Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: day Break for Monday, November two. Coming up this hour,
Speaker 1: Protests erupted across China over the country's COVID zero strategy.
Speaker 1: The unrest in China has stock slumping around the world.
Speaker 1: Turmoil at a plant in China may cost Apple close
Speaker 1: to six million iPhones, and Wall Street braces for a
Speaker 1: key speech this week from Fed chair J Powell. The
Speaker 1: team charged with shooting up with Buffalo Supermarkets expected to
Speaker 1: plead guilty state charges plus without power in the cold
Speaker 1: months in Ukraine, I'm Michael Laren More Ahead, I'm John
Speaker 1: stave Shower and sports Mike White led the Jets to
Speaker 1: an easy win. The Knicks lost to Memphis. The Nets
Speaker 1: be Portland. That's all trained. Ahead on Bloomberg Daybreak on
Speaker 1: Bloomberg Eleving Free on New York, Bloomberg one, Washington d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius XAM one nineteen and around the world on
Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: Good morning, I'm Nathan Hager. Hi'm anymore as Bloomberg Daybreak
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Speaker 1: Learn why the world's most sophisticated wealth management and institutional
Speaker 1: firms rely on Perishing to help them improve profitability, create efficiency,
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Speaker 1: futures are moving lower this morning at a six oh
Speaker 1: one on Wall Street, and we checked the markets every
Speaker 1: fifteen minutes during the trading day on Bloomberg. Guess and
Speaker 1: P futures are down thirty four points down, futures down
Speaker 1: twounded five. NASTAC futures are lower by a hundred twelve points.
Speaker 1: The docks in Germany down nine tenths per cent ten.
Speaker 1: Your treasury is up one thirty second the yield three
Speaker 1: point six seven percent, Amy Nathan. We begin with unrest
Speaker 1: in China. Protests are spreading after COVID rules were blamed
Speaker 1: for hampering rescue efforts when a fire broke out in
Speaker 1: apartment block, killing ten people. We get more from Bloomberg
Speaker 1: News Managing editor m O'Brien, who saw what started as
Speaker 1: vigils and pushback against this horrific fire in Ronchi and
Speaker 1: Northwest China in an apartment block that people that lead
Speaker 1: was locked out due to COVID controls. Peaceful vigils sort
Speaker 1: of morphing into wider protests against people not wanting to
Speaker 1: be taken away into quarantine cats, people pushing back against
Speaker 1: PCR testing, tussling with COVID workers, and in some cases
Speaker 1: pushing down testing boots in various cities. This is spreading
Speaker 1: across different chatas of society and does show no signs
Speaker 1: of abating. Bloomberg Exama O'Brien says these protests marked the
Speaker 1: most significant challenges to Communist Party rule since the Tianamen
Speaker 1: Square crisis more than thirty years ago, and the unrest
Speaker 1: in China's rippling through global markets. Amy stocks in Shenjen
Speaker 1: and Hong Kong film more than one percent overnight. We
Speaker 1: get the recap from Bloomberg's Juliette Sally in Singapore, Good Morning, Juliet,
Speaker 1: Good Morning Nathan, and Amy. Chinese shares listened in Hong
Speaker 1: Kong led the declines in the region, while those on
Speaker 1: the mainland also came under pressure. The on show You
Speaker 1: undropped as much as one percent against the green back
Speaker 1: before trimming some of those losses. Broader stocks in Taiwan
Speaker 1: were hurt by the ruling parties resounding defeating island wide
Speaker 1: local elections and elsewhere when Macau and MGM China surge,
Speaker 1: leading gains among the six Macau casino operators that rewarded
Speaker 1: new licenses to continue running their business in the gambling
Speaker 1: hub in Singapore. Juliette Sally Bloomberg Daybreak, Thank you, Juliette.
Speaker 1: The rare protests in China are prompting investors to rethink
Speaker 1: bets on the country after jumping back in on hopes
Speaker 1: of a reopening. Mark Mobius, the founder of Mobius Capital Partners,
Speaker 1: tells Bloomberg he does not expect those demonstrations to end peacefully.
Speaker 1: It's clear to me that she cannot tolerate any protests,
Speaker 1: so there will be a very tough crackdown on any protesters.
Speaker 1: More people will be arrested, and they will probably go
Speaker 1: further in terms of control. Those comments from Mark Mobia
Speaker 1: has come as Goldman Sacks economists say they now see
Speaker 1: some chance of a disorderly exit from COVID zero in China,
Speaker 1: and now Amy Dr Anthony Fauci is making the rare
Speaker 1: move of publicly criticizing China's COVID zero policy. We get
Speaker 1: that part of the story from Bloomberg's, said Baxter. Dr
Speaker 1: Fauci says he's been puzzled all along about China's overall
Speaker 1: COVID strategy. It seems that in China it was just
Speaker 1: a very very strict, extraordinary lockdown. We lock people in
Speaker 1: the house, but without any seemingly endgame to it. And
Speaker 1: Dr Fauci and NBC has heard on Bloomberg says he
Speaker 1: also doesn't understand why China relied on vaccines solely manufactured
Speaker 1: in China. In San Francisco, I'm at Baxter Bloomberg Daybreak,
Speaker 1: Thank you, d The turmoil in China is having an
Speaker 1: impact on Apple and production capacity for its flagship product.
Speaker 1: Let's get the latest now lie with Bloomberg. Steve Rappaport,
Speaker 1: Good morning Steve, Good morning, Amy, and Nathan. Apple is
Speaker 1: looking at a shortfall of nearly six million iPhone pro
Speaker 1: units this year because of problems that a key manufacture
Speaker 1: ring hub. The plant has been plagued by lockdowns and
Speaker 1: worker unrest following violent protests against pandemic restrictions. Thousands of
Speaker 1: workers fled in October. The people who replaced them quickly
Speaker 1: rebelled against pay and quarantine rules. The facility, operated by
Speaker 1: fox Contechnology Group, produces some of Apple's most in demand handsets.
Speaker 1: Apple and fox Con reportedly expect to make up production
Speaker 1: losses next year. Live in New York. I'm Steve Rappaport,
Speaker 1: Bloomberg Daybreak. All right, Steve. Thanks. These protests are also
Speaker 1: having an effect on commodities. Oil is trading at its
Speaker 1: lowest level in almost a year. Checking prices now, NIMEX
Speaker 1: Crewed is lower by three point one percent, down two
Speaker 1: dollars thirty four cents, A's seventy three dollars nine cents.
Speaker 1: Baril Brent is lower by three point one percent at
Speaker 1: eighty one dollars even. It's gonna be a busy week
Speaker 1: for US economic data, capped by the monthly jobs report
Speaker 1: for November. Bloomberg's Vinny del Judas reports economists eight December
Speaker 1: payroll growth will probably fall short of November state sixty one.
Speaker 1: US unemployment could match top November Street point seven set.
Speaker 1: Technology firms cut jobs and rising interest rates trim the
Speaker 1: economy's growth rate. Meantime, the Federal Reserve will release it's
Speaker 1: base Book Economic Survey, which will provide anecdotal reports. On
Speaker 1: US business activity, including hiring. Among other reports, this week,
Speaker 1: the I s M Factory indexit key barometer of the
Speaker 1: American manufacturing outlook, Finiquel two, Spool Break Day Break any Thanks.
Speaker 1: Perhaps the biggest event on this week's economic calendar comes Wednesday.
Speaker 1: That's when FED Chair J. Powell delivers a speech in Washington.
Speaker 1: Powell's expected to set the stage for slowing interest rate hikes.
Speaker 1: At the same time, he'll remind Americans that the fight
Speaker 1: against inflation will run into next year. Bloomberg Radio and
Speaker 1: Television will bring you powell speech live again. It's coming
Speaker 1: up Wednesday around one thirty pm Wall Street time. As
Speaker 1: for today, the holiday shopping season continues. This is Cyber Monday.
Speaker 1: Retailers saw modest growth over the Black Friday weekend. According
Speaker 1: to data compiled by Centermatic Solutions, in store traffic ticked
Speaker 1: up two point nine percent at brick and mortar retailers
Speaker 1: compared to deep discounts. Reportedly, Lord's shoppers seeking a break
Speaker 1: from inflation on those deals are gonna be happening online today.
Speaker 1: SMP Future is now down thirty points. Straight ahead your
Speaker 1: latest local headlines plus a check of sports. This is Bloomberg.
Speaker 1: Thank you, Nathan. Six oh seven on Wall Street. Let's
Speaker 1: bring in Michael Barr with more on what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. A white gunman who targeted a Buffalo
Speaker 1: supermarket in a predominantly black neighborhood, plans to plead guilty
Speaker 1: today on stage charges and killing ten people and wounding
Speaker 1: three others. Peyton Gendrin, who is nineteen, is scheduled to
Speaker 1: appear in Erie County Court for a hearing that was
Speaker 1: postponed for a week by a snowstorm. The count grand
Speaker 1: jury indictment includes charges of a hate crime and domestic
Speaker 1: terrorism motivated by hate, which carries an automatic life sentence
Speaker 1: upon conviction. Dendron also faces charges for separate federal hate crimes.
Speaker 1: Ukraine is suffering a power crisis after Russian strikes on
Speaker 1: its power grid. The capital Key is covered in snow
Speaker 1: as temperatures fall below freezing across the country. Electricity has
Speaker 1: been restored to most areas in at least a limited
Speaker 1: capacity for just hours in the day. Meanwhile, the congressman
Speaker 1: who would chair the House Intelligence Committee when the GOP
Speaker 1: assumes majority in January says rumors that Republicans will pull
Speaker 1: back congressional support of Ukraine are not true. My Turner
Speaker 1: of Ohio says, though the GOP Leadhouse will pass a
Speaker 1: to Ukraine as standalone measures, we don't need to pass
Speaker 1: forty billion dollar large Democrat bills that have been being
Speaker 1: passed to send eight billion dollars to Ukraine. And the
Speaker 1: GOP congressman who will become chair of the House Foreign
Speaker 1: Affairs Committee, Michael McCall, says he will support giving longer
Speaker 1: range missiles to Ukraine if we lose in Ukraine. Airman Cheese,
Speaker 1: look at Taiwan and the toll is already all in
Speaker 1: with Russia and China in this fight, and Kim John
Speaker 1: Newt now is providing artillery shells to uh Russia to
Speaker 1: fight the Ukrainians. McCall of Texas and Congressman Turner spoke
Speaker 1: on a d c S this week, which can be
Speaker 1: heard Sundays on Bloomberg. Many of Donald Trump's potential four
Speaker 1: rivals and some top Republicans have fallen silent on the
Speaker 1: former president's dinner with a notorious white supremacist. Trump's impromptu
Speaker 1: dinner with Nick Fluentez at Mara Lago last week has
Speaker 1: drawn condemnation from only a handful of Republicans, while most
Speaker 1: side step the matter or said nothing. However, Republican Representative
Speaker 1: James Comare of Kentucky was critical of the dinner. Well
Speaker 1: you certainly needs better judgment and who he dies with.
Speaker 1: Along with Representative Coma, former New Jersey Governor Chris Christie
Speaker 1: was also critical of Trump for putting out a plate
Speaker 1: for fluentis Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than seven
Speaker 1: journalist and analysts more than a d twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Amy, all right, thank you Michael. Now,
Speaker 1: but the sports before it brought me by try state
Speaker 1: out you. Here's John dash Our. Okay, Amy. Safe to
Speaker 1: say the Jets much talked about decision to bench quarterback
Speaker 1: Zack Wilson replace them with Mike White was arousing success.
Speaker 1: White leader Jets right down the field in the first
Speaker 1: Possessionally threw a touchdown past the rookie Garrett Wilson's second quarter,
Speaker 1: they hooked up again the middle of proof on it
Speaker 1: is thirty five yards. Thanks for man this at the
Speaker 1: thirties spits tight to the twenty to fifteen ten FU
Speaker 1: touchdown Wilson for the Tech Run Your touchdown on ESPN.
Speaker 1: New York Jets went on beat the Bears in the
Speaker 1: rain that met Life thirty one to ten. A week ago.
Speaker 1: Wilson in New England was nine of twenty two seventy
Speaker 1: seven yards at a QB rating fifty one, White twenty
Speaker 1: two of twenty eight three fIF teen yard three tds.
Speaker 1: He had a rating of one forty nine. The Jets
Speaker 1: offense that had a hundred and three yards last week
Speaker 1: this time had four hundred and sixty six. Two games
Speaker 1: went over time. Cleveland b Tampa Bay, who's just five
Speaker 1: and six, although somehow in the first place. The Raiders
Speaker 1: won in Seattle on a Josh Jacob's eighty six yard
Speaker 1: touchdown run. He had over three hundred all purpose yards.
Speaker 1: Chargers went for two rather than the extra point to tie,
Speaker 1: and they want at Arizona and Jacksonville did the same
Speaker 1: thing to upset Baltimore last night. Philadelphia forty Green Bay
Speaker 1: thirty three. The Eagles are ten and one at the
Speaker 1: Garden Knicks Rally fourth quarter to take the lead, but
Speaker 1: Memphis pulled it out once twenty three. John Moran twenty
Speaker 1: seven points, triple double. Jalen Brunson led the next with thirty,
Speaker 1: but he missed two shots in the last ten seconds.
Speaker 1: Knicks dropped to four and five at Home nets Be
Speaker 1: Portland at Barkley's one eleven to nine, John Stall, Shelley
Speaker 1: Bloomberg Spool, Timmy all right, thank you, John s and P.
Speaker 1: Futures down twenty nine points down, Futures down one hundred
Speaker 1: sixty three points, Nasdack features down ninety seven. Much more
Speaker 1: still to come. On this Monday morning, you're listening to
Speaker 1: Bloomberg day Break. This is Bloomberg. The Bloomberg Sports Report
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Speaker 1: for more information, markets, headlines and breaking news twenty four
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Speaker 1: competitive advantage at se i C dot Com. Slash tech
Speaker 1: stocks are sliding. Oil is tumbling with growing unrest in
Speaker 1: China over COVID restrictions. The dollars steadying after strengthening in
Speaker 1: a stringpening in the risk off mood, while treasuries are rising.
Speaker 1: The We check the markets for you every fifteen minutes
Speaker 1: during the trading day on Bloomberg. Right now, some P
Speaker 1: futures are down twenty nine point, style features down a
Speaker 1: hundred sixty four. NASTAC futures are lower by ninety nine points.
Speaker 1: The docks in Germany is down eight tenths percent, so
Speaker 1: is the cat in Paris. Ten Your treasuries moved lower
Speaker 1: now it's down two tenths percent for a yield of
Speaker 1: three point six eight percent yield on the two year
Speaker 1: four point four six percent. Nimax screws lower by three
Speaker 1: percent or two dollars twenty seven cents seventy four dollars
Speaker 1: two cents of barrel. Comax told is up four tenths
Speaker 1: per cent or six dollars fifty cents higher at seventeen
Speaker 1: seventy five. Thirty announced the euro one point zero four
Speaker 1: eight six against the dollar. The yen is at one
Speaker 1: thirty seven point eight five. That's a bloomberg business flash.
Speaker 1: And now here's Michael barn with more on what's going
Speaker 1: on around the world. Michael Nathan, thank you very much.
Speaker 1: Chinese authorities have these anti virus rules and scattered areas,
Speaker 1: but affirm there's severe zero COVID strategy after crowds demanded
Speaker 1: President chi Jing Ping resigned during protests against controls that
Speaker 1: can find millions of people to their homes. We'll have
Speaker 1: more on this story coming up in a few minutes. Americans,
Speaker 1: ignoring any inflation and recession fears, to start on holiday
Speaker 1: shopping this weekend. Record nine billion dollars was spent on
Speaker 1: Black Friday, up more than two how many retailers are
Speaker 1: offering deals today for Cyber Monday. In the NFL, the Jets,
Speaker 1: Commanders and Forts won, the Ravens lost. In the NBA,
Speaker 1: the Nets and Warriors won, the Knicks lost. The Celtics
Speaker 1: beat the Wizards one one in the World Cup, and
Speaker 1: cutter Right now, it's Serbia three Cameroon one Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a dwenty countries. And Michael barn this is Bloomberg
Speaker 1: Gaming all right, Thank you, Michael. It is six twenty
Speaker 1: on Wall Street. We're live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. Protests against COVID restrictions spreading across
Speaker 1: China's citizens taking to the streets and to university campuses.
Speaker 1: They venting their anger and frustration on local officials and
Speaker 1: on the Communist Party. Bloomberg political correspondent Rebecca to and
Speaker 1: welcomes joining us now. Rebecca, thank you for taking the
Speaker 1: time with us this morning. Where are we seeing some
Speaker 1: of the biggest reactions to this, Well, I mean, we're
Speaker 1: seeing protests breaking out across at least ten major cities
Speaker 1: in China, and according to sort of a lot of
Speaker 1: the social media footage that we're seeing, and as you say,
Speaker 1: it's really directed at the very very stringent COVID zero
Speaker 1: policies we've seen. But I think it also, you know,
Speaker 1: does reflect as much broader malaise that we've seen as
Speaker 1: the economy really starts to stutter under the weight of
Speaker 1: these policies for more than two years, very very strict lockdowns,
Speaker 1: and of course his crisis in the property sector. Now, Rebecca,
Speaker 1: let's talk about the extraordinary nature of some of these protests.
Speaker 1: Some protesters over the weekend calling for President Shi Jinping
Speaker 1: to step down unheard of in China. Are we at
Speaker 1: a boiling point? Out? Where are we? It is certainly
Speaker 1: very very unusual to see this type of protests. I mean,
Speaker 1: protest in China is not that rare, but it's normally
Speaker 1: deeply localized, and it's normally sort of around dispute or
Speaker 1: real estate issues. It is very unusual to see protests
Speaker 1: in this way directed and challenging the power of Cpen
Speaker 1: King and also the Chinese Communist Party. At the moment,
Speaker 1: the efforts seem quite still quite disparate. We haven't seen
Speaker 1: these signs of sort of comprehensive organizing or coordinated organizing,
Speaker 1: and there is still potential move for that, and that
Speaker 1: will really be I think what authority has become deeply
Speaker 1: worried about. And we're also seeing the bulk of protests
Speaker 1: remain quite um peaceful. Um. There has been some tustles
Speaker 1: or some video footage of tuffles between protesters and police,
Speaker 1: but for the large part they haven't actually become violent
Speaker 1: in any way. Does this compare at all to Ten
Speaker 1: Animal Square, which we saw more than thirty years ago.
Speaker 1: I think, in many people's eyes is certainly the largest
Speaker 1: challenge to the Communist Party and to the leader of
Speaker 1: China and since Tianamen Square, And of course there are
Speaker 1: lots of parallels when you think about the sort of
Speaker 1: populations that are driving as many young people, many students,
Speaker 1: driving a lot of these protests, and unlike in the
Speaker 1: unlike in Tianamen, we're also seeing women play quite a
Speaker 1: significant role really out there leading speeches, particularly for example,
Speaker 1: in some of the university protests that we've seen too.
Speaker 1: Do you anticipate that these protests can nudge leaders to
Speaker 1: many behind the scenes privately decided to start reopening sooner.
Speaker 1: Would you anticipate more of a lockdown or a crackdown?
Speaker 1: What do you see in the future. Well, I think
Speaker 1: maybe that that's the crux, and in one one one hand,
Speaker 1: it sort of will be impacted by the inflection point.
Speaker 1: You know what type of escalation do we see from
Speaker 1: the protests, do they become violent? But on the other
Speaker 1: you know, when he saw the Congress, of course he's
Speaker 1: been Pink just has had this coronation of shorts as
Speaker 1: unprecedented also president breaking third term as leader of the
Speaker 1: Chinese Communist Party. The fear was that as he placed
Speaker 1: allies in all of the sort of top positions in
Speaker 1: the party, that there really wouldn't be a diversity or
Speaker 1: a range of view talking to him and advising him,
Speaker 1: you know, when to change courts. And I think for
Speaker 1: many people there was this concern, who is going to
Speaker 1: tell season Pink when he takes a misstep when things
Speaker 1: go wrong? And the worry, I think in this case
Speaker 1: is precisely now, after he has taken all of these
Speaker 1: steps to sort of red rival factions and rid criticism
Speaker 1: in the party, who is going to sort of usher
Speaker 1: him into taking those steps? And when we look at
Speaker 1: his previous reaction, for example in Hong Kong or with
Speaker 1: with COVID treatment in the early stages of China, actually
Speaker 1: there was seemed to be a delayed response. There was
Speaker 1: quite of a lackluster sort of stand office response from
Speaker 1: Beijing for quite a number of months, and then we
Speaker 1: saw the very heavy handed response, and so I think
Speaker 1: there is again some worry that we may see something
Speaker 1: similar again this time. Last thirty seconds here, Rebecca very
Speaker 1: quickly Goldman sacks forecasting at probability of a disorderly exit
Speaker 1: from COVID zero. What does that look like? What's a
Speaker 1: disorderly exit? Well, I think the biggest problem here is
Speaker 1: going to be vaccinations and the healthcare system. China simply
Speaker 1: doesn't have the healthcare system to support a huge influx
Speaker 1: of COVID crass. And one particular issue is of cause.
Speaker 1: With omicorn and other variance being so so infectious, it's
Speaker 1: becomes very very difficult to control the rate of infections.
Speaker 1: So I think it disorderly. A disorderly exit looks like
Speaker 1: one of the overwhelms the public health systems where we
Speaker 1: see very high mortality rates. All right, Bloomberg Political correspondent
Speaker 1: Rebecca toun welcomes will be watching it with you. Thank
Speaker 1: you so much. S ANDP futures thirty two points lower,
Speaker 1: DOWL futures down on six, Nasdaq futures down one hundred
Speaker 1: four points. Much more to come on Bloomberg Daybreak. This
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Speaker 1: broadcasting y from the Bloomberg Interacted Broker's studio in New York,
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Speaker 1: team and around the globe the Bloomberg Business at and
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six
Speaker 1: thirty on Wall Street. Good Monday morning. I'm Amy Morris,
Speaker 1: Nathan Hager. We're about three hours away from the open
Speaker 1: of US trading. Time for the five things you need
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Speaker 1: Slash compare at first protest in China are spreading nationwide.
Speaker 1: Citizens are pushing back at President Shi Jimping's strict COVID
Speaker 1: rules after they were blamed for hampering rescue efforts in
Speaker 1: a deadly apartment fire. Bloomberg News Managing editor m O'Brien
Speaker 1: says it poses a significant challenge to the Communist Party.
Speaker 1: You saw what started as vigils pushback against this horrific
Speaker 1: fire in Ronchi and Northwest China. Peaceful vigils sort of
Speaker 1: morphing into wider protests against people not wanting to be
Speaker 1: taken away to quarantine cats. This is spreading across different
Speaker 1: chatas of society and does show no signs of abating.
Speaker 1: Bloomberg example O'Brien says protesters are showing their support online
Speaker 1: despite government surveillance. Protests in China also having an impact
Speaker 1: on Apple's bottom line. Bloomberg Steve Rappaport joins US Live
Speaker 1: with details. Steve, good morning, Good morning, Amy, and Nathan.
Speaker 1: The protests have led to iPhone production problems at a
Speaker 1: manufacturing plant in China. Apple is reportedly looking at a
Speaker 1: shortfall of nearly six million iPhone Pro units at the plant,
Speaker 1: operated by fox Con Technology Group. Production could fall behind
Speaker 1: even further if COVID lockdowns continue, Apple and Fox con
Speaker 1: expect to get caught up next year. Apple is down
Speaker 1: nearly two percent in pre market trading Live in New York.
Speaker 1: I'm Steve Rappaport Bloomberg Daybreak. All right, Steve. Thanks. The
Speaker 1: ongoing unrust is having wide market repercussions. Stunks in China
Speaker 1: and Hong Kong film more than one percent overnight. Mark Mobius,
Speaker 1: founder of Mobius Capital Partners, tells Bloomberg he expects short
Speaker 1: term losses and has long term concerns about China. The
Speaker 1: problem that I have is from a longer term perspective.
Speaker 1: I'm talking about four or five years is what our
Speaker 1: view is what happens if China decides to attack Taiwan.
Speaker 1: It's gonna be like Russia. You know, all of the
Speaker 1: investments in China will be lost. Mark Mobius of Mobia's
Speaker 1: Capital Partners does not fact the current demonstrations to end peacefully.
Speaker 1: Protests in China also having an impact on commodities markets,
Speaker 1: with oil trading at its lowest level in almost a
Speaker 1: year now. I'm x crewed down three or two dollars
Speaker 1: twenty three cents, trading at seventy four six cents per
Speaker 1: barrel and futures are moving lower as well, with SMP
Speaker 1: futures down thirty points, staff futures down a D eight,
Speaker 1: NASTAC futures are lower by ninety nine points ten. Your
Speaker 1: treasury is down one thirty second, the yield three point
Speaker 1: six eight percent. That's the five things you need to
Speaker 1: know to start your day. Brought to you by Interactive Brokers.
Speaker 1: This is Bloomberg, all right, Thanks Nathan. Six three on
Speaker 1: Wall Street. Let's bring in Michael Barr with more on
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning Michael, Good morning Amy. The team
Speaker 1: charged with shooting and killing ten black people at a Buffalo,
Speaker 1: New York supermarket earlier this year, is expected to plead
Speaker 1: guilty today to state churches. Peyton Gendrin is expected to
Speaker 1: plead guilty to at least part of a twenty five
Speaker 1: count indictment that charged him with carrying out a domestic
Speaker 1: act of terrorism motivated by hate and other charges. Prosecutors
Speaker 1: said it reflects the social media post linked to the
Speaker 1: suspect that included the racist conspiracy theory known as replacement.
Speaker 1: Devastating Russian strikes in Ukraine have cut off power to
Speaker 1: many hospitals. Power outages have strained and disrupted the country's
Speaker 1: healthcare system. The congressman, who will become chair of the
Speaker 1: House Intelligence Committee when Republicans assume majority in January, says
Speaker 1: his committee will turn away from investigations like the January
Speaker 1: sixth inquiry. Mike Turner says, instead, the committee will focus
Speaker 1: on global security. Our committee is going to focus on
Speaker 1: national security and our adversars. We have real adversaries where
Speaker 1: the committee hasn't been focused. Again. We do need, to, however,
Speaker 1: do oversight the intelligence community as to what they are doing,
Speaker 1: and we will do that and will do it vigorously.
Speaker 1: The Ohio representative appeared on ABC's This Week, which airs
Speaker 1: Sundays on Bloomberg. A vigil was held last nine for
Speaker 1: the six Wall Our employees gunned down in Tuesday's mass
Speaker 1: shooting in Chesapeake, Virginia. The Chesapeake Coalition of Black Pastors
Speaker 1: organized the service at the Mount Lebanon Baptist Church. Pastor
Speaker 1: Andrea Roby of the Solid Rock Baptist Church came from Berlin,
Speaker 1: New Jersey, to be among those praying for the victims
Speaker 1: and loved ones. We gather in the memory of those
Speaker 1: six beautiful souls, Lord, we ask you for your peace today.
Speaker 1: Pastor Roby echoed the phrase, we are Chesapeake strong through
Speaker 1: the service. The pilot and passenger trapped inside of playing
Speaker 1: dangling from power cables for hours in Gaithersburg, Maryland, have
Speaker 1: finally been freed. The efforts to carefully extricate both people
Speaker 1: took much of the night. Finally, rescuers overnight said the
Speaker 1: occupents were sent to area hospitals with serious, but not
Speaker 1: to believe be life threatening injuries. Montgomery Fire Chief Scott Goldstein,
Speaker 1: each time and point, we got and learned a little
Speaker 1: bit more, a little additional part, which is how we
Speaker 1: knew why we had to take the steps that we did. Slow,
Speaker 1: methodical and risk based, Chief Goldstein says, though tens of
Speaker 1: thousands of customers lost power in Maryland's Montgomery County, Global
Speaker 1: Neames twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take power by more than seven journalists, analysts,
Speaker 1: more than a d twenty countries. Michael Barr and this
Speaker 1: is Bloomberg game, all right, Thank you, Michael. Down now
Speaker 1: for the sports report brought to you by Price State OUTI.
Speaker 1: Here's John stash Our, Thanks to Amy what a difference
Speaker 1: a week makes, or what a difference a quarterback can make.
Speaker 1: After Zach Wilson struggles that New England, he was on
Speaker 1: the Jets bench, not even in uniform. Third string Mike
Speaker 1: White replaced him. Through three touchdown passes. The Jets ice
Speaker 1: their wind on the ground of Johnson west sarm what
Speaker 1: broken tackle Skifford New York on the ESPN New York
Speaker 1: Jets beat the Bears on our rainy day at Medlife
Speaker 1: thirty one to ten. White let an offense that produced
Speaker 1: four hundred and sixty six yards three hundred and sixty
Speaker 1: three more than last week, and the Jets as of
Speaker 1: now playoffs team at seven and four. Their division is strong.
Speaker 1: Miami blew out Houston to go to eight and three
Speaker 1: in the Giants division even stronger season end, and now
Speaker 1: all four NFC East teams would make the playoffs. Philadelphia
Speaker 1: top at ten and one, beat Green Bay forty to
Speaker 1: thirty three and Washington one again as won six and seven.
Speaker 1: Giants host the Commanders this Sunday. The Giants lose, they
Speaker 1: fall the last place Nicks. Came from twelve down fourth
Speaker 1: quarter to take the lead, but John Morant led Memphis
Speaker 1: to a one twenty seven one twenty three victory. Moran
Speaker 1: scored twenty seven at a triple double. Jalen Brunson had
Speaker 1: seventeen of his thirty and the fourth quarter, but in
Speaker 1: the last ten seconds missed two shots and Brooklyn The
Speaker 1: Nets beat Portland one eleven to nineties seven. At the
Speaker 1: World Cup, scoring has been down, not the case today.
Speaker 1: Serbia and Cameroon tied to three, still about twenty minutes left.
Speaker 1: John Bloomberg Sports, all right, thank you, John. It is
Speaker 1: sixty eight on Wall Street. Time to take a look
Speaker 1: at stocks and some of the names that are moving
Speaker 1: in the pre market. For that, we are joined by
Speaker 1: Bloomberg Radio and TV Markets correspondent Creaty Gooped. A pretty
Speaker 1: good morning to you. Good morning, Amy. Let's talk about
Speaker 1: the major story that I think it's really weighing on
Speaker 1: risk sentiment this morning when you look at futures, this
Speaker 1: idea of Chinese protests across the country really kind of
Speaker 1: pushing against the COVID zero policies. Now we'll take the
Speaker 1: humanitarian aside and put it put it to uh, put
Speaker 1: to the side for just a moment. But I really
Speaker 1: want to talk about some of the stocks and some
Speaker 1: of the companies that are really affected by the situation
Speaker 1: in China. The easy, easy one to go to is
Speaker 1: Ali Baba as our poster child for really all things China.
Speaker 1: We like to look at those A d R s
Speaker 1: and Ali Baba shares be a b A down about
Speaker 1: six tenths of one percent. We know overnight those Asian
Speaker 1: stocks really took a hit, something that's feeding into perhaps
Speaker 1: the U S sentiment as well. Take a look at
Speaker 1: Apple shares though. I think this is the fast name
Speaker 1: story amy because there is a warning now about from
Speaker 1: a person person familiar that the iPhone pro production is
Speaker 1: going to see a short fall, specifically at a fox
Speaker 1: Count operated shang Zhao hub, resulting a deficit of six
Speaker 1: million units this year. They are of course trying to
Speaker 1: retain some of their staff, but nevertheless, it is that
Speaker 1: kind of production shortfall that's weighing on the stock this morning.
Speaker 1: A p L down one point one person even under
Speaker 1: performing the broader market in the move that you're seeing
Speaker 1: in features as well. But Apple is not the only
Speaker 1: major company that has a major presence in China as well.
Speaker 1: You have to look at Tesla Shaars t s l
Speaker 1: A is your taker down about two percent in the
Speaker 1: pre market, once again even underperforming Apple. And this is
Speaker 1: really significant. Big shout out to Ed Ludlow for actually
Speaker 1: pointing out this fact. To me, it's my favorite Tesla fact.
Speaker 1: The idea that in Shanghai and in some of the
Speaker 1: other Chinese factories as well, something that they've done very
Speaker 1: very well is keep their supply chain very close and
Speaker 1: some of the raw materials you need for the e
Speaker 1: V production is actually right by their factories. And it's
Speaker 1: actually been something that's been some a big boon for
Speaker 1: the stock, the idea that some of the supply chain issues,
Speaker 1: the inflationary pressures will Tesla has been a little bit
Speaker 1: insulated from those because of their location in China. Now,
Speaker 1: of course, given the protests and given the further issues,
Speaker 1: you are seeing a lot more pain in the stocks.
Speaker 1: A t s l A down two point to percent
Speaker 1: this morning. Of course, you have several other stocks that
Speaker 1: are moving, but I really want to focus in on
Speaker 1: the tech sector and talk about chips specifically, because with
Speaker 1: Tesla and with Apple, you have to look at the
Speaker 1: likes of Nvidia, for example, n v d A is
Speaker 1: your ticker down by one point three percent of this
Speaker 1: morning and I really like to look at the chip
Speaker 1: sector broadly because even though most of the production is
Speaker 1: centered in Taiwan as opposed to mainland China, it is
Speaker 1: still from a sentiment perspective, training in line with some
Speaker 1: of these big tech names. So if you see these
Speaker 1: Chinese protests really weigh on tech broadly, chips will be
Speaker 1: no exception. Amy, all right, thanks so much, Bloomberg Radio
Speaker 1: and TV Markets correspondent Credi Gupta. I want to thank
Speaker 1: you for joining us and looking at stocks as a
Speaker 1: whole ahead of the open. SMP futures down thirty three
Speaker 1: points down, futures down one nine four points, NASAT future
Speaker 1: is down one hundred five points, the ten year treasury
Speaker 1: down to thirty seconds, the yield at three point six eight.
Speaker 1: Much more still to come on this Monday morning on
Speaker 1: Bloomberg Daybreak. This is Bloomberg. The Bloomberg Sports Report was
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Speaker 1: At Pershing dot Com. Risk Off this morning, sad right
Speaker 1: over the First Word Breaking news desk for today's morning
Speaker 1: call with Bill Maloney. Good morning Bill, and good morning Nathan.
Speaker 1: That's right. US futures are under pressure, helped by the
Speaker 1: growing unrest in China over their COVID restrictions. Dow Future
Speaker 1: can lead down two hundred twelve points as if you
Speaker 1: dropped thirty six, and NASDIK futures are off by a
Speaker 1: hundred and fourteen. The US ten year old at three
Speaker 1: point six eight percent, Gold is up six, oil is
Speaker 1: in the red, and bitcoin is trading lower by two
Speaker 1: point three percent. Hong Kong fell one point six percent overnight,
Speaker 1: while Europa markets are also trading in the red this morning,
Speaker 1: and back in the US on the economic front as
Speaker 1: ten thirty the Dallas Fed. In other news, Apple phases
Speaker 1: a deficit of six million iPhone pros on the China issues,
Speaker 1: and Elon Mussa that Twitter can get more than a
Speaker 1: billion monthly users in twelve to eighteen months. In the
Speaker 1: crypto space, Mark Mobius said the crypto route has room
Speaker 1: to run and wrapping things up beyond the was got
Speaker 1: to underweight to Barkley's Activision was raised overweight at Morgan
Speaker 1: Stanley and DraftKings was got to underweight over at JP
Speaker 1: Morgan Live from the first Breaking News descon Bill Malone,
Speaker 1: Nathan Okay, Bill, thanks to get live breaking news over
Speaker 1: your Bloomberg type squawk on your terminal s q U
Speaker 1: A go. That's a Bloomberg business flash. And now here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael, Nathan,
Speaker 1: thank you very much. In China, mass protests are taking
Speaker 1: place in the streets of some cities. The public outpouring
Speaker 1: is reaction to the strict zero COVID policy and acted
Speaker 1: by China's President Shi Jing Ping. Will have more in
Speaker 1: a minute. The long track home after the Thanksgiving holiday
Speaker 1: proved to be a challenge this year. The weather it
Speaker 1: is complicating matters. The busy corridor from DC to Philadelphia
Speaker 1: to Boston was hit with heavy rains today. The Pacific
Speaker 1: Northwest is getting hit by snow. In the NFL, the Jets,
Speaker 1: Commanders and Forts won, the Ravens lost. In the NBA,
Speaker 1: the Nets and Warriors won, the next lost. The Celtics
Speaker 1: beat Wizards one in the World Cup, and cutter right now,
Speaker 1: Cameroon three, Serbia three. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists and analysts, are more than
Speaker 1: a twenty countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: thank you. At six forty nine on Wall Street. Let's
Speaker 1: turn to news in science and technology now. The Bloomberg
Speaker 1: n g I T STEM Report is brought to you
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Speaker 1: important holiday shopping season continues today with Cyber Monday. Retailers
Speaker 1: saw modest growth over the Black Friday weekend. According to
Speaker 1: data compiled by censor Matic Solutions, in store traffic ticked
Speaker 1: up two point nine percent at brick and mortar retailers
Speaker 1: over one the discount sword shoppers. Seeking a break from inflation.
Speaker 1: After cutting thousands of jobs, Twitter is now hiring. That's
Speaker 1: according to slides from a company talk tweeted by owner
Speaker 1: Elon Musk. The first slide had the words We're recruiting,
Speaker 1: with no further details. The slides also said that new
Speaker 1: users sign ups are at an all time high, averaging
Speaker 1: more than two million a day. The second week of
Speaker 1: November and Prince William and the Princess of Wales will
Speaker 1: be looking to focus attention on their earth Shot Prize
Speaker 1: for environmental innovators when they make their first trip to
Speaker 1: the United States in eight years this week. William and
Speaker 1: his wife Kate will travel to Boston on Wednesday for
Speaker 1: three days of public engagements before they announced the prize
Speaker 1: winners Friday in a ceremony headlined by pop star Billie Eilish.
Speaker 1: That's the Bloomberg n j I t stem Report. Amy.
Speaker 1: All right, thank you, Nathan. We're live from the Bloomberg
Speaker 1: and Iactive Brokers studios. It is six fifty one on
Speaker 1: Wall Street. Tom out to check what's going on in
Speaker 1: d C. And some of the top stories in our
Speaker 1: nation's capital include lawmakers returning to Washington they only have
Speaker 1: two and a half weeks to on the government. We're
Speaker 1: also seeing a messy break up between the GOP and
Speaker 1: Corporate America and Republican leader Kevin McCarthy in the fight
Speaker 1: of his political life to become House Speaker. For more
Speaker 1: on these stories, we're gonna welcome Professor Wendy Schiller, director
Speaker 1: of the Alfred Tubman Center for American Politics and Policy
Speaker 1: at Brown University, and she joins us now. Professor Schiller,
Speaker 1: thank you for taking the time with us. Before all
Speaker 1: of that, I want to start off with what's going
Speaker 1: on in China, those mass protests and the global impact.
Speaker 1: I wonder if you see parallels with what happened more
Speaker 1: than thirty years ago in Tianamen Square. Do you see
Speaker 1: a crackdown coming here? Well, I mean I think there's
Speaker 1: this is really an interesting thing about just human nature.
Speaker 1: Who stop a second and think how different we are.
Speaker 1: Different regime, obviously very different regime, and a lot of
Speaker 1: the rhetoric about how the United States democracy is dying
Speaker 1: and how you know, China was saying, this is how
Speaker 1: you run a country. And obviously just recently China's comes
Speaker 1: sort of back to the United States after flirting with Russia.
Speaker 1: You know, that's a really important pivot point you politically.
Speaker 1: But people do not like to be locked down. We
Speaker 1: learned that, and I think China's learning that that's just
Speaker 1: a natural human instinct, is to be able to be
Speaker 1: at least, if not politically and religiously free, physically free. Uh.
Speaker 1: And I think, of course, you know the fire that happened,
Speaker 1: the tragic fire, people couldn't get out because they were
Speaker 1: locked in. I mean, I think this is just coming,
Speaker 1: you know, to haunt the regime in the sense that
Speaker 1: you can refashion the politics by human nature. I think
Speaker 1: still persist. Let's turn now to Capitol Hill. Lawmakers set
Speaker 1: up against a tight deadline. They need to pass federal
Speaker 1: funding but they haven't agreed on any top line spending
Speaker 1: figures yet. Um and and we're anticipating a stopgap measure
Speaker 1: to avoid a shutdown. But My question for you is
Speaker 1: how it will impact negotiations that they have to get
Speaker 1: through the Georgia runoff first. Um, well, the Georgia run off,
Speaker 1: I mean, this is sort of stake of control of
Speaker 1: the Senate has been settled, so I think takes pressure
Speaker 1: off Georgia. That's really an unknown in terms who's going
Speaker 1: to turn out in Georgia. You know, will wrap more
Speaker 1: enough be able to get Democrats back out, There will
Speaker 1: be African Americans. The high it was higher in the
Speaker 1: runoff in January of twenty one that it was actually
Speaker 1: in November. That's an interesting thing to think about. Um.
Speaker 1: And then herstal Walkers campaign has gotten pretty nasty down
Speaker 1: in Georgia. But I don't think that really makes a
Speaker 1: huge difference in the appropriations. I think the Republicans want
Speaker 1: to wait un till they control the House because of
Speaker 1: course they'll have much more leverage. Uh, And so I
Speaker 1: think they're gonna do everything that they kind of make
Speaker 1: this short term and you know, be able to have
Speaker 1: as all in their court coming up in January every
Speaker 1: March where however long they extended. I don't think either
Speaker 1: side wants to shut down right now. Nobody wants to shutdown,
Speaker 1: but they're not crazy about the stop gap having to
Speaker 1: do that either. They sort of point fingers at each other,
Speaker 1: but have stopped gap measures now been normalized, Well, yeah,
Speaker 1: I mean I think that they have. I think in
Speaker 1: particular the death ceilings. You know, in the old days,
Speaker 1: death ceiling had to pass. This must pass. I already
Speaker 1: knew that, and then it was separated from the inpropations process.
Speaker 1: Now it's frequently combined extended. The death ceiling obviously cap
Speaker 1: for a couple more months, but I think that always
Speaker 1: looms now and appropriations, and so they want to get
Speaker 1: that done. The stop gap they settle for that, so
Speaker 1: they don't have to fight the battle of the dead
Speaker 1: ceiling at the same time every time they have to
Speaker 1: ward off a shutdown. The shifting gears a bit. Republicans
Speaker 1: have had corporate allies in their corner for decades. Corporate
Speaker 1: America and the GOP seemed to be able to go
Speaker 1: hand in hand, but that relationship seems to be fraying
Speaker 1: now as more Republicans pushed back against what they call
Speaker 1: the woke corporate mentality. What's going on here? Well, it's
Speaker 1: an interesting me We always hear it's after January six.
Speaker 1: Don't you know, you remember Amy that the corporations stopped
Speaker 1: giving money for just a couple of months to Republicans
Speaker 1: and Republican packs because they just didn't want to associated
Speaker 1: um with that insurrection. This happens once in a while
Speaker 1: where they have a little fight, but they always get
Speaker 1: back together. And you know, given that the Republicans are
Speaker 1: gonna control committees that regulate business across the board, and
Speaker 1: I think corporations are gonna want less regulation and they're
Speaker 1: gonna want the House Republicans to push for that, visa
Speaker 1: be the Senate Democrats. I think this relationship will repair itself.
Speaker 1: It all depends, but I think this this happens a
Speaker 1: little bit around now and then a couple of months
Speaker 1: from now, and you see the corporate you know, the
Speaker 1: committee chairs, and look at the committee chairs for the House.
Speaker 1: They're already named. The big committees have already been named.
Speaker 1: Those people are considered conservative, but moderate and people you
Speaker 1: can do business with. So I expect this relationship to repair.
Speaker 1: You have a little more than a minute here. We're
Speaker 1: looking at the power shift in the House. It appears
Speaker 1: the speakership is really Kevin McCarthy's to lose. But he's
Speaker 1: also cutting deals, making promises to land the job on,
Speaker 1: moving on committee assignments, that sort of thing. Where do
Speaker 1: you see that going well. I mean, he's got to
Speaker 1: shore up the infrastructure of leadership across the board in
Speaker 1: terms of committees, which he's doing right. He's taking people
Speaker 1: who have experienced, people whom like my Garagers for examples, Um,
Speaker 1: someone like that, people who people Michael the Fall. They
Speaker 1: know they're well known in the caucus. And I think
Speaker 1: that that's going to be pretty well received. But a
Speaker 1: very small margin of control, and you know, it's always
Speaker 1: possible that the very right wing members hold out, and
Speaker 1: if they do that, the Democrats could have left the speaker.
Speaker 1: I mean, it is precarious for the Republicans of the
Speaker 1: Kevin McCarthy. But every speaker cut the deals before they
Speaker 1: put themselves out before the full House in January, so
Speaker 1: this is not unusual. But you can look at the
Speaker 1: committee chairs. He's not really jumping seniority. He's not yet
Speaker 1: given a major legislative or policy committee to somebody who's
Speaker 1: really on the fringe of the party. I think that's
Speaker 1: what he really wants to avoid. Wendy, thank you so
Speaker 1: much for taking the time with us today. We do
Speaker 1: appreciate it. Professor Wendy Schiller is director of the Alfred
Speaker 1: Tubman Center for American Politics and Policy at Brown University.
Speaker 1: You can read more about these stories on Bloomberg dot
Speaker 1: com or on the Bloomberg terminal, and as a reminder,
Speaker 1: you can follow all of the latest on Bloomberg Radio
Speaker 1: in Washington on Bloomberg ninety nine one and one oh
Speaker 1: five point seven FM h D two. Nathan Okay, Amy,
Speaker 1: thank you. It is UH six fifty seven on Wall
Speaker 1: Street now in Bloomberg. Daybreak is brought to you by SEI,
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Speaker 1: Go to se i C dot com slash managers. It's
Speaker 1: definitely risk off as we start this new trading week
Speaker 1: with the unrest in China over COVID policies rippling across
Speaker 1: global markets. Right now, SMP futures are down thirty three
Speaker 1: points down, features down two hundred three, NASDAC futures are
Speaker 1: lower by a hundred points. Tenure Treasury little change now
Speaker 1: at three point six seven percent for the tenure yield.
Speaker 1: Yield on the two year is four point four six percent.
Speaker 1: Name X Crewed still moving lower, down three point three
Speaker 1: percent now it's seventy three dollars eighty cents of Arro
Speaker 1: Comics gold is up a quarter percent at seventeen seventy three.
Speaker 1: Ten announced the Euro one point zero four seven four
Speaker 1: against the dollar the EN one thirty eight point one five.
Speaker 1: Bloomberg Surveillance is next with Jonathan Pharaoh and Lisa A.
Speaker 1: Brahmowitz for Amy Morris. I'm Nathan Hagar, and this is
Speaker 1: Bloomberg