0:08:59.080 --> 0:09:03.000 Everyone's well. Governor de Santis traveled to Green Bay, Wisconsin 0:09:03.080 --> 0:09:07.000 yesterday to stump for Republicans and tight election races. Beyond 0:09:07.040 --> 0:09:11.120 Martha's Vineyard, migrants are also being sent to Chicago and Washington, 0:09:11.200 --> 0:09:14.199 d C. Hurricane Fiona is bearing down on the Dominican 0:09:14.240 --> 0:09:17.720 Republic after knocking out the power grid and unleashing floods 0:09:17.760 --> 0:09:20.520 and landslides in Puerto Rico, where the governor said the 0:09:20.600 --> 0:09:25.040 damage was kintastrophic. Governor Pedro Pier Lucy says, although Fiona 0:09:25.120 --> 0:09:29.000 is nowhere near as fierce as twenty seventeen Hurricane Maria, 0:09:29.080 --> 0:09:32.960 which cured literally three thousand people there, the islands emergency 0:09:33.000 --> 0:09:36.800 response units are taking no chances. We're much in a 0:09:36.880 --> 0:09:40.800 much better position than we were five years ago. The 0:09:40.880 --> 0:09:44.840 storm is forecast unleashed torrential rain across Puerto Rico today, 0:09:44.880 --> 0:09:48.560 according to Governor Perlucy, a new NBC poll shows President 0:09:48.559 --> 0:09:50.959 Biden's approval rating is at forty five percent. That's the 0:09:51.000 --> 0:09:54.320 highest sense October Global News twenty four hours a day 0:09:54.360 --> 0:09:57.200 on air and on Bloomberg Quicktake Power by more than 0:09:57.280 --> 0:10:00.000 twenty seven hundred journalists analysts more than a hundred twenty counts. 0:10:00.000 --> 0:10:03.360 He's Michael barn This is Bloomberg, Nathan. Thank you, Michael. 0:10:08.120 --> 0:10:09.920 Coming up to five ten on Wall Street time for 0:10:09.960 --> 0:10:13.240 the Bloomberg Sports Up Day. Good Morning, John Stash Hourday Morning, Nathan. 0:10:13.240 --> 0:10:15.480 A day in New York sports unlike any since two 0:10:15.480 --> 0:10:19.040 thousand nine. The Jets, Giants, Mets, and Yankees all one. 0:10:19.200 --> 0:10:22.360 None more surprisingly than the Jets. They lost thirteen in 0:10:22.360 --> 0:10:25.040 a row. In September. They trailed in Cleveland by thirteen 0:10:25.080 --> 0:10:27.760 with less than two minutes to play. Suddenly a Joe 0:10:27.800 --> 0:10:30.760 Flacco sixty six yard touchdown pass to Corey Davis, a 0:10:30.840 --> 0:10:33.520 recovery but on side kick in a game winning TV 0:10:33.960 --> 0:10:36.680 twenty five seconds to go good Jets down by six. 0:10:37.480 --> 0:10:41.000 Clacom takes the shotguns, stop and drop. What's up? The 0:10:41.040 --> 0:10:48.400 Sea fives touchdown God Louison's US, but Jets to a 0:10:48.600 --> 0:10:52.800 point after a whey but taking the league esp seven 0:10:52.880 --> 0:10:55.439 Jets thirty one, Browns thirty Giants or two and oh. 0:10:55.480 --> 0:10:57.760 Graham Gonna kicked four field goals, the last was fifty 0:10:57.800 --> 0:11:00.320 six yards three. It happenutes to go. Giants beat Airline 0:11:00.320 --> 0:11:02.440 that met Life nineteen to sixty and the only other 0:11:02.679 --> 0:11:05.640 two and oh teams or Tampa Bay Miami in Kansas 0:11:05.679 --> 0:11:08.679 City last night, Green Baby Chicago big injury yesterday, Forts 0:11:08.720 --> 0:11:10.920 quarterback Trade Lands heard his ankle done for the year, 0:11:11.320 --> 0:11:13.920 so Jimmy Garoppolo, who the Niners decided to keep as 0:11:13.920 --> 0:11:16.800 a backup, gets his old job back. Yankees able to 0:11:16.840 --> 0:11:19.400 salvage one in Milwaukee. They trailed early, but one twelve 0:11:19.480 --> 0:11:21.760 to eight. They hit five home runs. Anthony Rizzo and 0:11:21.760 --> 0:11:24.080 his return to the lineup Aaron Hicks rookie is Waldo 0:11:24.160 --> 0:11:28.040 Cabrera and yes two more for Aaron Jodge solo shot 0:11:28.040 --> 0:11:30.240 to right field and the third inning solo shot to 0:11:30.360 --> 0:11:33.920 left and the seventh He's at fifty nine homers sixteen 0:11:34.040 --> 0:11:37.520 games left, Judge only two away from tying Roger Marrits. 0:11:37.520 --> 0:11:39.880 Mats finished four games weep with the Privates seven to three. 0:11:39.920 --> 0:11:43.800 The Mets used four pitchers. They combined for twenty strikeouts 0:11:43.840 --> 0:11:47.600 that ties the single game MLB record. John Stashward Bloomberg 0:11:47.600 --> 0:11:50.400 Sports Nathan, Thank you John. Right now, SMP futures are 0:11:50.400 --> 0:11:52.920 down thirty points down, futures down two D twenty eight 0:11:52.920 --> 0:11:55.520 and NASTAC futures are lower by a hundred seven points. 0:11:55.800 --> 0:11:58.800 US treasuries trading is on hold for holidays in Japan 0:11:59.000 --> 0:12:01.760 and in the UK. Had the state funeral the Queen 0:12:01.760 --> 0:12:08.480 Elizabeth the second. This is Bloomberg Bloomberg eleven three oh weather. 0:12:08.559 --> 0:12:12.080 Increasing clouds today, some showers and thundershowers developing this afternoon. 0:12:12.120 --> 0:12:14.199 Highs in the upper in the mid eighties, will be 0:12:14.240 --> 0:12:17.360 in the low eighties under sunshine tomorrow and Wednesday. Right 0:12:17.360 --> 0:12:25.480 now in Central Park Markets, headlines and breaking news twenty 0:12:25.480 --> 0:12:28.320 four hours a day at Bloomberg dot Com, the Bloomberg 0:12:28.360 --> 0:12:31.920 Business Out and at Bloomberg Quicktake. This is a Bloomberg 0:12:32.000 --> 0:12:41.480 Business Flash and I'm Karen Moscow. And stocks are lower 0:12:41.520 --> 0:12:44.800 and a conscious start to the day as investors away 0:12:44.800 --> 0:12:47.160 a slew of interest rate decisions in the days ahead 0:12:47.200 --> 0:12:50.240 and after global equities notched their worst week since hitting 0:12:50.280 --> 0:12:53.000 this year's low in June. And we checked the markets 0:12:53.040 --> 0:12:56.000 every fifteen minutes throughout the trading day on Bloomberg. Right now, 0:12:56.080 --> 0:12:59.520 futures are lower, SNP futures down thirty four points down, 0:12:59.600 --> 0:13:02.480 futures down two hundred fifty six, and NASDACK futures down 0:13:02.480 --> 0:13:05.560 one hundred eighteen. The decks in Germany's down six tents 0:13:05.559 --> 0:13:08.800 of upper cent. We're waiting for treasuries to begin trading 0:13:08.840 --> 0:13:11.439 today as markets in Japan and London are closed. The 0:13:11.559 --> 0:13:13.679 nime X screwed oils down one and a half percent 0:13:13.720 --> 0:13:16.200 on a dollar thirty one and eighty three dollars eighty 0:13:16.280 --> 0:13:18.720 cents of Barrel Comic School down seven tenths per cent 0:13:18.840 --> 0:13:21.760 or eleven dollars twenty cents at sixteen seventy two thirty 0:13:21.760 --> 0:13:25.280 announced the euro point seven six against the dollar the 0:13:25.400 --> 0:13:28.679 end one forty three point four five. I'm looking at bitcoin. 0:13:28.720 --> 0:13:31.520 It's down amost seven percent. It's at eighteen thousand, four 0:13:31.600 --> 0:13:34.480 hundred dollars. And that's a Bloomberg business flash. Now here's 0:13:34.480 --> 0:13:37.320 Michael Barr with more on what's going on around the world. Michael, 0:13:37.400 --> 0:13:40.080 thank you very much, Karen. Today is the state funeral 0:13:40.160 --> 0:13:44.040 for Queen Elizabeth A second millions will say a final goodbye. 0:13:44.200 --> 0:13:46.880 President Blight and First Lady are in London for the funeral, 0:13:46.920 --> 0:13:50.400 and of course you'll hear the funeral live on Bloomberg 0:13:50.440 --> 0:13:54.040 starting around six am. All of Puerto Rico is without 0:13:54.040 --> 0:13:57.760 power after Hurricane Fiona crass shore Sunday. The storm hit 0:13:57.800 --> 0:14:00.840 the island as a Category one hurricane. In the NFL, 0:14:00.880 --> 0:14:03.880 the Giants and Jets won. The Patriots and forty Niners 0:14:03.960 --> 0:14:07.840 were also winners. The Ravens lost. Baseball, the Yankees beat 0:14:07.880 --> 0:14:10.640 the Brewers twelve eight. Aaron Judge, who is fifty eighth 0:14:10.679 --> 0:14:13.280 and fifty ninth home runs of the season to move 0:14:13.320 --> 0:14:16.560 within in two of Roger Meras is American League record. 0:14:16.840 --> 0:14:19.600 The Mats one, along with the Orioles. The Nationals, A's 0:14:19.680 --> 0:14:23.080 and Giants lost. Global News twenty four hours a day 0:14:23.160 --> 0:14:26.200 on air and on Bloomberg Quicktake, powered by more than 0:14:26.280 --> 0:14:28.800 twenty seven hundred journalists and analysts more than a hundred 0:14:28.800 --> 0:14:32.080 twenty countries. I'm Michael Barr and this is Bloomberg, Nathan. 0:14:32.240 --> 0:14:34.960 Thank you, Michael. It is five nineteen on Wall Street 0:14:35.280 --> 0:14:39.040 ten nineteen in London, live from the Bloomberg Interactive Broker Studios. 0:14:39.120 --> 0:14:42.960 This is Bloomberg Daybreak and this morning the dignitaries are arriving, 0:14:43.000 --> 0:14:46.800 including leaders from around the world, for the culmination of 0:14:46.960 --> 0:14:50.359 more than a week of official morning for Queen Elizabeth. 0:14:50.480 --> 0:14:53.560 This second, let's go live to Westminster Abbey ahead of 0:14:53.600 --> 0:14:57.880 the Queen's state funeral. Bloomberg's Leanne Garon's is there with 0:14:58.120 --> 0:15:02.440 the very latest LeeAnne. Just an incredible scene we're watching 0:15:02.480 --> 0:15:05.000 along with you. Can you sort of set it for 0:15:05.080 --> 0:15:08.560 us and what we're expecting when this state funeral begins 0:15:08.560 --> 0:15:14.160 in the next hour. Good morning to you, Nathan, and 0:15:14.280 --> 0:15:16.920 as you said, an incredible scene. Most of the seats 0:15:16.920 --> 0:15:20.320 of Westminster Abbey are now filling up as the world 0:15:20.320 --> 0:15:24.160 prepares to say their final goodbye to Queen Elizabeth, the 0:15:24.280 --> 0:15:27.920 UK's longest serving monarch. We actually just saw the b 0:15:28.120 --> 0:15:31.080 s drive past us about ten minutes ago. We now 0:15:31.120 --> 0:15:34.200 know that the US President Joe Biden, has taken his 0:15:34.320 --> 0:15:37.520 seat inside of the abbey ahead of the funeral that 0:15:37.600 --> 0:15:41.040 does begin at eleven o'clock. And a little earlier we 0:15:41.080 --> 0:15:45.160 saw a military parade that was taking place, a procession 0:15:45.240 --> 0:15:50.120 that was moving down to make its way towards Westminster Hall. 0:15:50.520 --> 0:15:53.320 Now that is where the Queen has been lying in 0:15:53.480 --> 0:15:56.480 state for the last four and a half days, and 0:15:56.520 --> 0:16:01.160 we will see members of the Royal Marines actually pull 0:16:01.240 --> 0:16:05.160 her coffin towards Westminster Abbey. The carriage will be on 0:16:05.240 --> 0:16:07.880 top of that and it will be eight minutes to 0:16:08.160 --> 0:16:11.760 the abbey. It sounds so peaceful from where you are, 0:16:11.800 --> 0:16:14.040 and I think I can just make out the tolling 0:16:14.080 --> 0:16:16.800 of the bell. I've heard that they're ringing the bell 0:16:17.360 --> 0:16:22.000 at Westminster Abbey uh once every minute for nineties six 0:16:22.120 --> 0:16:25.920 minutes to mark each year of the queen's life. Just 0:16:26.040 --> 0:16:29.240 described for us what it's like, what it's been like 0:16:29.680 --> 0:16:32.040 to be in London over the last week when we've 0:16:32.080 --> 0:16:37.560 seen just this this incredible outpouring of public grief for 0:16:37.600 --> 0:16:45.200 the queen. One thing that has been momentous has been 0:16:45.240 --> 0:16:48.520 the queue that we've seen. We've just seen hundreds of 0:16:48.640 --> 0:16:52.440 thousands of people queue up to view the Queen Lyne 0:16:52.440 --> 0:16:55.360 in state in Westminster Hall. And on the very first 0:16:55.400 --> 0:16:57.840 day that c began, Nathan I actually went to go 0:16:58.040 --> 0:17:00.720 and speak to people and they said to me, we've 0:17:00.760 --> 0:17:04.040 got four hours in the queue. That's nothing compared to 0:17:04.080 --> 0:17:07.600 the seventy years Queen Elizabeth dedicated to us. On the 0:17:07.680 --> 0:17:11.439 last day, I've been standing outside as the last people 0:17:11.600 --> 0:17:14.840 made their way through that viewing hall to see the 0:17:14.920 --> 0:17:17.240 Queen lying in state and they said to me, we've 0:17:17.280 --> 0:17:20.679 been here for fifteen hours, but it was still worth it. 0:17:21.000 --> 0:17:24.040 So this outpouring of love that we have seen, and 0:17:24.119 --> 0:17:27.640 about two million people are predicted to line the streets 0:17:27.640 --> 0:17:30.800 of London today to pay their final respects to the Queen, 0:17:31.160 --> 0:17:34.400 and this is going to be a huge operation for 0:17:34.520 --> 0:17:37.840 the police here in London. The Metropolitan Police had locked 0:17:37.840 --> 0:17:40.480 down this area in the last half an hour as 0:17:40.520 --> 0:17:42.520 we do see what they're calling this a ring of 0:17:42.680 --> 0:17:47.840 steel now surrounding the abbey and monuments here in London 0:17:47.880 --> 0:17:52.040 because we've got so many dignitaries, foreign leaders and foreign 0:17:52.080 --> 0:17:55.600 royals and of course our very own royal family. Yeah, 0:17:55.640 --> 0:17:58.760 I was going to say that with so many world 0:17:58.880 --> 0:18:02.400 leaders gathered there. It's seen one headline describing it as 0:18:02.440 --> 0:18:05.959 almost a quasi un General Assembly that was, you know, 0:18:06.040 --> 0:18:09.440 still getting underway in New York. But with so many 0:18:09.520 --> 0:18:12.680 leaders now there to pay their respects to Queen Elizabeth, 0:18:12.720 --> 0:18:16.400 I have to imagine that this is just an incredible 0:18:17.080 --> 0:18:22.280 security event, if not just a moment of grief for 0:18:22.320 --> 0:18:29.240 this country. Well, this is probably the biggest security event 0:18:29.400 --> 0:18:32.119 we've ever seen here, and that's something that the London 0:18:32.160 --> 0:18:36.080 Merceditkan has said. He said it surpasses the twenty twelve 0:18:36.119 --> 0:18:38.919 Olympic Games that were held here in London, and it 0:18:39.040 --> 0:18:42.400 is also bigger than the Platinum Jubilee which was just 0:18:42.480 --> 0:18:45.720 a three months ago, and Kayton William's wedding was a 0:18:45.840 --> 0:18:49.120 huge event in London. I remember going out on the streets, 0:18:49.320 --> 0:18:52.280 but this is all of that wrapped into one. Tens 0:18:52.320 --> 0:18:55.240 of thousands of police officers on the ground, Nathan, I 0:18:55.320 --> 0:18:58.320 can't tell you how many police officers I can see 0:18:58.400 --> 0:19:02.000 as I sit here and we are waiting for the 0:19:02.080 --> 0:19:06.280 Queen to be moved to Westminster Abbey. There's helicopters flying 0:19:06.320 --> 0:19:11.239 over ahead, and um, it's just a remarkable moment for 0:19:11.280 --> 0:19:14.679 the police team in London. They have orchestrated this for 0:19:14.840 --> 0:19:17.640 years in the making, and we also have a lot 0:19:17.680 --> 0:19:21.560 of the armed forces on the street and every single place. 0:19:21.640 --> 0:19:24.639 Force from across the country have gathered together and are 0:19:24.720 --> 0:19:29.119 working together to make this as safe as possible. Incredible 0:19:29.200 --> 0:19:32.280 undertaking that gets underway in just a little more than 0:19:32.320 --> 0:19:36.560 a half hour's time, with the dignitaries now pretty much 0:19:36.640 --> 0:19:39.639 in their seats now and we await the procession of 0:19:39.960 --> 0:19:44.960 Queen Elizabeth to Westminster Abbey for that state funeral. Stay 0:19:45.000 --> 0:19:48.760 with Bloomberg Daybreak. We will be bringing you special extended 0:19:48.800 --> 0:19:52.959 coverage of the Queen's funeral right here on Bloomberg Radio. 0:19:53.400 --> 0:19:57.080 Ahead of that, it's just about five on Wall Street. 0:19:57.119 --> 0:19:59.359 We want to turn to the market sketches set for 0:19:59.400 --> 0:20:03.000 this neutral eating week. For that, we're joined by Lori Calvacina, 0:20:03.160 --> 0:20:07.200 head of US Equity Strategy at RBC Capital Markets. Lorie, 0:20:07.359 --> 0:20:09.719 great to speak with you. As always, of course, a 0:20:09.720 --> 0:20:11.719 lot of the focus this week is going to be 0:20:11.800 --> 0:20:15.320 on what the central banks do, particularly the Federal Reserve, 0:20:15.440 --> 0:20:19.240 as we watch stocks around the world continue to fall. 0:20:19.800 --> 0:20:24.119 Have market Westminster, Andy, what we can expect today is. 0:20:24.440 --> 0:20:27.639 The Queen will be escorted the coffin draped in the 0:20:27.720 --> 0:20:31.639 Royal standard, carried on the state gun carriage. The Royal 0:20:31.680 --> 0:20:35.959 Marines will lead that procession around Parliament Square behind scenior 0:20:36.000 --> 0:20:39.680 members of the royal family, including her children and the King. 0:20:40.080 --> 0:20:42.439 The procession will enter the great West door of the 0:20:42.440 --> 0:20:45.679 Abbey at exactly eleven o'clock and that will mark the 0:20:45.800 --> 0:20:49.320 start of the funeral. Bloomberg leanne Garan. So we'll be 0:20:49.400 --> 0:20:51.800 with us live all morning and stay with us for 0:20:51.960 --> 0:20:54.840 special coverage of the Queen's funeral in just a few 0:20:54.840 --> 0:20:59.040 minutes right here on Bloomberg Daybreak mccaren. President Biden is 0:20:59.080 --> 0:21:02.080 among the dignitary he's attending the state funeral. But before 0:21:02.119 --> 0:21:05.000 he left for London, the President gave a wide ranging 0:21:05.040 --> 0:21:08.680 interview to CBS is Scott Pelley on sixty minutes. They 0:21:08.680 --> 0:21:13.280 discussed recent tensions with China over Taiwan. Would US forces 0:21:13.359 --> 0:21:15.840 defend the island, Yes, if in fact there was an 0:21:15.880 --> 0:21:19.520 unprecedented attack. Well afterwards, a White House official said US 0:21:19.600 --> 0:21:24.840 policy of strategic ambiguity regarding Taiwan hasn't changed. President Biden 0:21:24.880 --> 0:21:27.679 also talked about his intention to run for president again 0:21:27.720 --> 0:21:33.320 in four, but it's just an attention. But as it 0:21:33.400 --> 0:21:36.280 a firm decision that I've run again, Veaptor managed to 0:21:36.320 --> 0:21:38.919 be seen and President says the decision while on that 0:21:38.960 --> 0:21:42.080 will come after November's mid terms. The President also made 0:21:42.080 --> 0:21:44.840 news saying he expects the US to control inflation and 0:21:44.880 --> 0:21:48.280 avoid a recession. He also thinks the COVID nineteen pandemic 0:21:48.440 --> 0:21:51.879 is over. Bloomberg listeners in Washington can hear sixty minutes 0:21:51.960 --> 0:21:55.879 every Sunday night at ten on Bloomberg. Well, we turned 0:21:55.880 --> 0:21:58.760 to the markets now, Nathan, and US futures are lower 0:21:58.760 --> 0:22:00.960 as he began a neutral rating week. The S and 0:22:01.000 --> 0:22:03.360 P five hundred is coming off a loss of almost 0:22:03.400 --> 0:22:06.600 five percent last week, and we're seeing weekness in Asia 0:22:06.680 --> 0:22:10.920 at Chinese stocks listed in Hong Kong and bear market territory. Well, 0:22:10.960 --> 0:22:14.600 this week's big market moving event comes Wednesday, Karen. That 0:22:14.800 --> 0:22:17.680 is when we get the Federal Reserve's latest policy decision. 0:22:18.000 --> 0:22:20.760 Chairman J. Powell is expected to raise interest rates by 0:22:20.800 --> 0:22:24.280 either seventy five or one hundred basis points, and the 0:22:24.320 --> 0:22:28.520 prospect of higher rates is impacting cryptocurrencies. This morning, Nathan 0:22:28.600 --> 0:22:31.560 bitcoins on the verge of sinking to its lowest level 0:22:31.600 --> 0:22:36.240 since twenty and checking bitcoin right now, it is moving lower. 0:22:36.320 --> 0:22:38.640 It's down more than six and a half percent. It's 0:22:38.640 --> 0:22:42.720 at eighteen thousand, four hundred dollars and again futures are 0:22:42.760 --> 0:22:46.880 also lower. SNP futures down thirty seven points down, futures 0:22:46.920 --> 0:22:50.199 down two hundred eighty one and NASDAG futures down one 0:22:50.320 --> 0:22:53.480 hundred twenties seven. The decks in Germany's down nine tenths 0:22:53.520 --> 0:22:56.240 of upper cent and the CAC in Paris is down 0:22:56.280 --> 0:23:00.160 one point six percent nine next, Scrude oil low are 0:23:00.200 --> 0:23:02.720 down about two percent. It's down a dollar sixty eight 0:23:02.760 --> 0:23:05.880 at eighty three dollars forty three cents a barrel. Comics 0:23:05.920 --> 0:23:09.399