1 00:00:01,840 --> 00:00:05,240 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,360 --> 00:00:08,920 Speaker 1: at Bloomberg dot Com. For Bloomberg Business Outland at Bloomberg 3 00:00:09,000 --> 00:00:17,840 Speaker 1: Quick Take. This is a Bloomberg Business flash and I'm 4 00:00:17,920 --> 00:00:21,160 Speaker 1: KMin Moscow US Dock Index, futures and European shares are 5 00:00:21,200 --> 00:00:24,440 Speaker 1: falling as investors scale down their optimism for less hawkish 6 00:00:24,440 --> 00:00:27,960 Speaker 1: central banks and seek more evidence that inflation is moderating. 7 00:00:28,160 --> 00:00:30,520 Speaker 1: We check the markets every fifteen minutes throughout the trading 8 00:00:30,600 --> 00:00:32,960 Speaker 1: day on Bloomberg. Right now, S and P futures are 9 00:00:33,000 --> 00:00:36,159 Speaker 1: down thirty six points down, futures down two D eighty eight, 10 00:00:36,159 --> 00:00:39,239 Speaker 1: and NASDAG futures down one D thirteen. The decks in 11 00:00:39,280 --> 00:00:41,920 Speaker 1: Germany's down one per cent. The ten year treasury down 12 00:00:41,960 --> 00:00:45,440 Speaker 1: eighteen thirty seconds. You'll three point seven zero percent yield 13 00:00:45,440 --> 00:00:47,600 Speaker 1: on the two year four point one two per cent. 14 00:00:48,000 --> 00:00:50,159 Speaker 1: Nine mex screwed oil is down three tenths per cent 15 00:00:50,240 --> 00:00:52,560 Speaker 1: or twenty seven cents at eighty six dollars twenty five 16 00:00:52,560 --> 00:00:55,200 Speaker 1: cents a barrel. Comex goal down eight tenths percent or 17 00:00:55,240 --> 00:00:58,440 Speaker 1: thirteen dollars fifty cents at seventeen seventeen an ounce. The 18 00:00:58,520 --> 00:01:01,800 Speaker 1: euro point two against the dollar British bound one point 19 00:01:01,800 --> 00:01:05,920 Speaker 1: one the end one point four one, and bitcoin is 20 00:01:05,959 --> 00:01:09,480 Speaker 1: down one at a quarter percent, at twenty thousand dollars. 21 00:01:09,480 --> 00:01:12,039 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr 22 00:01:12,080 --> 00:01:15,160 Speaker 1: with Moore and what's going on around the world. My God, Karen, 23 00:01:15,200 --> 00:01:17,600 Speaker 1: thank you very much. President Joe Biden is traveling to 24 00:01:17,800 --> 00:01:21,559 Speaker 1: Florida today. Biden will pledge that federal, state, and local 25 00:01:21,600 --> 00:01:25,600 Speaker 1: governments will work as one to help rebuild homes, businesses, 26 00:01:25,640 --> 00:01:29,919 Speaker 1: and lives destroyed by Hurricane Ian. Former President Donald Trump 27 00:01:29,959 --> 00:01:32,080 Speaker 1: wants the U. S. Supreme Court to look into government 28 00:01:32,120 --> 00:01:35,920 Speaker 1: papers seized at his Zamara Lago home. Trump is asking 29 00:01:35,920 --> 00:01:38,960 Speaker 1: the justices to let a quarter pointed special Master we 30 00:01:39,120 --> 00:01:43,400 Speaker 1: view one hundred documents with classified markings. In baseball, Yankee 31 00:01:43,440 --> 00:01:46,400 Speaker 1: slugger Aaron Judge at his sixty second home run of 32 00:01:46,440 --> 00:01:49,600 Speaker 1: the season to break Roger marries a l record. It 33 00:01:49,760 --> 00:01:52,200 Speaker 1: happened in Game one as the Yankees split a double 34 00:01:52,280 --> 00:01:55,760 Speaker 1: header for the Rangers. The Mets swept a doubleheader against 35 00:01:55,760 --> 00:01:58,400 Speaker 1: the Nationals, but the Brave still clinch the NL East 36 00:01:58,560 --> 00:02:00,920 Speaker 1: with the win over the Marlins. The Red Sox and 37 00:02:01,120 --> 00:02:04,720 Speaker 1: A's one. The Giants lost global news twenty four hours 38 00:02:04,760 --> 00:02:07,880 Speaker 1: a day on air and on Bloomberg Quickdake, powered by 39 00:02:07,920 --> 00:02:10,600 Speaker 1: more than twenty seven hundred journalists and anialists more than 40 00:02:10,600 --> 00:02:15,480 Speaker 1: a hundred twenty countries. Michael var and this is Bloomberg. Nathan. Alright, Michael, 41 00:02:15,520 --> 00:02:18,040 Speaker 1: thank you. It's five forty nine on Wall Street Live 42 00:02:18,080 --> 00:02:21,960 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. 43 00:02:22,040 --> 00:02:24,200 Speaker 1: Let's take a closer look at this market now. For that, 44 00:02:24,240 --> 00:02:27,600 Speaker 1: we're joined by Anika Gupta, Director of macroeconomic Research at 45 00:02:27,639 --> 00:02:30,079 Speaker 1: Wisdom Street. Anica, it's great to speak with you this 46 00:02:30,120 --> 00:02:33,600 Speaker 1: morning as we watch futures fall after two straight days 47 00:02:33,639 --> 00:02:36,320 Speaker 1: of gains to start off the fourth quarter. Is this 48 00:02:36,440 --> 00:02:39,799 Speaker 1: a change in sentiment or be back to the kind 49 00:02:39,800 --> 00:02:46,400 Speaker 1: of gloomy feeling we've had before the rally? Very good morning, Nathan, Yes, 50 00:02:46,440 --> 00:02:51,160 Speaker 1: I think um. You know we've we've opened October and uh, 51 00:02:51,360 --> 00:02:54,640 Speaker 1: you know the third quarter with a with larger hopes 52 00:02:54,639 --> 00:02:56,760 Speaker 1: of a FED pivot um and you know we had 53 00:02:56,760 --> 00:03:00,959 Speaker 1: a risk on market rally lot yesterday, um largely predicated 54 00:03:01,000 --> 00:03:04,680 Speaker 1: on the fact that the Fed would turn UM. Today. However, 55 00:03:05,200 --> 00:03:07,160 Speaker 1: you know we're back to risk off because there are 56 00:03:07,160 --> 00:03:10,240 Speaker 1: a number of factors that are still weighing on sentiments. 57 00:03:10,280 --> 00:03:13,360 Speaker 1: You know, we've got the all important OPEC meeting. We've 58 00:03:13,400 --> 00:03:15,880 Speaker 1: also seen, um you know, some of the data that 59 00:03:16,040 --> 00:03:19,280 Speaker 1: is coming in, uh, showing that, you know, if it 60 00:03:19,440 --> 00:03:23,040 Speaker 1: were not likely to see the FED turn as quickly 61 00:03:23,080 --> 00:03:26,560 Speaker 1: as previously anticipated, because we still need to get the 62 00:03:26,600 --> 00:03:30,840 Speaker 1: FED jobs. The job's numbers coming in on Friday, UH 63 00:03:30,880 --> 00:03:33,960 Speaker 1: for a bit more direction and clarity on the strength 64 00:03:33,960 --> 00:03:37,000 Speaker 1: of the labor market. And UM, you know, I think 65 00:03:37,040 --> 00:03:40,520 Speaker 1: the decision by OPEC is also weighing heavily on sentiment 66 00:03:40,640 --> 00:03:44,400 Speaker 1: because uh, you know, previously, UM, you know, the anticipation 67 00:03:44,520 --> 00:03:47,880 Speaker 1: was that we would be getting uh cuts, production cuts 68 00:03:48,200 --> 00:03:51,440 Speaker 1: expected in the range of about a million barrels per day, 69 00:03:51,520 --> 00:03:54,240 Speaker 1: But now they've hid that those discussions all the way 70 00:03:54,320 --> 00:03:57,280 Speaker 1: up to about two million barrels per day, UM, and 71 00:03:57,320 --> 00:04:01,400 Speaker 1: that that would again you know, the signific by considerable 72 00:04:01,400 --> 00:04:04,000 Speaker 1: pressure on the inflation side, which would be coming from 73 00:04:04,160 --> 00:04:08,560 Speaker 1: higher energy prices. What's your call on the impact that 74 00:04:08,640 --> 00:04:13,320 Speaker 1: would have on inflation and the economic growth picture more broadly, 75 00:04:13,400 --> 00:04:16,880 Speaker 1: if we did get that kind of outsized production cut 76 00:04:16,960 --> 00:04:21,080 Speaker 1: from OPEC plus after the meeting today, well, the two 77 00:04:21,120 --> 00:04:23,520 Speaker 1: things to consider here, Nathan. You know. The first thing 78 00:04:23,640 --> 00:04:29,040 Speaker 1: is um, while that that cut, if they do go 79 00:04:29,080 --> 00:04:31,800 Speaker 1: ahead with a with a cut as large as uh, 80 00:04:31,839 --> 00:04:34,680 Speaker 1: you know, two million barrels per day, that would have 81 00:04:34,880 --> 00:04:39,080 Speaker 1: more of a psychological impact on the market, because in reality, 82 00:04:39,279 --> 00:04:43,720 Speaker 1: the the impact is a lot less than the official 83 00:04:43,760 --> 00:04:48,599 Speaker 1: headline number because several members are already pumping far below 84 00:04:48,760 --> 00:04:52,479 Speaker 1: their official quotas, which means they're automatically will be in 85 00:04:52,600 --> 00:04:57,039 Speaker 1: compliance with this new headline um you know production cut 86 00:04:57,120 --> 00:05:01,320 Speaker 1: limit that they would put into the market. So I think, um, 87 00:05:01,360 --> 00:05:05,320 Speaker 1: you know, from from a psychological perspective, it would still 88 00:05:05,360 --> 00:05:09,080 Speaker 1: be the cartail's largest reduction, um you know, since the 89 00:05:09,080 --> 00:05:11,599 Speaker 1: deep cust that we agreed at the onset of the 90 00:05:11,640 --> 00:05:14,920 Speaker 1: COVID pandemic. But the key thing to keep in mind 91 00:05:15,000 --> 00:05:17,320 Speaker 1: is this is this decision is coming on a day 92 00:05:17,760 --> 00:05:20,960 Speaker 1: when the EU has backed a new package of sanctions 93 00:05:21,040 --> 00:05:24,360 Speaker 1: against Russia, uh you know, which also includes a price 94 00:05:24,400 --> 00:05:28,600 Speaker 1: cap on oil sales to third world countries. So uh 95 00:05:28,640 --> 00:05:31,119 Speaker 1: you know, the key the key focuses it's it's also 96 00:05:31,160 --> 00:05:34,880 Speaker 1: in retaliation to this package that is coming in from EU. Uh, 97 00:05:35,040 --> 00:05:38,520 Speaker 1: it's also trying to address the significant disconnect that we 98 00:05:38,600 --> 00:05:42,960 Speaker 1: have between the physical oil markets and the synthetic oil markets, 99 00:05:42,960 --> 00:05:46,920 Speaker 1: where you know, the physical markets are resonating concerns on 100 00:05:47,240 --> 00:05:51,080 Speaker 1: a supply shortage, whereas the synthetic market is just resonating 101 00:05:51,120 --> 00:05:54,720 Speaker 1: concerns on uh, you know, demand being curbed because of 102 00:05:55,080 --> 00:05:58,400 Speaker 1: recession concerns. We only have about thirty seconds left here 103 00:05:58,400 --> 00:06:00,720 Speaker 1: and Nika, but you did mention the JAR report coming 104 00:06:00,720 --> 00:06:04,200 Speaker 1: out on Friday. We've seen strength in the labor market continuing. 105 00:06:04,240 --> 00:06:06,880 Speaker 1: Do you expect that to continue on the payrolls report 106 00:06:06,920 --> 00:06:09,520 Speaker 1: that comes out the end of the week. Well, I 107 00:06:09,560 --> 00:06:12,760 Speaker 1: think we will see some loosening um in the job's data. 108 00:06:12,839 --> 00:06:15,479 Speaker 1: We're expecting uh, you know, jobs to go at about 109 00:06:15,520 --> 00:06:19,760 Speaker 1: two d and fifty thousand, unemployment to remain under around 110 00:06:19,800 --> 00:06:23,520 Speaker 1: three point six percent, and a slight decrease in the 111 00:06:23,600 --> 00:06:29,039 Speaker 1: average wage growth to around five point So it's still 112 00:06:29,080 --> 00:06:33,400 Speaker 1: wouldn't signal that the FED is about to pivot, but 113 00:06:33,480 --> 00:06:35,840 Speaker 1: it you know, we we believe we're still on track 114 00:06:35,920 --> 00:06:38,720 Speaker 1: for seventy five basis points red hike in November and 115 00:06:38,760 --> 00:06:41,159 Speaker 1: from then on, um, you know, we'll start to see 116 00:06:41,720 --> 00:06:45,440 Speaker 1: a slower, more moderate piece of rate hikes going forward. 117 00:06:45,560 --> 00:06:48,240 Speaker 1: By the Fed. Thanks so much a great getting your 118 00:06:48,240 --> 00:06:51,920 Speaker 1: thoughts this morning. A Nica Gupta, director of macroeconomic research 119 00:06:52,080 --> 00:06:55,640 Speaker 1: at Wisdom Tree, Karen very Nathan, thank you, and it's 120 00:06:55,680 --> 00:06:57,640 Speaker 1: from thor day three on Wall Straight time for the 121 00:06:57,680 --> 00:07:00,560 Speaker 1: Bloomberg The Law Report. Let's get to the goose stories 122 00:07:00,600 --> 00:07:08,440 Speaker 1: were watching this morning from Bloomberg's Jeff Bellinger. PayPal investor 123 00:07:08,520 --> 00:07:11,840 Speaker 1: charges in a proposed class action that many new accounts 124 00:07:11,840 --> 00:07:15,640 Speaker 1: on PayPal were created by bots and not legitimate first 125 00:07:15,640 --> 00:07:19,560 Speaker 1: time customers. A federal class action law soon accuses Vanguard 126 00:07:19,600 --> 00:07:23,640 Speaker 1: Equities of sending spam text messages to consumer cell phones 127 00:07:23,840 --> 00:07:27,000 Speaker 1: without their consent. The Fifth Circuit rule that a black 128 00:07:27,040 --> 00:07:30,840 Speaker 1: teenager lacked proof that her Austin, Texas school district was 129 00:07:30,960 --> 00:07:36,000 Speaker 1: deliberately indifferent to her complaints about race discrimination. Bloomberg Law 130 00:07:36,320 --> 00:07:40,520 Speaker 1: everything you need, all on one legal research platform, including 131 00:07:40,520 --> 00:07:44,840 Speaker 1: guidance analysis and Bloomberg market Intelligence. Find out more at 132 00:07:44,840 --> 00:07:48,960 Speaker 1: Bloomberg Law dot com. All right, Jeff, thank you. Now 133 00:07:49,000 --> 00:07:51,640 Speaker 1: another legal story we're watching. In day two of the 134 00:07:51,720 --> 00:07:54,520 Speaker 1: new term, the Supreme Court heard oral arguments in a 135 00:07:54,560 --> 00:07:57,480 Speaker 1: case that could deliver another blow to the Voting Rights Act, 136 00:07:57,560 --> 00:08:00,760 Speaker 1: the nineteen law designed to protect my already voters at 137 00:08:00,760 --> 00:08:04,240 Speaker 1: the ballot box. The Court is considering whether Alabama violated 138 00:08:04,280 --> 00:08:06,720 Speaker 1: the Act by drawing its congressional map in a way 139 00:08:06,760 --> 00:08:09,840 Speaker 1: that insures the state will have just one black representative 140 00:08:09,880 --> 00:08:13,600 Speaker 1: for the next decade, even though its citizens are black. 141 00:08:13,920 --> 00:08:16,880 Speaker 1: For more Bloomberg juon Grosso speaks to elections law expert 142 00:08:17,000 --> 00:08:19,760 Speaker 1: Richard Hassen, a professor at u c l A Law School. 143 00:08:20,000 --> 00:08:23,320 Speaker 1: This was a nearly two hour argument. What was the 144 00:08:23,360 --> 00:08:27,760 Speaker 1: main focus or concern of the justices. Well, Alabama advanced 145 00:08:27,760 --> 00:08:31,240 Speaker 1: a number of different arguments. Their most radical argument would 146 00:08:31,320 --> 00:08:35,040 Speaker 1: essentially rework section to the Voting Rights Act, and there 147 00:08:35,160 --> 00:08:37,840 Speaker 1: was little appetite on the Court for issuing an opinion 148 00:08:37,880 --> 00:08:41,160 Speaker 1: that would overturn decades of precedent and have a whole 149 00:08:41,160 --> 00:08:43,320 Speaker 1: new approach to the Voting Rights Act. But there was 150 00:08:43,440 --> 00:08:46,600 Speaker 1: much more interest, at least among some of the conservative justices, 151 00:08:46,800 --> 00:08:51,040 Speaker 1: especially Justice the Leado, in tweaking the existing standards in 152 00:08:51,080 --> 00:08:53,600 Speaker 1: a way that would make it look like the Court 153 00:08:53,720 --> 00:08:57,040 Speaker 1: is continuing with its application of existing law, but actually 154 00:08:57,200 --> 00:09:00,000 Speaker 1: changes the standards enough to make it easier for states 155 00:09:00,000 --> 00:09:02,480 Speaker 1: to win and harder for minority voters to it. The 156 00:09:02,520 --> 00:09:05,840 Speaker 1: real question is whether or not the other justices would 157 00:09:05,840 --> 00:09:08,680 Speaker 1: be willing to go along with Justice Alito. Over the 158 00:09:08,800 --> 00:09:13,320 Speaker 1: last decade, the Supreme Court has already weakened the Voting 159 00:09:13,400 --> 00:09:17,320 Speaker 1: Rights Act. It gutted Section five of the Act. So 160 00:09:17,400 --> 00:09:20,160 Speaker 1: is there any chance that this case will be different 161 00:09:20,559 --> 00:09:23,760 Speaker 1: or will they just continue on the road they've been on. 162 00:09:24,520 --> 00:09:28,440 Speaker 1: So there is certainly a history of the Court being 163 00:09:28,480 --> 00:09:30,480 Speaker 1: hostile to the Voting Rights Act. There was the two 164 00:09:30,480 --> 00:09:34,280 Speaker 1: thousd thirteen case Shelby County versus Holder, that essentially killed 165 00:09:34,280 --> 00:09:36,840 Speaker 1: off a major provision of Voting Rights Act known as 166 00:09:36,880 --> 00:09:40,599 Speaker 1: Section five. There was the Burntch case that held the 167 00:09:40,760 --> 00:09:43,640 Speaker 1: Section two doesn't have a lot of teeth outside of 168 00:09:43,640 --> 00:09:47,400 Speaker 1: the resisting context. There's also some other decisions, including the 169 00:09:47,520 --> 00:09:51,000 Speaker 1: decision a few years ago written by Justice Alito called 170 00:09:51,000 --> 00:09:56,520 Speaker 1: Abbott First Paris Case out of Texas, which also weakened 171 00:09:56,679 --> 00:09:59,200 Speaker 1: the understanding the Voting Rights Act. So if that pattern 172 00:09:59,280 --> 00:10:01,840 Speaker 1: holds up, I don't think it's going to be good 173 00:10:01,840 --> 00:10:06,000 Speaker 1: news for minority voters. I think the real question is 174 00:10:06,040 --> 00:10:09,920 Speaker 1: not there's a good chance that the plaintiffs lose. We 175 00:10:09,960 --> 00:10:13,599 Speaker 1: already know from them taking the case and issuing a 176 00:10:13,679 --> 00:10:16,439 Speaker 1: stay that that's likely to happen. It's how they lose, 177 00:10:16,720 --> 00:10:19,480 Speaker 1: how bad it's going to be. And that's Richard Hassan, 178 00:10:19,559 --> 00:10:21,760 Speaker 1: a professor at u c l A Law School, speaking 179 00:10:21,800 --> 00:10:24,760 Speaker 1: with Bloomberg student Grosso. Catch more in that interview, plus 180 00:10:24,760 --> 00:10:27,640 Speaker 1: analysis of the latest legal news by subscribing to the 181 00:10:27,679 --> 00:10:30,920 Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot 182 00:10:30,920 --> 00:10:34,640 Speaker 1: com slash podcast. Attorneys can find exceptional legal research and 183 00:10:34,679 --> 00:10:37,880 Speaker 1: business development tools at Bloomberg Law dot com and on 184 00:10:38,000 --> 00:10:41,959 Speaker 1: the Bloomberg terminal at b Law. Go futurists this morning 185 00:10:42,040 --> 00:10:45,240 Speaker 1: or lower SNP futures down thirty nine points down futures 186 00:10:45,240 --> 00:10:48,439 Speaker 1: down three hundred nine and NASDAG futures down one twenty 187 00:10:48,760 --> 00:10:51,360 Speaker 1: and a ten year treasury down eighteen thirty seconds. You 188 00:10:51,400 --> 00:10:53,800 Speaker 1: have three point seven zero percent. They yield on the 189 00:10:53,840 --> 00:10:57,120 Speaker 1: two year four point one two per cent. Nine make 190 00:10:57,160 --> 00:10:59,600 Speaker 1: screwed oils down half percent or forty cents at eighty 191 00:10:59,600 --> 00:11:02,240 Speaker 1: six dollar. There's twelve cents of barrel. The euro this 192 00:11:02,280 --> 00:11:05,720 Speaker 1: morning point nine to eight against the dollar British pound 193 00:11:05,720 --> 00:11:09,880 Speaker 1: one point one zero, and our top stories are straight ahead. 194 00:11:10,120 --> 00:11:18,199 Speaker 1: As Bloomberg Day Break continues. This is Bloomberg broadcasting live 195 00:11:18,360 --> 00:11:22,319 Speaker 1: from the Bloomberg Interactive Broker's studio in New York. Bloomberg 196 00:11:22,320 --> 00:11:26,400 Speaker 1: E Living Free to Washington, d C, Bloomberg On to Boston, 197 00:11:26,520 --> 00:11:30,400 Speaker 1: Bloomberg one six one does San Francisco, Bloomberg nine sixteen 198 00:11:30,480 --> 00:11:33,720 Speaker 1: to the country, Sirius xm A one nineteen, and around 199 00:11:33,720 --> 00:11:37,600 Speaker 1: the globe the Bloomberg Business and Bloomberg Radio dot Com. 200 00:11:37,679 --> 00:11:46,640 Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street. 201 00:11:46,640 --> 00:11:49,640 Speaker 1: Good morning. I'm Nathan Hager and I'm Karen Moscow. We're 202 00:11:49,720 --> 00:11:52,400 Speaker 1: just about four hours away from the open of US trading. 203 00:11:52,480 --> 00:11:53,880 Speaker 1: Let's get you have to date on the news you 204 00:11:53,920 --> 00:11:56,080 Speaker 1: need to know at this hour. We begin with Elon 205 00:11:56,160 --> 00:11:58,720 Speaker 1: Musk reviving is a bid to buy Twitter. He'll make 206 00:11:58,760 --> 00:12:01,160 Speaker 1: the acquisition at the rich a price of fifty four 207 00:12:01,200 --> 00:12:04,480 Speaker 1: dollars and twenty cents of share. Now attention turns to 208 00:12:04,520 --> 00:12:08,640 Speaker 1: the path ahead for Musk and Twitter. Ross Gerber with Gerberg. 209 00:12:08,720 --> 00:12:12,080 Speaker 1: Kawasaki says, the world's richest man must focus on mending 210 00:12:12,120 --> 00:12:16,120 Speaker 1: his relationship with a company and its employees. It's not distrusted, 211 00:12:16,160 --> 00:12:20,040 Speaker 1: it's hate. They hate him. He's created a situation, and 212 00:12:20,080 --> 00:12:23,360 Speaker 1: I love Elon. You know I'm I'm a fan and supporter, 213 00:12:23,440 --> 00:12:25,720 Speaker 1: don't get me wrong, but I have friends at Twitter 214 00:12:26,000 --> 00:12:29,320 Speaker 1: and they hate him. Now, if I'm Twitter, I'm not 215 00:12:29,440 --> 00:12:31,959 Speaker 1: going to get rid of this lawsuit at all. I'm 216 00:12:32,000 --> 00:12:35,720 Speaker 1: going to force specific performance on Elon because there's no 217 00:12:35,800 --> 00:12:39,280 Speaker 1: trust there at all. Ross Gerber with Gerber Kawasaki says 218 00:12:39,360 --> 00:12:42,000 Speaker 1: Musk is acquiring the company with employee morale at an 219 00:12:42,000 --> 00:12:44,560 Speaker 1: all time low. Well, Twitter shares close twenty two percent 220 00:12:44,640 --> 00:12:47,960 Speaker 1: higher yesterday, They're done about half percent this morning. Tesla 221 00:12:48,120 --> 00:12:50,840 Speaker 1: shares also jumped on the news, climbing nearly three percent, 222 00:12:51,200 --> 00:12:54,440 Speaker 1: and this morning Tesla's also lower, down one percent. Now. 223 00:12:54,440 --> 00:12:56,760 Speaker 1: The US futures are lower as well this morning. Karen, 224 00:12:56,800 --> 00:12:59,840 Speaker 1: following Hawky is rhetoric from several Central Bank officials. FED 225 00:13:00,000 --> 00:13:03,160 Speaker 1: w R Philip Jefferson says reducing inflation will likely require 226 00:13:03,160 --> 00:13:06,240 Speaker 1: a period of weak growth to ease demand. Also, speaking yesterday, 227 00:13:06,240 --> 00:13:09,640 Speaker 1: San Francisco FED President Mary Daily, she stresses the importance 228 00:13:09,640 --> 00:13:12,360 Speaker 1: of price stability. Unlike it's a great time to be 229 00:13:12,440 --> 00:13:15,240 Speaker 1: a worker, the workers have all this power. I don't 230 00:13:15,240 --> 00:13:17,160 Speaker 1: see a lot of power if your real wages are 231 00:13:17,160 --> 00:13:20,840 Speaker 1: following nine and so that is sort of an example 232 00:13:20,840 --> 00:13:24,040 Speaker 1: of why inflation is a corrosive If we let it go, 233 00:13:24,160 --> 00:13:26,680 Speaker 1: it's a corrosive disease in the stay tuned for war 234 00:13:26,720 --> 00:13:29,360 Speaker 1: from San Francisco, Fed President Mary Daily this morning, we 235 00:13:29,400 --> 00:13:31,679 Speaker 1: sit down with her for an interview live on Bloomberg 236 00:13:31,760 --> 00:13:35,040 Speaker 1: Radio and television at ten fifteen Wall Street Time. Well 237 00:13:35,040 --> 00:13:38,960 Speaker 1: overnight saw stocks in Asia rally for a second straight day, Nathan, 238 00:13:39,000 --> 00:13:42,320 Speaker 1: Traders are betting that the global monetary policy tightening cycle 239 00:13:42,360 --> 00:13:45,079 Speaker 1: will soon ease. It's a different story in Europe this morning, 240 00:13:45,080 --> 00:13:48,200 Speaker 1: where stocks are following US. Futures lower and we're keeping on. 241 00:13:48,240 --> 00:13:51,000 Speaker 1: In UK politics this morning, Karen Prime Minister Liz Trust 242 00:13:51,080 --> 00:13:52,720 Speaker 1: is set to give a speech at the annual Tory 243 00:13:52,760 --> 00:13:56,199 Speaker 1: conference in Birmingham. It seemed at reviving her belieguered premiership. 244 00:13:56,559 --> 00:13:59,920 Speaker 1: I'm back here. In the US politics are also in focus, Nathan. 245 00:14:00,120 --> 00:14:02,719 Speaker 1: Former President Donald Trump is asking the Supreme Court to 246 00:14:02,800 --> 00:14:06,280 Speaker 1: let a court appointed special master review classifying documentaries from 247 00:14:06,280 --> 00:14:10,199 Speaker 1: his Maralago home to move escalates the Justice Department's investigation 248 00:14:10,320 --> 00:14:14,120 Speaker 1: into the former president, and futures this morning are lower. 249 00:14:14,160 --> 00:14:16,719 Speaker 1: As we said, f SMP futures down about twenty eight 250 00:14:16,760 --> 00:14:20,320 Speaker 1: points and down futures down two two and Asdack futures 251 00:14:20,320 --> 00:14:23,960 Speaker 1: down eighty three and as straight ahead. We have your 252 00:14:24,040 --> 00:14:28,000 Speaker 1: latest local headlines plus the check of sports. And this 253 00:14:28,320 --> 00:14:35,000 Speaker 1: is Bloomberg. Hi, Karen. Thanks, It's three on Wall Street 254 00:14:35,000 --> 00:14:37,480 Speaker 1: where fifty six degrees in Central Park, still dealing with 255 00:14:37,520 --> 00:14:40,240 Speaker 1: a bad accident Route eighty between eight and fifty seven 256 00:14:40,240 --> 00:14:42,720 Speaker 1: and fifty eight in Patterson. Michael barrs here with what 257 00:14:42,720 --> 00:14:45,040 Speaker 1: else is going on in New York and around the world. Michael, 258 00:14:45,200 --> 00:14:47,600 Speaker 1: thank you very much. Nathan. Mourners will say their final 259 00:14:47,640 --> 00:14:50,360 Speaker 1: goodbyes to an f d n Y E m S. Lieutenant. 260 00:14:50,800 --> 00:14:54,080 Speaker 1: Funeral services take place today for Alis and Russo Elling 261 00:14:54,160 --> 00:14:56,920 Speaker 1: in Brookville. She was fatally stabbed last week and an 262 00:14:56,960 --> 00:15:00,480 Speaker 1: unprovoked attack. The f d n y S has Ruce o'elling, 263 00:15:00,600 --> 00:15:04,960 Speaker 1: who was sixty one, will be posthumously promoted to captain. Today, 264 00:15:05,160 --> 00:15:07,920 Speaker 1: the New York Division of the Drug Enforcement Administration and 265 00:15:08,040 --> 00:15:11,680 Speaker 1: Local Law Enforcement announced the results of the first significant 266 00:15:11,720 --> 00:15:16,080 Speaker 1: seizure of rainbow fentanyl in Manhattan. The seizure of nearly 267 00:15:16,080 --> 00:15:19,840 Speaker 1: fifteen thousand pills happened on September when a vehicle under 268 00:15:19,840 --> 00:15:22,800 Speaker 1: surveillance by the d e A was stopped outside the 269 00:15:22,840 --> 00:15:26,400 Speaker 1: Lincoln Tunnel where they discovered the pills hidden in black 270 00:15:26,480 --> 00:15:30,720 Speaker 1: top bags and a lego container. Bridget Brennan is the 271 00:15:30,800 --> 00:15:34,480 Speaker 1: New York City Special Narcotics Prosecutor. My office and our 272 00:15:34,480 --> 00:15:38,880 Speaker 1: partners are committed to disrupting high level narcotics trafficking by 273 00:15:38,960 --> 00:15:44,400 Speaker 1: intercepting large loads of lethal drugs and drug proceeds. We 274 00:15:44,520 --> 00:15:47,800 Speaker 1: do this to protect New Yorkers and to save lives. 275 00:15:48,000 --> 00:15:51,160 Speaker 1: Prosecutor Brennan says, the person in the car, Letitia Bush 276 00:15:51,200 --> 00:15:54,560 Speaker 1: of Trenton, New Jersey, was arrested. President Biden will visit 277 00:15:54,600 --> 00:15:57,560 Speaker 1: Florida today to tour the damage caused by a hurricane Ian. 278 00:15:58,040 --> 00:16:00,240 Speaker 1: More than one hundred people were killed by the norm 279 00:16:00,360 --> 00:16:03,520 Speaker 1: in the US. President Biden gave a stark warning while 280 00:16:03,560 --> 00:16:08,240 Speaker 1: talking about the Task Force on Reproductive Healthcare Access. According 281 00:16:08,280 --> 00:16:11,760 Speaker 1: to the President, the Supreme Court decision to overturn Roe v. Wade, 282 00:16:12,080 --> 00:16:15,080 Speaker 1: it's not enough for the Republican Party, He says. If 283 00:16:15,120 --> 00:16:18,960 Speaker 1: the Republicans win Congress this year, states that retained abortion 284 00:16:19,080 --> 00:16:22,080 Speaker 1: access rights could lose that as well, and the Congress 285 00:16:22,120 --> 00:16:25,760 Speaker 1: should codify the protections of row and do it once 286 00:16:25,800 --> 00:16:29,680 Speaker 1: and for all. But right now, we have. We're sure 287 00:16:29,760 --> 00:16:32,240 Speaker 1: a handful of votes. It's the only way it's going 288 00:16:32,280 --> 00:16:35,000 Speaker 1: to happen is if the American people make it happen. 289 00:16:35,480 --> 00:16:38,760 Speaker 1: At least fifteen states have stopped nearly all abortion services 290 00:16:38,760 --> 00:16:42,400 Speaker 1: since the Supreme Court abortion ruling in June. Global News 291 00:16:42,400 --> 00:16:45,520 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 292 00:16:45,760 --> 00:16:48,440 Speaker 1: powered by more than twenty seven hundred journalists and analyst, 293 00:16:48,440 --> 00:16:50,880 Speaker 1: are more than a hundred twenty countries. I'm Michael Barren. 294 00:16:50,960 --> 00:16:59,080 Speaker 1: This is Bloomberg Naked. Thanks Michael on Wall Street time 295 00:16:59,120 --> 00:17:01,040 Speaker 1: for the Bloomberg Sports that date. He did it. John 296 00:17:01,080 --> 00:17:05,840 Speaker 1: stan Shower, indeed, Mathan Aaron. Judges pursuit of Roger Marris 297 00:17:05,920 --> 00:17:09,280 Speaker 1: finally over number sixty two hit in game number one 298 00:17:09,480 --> 00:17:12,680 Speaker 1: sixty one. It became apparent a few months ago that 299 00:17:12,760 --> 00:17:15,080 Speaker 1: it might be tough for Judge to reach Barry Bonds 300 00:17:15,080 --> 00:17:18,480 Speaker 1: in seventy three. But then Roger Marris's America League record 301 00:17:18,480 --> 00:17:20,760 Speaker 1: of sixty one was in reach. He hit his sixtieth 302 00:17:21,080 --> 00:17:23,000 Speaker 1: over two weeks ago. Took him eight games. You had 303 00:17:23,040 --> 00:17:25,399 Speaker 1: the sixty one and five more games without a homer, 304 00:17:25,800 --> 00:17:28,640 Speaker 1: including the opener the doubleheader in Texas. But Judge let 305 00:17:28,680 --> 00:17:31,320 Speaker 1: off the second game with a shot to left field 306 00:17:31,400 --> 00:17:33,720 Speaker 1: off the Rangers Hey sus ten Oko. All of his 307 00:17:33,760 --> 00:17:36,720 Speaker 1: teammates greeted him at home played, and later Judge was 308 00:17:36,760 --> 00:17:41,160 Speaker 1: asked what he'll remember about this experienced in Yankee Stadium 309 00:17:41,160 --> 00:17:43,000 Speaker 1: on their feet for every single at bat. You know, 310 00:17:43,040 --> 00:17:45,439 Speaker 1: they're booing pitchers for throwing balls, you know, which I've 311 00:17:45,480 --> 00:17:48,560 Speaker 1: never I've never seen before. And you know, I think 312 00:17:48,560 --> 00:17:49,760 Speaker 1: I got a base at the other night and I 313 00:17:49,800 --> 00:17:51,560 Speaker 1: was getting booed for a single. You know, it's just 314 00:17:52,160 --> 00:17:54,080 Speaker 1: you know, a little moments like that you look back on. 315 00:17:55,000 --> 00:17:56,760 Speaker 1: You know, would have been great to do it at 316 00:17:56,840 --> 00:17:58,879 Speaker 1: Yankee Stadium in front of our home fans, but I 317 00:17:58,880 --> 00:18:01,959 Speaker 1: know a lot of Inkee fan travel travel well, and 318 00:18:02,040 --> 00:18:03,800 Speaker 1: there's a lot of Yankee fans here tonight. Of course, 319 00:18:03,840 --> 00:18:06,119 Speaker 1: this record got so much attention because it's also the 320 00:18:06,160 --> 00:18:09,800 Speaker 1: so called clean record Bonds, Mark McGuire, Sammy Sosa's seasons 321 00:18:09,800 --> 00:18:13,400 Speaker 1: all tainted by steroid US. Yankees beat the Rangers five four, 322 00:18:13,440 --> 00:18:15,320 Speaker 1: then lost three to two. They finished the season today 323 00:18:15,320 --> 00:18:17,960 Speaker 1: going for their one win, and then in the division 324 00:18:18,040 --> 00:18:20,680 Speaker 1: series they'll play either Cleveland or Tampa Bay. The Mets 325 00:18:20,680 --> 00:18:23,720 Speaker 1: swept the double header from Washington four two and ain't nothing. 326 00:18:23,760 --> 00:18:27,240 Speaker 1: They've won a hundred games, but they'll finish second behind Atlanta, 327 00:18:27,320 --> 00:18:30,040 Speaker 1: who clined to The Mets will face San Diego in 328 00:18:30,080 --> 00:18:32,160 Speaker 1: the best of three wild Cards series at City Field 329 00:18:32,160 --> 00:18:35,480 Speaker 1: that starts on Friday. John stash were Bloomberg Sports. Nathan, 330 00:18:35,640 --> 00:18:38,159 Speaker 1: all right, John, thank you, it's thirty seven on Wall Streets. 331 00:18:38,160 --> 00:18:41,240 Speaker 1: Time for the Tri State Business Report. Here's Bloomberg Scott car. 332 00:18:41,480 --> 00:18:44,680 Speaker 1: The demand for office space continue to fall. In August, 333 00:18:45,000 --> 00:18:48,359 Speaker 1: VTS is monthly tracker of office space demand found demand 334 00:18:48,400 --> 00:18:51,080 Speaker 1: for new office space in New York felled by twenty 335 00:18:51,119 --> 00:18:54,400 Speaker 1: two point eight percent. There atalyst state, companies are still 336 00:18:54,480 --> 00:18:57,159 Speaker 1: trying to figure out how much space they'll need permanently 337 00:18:57,200 --> 00:19:00,320 Speaker 1: in a post pandemic world. New Jersey Governor of Film 338 00:19:00,359 --> 00:19:03,440 Speaker 1: Murphy announced the launch of the state's Clean Buildings Working 339 00:19:03,440 --> 00:19:06,520 Speaker 1: Group at this week's Clean Energy Conference. The group will 340 00:19:06,520 --> 00:19:09,800 Speaker 1: bring together stakeholders and experts to inform the decision making 341 00:19:09,880 --> 00:19:13,199 Speaker 1: process for greener, cleaner buildings in the Garden State. The 342 00:19:13,280 --> 00:19:15,920 Speaker 1: co founders of City Pickle in New York say they 343 00:19:15,920 --> 00:19:19,280 Speaker 1: discovered pickle ball, which combines elements of tennis, bad mitten 344 00:19:19,359 --> 00:19:22,400 Speaker 1: and ping pong during the COVID lockdown, but we're dismayed 345 00:19:22,400 --> 00:19:25,280 Speaker 1: to learn there were no indoor playing facilities in the city, 346 00:19:25,520 --> 00:19:28,280 Speaker 1: so they'll open one in Queens sometime in next year's 347 00:19:28,320 --> 00:19:32,040 Speaker 1: first quarter. Reports called pickleball the fastest growing sport in 348 00:19:32,040 --> 00:19:35,040 Speaker 1: the country, with four point eight million players. That's the 349 00:19:35,040 --> 00:19:39,080 Speaker 1: Bloomberg Try State Business Report. I'm Scott Carr, Thanks, Scottivet 350 00:19:39,200 --> 00:19:41,159 Speaker 1: eight on Wall Street. Bloomberg Radio is on the air 351 00:19:41,200 --> 00:19:43,600 Speaker 1: from San Francisco to New York, London to Hong Kong. 352 00:19:43,680 --> 00:19:45,439 Speaker 1: Let's check in with our global news team for some 353 00:19:45,480 --> 00:19:47,840 Speaker 1: of the top stories heard on our three hundred affiliate 354 00:19:47,920 --> 00:19:53,840 Speaker 1: radio stations around the world. I'm Steve Poto Scott ten 355 00:19:53,920 --> 00:19:57,160 Speaker 1: ten Wins in New York. We're talking about international law 356 00:19:57,200 --> 00:20:02,159 Speaker 1: firm Clifford Chance reducing it's Manhattan office footprint. UM Corney 357 00:20:02,200 --> 00:20:06,560 Speaker 1: Donahoe on kerl Dan, Dallas. Amazon is discontinuing it's Amazon 358 00:20:06,680 --> 00:20:09,800 Speaker 1: Glow Kids video. Calling to Bike, I'm Gina servet I 359 00:20:09,880 --> 00:20:12,920 Speaker 1: in for w c CEO in Minneapolis. I'm talking about 360 00:20:12,960 --> 00:20:17,119 Speaker 1: Tupperware now being sold in Target stores. I'm Denise Peligridy 361 00:20:17,280 --> 00:20:19,840 Speaker 1: at on w BZ in Boston. I'm reporting on how 362 00:20:19,840 --> 00:20:21,840 Speaker 1: we could be about to hear more on rules for 363 00:20:22,040 --> 00:20:25,760 Speaker 1: sports fotting. I'm Caroline Head Company back Dave Digital Radio 364 00:20:25,800 --> 00:20:28,280 Speaker 1: in London. We've been reporting on the pressure on Prime 365 00:20:28,280 --> 00:20:31,960 Speaker 1: Minister Listrass at the end of a turbulent and Conservative 366 00:20:32,000 --> 00:20:35,479 Speaker 1: party conference. I'm Scott Carr on w d c H 367 00:20:35,480 --> 00:20:38,680 Speaker 1: in Washington. I'm reporting the pandemic almost seemed to help 368 00:20:38,720 --> 00:20:42,360 Speaker 1: the hospitality industry in one Virginia town. And those are 369 00:20:42,400 --> 00:20:44,920 Speaker 1: some of the stories. Are twenty hundred Bloomberg journalist and 370 00:20:44,960 --> 00:20:47,560 Speaker 1: analysts working on this morning around the world. It's five 371 00:20:47,600 --> 00:20:50,560 Speaker 1: thirty nine on Wall Street. The following is an editorial 372 00:20:50,680 --> 00:20:54,760 Speaker 1: from Bloomberg Opinion. This sedatorial was written by the Bloomberg 373 00:20:55,000 --> 00:20:59,560 Speaker 1: Editorial Board. After days of insisting there'd be no backtracking 374 00:20:59,600 --> 00:21:03,120 Speaker 1: on them many budget that caused panic in financial markets, 375 00:21:03,440 --> 00:21:07,439 Speaker 1: the UK government duly reversed itself this week. Prime Minister 376 00:21:07,560 --> 00:21:12,000 Speaker 1: Liz Trusts and Finance Minister Quasi Quarteng confirmed on Monday 377 00:21:12,080 --> 00:21:14,760 Speaker 1: that a promise cut in the top rate of income 378 00:21:14,800 --> 00:21:18,280 Speaker 1: tax would be canceled. This sudden reversal could give the 379 00:21:18,320 --> 00:21:22,480 Speaker 1: administration a second chance, so long as Trusts offers further 380 00:21:22,560 --> 00:21:26,280 Speaker 1: ressurances that shall be cautious. Among other things, this will 381 00:21:26,320 --> 00:21:30,040 Speaker 1: mean patching things up with the European Union, taking advice 382 00:21:30,119 --> 00:21:33,880 Speaker 1: from the Office for Budget Responsibility on taxes and spending, 383 00:21:34,119 --> 00:21:37,199 Speaker 1: and consulting the Bank of England on the interaction of 384 00:21:37,280 --> 00:21:41,800 Speaker 1: fiscal and monetary policy. Investors need to see more signs 385 00:21:41,800 --> 00:21:45,520 Speaker 1: of prudence from the UK's new government, but reversing a 386 00:21:45,560 --> 00:21:50,119 Speaker 1: misguided tax plan was a good start. This editorial was 387 00:21:50,160 --> 00:21:53,639 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 388 00:21:53,680 --> 00:21:56,600 Speaker 1: please go to Bloomberg dot com, slash opinion or op 389 00:21:56,840 --> 00:22:00,000 Speaker 1: i n go on the Bloomberg terminal. This has been 390 00:22:00,000 --> 00:22:03,480 Speaker 1: Bloomberg Opinion and you can hear Bloomberg opinion editorials every 391 00:22:03,480 --> 00:22:07,000 Speaker 1: weekday at this time. Terminal customers can read more at 392 00:22:07,040 --> 00:22:10,560 Speaker 1: O P I n go. Future is moving lower this morning. 393 00:22:10,560 --> 00:22:18,680 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. 394 00:22:18,760 --> 00:22:20,920 Speaker 1: Rain will taper off to showers and should be done 395 00:22:20,960 --> 00:22:23,000 Speaker 1: by this evening. We'll get up to your sixty degrees 396 00:22:23,359 --> 00:22:27,399 Speaker 1: low seventies with sunshine tomorrow and Friday. Right now fifty 397 00:22:27,480 --> 00:22:34,720 Speaker 1: six in Central Park markets, headlines and breaking news twenty 398 00:22:34,720 --> 00:22:37,600 Speaker 1: four hours a day at Bloomberg dot Com, at Bloomberg 399 00:22:37,640 --> 00:22:40,560 Speaker 1: Business at and at Bloomberg quick Take. This is a 400 00:22:40,600 --> 00:22:49,640 Speaker 1: Bloomberg Business lash and I'm Karen Moscow and US stock 401 00:22:49,680 --> 00:22:53,200 Speaker 1: index futures and European shares are falling as investors skilled 402 00:22:53,240 --> 00:22:56,120 Speaker 1: on their optimism for less talkish central banks and sink 403 00:22:56,200 --> 00:22:59,040 Speaker 1: more evidence that inflation is moderating. If you check the 404 00:22:59,040 --> 00:23:01,200 Speaker 1: markets every fifteen and it's sill not the trading day 405 00:23:01,280 --> 00:23:03,920 Speaker 1: on Bloomberg right now, SMP futures are down about twenty 406 00:23:03,960 --> 00:23:06,840 Speaker 1: eight points down, futures down two d twenty three and 407 00:23:06,840 --> 00:23:09,719 Speaker 1: as day features down eighty five. The decks in Germany 408 00:23:09,800 --> 00:23:12,000 Speaker 1: is down about eight tenths of upper sent ten. Your 409 00:23:12,040 --> 00:23:14,680 Speaker 1: treasury down eighteen thirty seconds. You have three point seven 410 00:23:14,760 --> 00:23:17,160 Speaker 1: zero percent they yield on the two year four point 411 00:23:17,160 --> 00:23:20,080 Speaker 1: one two percent nine max. Screwed oil is down six 412 00:23:20,119 --> 00:23:22,160 Speaker 1: tents per cent or fifty three cents at eighty five 413 00:23:22,160 --> 00:23:25,120 Speaker 1: dollars ninety cents a barrel coll MIxS gold is down 414 00:23:25,160 --> 00:23:27,840 Speaker 1: half percent or eight dollars thirty cents at seventeen twenty 415 00:23:27,840 --> 00:23:31,560 Speaker 1: two twenty announced. The euro is at point nine six 416 00:23:31,600 --> 00:23:34,280 Speaker 1: against the dollar. British found one point one four one 417 00:23:34,480 --> 00:23:37,800 Speaker 1: five the yen one four point three six and Big 418 00:23:37,840 --> 00:23:40,840 Speaker 1: Coin this morning down one percent at twenty thousand, one 419 00:23:40,960 --> 00:23:43,400 Speaker 1: hundred thirty dollars. Today we are watching for our word 420 00:23:43,440 --> 00:23:45,800 Speaker 1: on private pay rolls out at eight fifteen Wall Street 421 00:23:45,840 --> 00:23:48,000 Speaker 1: time in eight thirty, it's a trade balance. And at 422 00:23:48,040 --> 00:23:50,720 Speaker 1: ten and look at service industries and that's a Bloomberg 423 00:23:50,720 --> 00:23:53,240 Speaker 1: business flash. Now here's Michael Barr with more on what's 424 00:23:53,240 --> 00:23:56,040 Speaker 1: going on around the world. Michael, thank you very much. Karen. 425 00:23:56,160 --> 00:23:59,280 Speaker 1: Recovery efforts continuing in Florida and made the devastation left 426 00:23:59,359 --> 00:24:02,280 Speaker 1: by Hurricane and I and President Biden plans to visit 427 00:24:02,320 --> 00:24:06,040 Speaker 1: the state today. United Airlines is said to be restarting 428 00:24:06,080 --> 00:24:09,560 Speaker 1: Hong Kong flights as soon as January. It's one of 429 00:24:09,560 --> 00:24:12,720 Speaker 1: a handful of major airlines to resume passenger flights to 430 00:24:12,800 --> 00:24:15,439 Speaker 1: the city, which has largely been cut off to the 431 00:24:15,480 --> 00:24:19,080 Speaker 1: outside world since the start of the pandemic. In baseball, 432 00:24:19,240 --> 00:24:22,480 Speaker 1: Yankee slugger Eron Judge had a sixty second home run 433 00:24:22,520 --> 00:24:25,600 Speaker 1: of the season to break Roger Merras's American League record. 434 00:24:25,960 --> 00:24:28,119 Speaker 1: It happened in Game one as the Yankees split a 435 00:24:28,160 --> 00:24:31,760 Speaker 1: double header with Rangers. The Mets swept the doubleheader against 436 00:24:31,760 --> 00:24:34,400 Speaker 1: the Nationals bought. The Braves still clinched the NL East 437 00:24:34,440 --> 00:24:36,440 Speaker 1: with a win over the Marlins, the Red Sox and 438 00:24:36,520 --> 00:24:39,760 Speaker 1: A'SE one. The Giants lost. Global News twenty four hours 439 00:24:39,760 --> 00:24:42,479 Speaker 1: a day on air and on Bloomberg Quick Take, powered 440 00:24:42,480 --> 00:24:45,439 Speaker 1: by more than twenty dred journalist and analysts more than 441 00:24:45,440 --> 00:24:48,560 Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg 442 00:24:48,640 --> 00:24:51,359 Speaker 1: NA sixty two is number gonna be SA from a long, 443 00:24:51,600 --> 00:24:54,439 Speaker 1: long time. Thank you, Michael. It is five nineteen on 444 00:24:54,480 --> 00:24:57,800 Speaker 1: Wall Street Life from the Bloomberg Interacted Broker studios. This 445 00:24:57,960 --> 00:25:00,399 Speaker 1: is a Bloomberg Daybreak. But the other big number of 446 00:25:00,400 --> 00:25:04,600 Speaker 1: the morning is that's the amount and the dollars per 447 00:25:04,640 --> 00:25:08,520 Speaker 1: share that Elon Musk now says he will go ahead 448 00:25:08,600 --> 00:25:11,640 Speaker 1: and purchase Twitter with forty four billion dollar buyour deal 449 00:25:11,840 --> 00:25:16,920 Speaker 1: is back on capitulation. Perhaps let's ask Alex Web Bloomberg 450 00:25:17,000 --> 00:25:20,239 Speaker 1: Quick Take correspondent tech calumnists for Bloomberg Opinion. Well, at 451 00:25:20,280 --> 00:25:24,080 Speaker 1: least we know that he's gonna avoid a court fight now, Alex. 452 00:25:24,080 --> 00:25:28,040 Speaker 1: But what's behind it? It is partly one assumes it's 453 00:25:28,040 --> 00:25:29,520 Speaker 1: hard to know for sure at any one time what 454 00:25:29,640 --> 00:25:32,199 Speaker 1: Ellen is thinking, but one assumes that it is a 455 00:25:32,280 --> 00:25:35,920 Speaker 1: desire to evade that court flight. The the singles weren't 456 00:25:35,920 --> 00:25:37,879 Speaker 1: looking good heading into it. There have been a number 457 00:25:37,880 --> 00:25:41,560 Speaker 1: of early hearings, about half dozen, of which Elon had won. 458 00:25:41,840 --> 00:25:44,280 Speaker 1: None of them. He had lost in every single case 459 00:25:44,320 --> 00:25:46,920 Speaker 1: in terms of trying to push the court hearing back 460 00:25:46,960 --> 00:25:50,320 Speaker 1: to February, in terms of trying to stop Twitter from 461 00:25:50,359 --> 00:25:52,840 Speaker 1: getting more data on his communications with the bankers, the 462 00:25:52,920 --> 00:25:56,440 Speaker 1: Judd ruled on Twitter's side every time. It didn't look 463 00:25:56,560 --> 00:25:59,240 Speaker 1: very good. And therefore, why go through the punishment of 464 00:25:59,280 --> 00:26:02,720 Speaker 1: having to sit on this sand, experience more frankly damaging 465 00:26:02,880 --> 00:26:05,680 Speaker 1: discovery and end up losing anyway, You might as well 466 00:26:05,720 --> 00:26:07,800 Speaker 1: just you know, call us spade a spade and suck 467 00:26:07,840 --> 00:26:11,880 Speaker 1: it up. So now does this raise the question that 468 00:26:12,119 --> 00:26:15,040 Speaker 1: came up even before this quarter fight was even in 469 00:26:15,080 --> 00:26:18,000 Speaker 1: the picture, whether Elon Muskin line up the financing for 470 00:26:18,280 --> 00:26:21,720 Speaker 1: forty four billion dollar buyouts. It certainly seems as though 471 00:26:21,720 --> 00:26:24,960 Speaker 1: the financing is in place. The bigger question is how 472 00:26:25,520 --> 00:26:29,080 Speaker 1: um how ready other banks to stomach the fact that 473 00:26:29,119 --> 00:26:32,439 Speaker 1: the you know, interest rate environment is considerably different from 474 00:26:32,480 --> 00:26:34,560 Speaker 1: how it was six months ago. It's about twelve and 475 00:26:34,600 --> 00:26:38,120 Speaker 1: a half billion dollars in financing that have been lined up, 476 00:26:38,280 --> 00:26:41,399 Speaker 1: some of those unsecured, about three billion unsecured. You know, 477 00:26:41,440 --> 00:26:43,040 Speaker 1: the yields that they had been talking about at the 478 00:26:43,080 --> 00:26:45,560 Speaker 1: time when they particularly we're going to turn around and 479 00:26:45,800 --> 00:26:48,840 Speaker 1: refinance it with institutional investors were maybe eleven and a 480 00:26:48,880 --> 00:26:52,160 Speaker 1: half percent comparable notes and now going for fifteen. So 481 00:26:52,920 --> 00:26:55,120 Speaker 1: it's a far more challenging environment for them. We've seen 482 00:26:55,160 --> 00:26:58,080 Speaker 1: some banks take take big hits already on other deals 483 00:26:58,119 --> 00:27:01,040 Speaker 1: that they had agreed financing for before or um interest 484 00:27:01,200 --> 00:27:03,680 Speaker 1: before rate started to go up. You know, they could 485 00:27:03,720 --> 00:27:07,280 Speaker 1: be some institutions here facing costs in the in the 486 00:27:07,440 --> 00:27:10,560 Speaker 1: sort of hundreds of millions of dollars range. I mean, 487 00:27:10,880 --> 00:27:13,679 Speaker 1: that just speaks to what the environment looks like for 488 00:27:13,880 --> 00:27:17,119 Speaker 1: leverage buyouts more broadly, I mean, are the banks willing 489 00:27:17,160 --> 00:27:20,480 Speaker 1: to to stomach those kind of losses? I mean, presumably 490 00:27:20,520 --> 00:27:23,159 Speaker 1: if they've already committed to doing it, it's hard for 491 00:27:23,200 --> 00:27:25,359 Speaker 1: them to back out and there and you're just going 492 00:27:25,440 --> 00:27:28,520 Speaker 1: to have to perne it up. But Elon is talking 493 00:27:28,560 --> 00:27:33,399 Speaker 1: about having a he's positing a new business models, which 494 00:27:34,680 --> 00:27:38,040 Speaker 1: one assumes are partly intended at least to assuage some 495 00:27:38,119 --> 00:27:41,080 Speaker 1: of the concerns that these banks have. But uh, you know, 496 00:27:41,160 --> 00:27:44,240 Speaker 1: it doesn't necessarily mean they're going to avoid any pain whatsoever. 497 00:27:45,040 --> 00:27:47,359 Speaker 1: To your point about the business models, very interesting to 498 00:27:47,400 --> 00:27:50,480 Speaker 1: see after this deal was announced that it's back on again. 499 00:27:50,560 --> 00:27:55,920 Speaker 1: Elon Musk tweeting about accelerating the development of X the 500 00:27:56,040 --> 00:27:59,560 Speaker 1: everything app. What is that? What's he talking about? Well, 501 00:27:59,720 --> 00:28:03,480 Speaker 1: we quite no, it's obviously inevitably he's something. He's he's 502 00:28:03,520 --> 00:28:06,480 Speaker 1: posited in the scope of just a single tweet, he's 503 00:28:06,520 --> 00:28:09,399 Speaker 1: mooted it or express the admiration in the past for 504 00:28:09,600 --> 00:28:12,800 Speaker 1: services such as we Chat, that the Chinese super app 505 00:28:13,280 --> 00:28:16,399 Speaker 1: owned by by ten Cent, which is really a portal 506 00:28:16,520 --> 00:28:20,359 Speaker 1: to not only many Chinese people's um online existence, but 507 00:28:20,400 --> 00:28:23,159 Speaker 1: sometimes their real world existence as well. You can order food, 508 00:28:23,280 --> 00:28:26,120 Speaker 1: you can pay your bills, go on dating apps, play 509 00:28:26,200 --> 00:28:30,040 Speaker 1: games all through this single app. Now, the challenges that, 510 00:28:31,359 --> 00:28:33,879 Speaker 1: on the one hand, to make that sort of vibrant 511 00:28:33,920 --> 00:28:36,159 Speaker 1: ecosystem happen, you need to have a lot of developers 512 00:28:36,200 --> 00:28:38,880 Speaker 1: willing to and and companies willing to bring their products 513 00:28:38,880 --> 00:28:43,280 Speaker 1: and services to your app. Twitter, with about two million 514 00:28:43,640 --> 00:28:46,400 Speaker 1: daily active users is far less appealing for a developer 515 00:28:46,480 --> 00:28:49,400 Speaker 1: than would be say the iPhone, which has in the 516 00:28:49,480 --> 00:28:52,320 Speaker 1: order of one and a half billion active users or 517 00:28:52,360 --> 00:28:56,200 Speaker 1: indeed and systems remember phones that run Android to Google's equivalent. 518 00:28:57,080 --> 00:28:59,600 Speaker 1: If it did have that sort of scale, then it 519 00:28:59,640 --> 00:29:02,800 Speaker 1: starts to encounter maybe some regulatory difficulties because if it 520 00:29:02,920 --> 00:29:07,240 Speaker 1: is frankly leaning on companies to to bring their services 521 00:29:07,240 --> 00:29:11,760 Speaker 1: to its app in order to find these users, the regulators, 522 00:29:11,800 --> 00:29:13,880 Speaker 1: particularly in Europe, do not like it when you leverage 523 00:29:13,880 --> 00:29:17,880 Speaker 1: strength in one market to find strength in another one 524 00:29:17,960 --> 00:29:21,040 Speaker 1: that is seen as anti competitive, and so it's it's 525 00:29:21,080 --> 00:29:24,840 Speaker 1: a it's a knotty solution. If he can make it happen, 526 00:29:24,960 --> 00:29:27,760 Speaker 1: then presumably he can deliver huge amount of value. But 527 00:29:27,840 --> 00:29:30,240 Speaker 1: it's not an easy path and not one that frankly, 528 00:29:30,600 --> 00:29:33,360 Speaker 1: any company in Europe or the US has managed to 529 00:29:33,360 --> 00:29:36,160 Speaker 1: achieve just yet, which we had more time, so much 530 00:29:36,200 --> 00:29:37,800 Speaker 1: to get to when it comes to this story we've 531 00:29:37,800 --> 00:29:40,600 Speaker 1: been following for so many months and it's going to continue. 532 00:29:40,720 --> 00:29:44,520 Speaker 1: Alex Web Bloomberg Opinion tech calonists of course, a correspondent 533 00:29:44,600 --> 00:29:47,720 Speaker 1: for Bloomberg Quick take and taking a look at the 534 00:29:47,760 --> 00:29:50,640 Speaker 1: shares of Twitter right now, a little bit shy of 535 00:29:50,680 --> 00:29:55,520 Speaker 1: the offer price down about a half percent in early trading. 536 00:29:55,560 --> 00:29:59,480 Speaker 1: As far as Tesla goes sometimes move in tandem. Tesla 537 00:29:59,520 --> 00:30:03,360 Speaker 1: shares are down one broader markets lower as well. S 538 00:30:03,400 --> 00:30:05,640 Speaker 1: and P futures are down twenty eight points. Staff futures 539 00:30:05,640 --> 00:30:08,800 Speaker 1: down two thirty one and NASDAC futures are lower by 540 00:30:08,920 --> 00:30:18,120 Speaker 1: eighty five points. You're listening to Bloomberg Daybreak Bloomberg eleven 541 00:30:18,160 --> 00:30:20,640 Speaker 1: three oh weather. This rainal taper off should be done 542 00:30:20,640 --> 00:30:23,040 Speaker 1: by this evening. We'll get down up to sixty degrees, 543 00:30:23,640 --> 00:30:26,840 Speaker 1: low seventies, sunshine for the rest of this week. Right 544 00:30:26,840 --> 00:30:34,040 Speaker 1: now fifty six and cloudy in Central Park, and it's 545 00:30:34,040 --> 00:30:36,240 Speaker 1: now five oh seven on Wall Street. We have got 546 00:30:36,480 --> 00:30:40,120 Speaker 1: wet roads this morning, root eighties closed both ways in 547 00:30:40,240 --> 00:30:43,680 Speaker 1: Patterson and it's fifty six degrees right now in Central Park. 548 00:30:43,760 --> 00:30:45,600 Speaker 1: Let's bring in Michael Barr for a check of what 549 00:30:45,640 --> 00:30:47,120 Speaker 1: else is going on in New York and around the 550 00:30:47,120 --> 00:30:49,760 Speaker 1: world this morning. Good morning, Michael, Good morning Nathan. The 551 00:30:49,800 --> 00:30:52,880 Speaker 1: New York Division of the Drug Enforcement Administration and local 552 00:30:52,920 --> 00:30:56,320 Speaker 1: law enforcements say they've made a significant seizure of Rainbow 553 00:30:56,400 --> 00:31:00,200 Speaker 1: fentinil in Manhattan. The seizure of nearly fifteen thousand has 554 00:31:00,240 --> 00:31:03,200 Speaker 1: happened on September when the vehicle under surveillance by the 555 00:31:03,280 --> 00:31:07,600 Speaker 1: d A was stopped outside the Lincoln Tunnel. Bridget Brennan 556 00:31:07,920 --> 00:31:11,440 Speaker 1: is New York City Special Narcotics Prosecutor. They approached the 557 00:31:11,480 --> 00:31:15,600 Speaker 1: car and found Letitia Bush in the rear seat with 558 00:31:15,640 --> 00:31:20,400 Speaker 1: two black chote bags and a yellow Lego container. Right 559 00:31:20,440 --> 00:31:25,080 Speaker 1: there inside the Lego container where several brick shaped packages 560 00:31:25,680 --> 00:31:30,080 Speaker 1: covered in black tape line next to lego blocks. Prosecutor 561 00:31:30,120 --> 00:31:33,160 Speaker 1: Brennan says, Bush was arrested. D E A Special Agent 562 00:31:33,200 --> 00:31:38,320 Speaker 1: in charge Frank Tarantino, This is deliberate, this is calculated. 563 00:31:38,640 --> 00:31:46,040 Speaker 1: This is treacherous deception to market rainbow fenceanel like candy. 564 00:31:46,200 --> 00:31:49,760 Speaker 1: Frank Tarantino with the DNA says, with Halloween approaching, these 565 00:31:49,840 --> 00:31:54,640 Speaker 1: newly packaged poisons are parents worst nightmare. Mourners will say 566 00:31:54,680 --> 00:31:57,040 Speaker 1: their final goodbyes to an f d n Y E 567 00:31:57,160 --> 00:32:00,520 Speaker 1: m S Lieutenant. Funeral services take place today for Alice 568 00:32:00,520 --> 00:32:03,640 Speaker 1: and Russo Elling and Brookville. She was fatally stabbed last 569 00:32:03,640 --> 00:32:06,560 Speaker 1: week and an unprovoked attack. The f d n Y says. 570 00:32:06,600 --> 00:32:09,880 Speaker 1: Russo Elling, who was sixty one, will be posthumously promoted 571 00:32:09,920 --> 00:32:13,160 Speaker 1: to captain today President Biden will had to Florida today 572 00:32:13,200 --> 00:32:16,240 Speaker 1: to meet with Governor Rond De Santis. Days after hurricane 573 00:32:16,360 --> 00:32:19,520 Speaker 1: and founded Florida Southwest Cruise is still conducting door to 574 00:32:19,600 --> 00:32:23,479 Speaker 1: door searches for survivors. Fort Myers Beach Mayor Ray Murphy 575 00:32:23,920 --> 00:32:29,120 Speaker 1: nobody was spared this storm. Every structure on the islands 576 00:32:29,160 --> 00:32:32,800 Speaker 1: a second. Mayor, Murphy says the city will rebuild. President 577 00:32:32,840 --> 00:32:35,320 Speaker 1: Biden will be in New York State tomorrow. The President 578 00:32:35,360 --> 00:32:38,600 Speaker 1: heads to a job's event hosted by IBM and a 579 00:32:38,640 --> 00:32:42,480 Speaker 1: pair of fundraisers ahead of November's mid term elections. The 580 00:32:42,520 --> 00:32:44,960 Speaker 1: White House Officials says the trip will include a visit 581 00:32:45,000 --> 00:32:48,760 Speaker 1: to the IBM campus in Poughkeepsie. Biden is later expected 582 00:32:48,760 --> 00:32:51,960 Speaker 1: to travel to New Jersey for a fundraiser hosted by 583 00:32:52,000 --> 00:32:56,080 Speaker 1: the Democratic National Committee. Global News twenty four hours a 584 00:32:56,160 --> 00:32:58,560 Speaker 1: day on air and on Bloomberg Quickday, powered by more 585 00:32:58,600 --> 00:33:01,440 Speaker 1: than seven hundred journalists to listen more than twenty countries. 586 00:33:01,720 --> 00:33:04,920 Speaker 1: Michael Barr, this is Bloomberg, Nick, Yes, it is thank you, Michael. 587 00:33:09,560 --> 00:33:11,320 Speaker 1: Five oh nine on Wall Street time for the Bloomberg 588 00:33:11,360 --> 00:33:14,480 Speaker 1: Sports update in our real top story this morning from 589 00:33:14,560 --> 00:33:19,560 Speaker 1: John Show. Are the next preseason game that they've been 590 00:33:19,560 --> 00:33:22,880 Speaker 1: playing baseball, Nathan America leave for a hundred twenty years. 591 00:33:23,000 --> 00:33:25,600 Speaker 1: And the three most home runs in a single season, 592 00:33:25,680 --> 00:33:28,080 Speaker 1: all by Yankee outfielders. The sixty hit by Babe Ruth 593 00:33:28,160 --> 00:33:32,040 Speaker 1: nine seven, the sixty one hit by Roger Maris nineteen 594 00:33:32,160 --> 00:33:35,000 Speaker 1: sixty one and now sixty one years later, move over, 595 00:33:35,200 --> 00:33:37,920 Speaker 1: Roger Maris. Aaron Judge led off the second game of 596 00:33:37,920 --> 00:33:41,760 Speaker 1: a doubleheader in Texas. Here's the one one swing on 597 00:33:42,000 --> 00:33:45,760 Speaker 1: there goes take lockin us hot let us far hut 598 00:33:45,920 --> 00:33:52,000 Speaker 1: us come number sixty two to set the new American 599 00:33:52,200 --> 00:33:58,000 Speaker 1: League records. Aaron Judge hits the sixties second all the 600 00:33:58,080 --> 00:34:01,360 Speaker 1: Yankees out of the dugout took w f an it 601 00:34:01,440 --> 00:34:04,280 Speaker 1: came up the Rangers. Hey sus Tonoko is third pitch 602 00:34:04,320 --> 00:34:06,360 Speaker 1: of the game, a slider the Judge into the left 603 00:34:06,360 --> 00:34:09,040 Speaker 1: field stands, caught there by a guy who is apparently 604 00:34:09,080 --> 00:34:12,000 Speaker 1: a wealthy banker and so far anyway, holding onto the ball. 605 00:34:12,120 --> 00:34:15,960 Speaker 1: Judges season amazing twenty three more home runs than anyone 606 00:34:15,960 --> 00:34:18,479 Speaker 1: else in the Lee only forty four fewer home runs 607 00:34:18,520 --> 00:34:21,160 Speaker 1: in the entire Detroit Tigers. And oh, by the way, 608 00:34:21,200 --> 00:34:24,040 Speaker 1: he's gonna be a free agent after the season. Yankee 609 00:34:24,040 --> 00:34:26,040 Speaker 1: split the double header. They learned their opponent in the 610 00:34:26,080 --> 00:34:28,160 Speaker 1: division series will be the winner of the wild card 611 00:34:28,239 --> 00:34:31,760 Speaker 1: series between Cleveland and Tampa. Bay Mets learned their opponent 612 00:34:31,840 --> 00:34:34,359 Speaker 1: in their wild card series this weekend at City Field 613 00:34:34,400 --> 00:34:37,439 Speaker 1: will be the San Diego Padres. Mets swept the double 614 00:34:37,440 --> 00:34:40,520 Speaker 1: header from Washington, but Atlanta Clints the NL East will 615 00:34:40,560 --> 00:34:43,280 Speaker 1: the win. In Miami, the Islanders locked up Matthew Barzel 616 00:34:43,400 --> 00:34:46,560 Speaker 1: new eight year, seventy three million dollar contract. John STAPs 617 00:34:46,719 --> 00:34:50,040 Speaker 1: were Bloomberg Sports Nathan okay, John, thank you. SMP futures 618 00:34:50,080 --> 00:34:53,200 Speaker 1: right now are down twenty nine points, DAL futures down 619 00:34:53,200 --> 00:34:55,640 Speaker 1: two in to thirty eight, NASTAC futures are lower by 620 00:34:55,719 --> 00:34:59,120 Speaker 1: ninety two points. The ten year treasuries down eighteen thirty seconds, 621 00:34:59,560 --> 00:35:02,080 Speaker 1: the yield old three point seven zero percent yield on 622 00:35:02,120 --> 00:35:05,160 Speaker 1: the two year four point one two and n I'm 623 00:35:05,200 --> 00:35:07,399 Speaker 1: ex screwed right now down six cents percent at eighty 624 00:35:07,400 --> 00:35:11,000 Speaker 1: six dollars. Two cents of barrel, Musk and Twitter back 625 00:35:11,080 --> 00:35:14,760 Speaker 1: together again. You check in next to Bloomberg's Alex Webb 626 00:35:17,600 --> 00:35:20,360 Speaker 1: Bloomberg eleven three oh weather raintapers off the showers this 627 00:35:20,480 --> 00:35:23,440 Speaker 1: afternoon breezy, cool with a high near sixty degrees, clearing 628 00:35:23,440 --> 00:35:26,359 Speaker 1: out tomorrow getting back into the low seventies, and we'll 629 00:35:26,440 --> 00:35:28,799 Speaker 1: keep it there on Friday. Right now, fifty six in 630 00:35:28,880 --> 00:35:34,560 Speaker 1: Central Park Life from the Bloomberg Interactive Berger Studios. This 631 00:35:34,680 --> 00:35:38,520 Speaker 1: is Bloomberg day Break for Wednesday, October two. Coming up 632 00:35:38,560 --> 00:35:41,279 Speaker 1: the shower. Elon Musk agrees to buy Twitter and it 633 00:35:41,320 --> 00:35:43,960 Speaker 1: provides a glimpse of his plans for the social media network. 634 00:35:44,080 --> 00:35:46,879 Speaker 1: Less Trust addresses her party as the Prime Minister works 635 00:35:46,920 --> 00:35:49,560 Speaker 1: to get her economic agenda back on track, and the 636 00:35:49,560 --> 00:35:52,880 Speaker 1: Fed won't let up official signal no plans to slow 637 00:35:52,960 --> 00:35:55,920 Speaker 1: interest rate hikes. New York City authorities and the d 638 00:35:55,920 --> 00:35:59,200 Speaker 1: e A announce a big bust of rainbow fentomil plus. 639 00:35:59,239 --> 00:36:01,880 Speaker 1: President Biden heads to Florida today to look at Hurricane 640 00:36:02,000 --> 00:36:05,560 Speaker 1: its destruction. I'm Michael lair More Ahead, I'm John stash 641 00:36:05,560 --> 00:36:09,080 Speaker 1: Our Sports Baseball History Aeron Judge in his record breaking 642 00:36:09,160 --> 00:36:11,680 Speaker 1: sixty second home ro on the Atlanta Brade, is Clints 643 00:36:11,719 --> 00:36:16,160 Speaker 1: the n l E. That's all s traded ahead on 644 00:36:16,280 --> 00:36:20,360 Speaker 1: Bloomberg Daybreak on Bloomberg eleven Free on New York, Bloomberg 645 00:36:21,120 --> 00:36:24,480 Speaker 1: on Washington, d c Bloomberg one of those six one Boston, 646 00:36:24,800 --> 00:36:28,959 Speaker 1: Bloomberg nine sixty San Francisco, sirius x AM one nine 647 00:36:29,000 --> 00:36:32,240 Speaker 1: team and around the world on Bloomberg Radio dot com 648 00:36:32,320 --> 00:36:38,759 Speaker 1: and via the Bloomberg Business app. And Good Morning, I'm 649 00:36:38,760 --> 00:36:41,920 Speaker 1: Parent Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to 650 00:36:41,960 --> 00:36:45,279 Speaker 1: you by SEI, built on advanced technologies and fifty years 651 00:36:45,280 --> 00:36:48,960 Speaker 1: of innovation. SEI offers asset Managers are comprehensive and flexible 652 00:36:49,000 --> 00:36:52,399 Speaker 1: operations outsourcing platform. Go to se i C dot com, 653 00:36:52,440 --> 00:36:56,000 Speaker 1: slash Managers and us dock Index Futures are lower this 654 00:36:56,200 --> 00:36:58,319 Speaker 1: morning where at five oh one on Wall Street, and 655 00:36:58,360 --> 00:37:00,919 Speaker 1: we checked the markets every fifteen minutes about the trading day. 656 00:37:01,000 --> 00:37:04,040 Speaker 1: On Bloomberg SNP Future is down twenty eight points this 657 00:37:04,080 --> 00:37:07,080 Speaker 1: morning down Future is down two thirty three and as 658 00:37:07,120 --> 00:37:10,120 Speaker 1: dead features down to ninety four. The tenure Treasury down 659 00:37:10,160 --> 00:37:13,439 Speaker 1: nineteen thirty seconds. He had three point seven one per cent. 660 00:37:13,640 --> 00:37:15,920 Speaker 1: Nathan Karen, We'll get back to markets in a minute, 661 00:37:15,920 --> 00:37:19,200 Speaker 1: but first we begin with Elon Musk reviving his bid 662 00:37:19,239 --> 00:37:22,120 Speaker 1: to buy Twitter. He will make the acquisition after all, 663 00:37:22,480 --> 00:37:25,200 Speaker 1: at the original price of fifty four dollars twenty cents 664 00:37:25,200 --> 00:37:28,040 Speaker 1: a share. Now, attention turns to the path ahead for 665 00:37:28,200 --> 00:37:31,400 Speaker 1: Musk and Twitter. Ross Gerbert with Gerber Kawasaki says the 666 00:37:31,400 --> 00:37:33,960 Speaker 1: world's richest man could be in for a bumpy ride. 667 00:37:34,200 --> 00:37:36,879 Speaker 1: He's paying the highest price possible. He's trying to get 668 00:37:36,920 --> 00:37:40,760 Speaker 1: dead at the worst time possible. He's basically being forced 669 00:37:40,760 --> 00:37:42,959 Speaker 1: to buy this company. It's not like he changed his heart. 670 00:37:43,000 --> 00:37:44,880 Speaker 1: I think his lawyers just told him he was gonna lose. 671 00:37:45,160 --> 00:37:48,359 Speaker 1: This is a mess. Ross Gerber with Gerbert Kawasaki says 672 00:37:48,400 --> 00:37:50,960 Speaker 1: Musk is acquiring the company with employee morale at an 673 00:37:50,960 --> 00:37:55,600 Speaker 1: all time low. Twitter shares closed twenty two percent higher yesterday. 674 00:37:55,640 --> 00:37:57,720 Speaker 1: Tesla shares jumped on the news as well. They climbed 675 00:37:57,719 --> 00:38:01,080 Speaker 1: nearly three percent This morning. Tesla is down about one 676 00:38:01,120 --> 00:38:04,279 Speaker 1: percent in early trading. Well. Turning to the broader markets now, 677 00:38:04,360 --> 00:38:07,680 Speaker 1: Nathan US futures are lower following two days of gains. 678 00:38:07,719 --> 00:38:11,400 Speaker 1: Optimism for so called FED pivot maybe waning. Phil Palumbo, 679 00:38:11,480 --> 00:38:14,799 Speaker 1: CEO of Palumbo Wealth Management, says this week's gains are 680 00:38:14,920 --> 00:38:17,360 Speaker 1: likely a bear market rally to reduce some of the 681 00:38:17,440 --> 00:38:20,960 Speaker 1: risk football. We've been investing in cash right now, and 682 00:38:21,000 --> 00:38:23,200 Speaker 1: we're taking advantage of all two. As we're in this 683 00:38:23,280 --> 00:38:25,680 Speaker 1: bear market and as we believe things will get worse, 684 00:38:25,880 --> 00:38:28,520 Speaker 1: will put those Moneys to work in good quality businesses 685 00:38:28,840 --> 00:38:31,960 Speaker 1: as long term investors. And Phill Palumbo with Palumbo Wealth 686 00:38:32,040 --> 00:38:34,960 Speaker 1: Management says he expects inflation to fall from here, but 687 00:38:35,040 --> 00:38:38,200 Speaker 1: he also predicts the volatility will continue now. The drop 688 00:38:38,200 --> 00:38:41,520 Speaker 1: in futures Karen follows more hawkish rhetoric from several central 689 00:38:41,520 --> 00:38:45,600 Speaker 1: bank officials. FED Governor Philip Jefferson says reducing inflation will 690 00:38:45,640 --> 00:38:49,040 Speaker 1: likely require a period of weak growth to ease demand. Also, 691 00:38:49,080 --> 00:38:52,520 Speaker 1: speaking yesterday, San Francisco FED President Mary Daily, who called 692 00:38:52,520 --> 00:38:56,200 Speaker 1: inflation a corrosive disease. Right now, the pain that I 693 00:38:56,320 --> 00:38:59,040 Speaker 1: hear every day, the suffering that people tell me they're 694 00:38:59,040 --> 00:39:02,000 Speaker 1: going through, is on the inflation side. And this is 695 00:39:02,040 --> 00:39:04,880 Speaker 1: true of low and moderate income people, not just people 696 00:39:04,920 --> 00:39:08,360 Speaker 1: who are worried that inflation expectations will drift. They're worried 697 00:39:08,400 --> 00:39:11,000 Speaker 1: about their day to day living. Let's stay tuned for 698 00:39:11,040 --> 00:39:14,359 Speaker 1: more from San Francisco FED President Mary Daily will sit 699 00:39:14,400 --> 00:39:17,000 Speaker 1: down with her for an interview live on Bloomberg Radio 700 00:39:17,040 --> 00:39:20,319 Speaker 1: and Television coming up at ten fifteen am. Wall Street Time. 701 00:39:20,600 --> 00:39:23,200 Speaker 1: Well Nathan Overnight saw stocks in Asia rally for a 702 00:39:23,239 --> 00:39:26,080 Speaker 1: second straight day. Traders are betting that the global monetary 703 00:39:26,120 --> 00:39:29,640 Speaker 1: policy tightening cycle will soon ease, and Bloomberg JULIETT. Sally 704 00:39:29,719 --> 00:39:32,520 Speaker 1: joins us from Singapore with the latest. Good morning Juliette, 705 00:39:32,560 --> 00:39:35,120 Speaker 1: Good morning Karen. The regional benchmark index climbed as much 706 00:39:35,120 --> 00:39:37,360 Speaker 1: as one point eight percent, led by a surgeon consumer 707 00:39:37,400 --> 00:39:40,600 Speaker 1: discretionary and tech stocks like T s MC and Ali Baba, 708 00:39:40,680 --> 00:39:43,000 Speaker 1: and that brought the measures two day rally to more 709 00:39:43,000 --> 00:39:45,399 Speaker 1: than a four percent, the best two day games since 710 00:39:45,480 --> 00:39:48,520 Speaker 1: March Stokes in Hong Kong, the region's best performance. The 711 00:39:48,560 --> 00:39:51,440 Speaker 1: benchmark Hang Sang Index jumping more than five percent as 712 00:39:51,480 --> 00:39:54,040 Speaker 1: trading resumed following a holiday, and the Kiwi in New 713 00:39:54,120 --> 00:39:56,839 Speaker 1: Zealand bonds rallied as the ABENZ followed up with yet 714 00:39:56,880 --> 00:40:01,200 Speaker 1: another fifty basis point hike, the fifth in a in Singapore. 715 00:40:01,280 --> 00:40:05,080 Speaker 1: Juliette Sally Bloomberg daybreak. Okay, Juliet Thanks. Turning to Europe, 716 00:40:05,120 --> 00:40:07,840 Speaker 1: now we have an eye on UK politics. This morning, 717 00:40:08,000 --> 00:40:10,480 Speaker 1: Prime Minister Liz Trust is set to give a speech 718 00:40:10,520 --> 00:40:14,120 Speaker 1: aimed at reviving her beleaguered premiership. She will address her 719 00:40:14,160 --> 00:40:18,000 Speaker 1: Conservative party at the annual Tory conference in Birmingham. Bloomberg's 720 00:40:18,040 --> 00:40:20,520 Speaker 1: James Wilcock is there and joins us with the very latest. 721 00:40:20,560 --> 00:40:24,000 Speaker 1: Good morning James, Good morning Karen and Nathan. Liz. Trust's 722 00:40:24,040 --> 00:40:28,759 Speaker 1: honeymoon is over now. After humiliating U turn and market chaos, 723 00:40:28,800 --> 00:40:31,280 Speaker 1: she needs to prove to the Conservative party that elected 724 00:40:31,280 --> 00:40:33,839 Speaker 1: her only a month ago that she can actually lead 725 00:40:33,880 --> 00:40:36,960 Speaker 1: the government. She looked knowledge that struggled in her speech, 726 00:40:37,160 --> 00:40:40,520 Speaker 1: saying wherever there is change, there is disruption. But even 727 00:40:40,560 --> 00:40:43,040 Speaker 1: ahead of that speech, divisions in her party are coming 728 00:40:43,040 --> 00:40:45,680 Speaker 1: to light. Even members of the Prime Minister's top team 729 00:40:45,760 --> 00:40:49,080 Speaker 1: are in open disagreement over what to do next. In Birmingham, 730 00:40:49,120 --> 00:40:52,200 Speaker 1: I'm James Wilcock, Bloomberg Daybreak, Right, James, thank you to 731 00:40:52,320 --> 00:40:55,040 Speaker 1: politics here in the US now or Donald Trump is 732 00:40:55,080 --> 00:40:57,760 Speaker 1: back in focus. The former president is asking a Supreme 733 00:40:57,800 --> 00:41:01,640 Speaker 1: Court to let a court appointed actional master review classified 734 00:41:01,680 --> 00:41:05,040 Speaker 1: documents sees from his Mara Lago home. To move escalates 735 00:41:05,040 --> 00:41:07,880 Speaker 1: the Justice Department's investigation and to whether Trump or his 736 00:41:07,960 --> 00:41:11,200 Speaker 1: aids illegally took sensitive government records when he left office 737 00:41:11,480 --> 00:41:14,839 Speaker 1: and obstructed repeated efforts to recover them. In New York, 738 00:41:14,840 --> 00:41:17,600 Speaker 1: Heren we got word. Micron Technology plans to invest as 739 00:41:17,680 --> 00:41:20,160 Speaker 1: much as a hundred billion dollars over the next twenty 740 00:41:20,200 --> 00:41:22,279 Speaker 1: years to build a factory in the state. It's the 741 00:41:22,360 --> 00:41:25,440 Speaker 1: latest bid to boost US production of memory chips. Governor 742 00:41:25,480 --> 00:41:28,440 Speaker 1: Kathy Hokel says it will create about fifty thousand jobs 743 00:41:28,440 --> 00:41:30,640 Speaker 1: in New York State. We believe that this is going 744 00:41:30,719 --> 00:41:32,800 Speaker 1: to be a catalyst not just for this company and 745 00:41:33,120 --> 00:41:36,120 Speaker 1: jobs to come here, but also the supply chain companies 746 00:41:36,120 --> 00:41:38,600 Speaker 1: that will say, you know, I don't want to manufacture overseas. 747 00:41:38,640 --> 00:41:41,719 Speaker 1: There's so many disruptions. New York Governor Kathy Hokeel spoke 748 00:41:41,760 --> 00:41:44,400 Speaker 1: with David Weston on Bloomberg's Balance of Power. Catch the 749 00:41:44,440 --> 00:41:47,680 Speaker 1: program weekdays at noon on Bloomberg Radio and Television. Well 750 00:41:47,760 --> 00:41:51,320 Speaker 1: turning to corporate news now Nathan Amazon is pausing hiring 751 00:41:51,400 --> 00:41:54,360 Speaker 1: for corporate positions and its retail business. It's the latest 752 00:41:54,360 --> 00:41:58,040 Speaker 1: sign that Amazon is adjusting its workforce to slowing online sales. 753 00:41:58,320 --> 00:42:00,719 Speaker 1: Sources say the company will pause re crewman until the 754 00:42:00,800 --> 00:42:02,920 Speaker 1: end of a year. The freeze does not apply to 755 00:42:03,040 --> 00:42:06,440 Speaker 1: its warehouse network, where most of its employees work and 756 00:42:06,640 --> 00:42:10,160 Speaker 1: kareny E. Cigarette manufacturer Jewel has begun talks for funding 757 00:42:10,160 --> 00:42:13,439 Speaker 1: for a potential Chapter eleven bankruptcy. That's according to people 758 00:42:13,440 --> 00:42:16,280 Speaker 1: with knowledge of the preparations. They aren't final. The plans 759 00:42:16,280 --> 00:42:19,560 Speaker 1: could change. A Jewel spokesman says the company is still 760 00:42:19,600 --> 00:42:23,560 Speaker 1: considering other avenues. Looking ahead to the market, open futures 761 00:42:23,600 --> 00:42:26,480 Speaker 1: are moving lower. We see SMP futures right now down 762 00:42:26,640 --> 00:42:29,479 Speaker 1: thirty three points. Down futures are down two hundred sixty two, 763 00:42:29,800 --> 00:42:32,560 Speaker 1: and NASTAC futures are lower by a hundred three points. 764 00:42:32,760 --> 00:42:35,520 Speaker 1: The tenure treasury is down eighteen thirty seconds. You'ld three 765 00:42:35,520 --> 00:42:37,759 Speaker 1: point seven zero percent. You'ld on the two year four 766 00:42:37,800 --> 00:42:40,839 Speaker 1: point one two Imax screws down six tenths percent at 767 00:42:40,880 --> 00:42:43,080 Speaker 1: eighty six oh one a barrel, and the British pound 768 00:42:43,120 --> 00:42:45,439 Speaker 1: at one point one four one four against the dollar. 769 00:42:45,760 --> 00:42:48,480 Speaker 1: Straight ahead, your latest local headlines and a check of sports. 770 00:42:48,520 --> 00:42:49,960 Speaker 1: This is Bloomberg