Speaker 1: Live from the Bloomberg Interact at Burger Studios. This is
Speaker 1: Bloomberg Day Right for Wednesday, September four two. Coming up
Speaker 1: this hour, futures rise following the worst day for stocks
Speaker 1: in two years, positive inflation data in the UK as
Speaker 1: prices slipped from forty year highs in London, Queen Elizabeth's
Speaker 1: tough and makes its way to Buckingham Palace, and a
Speaker 1: rail strike in the US threatens the halt shipments of
Speaker 1: farm products and autos. Former New York Governor Cuomo files
Speaker 1: and ethics complain against the A G blush Ukrainian troops
Speaker 1: keep up the pressure on fleeing Russian forces. I'm Michael
Speaker 1: blarn More and I'm John Stashower. And sports. Another big
Speaker 1: night for Aaron Judge, two Armbrons and the Yankee win
Speaker 1: over the Red Sox. The Mets lost again to the
Speaker 1: cub That's all straight ahead on Bloomberg Day Break on
Speaker 1: Bloomberg eleven Freoo, New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one or six one, Boston, Bloomberg nine sixty seven, Francisco,
Speaker 1: Syrius x M one nineteen and around the world on
Speaker 1: Bloomberg Radio dot Com. And via the Bloomberg Business Act.
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow and
Speaker 1: US futures are on the rise this morning. We are
Speaker 1: coming up to five oh one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SNP future is up twenty four points this morning,
Speaker 1: down features of a hundred fifty three and NASDAG futures
Speaker 1: up seventy eight. Ten year treasury down six thirty seconds.
Speaker 1: You have three point four three percent and they yield
Speaker 1: on the two year at three point seven six percent.
Speaker 1: Nathan well Karen stocks are coming off their worst day
Speaker 1: since twenty twenty. The SMP five hundred dropped four point
Speaker 1: three while the NAZDAC plunged more than five percent. It
Speaker 1: was all fueled by hotter than expected inflation data, which
Speaker 1: is increasing bets for bigger rate hikes from the Fed.
Speaker 1: Carol Schlife, his deputy chief investment officer at Beimo Family Office,
Speaker 1: the market desperately wants to figure out a bullish tone,
Speaker 1: and they've been fighting the Fed all year, and the
Speaker 1: it's been unequivocal saying we're gonna you know, they communicated
Speaker 1: pretty clearly that it's the three quarters of basis point rise.
Speaker 1: And I think this number took everybody by surprise, but
Speaker 1: the data has been really sloppy month a month. Carol
Speaker 1: Schleife at BEMO Family Office says next week's FED meeting
Speaker 1: will be crucial for markets. Well, Nathan, the selloff spread
Speaker 1: to Asia over and night, but the price action was
Speaker 1: more muted than what we saw in the US. Japan's
Speaker 1: Nika dropped two point eight percent, while Hongo Kong's Hang
Speaker 1: Sang fell two and a half percent. We get the
Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette,
Speaker 1: Good morning Karen. The yen rallied further away from the
Speaker 1: closely watched a hundred and forty five per dollar level
Speaker 1: after the NICK reported the Bank of Japan conducted a
Speaker 1: so called rate check in the currency market, a move
Speaker 1: considered a precursor for intervention. Officials in South Korea also
Speaker 1: ramped up verbal intervention, while China Central Bank sent the
Speaker 1: daily reference rate on the one at the strongest bias
Speaker 1: on record. Asian stocks had their biggest drop since June
Speaker 1: entre day, with Australian Chinese tech stocks and Phonetias, the
Speaker 1: laggs in Sydney Juliette Sally Blimber Daybreak juliet Thanks his
Speaker 1: inflation and higher rates continue to weigh on markets, the
Speaker 1: Fed still has a long way to go. That's according
Speaker 1: to legendary investor Mark Mobius, who says the feds benchmark
Speaker 1: interest rate could hit nine percent. Their game plan is
Speaker 1: to make sure that the interest rate is higher than inflation.
Speaker 1: That's the way they believe the way to kill inflation.
Speaker 1: So you have eight percent CPI, that means you have
Speaker 1: to have nine percent interest rates. If that forecaster Mark
Speaker 1: Mobius is right, rates would climb significantly higher than the
Speaker 1: current two and a half percent target rate. Well, Nathan
Speaker 1: the broad based Sell Office putting more pressure on the
Speaker 1: Fed to keep up aggressive policy. But when it comes
Speaker 1: to politics, President Biden says he's not worried about the
Speaker 1: threat of inflation. The stock market doesn't necessarily reflect the
Speaker 1: state of the economy, as you well know, and the
Speaker 1: economy is still strong. Unemployments, low jobs are up, manufacturing
Speaker 1: is could so I think it's uh. I think we're
Speaker 1: gonna be fine. Worried about the inflation number those No,
Speaker 1: I'm not the President spoke after hosting a celebration at
Speaker 1: the White House for the Inflation Reduction Act. After those remarks,
Speaker 1: Bloomberg political contributor Rick Davis said Democrats are starting to
Speaker 1: look out of touch on the economy. It says they
Speaker 1: cannot get out of their own way. This is a
Speaker 1: ad ready to be made. Every Republican is going to
Speaker 1: have this SNAr quiver and frankly, they give back Republicans
Speaker 1: a message that was starting to dwindle, which is, oh
Speaker 1: my god, we we gotta quit talking about inflation. Well
Speaker 1: not now. Rick Davis spoke with our Washington correspondent Joe
Speaker 1: Matthew on Bloomberg Sound on Catch the program weekdays at
Speaker 1: five pm Eastern on Bloomberg Radio. In the UK, care
Speaker 1: and there's some slightly positive news on inflation. Prices have
Speaker 1: gone down a bit, easing off the highest rate in
Speaker 1: four decades. Today's consumer price index rose at an annual
Speaker 1: rate of nine point nine. That's a drop from ten
Speaker 1: point one in July. The Bank of England meets next week.
Speaker 1: It's expected to raise interest rates either fifty or seventy
Speaker 1: five basis points. Well, Nathan the bigger story in England
Speaker 1: right now centers on Queen Elizabeth the Second. Her confin
Speaker 1: is now at Buckingham Palace as people queue up to
Speaker 1: pay their respect to the Queen, and we go live
Speaker 1: to London and get the latest from Bloomberg's You and
Speaker 1: Parts You and Good Morning, Good Morning, Karen and Nathan.
Speaker 1: Queen Elizabeth is said to leave bucking In Palace today
Speaker 1: for the very last time, departing at two twenty two pm.
Speaker 1: He Majesy's coffee will be transported by horse drawn gun
Speaker 1: carriage through St James's Park and onto Westminster. Walking behind
Speaker 1: his mother's coffin will be the new King, King Charles
Speaker 1: the Third, followed by the senior members of the royal family.
Speaker 1: The Queen's coffin will line states in Westminster Hall, the
Speaker 1: ancient heart of the British Parliament, for four days until
Speaker 1: her funeral on Monday. As many as a million people
Speaker 1: are expected to join the line to walk past her
Speaker 1: caskets in London. I'm You and Part Spin by Daybreak,
Speaker 1: all Right, You and thank You. Geo politics is also
Speaker 1: in focus this morning. President Shi jin Ping is making
Speaker 1: his first trip outside China in more than two years.
Speaker 1: Gives him a chance to meet Vladimir Putin in person
Speaker 1: for the first time since Russia began its invasion of Ukraine.
Speaker 1: We get more from Bloomberg Stephen Angle in Hong Kong. Obviously,
Speaker 1: for Putin he needs China's support. Perhaps the war, according
Speaker 1: to many calculations, is not going as planned. And for
Speaker 1: you know, Shed and Ping, he is again steadfastly sticking
Speaker 1: to this plan of decentralizing Western institutions and creating a
Speaker 1: narrative from a Chinese perspective. Bloomberg Stephen Angle reports she
Speaker 1: and Putin meet tomorrow in Uzbekistan on the sidelines of
Speaker 1: a security forum. First President, she makes a stop in
Speaker 1: Kazakhstan today and back here in the US, Nathan, a
Speaker 1: big labor fight is making head lines. A strike set
Speaker 1: for tomorrow could prevent American railroads from transporting firm products
Speaker 1: and other key goods, and could cost the US economy
Speaker 1: two billion dollars a day. President Biden is personally trying
Speaker 1: to break the long jam between railroads and labor unions.
Speaker 1: Labor Secretary Murdie Walsh, We'll meet with railroad and union
Speaker 1: representatives today. Futures moving higher care and we have SMP
Speaker 1: futures up twenty five points right now after yesterday's route down.
Speaker 1: Futures up a hundred sixty one. NASTAC futures on the
Speaker 1: rise by eighty three points. The tenure treasury is down
Speaker 1: seven thirty seconds. The three point three NIMEX screwed is
Speaker 1: up four tenths per cent or thirty one cents at
Speaker 1: eighty seven sixty two a barrel. The euro just below
Speaker 1: parody against the dollar. Local headlines and a check of sports.
Speaker 1: Just ahead. This is Bloomberg at five oh seven on
Speaker 1: Wall Street. Were sixty five degrees in Central Park. Got
Speaker 1: a water main break Scott southbound Root Tuo two closed
Speaker 1: by Henry Street, Morristown. More coming up in traffic. First
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: Former New York Governor Andrew Cuomo filed and ethics complain
Speaker 1: against State Attorney General Letitia James about the way she
Speaker 1: handled a sexual harassment investigation that led to his resignation
Speaker 1: last year. Cuomo questioned the accuracy and credibility of the
Speaker 1: investigations findings, a legend. James, a fellow Democrat used the
Speaker 1: probe to tarnish him and further her own political interests.
Speaker 1: Cuomo says James, who briefly ran for governor, had her
Speaker 1: own politically motivated and self interest driven agenda. Cuomo resigned
Speaker 1: in August of last year. Rhode Island Governor Dan McKee.
Speaker 1: On Tuesday's Democratic gubernatorial primary, he thanks supporters, so I
Speaker 1: have to stand here before you tonight, not just as
Speaker 1: your governor, but as the Democratic nomination nominee for governor
Speaker 1: of Rhode Island. Governor McKee at the most with thirty
Speaker 1: three percent. In the fall, McKee will face Republican Ashley Kellis,
Speaker 1: who got eighty four. In New Hampshire, the Republican contest
Speaker 1: for Senate remains a tight race between conservative Donald Baldock
Speaker 1: and the more moderate Chuck Morrise. Republicans see Democratic incumbent
Speaker 1: Senator Maggie Hassan as beatable in the general election. Primaries
Speaker 1: were also held in Delaware. The Mayor of Boston is
Speaker 1: thanking law enforcement for a speedy response last night after
Speaker 1: a package exploded on the campus of Northeastern University injuring
Speaker 1: at AFT member. The forty five year old man suffered
Speaker 1: minor injuries to his hand and was taken to a
Speaker 1: local hospital. Mayor Michelle Woo, I just want to thank
Speaker 1: all of our first responders for very, very swift, coordinated
Speaker 1: and effective response. Within minutes, our police department and E
Speaker 1: M S and Fire department were here. Mayor wu says
Speaker 1: the search revealed a second similar package that was ultimately
Speaker 1: rendered safe by the bomb squad. Ukrainian troops continue to
Speaker 1: pressure retreating Russian forces, pressing deeper into occupied territory and
Speaker 1: sending more Kremlin troops fleeing. Pentagon spokesman Brigadier General Pat
Speaker 1: Writer on Russia, Clearly they've demonstrated their intent to keep
Speaker 1: fighting uh In in Ukraine into prolong their illegal occupation.
Speaker 1: General Writer. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than journalists
Speaker 1: and analysts more than twenty countries. Michael Barren, this is Bloomberg. Nathan. Hi, Michael,
Speaker 1: thank you. Almost five ten on Wall Street, time for
Speaker 1: the Bloomberg Sports Update. Good morning, johns Teshun, all right,
Speaker 1: good morning, Nathan. Aaron Boone was asked last night to
Speaker 1: describe Aaron Judge's performance in this remarkable season. He said,
Speaker 1: I have run out of adjectives in Boston, Judge and
Speaker 1: a solo home run in the sixth that need to
Speaker 1: tie the game at three, and then he came up
Speaker 1: too and inans later on one swung on. There it
Speaker 1: goes Jeep love Field. It is hot. Let us far
Speaker 1: head us God out of the building, over the high
Speaker 1: green monster, over the monster seats out on Sir Landsbane.
Speaker 1: He is phenomenal. The second home run of the night
Speaker 1: for Judge, his fifty seventh of the year, and we're
Speaker 1: all tied at four. Game is still four four tenth
Speaker 1: inning when labor Tora has delivered a three run double.
Speaker 1: The Red Sox got two back bottomed the tenth, but
Speaker 1: one deep Peralta struck out Rafe Devers. The Yanks held
Speaker 1: on to win seven six. It's the tenth multi home
Speaker 1: run game of the season for Judge. The record is
Speaker 1: eleven Hank Greenberg ninety eight, and with fifty seven homers,
Speaker 1: he is incheon closer to Roger Marris's sixty one at
Speaker 1: City Field. Second straight Mets loss to the Low Lea
Speaker 1: Cubs four to one, or air loss for Jacob de Graham,
Speaker 1: and the Mets didn't help by getting only four hits
Speaker 1: in Atlanta, won five one at San Francisco. The Braves
Speaker 1: are only a half game behind the Mets. Mike Draft
Speaker 1: did not homer for the Angels. He was trying to
Speaker 1: tie the record with a home run in eighth straight games.
Speaker 1: The twins against the Royals were two outs, some of
Speaker 1: combined no hit or didn't get it. W NBA Playoffs,
Speaker 1: Las Vegas eighty five, Connecticut seventy one, aces up to nothing.
Speaker 1: They can win the championship tomorrow with them, and he
Speaker 1: gets sung. John Stashower, Bloomberg Sports. Nathan all Right, John,
Speaker 1: thank you. SMP futures up twenty one points right now,
Speaker 1: death futures up a hundred thirty six. Danstack futures up
Speaker 1: sixty eight points. The tenure treasuries down seven thirty seconds.
Speaker 1: Deal three point four three percent. Markets looking to make
Speaker 1: a little bit of recovery after yesterday's route. We'll check
Speaker 1: in next with st Dwack, the chief investment officer at
Speaker 1: Flow Bank. This is Bloomberg Bloomberg Day Break, brought to
Speaker 1: you by Pepack Private Wealth Management. Pepack Private Wealth Management
Speaker 1: knows that a portfolio is more than a collection of assets.
Speaker 1: It's a path to your future, visit pepack private dot
Speaker 1: com and begin your financial legacy Today, Markets headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quicktake, This is
Speaker 1: a Bloomberg Business Flash when I'm Karen Moscow. US knock
Speaker 1: Index future is rallying this morning after shares had their
Speaker 1: biggest drop in more than two years yesterday, with the
Speaker 1: S and P five hundred following more than four percent,
Speaker 1: of the nastacks sliding more than five percent and gave
Speaker 1: to the dollar retreating after jumping the motion in three
Speaker 1: months and attendue. Your treasury yelled is taking higher, hovering
Speaker 1: near a decade peak. We checked the markets every fifteen
Speaker 1: minutes about the trading day on Bloomberg. Right now, SNP
Speaker 1: futures are up twenty one points down futures of A
Speaker 1: hundred twenty eight and nasdack future is up sixty six.
Speaker 1: The decks in Germany's down three tenths of upper set ten.
Speaker 1: Your treasury down seven thirty seconds. You have three point
Speaker 1: four three percent they yield on the two year three
Speaker 1: point seven seven percent. NIMEX Scrude oil is up a
Speaker 1: quarter percent or twenty three cents at eighty seven dollars
Speaker 1: fifty four cents a barrel. Comicsch down two tenths percent
Speaker 1: or three dollars sixty cents is seventeen thirteen ninety. Announce
Speaker 1: the euro point one against the dollar British pound one
Speaker 1: point one five four zero the end one forty three
Speaker 1: point three seven And look at a bitcoin, it's up
Speaker 1: half percent at twenty thousand, three hundred fifty dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen. Queen Elizabeth the Seconds Coffin has arrived
Speaker 1: at Buckingham Palace ahead of today's procession through London to
Speaker 1: Westminster Hall. She will lie in state for four days
Speaker 1: until her funeral. NBA team owner Robert Sarver has ben
Speaker 1: from representing the league in any capacity for one year.
Speaker 1: There were calls for tougher punishment for alleged racism and massaseni.
Speaker 1: In baseball, the Yankees beat the Red Sox seven six
Speaker 1: and ten innings, New York's Serin Jodge at two homer's
Speaker 1: to reach fifty seven this season. The Mets lost, the
Speaker 1: Orioles beat the Nationals for three, the A's and Giants lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalist and analysts and more than a hundred twenty countries.
Speaker 1: Michael Barren, this is Bloomberg, Nathan. Thanks Michael. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg day Break. Let's try to make sense
Speaker 1: of this market after yesterday's inflation read Sti Dweck joins
Speaker 1: US Live, chief investment officer at Flow Bank ste Good morning.
Speaker 1: We are seeing futures in a bit of recovery mode
Speaker 1: after yesterday's route. Is this a debut by not today? No? Uh,
Speaker 1: you know, we we are going. I mean, we had
Speaker 1: a very big movie yesterday, write down almost four across
Speaker 1: most indicase, and we basically erased most of what happened
Speaker 1: last week. I think as we digest this, we'll see
Speaker 1: that maybe it was a little bit of an overreaction,
Speaker 1: but the fact that the August month on month print
Speaker 1: was positive and not negative was clearly a problem. And
Speaker 1: markets are now repricing a lot more rate hikes into
Speaker 1: the end of the year, and I think that's going
Speaker 1: to have an impact on markets for a couple more days.
Speaker 1: Interesting that you term it a little bit of an overreaction.
Speaker 1: I mean, it was a four point drop for the
Speaker 1: most more than two years. Can you sort of explain
Speaker 1: a little bit more why you think it might have
Speaker 1: been just a little bit of an overreaction rather than
Speaker 1: it was a significant drop yesterday? SD It was. It
Speaker 1: was a very big drop yesterday, for sure, But if
Speaker 1: you think of it in the context of the previous
Speaker 1: few sessions where we've had this big run up in
Speaker 1: markets basically expecting the softer inflation print, reversing a lot
Speaker 1: of that in one go was also maybe not as surprising.
Speaker 1: So I think that's why I'd say a bit of
Speaker 1: an overreaction. Some of the reaction is also in a
Speaker 1: way justified because the inflation prints are not coming down
Speaker 1: as fast as we'd like h some of the stickier
Speaker 1: components are proving sticky, and that means that the FED
Speaker 1: is far from being over So we're also sort of
Speaker 1: deep pricing a little bit of that hope of a
Speaker 1: FED pivot, even though Powell had already done a very
Speaker 1: good job at removing that expectation at Jackson Hole. Oh,
Speaker 1: we're certainly seeing the market now removing that expectation of
Speaker 1: a pivot, with swaps markets now fully pricing in seventy
Speaker 1: five basis points. Let's get into that debate a little bit.
Speaker 1: What do you think the Fed's gonna do next week?
Speaker 1: I think they're gonna do seventy five. I think we
Speaker 1: the market is between seventy five and a hundred, so
Speaker 1: clearly up from where we were just a couple of
Speaker 1: days or weeks ago. Um, I think a hundred could
Speaker 1: scare everyone. I think they know they've done a couple
Speaker 1: of seventy five, they know it takes three to six
Speaker 1: months for this to filter through into the economy. They're
Speaker 1: gonna do seventy five. They're gonna signal that they're going
Speaker 1: to keep going. So we already see that the two
Speaker 1: November December are getting repriced higher as well. UM, I'm
Speaker 1: not sure three four or five months in on one
Speaker 1: inflation print, when you have a lot of other data
Speaker 1: pointing towards this inflation, that a hundred is the right signal.
Speaker 1: What does it mean for stock valuations if we do
Speaker 1: get that seventy five basis point move, or if the
Speaker 1: FED potentially surprises and comes in even stronger. I don't
Speaker 1: think the seventy five surprises markets. It's priced in at
Speaker 1: this point, and you know, even before the print, we
Speaker 1: were between fifty and seventy five, so we knew more
Speaker 1: hikes were coming. I think it's more about the terminal rates,
Speaker 1: which was, you know, may now be shifting to four
Speaker 1: or four and a half as an expectation for the
Speaker 1: end of the year and then probably either more hikes
Speaker 1: at the beginning of next year, or is she've been
Speaker 1: shifting further back any rate cuts um that markets still
Speaker 1: had priced in for the end of So from a
Speaker 1: valuation perspective, in the short term, not a huge move.
Speaker 1: Even if we get seventy five hundred scares markets a
Speaker 1: little more, so we get another drop there. But if
Speaker 1: we get the seventy five and we get an indication
Speaker 1: that more is coming, I think a lot of that
Speaker 1: is priced in or will be priced in by next week.
Speaker 1: So in our last minute here asking what could the
Speaker 1: stronger FED potentially mean for stock valuations? What could it
Speaker 1: mean for earnings expectations going forward for the rest of
Speaker 1: the year. There was a view that earnings expectations had
Speaker 1: to dip for the end of the year, and for
Speaker 1: three they've proved relatively resilient. I think some of these
Speaker 1: prints are showing you that the earnings are going to
Speaker 1: stay relatively resilient. So that's not where I'd be more worried.
Speaker 1: I think you had a bond market that's saying inflation
Speaker 1: expectations are coming down, market actations are coming down. Hopefully
Speaker 1: consumer expectations will see on Friday what what the Michigan
Speaker 1: survey says. So we need to see if those get
Speaker 1: completely repriced and if that has an impact on the
Speaker 1: equity market, because the equity market has been the more
Speaker 1: negative in terms of those of pricing in those tightening
Speaker 1: expectations so far. Thanks for this st as always great
Speaker 1: having you with us. S D. Dwag, chief investment Officer
Speaker 1: at Flow Bank. After the sell off yesterday, we are
Speaker 1: seeing a bit of recovery in the futures contracts. We
Speaker 1: have SMP futures right now higher by twenty four points.
Speaker 1: Staff futures are up one hundred sixty NASTAC futures up
Speaker 1: eighty two points. The tenure. Treasury is down eight thirty seconds,
Speaker 1: yield three point four three percent, yield on the two
Speaker 1: year three point seven seven percent. Crews getting a bit
Speaker 1: of a lift this morning as well. We have nime
Speaker 1: X screwed up four tenths per cent or thirty five
Speaker 1: cents eighty seven dollars seventy cents a barrel. The euro
Speaker 1: right now point nine eight against the dollar. You're listening
Speaker 1: to Bloomberg Taper and at five on Wall Street. Bloomberg
Speaker 1: Daybreak is brought to you by pe Pack Private Wealth Management.
Speaker 1: A portfolio is more than a collection of assets, it's
Speaker 1: a path to your future. Visit pe Pack Private dot Com.
Speaker 1: Broadcasting live from the Bloomberg Interactive Brokery Studio in New York.
Speaker 1: Bloomberg Eloving Freedom to Washington, d C, Bloomberg N one
Speaker 1: to Boston, Bloomberg one O six one does Ent Francisco,
Speaker 1: Bloomberg Now sixty to the Country, Sirius xm Cho one
Speaker 1: nine Tea and around the globe, the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hager, and
Speaker 1: I'm Karen Moscow, We're just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date of the news. You need to know what this show.
Speaker 1: Our US futures are higher in the wake of yesterday's
Speaker 1: sell off, which saw the SNP five hundred drop more
Speaker 1: than four percent and an AZDAC plunge over five percent.
Speaker 1: Carol Schleef, Deputy Chief Investment Officer at BIMO Family Office,
Speaker 1: says it may be startling, but we should keep it
Speaker 1: in perspective. But I know that the down days are scary,
Speaker 1: but I watched seven happened. That was twenty three percent
Speaker 1: in a day and the year still closed up. Carol
Speaker 1: Schleif at BIMO Family Office says next week's FED meeting
Speaker 1: will be crucial for market sentiment. Sell off Karen splared
Speaker 1: virtually no corner of equity markets and also cost America's
Speaker 1: richest billionaires dearly. We get more on that from Bloomberg's
Speaker 1: Doug Krisner. Jeff Bezo suffered the biggest hit. Data from
Speaker 1: the Bloomberg Billionaire's Index show his wealth plunged by nine
Speaker 1: point eight billion dollars. Elon Musk's net worth fell by
Speaker 1: eight point four billion, and the fortunes of Mark Zuckerberg,
Speaker 1: Larry Page, Sir Gey Brenn, and Steve Balmer all declined
Speaker 1: by more than four billion dollars. In total, the fortunes
Speaker 1: of a America's richest tumbled by ninety three billion dollars.
Speaker 1: You know, just last month the same group lost seventy
Speaker 1: eight billion dollars in a day. After an eight minute
Speaker 1: speech from fed share J Powell in New York, I'm
Speaker 1: duck prisoner Blueberg daybreak, All right, Doug, thank you. In
Speaker 1: the UK, there's some slightly positive news on inflation. Prices
Speaker 1: have gone down slightly, easing off the highest rate in
Speaker 1: four decades. Today's consumer Price index rose at an annual
Speaker 1: rate of nine point nine percent. That's a drop from
Speaker 1: ten point one in July. Well, the bigger story in England,
Speaker 1: of course, Karen centers on Queen Elizabeth the Second. Her
Speaker 1: coffin is at Buckingham Palace now will soon be taken
Speaker 1: to Westminster Hall where it will line state for four
Speaker 1: days until her funeral Monday. The UK Army is helping
Speaker 1: police and London authorities get ready for the event. London
Speaker 1: Mayor City con says it is a massive job. We
Speaker 1: will have almost three hundred world leaders and that team's
Speaker 1: lo trologies out of the l cities ever seen the
Speaker 1: sort of present is going to say over the next
Speaker 1: few days. If you think about a marathon carnival, previous
Speaker 1: rule wedd ends the impics in one London mayor city
Speaker 1: consas rail companies have announced extra service as thousands of
Speaker 1: mourners head into the city. Well nacome backing around the
Speaker 1: U S. A strike set for tomorrow threatens to hit
Speaker 1: supply chains hard. They could prevent railroads from transporting farm
Speaker 1: products and other key goods and coust the U S
Speaker 1: economy two billion dollars a day. President Biden is personally
Speaker 1: trying to break the long jam between railroads and labor unions.
Speaker 1: Labor Secretary Murdie Walsh will meet with railroad and union
Speaker 1: representatives today. Straight ahead, your latest local headlines and a
Speaker 1: check of sports. This is Bloomberg, Thanks Caring. It's five
Speaker 1: thirty three on Wall Street, sixty four degrees in Central Parks.
Speaker 1: Still dealing with that water main break in Morristown. It's
Speaker 1: got southbound two oh two closed at Henry Street. More
Speaker 1: coming up in traffic first, Michael Barr with what else
Speaker 1: is going on in New York and around the world,
Speaker 1: Michael Nathan, thank you very much. Former New York Governor
Speaker 1: Andrew Cuomo filed and ethics complain against State Attorney General
Speaker 1: Letitia James about the way she handled the sexual harazon
Speaker 1: An investigation that led to his resignation last year. Cuomo
Speaker 1: questioned the accuracy and credibility of the investigations findings, alleging James,
Speaker 1: a fellow Democrat, used the probe to tarnish him and
Speaker 1: further her own political interests. The final primaries for two
Speaker 1: ended with voters in the Republican Racist choosing between moderates
Speaker 1: and far right candidates. In the New Hampshire US House race,
Speaker 1: former Trump White House aide Carolinline Lovett beat out fellow
Speaker 1: Trump administration official Matt Mowers with thirty four point six
Speaker 1: percent of the vote. She will face Democrat Chris Pappas
Speaker 1: in November in the race for governor of New Hampshire.
Speaker 1: Democratic nominee doctor Tom Sherman, who ran uncontested, will challenge
Speaker 1: GOP incumbent Kris and new Knew, who won his primary
Speaker 1: with nearly seventy of the vote. In Rhode Island, Governor
Speaker 1: Dan McKee won the Democratic gubernatorial primary Tuesday. He thanked
Speaker 1: his supporters the world is gonna change tonight for Rhode Island.
Speaker 1: It did for us, and oh we're gonna take full advantage,
Speaker 1: but thank you so much. Governor McKee will face Republican
Speaker 1: Ashley Kellis in November. Ukrainian forces have shown a remarkable
Speaker 1: ability to take advantage of opportunities that present themselves on
Speaker 1: the battlefield. That's according to Pentagon spokesman Brigadier General Pat Rider.
Speaker 1: We've seen a number of Russian forces, especially in the
Speaker 1: northeast in the Kharkiev region, cross over the border back
Speaker 1: into Russia as they retreated from the Ukrainian counter offensive.
Speaker 1: General Writers has based on the abilities demonstrated by the
Speaker 1: Ukrainians in the field. It came as no surprise former
Speaker 1: Independent Consul ken Starr, who led the investigation into Bill
Speaker 1: Clinton's affair where the Monica Lewinski has died in Houston.
Speaker 1: He died after complications from surgery. Ken Star was seventy
Speaker 1: six Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalists and analysts. More than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg, Nathan, Michael, thank you.
Speaker 1: On Wall Street. John Stanshower has a Bloombridge sports update.
Speaker 1: Dathan Yankees and Red Sacks first of a mini two
Speaker 1: game series in Boston, where there are a lot of
Speaker 1: empty seats. The Socks are, after all in the last place.
Speaker 1: But quite a game Boston. At three different leads, Yanks
Speaker 1: kept coming back to tie. Both teams hit three home
Speaker 1: runs and the game was tied at four tent thinning
Speaker 1: on one line is a fix shit in the right
Speaker 1: center field in the alley'll go all the way of
Speaker 1: the wall. Kind of all love the scores. Judge scores,
Speaker 1: and the throw home is late three run score Floriale scores.
Speaker 1: It is a basis clearing three run double for Glaver Retre.
Speaker 1: Socks got two back bottle, but samp Yanks held on
Speaker 1: to win seven six. The Yankee home run from Marwin
Speaker 1: Gonzalez and two solo shots for Aaron Judge six inning
Speaker 1: off Vic Pavetta that tie the game at three. Eighth
Speaker 1: inning off Garrett Whitlock to tie the game at four.
Speaker 1: That one left Fenway landed on lands down streets, so
Speaker 1: Judge took a big step towards Roger Marris. Nineteen games left,
Speaker 1: he's at fifty seven homer's twenty, more than anyone else
Speaker 1: in the majors. This was supposed to be the easy
Speaker 1: part of the Mets schedule, but against Washington, Pittsburgh, Miami,
Speaker 1: and now the Cubs, the Mets just four and six
Speaker 1: in their last ten games at City Field. They had
Speaker 1: only four hits. They lost four to one as Adrian
Speaker 1: Sampson out pitched Jacob de Graham. Atlanta won. The Braves
Speaker 1: were only a half game behind NFL two big Week
Speaker 1: one injuries, both perhaps not as serious. A Sphere Dallas
Speaker 1: QB Dak Prescott will be back in a month from
Speaker 1: his injured hand. Pittsburgh's t J Watt torn peck muscle,
Speaker 1: but he might return in six weeks. Denver coach Nathaniel
Speaker 1: Hackett now admits he should not have tried a failed
Speaker 1: game winning sixty four yard field goal in the lost
Speaker 1: Monday Night in Seattle. John Staphward Bloomberg sports Nathan. Thank
Speaker 1: you John, five thirty seven on Wall Street Time for
Speaker 1: the Tri State Business Report. Here's Bloomberg said, Corey related
Speaker 1: Companies has landed du tenants at fifty Hudson Yards ahead
Speaker 1: of its opening later this year. The three point eight
Speaker 1: billion dollar skyscraper counts Meta Platforms is a major tenant.
Speaker 1: It has new and expanded leases with companies including the
Speaker 1: Truest Financial Business, Vista Equity Partners, and Service Now. Uber
Speaker 1: has agreed to pay New Jersey one hundred million dollars
Speaker 1: in back taxas the status said the righthling company misclassified
Speaker 1: drivers as independent contractors. The settlement appears to be a
Speaker 1: retreat from the company's claim that drivers should not be
Speaker 1: classified as employees. About fifty thou people who left New
Speaker 1: York City for Connecticut during the pandemic or staying put
Speaker 1: despite calls by big banks and other Manhattan employers to
Speaker 1: bring workers back to the office, Governor Ned Lamont says
Speaker 1: for now there's been no sign of a major exodus
Speaker 1: of transplants from his state. That your Bloomberg Try State
Speaker 1: Business Report, my mid Corey Thanks on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Podas Kant and X in Los Angeles. We're talking
Speaker 1: about a report that Paramount Global is considering merging at
Speaker 1: showtime streaming service into Paramount Plus. Um Corney Donahoe on
Speaker 1: w h A S and Louisville. Starbucks is investing an
Speaker 1: additional four hundred fifty million dollars to revampant stores. I'm
Speaker 1: Ginas Servetti in for w b B b M in Chicago.
Speaker 1: I'm reporting that Chicago Land consumer inflation is up eight
Speaker 1: point eight percent year over year in August. That's a
Speaker 1: faster pace than the national rate. I'm Stephen Carroll and
Speaker 1: Bloomberg d a B Digital Radio in London. We've been
Speaker 1: reporting on a slight easing of inflation in the UK
Speaker 1: ahead of next week's Bank of England decision. I made
Speaker 1: Corey on w w J in Detroit. I'm reporting General
Speaker 1: Motors Help Driving Car Unit is developing its own computer
Speaker 1: chims and those are some of the stories are twenty
Speaker 1: seven hundred Bloomberg journalists and analysts are working on this
Speaker 1: morning around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. Russian President Vladimir
Speaker 1: Putin told a gathering last week that his country had
Speaker 1: not lost anything and will not lose anything in the
Speaker 1: Ukraine War. He may be less certain of victory today,
Speaker 1: unoffensive by Ukraine's armed forces has made spectacular progress, reversing
Speaker 1: gains that took Russia months to achieve. Whatever happens next,
Speaker 1: there's no question that the charge has been a major
Speaker 1: strategic and operational defeat for the Kremlin. Allied nations must
Speaker 1: help Ukraine make the most of it by accelerating weapons
Speaker 1: deliveries and holding the line on trade and sanctions. Of course,
Speaker 1: Putin isn't defeated yet, but however, the conflict unfolds from here.
Speaker 1: All wars end at the negotiating table. The West should
Speaker 1: ensure that Ukraine is in a strong position when it
Speaker 1: gets there. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or opie I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg Opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at opie I n go. Futures moving higher this morning.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather, sunny,
Speaker 1: less human today, highs in the low eighties. Is gonna
Speaker 1: be now. I send to the week actually with abundant
Speaker 1: sunshine Tomorrow and Friday, both days in the upper seventies.
Speaker 1: Right now sixty four in Central Park markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. This
Speaker 1: is a Bloomberg Business blash and I'm camerin Moscow. US
Speaker 1: Dock Index Future is rallying this morning after shares had
Speaker 1: their biggest drop in more than two years yesterday, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg SNP Future is up nineteen points down.
Speaker 1: Futures have a hundred eighteen nasdack Futures up sixty five.
Speaker 1: The decks in Germany's down a third of up percent.
Speaker 1: Ten year Treasury down seven thirty seconds. You have three
Speaker 1: point four three percent they yield on the two year
Speaker 1: three point seven seven percent. Ni Max. Screwed oil is
Speaker 1: up two tens per cent or sixteen cents at eighty
Speaker 1: seven dollars forty eight cents of barrel comics. Gold is
Speaker 1: down two tens per cent or two dollars eighty cents
Speaker 1: at seventeen fourteen sixty and ounce. The euro is at
Speaker 1: one point zero zero zero five against the dollar. And
Speaker 1: that's of Bloomberg Business Flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much, Queen Elizabeth. The seconds Coffin will
Speaker 1: lie in state for four days from this afternoon in London.
Speaker 1: It comes amid warnings that members of the public wishing
Speaker 1: to attend to pay their respects at Westminster Hall could
Speaker 1: face up to a thirty hour wait. The final primaries
Speaker 1: for twenty two are over. In the New Hampshire US
Speaker 1: House race, former Trump right House aid Caroline Levitt beat
Speaker 1: out fellow Trump administration official Matt Mowers with thirty four
Speaker 1: point six percent of the vote. She will face Democrat
Speaker 1: Chris Peppis in November. Grhode Island Democratic governor Dan McKee
Speaker 1: faces off against Republican Ashley Kellis in the fall. In baseball,
Speaker 1: the Yankees beat the Red Sox seven six and ten innings.
Speaker 1: New York's Are and Judge hit two homers to reach
Speaker 1: fifty seven. The Men's lost, The Orioles beat the Nationals
Speaker 1: for three, The A's and Giants lost. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg. Nathan. Okay, Michael, thank you. We're coming
Speaker 1: up to five forty nine on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Want
Speaker 1: to get more now on the hotter than expected read
Speaker 1: on consumer prices we saw yesterday and the market reaction
Speaker 1: joining us now. Drew Maddis, chief market strategist at MetLife
Speaker 1: Investment Management, Drew, Good morning, four percent drop for the
Speaker 1: SMP five hundred after the CPI print. Did the route
Speaker 1: match what we got in the data? Uh? It did,
Speaker 1: and it didn't. The what people are responding to is
Speaker 1: not necessarily that we're gonna go. The Fed's gonna go
Speaker 1: seventy five next week versus fifty, but the fact that
Speaker 1: if they go seventy five next week, it means that
Speaker 1: they really can't drop down to media. After that, they
Speaker 1: have to probably drop down to fifty if they think
Speaker 1: it's possible, and then they can drop down again to
Speaker 1: So it actually didn't add just twenty five basis points
Speaker 1: of rate hikes to this to the whole expectations, but
Speaker 1: rather something closer to a hundred basis points of expectations,
Speaker 1: a hundred basis points of expectations over the next two meetings,
Speaker 1: or could we see a hundred basis points next week. Well,
Speaker 1: a hundred basis point move next week would probably send
Speaker 1: the wrong signal for the FED if if they're thinking about,
Speaker 1: you know, we need to contain inflation, but we need
Speaker 1: to make sure people understand that we aren't just trying
Speaker 1: to rush to a recession um than you know, seventy
Speaker 1: five sends that signal because it's a continuation of what
Speaker 1: they've done previously, whereas if they went to a hundred,
Speaker 1: then people would begin to think, is the next meeting
Speaker 1: a hundred hundred and fifty? You know, where does it end?
Speaker 1: What is the risk for a recession Now, is it
Speaker 1: baked in at this point? And how long does it last?
Speaker 1: I mean, our baseline view is that there will be
Speaker 1: a recession next year. Uh, and it will not be
Speaker 1: one will be debating about what. You'll know it when
Speaker 1: you see it. Um. I think that the risk of
Speaker 1: recession is growing because as much as inflation is something
Speaker 1: you want to get under control, we have to remember that.
Speaker 1: You know, if the FED wants to get inflation under
Speaker 1: control or the US govern want to get inflation under control,
Speaker 1: you can just shut the economy down, right. That is
Speaker 1: what we learned from the pandemic. Inflation is containable if
Speaker 1: you're aggressive enough. However, Uh, it comes with a cost.
Speaker 1: And so you know, for the FED, uh, the idea
Speaker 1: is to actually contain inflation with the lowest cost possible.
Speaker 1: And I think, you know, going seventy next week, when
Speaker 1: you already have housing in a pretty bad situation, when
Speaker 1: there are hints that you know, maybe something's not entirely
Speaker 1: right with the consumer, um, you know, maybe we're rushing
Speaker 1: into a place instead of just letting things play out
Speaker 1: a little bit. All those rate hyps we've seen, we
Speaker 1: haven't seen the full impact from yet, are we seeing
Speaker 1: higher inflation expectations getting baked into this market. And is
Speaker 1: the FED going to be able at some point to
Speaker 1: get to that two percent inflation target or is the
Speaker 1: target going to have to change? Well that you know,
Speaker 1: quite frankly, when they target expectations, what they're targeting is
Speaker 1: pretty much gas and food prices because that's what sets
Speaker 1: consumer expectations for inflation, because that's what you and I
Speaker 1: buy frequently, um and repetitively. UM. So you know, every week,
Speaker 1: I know I have to go to the gas station,
Speaker 1: I know roughly how much it costs, and I go
Speaker 1: the next week it costs more. I understand there's inflation
Speaker 1: in the economy. Um. You know. I think the FED
Speaker 1: needs to back off from looking at inflation expectations from
Speaker 1: consumers and look more at whether people in financial markets
Speaker 1: are asking to be compensated for inflation. And there the
Speaker 1: data is a lot more mixed in terms of um,
Speaker 1: you know, whether or not the FEDS contained inflation. In fact,
Speaker 1: there's you could argue that the FED never lost containment
Speaker 1: of inflation expectations. From a perfecsional inflation traders standpoint, we're
Speaker 1: getting producer prices the I guess the last read on
Speaker 1: inflation before next week's meeting. Is the final print on
Speaker 1: inflation going to make any difference for what the Fed
Speaker 1: decides next week. No. I think the only thing they
Speaker 1: can really make a difference at this point, and it
Speaker 1: would have to be something truly spectacular, almost so spectacular
Speaker 1: that you might not believe it if you saw it
Speaker 1: would be something really bad and retail sales, it's not
Speaker 1: what we're expecting, But I think that could maybe push
Speaker 1: them back down to the fifty level if you got
Speaker 1: something that was both bad and credible. So in our
Speaker 1: last minute here, Drew, what about the effect of the
Speaker 1: route we saw yesterday on financial conditions? Does that make
Speaker 1: any difference for central bankers? I think it should make
Speaker 1: a difference to central bankers. I think it's it's telling
Speaker 1: you that, you know, as much as everyone wants to
Speaker 1: see inflation contains, that there is a cost to be
Speaker 1: paid for containing inflation. And I think that's important to remember,
Speaker 1: is you know, it's about containing inflation over a certain
Speaker 1: timeframe at the lowest cost possible. It's not just about
Speaker 1: containing inflation because that's easy. Actually, thanks Drew great having
Speaker 1: gone with us this morning. Drew Madis, chief market strategist
Speaker 1: at MetLife Investment Management. Karen Nathan, it is five or
Speaker 1: fifty three on Wall Street time for the Bloomberg Law Report.
Speaker 1: It has brought to you by American Arbitration Association. Business
Speaker 1: disputes are inevitable, resolve faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d R dot org. And now to
Speaker 1: a legal story we're watching this morning and his first
Speaker 1: public comments since the Supreme Court eliminated the constitutional right
Speaker 1: to abortion, Chief the Justice John Roberts express concern that
Speaker 1: criticism of the Supreme court our controversial decisions has veered
Speaker 1: into attacks on its legitimacy as an institution. Poul since
Speaker 1: that decision have shown that the public's confidence in the
Speaker 1: Court is at its lowest in modern times. For more,
Speaker 1: Bloomberg student Grosso speaks to constitutional law scholar Harold Krent,
Speaker 1: a professor at the Chicago Kent College of Law. Poles
Speaker 1: do show that public confidence in the Court is at
Speaker 1: an all time low. So should the Chief Justice be
Speaker 1: concerned about people questioning the Court's legitimacy? The Chief Justice
Speaker 1: should be concerned about the legitimacy of the court, and
Speaker 1: I believe that he's generally concerned about it, and he
Speaker 1: has staked much of his reputation as Chief Justice on
Speaker 1: appolling in diligimacy of the court. But I think he
Speaker 1: is also partly to blame for the dip in court
Speaker 1: popularity and for the faith in the court as well.
Speaker 1: His vote carries no more way than any of the
Speaker 1: other justices. Explain why you think he's partly to blame
Speaker 1: for the dipping confidence in the court. Well, there are
Speaker 1: a number of things that the Court has done, and
Speaker 1: obviously not all of his doing. Every time there is
Speaker 1: an era of politicization, people look at the court and
Speaker 1: say it's more political because people see riffs all the time.
Speaker 1: And of course he can't do anything about the risks
Speaker 1: between the conservatives and the liberals. But in many cases
Speaker 1: he has seemingly hipped to the court by trying to
Speaker 1: take cases that they don't have to take in order
Speaker 1: to reach certain principles, by not be consistent in methodology,
Speaker 1: and those types of moves that he probably can control
Speaker 1: undermine the legitimacy of the Court. And of course the
Speaker 1: most everybody's minds. Is the abortion case. He would have
Speaker 1: upheld rovers way, but limited it. He couldn't control the court,
Speaker 1: and the court pushed it back. And there's other cases
Speaker 1: where precedents seem to be willynily transcended by the court
Speaker 1: because the court wants to basically put their own stamp
Speaker 1: on the law and not be concerned with reliance interests,
Speaker 1: not be concerned with looking like an incremental court. You
Speaker 1: mentioned precedents, and the court seems to be changing the law,
Speaker 1: not respecting precedent. And the Chief Justice was in the
Speaker 1: majority in the opinions that struck down New York's hundred
Speaker 1: year old gun law, the case limiting the e p
Speaker 1: as ability to address climate change, the cases breaking down
Speaker 1: the wall between church and states, voting rights cases, He's
Speaker 1: in the majority in all those cases. He is in
Speaker 1: those cases and others I think suggest quite clearly that
Speaker 1: the quote is concerned with the having their moment in
Speaker 1: history as opposed to being conservative in the old fashioned
Speaker 1: sense of moving incrementally, of moving carefully. And I'll just
Speaker 1: give you one example of the Chief Justice as well.
Speaker 1: He has tried to impose a robust view of a
Speaker 1: unitary or strong chief executive under Article two of our
Speaker 1: Constitution on the country. And he's done so in the
Speaker 1: face not only of precedent, but in the face of
Speaker 1: even history, because the first kind has created many structures
Speaker 1: that were not unitary. As Harold Grent, a professor at
Speaker 1: the Chicago Kent College of Laws, speaking with Bloomberg's Done Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news by listening to the Bloomberg Law Show at
Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast,
Speaker 1: and attorneys can find exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com. Futures this morning are
Speaker 1: on the rise. SNP futures up about eighteen points down
Speaker 1: futures they're up a hundred seven and NASDAG futures of
Speaker 1: fifty nine and still ahead. On Bloomberg Daybreak and check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg