1 00:00:03,200 --> 00:00:06,439 Speaker 1: By from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:06,480 --> 00:00:09,920 Speaker 1: Day Right for a Monday, October seventeen two. Coming up 3 00:00:09,920 --> 00:00:13,280 Speaker 1: this hour, the new UK Chancellor starts laying out plans 4 00:00:13,280 --> 00:00:16,400 Speaker 1: to unwind tax cuts. I define a cheese in pink 5 00:00:16,440 --> 00:00:19,040 Speaker 1: because the world China is ready to stand its ground. 6 00:00:19,239 --> 00:00:22,720 Speaker 1: Earnings continue with Bank of America reporting this morning, and 7 00:00:22,800 --> 00:00:26,640 Speaker 1: Goldman shakes up as leadership ranks. More potential legal trouble 8 00:00:26,680 --> 00:00:30,320 Speaker 1: for former President Trump. Plus Ukraine's capital was under missile 9 00:00:30,360 --> 00:00:33,560 Speaker 1: attack from Russia today. I like the bar More ahead, 10 00:00:34,120 --> 00:00:36,880 Speaker 1: I'm John Stairs showering sports. The Yankees stayed alive with 11 00:00:36,920 --> 00:00:39,360 Speaker 1: a wooden cleave with the decisive Game five is tonight. 12 00:00:39,440 --> 00:00:44,919 Speaker 1: The winds continue for the Jets and Giants. That's all 13 00:00:45,080 --> 00:00:48,680 Speaker 1: Trading ahead on Bloomberg day Break on Bloomberg Eleveing Free 14 00:00:48,720 --> 00:00:52,960 Speaker 1: on New York, Bloomberg nine one, Washington d C, Bloomberg 15 00:00:53,040 --> 00:00:56,720 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco 16 00:00:57,200 --> 00:01:00,240 Speaker 1: Sirius XM one nineteen and around the world. Old on 17 00:01:00,400 --> 00:01:03,680 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business app. 18 00:01:07,440 --> 00:01:10,560 Speaker 1: And good morning. I'm Karen Moscow. I'm Nathan Hagar Bloomberg 19 00:01:10,640 --> 00:01:12,840 Speaker 1: Daybreak is brought to you by being Why Melon's Pershing 20 00:01:12,920 --> 00:01:16,040 Speaker 1: learned Why the world's most sophisticated wealth management and institutional 21 00:01:16,080 --> 00:01:20,319 Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency, 22 00:01:20,360 --> 00:01:24,160 Speaker 1: attract talent, and manage risk at Pershing dot Com and 23 00:01:24,319 --> 00:01:26,920 Speaker 1: US futures are higher this morning se so one on 24 00:01:26,959 --> 00:01:29,120 Speaker 1: Wall Street, and we check the markets every fifteen minutes 25 00:01:29,120 --> 00:01:31,800 Speaker 1: throughout the trading day. On Bloomberg Guess and p Future 26 00:01:31,840 --> 00:01:34,119 Speaker 1: is at forty one points down. Future is up two 27 00:01:34,319 --> 00:01:37,080 Speaker 1: D eighty two and nonsday futures up one D thirty 28 00:01:37,200 --> 00:01:40,119 Speaker 1: six and a ten year treasury up seventeen thirty seconds 29 00:01:40,200 --> 00:01:43,120 Speaker 1: yea three point nine four percent. They yield on the 30 00:01:43,160 --> 00:01:46,440 Speaker 1: two year four point four four percent. Nathan Karen, We 31 00:01:46,560 --> 00:01:49,320 Speaker 1: begin in Europe. The pound and UK bonds have been 32 00:01:49,440 --> 00:01:52,960 Speaker 1: rallying on expectations more of Prime Minister Liz Trust's package 33 00:01:52,960 --> 00:01:56,680 Speaker 1: of unfunded tax cuts may be reversed. Newly appointed Chancellor 34 00:01:56,760 --> 00:01:59,200 Speaker 1: Jeremy Hunt makes a statement later this hour. We get 35 00:01:59,280 --> 00:02:02,200 Speaker 1: more from Bloomberg Lizzie Burden in London. It does seem 36 00:02:02,240 --> 00:02:07,360 Speaker 1: like Jeremy Hun is peace by turning pastonomics into unacconomics. 37 00:02:07,800 --> 00:02:11,120 Speaker 1: He's excited to bring forward more fisfal U turned in 38 00:02:11,280 --> 00:02:14,520 Speaker 1: order to calm the market stasicality to pasonomics being solved 39 00:02:14,600 --> 00:02:18,079 Speaker 1: the parts and exchange the market stability. Bloomberg's Lizzie Burton says, 40 00:02:18,120 --> 00:02:20,560 Speaker 1: after Hunt's addressed this morning, he'll make remarks to the 41 00:02:20,560 --> 00:02:23,480 Speaker 1: House of Comments in Asia. Nathan, it's all about China 42 00:02:23,560 --> 00:02:26,400 Speaker 1: this morning. President she Juan Pain said he's staying the 43 00:02:26,480 --> 00:02:29,840 Speaker 1: course is the country faces what he calls dangerous storms 44 00:02:29,880 --> 00:02:32,639 Speaker 1: and growing challenges from the US. In an almost two 45 00:02:32,639 --> 00:02:36,000 Speaker 1: hours speech to open a Communist Party congress, she said 46 00:02:36,160 --> 00:02:41,480 Speaker 1: China will pursue development while ensuring national security. We have 47 00:02:41,639 --> 00:02:45,920 Speaker 1: worked with firm resolve to stay for national security, stended 48 00:02:46,000 --> 00:02:50,760 Speaker 1: off and diffused the major risks, and enshort social stability. 49 00:02:51,560 --> 00:02:55,760 Speaker 1: We have devoted great energy to modernizing our national defense. 50 00:02:56,360 --> 00:02:59,919 Speaker 1: President jan Pain, speaking through an interpreter, also pledge beij 51 00:03:00,040 --> 00:03:02,480 Speaker 1: Jing will prevail and its tech battle with the US 52 00:03:02,600 --> 00:03:05,000 Speaker 1: over computer chips come back here in the US. Karen 53 00:03:05,080 --> 00:03:07,560 Speaker 1: Futures are rising to start the week. It follows another 54 00:03:07,600 --> 00:03:10,480 Speaker 1: sell off on Friday, when the SNP five dropped two 55 00:03:10,480 --> 00:03:14,079 Speaker 1: point four percent Emily Rowland is co chief investment strategist 56 00:03:14,080 --> 00:03:17,720 Speaker 1: at John Hancock Investment Management. It's tough to say we're 57 00:03:17,720 --> 00:03:20,480 Speaker 1: in a recession now with unemployment, you know, near a 58 00:03:20,520 --> 00:03:24,080 Speaker 1: fifty year low, but we're probably going there, and frankly, 59 00:03:24,120 --> 00:03:26,840 Speaker 1: some parts of the market are pricing that in. You know, 60 00:03:26,880 --> 00:03:31,280 Speaker 1: we're down over in equity markets. That's more than two 61 00:03:31,360 --> 00:03:34,119 Speaker 1: thirds of the way there as far as your average 62 00:03:34,120 --> 00:03:37,640 Speaker 1: bear market, but bonds just aren't pricing it in. John 63 00:03:37,680 --> 00:03:40,960 Speaker 1: Hancock's Emily Rowland says inflation has been enemy number one 64 00:03:41,000 --> 00:03:43,480 Speaker 1: for the markets, but Nathan, we could see a rally 65 00:03:43,560 --> 00:03:46,720 Speaker 1: in stocks as according to Morgan Stanley, longtime equity bear 66 00:03:46,840 --> 00:03:49,320 Speaker 1: Mike Wilson, he says stocks are right for a short 67 00:03:49,440 --> 00:03:52,400 Speaker 1: term morally and the absence of earnings capitulation or an 68 00:03:52,400 --> 00:03:57,040 Speaker 1: official recession. Wilson says slump in the SNP five hundred 69 00:03:57,120 --> 00:04:00,920 Speaker 1: this year has lefted testing a serious floor support at 70 00:04:00,920 --> 00:04:03,600 Speaker 1: its two hundred week moving average. He's not ruling out 71 00:04:03,640 --> 00:04:07,279 Speaker 1: the S and P five hundred rising above forty one points. 72 00:04:07,320 --> 00:04:10,680 Speaker 1: That would be about a sixt gain from current levels. 73 00:04:10,880 --> 00:04:13,360 Speaker 1: Inflation and interest rates are still the main focus for 74 00:04:13,440 --> 00:04:16,320 Speaker 1: US markets. Karen st Louis FED President Jim Bullard's leaving 75 00:04:16,320 --> 00:04:19,120 Speaker 1: open the possibility the Central Bank raises interest rates by 76 00:04:19,160 --> 00:04:22,000 Speaker 1: seventy five basis points at each of its next two meetings. 77 00:04:22,240 --> 00:04:24,320 Speaker 1: At the same time, he says it's premature to make 78 00:04:24,360 --> 00:04:27,960 Speaker 1: that call whether the committee would want to pull some 79 00:04:28,160 --> 00:04:32,479 Speaker 1: proposed or thought of policy rate increases from three into 80 00:04:32,520 --> 00:04:35,200 Speaker 1: the December meeting. I think that's a judgments. It's it's 81 00:04:35,200 --> 00:04:38,160 Speaker 1: premature to make St. Louis Fed President Jim Bullard made 82 00:04:38,160 --> 00:04:40,240 Speaker 1: the comments at I m F and World Bank meetings 83 00:04:40,240 --> 00:04:42,880 Speaker 1: over the weekend. Arnies are also a front and center 84 00:04:42,920 --> 00:04:46,120 Speaker 1: this morning. Nathan, we get results from Bank of America shortly, 85 00:04:46,160 --> 00:04:49,280 Speaker 1: and here are the preview as Bloomberg's Jeff Bellinger an. 86 00:04:49,520 --> 00:04:52,320 Speaker 1: Let's say it is unlikely be of a sidestep the 87 00:04:52,360 --> 00:04:55,960 Speaker 1: industry wide drop in investment banking revenue, but there is 88 00:04:56,040 --> 00:04:59,320 Speaker 1: uncertainty over just how much the company's profit margins on 89 00:04:59,440 --> 00:05:02,440 Speaker 1: loans were boosted by the Fed's aggressive series of infrast 90 00:05:02,520 --> 00:05:06,960 Speaker 1: rate hikes. Bloomberg intelligences Bank of America likely benefited from 91 00:05:07,000 --> 00:05:12,279 Speaker 1: CEO Brian moynihan strategy of pursuing responsible organic gains. Lost 92 00:05:12,320 --> 00:05:15,560 Speaker 1: provisions are seen as the biggest factor for next year. 93 00:05:16,000 --> 00:05:19,400 Speaker 1: Jeff Bollinger, Bloomberg Day Break Right, Jeff Banks and miltalk 94 00:05:19,480 --> 00:05:22,520 Speaker 1: Or an ancient Bank of America's CEO Brian moynihan. Later 95 00:05:22,600 --> 00:05:25,520 Speaker 1: this afternoon, catch that interview at two thirty pm Wall 96 00:05:25,560 --> 00:05:28,800 Speaker 1: Street Time on Bloomberg Radio and Television. I meantime, Karen, 97 00:05:28,839 --> 00:05:31,279 Speaker 1: looks like a shakeups coming to Goldman, sachs. We're getting 98 00:05:31,279 --> 00:05:34,359 Speaker 1: more of a third major reorganization in just four years 99 00:05:34,440 --> 00:05:38,440 Speaker 1: under CEO David Solomon. Bloomberg's Lisa Matoe reports. Sources say 100 00:05:38,520 --> 00:05:41,080 Speaker 1: the Wall Street giant plans to once again combine its 101 00:05:41,120 --> 00:05:44,720 Speaker 1: expanded asset management and private wealth business into one unit. 102 00:05:44,960 --> 00:05:48,720 Speaker 1: Goldman will also fuse its investment banking and trading operations 103 00:05:48,800 --> 00:05:51,520 Speaker 1: under one group, and the money losing consumer unit will 104 00:05:51,600 --> 00:05:54,360 Speaker 1: be broken up. The moves mark a reversal for Salmon, 105 00:05:54,520 --> 00:05:57,080 Speaker 1: who had forged ahead with plans to separate the asset 106 00:05:57,200 --> 00:06:01,320 Speaker 1: management and wealth business two years ago, spiked skepticism within 107 00:06:01,360 --> 00:06:04,440 Speaker 1: the bank. He was also reluctant to combine investment banking 108 00:06:04,520 --> 00:06:07,159 Speaker 1: and trading into one group, as the firm looked to 109 00:06:07,200 --> 00:06:10,560 Speaker 1: talk up other fee based businesses to win over shareholders. 110 00:06:10,960 --> 00:06:14,400 Speaker 1: Most visibly, he's disbanding the direct to consumer efforts, cutting 111 00:06:14,400 --> 00:06:17,039 Speaker 1: short the retail banking dreams that he had spelled out 112 00:06:17,080 --> 00:06:21,440 Speaker 1: in his early days as CEO. Lisa Mateo Bloomberg Daybreak. 113 00:06:21,720 --> 00:06:23,800 Speaker 1: At least, thank you, it's not just banks that are 114 00:06:23,800 --> 00:06:26,640 Speaker 1: looking at restructuring this morning, because the every shuffle and 115 00:06:26,680 --> 00:06:29,600 Speaker 1: geopolitics as well. There's worth of White Houses giving its 116 00:06:29,600 --> 00:06:33,240 Speaker 1: security relationship with Saudi Arabia a second look, and we 117 00:06:33,320 --> 00:06:36,200 Speaker 1: get the story from Bloomberg, said Baxter. The two have 118 00:06:36,320 --> 00:06:38,599 Speaker 1: been bumping heads over a number of issues over the 119 00:06:38,640 --> 00:06:42,039 Speaker 1: past few years. The latest that decrease in oil production. 120 00:06:42,400 --> 00:06:45,640 Speaker 1: So now White House National Security Advisor Jake Sullivan says 121 00:06:45,760 --> 00:06:48,760 Speaker 1: things have to move, but with caution. This is a 122 00:06:48,800 --> 00:06:52,760 Speaker 1: relationship that got built over decades on a bipartisan basis, 123 00:06:52,960 --> 00:06:56,000 Speaker 1: and so the President isn't going to act precipitously. He's 124 00:06:56,040 --> 00:06:59,279 Speaker 1: gonna act methodically, strategically and have time to meet with 125 00:06:59,360 --> 00:07:02,599 Speaker 1: members of Congress in San Francisco. I'm at a Baxter 126 00:07:02,640 --> 00:07:05,599 Speaker 1: Bloomberg Daybreak. Thanks that. SMP future is now up forty 127 00:07:05,600 --> 00:07:09,120 Speaker 1: two points. Now futures up three hundred two. NASTAC futures 128 00:07:09,120 --> 00:07:11,280 Speaker 1: are higher by a hundred forty two points and the 129 00:07:11,320 --> 00:07:14,320 Speaker 1: tenure Treasury is up eighteen thirty seconds yield three point 130 00:07:14,400 --> 00:07:18,239 Speaker 1: nine four local headlines and a check of sports. Up next, 131 00:07:18,400 --> 00:07:24,720 Speaker 1: This is Bloomberg six oh seven on Wall Street, fifty 132 00:07:24,760 --> 00:07:28,120 Speaker 1: seven degrees in Central Park, out of crash northbound Connecticut Turnpike, 133 00:07:28,160 --> 00:07:31,480 Speaker 1: Exit fourteen. Details coming up in traffic. First, Michael Barr 134 00:07:31,560 --> 00:07:33,160 Speaker 1: with more on what's going on in New York and 135 00:07:33,200 --> 00:07:35,480 Speaker 1: around the world. Michael, thank you very much. Nathan. There's 136 00:07:35,520 --> 00:07:39,240 Speaker 1: more potential legal trouble for former President Donald Trump. The 137 00:07:39,640 --> 00:07:42,680 Speaker 1: SEC and federal prosecutors in New York has said to 138 00:07:42,680 --> 00:07:46,120 Speaker 1: be investigating whistle blower claims by a co founder that 139 00:07:46,160 --> 00:07:50,679 Speaker 1: Trump Media violated federal securities law. The Trump Media says 140 00:07:50,760 --> 00:07:54,600 Speaker 1: that the whistleblowers acality is ryan with knowingly falls and 141 00:07:54,720 --> 00:07:58,840 Speaker 1: defamatory statements and other concocted cycle dramas. Meanwhile, the Trump 142 00:07:58,920 --> 00:08:02,600 Speaker 1: organization is about to stand trial for tax evasion. The 143 00:08:02,640 --> 00:08:05,480 Speaker 1: Attorney General in New York has accused the company of fraud. 144 00:08:06,200 --> 00:08:10,400 Speaker 1: Explosive latent suicide drones have struck Ukraine's capital as families 145 00:08:10,440 --> 00:08:13,360 Speaker 1: were preparing to start their week. The last echoed the 146 00:08:13,400 --> 00:08:17,400 Speaker 1: cross keeps sending people scurrying to shelters. Keeves mayors as 147 00:08:17,400 --> 00:08:21,360 Speaker 1: the strikes damaged several apartment blocks. Mayor Vitality Kliko says 148 00:08:21,400 --> 00:08:26,480 Speaker 1: today strike was a terror attack Russians. They destroyed all country, 149 00:08:26,560 --> 00:08:32,440 Speaker 1: they destroyed hometown, They killed seas Right now, Mayor Klitchko says, 150 00:08:32,440 --> 00:08:35,640 Speaker 1: the Russians need Ukraine without Ukrainians and that's why they 151 00:08:35,720 --> 00:08:40,120 Speaker 1: killed civilian people. A suspect in a North California serial 152 00:08:40,240 --> 00:08:42,680 Speaker 1: killing spree that claimed the lives of six men will 153 00:08:42,720 --> 00:08:45,480 Speaker 1: be a ragin tomorrow. Police they tips from residents in 154 00:08:45,520 --> 00:08:48,280 Speaker 1: Stockton and Oakland, where the men were murdered, helped them 155 00:08:48,280 --> 00:08:51,920 Speaker 1: identify the suspect. Police arrested forty three year old Wesley 156 00:08:51,960 --> 00:08:54,959 Speaker 1: Brown Lee and Stockton as he was reportedly driving around 157 00:08:55,000 --> 00:08:58,320 Speaker 1: at night looking for another victim. Could we one day 158 00:08:58,360 --> 00:09:02,199 Speaker 1: have a vaccine for cancer? Dr Oslin Terse, one half 159 00:09:02,240 --> 00:09:06,240 Speaker 1: of the German team looking on a cancer vaccine, says 160 00:09:06,320 --> 00:09:11,080 Speaker 1: she is constiously optimistic. As scientists, we are always hesitant 161 00:09:11,400 --> 00:09:14,560 Speaker 1: to say we will have a que for cancer. We 162 00:09:15,040 --> 00:09:18,520 Speaker 1: have a number of breakfuls and we will continue to 163 00:09:18,559 --> 00:09:21,439 Speaker 1: work on them. Still, she tells the BBC. Progress is 164 00:09:21,480 --> 00:09:24,839 Speaker 1: being made every day, every step of every patient we 165 00:09:24,960 --> 00:09:28,640 Speaker 1: treat in all our cancer triots helps us to find 166 00:09:28,640 --> 00:09:34,240 Speaker 1: out law. Dr Tresse adds a cancer vaccine could be 167 00:09:34,320 --> 00:09:37,600 Speaker 1: available by the end of the decade. Global News twenty 168 00:09:37,600 --> 00:09:40,520 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 169 00:09:40,760 --> 00:09:43,880 Speaker 1: powered by more than journalist and analysts more than a 170 00:09:44,080 --> 00:09:47,800 Speaker 1: dwenty countries. Michael Barr and this is Bloomberg, Nathan, Thank you, 171 00:09:47,840 --> 00:09:54,199 Speaker 1: Michael six O nine on Wall Street. Time for the 172 00:09:54,200 --> 00:09:56,920 Speaker 1: Bloomberg Sports Update. Here's Jon stash Ower. All right, Nathan. 173 00:09:56,960 --> 00:09:59,679 Speaker 1: Yankees right back in Cleveland the night after blowing that 174 00:09:59,800 --> 00:10:01,600 Speaker 1: two run ninth inning leave the first time in their 175 00:10:01,640 --> 00:10:04,520 Speaker 1: postseason history, and again they led by two bottom the ninth, 176 00:10:04,600 --> 00:10:06,959 Speaker 1: no issues, this time. A four to two Game four 177 00:10:07,080 --> 00:10:10,000 Speaker 1: victory of the Guardians ties the series at two sets 178 00:10:10,040 --> 00:10:13,320 Speaker 1: the stage her decisive Game five tonight at the Stadium. 179 00:10:13,400 --> 00:10:15,599 Speaker 1: Yankee heroes, certainly, Garrett Cole pitched like an eight with 180 00:10:15,679 --> 00:10:18,959 Speaker 1: seven strong innings, and Harrison Bader continues to hit home 181 00:10:19,040 --> 00:10:21,559 Speaker 1: runs like Aaron Judge his third and four games. Yankee 182 00:10:21,600 --> 00:10:24,960 Speaker 1: fans wondered why Clay Holmes didn't pitch Saturday. He did 183 00:10:24,960 --> 00:10:27,240 Speaker 1: pitch the eighth inning last night, Wandy Peralta pitch the 184 00:10:27,320 --> 00:10:30,920 Speaker 1: ninth winner. Tonight plays Houston in the ALCS third Grade 185 00:10:30,960 --> 00:10:33,320 Speaker 1: week where both the Jets and Giants won. The Jets 186 00:10:33,360 --> 00:10:35,320 Speaker 1: with an upset whin. They've yet to be favored in 187 00:10:35,320 --> 00:10:37,720 Speaker 1: a game this season, but three big second half plays 188 00:10:38,080 --> 00:10:41,199 Speaker 1: carried them at Green Bay of Raxton Barrios twenty r 189 00:10:41,280 --> 00:10:43,240 Speaker 1: t d run a block punt with returned for a 190 00:10:43,280 --> 00:10:46,040 Speaker 1: score in the Jets put the game away that Winson 191 00:10:46,120 --> 00:10:55,000 Speaker 1: takes the sneak counter hand off at the thirty touch down, 192 00:10:55,920 --> 00:11:00,760 Speaker 1: a little tiltery side hand off the home some Jet 193 00:11:00,840 --> 00:11:05,440 Speaker 1: fans in the crown and does a Jet lambop, not 194 00:11:05,440 --> 00:11:08,240 Speaker 1: only a Lambeau leap, but later Sauce Gardner was wearing 195 00:11:08,240 --> 00:11:10,800 Speaker 1: a cheese head after they beat the Factors twenty seven 196 00:11:10,840 --> 00:11:13,320 Speaker 1: to ten, Jets for four and two Giants or five 197 00:11:13,360 --> 00:11:16,360 Speaker 1: and one another big comeback and MetLife. They trailed Baltimore 198 00:11:16,400 --> 00:11:19,240 Speaker 1: by ten just over six minutes left down the stretch 199 00:11:19,280 --> 00:11:22,640 Speaker 1: two touchdowns, two fource turnovers. The Giants beat the Ravens 200 00:11:23,200 --> 00:11:26,599 Speaker 1: to twenty. NFC E showdown last night, Philadelphia went to 201 00:11:26,679 --> 00:11:30,120 Speaker 1: six and oh beat Dallas to seventeen on staf that 202 00:11:30,160 --> 00:11:33,280 Speaker 1: went Bloomberg Sportsco. Thank you, John Red Headlines crossing the 203 00:11:33,280 --> 00:11:37,559 Speaker 1: Bloomberg terminal. UK Chancellor of the Exchequer Jeremy Hunt releasing 204 00:11:37,679 --> 00:11:42,239 Speaker 1: a statement reversing more of Prime Minister Liz Trust's economic policies, 205 00:11:42,559 --> 00:11:46,480 Speaker 1: scrapping a plan to cut income taxes indefinitely and shortening 206 00:11:46,480 --> 00:11:50,280 Speaker 1: a universal energy support plan until April of next year. 207 00:11:50,320 --> 00:11:54,280 Speaker 1: We're gonna get reaction next. As we parsed the details 208 00:11:54,360 --> 00:11:58,640 Speaker 1: of this statement. Bloomberg opinion columnist Marcus Ashworth will join 209 00:11:58,760 --> 00:12:01,640 Speaker 1: us in the minutes ahead. As we watched, futures continue 210 00:12:01,679 --> 00:12:08,000 Speaker 1: to rise on Wall Street. This is Bloomberg Bloomberg eleven 211 00:12:08,040 --> 00:12:10,360 Speaker 1: three oh weather, mostly cloudy, chants for a few showers today, 212 00:12:10,400 --> 00:12:14,600 Speaker 1: highs in the upper sixties, mid fifties Tomorrow and Wednesday 213 00:12:14,960 --> 00:12:18,880 Speaker 1: under mostly sunny skies. Right now fifty seven in Central 214 00:12:18,920 --> 00:12:25,199 Speaker 1: Park Markets. Headlines and breaking news twenty four hours a 215 00:12:25,280 --> 00:12:28,320 Speaker 1: day at Bloomberg dot Com, The Bloomberg Business at and 216 00:12:28,440 --> 00:12:38,439 Speaker 1: at Bloomberg Quick Tape is a Bloomberg Business Flash and 217 00:12:38,559 --> 00:12:41,920 Speaker 1: I'm Karen Moscow. And futures are higher with SMP futures 218 00:12:41,920 --> 00:12:44,680 Speaker 1: at forty seven points down. Futures of three hundred thirty 219 00:12:44,800 --> 00:12:47,440 Speaker 1: nasdack futures of one d fifty nine. The decks in 220 00:12:47,480 --> 00:12:50,520 Speaker 1: Germany's up eight tenths of upper cent. Can your treasury 221 00:12:50,559 --> 00:12:53,360 Speaker 1: u seconds you know, three point nine three percent and 222 00:12:53,400 --> 00:12:55,640 Speaker 1: they yield on the two year four point four two 223 00:12:55,640 --> 00:12:58,640 Speaker 1: percent nine Next, screwed oil is up four ten percent 224 00:12:58,679 --> 00:13:01,080 Speaker 1: or thirty four cents at eighty five dollars n cents 225 00:13:01,080 --> 00:13:03,400 Speaker 1: a barrel called make school. That's of nine tenths per 226 00:13:03,400 --> 00:13:06,160 Speaker 1: cent or fourteen dollars forty cents at sixteen sixty three 227 00:13:06,200 --> 00:13:09,560 Speaker 1: twenty announced the euro point nine seven six two against 228 00:13:09,600 --> 00:13:11,920 Speaker 1: the dollar. British found one point one three oh five 229 00:13:12,000 --> 00:13:14,520 Speaker 1: at the N one forty eight point six four and 230 00:13:14,559 --> 00:13:17,240 Speaker 1: bitcoin is a tenth of a percent in nineteen thousand, 231 00:13:17,280 --> 00:13:20,440 Speaker 1: three hundred fifty dollars. That's a bloomberg business flash. Now 232 00:13:20,440 --> 00:13:23,120 Speaker 1: here's Michael Barr with Moore unless going on around the world. 233 00:13:23,160 --> 00:13:26,280 Speaker 1: Michael Karen, thank you very much. Ukraine's capital was under 234 00:13:26,320 --> 00:13:29,280 Speaker 1: missile attack from Russia with the so called suicide drones 235 00:13:29,320 --> 00:13:33,800 Speaker 1: this morning. Several loud explosions rocked Keith. Russian strikes over 236 00:13:33,840 --> 00:13:37,680 Speaker 1: the past week have hit infrastructure, including power facilities. A 237 00:13:37,760 --> 00:13:40,640 Speaker 1: late Pole shows control of the House is likely to 238 00:13:40,679 --> 00:13:44,640 Speaker 1: flip to Republicans with election day more than three weeks away. 239 00:13:45,120 --> 00:13:48,960 Speaker 1: A CBS News You Got polling projection would give Republicans 240 00:13:48,960 --> 00:13:51,440 Speaker 1: a two twenty four to two eleven advantage in the 241 00:13:51,440 --> 00:13:55,120 Speaker 1: House over Democrats. In baseball, the deciding Game five is 242 00:13:55,160 --> 00:13:59,880 Speaker 1: tonight between the Yankees and the Guardians in their a lvs. Yesterday, 243 00:14:00,040 --> 00:14:03,720 Speaker 1: New York survived, beating Cleveland for two in Game four. 244 00:14:04,280 --> 00:14:08,440 Speaker 1: In the NFL, the Giants beat Ravens, the Jets beat 245 00:14:08,440 --> 00:14:12,840 Speaker 1: the Packers ten, the Patriots won forty, Niners lost. Global 246 00:14:12,880 --> 00:14:15,440 Speaker 1: News twenty four hours a day on here and on 247 00:14:15,559 --> 00:14:18,880 Speaker 1: Bloomberg Quick Take, powered by more than twenties seven hundred 248 00:14:18,920 --> 00:14:21,800 Speaker 1: journalists and analysts and more than a hundred twenty countries. 249 00:14:21,840 --> 00:14:24,760 Speaker 1: I'm Michael barn. This is Bloomberg Nathan. Thanks Michael. At 250 00:14:24,760 --> 00:14:27,720 Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interactive 251 00:14:27,720 --> 00:14:30,760 Speaker 1: Broker Studios. This is Bloomberg Daybreak, and we're waiting for 252 00:14:30,840 --> 00:14:33,440 Speaker 1: comments from the new Chancellor of the Exchequer in the UK, 253 00:14:33,760 --> 00:14:37,600 Speaker 1: Jeremy Hunt. But he has released a statement on his 254 00:14:37,680 --> 00:14:40,960 Speaker 1: plans to get his country's finances in order. It's not 255 00:14:41,040 --> 00:14:43,920 Speaker 1: just putting the brakes on Prime Minister Liz Trust is 256 00:14:44,080 --> 00:14:48,040 Speaker 1: unfunded tax cuts, but it's a major reversal here. Let's 257 00:14:48,040 --> 00:14:51,080 Speaker 1: get more now from Bloomberg opinion columnist Marcus Ashworth. As 258 00:14:51,080 --> 00:14:55,280 Speaker 1: we passed through what the new Chancellor is going to say, 259 00:14:55,400 --> 00:14:59,120 Speaker 1: and we know Marcus that income tax cuts are going 260 00:14:59,160 --> 00:15:03,680 Speaker 1: to be shelved indefinitely, and it looks like a universal 261 00:15:03,840 --> 00:15:06,160 Speaker 1: energy support program is going to get cut off a 262 00:15:06,200 --> 00:15:10,560 Speaker 1: lot sooner than Prime Minister Trust wanted. This is a 263 00:15:11,120 --> 00:15:18,440 Speaker 1: torching of the Prime Minister's fiscal plan. Well, we have 264 00:15:18,480 --> 00:15:22,400 Speaker 1: an expressed in the ukake or reverse theerret um and 265 00:15:22,560 --> 00:15:26,160 Speaker 1: essentially this is uh yeah, a complete unwine you turn 266 00:15:26,200 --> 00:15:29,280 Speaker 1: probably doesn't even give it full justice. It's it's a 267 00:15:29,360 --> 00:15:32,240 Speaker 1: scrapping of an entire vision that had been laid out 268 00:15:32,720 --> 00:15:35,640 Speaker 1: throughout the leadership campaign and indeed in the first few 269 00:15:35,840 --> 00:15:39,720 Speaker 1: weeks of office for his Trust. It leads you know, 270 00:15:40,280 --> 00:15:43,960 Speaker 1: there's no justification in theory for her to remain in power. UM. 271 00:15:44,120 --> 00:15:46,920 Speaker 1: But other stability in a sense that no one wants 272 00:15:47,120 --> 00:15:50,160 Speaker 1: a leadership election and yes another prime minister aft of 273 00:15:50,240 --> 00:15:55,160 Speaker 1: four uh finance ministerism in the middle last four months, UM. 274 00:15:55,200 --> 00:15:57,280 Speaker 1: But you know, some of this makes quite a bit 275 00:15:57,320 --> 00:16:00,600 Speaker 1: of sense. A lot of criticism had come of the 276 00:16:00,720 --> 00:16:04,880 Speaker 1: various sources of the UK's energy price capping pan was 277 00:16:04,920 --> 00:16:09,960 Speaker 1: too comprehensive and not targeted sufficiently towards the most needy, 278 00:16:10,320 --> 00:16:14,440 Speaker 1: and the sense it was a blanket um program. Well 279 00:16:14,440 --> 00:16:17,040 Speaker 1: that that that will carry on for this winter m 280 00:16:17,160 --> 00:16:19,840 Speaker 1: baron mind, gas prices have dropped quite sharply, so sell 281 00:16:19,920 --> 00:16:22,160 Speaker 1: the numbers that have been thrown around rather wildly from 282 00:16:22,200 --> 00:16:25,640 Speaker 1: some think tanks and for a certain media sources have 283 00:16:25,800 --> 00:16:29,200 Speaker 1: proved to be perhaps too apocalyptic. But nonetheless, um, clearly 284 00:16:29,240 --> 00:16:33,680 Speaker 1: the government couldn't couldn't really justify putting as such a 285 00:16:33,800 --> 00:16:36,240 Speaker 1: huge blanket over all all energy costs, and it wasn't 286 00:16:36,240 --> 00:16:38,680 Speaker 1: necessarily very good, uh, you know a sense of the 287 00:16:39,000 --> 00:16:42,800 Speaker 1: planets either we need to encourage people to reduce the 288 00:16:42,920 --> 00:16:45,560 Speaker 1: consumption of energy as well than just the cost of it. 289 00:16:45,680 --> 00:16:49,240 Speaker 1: So that makes some sense that that that's basically about 290 00:16:49,360 --> 00:16:51,840 Speaker 1: half way, I would say, in and getting to the 291 00:16:51,920 --> 00:16:55,360 Speaker 1: level where we think, um, the Office for Budget Responsibility 292 00:16:55,400 --> 00:16:57,560 Speaker 1: wants to see the burther balance of the books, maybe 293 00:16:57,600 --> 00:17:01,200 Speaker 1: a little bit over halfway include the corporate tax hikes 294 00:17:01,240 --> 00:17:05,120 Speaker 1: in backup and some of the stuff like filling around 295 00:17:05,200 --> 00:17:07,920 Speaker 1: one pencil income tax was never going to get anyone anywhere, 296 00:17:08,119 --> 00:17:10,520 Speaker 1: So I think they just accepted reality. But you know, 297 00:17:10,560 --> 00:17:13,320 Speaker 1: as far as the UK is concerned, this is you know, 298 00:17:13,480 --> 00:17:15,919 Speaker 1: we're back to where we were on the Ritchie sanak 299 00:17:16,160 --> 00:17:21,240 Speaker 1: Um perhaps for the sunly more comprehensive and fundable budget 300 00:17:22,000 --> 00:17:26,440 Speaker 1: halfway there is that enough to give confidence to investors 301 00:17:26,560 --> 00:17:30,919 Speaker 1: in the UK. No, because the political situation is clearly 302 00:17:31,040 --> 00:17:34,640 Speaker 1: very few brile animal remains so um until either there's 303 00:17:34,640 --> 00:17:37,600 Speaker 1: an election or indeed as trust goes. But I mean 304 00:17:37,840 --> 00:17:40,879 Speaker 1: at the point here is this that at least the 305 00:17:40,920 --> 00:17:43,879 Speaker 1: new Chancellor as as as has laid out is you 306 00:17:43,920 --> 00:17:48,440 Speaker 1: know plans quite clearly, very quickly. He's brought things forward 307 00:17:49,040 --> 00:17:51,560 Speaker 1: um and full respect will be given to the Office 308 00:17:51,600 --> 00:17:54,680 Speaker 1: for Budget Responsibility. But you know, there is one notable 309 00:17:54,680 --> 00:17:56,440 Speaker 1: thing about this. You know that there is going to 310 00:17:56,480 --> 00:17:59,160 Speaker 1: be a recession in the UK. There's a risk prim 311 00:17:59,320 --> 00:18:01,840 Speaker 1: in on top of got of UK government borrowing which 312 00:18:01,840 --> 00:18:04,800 Speaker 1: has got to be eradicated. Inflation has got to be controlled. 313 00:18:04,800 --> 00:18:08,880 Speaker 1: Those two things can only mean that the economy will 314 00:18:08,880 --> 00:18:11,280 Speaker 1: go into recession to to to solve both those those 315 00:18:11,320 --> 00:18:13,760 Speaker 1: important things. Getting rid of that risk premium next across 316 00:18:13,800 --> 00:18:16,760 Speaker 1: the borrowing and getting group on inflation will mean that 317 00:18:16,800 --> 00:18:19,560 Speaker 1: the economy will turn down, and that's because there will 318 00:18:19,560 --> 00:18:23,360 Speaker 1: be less government spending, a liver less tax cuts, and 319 00:18:23,640 --> 00:18:26,560 Speaker 1: in some senses that you know that that will hopefully 320 00:18:26,600 --> 00:18:30,240 Speaker 1: could bring guilt yours back under control. Maybe an enable 321 00:18:30,600 --> 00:18:33,120 Speaker 1: inflation has turned down quick and faster, which could mean 322 00:18:33,160 --> 00:18:35,880 Speaker 1: that the interest rates will not have to ride quite 323 00:18:35,880 --> 00:18:37,960 Speaker 1: as high as they might want I might have to do. 324 00:18:38,040 --> 00:18:40,240 Speaker 1: But they are still gonna be rising on November three, 325 00:18:40,480 --> 00:18:43,720 Speaker 1: probably by seventy five basis points, possibly are under basis points. 326 00:18:43,760 --> 00:18:46,000 Speaker 1: That's the day after the Fed moves by a similar amount. 327 00:18:46,440 --> 00:18:48,280 Speaker 1: So you know, there's there is more pain to come 328 00:18:48,320 --> 00:18:51,200 Speaker 1: in the UK, but at least there's some some light 329 00:18:51,680 --> 00:18:54,439 Speaker 1: possibly at the other tunnel. Only thirty seconds left here 330 00:18:54,440 --> 00:18:57,040 Speaker 1: in Marcus. How much pain is ahead for Liz trust 331 00:18:58,400 --> 00:19:01,879 Speaker 1: oh maximum? I mean, you know, if she survives this, uh, 332 00:19:01,920 --> 00:19:05,520 Speaker 1: then it will be only because her party just do 333 00:19:05,600 --> 00:19:08,639 Speaker 1: not want a change right right now, and they're prepared 334 00:19:08,720 --> 00:19:11,560 Speaker 1: to see it through to the election whereby almost certainly 335 00:19:11,600 --> 00:19:13,840 Speaker 1: she will lose power anyway. It's the question whether or 336 00:19:13,840 --> 00:19:17,200 Speaker 1: not they will prepared to go through another another leadership change. 337 00:19:17,200 --> 00:19:18,800 Speaker 1: It is quick and they replace it with something like 338 00:19:18,920 --> 00:19:20,760 Speaker 1: Rishie Sanak, and it can be done very swiftly, and 339 00:19:20,840 --> 00:19:23,359 Speaker 1: I think it will slappen. Thanks Marcus, good having you 340 00:19:23,400 --> 00:19:26,240 Speaker 1: on with us as we wait those comments from Jeremy Hunt. 341 00:19:26,240 --> 00:19:29,240 Speaker 1: But again the statement has come out. Tax cuts shelved 342 00:19:29,280 --> 00:19:32,320 Speaker 1: indefinitely on the income tax side, reversing plans to slash 343 00:19:32,359 --> 00:19:35,680 Speaker 1: dividend tax rates and scrap alcohol duties, and a universal 344 00:19:35,760 --> 00:19:38,679 Speaker 1: energy support is going to expire in April, much sooner 345 00:19:38,720 --> 00:19:42,400 Speaker 1: than expecting. Uh. That is the plan from Jeremy Hunt. 346 00:19:42,400 --> 00:19:45,399 Speaker 1: He says it will raise thirty two billion pounds going 347 00:19:45,480 --> 00:19:48,320 Speaker 1: forward here and looking at the pound this morning, it's 348 00:19:48,359 --> 00:19:52,960 Speaker 1: been strengthening ahead of these expected changes from the Chancellor. 349 00:19:53,160 --> 00:19:55,440 Speaker 1: British pound now trading at one point one to nine 350 00:19:55,480 --> 00:19:59,160 Speaker 1: three against the dollar, futures moving higher more more than 351 00:19:59,200 --> 00:20:01,880 Speaker 1: one percent to across the board. In fact, you're listening 352 00:20:01,920 --> 00:20:08,680 Speaker 1: to Bloomberg daybreak Bloomberg eleven three oh Weather mostly the 353 00:20:08,680 --> 00:20:10,760 Speaker 1: cloudy today, chance for a few showers with high and 354 00:20:10,840 --> 00:20:14,040 Speaker 1: the upper sixties. It will turn mostly sunny and cooler tomorrow, 355 00:20:14,080 --> 00:20:18,280 Speaker 1: mid fifties tomorrow and Wednesday, right now fifty seven degrees 356 00:20:18,320 --> 00:20:25,560 Speaker 1: in Central Park, broadcasting live from the Bloomberg Interactive Broker 357 00:20:25,680 --> 00:20:29,080 Speaker 1: Studio in New York, Bloomberg E Living Free on to Washington, 358 00:20:29,160 --> 00:20:32,560 Speaker 1: d C, Bloomberg nine nine one to Boston, Bloomberg one 359 00:20:32,560 --> 00:20:35,720 Speaker 1: O six one does San Francisco, Bloomberg NUN sixty to 360 00:20:35,800 --> 00:20:39,000 Speaker 1: the country, Sirius XM CHO one nineteen and around the 361 00:20:39,040 --> 00:20:42,840 Speaker 1: globe the Bloomberg Business apt and Bloomberg Radio dot Com. 362 00:20:42,880 --> 00:20:51,520 Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning, 363 00:20:51,520 --> 00:20:54,440 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about 364 00:20:54,480 --> 00:20:56,880 Speaker 1: three hours away from the open of US trading. Time 365 00:20:56,920 --> 00:20:58,800 Speaker 1: for the five things that you need to notice start 366 00:20:58,800 --> 00:21:01,879 Speaker 1: your day. Brought to you by Interactive Brokers ib k R. 367 00:21:01,960 --> 00:21:04,760 Speaker 1: Event Trader offers a new way to trade futures. Use 368 00:21:04,800 --> 00:21:07,200 Speaker 1: event contract to trade your opinion on yes or no 369 00:21:07,359 --> 00:21:11,000 Speaker 1: questions in KEYCME futures markets. Learn more an event trader 370 00:21:11,080 --> 00:21:14,760 Speaker 1: dot Interactive Brokers dot com. Of First, the pound in 371 00:21:14,880 --> 00:21:18,880 Speaker 1: UK bonds are rallying. That's after new UK Chancellor Jeremy 372 00:21:18,960 --> 00:21:23,400 Speaker 1: Hunt announced plans to scrap tax cuts indefinitely. He's making 373 00:21:23,440 --> 00:21:26,280 Speaker 1: a U turn on Prime Minister list trusts economic agenda, 374 00:21:26,760 --> 00:21:29,600 Speaker 1: although the Prime Minister and I are both committed to 375 00:21:29,640 --> 00:21:34,560 Speaker 1: cutting corporation tax. On Friday, she listened to concerns about 376 00:21:34,640 --> 00:21:37,280 Speaker 1: the mini budgets and confirmed we will not proceed with 377 00:21:37,280 --> 00:21:41,480 Speaker 1: the cut corporation tax announced and Chancellor Hunt will also 378 00:21:41,560 --> 00:21:44,159 Speaker 1: speak to the House of Comments later today. We'll meantime 379 00:21:44,160 --> 00:21:46,720 Speaker 1: in Asia, Karen President Chi Jin Pink says China is 380 00:21:46,720 --> 00:21:49,760 Speaker 1: staying the course as it faces growing challenges from the US. 381 00:21:50,040 --> 00:21:52,879 Speaker 1: At the Communist Party Congress, she touted his economic and 382 00:21:53,000 --> 00:21:58,200 Speaker 1: COVID policies and address Taiwan independence. We have resolutely fort 383 00:21:58,280 --> 00:22:06,000 Speaker 1: against separtism and talent interference, demonstrating our result ability to 384 00:22:06,400 --> 00:22:14,200 Speaker 1: safeguard China's soupeignty and territorial interpret apart Taiwan independence. President 385 00:22:14,280 --> 00:22:17,080 Speaker 1: Ji Jin thinks, speaking through an interpreter, also pledged Beijing 386 00:22:17,080 --> 00:22:19,320 Speaker 1: will prevail in its tech battle with the U S 387 00:22:19,359 --> 00:22:22,760 Speaker 1: over computer chips on Well Street, Nathan, US futures are 388 00:22:22,760 --> 00:22:26,320 Speaker 1: bouncing back from Friday sell off. FED policy remains in focus. St. 389 00:22:26,359 --> 00:22:29,640 Speaker 1: Louis President U. St. Louis FED President Jim Bullard says 390 00:22:29,640 --> 00:22:31,639 Speaker 1: a seventy five basis point hike at each of the 391 00:22:31,680 --> 00:22:34,240 Speaker 1: next two meetings is possible, and that forward guide and 392 00:22:34,280 --> 00:22:37,000 Speaker 1: so will be critical for limiting volatility. We've got the 393 00:22:37,040 --> 00:22:40,200 Speaker 1: repricing dynamic going on. We are asking all of you 394 00:22:40,320 --> 00:22:43,159 Speaker 1: to um take into account the higher rates that have 395 00:22:43,280 --> 00:22:45,199 Speaker 1: to come, take into account that we're going to have 396 00:22:45,240 --> 00:22:48,320 Speaker 1: to get inflation down in the US and get that 397 00:22:48,400 --> 00:22:52,760 Speaker 1: repricing to occur in as orderly a fashion as possible. St. 398 00:22:52,800 --> 00:22:55,040 Speaker 1: Louis FED President Jim Bullard made the comments over the 399 00:22:55,040 --> 00:22:57,080 Speaker 1: weekend at the annual meeting of the I, m F 400 00:22:57,240 --> 00:22:59,240 Speaker 1: and World Bank. On the earning s front, Karen, Bank 401 00:22:59,240 --> 00:23:01,720 Speaker 1: of America reports this morning stick with us. Later today, 402 00:23:01,720 --> 00:23:04,439 Speaker 1: we'll speak with Bank of America CEO Brian moynihan at 403 00:23:04,440 --> 00:23:06,679 Speaker 1: two thirty pm Wall Street time. You can hear the 404 00:23:06,680 --> 00:23:10,360 Speaker 1: full conversation on Bloomberg Radio and TV. And an organization 405 00:23:10,400 --> 00:23:12,760 Speaker 1: I'll shake up is coming to Goldman sax Nathan The 406 00:23:12,760 --> 00:23:15,679 Speaker 1: banks I expected to combine its asset management in private 407 00:23:15,720 --> 00:23:18,600 Speaker 1: wealth business into one unit. It will also fuse its 408 00:23:18,640 --> 00:23:22,119 Speaker 1: investment banking and trading operations. That's the five things that 409 00:23:22,200 --> 00:23:24,280 Speaker 1: you need to know to start your day. Brought to 410 00:23:24,359 --> 00:23:29,080 Speaker 1: you by Interactive brokers, futures are higher. This morning, straight ahead, 411 00:23:29,119 --> 00:23:32,159 Speaker 1: your latest local headlines, plus a check of sports, and 412 00:23:32,480 --> 00:23:40,280 Speaker 1: this is Bloomberg. Thanks Karen on Wall Street. Fifty six 413 00:23:40,320 --> 00:23:42,520 Speaker 1: degrees down in Central Park. Still got that crash northbound 414 00:23:42,560 --> 00:23:45,720 Speaker 1: Connecticut Turnpike, Exit fourteen. Michael Bars here with more on 415 00:23:45,840 --> 00:23:47,560 Speaker 1: what's going on in New York and around the world. 416 00:23:47,600 --> 00:23:50,600 Speaker 1: Good morning, Michael, Good morning Nathan. More potential legal trouble 417 00:23:50,680 --> 00:23:54,760 Speaker 1: for Donald Trump. It's said the SEC and federal prosecutors 418 00:23:54,760 --> 00:23:59,239 Speaker 1: in New York are investigating whistleblower claims. Federal regulators are 419 00:23:59,280 --> 00:24:02,200 Speaker 1: pouring over a complained by a former executive at truth 420 00:24:02,320 --> 00:24:07,320 Speaker 1: Social's parent company, alleging Trump Media and Technology group violated 421 00:24:07,400 --> 00:24:11,000 Speaker 1: securities laws. Truth Social was meant to be a post 422 00:24:11,080 --> 00:24:14,840 Speaker 1: presidency business opportunity in a way for the former president 423 00:24:14,880 --> 00:24:17,320 Speaker 1: to get back on social media. The head of the 424 00:24:17,440 --> 00:24:21,360 Speaker 1: Ukrainian President's office says Kiva was struck by Russia with 425 00:24:21,560 --> 00:24:29,280 Speaker 1: Iranian dronesor vitality Clitico condemns today's strikes. It's here in 426 00:24:29,680 --> 00:24:35,879 Speaker 1: historical center leave. In the last few weeks, Russia has 427 00:24:35,920 --> 00:24:41,560 Speaker 1: been attacking critical civilian infrastructure, power supplies and electricity transmission lines. 428 00:24:41,880 --> 00:24:47,200 Speaker 1: Ambassador of Ukraine to the U, s Axana Markarova, two days, 429 00:24:47,880 --> 00:24:52,240 Speaker 1: no limits and no moral restrictions from from Russian aggressor. 430 00:24:52,440 --> 00:24:54,920 Speaker 1: So we should be prepared for every since. And it's 431 00:24:54,960 --> 00:24:58,280 Speaker 1: actually irrelevant at this point what he says, because this 432 00:24:58,720 --> 00:25:03,399 Speaker 1: partial mobilization has been a big failure. Ambassador Marcar Rovis 433 00:25:03,400 --> 00:25:05,679 Speaker 1: spoke on CBS has faced the nation, which can be 434 00:25:05,720 --> 00:25:09,200 Speaker 1: here at Sundays on Bloomberg. It is debate night in Georgia. 435 00:25:09,359 --> 00:25:13,399 Speaker 1: In the gubernatorial race. Incumbent Republican Brian Kemp will debate 436 00:25:13,480 --> 00:25:17,920 Speaker 1: Democratic challenger Stacy Abrams and libertarian Shane Hazel. A new 437 00:25:17,960 --> 00:25:21,960 Speaker 1: poll show voters on both sides think the future of 438 00:25:22,000 --> 00:25:24,360 Speaker 1: the country is at stake when they vote in November's 439 00:25:24,359 --> 00:25:27,200 Speaker 1: mid term elections. That's according to a new poll from 440 00:25:27,200 --> 00:25:30,920 Speaker 1: the Associated Press and rc Center for Public Affairs Research. 441 00:25:31,280 --> 00:25:34,000 Speaker 1: As we head into Thanksgiving and winter, health officials are 442 00:25:34,040 --> 00:25:37,439 Speaker 1: warning of another COVID surge. Dr John Brownstein, Well, we 443 00:25:37,520 --> 00:25:41,920 Speaker 1: know is this virus continues to evolve and develops mutations 444 00:25:42,000 --> 00:25:46,080 Speaker 1: that are selected for because they can get around immunity 445 00:25:46,080 --> 00:25:50,000 Speaker 1: immunity either through infection or immunity through the vaccines. We 446 00:25:50,119 --> 00:25:53,080 Speaker 1: just don't know the extent at which these sub variants 447 00:25:53,119 --> 00:25:55,760 Speaker 1: will be able to get around. Dr Brownstein spoke to 448 00:25:55,800 --> 00:25:59,440 Speaker 1: ABC good news for the hearing impaired. Starting today over 449 00:25:59,480 --> 00:26:02,919 Speaker 1: the county, hearing aids are being made available on story shelves, 450 00:26:02,920 --> 00:26:05,720 Speaker 1: so the first time ever. Health officials say they will 451 00:26:05,760 --> 00:26:09,200 Speaker 1: help eighty percent of Americans who have avoided getting help 452 00:26:09,240 --> 00:26:12,200 Speaker 1: for their condition. Global News twenty four hours a day 453 00:26:12,280 --> 00:26:15,120 Speaker 1: on air and on Bloomberg Quick Take, powered by more 454 00:26:15,480 --> 00:26:18,040 Speaker 1: than twenty seven hundred journalists and analysts more than a 455 00:26:18,080 --> 00:26:21,840 Speaker 1: hundred twenty countries. Michael Barr, This is Bloomberg, Nathan, Thanks Michael. 456 00:26:26,040 --> 00:26:28,359 Speaker 1: Almost six thirty six on Wall Street. John stash Are 457 00:26:28,400 --> 00:26:30,919 Speaker 1: has a Bloomberg Sports updated all Right, Navan. Yankees and 458 00:26:30,960 --> 00:26:33,800 Speaker 1: Guardians play Game five tonight at the Stadium. Winner goes 459 00:26:33,800 --> 00:26:36,960 Speaker 1: to Houston, loser goes home. Jamison Tyon will start for 460 00:26:36,960 --> 00:26:38,720 Speaker 1: the Yanks. He lost Game two of this series and 461 00:26:38,760 --> 00:26:41,199 Speaker 1: relieve it as a starter. Tyone lad the Yanks and 462 00:26:41,240 --> 00:26:43,679 Speaker 1: wins this season. They may use Nestra Cortis and relief, 463 00:26:43,680 --> 00:26:45,359 Speaker 1: and the Guardians are going with a pretty much bulp 464 00:26:45,440 --> 00:26:47,800 Speaker 1: end game. Yanks stay alive with the four to win 465 00:26:47,840 --> 00:26:50,280 Speaker 1: in Game four in Cleveland, Garrett Cole went seventians and 466 00:26:50,320 --> 00:26:53,320 Speaker 1: Harrison Bader hit his third home run in four games two. 467 00:26:53,359 --> 00:26:55,560 Speaker 1: Runch dot in Vader then looked to head to tonight 468 00:26:55,840 --> 00:26:58,240 Speaker 1: visit game lead play. He feel his own driver received 469 00:26:59,760 --> 00:27:02,000 Speaker 1: and that's how he remained dangerous. UM. I don't think 470 00:27:02,000 --> 00:27:07,400 Speaker 1: we wanted any other way to return back to the Bronx. Um. 471 00:27:07,400 --> 00:27:09,720 Speaker 1: So yeah, I mean, we're just excited about the energy 472 00:27:09,720 --> 00:27:12,720 Speaker 1: that we got moving forward and sen tomaws a new day. 473 00:27:12,760 --> 00:27:14,240 Speaker 1: We're just gonna go out there and play our player 474 00:27:14,280 --> 00:27:16,760 Speaker 1: best baseball tellers too. Boone shook up his line up 475 00:27:16,760 --> 00:27:18,960 Speaker 1: a bit last night, player as Waldo Cabrera at shortstop, 476 00:27:19,000 --> 00:27:21,800 Speaker 1: who said they'll do that again tonight. The Giants four 477 00:27:21,840 --> 00:27:24,640 Speaker 1: and thirteen last year five and won this season third 478 00:27:24,640 --> 00:27:26,800 Speaker 1: time where they've come back from a double digit deficits. 479 00:27:26,800 --> 00:27:29,880 Speaker 1: They chilled Baltimore by ten with just over six minutes left. 480 00:27:30,160 --> 00:27:33,040 Speaker 1: Rallied away twenty four to twenty. Daniel Jones to TV 481 00:27:33,160 --> 00:27:35,439 Speaker 1: passes sae Kwana Barkley score the game winners. Set up 482 00:27:35,440 --> 00:27:38,440 Speaker 1: by the Giants first interception of the season, they sealed 483 00:27:38,440 --> 00:27:41,280 Speaker 1: the win forcing a Lamar Jackson fumble of the next 484 00:27:41,320 --> 00:27:43,960 Speaker 1: four games for the Giants very winnable. The Jets are 485 00:27:44,040 --> 00:27:45,720 Speaker 1: four and two. They've also won three in a row 486 00:27:45,920 --> 00:27:48,560 Speaker 1: about twenty seven to ten upset win at Green Bay. 487 00:27:48,600 --> 00:27:51,119 Speaker 1: So the Packers last two weeks with losses to the 488 00:27:51,119 --> 00:27:52,680 Speaker 1: two New York teams of the Jets are three and 489 00:27:52,720 --> 00:27:55,120 Speaker 1: all on the road. They then AFC game won by 490 00:27:55,119 --> 00:27:57,760 Speaker 1: Buffalo scoring with the minute left to events last year's 491 00:27:57,800 --> 00:28:00,560 Speaker 1: playoff loss at Kansas City. The NFC You Show Down 492 00:28:00,640 --> 00:28:04,600 Speaker 1: last night won by Skill on Beat in Philadelphia. Set 493 00:28:04,640 --> 00:28:08,399 Speaker 1: down John dashin Bloomberg Sports. All right, John, thank you. 494 00:28:08,440 --> 00:28:10,359 Speaker 1: It is six thirty seven on Wall Street. Time to 495 00:28:10,359 --> 00:28:12,480 Speaker 1: take a look at stocks, some of the names moving 496 00:28:12,520 --> 00:28:15,560 Speaker 1: in the pre market. Bloomberg Radio and TV Markets correspondent 497 00:28:15,600 --> 00:28:18,480 Speaker 1: Cree Gupta is back with us this morning. And of course, 498 00:28:18,600 --> 00:28:21,240 Speaker 1: right now the focus is on the big U turn 499 00:28:21,400 --> 00:28:25,000 Speaker 1: in the UK, but in China, President Shi Jinping is 500 00:28:25,040 --> 00:28:28,680 Speaker 1: staying the course. Creedy right. The Party Congress, I believe 501 00:28:28,680 --> 00:28:32,840 Speaker 1: their twentieth Annual Party kron at President g reiterating economic 502 00:28:32,880 --> 00:28:35,800 Speaker 1: development is the party's top priority in his speech. This 503 00:28:35,880 --> 00:28:38,200 Speaker 1: is so important because this is actually going to forge 504 00:28:38,200 --> 00:28:40,920 Speaker 1: the way for him to potentially be or for his 505 00:28:41,160 --> 00:28:45,000 Speaker 1: third term and unprecedented, um kind of thing to do 506 00:28:45,120 --> 00:28:48,400 Speaker 1: in China at the moment. What that's doing two stocks 507 00:28:48,800 --> 00:28:51,440 Speaker 1: broadly in China and those ad rs that are reflected 508 00:28:51,440 --> 00:28:54,160 Speaker 1: here is they're boosting them, David, or excuse me, at 509 00:28:54,240 --> 00:28:57,520 Speaker 1: Nathan ex season, it's China, David Weston, Nathan Ali Baba 510 00:28:57,600 --> 00:28:59,000 Speaker 1: is going to be a proxy here, b A b 511 00:28:59,120 --> 00:29:01,800 Speaker 1: as your taker up of two percent, Pin Duo Duo, 512 00:29:01,880 --> 00:29:04,479 Speaker 1: another online company up about two point eight percent at 513 00:29:04,480 --> 00:29:07,000 Speaker 1: the tickers p d D and of course j D 514 00:29:07,160 --> 00:29:10,000 Speaker 1: dot Com j DS your ticker up three point seven percent. 515 00:29:10,040 --> 00:29:11,840 Speaker 1: This is so important because this is coming at a 516 00:29:11,880 --> 00:29:14,360 Speaker 1: time when you have in the United States a lot 517 00:29:14,400 --> 00:29:17,880 Speaker 1: of manufacturing being encouraged to bring brought back online. Nathan, 518 00:29:17,920 --> 00:29:20,600 Speaker 1: we've talked so much about the chip sector. UM, China 519 00:29:20,680 --> 00:29:22,680 Speaker 1: doing the same thing, trying to kind of create a 520 00:29:22,680 --> 00:29:24,640 Speaker 1: cushion for some of the slowdown that they're seeing in 521 00:29:24,680 --> 00:29:27,440 Speaker 1: their property sector as well as their manufacturing sector, not 522 00:29:27,520 --> 00:29:29,640 Speaker 1: to mention their exports sector. So right now it kind 523 00:29:29,640 --> 00:29:33,400 Speaker 1: of seems like this morning, if you are bullish on presidency, 524 00:29:33,480 --> 00:29:35,640 Speaker 1: you are bullish on some of these names. Yeah, we've 525 00:29:35,640 --> 00:29:38,800 Speaker 1: been talking, of course about the possibility of another restructure 526 00:29:38,840 --> 00:29:42,959 Speaker 1: at Goldman Sachs. But there's also potential restructuring happening in 527 00:29:43,080 --> 00:29:46,200 Speaker 1: big media. There absolutely is. Uh you know, it's interesting. 528 00:29:46,520 --> 00:29:49,400 Speaker 1: Fox Core and news Core sent on Friday they were 529 00:29:49,440 --> 00:29:52,400 Speaker 1: exploring options to recombine. Of course, we know that they 530 00:29:52,440 --> 00:29:55,160 Speaker 1: were for a while all part of one company. Analyst 531 00:29:55,200 --> 00:29:58,640 Speaker 1: suggesting a deal is unlikely to solve evaluation problem in 532 00:29:58,720 --> 00:30:01,320 Speaker 1: terms of liquidity, especially right now when there are a 533 00:30:01,320 --> 00:30:03,560 Speaker 1: lot of mergers and acquisitions happening, a lot of money 534 00:30:03,560 --> 00:30:06,120 Speaker 1: in the air. Nevertheless, those shares are moving quite a 535 00:30:06,120 --> 00:30:08,600 Speaker 1: bit in the pre market. Fox Score for example, f 536 00:30:08,760 --> 00:30:11,800 Speaker 1: o x A is your takers down two point seven 537 00:30:11,800 --> 00:30:14,640 Speaker 1: percent in the pre market. News Corps on the other hand, 538 00:30:14,680 --> 00:30:17,480 Speaker 1: and w S a Nathan of about four tenths of 539 00:30:17,520 --> 00:30:20,880 Speaker 1: one percent, and we've got some analysts recommendations to go 540 00:30:20,920 --> 00:30:23,000 Speaker 1: through as well. We absolutely do. We gotta talk about 541 00:30:23,000 --> 00:30:25,600 Speaker 1: PPG Industries up of only about two tens of one 542 00:30:25,600 --> 00:30:29,080 Speaker 1: percent this morning. But Key Bank Capital Markets, initiating coverage 543 00:30:29,080 --> 00:30:32,320 Speaker 1: of the stock, they called an overweight recommendation, saying there's 544 00:30:32,360 --> 00:30:34,680 Speaker 1: probably to be a sharp decline of costs in the 545 00:30:34,720 --> 00:30:37,680 Speaker 1: first half of It's only a couple of months away. 546 00:30:37,680 --> 00:30:39,200 Speaker 1: It kind of blows my mind a little bit, and 547 00:30:39,240 --> 00:30:40,920 Speaker 1: there's saying it's going to help offset some of that 548 00:30:41,000 --> 00:30:43,880 Speaker 1: cyclical volume pressure. Whether or not that continues about the 549 00:30:43,880 --> 00:30:46,720 Speaker 1: rest of the sector is a key question, but for now, 550 00:30:47,040 --> 00:30:48,960 Speaker 1: lifting the shares to the tune about two tenths of 551 00:30:49,000 --> 00:30:52,080 Speaker 1: one percent. As always, thanks for doing this Spoom for 552 00:30:52,120 --> 00:30:55,040 Speaker 1: Gradio TV Markets correspondent Creedy Group Day keeping an eye 553 00:30:55,160 --> 00:30:58,120 Speaker 1: on the individual movers in this pre market. As for 554 00:30:58,200 --> 00:31:00,240 Speaker 1: stocks as a whole, they are headed higher. Some P 555 00:31:00,400 --> 00:31:03,320 Speaker 1: futures up forty points down, futures up, tune to eighty four, 556 00:31:03,600 --> 00:31:07,040 Speaker 1: NASDAC futures higher by a hundred thirty seven points. Bank 557 00:31:07,080 --> 00:31:10,720 Speaker 1: of America up one and a quarter percent ahead of earnings. 558 00:31:11,200 --> 00:31:14,240 Speaker 1: We're gonna have those numbers for you shortly as Bloomberg 559 00:31:14,320 --> 00:31:23,040 Speaker 1: Daybreak continues. You're listening to Bloomberg Radio Bloomberg eleven three 560 00:31:23,040 --> 00:31:25,200 Speaker 1: oh weather, mostly cloudy, chance for a few showers. Hides 561 00:31:25,200 --> 00:31:29,400 Speaker 1: in the upper sixties today, mostly sunny, cooler tomorrow, mid fifties, 562 00:31:30,000 --> 00:31:32,480 Speaker 1: and we'll keep it there Wednesday as well. Fifty six 563 00:31:32,640 --> 00:31:38,640 Speaker 1: is the current temperature in Central Park. Markets. Headlines and 564 00:31:38,760 --> 00:31:42,040 Speaker 1: breaking News twenty four hours a day at Bloomberg dot com, 565 00:31:42,120 --> 00:31:45,760 Speaker 1: the Bloomberg Business Out and at Bloomberg Quicktape is a 566 00:31:45,800 --> 00:31:55,760 Speaker 1: Bloomberg Business Flash, and I'm Karen Moscow. The pound rallying, 567 00:31:55,960 --> 00:31:59,960 Speaker 1: UK bon surging as more Prime Minister Liz Trust is unfunded. 568 00:32:00,080 --> 00:32:03,600 Speaker 1: Tax cuts were reverse. Stocks are rising with investors repairing 569 00:32:03,640 --> 00:32:06,160 Speaker 1: for a number of key earning surpports this week, and 570 00:32:06,200 --> 00:32:09,320 Speaker 1: those include Bank of America those earnings crossing the Bloomberg 571 00:32:09,360 --> 00:32:13,200 Speaker 1: will have full details in just a moment. And we 572 00:32:13,280 --> 00:32:15,640 Speaker 1: checked the markets every fifteen minutes throughout the trading day 573 00:32:15,720 --> 00:32:18,880 Speaker 1: on Bloomberg with SMP futures up forty points down, futures 574 00:32:18,920 --> 00:32:21,000 Speaker 1: up two hundred eighty one and as day futures have 575 00:32:21,040 --> 00:32:24,080 Speaker 1: one hundred thirty nine. The decks in Germany up six 576 00:32:24,120 --> 00:32:27,080 Speaker 1: tenths of a percent, and your treasury up sixteen thirty seconds. 577 00:32:27,080 --> 00:32:29,320 Speaker 1: You have three point nine five percent yield on the 578 00:32:29,360 --> 00:32:32,400 Speaker 1: two year four point four or five percent. NIMEX screwed 579 00:32:32,400 --> 00:32:34,600 Speaker 1: oil is up four tens percent or thirty eight cents 580 00:32:34,600 --> 00:32:37,200 Speaker 1: at eighty five dollars ninety nine cents of barrel COMEXS 581 00:32:37,240 --> 00:32:39,200 Speaker 1: gold there's up three quarters of a percent or twelve 582 00:32:39,240 --> 00:32:41,920 Speaker 1: dollars twenty cents at sixteen sixty one ten an ounce, 583 00:32:42,320 --> 00:32:45,360 Speaker 1: the Euro point nine seven five zero against the dollar 584 00:32:45,400 --> 00:32:47,800 Speaker 1: British found now at one point one two six five 585 00:32:48,080 --> 00:32:50,440 Speaker 1: and the end one forty eight point eight five and 586 00:32:50,520 --> 00:32:53,680 Speaker 1: Bitcoin it's up to tens of a percent at nineteen thousand, 587 00:32:54,040 --> 00:32:56,880 Speaker 1: three hundred fifty dollars. That's a bloomberg business. Fish. Now 588 00:32:56,920 --> 00:32:59,200 Speaker 1: here's Michael Barr with more on what's going on around 589 00:32:59,200 --> 00:33:02,080 Speaker 1: the world. Karen, thank you very much. There are more 590 00:33:02,200 --> 00:33:06,040 Speaker 1: Russian attacks on Ukraine's capital. Officials say he was hit 591 00:33:06,120 --> 00:33:10,520 Speaker 1: this morning by a wave of kamikaze drones, damaging residential 592 00:33:10,520 --> 00:33:13,520 Speaker 1: buildings and killing at least one person in around A 593 00:33:13,600 --> 00:33:18,360 Speaker 1: deadly fire and gunfire erupted inside Tehron's notorious seven prison 594 00:33:18,680 --> 00:33:22,760 Speaker 1: over the weekend. Four people died from smoke inhalation, according 595 00:33:22,760 --> 00:33:25,840 Speaker 1: to officials, and more than sixty injured. The compound is 596 00:33:25,880 --> 00:33:30,240 Speaker 1: holding hundreds of anti government protesters arrested in Iran. In baseball, 597 00:33:30,280 --> 00:33:33,120 Speaker 1: the deciding Game five is tonight between the Yankees and 598 00:33:33,160 --> 00:33:37,240 Speaker 1: the Guardians in their a LDS. Yesterday, New York survived 599 00:33:37,360 --> 00:33:40,880 Speaker 1: beating Cleveland for two in Game four. In the NFL, 600 00:33:41,000 --> 00:33:45,040 Speaker 1: the Giants beat the Ravens, the Jets one, the Patriots won, 601 00:33:45,400 --> 00:33:48,600 Speaker 1: and the forty Niners lost. Global News twenty four hours 602 00:33:48,600 --> 00:33:51,680 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 603 00:33:51,720 --> 00:33:54,360 Speaker 1: more than twenty seven hundred journalists and analysts more than 604 00:33:54,360 --> 00:33:57,760 Speaker 1: a hundred twenty countries. Michael Barb, this is Bloomberg, Nathan. 605 00:33:57,880 --> 00:34:00,959 Speaker 1: Thanks Michael. It's sixty nine on Wall Street Live from 606 00:34:00,960 --> 00:34:04,520 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and 607 00:34:04,560 --> 00:34:07,120 Speaker 1: we are continuing to watch earnings from Bank of America 608 00:34:07,160 --> 00:34:10,120 Speaker 1: across the Bloomberg terminal. And here with us to help 609 00:34:10,200 --> 00:34:12,800 Speaker 1: us break them down is Alison Williams, Senior Analysts for 610 00:34:12,840 --> 00:34:16,680 Speaker 1: Global Investment Banks at Bloomberg Intelligence. Alison, good morning. Some 611 00:34:16,719 --> 00:34:20,000 Speaker 1: of the headlines we've seen do indicate that looks like 612 00:34:20,080 --> 00:34:22,720 Speaker 1: beats all around when it comes to trading fixed income 613 00:34:22,800 --> 00:34:27,520 Speaker 1: and net interest income. It does, and so I would 614 00:34:27,560 --> 00:34:29,600 Speaker 1: say that these are sort of in line with the 615 00:34:29,680 --> 00:34:33,600 Speaker 1: higher expectations that we had seen set last week. Net 616 00:34:33,600 --> 00:34:37,560 Speaker 1: interest income is something that I think investors were looking 617 00:34:37,680 --> 00:34:41,399 Speaker 1: for some upside, and the numbers look very strong from 618 00:34:41,400 --> 00:34:43,759 Speaker 1: Bank of America. So what else are you looking at 619 00:34:43,760 --> 00:34:46,680 Speaker 1: in terms of that upside and the outlook going forward. 620 00:34:48,000 --> 00:34:50,040 Speaker 1: So we'll probably here a little bit more on the 621 00:34:50,080 --> 00:34:54,279 Speaker 1: outlook on the on the earnings call UM. But you know, 622 00:34:54,320 --> 00:34:56,680 Speaker 1: the strength of the consumer is something that the bank 623 00:34:56,719 --> 00:35:01,120 Speaker 1: has highlighted. The provision, which gives us an insight into 624 00:35:01,160 --> 00:35:04,200 Speaker 1: how the bank is looking at credit costs for next 625 00:35:04,280 --> 00:35:09,440 Speaker 1: year came in only slightly higher than expected. UM. They 626 00:35:09,480 --> 00:35:12,400 Speaker 1: did have some reserve bill, but that was very moderate, 627 00:35:12,560 --> 00:35:15,240 Speaker 1: and again that would be consistent with comments from Brian 628 00:35:15,239 --> 00:35:20,239 Speaker 1: moynihan that he expects that UM or he referenced his 629 00:35:20,360 --> 00:35:26,680 Speaker 1: research groups um UH expectation that the recession, if it comes, 630 00:35:26,680 --> 00:35:30,000 Speaker 1: will be shallow. Yeah, we got a quote from the CEO, 631 00:35:30,080 --> 00:35:34,600 Speaker 1: Brian moynihan saying strong organic client growth across businesses helped 632 00:35:34,600 --> 00:35:37,239 Speaker 1: to drive revenue up by eight percent. Is that in 633 00:35:37,320 --> 00:35:40,439 Speaker 1: line with expectations? A little above or below? What's what's 634 00:35:40,480 --> 00:35:43,600 Speaker 1: the read? It looks like it's better. I mean, as 635 00:35:43,600 --> 00:35:45,760 Speaker 1: I said that the net interest income I think is 636 00:35:45,760 --> 00:35:48,960 Speaker 1: is really UM where we're seeing the strength. I haven't 637 00:35:48,960 --> 00:35:52,960 Speaker 1: seen that the loan growth numbers yet UM, but certainly 638 00:35:53,000 --> 00:35:56,879 Speaker 1: that the overall numbers signaled that this is healthy UM. 639 00:35:57,000 --> 00:35:59,560 Speaker 1: Fixed income trading is another area that we're watching for 640 00:35:59,600 --> 00:36:03,200 Speaker 1: the banks this quarter that came in above estimates. UM 641 00:36:03,239 --> 00:36:07,239 Speaker 1: equity trading weaker, which is something uh again sort of 642 00:36:07,280 --> 00:36:10,600 Speaker 1: in line with expectations. And they talked about a lot 643 00:36:10,640 --> 00:36:13,200 Speaker 1: of weakness in Asia, which is something that we're hearing 644 00:36:13,640 --> 00:36:16,720 Speaker 1: across the US. Bangs. Yeah, we're watching the shares climb 645 00:36:17,040 --> 00:36:19,279 Speaker 1: on the earnings up two point seven percent in the 646 00:36:19,280 --> 00:36:21,560 Speaker 1: pre market. We're gonna be hearing a lot more this 647 00:36:21,640 --> 00:36:24,640 Speaker 1: afternoon from Bank of America's CEO Brian moynahan. He's gonna 648 00:36:24,640 --> 00:36:27,640 Speaker 1: be joining Bloomberg Radio and Television two thirty pm Wall 649 00:36:27,680 --> 00:36:29,840 Speaker 1: Street time, so you'll definitely want to check back in 650 00:36:29,920 --> 00:36:33,440 Speaker 1: for that conversation. Alison Williams of Bloomberg Intelligence, thanks for 651 00:36:33,480 --> 00:36:36,200 Speaker 1: being here to help us break down some of these earnings. 652 00:36:36,200 --> 00:36:39,880 Speaker 1: As the headlines continued across the terminal, Karen, all right, Nathan, 653 00:36:40,080 --> 00:36:42,080 Speaker 1: it is six fifty one on Wall Street and we 654 00:36:42,120 --> 00:36:44,360 Speaker 1: turned to news and science and technology now with the 655 00:36:44,400 --> 00:36:47,200 Speaker 1: Bloomberg and j i T Stem Report. It has brought 656 00:36:47,239 --> 00:36:50,440 Speaker 1: to you by New Jersey Institute of Technology and j 657 00:36:50,560 --> 00:36:54,720 Speaker 1: I T makes transferring easy leverage your associate's degree into 658 00:36:54,800 --> 00:36:58,840 Speaker 1: a STEM focused bachelor's Learn more at n J I, T, DOT, E, 659 00:36:58,960 --> 00:37:03,520 Speaker 1: d U, slash transfer now Here's Le's making news and science, technology, engineering, 660 00:37:03,600 --> 00:37:07,640 Speaker 1: and math. The iPhone manufacturing manufacturing hub of Jung Joe 661 00:37:08,040 --> 00:37:10,840 Speaker 1: locked down one of its most populated districts to tame 662 00:37:10,920 --> 00:37:14,359 Speaker 1: a virus flare up. Almost one million residents of Jung 663 00:37:14,440 --> 00:37:17,680 Speaker 1: Juan district were ordered to stay at home starting today 664 00:37:17,719 --> 00:37:20,680 Speaker 1: except for when they need to undergo COVID testing, and 665 00:37:20,719 --> 00:37:24,880 Speaker 1: non essential businesses have been shot. iPhone maker Fox Contechnology 666 00:37:24,880 --> 00:37:27,600 Speaker 1: Groups plants are not located in the district that's been 667 00:37:27,640 --> 00:37:31,600 Speaker 1: locked down. Mercedes bands is broadening its battery powered line 668 00:37:31,680 --> 00:37:33,840 Speaker 1: up with a sport utility vehicle that will take on 669 00:37:33,880 --> 00:37:37,319 Speaker 1: Tesla's Model Y and another step toward the automaker's goal 670 00:37:37,600 --> 00:37:40,000 Speaker 1: to go all electric by the end of the decade. 671 00:37:40,239 --> 00:37:44,160 Speaker 1: It's the fourth model to use mercedes dedicated e V platform, 672 00:37:44,200 --> 00:37:47,480 Speaker 1: and French scientists say ancient Mars may have had an 673 00:37:47,600 --> 00:37:53,680 Speaker 1: environmental capability of harboring and underground world teeming with microscopic organisms. 674 00:37:53,719 --> 00:37:58,760 Speaker 1: The researchers concluded, but if they existed, these simplified life 675 00:37:58,760 --> 00:38:02,680 Speaker 1: forms would have all through the atmosphere so profoundly that 676 00:38:02,719 --> 00:38:05,919 Speaker 1: they triggered a Martian ice age and snuff themselves out. 677 00:38:06,360 --> 00:38:08,920 Speaker 1: The study can be found in the journal Nature Astronomy. 678 00:38:09,000 --> 00:38:11,560 Speaker 1: That's the Bloomberg n j I T Stem Report. Nathan, 679 00:38:11,640 --> 00:38:14,160 Speaker 1: all right, Karen, thanks six fifty three on Wall Street. Now, 680 00:38:14,200 --> 00:38:16,080 Speaker 1: time to check what's going on in d C, where 681 00:38:16,120 --> 00:38:18,880 Speaker 1: some of the top stories include the Biden administration defending 682 00:38:18,920 --> 00:38:21,959 Speaker 1: its economic policies even with inflation at a new high. 683 00:38:22,120 --> 00:38:25,800 Speaker 1: Transportation Secretary Pete Botagge was on CBSS Face the Nation. 684 00:38:26,120 --> 00:38:29,359 Speaker 1: He says the president's approaches strengthened the labor market. If 685 00:38:29,400 --> 00:38:32,479 Speaker 1: we hadn't rescued the economy through the American Rescue Plan, 686 00:38:32,719 --> 00:38:34,840 Speaker 1: we would not have had the ten million jobs that 687 00:38:34,880 --> 00:38:37,319 Speaker 1: were created under this president. We wouldn't be seeing some 688 00:38:37,400 --> 00:38:40,680 Speaker 1: of the lowest unemployment numbers in the history of the Republic. 689 00:38:40,800 --> 00:38:44,560 Speaker 1: And Council of Economic Advisors Chair Cecilia Rouse told CNN 690 00:38:44,640 --> 00:38:48,160 Speaker 1: the fed's higher interest rates are starting to beat back inflation, 691 00:38:48,400 --> 00:38:51,720 Speaker 1: but on NBC's Meet the Press, Progressive Senator Bernie Sanders 692 00:38:51,760 --> 00:38:55,040 Speaker 1: said the FED is hurting the economy. It is wrong 693 00:38:55,200 --> 00:38:56,799 Speaker 1: to be saying that the way we're going to deal 694 00:38:56,840 --> 00:39:02,040 Speaker 1: with inflation is by lowering wagers an increasing unemployment. Thought, 695 00:39:02,040 --> 00:39:04,240 Speaker 1: it's not what we should be doing. Also making news, 696 00:39:04,280 --> 00:39:07,399 Speaker 1: the House January six Committee signaling it will enforce its 697 00:39:07,400 --> 00:39:11,279 Speaker 1: subpoena a former President Donald Trump. Republican Adam Kinzinger was 698 00:39:11,280 --> 00:39:14,279 Speaker 1: on ABC's This Week. We made a decision and in 699 00:39:14,360 --> 00:39:17,480 Speaker 1: front of the American people, not behind closed doors, to 700 00:39:17,560 --> 00:39:19,680 Speaker 1: begin the process of subpoena. And in the former president, 701 00:39:19,840 --> 00:39:22,359 Speaker 1: he's required by law to come in and he can 702 00:39:22,560 --> 00:39:25,600 Speaker 1: ramble and push back all he wants. That's the requirement 703 00:39:25,680 --> 00:39:28,840 Speaker 1: for congressional subpoena to come in this week, meet the press, 704 00:39:28,880 --> 00:39:30,680 Speaker 1: and face the nation. Can all be heard every Sunday 705 00:39:30,760 --> 00:39:33,120 Speaker 1: right here on Bloomberg Radio. For more. We are joined 706 00:39:33,120 --> 00:39:35,560 Speaker 1: by Wendy Schiller, director of the Topman Center for American 707 00:39:35,600 --> 00:39:38,799 Speaker 1: Politics and Policy at Brown University. Professor, it's great to 708 00:39:38,800 --> 00:39:40,719 Speaker 1: have you back with us this morning. So here we 709 00:39:40,760 --> 00:39:42,480 Speaker 1: are a little more than three weeks away from the 710 00:39:42,480 --> 00:39:46,560 Speaker 1: mid terms and a very difficult economic message for Democrats. 711 00:39:46,600 --> 00:39:50,040 Speaker 1: I wonder what you make of it. Well, Nathan, it's 712 00:39:50,040 --> 00:39:52,880 Speaker 1: exactly the way you should think about it, which is messaging. 713 00:39:53,480 --> 00:39:56,560 Speaker 1: The Republicans are typically more unified mar coherent, and they 714 00:39:56,880 --> 00:40:00,160 Speaker 1: on messaging, particularly for Mitchell elections, and in this case 715 00:40:00,239 --> 00:40:03,399 Speaker 1: of Democrats, because they had struggled so much to get 716 00:40:03,440 --> 00:40:06,680 Speaker 1: their program enacted. I mean it took a while. They succeeded, 717 00:40:06,920 --> 00:40:10,359 Speaker 1: but all those struggles sort of just cloud messaging opportunity. 718 00:40:10,640 --> 00:40:12,920 Speaker 1: And Democrats are a more diverse group and they're running 719 00:40:12,920 --> 00:40:16,120 Speaker 1: across the country and New Cambridge sort of really perfected 720 00:40:16,160 --> 00:40:18,840 Speaker 1: the national campaign to the publican party, you gotta be 721 00:40:18,880 --> 00:40:21,719 Speaker 1: on board one message, and they've been messaging on inflation 722 00:40:21,920 --> 00:40:24,600 Speaker 1: for nearly two years now. The rest of the economy, 723 00:40:24,640 --> 00:40:26,520 Speaker 1: I mean, compared to those who are older, you know, 724 00:40:26,719 --> 00:40:29,279 Speaker 1: these interest rates even are nothing compared to what they were, 725 00:40:29,480 --> 00:40:32,120 Speaker 1: you know, in the worst possible cases of high interest rates, 726 00:40:32,320 --> 00:40:37,839 Speaker 1: and unemployment was ten percent in February from February nine 727 00:40:37,880 --> 00:40:40,319 Speaker 1: two nine point is do you have a memory? You 728 00:40:40,360 --> 00:40:42,879 Speaker 1: realize things are not really all that bad right now. 729 00:40:43,280 --> 00:40:46,200 Speaker 1: But the Republicans have been absolutely terrific at their messaging 730 00:40:46,280 --> 00:40:48,920 Speaker 1: and the Democrats have been pretty bad. But the other 731 00:40:48,960 --> 00:40:51,560 Speaker 1: thing is all politics is local. Tip O'Neil, former Speaker 732 00:40:51,600 --> 00:40:53,879 Speaker 1: of the House from Massachusetts. It's a it's a very 733 00:40:53,960 --> 00:40:57,080 Speaker 1: important thing. The Democrats have gone an abortion national message 734 00:40:57,360 --> 00:40:59,479 Speaker 1: that's gonna play in states that aren't risk of losing 735 00:40:59,480 --> 00:41:02,960 Speaker 1: abortion rights, but in those states that have them securely 736 00:41:03,000 --> 00:41:05,120 Speaker 1: blue states, that's not going to help you. We have 737 00:41:05,160 --> 00:41:07,719 Speaker 1: that circumstances in Rhode Island, we have a race is 738 00:41:07,719 --> 00:41:10,560 Speaker 1: probably the Republican because abortion is protected and right on. 739 00:41:10,920 --> 00:41:14,000 Speaker 1: So the choices for national issues the Democrats have made 740 00:41:14,239 --> 00:41:17,279 Speaker 1: have been it could be the wrong choices, and they 741 00:41:17,320 --> 00:41:20,360 Speaker 1: haven't been successful in talting their message on the economy. 742 00:41:20,640 --> 00:41:23,000 Speaker 1: With you know, a very low unemployment rate, the last 743 00:41:23,000 --> 00:41:24,800 Speaker 1: thing they'll say is that workers. You talk to anybody, 744 00:41:24,800 --> 00:41:27,319 Speaker 1: business people, they can't find workers. They can't find people 745 00:41:27,320 --> 00:41:30,120 Speaker 1: who will work and stay. And that's the whole question mark. 746 00:41:30,160 --> 00:41:32,719 Speaker 1: If you have a full employment situation but you're still 747 00:41:32,719 --> 00:41:36,040 Speaker 1: struggling to get workers, they're gonna vote Republican in November. 748 00:41:36,480 --> 00:41:39,160 Speaker 1: Only thirty seconds left here, Wendy, where does this leave 749 00:41:39,400 --> 00:41:41,600 Speaker 1: the parties with just three weeks to go until this 750 00:41:41,719 --> 00:41:45,120 Speaker 1: mid term election. Well, Republicans are on a roll. They're 751 00:41:45,120 --> 00:41:46,680 Speaker 1: gonna do what they're gonna do. And the key thing 752 00:41:46,680 --> 00:41:49,680 Speaker 1: I've looked at is in these really detailed polls, people 753 00:41:49,680 --> 00:41:51,880 Speaker 1: between the ages of forty five and sixty five are 754 00:41:51,960 --> 00:41:54,400 Speaker 1: leaning heavily Republicans. That happens to be the bubble of 755 00:41:54,440 --> 00:41:57,600 Speaker 1: people who vote the most the most in midterm elections. 756 00:41:57,920 --> 00:42:00,440 Speaker 1: So I think that's a real warning sign the Democrats. 757 00:42:00,800 --> 00:42:03,120 Speaker 1: Hope we get more time next time. Thank you for this, Wendy, 758 00:42:03,239 --> 00:42:06,200 Speaker 1: great having one with us as always. Wendy Schiller is 759 00:42:06,239 --> 00:42:10,239 Speaker 1: director of the Topman Center for American Politics and Policy 760 00:42:10,680 --> 00:42:14,400 Speaker 1: at Brown University. Looking ahead to the market open this morning, 761 00:42:14,480 --> 00:42:16,560 Speaker 1: We've got a rally going to start off a week 762 00:42:16,600 --> 00:42:19,320 Speaker 1: that is going to be very heavily dominated by earnings. 763 00:42:19,520 --> 00:42:23,560 Speaker 1: Lots of companies reporting across different sectors. Right now, SMP 764 00:42:23,719 --> 00:42:26,839 Speaker 1: futures are up forty four points, STOW futures up three five, 765 00:42:27,120 --> 00:42:29,960 Speaker 1: NASAC futures higher by a hundred fifty five points. Tenure 766 00:42:30,000 --> 00:42:33,879 Speaker 1: Treasury is up sixteen thirty seconds, yield three point nine five. 767 00:42:34,640 --> 00:42:38,480 Speaker 1: Bank of America shares continue to rally following positive earnings. 768 00:42:38,520 --> 00:42:41,759 Speaker 1: On that score, Bank America shares up two point nine 769 00:42:41,800 --> 00:42:45,840 Speaker 1: percent in the pre market. For Karen Moscow, I'm Nathan Hagar. 770 00:42:46,120 --> 00:42:47,839 Speaker 1: This is Bloomberg