WEBVTT - Bloomberg Daybreak: October 5, 2022 - Hour 1 (Radio) 0:00:01.840 --> 0:00:05.240 Markets, headlines and breaking news twenty four hours a day 0:00:05.360 --> 0:00:08.920 at Bloomberg dot Com. For Bloomberg Business Outland at Bloomberg 0:00:09.000 --> 0:00:17.840 Quick Take. This is a Bloomberg Business flash and I'm 0:00:17.920 --> 0:00:21.160 KMin Moscow US Dock Index, futures and European shares are 0:00:21.200 --> 0:00:24.440 falling as investors scale down their optimism for less hawkish 0:00:24.440 --> 0:00:27.960 central banks and seek more evidence that inflation is moderating. 0:00:28.160 --> 0:00:30.520 We check the markets every fifteen minutes throughout the trading 0:00:30.600 --> 0:00:32.960 day on Bloomberg. Right now, S and P futures are 0:00:33.000 --> 0:00:36.159 down thirty six points down, futures down two D eighty eight, 0:00:36.159 --> 0:00:39.239 and NASDAG futures down one D thirteen. The decks in 0:00:39.280 --> 0:00:41.920 Germany's down one per cent. The ten year treasury down 0:00:41.960 --> 0:00:45.440 eighteen thirty seconds. You'll three point seven zero percent yield 0:00:45.440 --> 0:00:47.600 on the two year four point one two per cent. 0:00:48.000 --> 0:00:50.159 Nine mex screwed oil is down three tenths per cent 0:00:50.240 --> 0:00:52.560 or twenty seven cents at eighty six dollars twenty five 0:00:52.560 --> 0:00:55.200 cents a barrel. Comex goal down eight tenths percent or 0:00:55.240 --> 0:00:58.440 thirteen dollars fifty cents at seventeen seventeen an ounce. The 0:00:58.520 --> 0:01:01.800 euro point two against the dollar British bound one point 0:01:01.800 --> 0:01:05.920 one the end one point four one, and bitcoin is 0:01:05.959 --> 0:01:09.480 down one at a quarter percent, at twenty thousand dollars. 0:01:09.480 --> 0:01:12.039 And that's a Bloomberg business flash. Now here's Michael Barr 0:01:12.080 --> 0:01:15.160 with Moore and what's going on around the world. My God, Karen, 0:01:15.200 --> 0:01:17.600 thank you very much. President Joe Biden is traveling to 0:01:17.800 --> 0:01:21.559 Florida today. Biden will pledge that federal, state, and local 0:01:21.600 --> 0:01:25.600 governments will work as one to help rebuild homes, businesses, 0:01:25.640 --> 0:01:29.919 and lives destroyed by Hurricane Ian. Former President Donald Trump 0:01:29.959 --> 0:01:32.080 wants the U. S. Supreme Court to look into government 0:01:32.120 --> 0:01:35.920 papers seized at his Zamara Lago home. Trump is asking 0:01:35.920 --> 0:01:38.960 the justices to let a quarter pointed special Master we 0:01:39.120 --> 0:01:43.400 view one hundred documents with classified markings. In baseball, Yankee 0:01:43.440 --> 0:01:46.400 slugger Aaron Judge at his sixty second home run of 0:01:46.440 --> 0:01:49.600 the season to break Roger marries a l record. It 0:01:49.760 --> 0:01:52.200 happened in Game one as the Yankees split a double 0:01:52.280 --> 0:01:55.760 header for the Rangers. The Mets swept a doubleheader against 0:01:55.760 --> 0:01:58.400 the Nationals, but the Brave still clinch the NL East 0:01:58.560 --> 0:02:00.920 with the win over the Marlins. The Red Sox and 0:02:01.120 --> 0:02:04.720 A's one. The Giants lost global news twenty four hours 0:02:04.760 --> 0:02:07.880 a day on air and on Bloomberg Quickdake, powered by 0:02:07.920 --> 0:02:10.600 more than twenty seven hundred journalists and anialists more than 0:02:10.600 --> 0:02:15.480 a hundred twenty countries. Michael var and this is Bloomberg. Nathan. Alright, Michael, 0:02:15.520 --> 0:02:18.040 thank you. It's five forty nine on Wall Street Live 0:02:18.080 --> 0:02:21.960 from the Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. 0:02:22.040 --> 0:02:24.200 Let's take a closer look at this market now. For that, 0:02:24.240 --> 0:02:27.600 we're joined by Anika Gupta, Director of macroeconomic Research at 0:02:27.639 --> 0:02:30.079 Wisdom Street. Anica, it's great to speak with you this 0:02:30.120 --> 0:02:33.600 morning as we watch futures fall after two straight days 0:02:33.639 --> 0:02:36.320 of gains to start off the fourth quarter. Is this 0:02:36.440 --> 0:02:39.799 a change in sentiment or be back to the kind 0:02:39.800 --> 0:02:46.400 of gloomy feeling we've had before the rally? Very good morning, Nathan, Yes, 0:02:46.440 --> 0:02:51.160 I think um. You know we've we've opened October and uh, 0:02:51.360 --> 0:02:54.640 you know the third quarter with a with larger hopes 0:02:54.639 --> 0:02:56.760 of a FED pivot um and you know we had 0:02:56.760 --> 0:03:00.959 a risk on market rally lot yesterday, um largely predicated 0:03:01.000 --> 0:03:04.680 on the fact that the Fed would turn UM. Today. However, 0:03:05.200 --> 0:03:07.160 you know we're back to risk off because there are 0:03:07.160 --> 0:03:10.240 a number of factors that are still weighing on sentiments. 0:03:10.280 --> 0:03:13.360 You know, we've got the all important OPEC meeting. We've 0:03:13.400 --> 0:03:15.880 also seen, um you know, some of the data that 0:03:16.040 --> 0:03:19.280 is coming in, uh, showing that, you know, if it 0:03:19.440 --> 0:03:23.040 were not likely to see the FED turn as quickly 0:03:23.080 --> 0:03:26.560 as previously anticipated, because we still need to get the 0:03:26.600 --> 0:03:30.840 FED jobs. The job's numbers coming in on Friday, UH 0:03:30.880 --> 0:03:33.960 for a bit more direction and clarity on the strength 0:03:33.960 --> 0:03:37.000 of the labor market. And UM, you know, I think 0:03:37.040 --> 0:03:40.520 the decision by OPEC is also weighing heavily on sentiment 0:03:40.640 --> 0:03:44.400 because uh, you know, previously, UM, you know, the anticipation 0:03:44.520 --> 0:03:47.880 was that we would be getting uh cuts, production cuts 0:03:48.200 --> 0:03:51.440 expected in the range of about a million barrels per day, 0:03:51.520 --> 0:03:54.240 But now they've hid that those discussions all the way 0:03:54.320 --> 0:03:57.280 up to about two million barrels per day, UM, and 0:03:57.320 --> 0:04:01.400 that that would again you know, the signific by considerable 0:04:01.400 --> 0:04:04.000 pressure on the inflation side, which would be coming from 0:04:04.160 --> 0:04:08.560 higher energy prices. What's your call on the impact that 0:04:08.640 --> 0:04:13.320 would have on inflation and the economic growth picture more broadly, 0:04:13.400 --> 0:04:16.880 if we did get that kind of outsized production cut 0:04:16.960 --> 0:04:21.080 from OPEC plus after the meeting today, well, the two 0:04:21.120 --> 0:04:23.520 things to consider here, Nathan. You know. The first thing 0:04:23.640 --> 0:04:29.040 is um, while that that cut, if they do go 0:04:29.080 --> 0:04:31.800 ahead with a with a cut as large as uh, 0:04:31.839 --> 0:04:34.680 you know, two million barrels per day, that would have 0:04:34.880 --> 0:04:39.080 more of a psychological impact on the market, because in reality, 0:04:39.279 --> 0:04:43.720 the the impact is a lot less than the official 0:04:43.760 --> 0:04:48.599 headline number because several members are already pumping far below 0:04:48.760 --> 0:04:52.479 their official quotas, which means they're automatically will be in 0:04:52.600 --> 0:04:57.039 compliance with this new headline um you know production cut 0:04:57.120 --> 0:05:01.320 limit that they would put into the market. So I think, um, 0:05:01.360 --> 0:05:05.320 you know, from from a psychological perspective, it would still 0:05:05.360 --> 0:05:09.080 be the cartail's largest reduction, um you know, since the 0:05:09.080 --> 0:05:11.599 deep cust that we agreed at the onset of the 0:05:11.640 --> 0:05:14.920 COVID pandemic. But the key thing to keep in mind 0:05:15.000 --> 0:05:17.320 is this is this decision is coming on a day 0:05:17.760 --> 0:05:20.960 when the EU has backed a new package of sanctions 0:05:21.040 --> 0:05:24.360 against Russia, uh you know, which also includes a price 0:05:24.400 --> 0:05:28.600 cap on oil sales to third world countries. So uh 0:05:28.640 --> 0:05:31.119 you know, the key the key focuses it's it's also 0:05:31.160 --> 0:05:34.880 in retaliation to this package that is coming in from EU. Uh, 0:05:35.040 --> 0:05:38.520 it's also trying to address the significant disconnect that we 0:05:38.600 --> 0:05:42.960 have between the physical oil markets and the synthetic oil markets, 0:05:42.960 --> 0:05:46.920 where you know, the physical markets are resonating concerns on 0:05:47.240 --> 0:05:51.080 a supply shortage, whereas the synthetic market is just resonating 0:05:51.120 --> 0:05:54.720 concerns on uh, you know, demand being curbed because of 0:05:55.080 --> 0:05:58.400 recession concerns. We only have about thirty seconds left here 0:05:58.400 --> 0:06:00.720 and Nika, but you did mention the JAR report coming 0:06:00.720 --> 0:06:04.200 out on Friday. We've seen strength in the labor market continuing. 0:06:04.240 --> 0:06:06.880 Do you expect that to continue on the payrolls report 0:06:06.920 --> 0:06:09.520 that comes out the end of the week. Well, I 0:06:09.560 --> 0:06:12.760 think we will see some loosening um in the job's data. 0:06:12.839 --> 0:06:15.479 We're expecting uh, you know, jobs to go at about 0:06:15.520 --> 0:06:19.760 two d and fifty thousand, unemployment to remain under around 0:06:19.800 --> 0:06:23.520 three point six percent, and a slight decrease in the 0:06:23.600 --> 0:06:29.039 average wage growth to around five point So it's still 0:06:29.080 --> 0:06:33.400 wouldn't signal that the FED is about to pivot, but 0:06:33.480 --> 0:06:35.840 it you know, we we believe we're still on track 0:06:35.920 --> 0:06:38.720 for seventy five basis points red hike in November and 0:06:38.760 --> 0:06:41.159 from then on, um, you know, we'll start to see 0:06:41.720 --> 0:06:45.440 a slower, more moderate piece of rate hikes going forward. 0:06:45.560 --> 0:06:48.240 By the Fed. Thanks so much a great getting your 0:06:48.240 --> 0:06:51.920 thoughts this morning. A Nica Gupta, director of macroeconomic research 0:06:52.080 --> 0:06:55.640 at Wisdom Tree, Karen very Nathan, thank you, and it's 0:06:55.680 --> 0:06:57.640 from thor day three on Wall Straight time for the 0:06:57.680 --> 0:07:00.560 Bloomberg The Law Report. Let's get to the goose stories 0:07:00.600 --> 0:07:08.440 were watching this morning from Bloomberg's Jeff Bellinger. PayPal investor 0:07:08.520 --> 0:07:11.840 charges in a proposed class action that many new accounts 0:07:11.840 --> 0:07:15.640 on PayPal were created by bots and not legitimate first 0:07:15.640 --> 0:07:19.560 time customers. A federal class action law soon accuses Vanguard 0:07:19.600 --> 0:07:23.640 Equities of sending spam text messages to consumer cell phones 0:07:23.840 --> 0:07:27.000 without their consent. The Fifth Circuit rule that a black 0:07:27.040 --> 0:07:30.840 teenager lacked proof that her Austin, Texas school district was 0:07:30.960 --> 0:07:36.000 deliberately indifferent to her complaints about race discrimination. Bloomberg Law 0:07:36.320 --> 0:07:40.520 everything you need, all on one legal research platform, including 0:07:40.520 --> 0:07:44.840 guidance analysis and Bloomberg market Intelligence. Find out more at 0:07:44.840 --> 0:07:48.960 Bloomberg Law dot com. All right, Jeff, thank you. Now 0:07:49.000 --> 0:07:51.640 another legal story we're watching. In day two of the 0:07:51.720 --> 0:07:54.520 new term, the Supreme Court heard oral arguments in a 0:07:54.560 --> 0:07:57.480 case that could deliver another blow to the Voting Rights Act, 0:07:57.560 --> 0:08:00.760 the nineteen law designed to protect my already voters at 0:08:00.760 --> 0:08:04.240 the ballot box. The Court is considering whether Alabama violated 0:08:04.280 --> 0:08:06.720 the Act by drawing its congressional map in a way 0:08:06.760 --> 0:08:09.840 that insures the state will have just one black representative 0:08:09.880 --> 0:08:13.600 for the next decade, even though its citizens are black. 0:08:13.920 --> 0:08:16.880 For more Bloomberg juon Grosso speaks to elections law expert 0:08:17.000 --> 0:08:19.760 Richard Hassen, a professor at u c l A Law School. 0:08:20.000 --> 0:08:23.320 This was a nearly two hour argument. What was the 0:08:23.360 --> 0:08:27.760 main focus or concern of the justices. Well, Alabama advanced 0:08:27.760 --> 0:08:31.240 a number of different arguments. Their most radical argument would 0:08:31.320 --> 0:08:35.040 essentially rework section to the Voting Rights Act, and there 0:08:35.160 --> 0:08:37.840 was little appetite on the Court for issuing an opinion 0:08:37.880 --> 0:08:41.160 that would overturn decades of precedent and have a whole 0:08:41.160 --> 0:08:43.320 new approach to the Voting Rights Act. But there was 0:08:43.440 --> 0:08:46.600 much more interest, at least among some of the conservative justices, 0:08:46.800 --> 0:08:51.040 especially Justice the Leado, in tweaking the existing standards in 0:08:51.080 --> 0:08:53.600 a way that would make it look like the Court 0:08:53.720 --> 0:08:57.040 is continuing with its application of existing law, but actually 0:08:57.200 --> 0:09:00.000 changes the standards enough to make it easier for states 0:09:00.000 --> 0:09:02.480 to win and harder for minority voters to it. The 0:09:02.520 --> 0:09:05.840 real question is whether or not the other justices would 0:09:05.840 --> 0:09:08.680 be willing to go along with Justice Alito. Over the 0:09:08.800 --> 0:09:13.320 last decade, the Supreme Court has already weakened the Voting 0:09:13.400 --> 0:09:17.320 Rights Act. It gutted Section five of the Act. So 0:09:17.400 --> 0:09:20.160 is there any chance that this case will be different 0:09:20.559 --> 0:09:23.760 or will they just continue on the road they've been on. 0:09:24.520 --> 0:09:28.440 So there is certainly a history of the Court being 0:09:28.480 --> 0:09:30.480 hostile to the Voting Rights Act. There was the two 0:09:30.480 --> 0:09:34.280 thousd thirteen case Shelby County versus Holder, that essentially killed 0:09:34.280 --> 0:09:36.840 off a major provision of Voting Rights Act known as 0:09:36.880 --> 0:09:40.599 Section five. There was the Burntch case that held the 0:09:40.760 --> 0:09:43.640 Section two doesn't have a lot of teeth outside of 0:09:43.640 --> 0:09:47.400 the resisting context. There's also some other decisions, including the 0:09:47.520 --> 0:09:51.000 decision a few years ago written by Justice Alito called 0:09:51.000 --> 0:09:56.520 Abbott First Paris Case out of Texas, which also weakened 0:09:56.679 --> 0:09:59.200 the understanding the Voting Rights Act. So if that pattern 0:09:59.280 --> 0:10:01.840 holds up, I don't think it's going to be good 0:10:01.840 --> 0:10:06.000 news for minority voters. I think the real question is 0:10:06.040 --> 0:10:09.920 not there's a good chance that the plaintiffs lose. We 0:10:09.960 --> 0:10:13.599 already know from them taking the case and issuing a 0:10:13.679 --> 0:10:16.439 stay that that's likely to happen. It's how they lose, 0:10:16.720 --> 0:10:19.480 how bad it's going to be. And that's Richard Hassan, 0:10:19.559 --> 0:10:21.760 a professor at u c l A Law School, speaking 0:10:21.800 --> 0:10:24.760 with Bloomberg student Grosso. Catch more in that interview, plus 0:10:24.760 --> 0:10:27.640 analysis of the latest legal news by subscribing to the 0:10:27.679 --> 0:10:30.920 Bloomberg Law Podcast or downloading the show at Bloomberg dot 0:10:30.920 --> 0:10:34.640 com slash podcast. Attorneys can find exceptional legal research and 0:10:34.679 --> 0:10:37.880 business development tools at Bloomberg Law dot com and on 0:10:38.000 --> 0:10:41.959 the Bloomberg terminal at b Law. Go futurists this morning 0:10:42.040 --> 0:10:45.240 or lower SNP futures down thirty nine points down futures 0:10:45.240 --> 0:10:48.439 down three hundred nine and NASDAG futures down one twenty 0:10:48.760 --> 0:10:51.360 and a ten year treasury down eighteen thirty seconds. You 0:10:51.400 --> 0:10:53.800 have three point seven zero percent. They yield on the 0:10:53.840 --> 0:10:57.120 two year four point one two per cent. Nine make 0:10:57.160 --> 0:10:59.600 screwed oils down half percent or forty cents at eighty 0:10:59.600 --> 0:11:02.240 six dollar. There's twelve cents of barrel. The euro this 0:11:02.280 --> 0:11:05.720 morning point nine to eight against the dollar British pound 0:11:05.720 --> 0:11:09.880 one point one zero, and our top stories are straight ahead. 0:11:10.120 --> 0:11:18.199 As Bloomberg Day Break continues. This is Bloomberg broadcasting live 0:11:18.360 --> 0:11:22.319 from the Bloomberg Interactive Broker's studio in New York. Bloomberg 0:11:22.320 --> 0:11:26.400 E Living Free to Washington, d C, Bloomberg On to Boston, 0:11:26.520 --> 0:11:30.400 Bloomberg one six one does San Francisco, Bloomberg nine sixteen 0:11:30.480 --> 0:11:33.720 to the country, Sirius xm A one nineteen, and around 0:11:33.720 --> 0:11:37.600 the globe the Bloomberg Business and Bloomberg Radio dot Com. 0:11:37.679 --> 0:11:46.640 This is Bloomberg Daybreak. It's five thirty on Wall Street. 0:11:46.640 --> 0:11:49.640 Good morning. I'm Nathan Hager and I'm Karen Moscow. We're 0:11:49.720 --> 0:11:52.400 just about four hours away from the open of US trading. 0:11:52.480 --> 0:11:53.880 Let's get you have to date on the news you 0:11:53.920 --> 0:11:56.080 need to know at this hour. We begin with Elon 0:11:56.160 --> 0:11:58.720 Musk reviving is a bid to buy Twitter. He'll make 0:11:58.760 --> 0:12:01.160 the acquisition at the rich a price of fifty four 0:12:01.200 --> 0:12:04.480 dollars and twenty cents of share. Now attention turns to 0:12:04.520 --> 0:12:08.640 the path ahead for Musk and Twitter. Ross Gerber with Gerberg. 0:12:08.720 --> 0:12:12.080 Kawasaki says, the world's richest man must focus on mending 0:12:12.120 --> 0:12:16.120 his relationship with a company and its employees. It's not distrusted, 0:12:16.160 --> 0:12:20.040 it's hate. They hate him. He's created a situation, and 0:12:20.080 --> 0:12:23.360 I love Elon. You know I'm I'm a fan and supporter, 0:12:23.440 --> 0:12:25.720 don't get me wrong, but I have friends at Twitter 0:12:26.000 --> 0:12:29.320 and they hate him. Now, if I'm Twitter, I'm not 0:12:29.440 --> 0:12:31.959 going to get rid of this lawsuit at all. I'm 0:12:32.000 --> 0:12:35.720 going to force specific performance on Elon because there's no 0:12:35.800 --> 0:12:39.280 trust there at all. Ross Gerber with Gerber Kawasaki says 0:12:39.360 --> 0:12:42.000 Musk is acquiring the company with employee morale at an 0:12:42.000 --> 0:12:44.560 all time low. Well, Twitter shares close twenty two percent 0:12:44.640 --> 0:12:47.960 higher yesterday, They're done about half percent this morning. Tesla 0:12:48.120 --> 0:12:50.840 shares also jumped on the news, climbing nearly three percent, 0:12:51.200 --> 0:12:54.440 and this morning Tesla's also lower, down one percent. Now. 0:12:54.440 --> 0:12:56.760 The US futures are lower as well this morning. Karen, 0:12:56.800 --> 0:12:59.840 following Hawky is rhetoric from several Central Bank officials. FED 0:13:00.000 --> 0:13:03.160 w R Philip Jefferson says reducing inflation will likely require 0:13:03.160 --> 0:13:06.240 a period of weak growth to ease demand. Also, speaking yesterday, 0:13:06.240 --> 0:13:09.640 San Francisco FED President Mary Daily, she stresses the importance 0:13:09.640 --> 0:13:12.360 of price stability. Unlike it's a great time to be 0:13:12.440 --> 0:13:15.240 a worker, the workers have all this power. I don't 0:13:15.240 --> 0:13:17.160 see a lot of power if your real wages are 0:13:17.160 --> 0:13:20.840 following nine and so that is sort of an example 0:13:20.840 --> 0:13:24.040 of why inflation is a corrosive If we let it go, 0:13:24.160 --> 0:13:26.680 it's a corrosive disease in the stay tuned for war 0:13:26.720 --> 0:13:29.360 from San Francisco, Fed President Mary Daily this morning, we 0:13:29.400 --> 0:13:31.679 sit down with her for an interview live on Bloomberg 0:13:31.760 --> 0:13:35.040 Radio and television at ten fifteen Wall Street Time. Well 0:13:35.040 --> 0:13:38.960 overnight saw stocks in Asia rally for a second straight day, Nathan, 0:13:39.000 --> 0:13:42.320 Traders are betting that the global monetary policy tightening cycle 0:13:42.360 --> 0:13:45.079 will soon ease. It's a different story in Europe this morning, 0:13:45.080 --> 0:13:48.200 where stocks are following US. Futures lower and we're keeping on. 0:13:48.240 --> 0:13:51.000 In UK politics this morning, Karen Prime Minister Liz Trust 0:13:51.080 --> 0:13:52.720 is set to give a speech at the annual Tory 0:13:52.760 --> 0:13:56.199 conference in Birmingham. It seemed at reviving her belieguered premiership. 0:13:56.559 --> 0:13:59.920 I'm back here. In the US politics are also in focus, Nathan. 0:14:00.120 --> 0:14:02.719 Former President Donald Trump is asking the Supreme Court to 0:14:02.800 --> 0:14:06.280 let a court appointed special master review classifying documentaries from 0:14:06.280 --> 0:14:10.199 his Maralago home to move escalates the Justice Department's investigation 0:14:10.320 --> 0:14:14.120 into the former president, and futures this morning are lower. 0:14:14.160 --> 0:14:16.719 As we said, f SMP futures down about twenty eight 0:14:16.760 --> 0:14:20.320 points and down futures down two two and Asdack futures 0:14:20.320 --> 0:14:23.960 down eighty three and as straight ahead. We have your 0:14:24.040 --> 0:14:28.000 latest local headlines plus the check of sports. And this 0:14:28.320 --> 0:14:35.000 is Bloomberg. Hi, Karen. Thanks, It's three on Wall Street 0:14:35.000 --> 0:14:37.480 where fifty six degrees in Central Park, still dealing with 0:14:37.520 --> 0:14:40.240 a bad accident Route eighty between eight and fifty seven 0:14:40.240 --> 0:14:42.720 and fifty eight in Patterson. Michael barrs here with what 0:14:42.720 --> 0:14:45.040 else is going on in New York and around the world. Michael, 0:14:45.200 --> 0:14:47.600 thank you very much. Nathan. Mourners will say their final 0:14:47.640 --> 0:14:50.360 goodbyes to an f d n Y E m S. Lieutenant. 0:14:50.800 --> 0:14:54.080 Funeral services take place today for Alis and Russo Elling 0:14:54.160 --> 0:14:56.920 in Brookville. She was fatally stabbed last week and an 0:14:56.960 --> 0:15:00.480 unprovoked attack. The f d n y S has Ruce o'elling, 0:15:00.600 --> 0:15:04.960 who was sixty one, will be posthumously promoted to captain. Today, 0:15:05.160 --> 0:15:07.920 the New York Division of the Drug Enforcement Administration and 0:15:08.040 --> 0:15:11.680 Local Law Enforcement announced the results of the first significant 0:15:11.720 --> 0:15:16.080 seizure of rainbow fentanyl in Manhattan. The seizure of nearly 0:15:16.080 --> 0:15:19.840 fifteen thousand pills happened on September when a vehicle under 0:15:19.840 --> 0:15:22.800 surveillance by the d e A was stopped outside the 0:15:22.840 --> 0:15:26.400 Lincoln Tunnel where they discovered the pills hidden in black 0:15:26.480 --> 0:15:30.720 top bags and a lego container. Bridget Brennan is the 0:15:30.800 --> 0:15:34.480 New York City Special Narcotics Prosecutor. My office and our 0:15:34.480 --> 0:15:38.880 partners are committed to disrupting high level narcotics trafficking by 0:15:38.960 --> 0:15:44.400 intercepting large loads of lethal drugs and drug proceeds. We 0:15:44.520 --> 0:15:47.800 do this to protect New Yorkers and to save lives. 0:15:48.000 --> 0:15:51.160 Prosecutor Brennan says, the person in the car, Letitia Bush 0:15:51.200 --> 0:15:54.560 of Trenton, New Jersey, was arrested. President Biden will visit 0:15:54.600 --> 0:15:57.560 Florida today to tour the damage caused by a hurricane Ian. 0:15:58.040 --> 0:16:00.240 More than one hundred people were killed by the norm 0:16:00.360 --> 0:16:03.520 in the US. President Biden gave a stark warning while 0:16:03.560 --> 0:16:08.240 talking about the Task Force on Reproductive Healthcare Access. According 0:16:08.280 --> 0:16:11.760 to the President, the Supreme Court decision to overturn Roe v. Wade, 0:16:12.080 --> 0:16:15.080 it's not enough for the Republican Party, He says. If 0:16:15.120 --> 0:16:18.960 the Republicans win Congress this year, states that retained abortion 0:16:19.080 --> 0:16:22.080 access rights could lose that as well, and the Congress 0:16:22.120 --> 0:16:25.760 should codify the protections of row and do it once 0:16:25.800 --> 0:16:29.680 and for all. But right now, we have. We're sure 0:16:29.760 --> 0:16:32.240 a handful of votes. It's the only way it's going 0:16:32.280 --> 0:16:35.000 to happen is if the American people make it happen. 0:16:35.480 --> 0:16:38.760 At least fifteen states have stopped nearly all abortion services 0:16:38.760 --> 0:16:42.400 since the Supreme Court abortion ruling in June. Global News 0:16:42.400 --> 0:16:45.520 twenty four hours a day on air and on Bloomberg Quicktake, 0:16:45.760 --> 0:16:48.440 powered by more than twenty seven hundred journalists and analyst, 0:16:48.440 --> 0:16:50.880 are more than a hundred twenty countries. I'm Michael Barren. 0:16:50.960 --> 0:16:59.080 This is Bloomberg Naked. Thanks Michael on Wall Street time 0:16:59.120 --> 0:17:01.040 for the Bloomberg Sports that date. He did it. John 0:17:01.080 --> 0:17:05.840 stan Shower, indeed, Mathan Aaron. Judges pursuit of Roger Marris 0:17:05.920 --> 0:17:09.280 finally over number sixty two hit in game number one 0:17:09.480 --> 0:17:12.680 sixty one. It became apparent a few months ago that 0:17:12.760 --> 0:17:15.080 it might be tough for Judge to reach Barry Bonds 0:17:15.080 --> 0:17:18.480 in seventy three. But then Roger Marris's America League record 0:17:18.480 --> 0:17:20.760 of sixty one was in reach. He hit his sixtieth 0:17:21.080 --> 0:17:23.000 over two weeks ago. Took him eight games. You had 0:17:23.040 --> 0:17:25.399 the sixty one and five more games without a homer, 0:17:25.800 --> 0:17:28.640 including the opener the doubleheader in Texas. But Judge let 0:17:28.680 --> 0:17:31.320 off the second game with a shot to left field 0:17:31.400 --> 0:17:33.720 off the Rangers Hey sus ten Oko. All of his 0:17:33.760 --> 0:17:36.720 teammates greeted him at home played, and later Judge was 0:17:36.760 --> 0:17:41.160 asked what he'll remember about this experienced in Yankee Stadium 0:17:41.160 --> 0:17:43.000 on their feet for every single at bat. You know, 0:17:43.040 --> 0:17:45.439 they're booing pitchers for throwing balls, you know, which I've 0:17:45.480 --> 0:17:48.560 never I've never seen before. And you know, I think 0:17:48.560 --> 0:17:49.760 I got a base at the other night and I 0:17:49.800 --> 0:17:51.560 was getting booed for a single. You know, it's just 0:17:52.160 --> 0:17:54.080 you know, a little moments like that you look back on. 0:17:55.000 --> 0:17:56.760 You know, would have been great to do it at 0:17:56.840 --> 0:17:58.879 Yankee Stadium in front of our home fans, but I 0:17:58.880 --> 0:18:01.959 know a lot of Inkee fan travel travel well, and 0:18:02.040 --> 0:18:03.800 there's a lot of Yankee fans here tonight. Of course, 0:18:03.840 --> 0:18:06.119 this record got so much attention because it's also the 0:18:06.160 --> 0:18:09.800 so called clean record Bonds, Mark McGuire, Sammy Sosa's seasons 0:18:09.800 --> 0:18:13.400 all tainted by steroid US. Yankees beat the Rangers five four, 0:18:13.440 --> 0:18:15.320 then lost three to two. They finished the season today 0:18:15.320 --> 0:18:17.960 going for their one win, and then in the division 0:18:18.040 --> 0:18:20.680 series they'll play either Cleveland or Tampa Bay. The Mets 0:18:20.680 --> 0:18:23.720 swept the double header from Washington four two and ain't nothing. 0:18:23.760 --> 0:18:27.240 They've won a hundred games, but they'll finish second behind Atlanta, 0:18:27.320 --> 0:18:30.040 who clined to The Mets will face San Diego in 0:18:30.080 --> 0:18:32.160 the best of three wild Cards series at City Field 0:18:32.160 --> 0:18:35.480 that starts on Friday. John stash were Bloomberg Sports. Nathan, 0:18:35.640 --> 0:18:38.159 all right, John, thank you, it's thirty seven on Wall Streets. 0:18:38.160 --> 0:18:41.240 Time for the Tri State Business Report. Here's Bloomberg Scott car. 0:18:41.480 --> 0:18:44.680 The demand for office space continue to fall. In August, 0:18:45.000 --> 0:18:48.359 VTS is monthly tracker of office space demand found demand 0:18:48.400 --> 0:18:51.080 for new office space in New York felled by twenty 0:18:51.119 --> 0:18:54.400 two point eight percent. There atalyst state, companies are still 0:18:54.480 --> 0:18:57.159 trying to figure out how much space they'll need permanently 0:18:57.200 --> 0:19:00.320 in a post pandemic world. New Jersey Governor of Film 0:19:00.359 --> 0:19:03.440 Murphy announced the launch of the state's Clean Buildings Working 0:19:03.440 --> 0:19:06.520 Group at this week's Clean Energy Conference. The group will 0:19:06.520 --> 0:19:09.800 bring together stakeholders and experts to inform the decision making 0:19:09.880 --> 0:19:13.199 process for greener, cleaner buildings in the Garden State. The 0:19:13.280 --> 0:19:15.920 co founders of City Pickle in New York say they 0:19:15.920 --> 0:19:19.280 discovered pickle ball, which combines elements of tennis, bad mitten 0:19:19.359 --> 0:19:22.400 and ping pong during the COVID lockdown, but we're dismayed 0:19:22.400 --> 0:19:25.280 to learn there were no indoor playing facilities in the city, 0:19:25.520 --> 0:19:28.280 so they'll open one in Queens sometime in next year's 0:19:28.320 --> 0:19:32.040 first quarter. Reports called pickleball the fastest growing sport in 0:19:32.040 --> 0:19:35.040 the country, with four point eight million players. That's the 0:19:35.040 --> 0:19:39.080 Bloomberg Try State Business Report. I'm Scott Carr, Thanks, Scottivet 0:19:39.200 --> 0:19:41.159 eight on Wall Street. Bloomberg Radio is on the air 0:19:41.200 --> 0:19:43.600 from San Francisco to New York, London to Hong Kong. 0:19:43.680 --> 0:19:45.439 Let's check in with our global news team for some 0:19:45.480 --> 0:19:47.840 of the top stories heard on our three hundred affiliate 0:19:47.920 --> 0:19:53.840 radio stations around the world. I'm Steve Poto Scott ten 0:19:53.920 --> 0:19:57.160 ten Wins in New York. We're talking about international law 0:19:57.200 --> 0:20:02.159 firm Clifford Chance reducing it's Manhattan office footprint. UM Corney 0:20:02.200 --> 0:20:06.560 Donahoe on kerl Dan, Dallas. Amazon is discontinuing it's Amazon 0:20:06.680 --> 0:20:09.800 Glow Kids video. Calling to Bike, I'm Gina servet I 0:20:09.880 --> 0:20:12.920 in for w c CEO in Minneapolis. I'm talking about 0:20:12.960 --> 0:20:17.119 Tupperware now being sold in Target stores. I'm Denise Peligridy 0:20:17.280 --> 0:20:19.840 at on w BZ in Boston. I'm reporting on how 0:20:19.840 --> 0:20:21.840 we could be about to hear more on rules for 0:20:22.040 --> 0:20:25.760 sports fotting. I'm Caroline Head Company back Dave Digital Radio 0:20:25.800 --> 0:20:28.280 in London. We've been reporting on the pressure on Prime 0:20:28.280 --> 0:20:31.960 Minister Listrass at the end of a turbulent and Conservative 0:20:32.000 --> 0:20:35.479 party conference. I'm Scott Carr on w d c H 0:20:35.480 --> 0:20:38.680 in Washington. I'm reporting the pandemic almost seemed to help 0:20:38.720 --> 0:20:42.360 the hospitality industry in one Virginia town. And those are 0:20:42.400 --> 0:20:44.920 some of the stories. Are twenty hundred Bloomberg journalist and 0:20:44.960 --> 0:20:47.560 analysts working on this morning around the world. It's five 0:20:47.600 --> 0:20:50.560 thirty nine on Wall Street. The following is an editorial 0:20:50.680 --> 0:20:54.760 from Bloomberg Opinion. This sedatorial was written by the Bloomberg 0:20:55.000 --> 0:20:59.560 Editorial Board. After days of insisting there'd be no backtracking 0:20:59.600 --> 0:21:03.120 on them many budget that caused panic in financial markets, 0:21:03.440 --> 0:21:07.439 the UK government duly reversed itself this week. Prime Minister 0:21:07.560 --> 0:21:12.000 Liz Trusts and Finance Minister Quasi Quarteng confirmed on Monday 0:21:12.080 --> 0:21:14.760 that a promise cut in the top rate of income 0:21:14.800 --> 0:21:18.280 tax would be canceled. This sudden reversal could give the 0:21:18.320 --> 0:21:22.480 administration a second chance, so long as Trusts offers further 0:21:22.560 --> 0:21:26.280 ressurances that shall be cautious. Among other things, this will 0:21:26.320 --> 0:21:30.040 mean patching things up with the European Union, taking advice 0:21:30.119 --> 0:21:33.880 from the Office for Budget Responsibility on taxes and spending, 0:21:34.119 --> 0:21:37.199 and consulting the Bank of England on the interaction of 0:21:37.280 --> 0:21:41.800 fiscal and monetary policy. Investors need to see more signs 0:21:41.800 --> 0:21:45.520 of prudence from the UK's new government, but reversing a 0:21:45.560 --> 0:21:50.119 misguided tax plan was a good start. This editorial was 0:21:50.160 --> 0:21:53.639 written by the Bloomberg Editorial Board. For more Bloomberg opinion, 0:21:53.680 --> 0:21:56.600 please go to Bloomberg dot com, slash opinion or op 0:21:56.840 --> 0:22:00.000 i n go on the Bloomberg terminal. This has been 0:22:00.000 --> 0:22:03.480 Bloomberg Opinion and you can hear Bloomberg opinion editorials every 0:22:03.480 --> 0:22:07.000 weekday at this time. Terminal customers can read more at 0:22:07.040 --> 0:22:10.560 O P I n go. Future is moving lower this morning. 0:22:10.560 --> 0:22:18.680 You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. 0:22:18.760 --> 0:22:20.920 Rain will taper off to showers and should be done 0:22:20.960 --> 0:22:23.000 by this evening. We'll get up to your sixty degrees 0:22:23.359 --> 0:22:27.399 low seventies with sunshine tomorrow and Friday. Right now fifty 0:22:27.480 --> 0:22:34.720 six in Central Park markets, headlines and breaking news twenty 0:22:34.720 --> 0:22:37.600 four hours a day at Bloomberg dot Com, at Bloomberg 0:22:37.640 --> 0:22:40.560 Business at and at Bloomberg quick Take. This is a 0:22:40.600 --> 0:22:49.640 Bloomberg Business lash and I'm Karen Moscow and US stock 0:22:49.680 --> 0:22:53.200