1 00:00:02,000 --> 00:00:05,279 Speaker 1: Buy from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,360 --> 00:00:08,879 Speaker 1: day Break for Tuesday, November twenty two two. Coming up 3 00:00:08,920 --> 00:00:12,800 Speaker 1: this hour, another crypto firm warns of a possible bankruptcy. 4 00:00:12,960 --> 00:00:16,360 Speaker 1: Bob Iger takes his first steps to reorganize Disney. Elon 5 00:00:16,440 --> 00:00:18,880 Speaker 1: Musk loses more than a hundred billion dollars of his 6 00:00:18,960 --> 00:00:21,319 Speaker 1: fortune this year, and O. E. C. D says the 7 00:00:21,360 --> 00:00:25,239 Speaker 1: world's central banks must keep raising interest rates to fight inflation. 8 00:00:25,360 --> 00:00:27,400 Speaker 1: New York Mayor Adams says it was not an idol 9 00:00:27,440 --> 00:00:30,280 Speaker 1: threat against the Jewish synagogue. Plus, the man who some 10 00:00:30,400 --> 00:00:33,680 Speaker 1: due the suspected gunman in a gay Colorado nightclub is talking. 11 00:00:33,960 --> 00:00:36,920 Speaker 1: I'm Michael barn Moore Ahead, I'm John Stashdown Sports, the 12 00:00:37,000 --> 00:00:38,880 Speaker 1: US Open, the World Cup with the time under that 13 00:00:38,960 --> 00:00:42,080 Speaker 1: win for the forty Niners, Nick's Devil's Islanders and st 14 00:00:42,120 --> 00:00:48,000 Speaker 1: John that's all training ahead on Bloomberg day Break on Bloomberg. 15 00:00:48,040 --> 00:00:51,560 Speaker 1: He Live in Free on New York Bloomberg one, Washington 16 00:00:51,680 --> 00:00:55,280 Speaker 1: d C Bloomberg one oh six one, Boston, Bloomberg nine 17 00:00:55,320 --> 00:00:59,560 Speaker 1: sixties and Francisco Sirius x M one nineteen and around 18 00:00:59,600 --> 00:01:02,400 Speaker 1: the world on Bloomberg Radio dot com and via the 19 00:01:02,480 --> 00:01:09,399 Speaker 1: Bloomberg Business app. Good morning, I'm Nathan Hagar and I'm 20 00:01:09,440 --> 00:01:12,400 Speaker 1: Karen Moscow and Ustock index futures are on the rise 21 00:01:12,520 --> 00:01:14,319 Speaker 1: this morning. We're coming up to five oh one on 22 00:01:14,360 --> 00:01:16,640 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 23 00:01:16,680 --> 00:01:19,720 Speaker 1: throughout the trading day on bloomberg S and P futures 24 00:01:19,760 --> 00:01:22,640 Speaker 1: up about eleven points down futures of eighty three and 25 00:01:22,720 --> 00:01:25,800 Speaker 1: NASDAG futures of twenty eight ten. Your treasury of nine 26 00:01:25,800 --> 00:01:28,640 Speaker 1: thirty seconds, he'll three points seven nine percent, and they 27 00:01:28,680 --> 00:01:31,160 Speaker 1: yield on the two year four point for nine percent. 28 00:01:31,520 --> 00:01:33,440 Speaker 1: And look at a bitcoin this morning, up a quarter 29 00:01:33,520 --> 00:01:37,119 Speaker 1: percent at about fifteen thousand, six hundred seventy dollars. Nathan, 30 00:01:37,280 --> 00:01:40,760 Speaker 1: well Karen, speaking of crypto turmoil around the asset class 31 00:01:40,800 --> 00:01:44,360 Speaker 1: continues this morning. Another firm is warning of a possible 32 00:01:44,400 --> 00:01:48,600 Speaker 1: bankruptcy for the latest bloom Bringing Bloomberg Steve Rappaport live 33 00:01:48,720 --> 00:01:51,040 Speaker 1: in our New York studios. Good morning, Steve, Good morning, 34 00:01:51,120 --> 00:01:54,760 Speaker 1: Nathan and Karen. Potential investors in Genesis could make an 35 00:01:54,760 --> 00:01:57,800 Speaker 1: exodus after the crypto company warned it's coming up short 36 00:01:57,800 --> 00:02:01,040 Speaker 1: and fundraising sources say Genesis scrambling to come up with 37 00:02:01,080 --> 00:02:03,960 Speaker 1: at least a billion dollars following the collapse of Crypto 38 00:02:04,040 --> 00:02:07,240 Speaker 1: Exchange ft X. More on that bankruptcy, A new filing 39 00:02:07,240 --> 00:02:09,320 Speaker 1: shows f d X and its affiliates had a combined 40 00:02:09,360 --> 00:02:13,200 Speaker 1: cash balance of one point four billion dollars. The filing 41 00:02:13,200 --> 00:02:16,799 Speaker 1: states the latest tally identifies substantially higher cash balances than 42 00:02:16,840 --> 00:02:19,760 Speaker 1: the debtors were in a position to substantiate. In New York, 43 00:02:19,800 --> 00:02:23,080 Speaker 1: I'm Steve Rappaport Bloomberg Daybreak. Alright, Steve, thank you well. 44 00:02:23,120 --> 00:02:25,600 Speaker 1: In corporate news this morning, all lies are still on 45 00:02:25,680 --> 00:02:29,240 Speaker 1: Disney returning CEO Bob Iger as taking his first steps 46 00:02:29,400 --> 00:02:33,920 Speaker 1: towards reorganizing the entertainment giant. Iger is asking top deputies 47 00:02:33,919 --> 00:02:37,519 Speaker 1: to rethink the corporate structure. He's also announced the departure 48 00:02:37,560 --> 00:02:40,720 Speaker 1: of a top manager, the head of media distribution, Kareem 49 00:02:40,800 --> 00:02:42,880 Speaker 1: Daniel Well. It turns out took a lot of money 50 00:02:42,880 --> 00:02:45,640 Speaker 1: for Disney to lorri Iger back. Karen. He's getting paid 51 00:02:45,680 --> 00:02:48,520 Speaker 1: about twenty seven million dollars a year under his two 52 00:02:48,600 --> 00:02:52,760 Speaker 1: year agreement. The details from Bloomberg's Charlie Pellett. According to 53 00:02:52,800 --> 00:02:55,920 Speaker 1: a company filing, Igor will receive a base salary of 54 00:02:55,919 --> 00:02:59,760 Speaker 1: a million dollars under bonus equal to that amount. In addition, 55 00:02:59,800 --> 00:03:03,240 Speaker 1: he'll get stock awards with a target value of twenty 56 00:03:03,280 --> 00:03:08,000 Speaker 1: five million dollars each year. Disney, the world's largest entertainment company, 57 00:03:08,000 --> 00:03:12,160 Speaker 1: announced Sunday that Bob Chpeck was stepping down his CEO immediately, 58 00:03:12,360 --> 00:03:15,040 Speaker 1: to be replaced by Iger, who ran the company for 59 00:03:15,120 --> 00:03:19,680 Speaker 1: fifteen years prior to retiring in December of one. In 60 00:03:19,880 --> 00:03:23,440 Speaker 1: New York. Charlie Pellett Bloomberg Day Break, Charlie, thank you. 61 00:03:23,480 --> 00:03:26,000 Speaker 1: On the flip side, the richest person in the world 62 00:03:26,120 --> 00:03:28,840 Speaker 1: has seen his fortune decline by more than a hundred 63 00:03:28,880 --> 00:03:32,840 Speaker 1: billion dollars this year. According to the Bloomberg Billionaires Index, 64 00:03:32,919 --> 00:03:36,800 Speaker 1: Elon Musk's fortune has fallen below a hundred seventy billion 65 00:03:36,840 --> 00:03:40,280 Speaker 1: dollars after Monday's eight point six billion dollar loss. His 66 00:03:40,360 --> 00:03:43,880 Speaker 1: stick in Tesla comprises the bulk of Musk's fortune. Those 67 00:03:43,880 --> 00:03:46,880 Speaker 1: shares a fallen fifty two percent this year. Well, it's 68 00:03:46,920 --> 00:03:50,160 Speaker 1: most other company that's scrabbing most of the spotlight lately. 69 00:03:50,280 --> 00:03:54,040 Speaker 1: Karen Turmoil at Twitter remains front end center, Bloomberg said, 70 00:03:54,040 --> 00:03:57,480 Speaker 1: backs reports the announcements just keep coming. Must let more 71 00:03:57,480 --> 00:03:59,640 Speaker 1: people go early in the day with about a quarter 72 00:03:59,680 --> 00:04:02,520 Speaker 1: of the company staff remaining. He then came out later 73 00:04:02,560 --> 00:04:05,280 Speaker 1: to say that those would be the last layoffs and 74 00:04:05,360 --> 00:04:08,440 Speaker 1: the same breath that he's not moving the company to Texas. 75 00:04:08,480 --> 00:04:11,240 Speaker 1: He also announced now that he is going to delay 76 00:04:11,360 --> 00:04:15,000 Speaker 1: the start of Blue Verified and says that the platform 77 00:04:15,000 --> 00:04:17,840 Speaker 1: has at a one point six million live users. This 78 00:04:17,880 --> 00:04:21,880 Speaker 1: week on his personal spreadsheet, is being reported that he 79 00:04:21,920 --> 00:04:26,320 Speaker 1: has lost approximately one hundred billion dollars this year. In 80 00:04:26,360 --> 00:04:30,040 Speaker 1: San Francisco, I'm at Baxter Bloomberg daybreak right and thank you. 81 00:04:30,120 --> 00:04:33,520 Speaker 1: Another billionaire is making headlines this morning. Bloomberg News has 82 00:04:33,600 --> 00:04:36,719 Speaker 1: learned carl Icon began shorting game Stop during the height 83 00:04:36,760 --> 00:04:40,080 Speaker 1: of the memestock frenzy. Sources say Icon started building this 84 00:04:40,160 --> 00:04:42,440 Speaker 1: short when game Stop was trading near its peak of 85 00:04:42,480 --> 00:04:45,560 Speaker 1: four hundred eighty three dollars per share, and still holds 86 00:04:45,600 --> 00:04:48,600 Speaker 1: a large bed against the shares. Game Stop has lost 87 00:04:48,600 --> 00:04:51,279 Speaker 1: more than seventy of its value from a closing high 88 00:04:51,360 --> 00:04:55,160 Speaker 1: back in January. Tarting into the economy here and there 89 00:04:55,200 --> 00:04:58,400 Speaker 1: is more pressure on central banks to keep raising interest rates. 90 00:04:58,520 --> 00:05:02,479 Speaker 1: The Organization for Economic Operation and Development says surging prices 91 00:05:02,520 --> 00:05:05,279 Speaker 1: are putting a dent on real incomes and creating problems 92 00:05:05,279 --> 00:05:08,160 Speaker 1: that will only get worse if policymakers fail to act. 93 00:05:08,440 --> 00:05:10,880 Speaker 1: The O E c D also raised its global inflation 94 00:05:11,000 --> 00:05:14,640 Speaker 1: forecasts for next year and says price increases in four 95 00:05:14,640 --> 00:05:18,280 Speaker 1: will also remain above target. Meantime, Nathan too, Fed officials 96 00:05:18,279 --> 00:05:21,600 Speaker 1: are reinforcing expectations as central Bank will slow their pace 97 00:05:21,680 --> 00:05:24,640 Speaker 1: of interest rate hikes next month, even as they stress 98 00:05:24,680 --> 00:05:28,440 Speaker 1: the need to keep tightening. San Francisco FED president Mary 99 00:05:28,560 --> 00:05:32,479 Speaker 1: Daily and Cleveland's Loretta Mester said during separate remarks that 100 00:05:32,600 --> 00:05:37,240 Speaker 1: inflation remains too high. Here's Daily speaking in California. As 101 00:05:37,279 --> 00:05:39,440 Speaker 1: we work to bring policy to what we call a 102 00:05:39,480 --> 00:05:43,599 Speaker 1: sufficiently restrictive stance, which really, in simple terms, means the 103 00:05:43,680 --> 00:05:47,040 Speaker 1: level required to bring inflation down and restore price stability, 104 00:05:47,320 --> 00:05:50,360 Speaker 1: we will need to be mindful. Adjusting too little will 105 00:05:50,400 --> 00:05:53,800 Speaker 1: leave inflation too high, and adjusting too much could lead 106 00:05:53,800 --> 00:05:58,520 Speaker 1: to an unnecessarily painful downturn. San Francisco FED president Mary 107 00:05:58,600 --> 00:06:01,400 Speaker 1: Daily says she's still like SPEC's rates to peak at 108 00:06:01,480 --> 00:06:04,400 Speaker 1: five percent or above. Stuff to keep an eye on 109 00:06:04,560 --> 00:06:08,080 Speaker 1: China this morning, Karen. An increase in COVID cases there 110 00:06:08,080 --> 00:06:12,760 Speaker 1: has led authorities to reintroduce measures like expanding testing and lockdowns. 111 00:06:13,000 --> 00:06:15,800 Speaker 1: It has now estimated a fifth of the country's economy 112 00:06:15,920 --> 00:06:19,080 Speaker 1: has been affected by the pandemic. Despite the Chinese central 113 00:06:19,120 --> 00:06:22,880 Speaker 1: government's call for more targeted, less disruptive COVID zero measures 114 00:06:23,200 --> 00:06:26,599 Speaker 1: and the geo politics Nathan, the US is pushing China 115 00:06:26,680 --> 00:06:30,200 Speaker 1: to ease up on Taiwan. We get details from Bloomberry's 116 00:06:30,200 --> 00:06:35,320 Speaker 1: Amy Morris in our Washington newsroom, Defense Secretary Lloyd Austin 117 00:06:35,440 --> 00:06:39,800 Speaker 1: urged his counterpart in China to avoid destabilizing actions towards Taiwan. 118 00:06:40,320 --> 00:06:42,920 Speaker 1: This was Austin's first face to face meeting with China's 119 00:06:42,960 --> 00:06:46,240 Speaker 1: Defense minister Way funk Huh since how speaker Nancy Pelosi 120 00:06:46,360 --> 00:06:49,560 Speaker 1: visited Taipei in August. The Pentagon says the men also 121 00:06:49,640 --> 00:06:53,560 Speaker 1: discussed Russia's war in Ukraine, reiterating opposition to the use 122 00:06:53,600 --> 00:06:56,880 Speaker 1: of or the threat to use, nuclear weapons. Austen asked 123 00:06:56,960 --> 00:07:00,679 Speaker 1: China to fully enforce u n Security Council resolution against 124 00:07:00,800 --> 00:07:04,520 Speaker 1: North Korea's weapons program, and called for both sides to 125 00:07:04,600 --> 00:07:08,080 Speaker 1: maintain open lines of communication. In Washington, I'm any more 126 00:07:08,080 --> 00:07:11,120 Speaker 1: as Bloomberg Daybreak al Right, Amy, thanks SMP Futures are 127 00:07:11,160 --> 00:07:13,560 Speaker 1: up nine points. Right now, dal Futures up seventy three, 128 00:07:13,640 --> 00:07:16,520 Speaker 1: Nasty Futures up twenty four points. Straight ahead your latest 129 00:07:16,600 --> 00:07:19,760 Speaker 1: local headlines and the check of sports. This is Bloomberg 130 00:07:23,240 --> 00:07:25,160 Speaker 1: and it's five oh seven on Wall Street where thirty 131 00:07:25,160 --> 00:07:27,600 Speaker 1: eight degrees in Central Park. Got a couple tie ups 132 00:07:27,640 --> 00:07:29,560 Speaker 1: this morning on the westbound l I. E will tell 133 00:07:29,560 --> 00:07:32,120 Speaker 1: you more in traffic. First, Michael Bars here with what 134 00:07:32,160 --> 00:07:34,080 Speaker 1: else is happening in New York and around the world. 135 00:07:34,080 --> 00:07:36,760 Speaker 1: Good morning, Michael, Good morning Nathan. New York City police 136 00:07:36,840 --> 00:07:39,800 Speaker 1: are adding protection and synagogues following the weekend the rest 137 00:07:39,840 --> 00:07:42,400 Speaker 1: of two men in connection with a threat to attack. 138 00:07:42,920 --> 00:07:46,239 Speaker 1: Twenty one year old Christopher Brown told police he has 139 00:07:46,320 --> 00:07:49,800 Speaker 1: a sick personality, and chord records said he tweeted that 140 00:07:49,880 --> 00:07:52,800 Speaker 1: he was going to ask a priest if he should 141 00:07:52,800 --> 00:07:55,200 Speaker 1: become a husband or shoot up a synagogue and die. 142 00:07:55,560 --> 00:08:00,800 Speaker 1: This was not in idle threat. This was the real threat. 143 00:08:02,280 --> 00:08:04,920 Speaker 1: Mayor Eric Adams sent police recovered the glocks in my 144 00:08:05,000 --> 00:08:08,800 Speaker 1: automatic firearm with an extended magazine, a large hunting knife, 145 00:08:09,080 --> 00:08:12,760 Speaker 1: and a Nazi arm band after they arrested Brown and 146 00:08:12,800 --> 00:08:16,240 Speaker 1: a companion, both of whom have pleaded not guilty. America 147 00:08:16,360 --> 00:08:20,240 Speaker 1: must defeat the rising threat of domestic terrorism. It is real, 148 00:08:20,560 --> 00:08:24,400 Speaker 1: it is here, and we must have a formidable approach 149 00:08:24,440 --> 00:08:27,000 Speaker 1: to it. Adam says. They m ip D and the 150 00:08:27,040 --> 00:08:30,240 Speaker 1: New York State Police are increasing security at synagogus through 151 00:08:30,280 --> 00:08:33,360 Speaker 1: the holidays. An Army veteran credits his training in the 152 00:08:33,480 --> 00:08:36,040 Speaker 1: armed forces for taking down the gunman that stormed an 153 00:08:36,160 --> 00:08:40,160 Speaker 1: l G B d Q nightclub in Colorado Springs. Richard Fierro, 154 00:08:40,360 --> 00:08:43,760 Speaker 1: who served tours in Iraq and Afghanistan, says he went 155 00:08:43,800 --> 00:08:46,720 Speaker 1: into combat mode when shots rang out. I got into 156 00:08:46,760 --> 00:08:50,520 Speaker 1: mode and I needed to save my family, and that 157 00:08:50,600 --> 00:08:53,440 Speaker 1: family was at that time everybody in that room fire, 158 00:08:53,920 --> 00:08:57,319 Speaker 1: knocking a handgun and a R fifteen style rifle from 159 00:08:57,320 --> 00:08:59,800 Speaker 1: the sus pass hands, then hitting him in the head 160 00:08:59,800 --> 00:09:02,520 Speaker 1: with a gun. The twenty two year old suspect faces 161 00:09:02,600 --> 00:09:06,120 Speaker 1: murder and hate crime charges. Five people were killed nineteen 162 00:09:06,120 --> 00:09:09,480 Speaker 1: others were injured in the shooting. President Zolenski is once 163 00:09:09,480 --> 00:09:13,960 Speaker 1: again urging NATO members to guarantee protection of Ukraine's energy 164 00:09:14,040 --> 00:09:18,160 Speaker 1: grid from Russian sabotage that was showing around Europe's largest 165 00:09:18,240 --> 00:09:21,040 Speaker 1: nuclear plant. With the help of new hires, the airline 166 00:09:21,080 --> 00:09:24,440 Speaker 1: industry says they are ready for the Thanksgiving travel rush 167 00:09:24,600 --> 00:09:28,640 Speaker 1: now getting underway. Transportation secret Very Pete Bodhadig says, the 168 00:09:28,640 --> 00:09:32,480 Speaker 1: airlines are definitely in better shape than we were the summer. 169 00:09:32,760 --> 00:09:34,480 Speaker 1: I would not say we're out of the woods yet, 170 00:09:34,559 --> 00:09:37,839 Speaker 1: but I am cautiously optimistic about this week being off 171 00:09:37,880 --> 00:09:40,000 Speaker 1: to a good start, and we're gonna be watching this 172 00:09:40,160 --> 00:09:42,880 Speaker 1: very closely as we go into the other peak holiday 173 00:09:42,920 --> 00:09:44,720 Speaker 1: travel times that are coming in the next few weeks. 174 00:09:44,840 --> 00:09:48,400 Speaker 1: Secretary Buddhadig at O'Hare Airport in Chicago, where a large 175 00:09:48,520 --> 00:09:51,959 Speaker 1: terminal expansion was announced. Global News twenty four hours a 176 00:09:52,040 --> 00:09:54,959 Speaker 1: day on air and on Bloomberg Quick Take, powered by 177 00:09:54,960 --> 00:09:57,400 Speaker 1: more than twenty seven under journalist and analysts more than 178 00:09:57,440 --> 00:10:00,679 Speaker 1: a hund twenty countries. Michael bar this is Bloomberg name 179 00:10:00,920 --> 00:10:07,319 Speaker 1: all right, Michael. Thanks coming up to five ten on 180 00:10:07,400 --> 00:10:09,400 Speaker 1: All Street time for the Bloomberg Sports Update, brought to 181 00:10:09,400 --> 00:10:12,000 Speaker 1: you by Trice State OUTI Good morning, Johns Tesshire. Good 182 00:10:12,000 --> 00:10:13,760 Speaker 1: morning to eight. And just before the Knicks went on 183 00:10:13,840 --> 00:10:15,679 Speaker 1: this five game road trip, they lost the game at 184 00:10:15,679 --> 00:10:18,440 Speaker 1: the Garden when Oklahoma City Ford had a hundred and 185 00:10:18,480 --> 00:10:20,720 Speaker 1: forty five points a little better defense for the next 186 00:10:20,720 --> 00:10:23,240 Speaker 1: this time at o k see tremendous game for their 187 00:10:23,280 --> 00:10:25,320 Speaker 1: new point guard and next end of the trip were 188 00:10:25,360 --> 00:10:27,920 Speaker 1: the winner of the thunder one twenty nine one nineteen 189 00:10:28,000 --> 00:10:31,720 Speaker 1: Jalen Bronson thirty four points, shot fourteen and twenty added 190 00:10:31,800 --> 00:10:33,719 Speaker 1: nine assists. Pretty good trip. Nicks went three and two 191 00:10:33,720 --> 00:10:36,160 Speaker 1: and there now nine and nine on the season. Back 192 00:10:36,160 --> 00:10:38,719 Speaker 1: home Friday to play Portland Devils one again and made 193 00:10:38,720 --> 00:10:41,000 Speaker 1: a lucky thirteen wins in a row that ties the 194 00:10:41,000 --> 00:10:44,160 Speaker 1: club record, five two over Edmonton Devil's hat lost in 195 00:10:44,200 --> 00:10:47,840 Speaker 1: a month. Islanders a three to overtime win at Toronto St. 196 00:10:47,920 --> 00:10:50,840 Speaker 1: John's now five and oh Bi Temple seventy eight seventy 197 00:10:50,920 --> 00:10:54,000 Speaker 1: two part of a double head at Barkley's. Syracuse won 198 00:10:54,040 --> 00:10:57,160 Speaker 1: the open and overtime over Richmond. Seventy eight thousand fans 199 00:10:57,200 --> 00:11:00,679 Speaker 1: on hand in Mexico City for the forty Niners the Cardinals. 200 00:11:02,960 --> 00:11:06,120 Speaker 1: The garoppolo with the shotgun looking laptros fry UK. You 201 00:11:06,160 --> 00:11:08,480 Speaker 1: could take a down, break a tackle and get at 202 00:11:08,520 --> 00:11:15,000 Speaker 1: the end zone. Chuck down, sad fred sits go are you? 203 00:11:15,520 --> 00:11:21,120 Speaker 1: Are you? Part of a second half domination by the Niners, 204 00:11:21,120 --> 00:11:23,280 Speaker 1: outscoring in Arizona twenty one nothing. They won the game 205 00:11:23,600 --> 00:11:26,760 Speaker 1: thirty eight to ten, four touchdown passions for Jimmy Garoppolo. 206 00:11:26,800 --> 00:11:30,080 Speaker 1: The Giants played Thursday in Dallas and their injuries continue. 207 00:11:30,600 --> 00:11:32,880 Speaker 1: Rookie White out, wind Dale Robinson's done for the year. 208 00:11:32,960 --> 00:11:35,560 Speaker 1: Cornerback at Donny Jackson's out at least a month. Both 209 00:11:35,600 --> 00:11:38,319 Speaker 1: the knee injuries. World Cup opener for the US. It 210 00:11:38,400 --> 00:11:41,400 Speaker 1: began well, but a late penalty kick for Wales. Game 211 00:11:41,520 --> 00:11:43,560 Speaker 1: ended one one and now the US has to play 212 00:11:43,600 --> 00:11:48,040 Speaker 1: England on Friday. That's Dash Dollar Bloomberg Sports Nathan all Right, John, 213 00:11:48,080 --> 00:11:50,600 Speaker 1: thank you. SMP futures are up eight point, Stuth futures 214 00:11:50,640 --> 00:11:54,079 Speaker 1: up sixty four. Nastack futures are higher by eighteen points. 215 00:11:54,600 --> 00:11:58,560 Speaker 1: Bitcoin three tenths per cent higher, but below sixteen thousand. 216 00:11:58,840 --> 00:12:02,080 Speaker 1: As the crypt doe crisis continues. We'll talk about it 217 00:12:02,120 --> 00:12:08,720 Speaker 1: next with Bloomberg's and Arera. Bloomberg Sports Report was brought 218 00:12:08,720 --> 00:12:10,640 Speaker 1: to you by Autie. Don't let someone else drive off 219 00:12:10,640 --> 00:12:13,040 Speaker 1: in the outie model you've always wanted. Visit your local 220 00:12:13,080 --> 00:12:15,079 Speaker 1: price state autie dealer to get behind the wheel of 221 00:12:15,120 --> 00:12:22,520 Speaker 1: yours today, or visit autie Offers dot Com for more information, markets, 222 00:12:22,600 --> 00:12:25,679 Speaker 1: headlines and breaking news twenty four hours a day at 223 00:12:25,720 --> 00:12:29,680 Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktape. 224 00:12:29,920 --> 00:12:39,079 Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscow. 225 00:12:39,160 --> 00:12:42,839 Speaker 1: European shares are advancing, boosted by oil majors as crude 226 00:12:42,880 --> 00:12:46,439 Speaker 1: prices recover. US DOT Index futures are gaining as investors 227 00:12:46,440 --> 00:12:50,080 Speaker 1: parse comments from Federal Reserve officials to assess the potential 228 00:12:50,120 --> 00:12:52,720 Speaker 1: for slower interest rate hikes. We check the markets every 229 00:12:52,720 --> 00:12:56,280 Speaker 1: fifteen minutes throughout the trading day. On bloomberg SMP Future 230 00:12:56,360 --> 00:12:58,320 Speaker 1: is up nine points this morning. Down Future is up 231 00:12:58,320 --> 00:13:01,360 Speaker 1: sixty eight. NASDACK futures up twenty four The Dacks in 232 00:13:01,400 --> 00:13:05,040 Speaker 1: Germany's up half percent. Tenure Treasury up nine thirty seconds. 233 00:13:05,120 --> 00:13:07,400 Speaker 1: He'll three point seven nine percent. They yield on the 234 00:13:07,440 --> 00:13:10,480 Speaker 1: two year four point four nine percent. Nine X screwed 235 00:13:10,520 --> 00:13:12,800 Speaker 1: oil is now that will change at eighty dollars five 236 00:13:12,800 --> 00:13:15,440 Speaker 1: cents in peril comes gold up half percent or eight 237 00:13:15,440 --> 00:13:18,840 Speaker 1: dollars thirty cents. At seventeen sixty two, ninety announced the 238 00:13:18,920 --> 00:13:21,800 Speaker 1: euro one point two seven seven against the dollar, British 239 00:13:21,800 --> 00:13:25,240 Speaker 1: pound one five four and again one one point three 240 00:13:25,280 --> 00:13:28,680 Speaker 1: two Bitcoin is up four ten percent at fifteen thousand, 241 00:13:28,800 --> 00:13:31,360 Speaker 1: seven hundred dollars. And today we are watching for earnings 242 00:13:31,360 --> 00:13:34,640 Speaker 1: from companies including vm Ware and Dick's Sporting Goods. And 243 00:13:34,679 --> 00:13:37,319 Speaker 1: as a Bloomberg Business flash, now here's Michael Barr with 244 00:13:37,360 --> 00:13:39,880 Speaker 1: more on what's going on around the world. Michael, good morning, 245 00:13:39,960 --> 00:13:42,600 Speaker 1: Good morning. Karen. An army veteran who helps subdue the 246 00:13:42,600 --> 00:13:45,760 Speaker 1: gunman at a gay club in Colorado Springs, credits his 247 00:13:45,840 --> 00:13:49,240 Speaker 1: military training and instincts and helping him disarm the attacker. 248 00:13:49,679 --> 00:13:52,720 Speaker 1: Rich Fierro says he grabbed the gunman's body armor and 249 00:13:52,760 --> 00:13:56,520 Speaker 1: began punching him. Five people were killed and nineteen were wounded. 250 00:13:56,840 --> 00:13:59,640 Speaker 1: The White House has sent condolences to those killed in 251 00:13:59,679 --> 00:14:02,640 Speaker 1: an earth quake in Indonesia. The death toll from Monday's 252 00:14:02,640 --> 00:14:05,559 Speaker 1: earthquake on Java has climbed to two hundred fifty two. 253 00:14:05,960 --> 00:14:09,200 Speaker 1: In the NFL, the Forts beat the Cardinals eight ten 254 00:14:09,520 --> 00:14:13,000 Speaker 1: in the NBA, the next one, the Celtics and Warriors lost. 255 00:14:13,240 --> 00:14:16,439 Speaker 1: In the NHL, the Devils won their thirteen in a row, 256 00:14:16,559 --> 00:14:19,280 Speaker 1: beating the Oilers five to The Islanders won an O 257 00:14:19,400 --> 00:14:21,680 Speaker 1: t against the Maple Leaves three to the Bruins one. 258 00:14:22,080 --> 00:14:24,840 Speaker 1: At Soccer's World Cup, the U s And Wales ended 259 00:14:24,880 --> 00:14:27,440 Speaker 1: in a one one draw. Today four games are on 260 00:14:27,480 --> 00:14:31,440 Speaker 1: the slate, including Saudi Arabia and Argentina. Just started Global 261 00:14:31,440 --> 00:14:33,880 Speaker 1: News twenty four hours a day on air and on 262 00:14:33,960 --> 00:14:37,360 Speaker 1: Bloomberg Quickdake, powered by more than twenties seven under journalist 263 00:14:37,400 --> 00:14:40,080 Speaker 1: analysts more than a hundred twenty countries. I'm Michael bar 264 00:14:40,200 --> 00:14:42,880 Speaker 1: This is Bloomberg Naven. Okay, Michael. Thanks, It's five nineteen 265 00:14:42,880 --> 00:14:45,960 Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios. 266 00:14:46,000 --> 00:14:49,440 Speaker 1: This is Bloomberg Daybreak, and Karen mentioned Bitcoin is trading 267 00:14:49,480 --> 00:14:52,600 Speaker 1: a little bit higher on the session, but the crisis 268 00:14:52,600 --> 00:14:55,960 Speaker 1: in crypto continues to spread. First it was f t X. 269 00:14:56,480 --> 00:15:00,400 Speaker 1: Now a brokerage in the cryptospace, Genesis is warning it 270 00:15:00,480 --> 00:15:03,080 Speaker 1: too is on the verge of bankruptcy. Let's get the 271 00:15:03,160 --> 00:15:05,520 Speaker 1: latest now from Anna Aurera. She's been following this. Our 272 00:15:05,560 --> 00:15:09,440 Speaker 1: senior editor for Crypto Bloomberg News joining us live now. Anna, 273 00:15:09,760 --> 00:15:11,920 Speaker 1: good to have you with us this morning. Are we 274 00:15:11,960 --> 00:15:14,760 Speaker 1: seeing contagion from f t X just playing out in 275 00:15:14,800 --> 00:15:19,120 Speaker 1: real time here? Yes, exactly, It's not necessarily real time 276 00:15:19,160 --> 00:15:22,000 Speaker 1: it's a little bit slower, but it certainly feels fast 277 00:15:22,040 --> 00:15:25,240 Speaker 1: if you're following it by Genesis said it had seventy 278 00:15:25,320 --> 00:15:27,600 Speaker 1: five million locked up on ft X. They were also 279 00:15:27,640 --> 00:15:31,640 Speaker 1: hit two from the prior collapses this um spring, and 280 00:15:31,680 --> 00:15:34,520 Speaker 1: they've said earlier that they were going to stop redemptions 281 00:15:34,520 --> 00:15:36,680 Speaker 1: on their lending arm, and now we're hearing that they're 282 00:15:36,680 --> 00:15:40,160 Speaker 1: trying to raise around one billion in fresh capital and 283 00:15:40,360 --> 00:15:43,400 Speaker 1: saying to potential investors that if they don't raise they 284 00:15:43,480 --> 00:15:45,880 Speaker 1: might have to file for bankruptcy. So that will certainly 285 00:15:45,920 --> 00:15:49,280 Speaker 1: then lead to potentially more contagion if if that's where 286 00:15:49,280 --> 00:15:51,400 Speaker 1: they'll end up. Yeah, and just reading some of the 287 00:15:51,480 --> 00:15:53,920 Speaker 1: latest reporting from you and your team, there's talk of 288 00:15:54,280 --> 00:15:56,960 Speaker 1: finance coming to the rescue here. It's like deja vu 289 00:15:57,080 --> 00:16:01,000 Speaker 1: all over again. Yes, and then we know how that went, right, 290 00:16:01,080 --> 00:16:04,280 Speaker 1: Like you ended up not rescuing anyone and so then 291 00:16:04,640 --> 00:16:08,120 Speaker 1: fd X filed for bankruptcy. So you know, obviously I 292 00:16:08,160 --> 00:16:10,440 Speaker 1: would imagine that, you know, if you're trying to raise 293 00:16:10,920 --> 00:16:13,800 Speaker 1: capital to save your company, you might be trying, you know, 294 00:16:13,880 --> 00:16:16,560 Speaker 1: anyone that has deep pockets, and so it's not surprising 295 00:16:16,600 --> 00:16:20,800 Speaker 1: if if finance was was was you know, tapped, but again, 296 00:16:20,880 --> 00:16:24,000 Speaker 1: it doesn't mean that the hopel pull the money outright. So, 297 00:16:24,160 --> 00:16:28,560 Speaker 1: now that we have Genesis coming out with these warnings, 298 00:16:28,720 --> 00:16:32,640 Speaker 1: what could the potential next shoot to drop be here? 299 00:16:32,920 --> 00:16:36,600 Speaker 1: What other companies are you watching that have exposure to 300 00:16:36,720 --> 00:16:39,440 Speaker 1: f t X that could potentially be in trouble. Obviously 301 00:16:39,440 --> 00:16:42,120 Speaker 1: we have to be careful right here because we're talking 302 00:16:42,160 --> 00:16:45,640 Speaker 1: about about bankruptcies. We're just you know, Genesis is a 303 00:16:45,680 --> 00:16:47,920 Speaker 1: big lender, as I said, and they have you know, 304 00:16:48,200 --> 00:16:50,680 Speaker 1: um loans out too many other companies, but they're also 305 00:16:50,720 --> 00:16:53,280 Speaker 1: a brokerage, so we'll see if if you know, there's 306 00:16:53,360 --> 00:16:55,680 Speaker 1: issues not just with they've said so far that the 307 00:16:55,720 --> 00:16:58,080 Speaker 1: issues are only restricted to the lending unit, which means 308 00:16:58,080 --> 00:17:00,120 Speaker 1: that they're trading operations. They're fine, but you know, if 309 00:17:00,120 --> 00:17:03,000 Speaker 1: they're trying to raise money, might might signal that there 310 00:17:03,040 --> 00:17:04,920 Speaker 1: might be problems elsewhere. So we have to first follow 311 00:17:04,960 --> 00:17:07,439 Speaker 1: see what's going on there carefully, and then trying to 312 00:17:07,560 --> 00:17:10,360 Speaker 1: track all the counterparties. Much like ft X, they were 313 00:17:10,440 --> 00:17:12,480 Speaker 1: very key to or, they are very key to the 314 00:17:12,520 --> 00:17:15,359 Speaker 1: crypto sector. So we'll see if if there are funds 315 00:17:15,400 --> 00:17:19,040 Speaker 1: they met money to UM or or you know, other 316 00:17:19,359 --> 00:17:23,560 Speaker 1: trading counterparties. It kind of can go anywhere. And that's 317 00:17:23,600 --> 00:17:26,400 Speaker 1: why I think, you know, there's a sort of wait 318 00:17:26,440 --> 00:17:29,119 Speaker 1: and see mode in crypto right now from from the 319 00:17:29,119 --> 00:17:32,400 Speaker 1: big investors. People are waiting to see who who might 320 00:17:32,520 --> 00:17:35,119 Speaker 1: be next and if it's their counterparty, and how they 321 00:17:35,119 --> 00:17:38,720 Speaker 1: are exposed to risk. And in the meantime, where of course, 322 00:17:38,760 --> 00:17:42,640 Speaker 1: continuing to follow the f t X bankruptcy saga, here 323 00:17:42,680 --> 00:17:45,280 Speaker 1: the latest filings. What can you tell us about what 324 00:17:45,400 --> 00:17:49,760 Speaker 1: ft X is reporting in terms of its own financial solvency. Yeah, 325 00:17:49,880 --> 00:17:52,679 Speaker 1: so they just the new filing shows that they have 326 00:17:52,880 --> 00:17:56,080 Speaker 1: one point two four billion in in cash m f 327 00:17:56,400 --> 00:17:59,880 Speaker 1: X and its affiliates right and last week they said 328 00:17:59,880 --> 00:18:04,760 Speaker 1: they owed um creditors, the biggest ones I think something 329 00:18:04,800 --> 00:18:08,840 Speaker 1: around three billion or more. So, so, you know, as 330 00:18:08,960 --> 00:18:11,080 Speaker 1: as sort of the people that are running FTX now 331 00:18:11,080 --> 00:18:13,560 Speaker 1: we're saying they're trying to figure out where the money is, 332 00:18:13,720 --> 00:18:16,159 Speaker 1: who has what, and and even you know, get a 333 00:18:16,160 --> 00:18:19,040 Speaker 1: clearer sense of things like how many employees they have. 334 00:18:19,080 --> 00:18:21,240 Speaker 1: So it's kind of all up in the air for now. 335 00:18:21,520 --> 00:18:24,160 Speaker 1: They're trying to It was clear that they weren't keeping 336 00:18:24,280 --> 00:18:27,840 Speaker 1: track of their assets very well, even their cash ballences. 337 00:18:27,920 --> 00:18:30,440 Speaker 1: So I think it's it's again there. Everybody's trying to 338 00:18:30,480 --> 00:18:34,480 Speaker 1: piece all the animals together to to understand who might 339 00:18:34,520 --> 00:18:38,320 Speaker 1: be owed what um and you know, where to get 340 00:18:38,400 --> 00:18:42,199 Speaker 1: those funds. Yeah. So clearly ft X founder Sam bankman 341 00:18:42,280 --> 00:18:45,439 Speaker 1: Fried is under scrutiny here, and now we have celebrity 342 00:18:45,480 --> 00:18:50,280 Speaker 1: athletes like Tom Brady and Stefan Curry coming under uh, 343 00:18:50,280 --> 00:18:54,200 Speaker 1: potentially multiple investigations as well, starting off with the Texas 344 00:18:54,840 --> 00:18:57,639 Speaker 1: regulators looking at them. I mean, where could things go 345 00:18:57,760 --> 00:18:59,560 Speaker 1: from here in the last thirty seconds in terms of 346 00:18:59,560 --> 00:19:02,920 Speaker 1: the investor stigations into FTX and potentially other players in 347 00:19:02,960 --> 00:19:05,720 Speaker 1: the crypto s there's different different authorities that are looking 348 00:19:05,760 --> 00:19:09,119 Speaker 1: We reported about the SEC, the CFTC, I think, UM, 349 00:19:09,280 --> 00:19:12,600 Speaker 1: New York authorities as well. UM. And you know with 350 00:19:12,600 --> 00:19:15,600 Speaker 1: with celebrities obviously we've seen previously in cases like with 351 00:19:15,680 --> 00:19:18,399 Speaker 1: Kim Kardashi and that you know, the regulators have been 352 00:19:18,440 --> 00:19:20,600 Speaker 1: pretty strict that you have to disclose not only that 353 00:19:20,640 --> 00:19:24,080 Speaker 1: you're obviously a sponsor, but how much money um you 354 00:19:24,240 --> 00:19:28,120 Speaker 1: made in sponsoring of cryptocurrency or if that cryptocurrency of security. 355 00:19:28,160 --> 00:19:30,239 Speaker 1: So we'll have to watch carefully and see if if 356 00:19:30,280 --> 00:19:33,560 Speaker 1: anybody did anything that they think um could get them 357 00:19:33,560 --> 00:19:36,879 Speaker 1: in trouble. Yeah, Kim Kardashi had certainly learned that the 358 00:19:36,920 --> 00:19:39,040 Speaker 1: hard way with that post on Instagram. Thank you so 359 00:19:39,119 --> 00:19:40,840 Speaker 1: much for this, and I know you've been very busy 360 00:19:40,880 --> 00:19:42,640 Speaker 1: along with the rest of your team, and we really 361 00:19:42,640 --> 00:19:46,560 Speaker 1: appreciate the reporting as we continue to watch this crisis 362 00:19:46,680 --> 00:19:49,800 Speaker 1: unfold in the crypto space. And Arera Senior editor for 363 00:19:49,880 --> 00:19:53,280 Speaker 1: Crypto at Bloomberg News with us this morning and checking 364 00:19:53,320 --> 00:19:56,120 Speaker 1: bitcoin right now. It is higher on the session this morning, 365 00:19:56,200 --> 00:19:58,479 Speaker 1: up about a half percent, but still below sixteen thousand. 366 00:19:58,760 --> 00:20:02,639 Speaker 1: Fifteen thousand, seven hundred is the bitcoin level. Futures are higher, 367 00:20:03,080 --> 00:20:08,480 Speaker 1: and this is Bloomberg. Bloomberg Daybreak is brought to you 368 00:20:08,480 --> 00:20:10,400 Speaker 1: by the New York Community Trust. Your name will live 369 00:20:10,400 --> 00:20:12,240 Speaker 1: on as a champion of the causes you care about 370 00:20:12,280 --> 00:20:14,760 Speaker 1: for years to come through a charitable request to the 371 00:20:14,760 --> 00:20:18,360 Speaker 1: New York Community Trust. Learn more at Philanthropist dot n YC. 372 00:20:22,119 --> 00:20:26,680 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 373 00:20:26,760 --> 00:20:31,440 Speaker 1: Bloomberg Eving Freedom to Washington, d C, Bloomberg On to Boston, 374 00:20:31,560 --> 00:20:34,800 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 375 00:20:35,040 --> 00:20:38,120 Speaker 1: six to the country, Sirius xm Gental one nine team, 376 00:20:38,240 --> 00:20:41,760 Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio 377 00:20:41,840 --> 00:20:51,240 Speaker 1: dot Com. This is Bloomberg Daybreak and it's five thirty 378 00:20:51,280 --> 00:20:54,040 Speaker 1: on Wall Street. Good morning, I'm Karen Moscow and I'm 379 00:20:54,119 --> 00:20:56,600 Speaker 1: Nathan Hager. Bloomberg Daybreak is brought to you by s 380 00:20:56,600 --> 00:20:59,560 Speaker 1: C I built on advanced technologies and fifty years of innovation. 381 00:20:59,680 --> 00:21:04,040 Speaker 1: See offers Asset Managers, a comprehensive and flexible operations outsourcing platform. 382 00:21:04,320 --> 00:21:07,600 Speaker 1: Go to se i C dot com slash managers and 383 00:21:07,600 --> 00:21:09,800 Speaker 1: we're just about four hours away from the open of 384 00:21:09,920 --> 00:21:11,720 Speaker 1: US trading. Let's get you up to date on the 385 00:21:11,760 --> 00:21:13,840 Speaker 1: news you need to know at this hour. We begin 386 00:21:13,960 --> 00:21:17,560 Speaker 1: with more turmoil in crypto with another firm morning of 387 00:21:17,600 --> 00:21:21,520 Speaker 1: a possible bankruptcy. Bloomberg Steve Rappaport journs us live in 388 00:21:21,560 --> 00:21:24,159 Speaker 1: New York with the latest. Good morning, Steve, Good morning 389 00:21:24,240 --> 00:21:28,080 Speaker 1: Karen and Nathan. Crypto company Genesis is telling potential investors 390 00:21:28,119 --> 00:21:31,240 Speaker 1: it's struggling to court new capital. Genesis is making a 391 00:21:31,240 --> 00:21:34,119 Speaker 1: push for cash after the collapse of crypto Exchange f 392 00:21:34,280 --> 00:21:37,040 Speaker 1: t X, and we're learning more about bank bankruptcy a 393 00:21:37,080 --> 00:21:39,679 Speaker 1: new filing shows f t X and its affiliates had 394 00:21:39,680 --> 00:21:43,639 Speaker 1: a combined cash balance of one point to four billion dollars. 395 00:21:43,680 --> 00:21:46,359 Speaker 1: That's a significantly higher amount than debtors were able to 396 00:21:46,400 --> 00:21:49,440 Speaker 1: substantiate in the latest tally. Live in New York, I'm 397 00:21:49,480 --> 00:21:52,639 Speaker 1: Steve Rappaport, Bloomberg Day Break. All right, Steve. Thanks to 398 00:21:52,800 --> 00:21:55,920 Speaker 1: a FETE, officials are suggesting that interest rate increases could 399 00:21:56,040 --> 00:21:59,160 Speaker 1: slow next month. San Francisco Fed President Mary Daily and 400 00:21:59,200 --> 00:22:02,200 Speaker 1: Cleveland's The Run of Mester warning inflation remains too high, 401 00:22:02,240 --> 00:22:04,879 Speaker 1: but Daily thinks the Fed should consider its pace of 402 00:22:04,960 --> 00:22:08,679 Speaker 1: rate hikes. We work to bring policy to what we 403 00:22:08,760 --> 00:22:12,840 Speaker 1: call a sufficiently restrictive stance, which really, in simple terms, 404 00:22:12,880 --> 00:22:15,880 Speaker 1: means the level required to bring inflation down and restore 405 00:22:15,920 --> 00:22:19,560 Speaker 1: price stability. We will need to be mindful. Adjusting too 406 00:22:19,560 --> 00:22:23,240 Speaker 1: little we'll leave inflation too high, and adjusting too much 407 00:22:23,600 --> 00:22:27,680 Speaker 1: could lead to an unnecessarily painful downturn. San Francisco Fed 408 00:22:27,720 --> 00:22:31,240 Speaker 1: President Mary Daily spoke yesterday in California. Well. Turning to 409 00:22:31,280 --> 00:22:35,200 Speaker 1: corporate news now, Nathan Disney's returning CEO, Bob Iger, is 410 00:22:35,280 --> 00:22:38,720 Speaker 1: asking top deputies to rethink the company's corporate structure. He 411 00:22:38,800 --> 00:22:42,080 Speaker 1: also announced the departure of top manager Kareem Daniel, who 412 00:22:42,119 --> 00:22:45,600 Speaker 1: runs media distribution for also learning about Iger's new salary. 413 00:22:45,640 --> 00:22:48,320 Speaker 1: He'll make twenty seven million dollars a year under his 414 00:22:48,400 --> 00:22:51,439 Speaker 1: new two year agreement to Twitter. Now Karen, employees there 415 00:22:51,480 --> 00:22:53,960 Speaker 1: aren't sure what's next after the company laid off more 416 00:22:54,000 --> 00:22:57,080 Speaker 1: sales workers. On Sunday, Bloomberg's Cameron re Leach says, employees 417 00:22:57,119 --> 00:22:59,919 Speaker 1: feel Twitter lacks direction, is so much money that they 418 00:23:00,040 --> 00:23:02,240 Speaker 1: have to cut and it seems like Elon thinks that 419 00:23:02,359 --> 00:23:05,240 Speaker 1: salars is the best way to do that by decreasing 420 00:23:05,320 --> 00:23:07,560 Speaker 1: his head account. And everybody's on their toes walking into 421 00:23:07,680 --> 00:23:10,560 Speaker 1: X shows. Bloomberg's camera Leach says Elon Musk will hold 422 00:23:10,600 --> 00:23:13,680 Speaker 1: off on relaunching his blue Verified feature until there's high 423 00:23:13,680 --> 00:23:17,200 Speaker 1: confidence that stops fake accounts. Em almost remains the world's 424 00:23:17,280 --> 00:23:19,760 Speaker 1: richest person. Nathan Is fortune declined by more than a 425 00:23:19,840 --> 00:23:22,600 Speaker 1: hundred billion dollars so far this year. According to the 426 00:23:22,640 --> 00:23:26,159 Speaker 1: Bloomberg Billionaires Index, Elon Musk's wealth has fallen to just 427 00:23:26,440 --> 00:23:29,760 Speaker 1: under one hundred seventy billion dollars. And straight ahead, we 428 00:23:29,800 --> 00:23:32,720 Speaker 1: have your latest local headlines plus a check of sports, 429 00:23:32,760 --> 00:23:40,200 Speaker 1: and this is Bloomberg Experience HI thirty three on Wall Street, 430 00:23:40,200 --> 00:23:42,879 Speaker 1: thirty seven degrees in Central Park. Still dealing with issues 431 00:23:42,880 --> 00:23:45,040 Speaker 1: on the westbound l I E this morning, and Michael 432 00:23:45,040 --> 00:23:46,840 Speaker 1: Barr has more on what's going on in New York 433 00:23:46,880 --> 00:23:49,000 Speaker 1: and around the world. Michael, thank you very much, Nathan. 434 00:23:49,040 --> 00:23:52,200 Speaker 1: New York City police are adding protection at synagogue's following 435 00:23:52,200 --> 00:23:55,439 Speaker 1: the weekend arrests of two men in connection with a 436 00:23:55,480 --> 00:23:58,800 Speaker 1: threat to attack. Twenty one year old Christopher Brown's old 437 00:23:58,800 --> 00:24:02,560 Speaker 1: police he has a sick personality, and according to court records, 438 00:24:02,560 --> 00:24:05,600 Speaker 1: he tweeted that he was going to ask a priest 439 00:24:06,119 --> 00:24:08,240 Speaker 1: if he should become a husband or shoot up a 440 00:24:08,280 --> 00:24:11,720 Speaker 1: synagogue and die. Mayor Eric Adams said it was not 441 00:24:11,800 --> 00:24:15,840 Speaker 1: an idle threat. To have a person armed, would have 442 00:24:16,000 --> 00:24:22,440 Speaker 1: the means, the hate, and the desire to carry out 443 00:24:22,560 --> 00:24:26,560 Speaker 1: a crime of this magnitude is serious. Mayor Adams says 444 00:24:26,600 --> 00:24:30,840 Speaker 1: police recovered a glock semi automatic firearm with an extended magazine, 445 00:24:31,160 --> 00:24:34,560 Speaker 1: a large hunting knife, and a Nazi arm band. Police 446 00:24:34,640 --> 00:24:37,719 Speaker 1: arrested Brown and a companion, both of whom have pleaded 447 00:24:37,760 --> 00:24:40,439 Speaker 1: not guilty. An army veteran who helps him do the 448 00:24:40,440 --> 00:24:43,480 Speaker 1: gunman at a gay Club in Colorado Springs credits his 449 00:24:43,520 --> 00:24:47,440 Speaker 1: military training and instincts and helping him discarn the attacker. 450 00:24:47,960 --> 00:24:51,000 Speaker 1: Rich Fierro told reporters how he grabbed the gunman's body 451 00:24:51,080 --> 00:24:54,639 Speaker 1: armor and began punching him, grabbed the pistol from him, 452 00:24:54,720 --> 00:24:56,359 Speaker 1: and then I told the guy moved to a R. 453 00:24:56,560 --> 00:24:58,440 Speaker 1: The kid in front of me, he was at his head. 454 00:24:58,680 --> 00:25:00,320 Speaker 1: I said, well the a R get the are away 455 00:25:00,359 --> 00:25:02,919 Speaker 1: from and the kid did it, and then I started 456 00:25:02,920 --> 00:25:06,320 Speaker 1: whaling in this dude. Authority Safety Euro and another man 457 00:25:06,400 --> 00:25:09,520 Speaker 1: stopped the shooter after he began spraying bullets inside Club 458 00:25:09,640 --> 00:25:12,879 Speaker 1: Q on Saturday night. The rampage killed five people and 459 00:25:12,960 --> 00:25:16,720 Speaker 1: wounded nineteen Rescuers they're searching for bodies and survivors and 460 00:25:16,760 --> 00:25:19,480 Speaker 1: the rubble of buildings that collapsed in an earthquake that 461 00:25:19,600 --> 00:25:22,440 Speaker 1: killed at least two hundred fifty two people on Indonesia's 462 00:25:22,480 --> 00:25:26,480 Speaker 1: main island of Java and injured hundreds more. Heavy equipment 463 00:25:26,520 --> 00:25:30,080 Speaker 1: was sent overnight to reach the hardest hit city of Giunchier, 464 00:25:30,520 --> 00:25:35,080 Speaker 1: south of Jakarta. Reality TV stars Todd and Julie Crisly 465 00:25:35,320 --> 00:25:38,080 Speaker 1: are going to prison. The pair from the USA Networks 466 00:25:38,119 --> 00:25:41,400 Speaker 1: Crisly knows best were sentenced after being convicted of bank 467 00:25:41,480 --> 00:25:45,200 Speaker 1: fraud and tax evasion. Todd Crisley was sentenced to twelve years. 468 00:25:45,320 --> 00:25:49,040 Speaker 1: Julie Crisly was sentenced to seven years. Global News twenty 469 00:25:49,040 --> 00:25:51,720 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 470 00:25:51,760 --> 00:25:55,040 Speaker 1: powered by more than twenty hundred journalists and analysts more 471 00:25:55,040 --> 00:25:57,479 Speaker 1: than a hundred twenty countries. Him Michael Barr and this 472 00:25:57,560 --> 00:26:05,200 Speaker 1: is Bloomberg. Nathan, Okay, Michael, thank you thirty five on 473 00:26:05,280 --> 00:26:07,240 Speaker 1: Wall Street Time for the Bloomberg Sports Update, brought to 474 00:26:07,240 --> 00:26:09,720 Speaker 1: you by Price State out Here shunt all Right. Nathan 475 00:26:09,840 --> 00:26:12,360 Speaker 1: Knicks are headed home a challenging five game road trip. 476 00:26:12,400 --> 00:26:15,400 Speaker 1: They won three times, avenged the recent home lost Oklahoma City, 477 00:26:15,440 --> 00:26:19,040 Speaker 1: beating the thunder one nine to one. Nineteen Jalen Brunson's 478 00:26:19,040 --> 00:26:22,080 Speaker 1: best game as a Nick thirty four points, nine assists. 479 00:26:22,080 --> 00:26:24,520 Speaker 1: Both Julius Randall and r J. Verrett scored twenty five, 480 00:26:24,560 --> 00:26:28,280 Speaker 1: so eighty four points from three guys. The Celtics nine 481 00:26:28,320 --> 00:26:30,920 Speaker 1: game winning stree agaended in Chicago. The Warriors lost in 482 00:26:30,960 --> 00:26:33,879 Speaker 1: New Orleans by forty five in Newark, gonna win for 483 00:26:33,880 --> 00:26:36,720 Speaker 1: the Devil's five to over Edmonton thirteen wins in a 484 00:26:36,840 --> 00:26:39,600 Speaker 1: Row ties the club rector they can break it tomorrow 485 00:26:39,600 --> 00:26:42,320 Speaker 1: against Toronto. The Islanders just beat the Maple Leaves, tied 486 00:26:42,359 --> 00:26:44,800 Speaker 1: the game on a Josh Bailey goal with three minutes left, 487 00:26:44,800 --> 00:26:47,199 Speaker 1: and then won three two on an overtime goal by 488 00:26:47,320 --> 00:26:50,520 Speaker 1: Anthony Bavilier. St. John's is five and Ob Temple seventy 489 00:26:50,560 --> 00:26:53,560 Speaker 1: eight seventy two at the Berkley Center. World Cup opener 490 00:26:53,600 --> 00:26:56,440 Speaker 1: for the US A one one tie with Wales. On Friday, 491 00:26:56,880 --> 00:27:00,240 Speaker 1: US plays England or just beat the Rand six in 492 00:27:00,280 --> 00:27:03,760 Speaker 1: Mexico City, forty niners all over Arizona, thirty eight four 493 00:27:03,840 --> 00:27:07,280 Speaker 1: touchdown passes for Jimmy Garoppelo. The Cardinals were without their 494 00:27:07,280 --> 00:27:10,280 Speaker 1: starting QB Kyler Murray, who will be the Jets quarterback 495 00:27:10,680 --> 00:27:13,280 Speaker 1: this Sunday? The Jets goes with Robert Sala. I'm going 496 00:27:13,320 --> 00:27:15,880 Speaker 1: to get to the paper and just tovaluate everything and uh, 497 00:27:15,920 --> 00:27:18,560 Speaker 1: I'll leave it at that. We're keeping everything on the 498 00:27:18,560 --> 00:27:21,760 Speaker 1: table for the next couple of days. So you're so 499 00:27:21,880 --> 00:27:23,919 Speaker 1: you're not committing to Zach as if you're started for 500 00:27:23,960 --> 00:27:26,399 Speaker 1: something now right now? No, tell them, don't evaluating everything. 501 00:27:26,400 --> 00:27:29,560 Speaker 1: Sala had previously been firm in his commitment to Zach. Wilson, 502 00:27:29,560 --> 00:27:32,800 Speaker 1: who then struggled mightily and that lost Sunday at New England. 503 00:27:32,800 --> 00:27:36,000 Speaker 1: The current jet backup QB as Mike White Jet Sunday 504 00:27:36,040 --> 00:27:38,800 Speaker 1: Host of Bears. They may not have their quarterback Justin 505 00:27:38,840 --> 00:27:42,040 Speaker 1: Fields hasn't injured shoulder. John stash I went Bloomberg Sport. 506 00:27:42,119 --> 00:27:44,480 Speaker 1: Thank you all right, John, thank you five thirty seven 507 00:27:44,480 --> 00:27:46,639 Speaker 1: on Wall Street time for the Tri State Business her 508 00:27:46,680 --> 00:27:49,800 Speaker 1: part prece Bloomberg, Scott Carr. The destiny of what was 509 00:27:49,880 --> 00:27:53,800 Speaker 1: what a Connecticut's largest garbage burning and recycling sites is undetermined, 510 00:27:53,920 --> 00:27:56,680 Speaker 1: but officials in Hartford are hoping the roughly eighty acre 511 00:27:56,720 --> 00:27:59,639 Speaker 1: site and South Meadows might eventually be used for economic 512 00:27:59,640 --> 00:28:02,840 Speaker 1: read of Elephant. Hartford Business Journal reports city officials are 513 00:28:02,840 --> 00:28:04,720 Speaker 1: looking at it as one of the city's best remaining 514 00:28:04,760 --> 00:28:08,560 Speaker 1: development opportunities, from the Slumo Institute on Broadway to the 515 00:28:08,640 --> 00:28:12,600 Speaker 1: multisensory art experience up the street called inter Industry experts 516 00:28:12,600 --> 00:28:15,919 Speaker 1: point to the surprising number of experiential retailers popping up 517 00:28:15,960 --> 00:28:18,880 Speaker 1: around the city. They say it's what consumers crave, especially 518 00:28:18,920 --> 00:28:21,960 Speaker 1: post pandemic. One of the largest leases in Manhattan this 519 00:28:22,040 --> 00:28:24,960 Speaker 1: year went to Wonderland Dreams. The immersive art exhibit on 520 00:28:25,000 --> 00:28:28,480 Speaker 1: Fifth Avenue. Nearly one fifty million dollar renovation of the 521 00:28:28,520 --> 00:28:31,119 Speaker 1: Trophy Office Tower at two fifty nine Fifth Ave in 522 00:28:31,200 --> 00:28:34,719 Speaker 1: Midtown South is near completion. New York Business Journals has 523 00:28:34,760 --> 00:28:37,359 Speaker 1: once completed. The nineteen story tower will feature a new 524 00:28:37,440 --> 00:28:41,959 Speaker 1: double hype lobby, office, penthouse, and overhauled windows, HVAC and elevators. 525 00:28:42,040 --> 00:28:45,240 Speaker 1: That's the Bloomberg Tri State Business Report. I'm Scott Carr. 526 00:28:45,400 --> 00:28:48,280 Speaker 1: Thanks Scott. On Wall Street. Bloomberg Radio is on the 527 00:28:48,280 --> 00:28:51,240 Speaker 1: air from San Francisco to New York, London to Hong Kong. 528 00:28:51,360 --> 00:28:53,280 Speaker 1: Let's check in with our global news team for some 529 00:28:53,320 --> 00:28:55,760 Speaker 1: of the top stories heard on our three hundred affiliate 530 00:28:55,840 --> 00:29:01,920 Speaker 1: radio stations around the world. M Porney Donahoe on ktr 531 00:29:02,080 --> 00:29:06,600 Speaker 1: H in Houston, Texas. Regulators are investigating celebrity endorsements tied 532 00:29:06,640 --> 00:29:10,080 Speaker 1: to crypto exchange at t S. I'm Scott car on 533 00:29:10,280 --> 00:29:13,520 Speaker 1: w w J in Detroit. I'm reporting on some changes 534 00:29:13,560 --> 00:29:17,240 Speaker 1: coming to a legendary local ice cream shop. I'm Caroline 535 00:29:17,240 --> 00:29:20,120 Speaker 1: had come bloombag d a b Dishodo in London. Women 536 00:29:20,160 --> 00:29:22,360 Speaker 1: speaking to the Lord Mayor of London, who says that 537 00:29:22,440 --> 00:29:25,040 Speaker 1: jobs in the city will be lost due to the 538 00:29:25,120 --> 00:29:30,040 Speaker 1: looming recession on the government's tax rises. N ginas Servettian 539 00:29:30,160 --> 00:29:32,920 Speaker 1: for w BBM in Chicago. I'm reporting that a watch 540 00:29:32,960 --> 00:29:35,960 Speaker 1: dealer back by former bull star Michael Jordan, is aiming 541 00:29:35,960 --> 00:29:38,520 Speaker 1: for a thirty three percent jump in sales this year. 542 00:29:39,880 --> 00:29:42,640 Speaker 1: And those are some of the stories are undred Bloomberg 543 00:29:42,720 --> 00:29:45,280 Speaker 1: journalists and analysts are working on this morning around the world. 544 00:29:45,440 --> 00:29:48,120 Speaker 1: It's five thirty nine on Wall Street. The following is 545 00:29:48,160 --> 00:29:51,959 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 546 00:29:51,960 --> 00:29:55,920 Speaker 1: the Bloomberg Editorial Board. American children face a viral triple 547 00:29:55,960 --> 00:29:59,680 Speaker 1: threat this year. The combined impact of COVID nineteen, the flu, 548 00:29:59,840 --> 00:30:02,200 Speaker 1: and r s V, a virus that can be very 549 00:30:02,240 --> 00:30:05,960 Speaker 1: dangerous for infants and young children, has overwhelmed hospitals. To 550 00:30:06,040 --> 00:30:09,320 Speaker 1: prevent another blow to the healthcare system, officials need a 551 00:30:09,320 --> 00:30:12,480 Speaker 1: better way to anticipate and respond to these threads. The 552 00:30:12,520 --> 00:30:16,080 Speaker 1: CDC could start by developing a risk threshold based on 553 00:30:16,160 --> 00:30:21,000 Speaker 1: deaths and hospitalizations for all respiratory viruses, combined crossing a 554 00:30:21,000 --> 00:30:24,600 Speaker 1: certain threshold with trigger policy responses such as freeing up 555 00:30:24,600 --> 00:30:27,680 Speaker 1: beds or sending a surge of medical staff in the 556 00:30:27,760 --> 00:30:31,680 Speaker 1: longer term, the Biden administration should develop a national strategy 557 00:30:31,720 --> 00:30:34,640 Speaker 1: to draw more workers into the healthcare field. Better data 558 00:30:34,920 --> 00:30:38,360 Speaker 1: coupled with a more resilient workforce should help health systems 559 00:30:38,400 --> 00:30:41,480 Speaker 1: meet this challenge. This editorial was written by the Bloomberg 560 00:30:41,600 --> 00:30:44,760 Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg 561 00:30:44,760 --> 00:30:47,480 Speaker 1: dot com, slash Opinion or O P I n go 562 00:30:47,800 --> 00:30:51,520 Speaker 1: on the Bloomberg Terminal. These has been Bloomberg opinion and 563 00:30:51,560 --> 00:30:54,560 Speaker 1: you can hear Bloomberg opinion editorials every weekday. At this time, 564 00:30:54,640 --> 00:30:57,800 Speaker 1: terminal customers can read more at O P I n go. 565 00:30:58,680 --> 00:31:00,960 Speaker 1: SP futures are moving a bit higher. They're up seven 566 00:31:01,000 --> 00:31:03,840 Speaker 1: points right now down futures of fifty seven Nastack futures 567 00:31:03,840 --> 00:31:07,440 Speaker 1: are higher by fifteen points. Tenure treasury is up nine 568 00:31:07,480 --> 00:31:10,840 Speaker 1: thirty seconds. The yeld three point seven yield on the 569 00:31:10,880 --> 00:31:14,400 Speaker 1: two year four point four nine percent. I'm gonna market 570 00:31:14,440 --> 00:31:18,480 Speaker 1: outlook next from St. Dwack, Chief investment Officer at Flowbank. 571 00:31:18,800 --> 00:31:23,960 Speaker 1: This is Bloomberg. Bloomberg Sports Report was brought to you 572 00:31:23,960 --> 00:31:25,840 Speaker 1: by Audie. Don't let someone else drive off in the 573 00:31:25,880 --> 00:31:28,560 Speaker 1: Audi model. You've always wanted. Visit your local price state 574 00:31:28,600 --> 00:31:30,760 Speaker 1: Autie Dealer to get behind the wheel of yours today, 575 00:31:30,880 --> 00:31:37,680 Speaker 1: or visit Autie Offers dot com for more information, markets, 576 00:31:37,760 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 577 00:31:40,880 --> 00:31:44,280 Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg 578 00:31:44,360 --> 00:31:53,600 Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen. 579 00:31:53,680 --> 00:31:57,600 Speaker 1: Moscow and European shares are advancing, boosted by oil majors 580 00:31:57,640 --> 00:32:01,200 Speaker 1: as crude prices recover. US dock in day futures are gaining. 581 00:32:01,240 --> 00:32:04,680 Speaker 1: His investors passed through comments from Federal Reserve officials to 582 00:32:04,760 --> 00:32:07,600 Speaker 1: assess the potential for slower interest rate hikes, and we 583 00:32:07,680 --> 00:32:10,120 Speaker 1: check the markets every fifteen minutes throughout the trading day 584 00:32:10,160 --> 00:32:12,840 Speaker 1: on Bloomberg Guess and P Futures up six points this morning. 585 00:32:12,880 --> 00:32:16,160 Speaker 1: Down Future is up forty seven Nasdack Future is up thirteen. 586 00:32:16,200 --> 00:32:18,760 Speaker 1: The decks in Germany up about three tenths of upper 587 00:32:18,840 --> 00:32:21,160 Speaker 1: cent ten year Treasury up nine thirty seconds. He had 588 00:32:21,160 --> 00:32:23,440 Speaker 1: three point seven nine percent they yield on the two 589 00:32:23,520 --> 00:32:26,600 Speaker 1: year four point four nine percent nine max Screwed oil 590 00:32:26,720 --> 00:32:28,640 Speaker 1: is up six tents percent or forty five cents at 591 00:32:28,640 --> 00:32:31,560 Speaker 1: eighty dollars. Forty seven cents of barrel Co mexschooled up 592 00:32:31,560 --> 00:32:34,320 Speaker 1: half percent or eight dollars seventy cents at seventeen sixty 593 00:32:34,400 --> 00:32:37,320 Speaker 1: three thirty, announced the Euro at one point two seven 594 00:32:37,400 --> 00:32:40,040 Speaker 1: nine against the dollar, British found one point eight six 595 00:32:40,120 --> 00:32:42,800 Speaker 1: one and agen one forty one point three seven and 596 00:32:42,920 --> 00:32:45,560 Speaker 1: looking at a Bitcoin of half percent at fifteen thousand, 597 00:32:45,880 --> 00:32:48,760 Speaker 1: seven hundred dollars. That's a Bloomberg business flash. Now here's 598 00:32:48,800 --> 00:32:51,320 Speaker 1: Michael Barr with Moore on what's going on around the world. 599 00:32:51,400 --> 00:32:54,440 Speaker 1: Michael Karen, thank you very much. Army veteran Richard Fierro 600 00:32:54,720 --> 00:32:57,720 Speaker 1: credits his training in the armed forces for taking down 601 00:32:57,760 --> 00:33:01,240 Speaker 1: the government. At Storm Club Que, often called a safe 602 00:33:01,240 --> 00:33:04,959 Speaker 1: place for the LGBTQ community, police say the twenty two 603 00:33:05,040 --> 00:33:08,120 Speaker 1: year old suspects stormed into the club and opened fire, 604 00:33:08,240 --> 00:33:11,120 Speaker 1: killing five and injuring many others. The jury in the 605 00:33:11,200 --> 00:33:15,120 Speaker 1: January sixth insurrection trial of oath Keepers founders Stewart Rhodes 606 00:33:15,320 --> 00:33:19,080 Speaker 1: and four associates will begin deliberations today. In the NFL, 607 00:33:19,120 --> 00:33:21,520 Speaker 1: the forty nine is beat the Cardinals thirty eight ten. 608 00:33:21,920 --> 00:33:25,160 Speaker 1: In the NBA, the next one the Celtics and Warriors lost. 609 00:33:25,400 --> 00:33:29,680 Speaker 1: In the NHL, the Devils won their thirteenth straight, beating 610 00:33:29,680 --> 00:33:32,520 Speaker 1: the Oilers five to the Islanders won in ot against 611 00:33:32,560 --> 00:33:35,640 Speaker 1: the maple Leaves three to the Bruins one. At Soccer's 612 00:33:35,720 --> 00:33:38,480 Speaker 1: World Cup, the US and Wales ended in a one 613 00:33:38,560 --> 00:33:41,560 Speaker 1: one draw. Today four games are on slate, including right 614 00:33:41,600 --> 00:33:45,600 Speaker 1: now Argentina is leading Saudi Arabia one nil. Global News 615 00:33:45,600 --> 00:33:48,640 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 616 00:33:48,880 --> 00:33:51,880 Speaker 1: powered by more than twenty seven hundred journalists and analysts 617 00:33:51,960 --> 00:33:54,640 Speaker 1: more than a hundred twenty countries. Michael Barr and this 618 00:33:54,720 --> 00:33:57,600 Speaker 1: is Bloomberg Navian. Well done with the nil bonus, Penser, 619 00:33:57,920 --> 00:34:00,720 Speaker 1: Thank you, Michael. Five is the time now on Wall 620 00:34:00,760 --> 00:34:03,960 Speaker 1: Street Live from the Bloomberg Interactive Brokers studios. This is 621 00:34:04,040 --> 00:34:06,560 Speaker 1: Bloomberg Daybreak and we're pleased to be joined this morning 622 00:34:06,560 --> 00:34:09,600 Speaker 1: by St. Dwag, chief investment Officer at Flow Bank, as 623 00:34:09,640 --> 00:34:12,759 Speaker 1: we assess this market. St. Good morning. There's been so 624 00:34:12,760 --> 00:34:17,840 Speaker 1: many headlines crossing on the unfolding crisis in crypto, the 625 00:34:17,840 --> 00:34:20,359 Speaker 1: contagion playing out in that space. Do you see any 626 00:34:20,480 --> 00:34:23,759 Speaker 1: risk of contagion beyond crypto from what's happening with f 627 00:34:23,840 --> 00:34:27,920 Speaker 1: t X? Good morning at this is at this point 628 00:34:27,920 --> 00:34:31,239 Speaker 1: it doesn't appear likely. We've already had almost a week 629 00:34:31,440 --> 00:34:35,839 Speaker 1: of these headlines. We've seen that some of the big 630 00:34:35,880 --> 00:34:39,680 Speaker 1: cryptos like Bitcoin have surprisingly still held up decently, and 631 00:34:39,719 --> 00:34:43,719 Speaker 1: we haven't seen that much contagion across the spectrum into 632 00:34:43,760 --> 00:34:46,319 Speaker 1: the equity market. So it does feel like it's going 633 00:34:46,360 --> 00:34:50,560 Speaker 1: to stay contained into crypto. But it does also feel 634 00:34:50,600 --> 00:34:52,719 Speaker 1: like there's a little bit of a snowball effect within 635 00:34:52,800 --> 00:34:57,880 Speaker 1: crypto with other UH big companies at risk. So it 636 00:34:57,960 --> 00:35:00,759 Speaker 1: might be too early to say for sure, but so far, 637 00:35:00,800 --> 00:35:03,480 Speaker 1: so good, I'd say, all right well in the meantime. 638 00:35:03,520 --> 00:35:06,680 Speaker 1: As for what's happening in the market more broadly, a 639 00:35:06,680 --> 00:35:09,319 Speaker 1: lot of the focus, of course, is on the path 640 00:35:09,400 --> 00:35:12,840 Speaker 1: for central banks. We just got warning UH this morning 641 00:35:12,840 --> 00:35:15,400 Speaker 1: from the O E c D that central banks around 642 00:35:15,440 --> 00:35:18,960 Speaker 1: the world should keep raising interest rates to fight inflation. 643 00:35:19,080 --> 00:35:23,799 Speaker 1: Does that affect your outlook for risk investments? Not? At 644 00:35:23,800 --> 00:35:28,080 Speaker 1: this point. We've had very well telegraphed information from the 645 00:35:28,080 --> 00:35:30,960 Speaker 1: Federal Reserve in particular, and I do believe that is 646 00:35:31,000 --> 00:35:35,040 Speaker 1: still the central bank that matters. For Europeans. We want 647 00:35:35,040 --> 00:35:37,200 Speaker 1: to watch a little bit what the ECB does as well, 648 00:35:37,239 --> 00:35:40,120 Speaker 1: but everyone is taking their cue from the Fed. When 649 00:35:40,160 --> 00:35:42,600 Speaker 1: we've had the speakers come out and continue to tell 650 00:35:42,680 --> 00:35:45,080 Speaker 1: us they're going to high rates. Uh, you know, some 651 00:35:45,160 --> 00:35:47,600 Speaker 1: of it you have to take with a grain assault 652 00:35:47,600 --> 00:35:50,000 Speaker 1: when you hear the five to seven percent range, But 653 00:35:50,200 --> 00:35:55,839 Speaker 1: that terminal rate is around four Disinflation indicators are continuing 654 00:35:56,400 --> 00:35:59,759 Speaker 1: um pretty much across the board, and so the Fed 655 00:36:00,120 --> 00:36:03,760 Speaker 1: is slowly coming to the end of its tightening campaign. 656 00:36:04,120 --> 00:36:05,560 Speaker 1: I think where you have a little bit of a 657 00:36:05,640 --> 00:36:10,880 Speaker 1: risk is later in if inflation stalls out again or 658 00:36:10,960 --> 00:36:13,719 Speaker 1: doesn't continue to drop, and then the Fed has to 659 00:36:14,000 --> 00:36:17,840 Speaker 1: revise those terminal rate expectations and the market has to 660 00:36:17,880 --> 00:36:20,879 Speaker 1: adapt again. I think that's a big risk. But for now, um, 661 00:36:21,480 --> 00:36:24,200 Speaker 1: we're probably going to get those fifty basis points in December, 662 00:36:24,280 --> 00:36:27,320 Speaker 1: maybe another twenty five in January, and we should get 663 00:36:27,320 --> 00:36:31,120 Speaker 1: that long awaited paused. Well, how do you rebel or 664 00:36:31,160 --> 00:36:34,799 Speaker 1: do you rebalance portfolios in the face of higher for 665 00:36:34,920 --> 00:36:37,600 Speaker 1: longer rates. I think we are hearing from a lot 666 00:36:37,640 --> 00:36:42,680 Speaker 1: of central bankers that the terminal rate could stay elevated 667 00:36:42,719 --> 00:36:46,960 Speaker 1: for quite some time. I think that's exactly what they've 668 00:36:46,960 --> 00:36:50,840 Speaker 1: worked on, keeping that higher for longer, trying to price 669 00:36:50,920 --> 00:36:54,040 Speaker 1: out those interest rate cuts that the market is looking 670 00:36:54,080 --> 00:36:58,720 Speaker 1: for at the end of and really, I mean we've 671 00:36:58,719 --> 00:37:00,600 Speaker 1: had quite a few months of this. We had the 672 00:37:00,640 --> 00:37:02,960 Speaker 1: summer pivot or their lack of pivot, and then we've 673 00:37:03,000 --> 00:37:05,800 Speaker 1: had a couple of other of these expectations, and the 674 00:37:05,880 --> 00:37:09,760 Speaker 1: FED has really slapped the market back down every time. UM, 675 00:37:09,800 --> 00:37:11,960 Speaker 1: So at this point there's not so much to rebalance 676 00:37:12,000 --> 00:37:15,319 Speaker 1: in the portfolio. It does feel that the yield in 677 00:37:15,719 --> 00:37:18,840 Speaker 1: the peak and yields excuse me, is in and that 678 00:37:18,960 --> 00:37:23,080 Speaker 1: suggests that the bond allocations don't have to can sort 679 00:37:23,080 --> 00:37:25,880 Speaker 1: of be rebalanced a little bit, that you can rebalance 680 00:37:25,960 --> 00:37:29,920 Speaker 1: between credit and sovereigns a little and then we'll have 681 00:37:29,960 --> 00:37:33,080 Speaker 1: to see not quite full on bullish unto the end 682 00:37:33,120 --> 00:37:36,160 Speaker 1: of the year for equities, but started to look a 683 00:37:36,200 --> 00:37:38,759 Speaker 1: little less bad if the peak and yields is in 684 00:37:38,840 --> 00:37:43,600 Speaker 1: as well. Yeah, speaking of that perhaps not so bullish sentiment. 685 00:37:43,640 --> 00:37:46,560 Speaker 1: We just got another note from Goldman Sachs this morning saying, 686 00:37:46,640 --> 00:37:50,520 Speaker 1: not just the SMP five level, but earnings on SMPI 687 00:37:50,920 --> 00:37:53,680 Speaker 1: companies are gonna stay flat through into next year. What's 688 00:37:53,680 --> 00:37:57,719 Speaker 1: your view on that. Well, we've already pressed in a 689 00:37:57,760 --> 00:38:02,440 Speaker 1: lot of a down grades in their earnings expectations and 690 00:38:02,560 --> 00:38:06,239 Speaker 1: pretty much everyone knows that the numbers probably have to 691 00:38:06,239 --> 00:38:09,880 Speaker 1: come down a little bit as well. Um, we've seen 692 00:38:10,000 --> 00:38:12,680 Speaker 1: that the expectations for the Q four earning season have 693 00:38:12,800 --> 00:38:15,640 Speaker 1: gone from from gone from something like a six percent 694 00:38:15,880 --> 00:38:19,280 Speaker 1: growth expectation to zero or even negative for the fourth quarter. 695 00:38:19,600 --> 00:38:23,360 Speaker 1: So that lines up with what Goldman suggested. The markets 696 00:38:23,400 --> 00:38:28,600 Speaker 1: already pricing in a big, big adjustment in the earnings expectations, 697 00:38:28,640 --> 00:38:31,120 Speaker 1: and I think we'll have some kind of stiffs, some 698 00:38:31,200 --> 00:38:35,680 Speaker 1: kind of stabilization come through in and very quickly the 699 00:38:35,680 --> 00:38:37,600 Speaker 1: market is going to stop looking at this q cord 700 00:38:37,680 --> 00:38:40,560 Speaker 1: data and start to look at guidance for next year. Alright, 701 00:38:40,680 --> 00:38:43,000 Speaker 1: st as always great to get your thoughts. Thanks again 702 00:38:43,040 --> 00:38:45,480 Speaker 1: for being with us this morning. S D. Dwag, Chief 703 00:38:45,520 --> 00:38:49,799 Speaker 1: investment Officer at Flow Bank, Karen Nathan. It is five 704 00:38:49,920 --> 00:38:52,960 Speaker 1: fifty four on Wall Street, and now a legal story 705 00:38:53,000 --> 00:38:57,120 Speaker 1: we're watching this morning. Landmarks legislation to protect same sex 706 00:38:57,160 --> 00:39:01,080 Speaker 1: and interracial marriages across the majors, and it Hurtle last 707 00:39:01,120 --> 00:39:03,920 Speaker 1: week put in Congress on track to take the historic 708 00:39:04,000 --> 00:39:07,720 Speaker 1: step of ensuring that such unions are enshrined in federal law. 709 00:39:08,120 --> 00:39:11,719 Speaker 1: Twelve Republicans senators joined with Democrats to advance the bill. 710 00:39:12,160 --> 00:39:14,440 Speaker 1: Right now, the right to same sex marriage is the 711 00:39:14,520 --> 00:39:17,880 Speaker 1: law only because of a twenty fIF Supreme Court decision, 712 00:39:18,239 --> 00:39:21,799 Speaker 1: which many fear is now in jeopardy for Mura. Bloomberg's 713 00:39:21,840 --> 00:39:25,439 Speaker 1: June Grosso speaks to Catherine Frankie, director of Columbia Law 714 00:39:25,480 --> 00:39:30,840 Speaker 1: School's Center for Gender and Sexuality Law. What's motivating this 715 00:39:31,160 --> 00:39:35,799 Speaker 1: push to get a same sex marriage bill passed. Well, 716 00:39:35,840 --> 00:39:37,719 Speaker 1: I think there are a few things. One is that 717 00:39:37,960 --> 00:39:42,359 Speaker 1: many members of Congress were overwhelmed by calls from their 718 00:39:42,360 --> 00:39:46,279 Speaker 1: constituents who were married and in same sex couples who 719 00:39:46,320 --> 00:39:50,120 Speaker 1: were terrified after the Dodds decision that their kids might 720 00:39:50,160 --> 00:39:53,839 Speaker 1: be taken away, that their marriages might be dissolved. And 721 00:39:53,880 --> 00:39:56,640 Speaker 1: what's interesting is the Respect for Marriage Act really came 722 00:39:56,800 --> 00:40:01,200 Speaker 1: from within Congress itself as a response to constituent calls. 723 00:40:01,640 --> 00:40:04,480 Speaker 1: It didn't come from some of the gay rights organizations 724 00:40:04,480 --> 00:40:08,240 Speaker 1: around the country in that job's decision. Was it Justice 725 00:40:08,320 --> 00:40:12,880 Speaker 1: Clarence Thomas's concurring opinion that led to that fear, or 726 00:40:12,920 --> 00:40:15,399 Speaker 1: was it the decision itself. Well, you can always count 727 00:40:15,480 --> 00:40:18,120 Speaker 1: on Clarence Thomas to say the quiet part out loud, 728 00:40:18,160 --> 00:40:21,960 Speaker 1: but also the loud party even more loudly and certainly 729 00:40:22,000 --> 00:40:26,640 Speaker 1: there's nothing in the majority's opinion that would hinder the 730 00:40:26,719 --> 00:40:30,680 Speaker 1: Court from taking the next steps of finding rights of 731 00:40:30,760 --> 00:40:35,239 Speaker 1: contraception is nowhere secured in the Constitution, or the same 732 00:40:35,239 --> 00:40:39,400 Speaker 1: with same sex marriage. Notwithstanding Justice Kavanaugh trying to lower 733 00:40:39,440 --> 00:40:42,759 Speaker 1: the temperature a little bit in his concurrence and saying, oh, no, no, no, 734 00:40:42,840 --> 00:40:46,640 Speaker 1: we're just deciding abortion today. Actually, I'm not sure the 735 00:40:46,680 --> 00:40:49,479 Speaker 1: other members of the majority hold that view. So that's 736 00:40:49,520 --> 00:40:53,120 Speaker 1: really what frightened everyone was was Justice Thomas kind of 737 00:40:53,239 --> 00:40:57,520 Speaker 1: underscoring what the potential for the Jobs decision might hold 738 00:40:58,000 --> 00:41:02,120 Speaker 1: for other issues around sex and sexuality. Now, what would 739 00:41:02,120 --> 00:41:06,799 Speaker 1: this legislation do. The legislation would not go all the 740 00:41:06,880 --> 00:41:10,319 Speaker 1: way of oberghah Felt. So it's the Spreme Court next 741 00:41:10,440 --> 00:41:13,120 Speaker 1: term or two years from now, decides to overrule o 742 00:41:13,320 --> 00:41:17,440 Speaker 1: Berga Fell. The respect for marriage Jack won't completely fix 743 00:41:17,520 --> 00:41:21,200 Speaker 1: the problem. What it does do is it says states 744 00:41:21,840 --> 00:41:26,359 Speaker 1: have to respect valid marriages from other states. So right 745 00:41:26,360 --> 00:41:28,680 Speaker 1: now there are thirty five states that have laws on 746 00:41:28,719 --> 00:41:31,680 Speaker 1: the books that banned same sex marriage. Those laws are 747 00:41:31,719 --> 00:41:35,239 Speaker 1: not enforceable because of the obergh Felt decision. But if 748 00:41:35,280 --> 00:41:38,960 Speaker 1: the Court reverses, Obergha felt, what happens to those laws 749 00:41:39,000 --> 00:41:42,440 Speaker 1: in those thirty five states? So now what the the 750 00:41:42,520 --> 00:41:46,080 Speaker 1: Spectra marriage Jack does specifically, it says is those states 751 00:41:46,120 --> 00:41:50,080 Speaker 1: that won't marry same sex couples or interracial couples can't 752 00:41:50,120 --> 00:41:53,759 Speaker 1: refuse to recognize the validity of their marriages if the 753 00:41:53,920 --> 00:41:57,360 Speaker 1: reason that they're refusing to allow those folks to marry 754 00:41:57,360 --> 00:41:59,879 Speaker 1: in their home state is because of the sex, ray, 755 00:42:00,320 --> 00:42:05,440 Speaker 1: national origin, or ethnicity. And as Catherine Frankie, director of 756 00:42:05,480 --> 00:42:09,520 Speaker 1: Columbia Law School's Center for Agender and Sexuality LASS, speaking 757 00:42:09,560 --> 00:42:12,839 Speaker 1: with the Bloomberg Stude Grosso catch where that interview plus 758 00:42:12,880 --> 00:42:15,719 Speaker 1: analysis of the latest legal news by subscribing to the 759 00:42:15,760 --> 00:42:19,200 Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot 760 00:42:19,200 --> 00:42:22,960 Speaker 1: com slash podcasts. Attorneys can find exceptional legal research and 761 00:42:23,000 --> 00:42:26,120 Speaker 1: business development tools at Bloomberg Law dot com and on 762 00:42:26,160 --> 00:42:30,280 Speaker 1: the Bloomberg terminal at b law Go. Futures this morning 763 00:42:30,360 --> 00:42:34,160 Speaker 1: on the rise, SMP futures up seven points now futures 764 00:42:34,160 --> 00:42:37,960 Speaker 1: of fifty five and NASDAG futures are up twenty and 765 00:42:38,200 --> 00:42:41,360 Speaker 1: still ahead. On Bloomberg Daybreak, I checked on the business 766 00:42:41,360 --> 00:42:44,279 Speaker 1: headlines and all the news you need to start your day, 767 00:42:44,840 --> 00:42:46,520 Speaker 1: and this is Bloomberg.