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Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

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Speaker 1: day Break for Monday, November two. Coming up this hour,

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Speaker 1: Protests erupted across China over the country's COVID zero strategy.

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Speaker 1: The unrest in China has stock slumping around the world.

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Speaker 1: Turmoil at a plant in China may cost Apple close

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Speaker 1: to six million iPhones, and Wall Street braces for a

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Speaker 1: key speech this week from Fed chair J Powell. The

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Speaker 1: team charged with shooting up with Buffalo Supermarkets expected to

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Speaker 1: plead guilty state charges plus without power in the cold

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Speaker 1: months in Ukraine, I'm Michael Laren More Ahead, I'm John

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Speaker 1: stave Shower and sports Mike White led the Jets to

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Speaker 1: an easy win. The Knicks lost to Memphis. The Nets

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Speaker 1: be Portland. That's all trained. Ahead on Bloomberg Daybreak on

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Speaker 1: Bloomberg Eleving Free on New York, Bloomberg one, Washington d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and

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Speaker 1: Francisco Sirius XAM one nineteen and around the world on

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Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App.

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Speaker 1: Good morning, I'm Nathan Hager. Hi'm anymore as Bloomberg Daybreak

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Speaker 1: is brought to you by B and Y Melon's Pershing.

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Speaker 1: Learn why the world's most sophisticated wealth management and institutional

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Speaker 1: firms rely on Perishing to help them improve profitability, create efficiency,

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Speaker 1: attract talent, and manage risk at Perishing. Dot Com and

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Speaker 1: futures are moving lower this morning at a six oh

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Speaker 1: one on Wall Street, and we checked the markets every

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Speaker 1: fifteen minutes during the trading day on Bloomberg. Guess and

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Speaker 1: P futures are down thirty four points down, futures down

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Speaker 1: twounded five. NASTAC futures are lower by a hundred twelve points.

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Speaker 1: The docks in Germany down nine tenths per cent ten.

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Speaker 1: Your treasury is up one thirty second the yield three

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Speaker 1: point six seven percent, Amy Nathan. We begin with unrest

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Speaker 1: in China. Protests are spreading after COVID rules were blamed

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Speaker 1: for hampering rescue efforts when a fire broke out in

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Speaker 1: apartment block, killing ten people. We get more from Bloomberg

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Speaker 1: News Managing editor m O'Brien, who saw what started as

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Speaker 1: vigils and pushback against this horrific fire in Ronchi and

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Speaker 1: Northwest China in an apartment block that people that lead

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Speaker 1: was locked out due to COVID controls. Peaceful vigils sort

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Speaker 1: of morphing into wider protests against people not wanting to

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Speaker 1: be taken away into quarantine cats, people pushing back against

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Speaker 1: PCR testing, tussling with COVID workers, and in some cases

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Speaker 1: pushing down testing boots in various cities. This is spreading

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Speaker 1: across different chatas of society and does show no signs

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Speaker 1: of abating. Bloomberg Exama O'Brien says these protests marked the

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Speaker 1: most significant challenges to Communist Party rule since the Tianamen

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Speaker 1: Square crisis more than thirty years ago, and the unrest

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Speaker 1: in China's rippling through global markets. Amy stocks in Shenjen

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Speaker 1: and Hong Kong film more than one percent overnight. We

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Speaker 1: get the recap from Bloomberg's Juliette Sally in Singapore, Good Morning, Juliet,

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Speaker 1: Good Morning Nathan, and Amy. Chinese shares listened in Hong

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Speaker 1: Kong led the declines in the region, while those on

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Speaker 1: the mainland also came under pressure. The on show You

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Speaker 1: undropped as much as one percent against the green back

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Speaker 1: before trimming some of those losses. Broader stocks in Taiwan

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Speaker 1: were hurt by the ruling parties resounding defeating island wide

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Speaker 1: local elections and elsewhere when Macau and MGM China surge,

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Speaker 1: leading gains among the six Macau casino operators that rewarded

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Speaker 1: new licenses to continue running their business in the gambling

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Speaker 1: hub in Singapore. Juliette Sally Bloomberg Daybreak, Thank you, Juliette.

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Speaker 1: The rare protests in China are prompting investors to rethink

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Speaker 1: bets on the country after jumping back in on hopes

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Speaker 1: of a reopening. Mark Mobius, the founder of Mobius Capital Partners,

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Speaker 1: tells Bloomberg he does not expect those demonstrations to end peacefully.

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Speaker 1: It's clear to me that she cannot tolerate any protests,

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Speaker 1: so there will be a very tough crackdown on any protesters.

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Speaker 1: More people will be arrested, and they will probably go

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Speaker 1: further in terms of control. Those comments from Mark Mobia

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Speaker 1: has come as Goldman Sacks economists say they now see

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Speaker 1: some chance of a disorderly exit from COVID zero in China,

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Speaker 1: and now Amy Dr Anthony Fauci is making the rare

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Speaker 1: move of publicly criticizing China's COVID zero policy. We get

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Speaker 1: that part of the story from Bloomberg's, said Baxter. Dr

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Speaker 1: Fauci says he's been puzzled all along about China's overall

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Speaker 1: COVID strategy. It seems that in China it was just

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Speaker 1: a very very strict, extraordinary lockdown. We lock people in

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Speaker 1: the house, but without any seemingly endgame to it. And

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Speaker 1: Dr Fauci and NBC has heard on Bloomberg says he

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Speaker 1: also doesn't understand why China relied on vaccines solely manufactured

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Speaker 1: in China. In San Francisco, I'm at Baxter Bloomberg Daybreak,

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Speaker 1: Thank you, d The turmoil in China is having an

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Speaker 1: impact on Apple and production capacity for its flagship product.

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Speaker 1: Let's get the latest now lie with Bloomberg. Steve Rappaport,

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Speaker 1: Good morning Steve, Good morning, Amy, and Nathan. Apple is

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Speaker 1: looking at a shortfall of nearly six million iPhone pro

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Speaker 1: units this year because of problems that a key manufacture

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Speaker 1: ring hub. The plant has been plagued by lockdowns and

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Speaker 1: worker unrest following violent protests against pandemic restrictions. Thousands of

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Speaker 1: workers fled in October. The people who replaced them quickly

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Speaker 1: rebelled against pay and quarantine rules. The facility, operated by

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Speaker 1: fox Contechnology Group, produces some of Apple's most in demand handsets.

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Speaker 1: Apple and fox Con reportedly expect to make up production

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Speaker 1: losses next year. Live in New York. I'm Steve Rappaport,

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Speaker 1: Bloomberg Daybreak. All right, Steve. Thanks. These protests are also

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Speaker 1: having an effect on commodities. Oil is trading at its

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Speaker 1: lowest level in almost a year. Checking prices now, NIMEX

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Speaker 1: Crewed is lower by three point one percent, down two

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Speaker 1: dollars thirty four cents, A's seventy three dollars nine cents.

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Speaker 1: Baril Brent is lower by three point one percent at

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Speaker 1: eighty one dollars even. It's gonna be a busy week

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Speaker 1: for US economic data, capped by the monthly jobs report

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Speaker 1: for November. Bloomberg's Vinny del Judas reports economists eight December

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Speaker 1: payroll growth will probably fall short of November state sixty one.

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Speaker 1: US unemployment could match top November Street point seven set.

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Speaker 1: Technology firms cut jobs and rising interest rates trim the

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Speaker 1: economy's growth rate. Meantime, the Federal Reserve will release it's

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Speaker 1: base Book Economic Survey, which will provide anecdotal reports. On

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Speaker 1: US business activity, including hiring. Among other reports, this week,

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Speaker 1: the I s M Factory indexit key barometer of the

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Speaker 1: American manufacturing outlook, Finiquel two, Spool Break Day Break any Thanks.

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Speaker 1: Perhaps the biggest event on this week's economic calendar comes Wednesday.

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Speaker 1: That's when FED Chair J. Powell delivers a speech in Washington.

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Speaker 1: Powell's expected to set the stage for slowing interest rate hikes.

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Speaker 1: At the same time, he'll remind Americans that the fight

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Speaker 1: against inflation will run into next year. Bloomberg Radio and

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Speaker 1: Television will bring you powell speech live again. It's coming

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Speaker 1: up Wednesday around one thirty pm Wall Street time. As

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Speaker 1: for today, the holiday shopping season continues. This is Cyber Monday.

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Speaker 1: Retailers saw modest growth over the Black Friday weekend. According

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Speaker 1: to data compiled by Centermatic Solutions, in store traffic ticked

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Speaker 1: up two point nine percent at brick and mortar retailers

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Speaker 1: compared to deep discounts. Reportedly, Lord's shoppers seeking a break

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Speaker 1: from inflation on those deals are gonna be happening online today.

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Speaker 1: SMP Future is now down thirty points. Straight ahead your

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Speaker 1: latest local headlines plus a check of sports. This is Bloomberg.

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Speaker 1: Thank you, Nathan. Six oh seven on Wall Street. Let's

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Speaker 1: bring in Michael Barr with more on what else is

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Speaker 1: going on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Amy. A white gunman who targeted a Buffalo

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Speaker 1: supermarket in a predominantly black neighborhood, plans to plead guilty

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Speaker 1: today on stage charges and killing ten people and wounding

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Speaker 1: three others. Peyton Gendrin, who is nineteen, is scheduled to

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Speaker 1: appear in Erie County Court for a hearing that was

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Speaker 1: postponed for a week by a snowstorm. The count grand

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Speaker 1: jury indictment includes charges of a hate crime and domestic

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Speaker 1: terrorism motivated by hate, which carries an automatic life sentence

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Speaker 1: upon conviction. Dendron also faces charges for separate federal hate crimes.

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Speaker 1: Ukraine is suffering a power crisis after Russian strikes on

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Speaker 1: its power grid. The capital Key is covered in snow

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Speaker 1: as temperatures fall below freezing across the country. Electricity has

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Speaker 1: been restored to most areas in at least a limited

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Speaker 1: capacity for just hours in the day. Meanwhile, the congressman

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Speaker 1: who would chair the House Intelligence Committee when the GOP

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Speaker 1: assumes majority in January says rumors that Republicans will pull

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Speaker 1: back congressional support of Ukraine are not true. My Turner

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Speaker 1: of Ohio says, though the GOP Leadhouse will pass a

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Speaker 1: to Ukraine as standalone measures, we don't need to pass

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Speaker 1: forty billion dollar large Democrat bills that have been being

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Speaker 1: passed to send eight billion dollars to Ukraine. And the

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Speaker 1: GOP congressman who will become chair of the House Foreign

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Speaker 1: Affairs Committee, Michael McCall, says he will support giving longer

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Speaker 1: range missiles to Ukraine if we lose in Ukraine. Airman Cheese,

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Speaker 1: look at Taiwan and the toll is already all in

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Speaker 1: with Russia and China in this fight, and Kim John

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Speaker 1: Newt now is providing artillery shells to uh Russia to

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Speaker 1: fight the Ukrainians. McCall of Texas and Congressman Turner spoke

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Speaker 1: on a d c S this week, which can be

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Speaker 1: heard Sundays on Bloomberg. Many of Donald Trump's potential four

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Speaker 1: rivals and some top Republicans have fallen silent on the

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Speaker 1: former president's dinner with a notorious white supremacist. Trump's impromptu

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Speaker 1: dinner with Nick Fluentez at Mara Lago last week has

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Speaker 1: drawn condemnation from only a handful of Republicans, while most

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Speaker 1: side step the matter or said nothing. However, Republican Representative

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Speaker 1: James Comare of Kentucky was critical of the dinner. Well

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Speaker 1: you certainly needs better judgment and who he dies with.

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Speaker 1: Along with Representative Coma, former New Jersey Governor Chris Christie

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Speaker 1: was also critical of Trump for putting out a plate

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Speaker 1: for fluentis Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than seven

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Speaker 1: journalist and analysts more than a d twenty countries. Michael

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Speaker 1: Barr and this is Bloomberg. Amy, all right, thank you Michael. Now,

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Speaker 1: but the sports before it brought me by try state

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Speaker 1: out you. Here's John dash Our. Okay, Amy. Safe to

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Speaker 1: say the Jets much talked about decision to bench quarterback

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Speaker 1: Zack Wilson replace them with Mike White was arousing success.

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Speaker 1: White leader Jets right down the field in the first

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Speaker 1: Possessionally threw a touchdown past the rookie Garrett Wilson's second quarter,

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Speaker 1: they hooked up again the middle of proof on it

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Speaker 1: is thirty five yards. Thanks for man this at the

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Speaker 1: thirties spits tight to the twenty to fifteen ten FU

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Speaker 1: touchdown Wilson for the Tech Run Your touchdown on ESPN.

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Speaker 1: New York Jets went on beat the Bears in the

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Speaker 1: rain that met Life thirty one to ten. A week ago.

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Speaker 1: Wilson in New England was nine of twenty two seventy

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Speaker 1: seven yards at a QB rating fifty one, White twenty

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Speaker 1: two of twenty eight three fIF teen yard three tds.

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Speaker 1: He had a rating of one forty nine. The Jets

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Speaker 1: offense that had a hundred and three yards last week

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Speaker 1: this time had four hundred and sixty six. Two games

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Speaker 1: went over time. Cleveland b Tampa Bay, who's just five

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Speaker 1: and six, although somehow in the first place. The Raiders

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Speaker 1: won in Seattle on a Josh Jacob's eighty six yard

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Speaker 1: touchdown run. He had over three hundred all purpose yards.

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Speaker 1: Chargers went for two rather than the extra point to tie,

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Speaker 1: and they want at Arizona and Jacksonville did the same

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Speaker 1: thing to upset Baltimore last night. Philadelphia forty Green Bay

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Speaker 1: thirty three. The Eagles are ten and one at the

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Speaker 1: Garden Knicks Rally fourth quarter to take the lead, but

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Speaker 1: Memphis pulled it out once twenty three. John Moran twenty

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Speaker 1: seven points, triple double. Jalen Brunson led the next with thirty,

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Speaker 1: but he missed two shots in the last ten seconds.

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Speaker 1: Knicks dropped to four and five at Home nets Be

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Speaker 1: Portland at Barkley's one eleven to nine, John Stall, Shelley

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Speaker 1: Bloomberg Spool, Timmy all right, thank you, John s and P.

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Speaker 1: Futures down twenty nine points down, Futures down one hundred

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Speaker 1: sixty three points, Nasdack features down ninety seven. Much more

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Speaker 1: still to come. On this Monday morning, you're listening to

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Speaker 1: Bloomberg day Break. This is Bloomberg. The Bloomberg Sports Report

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Speaker 1: was brought to you by Audie. Don't let someone else

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Speaker 1: for more information, markets, headlines and breaking news twenty four

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Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business

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Speaker 1: at and at Bloomberg Quick Date, Chris is a Bloomberg

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Speaker 1: stocks are sliding. Oil is tumbling with growing unrest in

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Speaker 1: China over COVID restrictions. The dollars steadying after strengthening in

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Speaker 1: a stringpening in the risk off mood, while treasuries are rising.

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Speaker 1: The We check the markets for you every fifteen minutes

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Speaker 1: during the trading day on Bloomberg. Right now, some P

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Speaker 1: futures are down twenty nine point, style features down a

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Speaker 1: hundred sixty four. NASTAC futures are lower by ninety nine points.

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Speaker 1: The docks in Germany is down eight tenths percent, so

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Speaker 1: is the cat in Paris. Ten Your treasuries moved lower

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Speaker 1: now it's down two tenths percent for a yield of

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Speaker 1: three point six eight percent yield on the two year

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Speaker 1: thirty seven point eight five. That's a bloomberg business flash.

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Speaker 1: And now here's Michael barn with more on what's going

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Speaker 1: on around the world. Michael Nathan, thank you very much.

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Speaker 1: Chinese authorities have these anti virus rules and scattered areas,

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Speaker 1: but affirm there's severe zero COVID strategy after crowds demanded

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Speaker 1: President chi Jing Ping resigned during protests against controls that

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Speaker 1: can find millions of people to their homes. We'll have

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Speaker 1: more on this story coming up in a few minutes. Americans,

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Speaker 1: ignoring any inflation and recession fears, to start on holiday

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Speaker 1: shopping this weekend. Record nine billion dollars was spent on

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Speaker 1: Black Friday, up more than two how many retailers are

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Speaker 1: offering deals today for Cyber Monday. In the NFL, the Jets,

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Speaker 1: Commanders and Forts won, the Ravens lost. In the NBA,

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Speaker 1: the Nets and Warriors won, the Knicks lost. The Celtics

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Speaker 1: beat the Wizards one one in the World Cup, and

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Speaker 1: cutter Right now, it's Serbia three Cameroon one Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

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Speaker 1: powered by more than twenty seven hundred journalists analysts more

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Speaker 1: than a dwenty countries. And Michael barn this is Bloomberg

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Speaker 1: Gaming all right, Thank you, Michael. It is six twenty

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Speaker 1: on Wall Street. We're live from the Bloomberg Interactive Broker Studios.

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Speaker 1: This is Bloomberg Daybreak. Protests against COVID restrictions spreading across

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Speaker 1: China's citizens taking to the streets and to university campuses.

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Speaker 1: They venting their anger and frustration on local officials and

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Speaker 1: on the Communist Party. Bloomberg political correspondent Rebecca to and

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Speaker 1: welcomes joining us now. Rebecca, thank you for taking the

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Speaker 1: time with us this morning. Where are we seeing some

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Speaker 1: of the biggest reactions to this, Well, I mean, we're

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Speaker 1: seeing protests breaking out across at least ten major cities

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Speaker 1: in China, and according to sort of a lot of

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Speaker 1: the social media footage that we're seeing, and as you say,

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Speaker 1: it's really directed at the very very stringent COVID zero

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Speaker 1: policies we've seen. But I think it also, you know,

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Speaker 1: does reflect as much broader malaise that we've seen as

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Speaker 1: the economy really starts to stutter under the weight of

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Speaker 1: these policies for more than two years, very very strict lockdowns,

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Speaker 1: and of course his crisis in the property sector. Now, Rebecca,

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Speaker 1: let's talk about the extraordinary nature of some of these protests.

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Speaker 1: Some protesters over the weekend calling for President Shi Jinping

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Speaker 1: to step down unheard of in China. Are we at

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Speaker 1: a boiling point? Out? Where are we? It is certainly

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Speaker 1: very very unusual to see this type of protests. I mean,

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Speaker 1: protest in China is not that rare, but it's normally

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Speaker 1: deeply localized, and it's normally sort of around dispute or

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Speaker 1: real estate issues. It is very unusual to see protests

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Speaker 1: in this way directed and challenging the power of Cpen

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Speaker 1: King and also the Chinese Communist Party. At the moment,

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Speaker 1: the efforts seem quite still quite disparate. We haven't seen

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Speaker 1: these signs of sort of comprehensive organizing or coordinated organizing,

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Speaker 1: and there is still potential move for that, and that

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Speaker 1: will really be I think what authority has become deeply

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Speaker 1: worried about. And we're also seeing the bulk of protests

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Speaker 1: remain quite um peaceful. Um. There has been some tustles

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Speaker 1: or some video footage of tuffles between protesters and police,

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Speaker 1: but for the large part they haven't actually become violent

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Speaker 1: in any way. Does this compare at all to Ten

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Speaker 1: Animal Square, which we saw more than thirty years ago.

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Speaker 1: I think, in many people's eyes is certainly the largest

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Speaker 1: challenge to the Communist Party and to the leader of

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Speaker 1: China and since Tianamen Square, And of course there are

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Speaker 1: lots of parallels when you think about the sort of

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Speaker 1: populations that are driving as many young people, many students,

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Speaker 1: driving a lot of these protests, and unlike in the

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Speaker 1: unlike in Tianamen, we're also seeing women play quite a

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Speaker 1: significant role really out there leading speeches, particularly for example,

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Speaker 1: in some of the university protests that we've seen too.

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Speaker 1: Do you anticipate that these protests can nudge leaders to

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Speaker 1: many behind the scenes privately decided to start reopening sooner.

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Speaker 1: Would you anticipate more of a lockdown or a crackdown?

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Speaker 1: What do you see in the future. Well, I think

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Speaker 1: maybe that that's the crux, and in one one one hand,

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Speaker 1: it sort of will be impacted by the inflection point.

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Speaker 1: You know what type of escalation do we see from

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Speaker 1: the protests, do they become violent? But on the other

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Speaker 1: you know, when he saw the Congress, of course he's

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Speaker 1: been Pink just has had this coronation of shorts as

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Speaker 1: unprecedented also president breaking third term as leader of the

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Speaker 1: Chinese Communist Party. The fear was that as he placed

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Speaker 1: allies in all of the sort of top positions in

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Speaker 1: the party, that there really wouldn't be a diversity or

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Speaker 1: a range of view talking to him and advising him,

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Speaker 1: you know, when to change courts. And I think for

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Speaker 1: many people there was this concern, who is going to

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Speaker 1: tell season Pink when he takes a misstep when things

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Speaker 1: go wrong? And the worry, I think in this case

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Speaker 1: is precisely now, after he has taken all of these

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Speaker 1: steps to sort of red rival factions and rid criticism

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Speaker 1: in the party, who is going to sort of usher

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Speaker 1: him into taking those steps? And when we look at

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Speaker 1: his previous reaction, for example in Hong Kong or with

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Speaker 1: with COVID treatment in the early stages of China, actually

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Speaker 1: there was seemed to be a delayed response. There was

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Speaker 1: quite of a lackluster sort of stand office response from

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Speaker 1: Beijing for quite a number of months, and then we

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Speaker 1: saw the very heavy handed response, and so I think

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Speaker 1: there is again some worry that we may see something

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Speaker 1: similar again this time. Last thirty seconds here, Rebecca very

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Speaker 1: quickly Goldman sacks forecasting at probability of a disorderly exit

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Speaker 1: from COVID zero. What does that look like? What's a

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Speaker 1: disorderly exit? Well, I think the biggest problem here is

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Speaker 1: going to be vaccinations and the healthcare system. China simply

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Speaker 1: doesn't have the healthcare system to support a huge influx

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Speaker 1: of COVID crass. And one particular issue is of cause.

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Speaker 1: With omicorn and other variance being so so infectious, it's

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Speaker 1: becomes very very difficult to control the rate of infections.

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Speaker 1: So I think it disorderly. A disorderly exit looks like

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Speaker 1: one of the overwhelms the public health systems where we

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Speaker 1: see very high mortality rates. All right, Bloomberg Political correspondent

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Speaker 1: Rebecca toun welcomes will be watching it with you. Thank

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Speaker 1: you so much. S ANDP futures thirty two points lower,

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Speaker 1: DOWL futures down on six, Nasdaq futures down one hundred

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Speaker 1: four points. Much more to come on Bloomberg Daybreak. This

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Speaker 1: is Bloomberg. Bloomberg Daybreak is brought to you by the

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Speaker 1: Bloomberg E Looving Free to Washington, d C, Bloomberg to Boston,

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Speaker 1: team and around the globe the Bloomberg Business at and

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Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six

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Speaker 1: thirty on Wall Street. Good Monday morning. I'm Amy Morris,

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Speaker 1: Nathan Hager. We're about three hours away from the open

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Speaker 1: of US trading. Time for the five things you need

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Speaker 1: to know to start your day. Brought to you by

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Speaker 1: Interactive Brokers. Interactive Brokers charges margin loan rates from four

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Speaker 1: point three three to five point three three percent rate

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Speaker 1: subject to change. Learn more at ib kr dot com.

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Speaker 1: Slash compare at first protest in China are spreading nationwide.

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Speaker 1: Citizens are pushing back at President Shi Jimping's strict COVID

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Speaker 1: rules after they were blamed for hampering rescue efforts in

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Speaker 1: a deadly apartment fire. Bloomberg News Managing editor m O'Brien

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Speaker 1: says it poses a significant challenge to the Communist Party.

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Speaker 1: You saw what started as vigils pushback against this horrific

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Speaker 1: fire in Ronchi and Northwest China. Peaceful vigils sort of

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Speaker 1: morphing into wider protests against people not wanting to be

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Speaker 1: taken away to quarantine cats. This is spreading across different

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Speaker 1: chatas of society and does show no signs of abating.

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Speaker 1: Bloomberg example O'Brien says protesters are showing their support online

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Speaker 1: despite government surveillance. Protests in China also having an impact

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Speaker 1: on Apple's bottom line. Bloomberg Steve Rappaport joins US Live

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Speaker 1: with details. Steve, good morning, Good morning, Amy, and Nathan.

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Speaker 1: The protests have led to iPhone production problems at a

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Speaker 1: manufacturing plant in China. Apple is reportedly looking at a

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Speaker 1: shortfall of nearly six million iPhone Pro units at the plant,

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Speaker 1: operated by fox Con Technology Group. Production could fall behind

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Speaker 1: even further if COVID lockdowns continue, Apple and Fox con

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Speaker 1: expect to get caught up next year. Apple is down

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Speaker 1: nearly two percent in pre market trading Live in New York.

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Speaker 1: I'm Steve Rappaport Bloomberg Daybreak. All right, Steve. Thanks. The

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Speaker 1: ongoing unrust is having wide market repercussions. Stunks in China

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Speaker 1: and Hong Kong film more than one percent overnight. Mark Mobius,

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Speaker 1: founder of Mobius Capital Partners, tells Bloomberg he expects short

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Speaker 1: term losses and has long term concerns about China. The

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Speaker 1: problem that I have is from a longer term perspective.

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Speaker 1: I'm talking about four or five years is what our

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Speaker 1: view is what happens if China decides to attack Taiwan.

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Speaker 1: It's gonna be like Russia. You know, all of the

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Speaker 1: investments in China will be lost. Mark Mobius of Mobia's

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Speaker 1: Capital Partners does not fact the current demonstrations to end peacefully.

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Speaker 1: Protests in China also having an impact on commodities markets,

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Speaker 1: with oil trading at its lowest level in almost a

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Speaker 1: year now. I'm x crewed down three or two dollars

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Speaker 1: twenty three cents, trading at seventy four six cents per

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Speaker 1: barrel and futures are moving lower as well, with SMP

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Speaker 1: futures down thirty points, staff futures down a D eight,

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Speaker 1: NASTAC futures are lower by ninety nine points ten. Your

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Speaker 1: treasury is down one thirty second, the yield three point

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Speaker 1: six eight percent. That's the five things you need to

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Speaker 1: know to start your day. Brought to you by Interactive Brokers.

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Speaker 1: This is Bloomberg, all right, Thanks Nathan. Six three on

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Speaker 1: Wall Street. Let's bring in Michael Barr with more on

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Speaker 1: what else is going on in New York and around

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Speaker 1: the world. Good morning Michael, Good morning Amy. The team

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Speaker 1: charged with shooting and killing ten black people at a Buffalo,

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Speaker 1: New York supermarket earlier this year, is expected to plead

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Speaker 1: guilty today to state churches. Peyton Gendrin is expected to

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Speaker 1: plead guilty to at least part of a twenty five

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Speaker 1: count indictment that charged him with carrying out a domestic

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Speaker 1: act of terrorism motivated by hate and other charges. Prosecutors

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Speaker 1: said it reflects the social media post linked to the

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Speaker 1: suspect that included the racist conspiracy theory known as replacement.

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Speaker 1: Devastating Russian strikes in Ukraine have cut off power to

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Speaker 1: many hospitals. Power outages have strained and disrupted the country's

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Speaker 1: healthcare system. The congressman, who will become chair of the

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Speaker 1: House Intelligence Committee when Republicans assume majority in January, says

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Speaker 1: his committee will turn away from investigations like the January

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Speaker 1: sixth inquiry. Mike Turner says, instead, the committee will focus

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Speaker 1: on global security. Our committee is going to focus on

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Speaker 1: national security and our adversars. We have real adversaries where

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Speaker 1: the committee hasn't been focused. Again. We do need, to, however,

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00:24:46,760 --> 00:24:50,120
Speaker 1: do oversight the intelligence community as to what they are doing,

429
00:24:50,200 --> 00:24:51,920
Speaker 1: and we will do that and will do it vigorously.

430
00:24:52,520 --> 00:24:56,080
Speaker 1: The Ohio representative appeared on ABC's This Week, which airs

431
00:24:56,119 --> 00:24:59,280
Speaker 1: Sundays on Bloomberg. A vigil was held last nine for

432
00:24:59,359 --> 00:25:02,400
Speaker 1: the six Wall Our employees gunned down in Tuesday's mass

433
00:25:02,400 --> 00:25:06,440
Speaker 1: shooting in Chesapeake, Virginia. The Chesapeake Coalition of Black Pastors

434
00:25:06,560 --> 00:25:10,600
Speaker 1: organized the service at the Mount Lebanon Baptist Church. Pastor

435
00:25:10,760 --> 00:25:14,919
Speaker 1: Andrea Roby of the Solid Rock Baptist Church came from Berlin,

436
00:25:15,000 --> 00:25:17,840
Speaker 1: New Jersey, to be among those praying for the victims

437
00:25:17,880 --> 00:25:21,639
Speaker 1: and loved ones. We gather in the memory of those

438
00:25:23,000 --> 00:25:29,600
Speaker 1: six beautiful souls, Lord, we ask you for your peace today.

439
00:25:30,119 --> 00:25:33,359
Speaker 1: Pastor Roby echoed the phrase, we are Chesapeake strong through

440
00:25:33,400 --> 00:25:36,400
Speaker 1: the service. The pilot and passenger trapped inside of playing

441
00:25:36,480 --> 00:25:40,600
Speaker 1: dangling from power cables for hours in Gaithersburg, Maryland, have

442
00:25:40,840 --> 00:25:44,720
Speaker 1: finally been freed. The efforts to carefully extricate both people

443
00:25:44,840 --> 00:25:48,119
Speaker 1: took much of the night. Finally, rescuers overnight said the

444
00:25:48,160 --> 00:25:51,600
Speaker 1: occupents were sent to area hospitals with serious, but not

445
00:25:51,800 --> 00:25:57,560
Speaker 1: to believe be life threatening injuries. Montgomery Fire Chief Scott Goldstein,

446
00:25:58,160 --> 00:26:01,000
Speaker 1: each time and point, we got and learned a little

447
00:26:01,000 --> 00:26:03,480
Speaker 1: bit more, a little additional part, which is how we

448
00:26:03,600 --> 00:26:06,920
Speaker 1: knew why we had to take the steps that we did. Slow,

449
00:26:07,160 --> 00:26:11,040
Speaker 1: methodical and risk based, Chief Goldstein says, though tens of

450
00:26:11,080 --> 00:26:14,719
Speaker 1: thousands of customers lost power in Maryland's Montgomery County, Global

451
00:26:14,760 --> 00:26:16,639
Speaker 1: Neames twenty four hours a day on air and on

452
00:26:16,720 --> 00:26:19,840
Speaker 1: Bloomberg Quick Take power by more than seven journalists, analysts,

453
00:26:19,840 --> 00:26:22,000
Speaker 1: more than a d twenty countries. Michael Barr and this

454
00:26:22,119 --> 00:26:27,720
Speaker 1: is Bloomberg game, all right, Thank you, Michael. Down now

455
00:26:27,840 --> 00:26:30,200
Speaker 1: for the sports report brought to you by Price State OUTI.

456
00:26:30,280 --> 00:26:32,359
Speaker 1: Here's John stash Our, Thanks to Amy what a difference

457
00:26:32,400 --> 00:26:35,120
Speaker 1: a week makes, or what a difference a quarterback can make.

458
00:26:35,200 --> 00:26:37,720
Speaker 1: After Zach Wilson struggles that New England, he was on

459
00:26:37,800 --> 00:26:40,760
Speaker 1: the Jets bench, not even in uniform. Third string Mike

460
00:26:40,840 --> 00:26:44,280
Speaker 1: White replaced him. Through three touchdown passes. The Jets ice

461
00:26:44,359 --> 00:26:58,600
Speaker 1: their wind on the ground of Johnson west sarm what

462
00:27:00,119 --> 00:27:06,479
Speaker 1: broken tackle Skifford New York on the ESPN New York

463
00:27:06,560 --> 00:27:08,920
Speaker 1: Jets beat the Bears on our rainy day at Medlife

464
00:27:08,960 --> 00:27:11,600
Speaker 1: thirty one to ten. White let an offense that produced

465
00:27:11,640 --> 00:27:14,800
Speaker 1: four hundred and sixty six yards three hundred and sixty

466
00:27:14,920 --> 00:27:17,760
Speaker 1: three more than last week, and the Jets as of

467
00:27:17,840 --> 00:27:20,359
Speaker 1: now playoffs team at seven and four. Their division is strong.

468
00:27:20,480 --> 00:27:22,359
Speaker 1: Miami blew out Houston to go to eight and three

469
00:27:22,359 --> 00:27:24,760
Speaker 1: in the Giants division even stronger season end, and now

470
00:27:24,880 --> 00:27:27,679
Speaker 1: all four NFC East teams would make the playoffs. Philadelphia

471
00:27:27,800 --> 00:27:30,359
Speaker 1: top at ten and one, beat Green Bay forty to

472
00:27:30,480 --> 00:27:33,280
Speaker 1: thirty three and Washington one again as won six and seven.

473
00:27:33,680 --> 00:27:36,359
Speaker 1: Giants host the Commanders this Sunday. The Giants lose, they

474
00:27:36,400 --> 00:27:39,120
Speaker 1: fall the last place Nicks. Came from twelve down fourth

475
00:27:39,200 --> 00:27:41,639
Speaker 1: quarter to take the lead, but John Morant led Memphis

476
00:27:41,720 --> 00:27:44,320
Speaker 1: to a one twenty seven one twenty three victory. Moran

477
00:27:44,359 --> 00:27:47,239
Speaker 1: scored twenty seven at a triple double. Jalen Brunson had

478
00:27:47,320 --> 00:27:49,280
Speaker 1: seventeen of his thirty and the fourth quarter, but in

479
00:27:49,359 --> 00:27:52,240
Speaker 1: the last ten seconds missed two shots and Brooklyn The

480
00:27:52,320 --> 00:27:55,280
Speaker 1: Nets beat Portland one eleven to nineties seven. At the

481
00:27:55,359 --> 00:27:59,080
Speaker 1: World Cup, scoring has been down, not the case today.

482
00:27:59,240 --> 00:28:03,360
Speaker 1: Serbia and Cameroon tied to three, still about twenty minutes left.

483
00:28:03,640 --> 00:28:07,399
Speaker 1: John Bloomberg Sports, all right, thank you, John. It is

484
00:28:07,440 --> 00:28:09,639
Speaker 1: sixty eight on Wall Street. Time to take a look

485
00:28:09,680 --> 00:28:11,920
Speaker 1: at stocks and some of the names that are moving

486
00:28:12,000 --> 00:28:14,000
Speaker 1: in the pre market. For that, we are joined by

487
00:28:14,040 --> 00:28:17,800
Speaker 1: Bloomberg Radio and TV Markets correspondent Creaty Gooped. A pretty

488
00:28:17,800 --> 00:28:20,000
Speaker 1: good morning to you. Good morning, Amy. Let's talk about

489
00:28:20,040 --> 00:28:22,159
Speaker 1: the major story that I think it's really weighing on

490
00:28:22,280 --> 00:28:24,280
Speaker 1: risk sentiment this morning when you look at futures, this

491
00:28:24,400 --> 00:28:28,639
Speaker 1: idea of Chinese protests across the country really kind of

492
00:28:28,960 --> 00:28:32,320
Speaker 1: pushing against the COVID zero policies. Now we'll take the

493
00:28:32,400 --> 00:28:35,080
Speaker 1: humanitarian aside and put it put it to uh, put

494
00:28:35,160 --> 00:28:36,960
Speaker 1: to the side for just a moment. But I really

495
00:28:37,000 --> 00:28:38,600
Speaker 1: want to talk about some of the stocks and some

496
00:28:38,680 --> 00:28:41,200
Speaker 1: of the companies that are really affected by the situation

497
00:28:41,320 --> 00:28:43,560
Speaker 1: in China. The easy, easy one to go to is

498
00:28:43,560 --> 00:28:46,560
Speaker 1: Ali Baba as our poster child for really all things China.

499
00:28:46,640 --> 00:28:48,120
Speaker 1: We like to look at those A d R s

500
00:28:48,240 --> 00:28:50,480
Speaker 1: and Ali Baba shares be a b A down about

501
00:28:50,480 --> 00:28:53,040
Speaker 1: six tenths of one percent. We know overnight those Asian

502
00:28:53,080 --> 00:28:56,440
Speaker 1: stocks really took a hit, something that's feeding into perhaps

503
00:28:56,480 --> 00:28:58,360
Speaker 1: the U S sentiment as well. Take a look at

504
00:28:58,360 --> 00:29:00,240
Speaker 1: Apple shares though. I think this is the fast name

505
00:29:00,280 --> 00:29:03,080
Speaker 1: story amy because there is a warning now about from

506
00:29:03,120 --> 00:29:07,320
Speaker 1: a person person familiar that the iPhone pro production is

507
00:29:07,400 --> 00:29:09,920
Speaker 1: going to see a short fall, specifically at a fox

508
00:29:10,000 --> 00:29:13,280
Speaker 1: Count operated shang Zhao hub, resulting a deficit of six

509
00:29:13,480 --> 00:29:16,120
Speaker 1: million units this year. They are of course trying to

510
00:29:16,200 --> 00:29:18,240
Speaker 1: retain some of their staff, but nevertheless, it is that

511
00:29:18,480 --> 00:29:20,920
Speaker 1: kind of production shortfall that's weighing on the stock this morning.

512
00:29:21,000 --> 00:29:24,200
Speaker 1: A p L down one point one person even under

513
00:29:24,240 --> 00:29:26,600
Speaker 1: performing the broader market in the move that you're seeing

514
00:29:26,600 --> 00:29:28,560
Speaker 1: in features as well. But Apple is not the only

515
00:29:28,680 --> 00:29:32,080
Speaker 1: major company that has a major presence in China as well.

516
00:29:32,120 --> 00:29:34,200
Speaker 1: You have to look at Tesla Shaars t s l

517
00:29:34,280 --> 00:29:36,880
Speaker 1: A is your taker down about two percent in the

518
00:29:36,960 --> 00:29:39,840
Speaker 1: pre market, once again even underperforming Apple. And this is

519
00:29:39,920 --> 00:29:42,360
Speaker 1: really significant. Big shout out to Ed Ludlow for actually

520
00:29:42,440 --> 00:29:44,840
Speaker 1: pointing out this fact. To me, it's my favorite Tesla fact.

521
00:29:45,000 --> 00:29:47,120
Speaker 1: The idea that in Shanghai and in some of the

522
00:29:47,200 --> 00:29:49,720
Speaker 1: other Chinese factories as well, something that they've done very

523
00:29:49,840 --> 00:29:52,680
Speaker 1: very well is keep their supply chain very close and

524
00:29:52,800 --> 00:29:54,520
Speaker 1: some of the raw materials you need for the e

525
00:29:54,600 --> 00:29:57,520
Speaker 1: V production is actually right by their factories. And it's

526
00:29:57,520 --> 00:30:01,080
Speaker 1: actually been something that's been some a big boon for

527
00:30:01,360 --> 00:30:03,280
Speaker 1: the stock, the idea that some of the supply chain issues,

528
00:30:03,320 --> 00:30:05,440
Speaker 1: the inflationary pressures will Tesla has been a little bit

529
00:30:05,520 --> 00:30:09,520
Speaker 1: insulated from those because of their location in China. Now,

530
00:30:09,880 --> 00:30:12,320
Speaker 1: of course, given the protests and given the further issues,

531
00:30:12,560 --> 00:30:14,440
Speaker 1: you are seeing a lot more pain in the stocks.

532
00:30:14,440 --> 00:30:17,520
Speaker 1: A t s l A down two point to percent

533
00:30:17,680 --> 00:30:20,200
Speaker 1: this morning. Of course, you have several other stocks that

534
00:30:20,320 --> 00:30:22,080
Speaker 1: are moving, but I really want to focus in on

535
00:30:22,360 --> 00:30:25,360
Speaker 1: the tech sector and talk about chips specifically, because with

536
00:30:25,760 --> 00:30:27,640
Speaker 1: Tesla and with Apple, you have to look at the

537
00:30:27,680 --> 00:30:30,320
Speaker 1: likes of Nvidia, for example, n v d A is

538
00:30:30,360 --> 00:30:32,360
Speaker 1: your ticker down by one point three percent of this

539
00:30:32,440 --> 00:30:33,760
Speaker 1: morning and I really like to look at the chip

540
00:30:33,840 --> 00:30:38,280
Speaker 1: sector broadly because even though most of the production is

541
00:30:38,360 --> 00:30:41,720
Speaker 1: centered in Taiwan as opposed to mainland China, it is

542
00:30:41,760 --> 00:30:44,280
Speaker 1: still from a sentiment perspective, training in line with some

543
00:30:44,320 --> 00:30:46,240
Speaker 1: of these big tech names. So if you see these

544
00:30:46,320 --> 00:30:49,520
Speaker 1: Chinese protests really weigh on tech broadly, chips will be

545
00:30:49,680 --> 00:30:52,840
Speaker 1: no exception. Amy, all right, thanks so much, Bloomberg Radio

546
00:30:52,920 --> 00:30:55,560
Speaker 1: and TV Markets correspondent Credi Gupta. I want to thank

547
00:30:55,600 --> 00:30:57,600
Speaker 1: you for joining us and looking at stocks as a

548
00:30:57,640 --> 00:31:00,680
Speaker 1: whole ahead of the open. SMP futures down thirty three

549
00:31:00,720 --> 00:31:04,760
Speaker 1: points down, futures down one nine four points, NASAT future

550
00:31:04,800 --> 00:31:08,120
Speaker 1: is down one hundred five points, the ten year treasury

551
00:31:08,640 --> 00:31:12,200
Speaker 1: down to thirty seconds, the yield at three point six eight.

552
00:31:13,360 --> 00:31:15,520
Speaker 1: Much more still to come on this Monday morning on

553
00:31:15,600 --> 00:31:23,640
Speaker 1: Bloomberg Daybreak. This is Bloomberg. The Bloomberg Sports Report was

554
00:31:23,680 --> 00:31:25,560
Speaker 1: brought to you by Outing. You don't let someone else

555
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558
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Speaker 1: for more information, markets headlines and breaking news. Twenty four

559
00:31:39,880 --> 00:31:42,880
Speaker 1: hours a day at Bloomberg dot Com The Bloomberg Business

560
00:31:42,920 --> 00:31:47,000
Speaker 1: Allan at Bloomberg Quick Tape. He's a Bloomberg Business Lash.

561
00:31:52,640 --> 00:31:54,480
Speaker 1: I'm Nathan Hager. This updates brought to you by B

562
00:31:54,600 --> 00:31:57,280
Speaker 1: and Y Melon's Pershing Learned by the world's most sophisticated

563
00:31:57,320 --> 00:32:00,360
Speaker 1: wealth management and institutional firms rely on persh to help

564
00:32:00,400 --> 00:32:04,440
Speaker 1: them improve profitability, create efficiency, attract talent, and manage risk.

565
00:32:04,560 --> 00:32:08,760
Speaker 1: At Pershing dot Com. Risk Off this morning, sad right

566
00:32:08,800 --> 00:32:11,000
Speaker 1: over the First Word Breaking news desk for today's morning

567
00:32:11,040 --> 00:32:14,120
Speaker 1: call with Bill Maloney. Good morning Bill, and good morning Nathan.

568
00:32:14,160 --> 00:32:16,560
Speaker 1: That's right. US futures are under pressure, helped by the

569
00:32:16,680 --> 00:32:20,480
Speaker 1: growing unrest in China over their COVID restrictions. Dow Future

570
00:32:20,520 --> 00:32:22,320
Speaker 1: can lead down two hundred twelve points as if you

571
00:32:22,440 --> 00:32:25,000
Speaker 1: dropped thirty six, and NASDIK futures are off by a

572
00:32:25,120 --> 00:32:28,080
Speaker 1: hundred and fourteen. The US ten year old at three

573
00:32:28,120 --> 00:32:30,640
Speaker 1: point six eight percent, Gold is up six, oil is

574
00:32:30,680 --> 00:32:33,280
Speaker 1: in the red, and bitcoin is trading lower by two

575
00:32:33,320 --> 00:32:36,920
Speaker 1: point three percent. Hong Kong fell one point six percent overnight,

576
00:32:36,960 --> 00:32:39,600
Speaker 1: while Europa markets are also trading in the red this morning,

577
00:32:39,880 --> 00:32:41,800
Speaker 1: and back in the US on the economic front as

578
00:32:41,800 --> 00:32:45,240
Speaker 1: ten thirty the Dallas Fed. In other news, Apple phases

579
00:32:45,280 --> 00:32:48,760
Speaker 1: a deficit of six million iPhone pros on the China issues,

580
00:32:49,120 --> 00:32:51,240
Speaker 1: and Elon Mussa that Twitter can get more than a

581
00:32:51,360 --> 00:32:54,880
Speaker 1: billion monthly users in twelve to eighteen months. In the

582
00:32:54,920 --> 00:32:57,560
Speaker 1: crypto space, Mark Mobius said the crypto route has room

583
00:32:57,640 --> 00:33:00,239
Speaker 1: to run and wrapping things up beyond the was got

584
00:33:00,320 --> 00:33:03,480
Speaker 1: to underweight to Barkley's Activision was raised overweight at Morgan

585
00:33:03,560 --> 00:33:06,800
Speaker 1: Stanley and DraftKings was got to underweight over at JP

586
00:33:06,920 --> 00:33:10,200
Speaker 1: Morgan Live from the first Breaking News descon Bill Malone,

587
00:33:10,320 --> 00:33:12,719
Speaker 1: Nathan Okay, Bill, thanks to get live breaking news over

588
00:33:12,800 --> 00:33:15,640
Speaker 1: your Bloomberg type squawk on your terminal s q U

589
00:33:15,800 --> 00:33:18,520
Speaker 1: A go. That's a Bloomberg business flash. And now here's

590
00:33:18,560 --> 00:33:22,280
Speaker 1: Michael Barr with more on what's going on around the world. Michael, Nathan,

591
00:33:22,320 --> 00:33:24,920
Speaker 1: thank you very much. In China, mass protests are taking

592
00:33:24,960 --> 00:33:27,960
Speaker 1: place in the streets of some cities. The public outpouring

593
00:33:28,080 --> 00:33:31,840
Speaker 1: is reaction to the strict zero COVID policy and acted

594
00:33:32,160 --> 00:33:35,280
Speaker 1: by China's President Shi Jing Ping. Will have more in

595
00:33:35,320 --> 00:33:38,640
Speaker 1: a minute. The long track home after the Thanksgiving holiday

596
00:33:38,720 --> 00:33:41,040
Speaker 1: proved to be a challenge this year. The weather it

597
00:33:41,080 --> 00:33:45,320
Speaker 1: is complicating matters. The busy corridor from DC to Philadelphia

598
00:33:45,400 --> 00:33:48,520
Speaker 1: to Boston was hit with heavy rains today. The Pacific

599
00:33:48,600 --> 00:33:52,600
Speaker 1: Northwest is getting hit by snow. In the NFL, the Jets,

600
00:33:52,680 --> 00:33:56,320
Speaker 1: Commanders and Forts won, the Ravens lost. In the NBA,

601
00:33:56,560 --> 00:33:59,600
Speaker 1: the Nets and Warriors won, the next lost. The Celtics

602
00:33:59,760 --> 00:34:04,080
Speaker 1: beat Wizards one in the World Cup, and cutter right now,

603
00:34:04,400 --> 00:34:08,360
Speaker 1: Cameroon three, Serbia three. Global News twenty four hours a

604
00:34:08,440 --> 00:34:11,799
Speaker 1: day on air and on Bloomberg Quicktake, powered by more

605
00:34:11,920 --> 00:34:14,400
Speaker 1: than twenty seven hundred journalists and analysts, are more than

606
00:34:14,400 --> 00:34:18,760
Speaker 1: a twenty countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael,

607
00:34:18,800 --> 00:34:21,080
Speaker 1: thank you. At six forty nine on Wall Street. Let's

608
00:34:21,120 --> 00:34:24,080
Speaker 1: turn to news in science and technology now. The Bloomberg

609
00:34:24,160 --> 00:34:25,920
Speaker 1: n g I T STEM Report is brought to you

610
00:34:26,000 --> 00:34:28,520
Speaker 1: by New Jersey Institute of Technology, ranked to top one

611
00:34:28,600 --> 00:34:31,640
Speaker 1: hundred national university by US News and World Report and

612
00:34:31,719 --> 00:34:35,000
Speaker 1: the number one public university in New Jersey by Forbes.

613
00:34:35,160 --> 00:34:37,879
Speaker 1: What will you make at nj I T Learn more

614
00:34:37,960 --> 00:34:40,279
Speaker 1: at nj I T dot E d U. Now Here's

615
00:34:40,280 --> 00:34:43,800
Speaker 1: what's making news and science technology engineering, and math. The

616
00:34:43,880 --> 00:34:48,920
Speaker 1: important holiday shopping season continues today with Cyber Monday. Retailers

617
00:34:48,960 --> 00:34:52,360
Speaker 1: saw modest growth over the Black Friday weekend. According to

618
00:34:52,440 --> 00:34:55,640
Speaker 1: data compiled by censor Matic Solutions, in store traffic ticked

619
00:34:55,719 --> 00:34:58,640
Speaker 1: up two point nine percent at brick and mortar retailers

620
00:34:58,680 --> 00:35:02,720
Speaker 1: over one the discount sword shoppers. Seeking a break from inflation.

621
00:35:03,239 --> 00:35:06,680
Speaker 1: After cutting thousands of jobs, Twitter is now hiring. That's

622
00:35:06,680 --> 00:35:10,000
Speaker 1: according to slides from a company talk tweeted by owner

623
00:35:10,080 --> 00:35:13,320
Speaker 1: Elon Musk. The first slide had the words We're recruiting,

624
00:35:13,440 --> 00:35:16,399
Speaker 1: with no further details. The slides also said that new

625
00:35:16,600 --> 00:35:18,880
Speaker 1: users sign ups are at an all time high, averaging

626
00:35:18,920 --> 00:35:21,040
Speaker 1: more than two million a day. The second week of

627
00:35:21,160 --> 00:35:24,160
Speaker 1: November and Prince William and the Princess of Wales will

628
00:35:24,160 --> 00:35:26,920
Speaker 1: be looking to focus attention on their earth Shot Prize

629
00:35:26,960 --> 00:35:29,480
Speaker 1: for environmental innovators when they make their first trip to

630
00:35:29,480 --> 00:35:32,840
Speaker 1: the United States in eight years this week. William and

631
00:35:33,040 --> 00:35:35,680
Speaker 1: his wife Kate will travel to Boston on Wednesday for

632
00:35:35,840 --> 00:35:38,719
Speaker 1: three days of public engagements before they announced the prize

633
00:35:38,719 --> 00:35:42,840
Speaker 1: winners Friday in a ceremony headlined by pop star Billie Eilish.

634
00:35:43,280 --> 00:35:45,479
Speaker 1: That's the Bloomberg n j I t stem Report. Amy.

635
00:35:46,200 --> 00:35:48,200
Speaker 1: All right, thank you, Nathan. We're live from the Bloomberg

636
00:35:48,239 --> 00:35:50,800
Speaker 1: and Iactive Brokers studios. It is six fifty one on

637
00:35:50,880 --> 00:35:53,320
Speaker 1: Wall Street. Tom out to check what's going on in

638
00:35:53,640 --> 00:35:55,360
Speaker 1: d C. And some of the top stories in our

639
00:35:55,480 --> 00:35:58,800
Speaker 1: nation's capital include lawmakers returning to Washington they only have

640
00:35:58,920 --> 00:36:01,160
Speaker 1: two and a half weeks to on the government. We're

641
00:36:01,200 --> 00:36:03,880
Speaker 1: also seeing a messy break up between the GOP and

642
00:36:04,080 --> 00:36:07,440
Speaker 1: Corporate America and Republican leader Kevin McCarthy in the fight

643
00:36:07,520 --> 00:36:10,440
Speaker 1: of his political life to become House Speaker. For more

644
00:36:10,560 --> 00:36:13,720
Speaker 1: on these stories, we're gonna welcome Professor Wendy Schiller, director

645
00:36:13,760 --> 00:36:16,640
Speaker 1: of the Alfred Tubman Center for American Politics and Policy

646
00:36:16,680 --> 00:36:20,400
Speaker 1: at Brown University, and she joins us now. Professor Schiller,

647
00:36:20,480 --> 00:36:23,239
Speaker 1: thank you for taking the time with us. Before all

648
00:36:23,320 --> 00:36:24,960
Speaker 1: of that, I want to start off with what's going

649
00:36:25,040 --> 00:36:28,520
Speaker 1: on in China, those mass protests and the global impact.

650
00:36:29,320 --> 00:36:32,319
Speaker 1: I wonder if you see parallels with what happened more

651
00:36:32,360 --> 00:36:35,239
Speaker 1: than thirty years ago in Tianamen Square. Do you see

652
00:36:35,280 --> 00:36:38,759
Speaker 1: a crackdown coming here? Well, I mean I think there's

653
00:36:39,440 --> 00:36:41,840
Speaker 1: this is really an interesting thing about just human nature.

654
00:36:42,080 --> 00:36:44,160
Speaker 1: Who stop a second and think how different we are.

655
00:36:44,280 --> 00:36:47,200
Speaker 1: Different regime, obviously very different regime, and a lot of

656
00:36:47,200 --> 00:36:49,640
Speaker 1: the rhetoric about how the United States democracy is dying

657
00:36:49,800 --> 00:36:51,759
Speaker 1: and how you know, China was saying, this is how

658
00:36:51,800 --> 00:36:55,120
Speaker 1: you run a country. And obviously just recently China's comes

659
00:36:55,120 --> 00:36:57,880
Speaker 1: sort of back to the United States after flirting with Russia.

660
00:36:58,120 --> 00:37:00,800
Speaker 1: You know, that's a really important pivot point you politically.

661
00:37:01,360 --> 00:37:03,520
Speaker 1: But people do not like to be locked down. We

662
00:37:03,719 --> 00:37:06,040
Speaker 1: learned that, and I think China's learning that that's just

663
00:37:06,160 --> 00:37:08,960
Speaker 1: a natural human instinct, is to be able to be

664
00:37:09,080 --> 00:37:12,920
Speaker 1: at least, if not politically and religiously free, physically free. Uh.

665
00:37:13,040 --> 00:37:15,160
Speaker 1: And I think, of course, you know the fire that happened,

666
00:37:15,200 --> 00:37:17,080
Speaker 1: the tragic fire, people couldn't get out because they were

667
00:37:17,120 --> 00:37:19,440
Speaker 1: locked in. I mean, I think this is just coming,

668
00:37:19,719 --> 00:37:22,120
Speaker 1: you know, to haunt the regime in the sense that

669
00:37:22,239 --> 00:37:24,799
Speaker 1: you can refashion the politics by human nature. I think

670
00:37:24,880 --> 00:37:28,520
Speaker 1: still persist. Let's turn now to Capitol Hill. Lawmakers set

671
00:37:28,600 --> 00:37:31,080
Speaker 1: up against a tight deadline. They need to pass federal

672
00:37:31,160 --> 00:37:34,480
Speaker 1: funding but they haven't agreed on any top line spending

673
00:37:34,560 --> 00:37:38,560
Speaker 1: figures yet. Um and and we're anticipating a stopgap measure

674
00:37:38,600 --> 00:37:41,160
Speaker 1: to avoid a shutdown. But My question for you is

675
00:37:41,400 --> 00:37:43,759
Speaker 1: how it will impact negotiations that they have to get

676
00:37:43,800 --> 00:37:48,000
Speaker 1: through the Georgia runoff first. Um, well, the Georgia run off,

677
00:37:48,120 --> 00:37:49,719
Speaker 1: I mean, this is sort of stake of control of

678
00:37:49,760 --> 00:37:51,920
Speaker 1: the Senate has been settled, so I think takes pressure

679
00:37:51,920 --> 00:37:54,520
Speaker 1: off Georgia. That's really an unknown in terms who's going

680
00:37:54,600 --> 00:37:56,640
Speaker 1: to turn out in Georgia. You know, will wrap more

681
00:37:56,719 --> 00:37:59,080
Speaker 1: enough be able to get Democrats back out, There will

682
00:37:59,120 --> 00:38:01,759
Speaker 1: be African Americans. The high it was higher in the

683
00:38:01,880 --> 00:38:04,280
Speaker 1: runoff in January of twenty one that it was actually

684
00:38:04,640 --> 00:38:08,520
Speaker 1: in November. That's an interesting thing to think about. Um.

685
00:38:08,680 --> 00:38:11,080
Speaker 1: And then herstal Walkers campaign has gotten pretty nasty down

686
00:38:11,120 --> 00:38:13,560
Speaker 1: in Georgia. But I don't think that really makes a

687
00:38:13,680 --> 00:38:16,319
Speaker 1: huge difference in the appropriations. I think the Republicans want

688
00:38:16,360 --> 00:38:18,200
Speaker 1: to wait un till they control the House because of

689
00:38:18,280 --> 00:38:20,880
Speaker 1: course they'll have much more leverage. Uh, And so I

690
00:38:20,880 --> 00:38:22,319
Speaker 1: think they're gonna do everything that they kind of make

691
00:38:22,360 --> 00:38:24,320
Speaker 1: this short term and you know, be able to have

692
00:38:24,400 --> 00:38:27,640
Speaker 1: as all in their court coming up in January every

693
00:38:27,680 --> 00:38:30,080
Speaker 1: March where however long they extended. I don't think either

694
00:38:30,120 --> 00:38:32,960
Speaker 1: side wants to shut down right now. Nobody wants to shutdown,

695
00:38:33,040 --> 00:38:35,160
Speaker 1: but they're not crazy about the stop gap having to

696
00:38:35,239 --> 00:38:38,120
Speaker 1: do that either. They sort of point fingers at each other,

697
00:38:38,200 --> 00:38:42,680
Speaker 1: but have stopped gap measures now been normalized, Well, yeah,

698
00:38:42,719 --> 00:38:44,000
Speaker 1: I mean I think that they have. I think in

699
00:38:44,040 --> 00:38:46,279
Speaker 1: particular the death ceilings. You know, in the old days,

700
00:38:46,400 --> 00:38:48,880
Speaker 1: death ceiling had to pass. This must pass. I already

701
00:38:48,920 --> 00:38:51,920
Speaker 1: knew that, and then it was separated from the inpropations process.

702
00:38:52,200 --> 00:38:55,440
Speaker 1: Now it's frequently combined extended. The death ceiling obviously cap

703
00:38:55,760 --> 00:38:57,840
Speaker 1: for a couple more months, but I think that always

704
00:38:57,920 --> 00:38:59,960
Speaker 1: looms now and appropriations, and so they want to get

705
00:39:00,080 --> 00:39:02,440
Speaker 1: that done. The stop gap they settle for that, so

706
00:39:02,480 --> 00:39:03,839
Speaker 1: they don't have to fight the battle of the dead

707
00:39:03,880 --> 00:39:06,480
Speaker 1: ceiling at the same time every time they have to

708
00:39:06,560 --> 00:39:09,839
Speaker 1: ward off a shutdown. The shifting gears a bit. Republicans

709
00:39:09,880 --> 00:39:13,600
Speaker 1: have had corporate allies in their corner for decades. Corporate

710
00:39:13,640 --> 00:39:15,880
Speaker 1: America and the GOP seemed to be able to go

711
00:39:16,000 --> 00:39:18,840
Speaker 1: hand in hand, but that relationship seems to be fraying

712
00:39:18,920 --> 00:39:21,600
Speaker 1: now as more Republicans pushed back against what they call

713
00:39:21,680 --> 00:39:26,480
Speaker 1: the woke corporate mentality. What's going on here? Well, it's

714
00:39:26,520 --> 00:39:28,640
Speaker 1: an interesting me We always hear it's after January six.

715
00:39:28,719 --> 00:39:31,760
Speaker 1: Don't you know, you remember Amy that the corporations stopped

716
00:39:31,800 --> 00:39:34,480
Speaker 1: giving money for just a couple of months to Republicans

717
00:39:34,719 --> 00:39:37,399
Speaker 1: and Republican packs because they just didn't want to associated

718
00:39:37,760 --> 00:39:41,160
Speaker 1: um with that insurrection. This happens once in a while

719
00:39:41,320 --> 00:39:43,160
Speaker 1: where they have a little fight, but they always get

720
00:39:43,160 --> 00:39:45,200
Speaker 1: back together. And you know, given that the Republicans are

721
00:39:45,200 --> 00:39:48,680
Speaker 1: gonna control committees that regulate business across the board, and

722
00:39:48,760 --> 00:39:51,560
Speaker 1: I think corporations are gonna want less regulation and they're

723
00:39:51,560 --> 00:39:53,960
Speaker 1: gonna want the House Republicans to push for that, visa

724
00:39:54,040 --> 00:39:57,280
Speaker 1: be the Senate Democrats. I think this relationship will repair itself.

725
00:39:57,800 --> 00:40:00,480
Speaker 1: It all depends, but I think this this happens a

726
00:40:00,520 --> 00:40:02,120
Speaker 1: little bit around now and then a couple of months

727
00:40:02,160 --> 00:40:03,560
Speaker 1: from now, and you see the corporate you know, the

728
00:40:03,600 --> 00:40:05,799
Speaker 1: committee chairs, and look at the committee chairs for the House.

729
00:40:05,840 --> 00:40:08,520
Speaker 1: They're already named. The big committees have already been named.

730
00:40:08,719 --> 00:40:12,120
Speaker 1: Those people are considered conservative, but moderate and people you

731
00:40:12,160 --> 00:40:15,040
Speaker 1: can do business with. So I expect this relationship to repair.

732
00:40:15,600 --> 00:40:17,160
Speaker 1: You have a little more than a minute here. We're

733
00:40:17,200 --> 00:40:19,560
Speaker 1: looking at the power shift in the House. It appears

734
00:40:19,640 --> 00:40:22,399
Speaker 1: the speakership is really Kevin McCarthy's to lose. But he's

735
00:40:22,400 --> 00:40:25,640
Speaker 1: also cutting deals, making promises to land the job on,

736
00:40:26,160 --> 00:40:29,800
Speaker 1: moving on committee assignments, that sort of thing. Where do

737
00:40:29,880 --> 00:40:32,520
Speaker 1: you see that going well. I mean, he's got to

738
00:40:32,640 --> 00:40:35,880
Speaker 1: shore up the infrastructure of leadership across the board in

739
00:40:36,000 --> 00:40:38,359
Speaker 1: terms of committees, which he's doing right. He's taking people

740
00:40:38,360 --> 00:40:42,080
Speaker 1: who have experienced, people whom like my Garagers for examples, Um,

741
00:40:42,120 --> 00:40:44,440
Speaker 1: someone like that, people who people Michael the Fall. They

742
00:40:44,600 --> 00:40:47,040
Speaker 1: know they're well known in the caucus. And I think

743
00:40:47,080 --> 00:40:49,160
Speaker 1: that that's going to be pretty well received. But a

744
00:40:49,400 --> 00:40:51,640
Speaker 1: very small margin of control, and you know, it's always

745
00:40:51,680 --> 00:40:55,120
Speaker 1: possible that the very right wing members hold out, and

746
00:40:55,200 --> 00:40:57,560
Speaker 1: if they do that, the Democrats could have left the speaker.

747
00:40:57,800 --> 00:40:59,719
Speaker 1: I mean, it is precarious for the Republicans of the

748
00:40:59,800 --> 00:41:03,120
Speaker 1: Kevin McCarthy. But every speaker cut the deals before they

749
00:41:03,480 --> 00:41:06,279
Speaker 1: put themselves out before the full House in January, so

750
00:41:06,360 --> 00:41:08,480
Speaker 1: this is not unusual. But you can look at the

751
00:41:08,480 --> 00:41:12,160
Speaker 1: committee chairs. He's not really jumping seniority. He's not yet

752
00:41:12,400 --> 00:41:16,160
Speaker 1: given a major legislative or policy committee to somebody who's

753
00:41:16,200 --> 00:41:17,879
Speaker 1: really on the fringe of the party. I think that's

754
00:41:17,880 --> 00:41:20,840
Speaker 1: what he really wants to avoid. Wendy, thank you so

755
00:41:20,960 --> 00:41:22,520
Speaker 1: much for taking the time with us today. We do

756
00:41:22,640 --> 00:41:26,560
Speaker 1: appreciate it. Professor Wendy Schiller is director of the Alfred

757
00:41:26,600 --> 00:41:30,160
Speaker 1: Tubman Center for American Politics and Policy at Brown University.

758
00:41:30,680 --> 00:41:33,600
Speaker 1: You can read more about these stories on Bloomberg dot

759
00:41:33,640 --> 00:41:36,320
Speaker 1: com or on the Bloomberg terminal, and as a reminder,

760
00:41:36,440 --> 00:41:38,920
Speaker 1: you can follow all of the latest on Bloomberg Radio

761
00:41:39,040 --> 00:41:41,759
Speaker 1: in Washington on Bloomberg ninety nine one and one oh

762
00:41:41,840 --> 00:41:45,040
Speaker 1: five point seven FM h D two. Nathan Okay, Amy,

763
00:41:45,160 --> 00:41:47,960
Speaker 1: thank you. It is UH six fifty seven on Wall

764
00:41:48,000 --> 00:41:51,280
Speaker 1: Street now in Bloomberg. Daybreak is brought to you by SEI,

765
00:41:51,440 --> 00:41:55,280
Speaker 1: built on advanced technologies and fifty years of innovation. SEI

766
00:41:55,400 --> 00:41:59,760
Speaker 1: offers asset managers are comprehensive and flexible operations outsourcing platform.

767
00:42:00,160 --> 00:42:04,000
Speaker 1: Go to se i C dot com slash managers. It's

768
00:42:04,040 --> 00:42:06,719
Speaker 1: definitely risk off as we start this new trading week

769
00:42:06,800 --> 00:42:10,960
Speaker 1: with the unrest in China over COVID policies rippling across

770
00:42:11,000 --> 00:42:14,239
Speaker 1: global markets. Right now, SMP futures are down thirty three

771
00:42:14,280 --> 00:42:17,400
Speaker 1: points down, features down two hundred three, NASDAC futures are

772
00:42:17,440 --> 00:42:20,359
Speaker 1: lower by a hundred points. Tenure Treasury little change now

773
00:42:20,400 --> 00:42:22,839
Speaker 1: at three point six seven percent for the tenure yield.

774
00:42:22,920 --> 00:42:25,320
Speaker 1: Yield on the two year is four point four six percent.

775
00:42:25,800 --> 00:42:28,799
Speaker 1: Name X Crewed still moving lower, down three point three

776
00:42:28,840 --> 00:42:31,080
Speaker 1: percent now it's seventy three dollars eighty cents of Arro

777
00:42:31,400 --> 00:42:34,359
Speaker 1: Comics gold is up a quarter percent at seventeen seventy three.

778
00:42:34,400 --> 00:42:37,040
Speaker 1: Ten announced the Euro one point zero four seven four

779
00:42:37,080 --> 00:42:40,319
Speaker 1: against the dollar the EN one thirty eight point one five.

780
00:42:40,560 --> 00:42:43,200
Speaker 1: Bloomberg Surveillance is next with Jonathan Pharaoh and Lisa A.

781
00:42:43,239 --> 00:42:47,600
Speaker 1: Brahmowitz for Amy Morris. I'm Nathan Hagar, and this is

782
00:42:47,760 --> 00:42:48,280
Speaker 1: Bloomberg