1 00:00:01,920 --> 00:00:05,320 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,440 --> 00:00:08,119 Speaker 1: at Bloomberg dot com for the the Bloomberg Business at and 3 00:00:08,280 --> 00:00:18,680 Speaker 1: at Bloomberg Quicktape. He's a Bloomberg Business Flash. I'm Nathan Hagar. 4 00:00:18,800 --> 00:00:21,959 Speaker 1: Futures are treading water as we await November jobs. Let's 5 00:00:21,960 --> 00:00:23,880 Speaker 1: head right over to the First Room breaking news desk 6 00:00:23,960 --> 00:00:27,200 Speaker 1: for today's morning call. Here's Bill Maloney. Good Friday morning, Bill, 7 00:00:27,760 --> 00:00:30,640 Speaker 1: and good morning Nathan. That's right. Modest losses in the 8 00:00:30,720 --> 00:00:32,879 Speaker 1: U S futures right now. Deaf futures down forty four 9 00:00:32,880 --> 00:00:35,159 Speaker 1: point says to be dropped four and as that futures 10 00:00:35,159 --> 00:00:38,560 Speaker 1: declined by nineteen the US ten year old at three 11 00:00:38,560 --> 00:00:41,280 Speaker 1: point five one percent, Gold is down four, Oil is 12 00:00:41,280 --> 00:00:44,479 Speaker 1: a little change, and Bitcoin is training higher by half percent. 13 00:00:44,880 --> 00:00:47,440 Speaker 1: Japan fell one point six percent over night, while European 14 00:00:47,479 --> 00:00:49,880 Speaker 1: markets are little changed this morning. And back in the 15 00:00:49,960 --> 00:00:52,400 Speaker 1: US on the economic front, you mentioned those jobs reports 16 00:00:52,479 --> 00:00:55,400 Speaker 1: at eight thirty after the bell Essonnate Aulti Beauty qu 17 00:00:55,480 --> 00:00:58,200 Speaker 1: three beat estimates, and in other news, UBS cut its 18 00:00:58,200 --> 00:01:02,920 Speaker 1: iPhone forecast by sixteen million units on COVID and demand issues. 19 00:01:03,240 --> 00:01:05,240 Speaker 1: Wrapping things up, Echo Lab was put the equay to 20 00:01:05,280 --> 00:01:07,760 Speaker 1: Barkley's Jorge ash was cut. The second perform at RBC 21 00:01:08,319 --> 00:01:11,600 Speaker 1: on Slower Order of Growth. Live from the first breaking 22 00:01:11,640 --> 00:01:14,160 Speaker 1: new stascon Bill Maloy, Nathan Okay, Bill, thanks to you 23 00:01:14,160 --> 00:01:16,800 Speaker 1: get live breaking news over your Bloomberg type squawk on 24 00:01:16,880 --> 00:01:19,680 Speaker 1: your terminal s q U A go. That's the Bloomberg 25 00:01:19,720 --> 00:01:22,080 Speaker 1: Business Flash. Now here's Michael Barr with more on what's 26 00:01:22,080 --> 00:01:25,080 Speaker 1: going on around the world. Michael, thank you very much. Nathan. 27 00:01:25,080 --> 00:01:28,200 Speaker 1: It is a victory for the Justice Department's criminal investigation 28 00:01:28,280 --> 00:01:32,040 Speaker 1: into Donald Trump's handling of White House documents. A Federal 29 00:01:32,040 --> 00:01:34,720 Speaker 1: Appeals scored rule to judge was wrong by appointing a 30 00:01:34,760 --> 00:01:38,600 Speaker 1: special master to review material sees from the former president 31 00:01:38,640 --> 00:01:42,679 Speaker 1: Sammara Lago Home. Congress has avoided what President Biden says 32 00:01:42,760 --> 00:01:45,800 Speaker 1: could have been a Christmas catastrophe. The Senate voted to 33 00:01:45,840 --> 00:01:49,160 Speaker 1: pass a bill to averted looming rail strike NFL. The 34 00:01:49,160 --> 00:01:53,760 Speaker 1: Bills beat the Patriot NHL. Both the Devils and Capitals 35 00:01:53,840 --> 00:01:57,120 Speaker 1: lost in ot at the World Cup. Four games today, 36 00:01:57,160 --> 00:02:00,640 Speaker 1: including Cameroon against Brazil. Global names of four hours a 37 00:02:00,720 --> 00:02:03,560 Speaker 1: day on air end on Bloomberg Quick Take, powered by 38 00:02:03,640 --> 00:02:07,480 Speaker 1: more than un journalists an analysts, more than twenty countries. 39 00:02:07,880 --> 00:02:10,960 Speaker 1: Michael Barr, this is Bloomberg, Nathan. Thank you, Michael. We're 40 00:02:11,000 --> 00:02:13,200 Speaker 1: coming up to sixty nine on Wall Street. Let's turn 41 00:02:13,200 --> 00:02:15,799 Speaker 1: to news in science and technology now. The Bloomberg n 42 00:02:15,880 --> 00:02:18,040 Speaker 1: j I T STEM Report is brought to you by 43 00:02:18,120 --> 00:02:21,600 Speaker 1: New Jersey Institute of Technology, ranked to top hundred national 44 00:02:21,760 --> 00:02:24,600 Speaker 1: university by U S News and World Report and the 45 00:02:24,680 --> 00:02:27,320 Speaker 1: number one public university in New Jersey by Forbes. What 46 00:02:27,400 --> 00:02:30,000 Speaker 1: Will You Make It n j I T. Learn more 47 00:02:30,080 --> 00:02:32,119 Speaker 1: at n j I T dot e d U. Now 48 00:02:32,240 --> 00:02:36,320 Speaker 1: Here's what's making news and science, Technology, engineering and math. 49 00:02:36,800 --> 00:02:39,720 Speaker 1: Tesla handed over the first of its electric semi trucks 50 00:02:39,720 --> 00:02:42,520 Speaker 1: in Nevada. It's a milestone for the automaker, more than 51 00:02:42,600 --> 00:02:46,320 Speaker 1: five years after it unveiled the vehicle. Electrifying big commercial 52 00:02:46,360 --> 00:02:51,120 Speaker 1: vehicles is crucial to transitioning to more sustainable transportation. Tesla estimates, 53 00:02:51,120 --> 00:02:54,480 Speaker 1: while combination trucks are just one percent of the U 54 00:02:54,520 --> 00:02:58,559 Speaker 1: S vehicle fleet, they account for twenty of vehicle emissions. 55 00:02:59,080 --> 00:03:02,440 Speaker 1: Top US military leaders are warning China's space technology is 56 00:03:02,480 --> 00:03:05,640 Speaker 1: advancing quote very very quickly. The U S Space Force 57 00:03:05,639 --> 00:03:08,800 Speaker 1: says Australia will be a critical asset for growing strategic 58 00:03:08,840 --> 00:03:13,680 Speaker 1: competition with China, citing its geographical position and advanced research capabilities, 59 00:03:13,960 --> 00:03:16,920 Speaker 1: and global goods trade will shrink next year, according to 60 00:03:16,960 --> 00:03:22,279 Speaker 1: Oxford Economics, signaling a concerning forecast for Asia's export dependent economies. 61 00:03:22,320 --> 00:03:25,720 Speaker 1: The report sites China's economic slowdown and energy price shock 62 00:03:25,800 --> 00:03:29,600 Speaker 1: in Europe, rising interest rates, and protectionism as factors behind 63 00:03:29,639 --> 00:03:31,959 Speaker 1: the trade outlook. That's the Bloomberg and j I. T 64 00:03:32,240 --> 00:03:35,200 Speaker 1: Stem Report. Amy, all right, thank you, Nathan. We're live 65 00:03:35,240 --> 00:03:38,280 Speaker 1: from the Bloomberg Interactive Broker Studios, where it is six 66 00:03:38,280 --> 00:03:40,720 Speaker 1: fifty one on Wall Street. Talk out to check what's 67 00:03:40,720 --> 00:03:43,000 Speaker 1: going on in d C. And some of the top 68 00:03:43,080 --> 00:03:46,600 Speaker 1: stories in our nation's capital include President Biden signaling that 69 00:03:46,640 --> 00:03:50,160 Speaker 1: Democrats are moving on from Iowa. The President also says 70 00:03:50,160 --> 00:03:52,520 Speaker 1: he's open to talks with Vladimir Putin about ending the 71 00:03:52,520 --> 00:03:55,600 Speaker 1: war in Ukraine. Donald Trump lost it at a court case, 72 00:03:55,720 --> 00:03:59,280 Speaker 1: this one that special master review, and all eyes on 73 00:03:59,320 --> 00:04:02,480 Speaker 1: the Senate run off in Georgia. We welcome Bloomberg Washington 74 00:04:02,560 --> 00:04:06,920 Speaker 1: correspondent Joe Matthew, Host of Sound Donnie joins us. Now, Joe, 75 00:04:06,920 --> 00:04:09,360 Speaker 1: thanks so much for taking the time this morning. President 76 00:04:09,400 --> 00:04:13,480 Speaker 1: Biden proposing some sweeping changes to the Democratic nominating calendar. 77 00:04:14,000 --> 00:04:16,560 Speaker 1: What's the strategy here, Yeah, this is something that the 78 00:04:16,600 --> 00:04:19,080 Speaker 1: strategy is to give more people of color of voice 79 00:04:19,240 --> 00:04:21,479 Speaker 1: in the early nominating process. And this is not a 80 00:04:21,520 --> 00:04:24,520 Speaker 1: new idea. We've been hearing challenges to the lineup every 81 00:04:24,560 --> 00:04:27,960 Speaker 1: four years for some time now. Because Iowa and New 82 00:04:28,000 --> 00:04:32,080 Speaker 1: Hampshire are tiny states that are more than nine white, 83 00:04:32,680 --> 00:04:35,159 Speaker 1: and President Biden says the calendar is structured in a 84 00:04:35,160 --> 00:04:38,880 Speaker 1: way that does not give more diverse people a chance 85 00:04:39,000 --> 00:04:41,440 Speaker 1: to weigh in on candidates early enough to make a difference. 86 00:04:41,440 --> 00:04:43,600 Speaker 1: Obviously they get a chance here, but once you get 87 00:04:43,640 --> 00:04:46,560 Speaker 1: through Iowa and New Hampshire, the field has been winnowed 88 00:04:46,560 --> 00:04:50,600 Speaker 1: down so much. Democrats, we're also upset about long delays. 89 00:04:50,720 --> 00:04:53,640 Speaker 1: You might remember in twenty in tabulating results in Iowa. 90 00:04:53,680 --> 00:04:56,440 Speaker 1: So Iowa was already at a deficit, and it's it's 91 00:04:56,440 --> 00:04:59,960 Speaker 1: got a fully Republican congressional delegation now and Joe by 92 00:05:00,040 --> 00:05:02,880 Speaker 1: and doesn't think the party should be using caucuses at all. 93 00:05:03,320 --> 00:05:05,800 Speaker 1: So he wants to make South Carolina the first in 94 00:05:05,839 --> 00:05:08,600 Speaker 1: the nation primary state. Imagine this followed by New Hampshire, 95 00:05:09,040 --> 00:05:12,240 Speaker 1: then Nevada, then Georgia and Michigan. That's what it would 96 00:05:12,240 --> 00:05:13,800 Speaker 1: look like. And by the way, those are all the 97 00:05:13,839 --> 00:05:17,760 Speaker 1: states that favored Joe Biden in It's still got to 98 00:05:17,800 --> 00:05:20,000 Speaker 1: be ratified by the d n c's rules and by 99 00:05:20,080 --> 00:05:23,080 Speaker 1: Lass Committee, which meets today, and then it would have 100 00:05:23,120 --> 00:05:25,200 Speaker 1: to be approved by the full d n C in February. 101 00:05:25,279 --> 00:05:27,960 Speaker 1: It may well pass. But you know, Andy, we've seen 102 00:05:28,000 --> 00:05:31,120 Speaker 1: this movie before and not necessarily coming from the President 103 00:05:31,200 --> 00:05:33,000 Speaker 1: like this, But I have to remind you New Hampshire 104 00:05:33,120 --> 00:05:35,760 Speaker 1: specifically has a state law that says they will hold 105 00:05:35,800 --> 00:05:38,920 Speaker 1: the nation's first primary no matter what, So schedule South 106 00:05:38,960 --> 00:05:41,560 Speaker 1: Carolina whenever you want. New Hampshire will put its primary 107 00:05:41,560 --> 00:05:44,440 Speaker 1: a week earlier and simply schedule its own primary. So 108 00:05:44,720 --> 00:05:47,240 Speaker 1: this is not quite as clear as it might seem 109 00:05:47,279 --> 00:05:50,160 Speaker 1: in the headline. Okay, we're gonna keep watching that with you. Meanwhile, 110 00:05:50,200 --> 00:05:53,719 Speaker 1: the President also says he will talk with Vladimir Putin 111 00:05:53,720 --> 00:05:55,760 Speaker 1: about the war in Ukraine, but only if the Russian 112 00:05:55,839 --> 00:05:59,359 Speaker 1: leader is serious about ending his invasion of Ukraine. And 113 00:05:59,600 --> 00:06:02,120 Speaker 1: that has happened yet. Well, that's for sure, And to 114 00:06:02,200 --> 00:06:05,520 Speaker 1: be clear, he was clarifying remarks. This came from a 115 00:06:05,600 --> 00:06:09,560 Speaker 1: joint news conference the Bilateral news conference yesterday with Immanuel 116 00:06:09,640 --> 00:06:11,520 Speaker 1: McCrone in the East Room of the White House, and 117 00:06:11,520 --> 00:06:14,039 Speaker 1: the President first said when he was asked if he 118 00:06:14,080 --> 00:06:16,280 Speaker 1: planned to meet with Pooty said no, I have no plans. 119 00:06:16,279 --> 00:06:18,400 Speaker 1: And he said, well, let me just clarifying that. He 120 00:06:18,400 --> 00:06:20,280 Speaker 1: thought for a second. He said, I will meet with 121 00:06:20,360 --> 00:06:23,239 Speaker 1: him when he's ready to come to the negotiating table. 122 00:06:23,600 --> 00:06:25,680 Speaker 1: We've heard this line before. He said, you know, Putin 123 00:06:25,760 --> 00:06:28,240 Speaker 1: can leave Ukraine whenever he wants, but none of this 124 00:06:28,320 --> 00:06:31,080 Speaker 1: is happening right now. He said, you know, he'll he'll 125 00:06:31,080 --> 00:06:33,320 Speaker 1: speak with him if there is an interest in him 126 00:06:33,320 --> 00:06:35,200 Speaker 1: deciding that he's looking for a way to end the war. 127 00:06:35,240 --> 00:06:37,799 Speaker 1: And we don't see any effort, certainly ahead of winter 128 00:06:38,200 --> 00:06:40,400 Speaker 1: of Vladimir Putin to be looking for an off ramp. 129 00:06:40,400 --> 00:06:43,640 Speaker 1: He has been just uh, just just sending missile after 130 00:06:43,680 --> 00:06:47,119 Speaker 1: missile into Ukraine, targeting civilian infrastructure. There were reports today 131 00:06:47,160 --> 00:06:50,560 Speaker 1: that say he's preparing for another huge barrage this weekend. Now, 132 00:06:50,560 --> 00:06:52,440 Speaker 1: he had also said that he wouldn't talk with Putin 133 00:06:52,560 --> 00:06:55,359 Speaker 1: unless Ukraine's leaders were involved in that discussion. So I 134 00:06:55,360 --> 00:06:57,360 Speaker 1: wondered if that was some sort of pivot, if something 135 00:06:57,360 --> 00:06:59,760 Speaker 1: had changed, or if he was just clarifying. No, I 136 00:06:59,800 --> 00:07:02,280 Speaker 1: think it's more clarifying. And Emmanuel McCrone said the same 137 00:07:02,320 --> 00:07:03,800 Speaker 1: thing as well. You know this, this has been coming 138 00:07:03,800 --> 00:07:06,120 Speaker 1: from the White House since the very beginning. Uh, they 139 00:07:06,120 --> 00:07:09,120 Speaker 1: won't do anything without Ukraine. Ukraine needs to make its 140 00:07:09,160 --> 00:07:12,120 Speaker 1: own decisions here. We're playing a supporting role in all 141 00:07:12,160 --> 00:07:14,720 Speaker 1: of this. But there are concerns about what's going to happen, 142 00:07:15,080 --> 00:07:18,120 Speaker 1: for instance, to spending, to funding the war in Ukraine. 143 00:07:18,120 --> 00:07:20,440 Speaker 1: As we head into the new year with a new 144 00:07:20,480 --> 00:07:24,600 Speaker 1: Republican majority in the House. Kevin McCarthy, likely to be 145 00:07:24,640 --> 00:07:26,960 Speaker 1: the next speaker, says no more blank checks. And you're 146 00:07:27,000 --> 00:07:30,280 Speaker 1: hearing from a number of members of the Republican Party, UH, 147 00:07:30,320 --> 00:07:33,080 Speaker 1: including Marjorie Tayler Green, Matt Gates, some others who say 148 00:07:33,120 --> 00:07:37,400 Speaker 1: they will not approve one more dollar for Ukraine. So 149 00:07:37,600 --> 00:07:39,480 Speaker 1: what happens in the next couple of weeks in this 150 00:07:39,560 --> 00:07:41,680 Speaker 1: lame duck session, we're hearing something in the area of 151 00:07:41,720 --> 00:07:44,679 Speaker 1: thirty seven billion dollars. That will be the next tronch 152 00:07:44,720 --> 00:07:46,560 Speaker 1: and then we'll see what happens after that. By the way, 153 00:07:46,840 --> 00:07:49,440 Speaker 1: Ukraine is asking for more than weapons. They need generators. 154 00:07:49,440 --> 00:07:52,480 Speaker 1: Now any there are six million people in Ukraine who 155 00:07:52,480 --> 00:07:56,520 Speaker 1: have no electricity and it's winter. You said it, alright, 156 00:07:56,560 --> 00:08:00,480 Speaker 1: the Justice Department's investigation into Donald Trump. Meanwhile, the handling 157 00:08:00,520 --> 00:08:02,880 Speaker 1: of the White House documents that got a boost. The 158 00:08:02,920 --> 00:08:05,320 Speaker 1: courts now say that the Trump team isn't entitled to 159 00:08:05,360 --> 00:08:07,920 Speaker 1: a special master, but there's been a special master working 160 00:08:08,000 --> 00:08:10,360 Speaker 1: on that. So now what happens, Well, I guess he's 161 00:08:10,360 --> 00:08:12,960 Speaker 1: gonna put his pencils down that this is a pretty 162 00:08:13,040 --> 00:08:17,160 Speaker 1: significant development here in the Justice Department's investigation. It will 163 00:08:17,200 --> 00:08:20,240 Speaker 1: allow them to now start incorporating all the rest of 164 00:08:20,280 --> 00:08:22,440 Speaker 1: those documents that may or may not have been personal 165 00:08:22,680 --> 00:08:26,520 Speaker 1: versus top secret uh in their investigation, and it could 166 00:08:26,600 --> 00:08:29,600 Speaker 1: clear the way here for an indictment basically at any 167 00:08:29,640 --> 00:08:32,880 Speaker 1: time if the DOJ decides to do that. That's a 168 00:08:32,920 --> 00:08:35,400 Speaker 1: big if at the moment. Do you indict a former president? 169 00:08:35,440 --> 00:08:38,800 Speaker 1: Do you indict someone who's actively running for re election 170 00:08:39,480 --> 00:08:42,000 Speaker 1: as president? These are the questions that Attorney General Merrick 171 00:08:42,000 --> 00:08:44,200 Speaker 1: Garland needs to deal with here. But you know, it 172 00:08:44,320 --> 00:08:46,840 Speaker 1: was never quite known how far this was gonna go. 173 00:08:46,920 --> 00:08:50,079 Speaker 1: It was seen as a delay tactic. The the Appeals 174 00:08:50,120 --> 00:08:54,000 Speaker 1: Court here was was cut and dry in in their 175 00:08:54,040 --> 00:08:58,280 Speaker 1: writing all three judges uh talking about this just being 176 00:08:58,320 --> 00:09:03,760 Speaker 1: an extraordinary circumstanced O. J was was correct in seeking 177 00:09:03,800 --> 00:09:07,040 Speaker 1: a search warrant with probable cause and no need for 178 00:09:07,080 --> 00:09:09,120 Speaker 1: a special master. By the way, this came from the 179 00:09:09,160 --> 00:09:13,319 Speaker 1: special Council that was recently added to this case overseeing 180 00:09:13,320 --> 00:09:15,960 Speaker 1: the Mara Lago documents case as well as the case 181 00:09:16,040 --> 00:09:19,800 Speaker 1: to overturn the election and and what happened on January six. 182 00:09:19,880 --> 00:09:22,880 Speaker 1: So it's a very complex situation right now, and you've 183 00:09:22,920 --> 00:09:26,960 Speaker 1: got tandem investigations happening in Fulton County, Georgia, the southern 184 00:09:27,000 --> 00:09:29,320 Speaker 1: district of New York. You could argue the walls are 185 00:09:29,320 --> 00:09:31,840 Speaker 1: closing in a bit at mar Lago, and we only 186 00:09:31,880 --> 00:09:33,679 Speaker 1: have about a minute here, Joe, but there's a big 187 00:09:33,760 --> 00:09:37,000 Speaker 1: runoff for the Senate and Georgia early voting underway, and 188 00:09:37,160 --> 00:09:39,200 Speaker 1: you are going to be there. Yeah. We're gonna head 189 00:09:39,200 --> 00:09:41,760 Speaker 1: down of this weekend to be covering this for Bloomberg News. 190 00:09:41,760 --> 00:09:44,240 Speaker 1: Will have reports for you Monday, Tuesday, Wednesday here on 191 00:09:44,240 --> 00:09:47,320 Speaker 1: Bloomberg Radio. This is it. Barack Obama was in town 192 00:09:47,400 --> 00:09:51,200 Speaker 1: last night stumping for Rafael Warnock. It is time once again, 193 00:09:51,400 --> 00:09:54,440 Speaker 1: again and again to make final arguments here. This is 194 00:09:54,440 --> 00:09:57,000 Speaker 1: like the fourth time Rafael Warnock has done this, remembering 195 00:09:57,040 --> 00:09:59,000 Speaker 1: he wanted to run off just a couple of years ago. 196 00:09:59,320 --> 00:10:02,920 Speaker 1: Herschel Walk or the Republican also doing his best to 197 00:10:03,040 --> 00:10:06,319 Speaker 1: keep this in an incredibly close race. Amy the research 198 00:10:06,360 --> 00:10:08,400 Speaker 1: we've seen that hasn't met a lot of polling have 199 00:10:08,559 --> 00:10:10,679 Speaker 1: these two either within a point or within the margin 200 00:10:10,720 --> 00:10:13,559 Speaker 1: of error. Despite all of the talk and the scandals 201 00:10:13,559 --> 00:10:16,240 Speaker 1: and the debates, we're feeling much like we were going 202 00:10:16,280 --> 00:10:18,559 Speaker 1: into this runoff as we did going into the mid terms. 203 00:10:18,640 --> 00:10:21,760 Speaker 1: It's anyone's race in this final weekend of campaigning. In 204 00:10:21,800 --> 00:10:23,920 Speaker 1: twenty seconds, what can you tell me about early voting? 205 00:10:24,679 --> 00:10:27,680 Speaker 1: Early voting sets a record quite remarkable, and so you 206 00:10:27,720 --> 00:10:30,840 Speaker 1: know this could skew in favor of Raphael Warnock if 207 00:10:31,280 --> 00:10:34,480 Speaker 1: we follow historic trends that tend to favor Democrats and 208 00:10:34,559 --> 00:10:37,000 Speaker 1: early voting. That's gonna put the burden on Republicans to 209 00:10:37,200 --> 00:10:39,840 Speaker 1: turn out on Tuesday. And that's where we're gonna begin 210 00:10:39,880 --> 00:10:42,319 Speaker 1: our coverage next week. All right, thank you, Joe, We'll 211 00:10:42,320 --> 00:10:46,400 Speaker 1: be listening. Bloomberg Washington correspondent Joe Matthew, host of Sound 212 00:10:46,480 --> 00:10:49,400 Speaker 1: On with Joe Matthew. You can hear weekday afternoons at 213 00:10:49,480 --> 00:10:52,880 Speaker 1: five here on Bloomberg Radio. You can read more about 214 00:10:52,920 --> 00:10:55,720 Speaker 1: all of these stories on Bloomberg dot Com or on 215 00:10:55,760 --> 00:10:59,120 Speaker 1: the Bloomberg terminal. And a reminder for you follow all 216 00:10:59,160 --> 00:11:02,400 Speaker 1: of the latest on Bloomberg Radio in Washington. Bloomberg not 217 00:11:02,679 --> 00:11:04,520 Speaker 1: nine one and one oh five point seven f m 218 00:11:04,640 --> 00:11:08,160 Speaker 1: h D two Bloomberg Surveillance with John Keene, Lisa Baramawitz, 219 00:11:08,200 --> 00:11:11,160 Speaker 1: and Jonathan Farrell coming up next along with Nathan Hager. 220 00:11:11,240 --> 00:11:18,840 Speaker 1: I'm Amy Morris. This is Bloomberg Markets headlines and breaking 221 00:11:18,880 --> 00:11:21,760 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 222 00:11:21,880 --> 00:11:25,480 Speaker 1: the Bloomberg Business apt and at Bloomberg Quicktape. He's a 223 00:11:25,559 --> 00:11:34,520 Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Stocks a reflecting a 224 00:11:34,559 --> 00:11:37,600 Speaker 1: cautious mood around the world holding steady after recent sharp 225 00:11:37,679 --> 00:11:41,120 Speaker 1: gains as Twitter traders await the latest monthly US jobs 226 00:11:41,120 --> 00:11:43,760 Speaker 1: report for clues on the Fed's next policy steps. We 227 00:11:43,840 --> 00:11:46,160 Speaker 1: check the markets every fifteen minutes during the trading day 228 00:11:46,200 --> 00:11:48,280 Speaker 1: on Bloomberg, and futures are starting to move a bit 229 00:11:48,360 --> 00:11:51,040 Speaker 1: lower now on Wall Street, with SMP futures down four 230 00:11:51,080 --> 00:11:54,280 Speaker 1: points now, futures down forty eight and nastack futures down 231 00:11:54,280 --> 00:11:57,200 Speaker 1: twenty four points ten. Your treasuries down one thirty second 232 00:11:57,440 --> 00:12:00,440 Speaker 1: yield three point five zero percent, and I make screws 233 00:12:00,480 --> 00:12:02,680 Speaker 1: down a tenth for center ten cents eighty one dollars 234 00:12:02,679 --> 00:12:06,520 Speaker 1: fourteen cents a barrel. Comics gold is down to dollar fourteen. 235 00:12:06,559 --> 00:12:09,280 Speaker 1: Even announced the euro one point zero five three six 236 00:12:09,280 --> 00:12:11,160 Speaker 1: against the dollar. The n is at one thirty three 237 00:12:11,160 --> 00:12:14,480 Speaker 1: point eight nine. This red headline just crossed the Bloomberg terminal. 238 00:12:14,520 --> 00:12:18,040 Speaker 1: The Chinese Grand Prix of Formula one racing will not 239 00:12:18,200 --> 00:12:21,800 Speaker 1: take place next year due to the quote ongoing difficulties 240 00:12:21,840 --> 00:12:25,319 Speaker 1: stemming from the COVID nineteen situation. That from a tweet 241 00:12:25,520 --> 00:12:28,600 Speaker 1: from Formula one. That's a Bloomberg business flash. And now 242 00:12:28,600 --> 00:12:30,800 Speaker 1: here's Michael Barr with more on that's going on around 243 00:12:30,800 --> 00:12:33,760 Speaker 1: the world. Michael Nathan, thank you very much. A federal 244 00:12:33,800 --> 00:12:37,480 Speaker 1: appeal scored dismissed Donald Trump's lawsuit against the Justice Department 245 00:12:37,520 --> 00:12:40,600 Speaker 1: over document sees that as a Mara logo resort. In August, 246 00:12:40,880 --> 00:12:44,240 Speaker 1: the panel ruled a Florida judges order appointing a special 247 00:12:44,280 --> 00:12:48,080 Speaker 1: master to review the materials was wrong. The Supreme Court 248 00:12:48,120 --> 00:12:51,440 Speaker 1: denied President Biden's request to overturn a lower court's ruling 249 00:12:51,480 --> 00:12:54,800 Speaker 1: blocking is student loan forgiveness program. They did agree to 250 00:12:54,840 --> 00:12:58,079 Speaker 1: take up the legality of the plan. NFL, the Bills 251 00:12:58,120 --> 00:13:01,200 Speaker 1: beat the Patriots and a HL Both the Devils and 252 00:13:01,280 --> 00:13:04,680 Speaker 1: Capitals lost in overtime at the World Cup. Four games today, 253 00:13:04,720 --> 00:13:08,160 Speaker 1: including Cameroon against Brazil. Global News twenty four hours a 254 00:13:08,240 --> 00:13:11,480 Speaker 1: day on and on Bloomberg Quick Take, powered by more 255 00:13:11,520 --> 00:13:14,319 Speaker 1: than twenty journalists and analysts and more than a hundred 256 00:13:14,320 --> 00:13:18,200 Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Am all right, 257 00:13:18,240 --> 00:13:20,760 Speaker 1: thank you, Michael. It is six nineteen on Wall Street 258 00:13:20,880 --> 00:13:24,360 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 259 00:13:24,640 --> 00:13:27,040 Speaker 1: We now want to bring you more of our exclusive 260 00:13:27,200 --> 00:13:30,120 Speaker 1: with Credit Sweets chairman Axel Lehman, who sat down this 261 00:13:30,160 --> 00:13:33,719 Speaker 1: morning with Bloomberg. Lehman says cash outflows have stopped, and 262 00:13:33,760 --> 00:13:37,640 Speaker 1: he also discussed the bank's stock price and company operations. 263 00:13:37,840 --> 00:13:41,520 Speaker 1: He spoke with Bloomberg's Francine Locoix in London. How often 264 00:13:41,559 --> 00:13:43,480 Speaker 1: do you look at the share price because it's just 265 00:13:43,520 --> 00:13:45,480 Speaker 1: been going down and down and down, and I imagine 266 00:13:45,559 --> 00:13:49,760 Speaker 1: that's very difficult on a daily basis to explain to staff. Sure, 267 00:13:49,840 --> 00:13:51,880 Speaker 1: of course you look at it from time to time, 268 00:13:52,200 --> 00:13:55,520 Speaker 1: but you know, actually VR we are. Share price was 269 00:13:55,600 --> 00:13:58,760 Speaker 1: coming down for quite a while, actually for many many years. 270 00:13:59,200 --> 00:14:01,320 Speaker 1: We are very much under pressure. When you do a 271 00:14:01,360 --> 00:14:04,200 Speaker 1: capital increase of four billion and your market cap is 272 00:14:04,240 --> 00:14:07,760 Speaker 1: ten eleven billion, okay, you know that the share price 273 00:14:07,800 --> 00:14:10,600 Speaker 1: will go to from four to three maybe even lower. 274 00:14:10,640 --> 00:14:13,200 Speaker 1: And we are where we are. But there's a rights offer, 275 00:14:13,400 --> 00:14:16,920 Speaker 1: and actually what happens if a share price goes below that? No, 276 00:14:17,160 --> 00:14:21,040 Speaker 1: the rights offering is fully underwritten and we are well 277 00:14:21,120 --> 00:14:23,600 Speaker 1: under way. You know, we have two tranches. The first 278 00:14:23,640 --> 00:14:26,280 Speaker 1: tranches is the direct investors, so at one point eight 279 00:14:26,360 --> 00:14:29,840 Speaker 1: billion that is already done and on our accounts. The 280 00:14:29,920 --> 00:14:32,760 Speaker 1: second one is ongoing to point two billion and will 281 00:14:32,800 --> 00:14:36,240 Speaker 1: conclude next thursday. Okay, what happens though? Have you had 282 00:14:36,280 --> 00:14:39,640 Speaker 1: conversations with investors about at a higher price and where 283 00:14:39,640 --> 00:14:43,160 Speaker 1: the how unpleasant are those conversations with them? Well, look, 284 00:14:43,280 --> 00:14:46,520 Speaker 1: of course that's never easy. We have quite a lot 285 00:14:46,600 --> 00:14:50,680 Speaker 1: of roughly some ten key investors. They are long time investors. 286 00:14:50,720 --> 00:14:52,960 Speaker 1: They are not pleased. There are the share prices, of course, 287 00:14:53,400 --> 00:14:56,880 Speaker 1: but you know They welcome our plan to transform the company. 288 00:14:57,040 --> 00:15:00,560 Speaker 1: They have a high belief in the credib ability of 289 00:15:00,640 --> 00:15:04,720 Speaker 1: the new of the management team. So they are standing by, 290 00:15:04,880 --> 00:15:07,320 Speaker 1: but you know, they are somewhat impatient. They want to 291 00:15:07,320 --> 00:15:10,160 Speaker 1: see the change. They want to see us executing and 292 00:15:10,240 --> 00:15:13,760 Speaker 1: exactly that's what we're doing. So what kind of conversations 293 00:15:13,960 --> 00:15:16,640 Speaker 1: are you having with them? Are you confident, first of all, 294 00:15:16,640 --> 00:15:20,120 Speaker 1: at the share price after the rights offer will go up. Look, 295 00:15:20,240 --> 00:15:23,520 Speaker 1: we are at a point two or so price the 296 00:15:23,640 --> 00:15:27,720 Speaker 1: book all our peer companies in our sector or of 297 00:15:27,920 --> 00:15:33,440 Speaker 1: rehovering around book slightly below, slightly off. There's no reason 298 00:15:33,720 --> 00:15:38,360 Speaker 1: that we cannot catch up and go back to that level. Ably, 299 00:15:38,440 --> 00:15:41,040 Speaker 1: I cannot predict when that is happening. But the upside 300 00:15:41,080 --> 00:15:45,000 Speaker 1: potentious huge how much? But so, what I'm trying to understand, 301 00:15:45,080 --> 00:15:46,480 Speaker 1: what a lot of people are trying to understand, is 302 00:15:46,520 --> 00:15:48,800 Speaker 1: that every day there's bad news on criticizes and you 303 00:15:48,840 --> 00:15:52,120 Speaker 1: see staff leaving, you see investors unpleased. Like how you 304 00:15:52,160 --> 00:15:57,280 Speaker 1: recapture that narrative? Look, we had no beginning the beginning 305 00:15:57,280 --> 00:15:59,760 Speaker 1: of the months you had that social media storm and 306 00:16:00,120 --> 00:16:04,480 Speaker 1: the huge impact on interestingly not on the institutional side. 307 00:16:04,520 --> 00:16:07,120 Speaker 1: You know, professional investors understood there was a lot of 308 00:16:07,200 --> 00:16:10,120 Speaker 1: room spelling, but on the retail and wealth mentioned side, 309 00:16:10,120 --> 00:16:12,640 Speaker 1: so we reached out. We reached out to eight thousand 310 00:16:12,720 --> 00:16:15,720 Speaker 1: wells mentioned clients. They are covering roughly eight percent of 311 00:16:15,760 --> 00:16:18,160 Speaker 1: the assets on the management. We reached out to more 312 00:16:18,200 --> 00:16:22,040 Speaker 1: than twenty four thousand clients on our core market. So 313 00:16:22,160 --> 00:16:25,880 Speaker 1: we intensified the dialogue just to make sure they understand 314 00:16:25,880 --> 00:16:28,360 Speaker 1: where we are and just to make sure we maintain 315 00:16:28,440 --> 00:16:30,640 Speaker 1: the contact. That what was the feedback like? So if 316 00:16:30,680 --> 00:16:32,840 Speaker 1: I'm a new client, if I'm an old client, why 317 00:16:32,880 --> 00:16:35,080 Speaker 1: would I put a hundred million with all the uncertainty 318 00:16:35,120 --> 00:16:39,000 Speaker 1: surrounding credits? No, the feedback is quite astonishing. The clients 319 00:16:39,160 --> 00:16:42,480 Speaker 1: still like us. They continue to do businesses us. So 320 00:16:42,640 --> 00:16:46,240 Speaker 1: we had basically zero, very few clients really leaving. They 321 00:16:46,320 --> 00:16:48,720 Speaker 1: might have you know, in light of those rooms. This 322 00:16:48,880 --> 00:16:52,880 Speaker 1: throw no some some money from us, but I'm confident 323 00:16:52,960 --> 00:16:56,480 Speaker 1: I have a lot of personal discussions with clients I 324 00:16:56,520 --> 00:17:00,480 Speaker 1: know from regional management. Note that money of when we 325 00:17:00,560 --> 00:17:03,840 Speaker 1: do well will come back at least to a significant part. 326 00:17:04,000 --> 00:17:06,360 Speaker 1: When do you think the outfalls will stop? The outpost 327 00:17:06,480 --> 00:17:09,280 Speaker 1: basically have stopped. What we saw is two or three 328 00:17:09,320 --> 00:17:13,040 Speaker 1: weeks in October womb and since then flattening out. They 329 00:17:13,040 --> 00:17:16,080 Speaker 1: have stopped its gradually coming back, in particular in Switzerland. 330 00:17:16,119 --> 00:17:18,280 Speaker 1: I mean a number of analysts were also talking about, 331 00:17:18,600 --> 00:17:21,280 Speaker 1: you know, what could happen to critics wiz, So are 332 00:17:21,320 --> 00:17:25,280 Speaker 1: you evaluating other strategic options given the share price solution 333 00:17:25,359 --> 00:17:27,920 Speaker 1: and and the market reaction to your announcer, Look, when 334 00:17:27,960 --> 00:17:31,399 Speaker 1: you step back, we do a capital increase. Now in 335 00:17:31,600 --> 00:17:35,119 Speaker 1: four working days we will have four billion b c 336 00:17:35,320 --> 00:17:39,000 Speaker 1: t one ratio of fourteen percent or close to fourteen percent. 337 00:17:39,280 --> 00:17:42,679 Speaker 1: That is top quartile in the in the industry. So 338 00:17:42,800 --> 00:17:47,680 Speaker 1: it's a really strong balance sheet to carry through that transformation. 339 00:17:47,720 --> 00:17:50,359 Speaker 1: We go. So we execute our plan. But why do 340 00:17:50,359 --> 00:17:52,640 Speaker 1: you shareholders not if you wise, the share price keep 341 00:17:52,640 --> 00:17:55,520 Speaker 1: on falling. No, I think the shareholders core shareholders, they 342 00:17:55,600 --> 00:17:58,520 Speaker 1: believe us and they will exercise also their rights. The 343 00:17:58,520 --> 00:18:01,359 Speaker 1: share prices falling off course, you know, the rights issues 344 00:18:01,400 --> 00:18:04,720 Speaker 1: are traded. The market tries to drive down the price, 345 00:18:04,760 --> 00:18:07,680 Speaker 1: which is logic, but it's fully under it and will 346 00:18:07,720 --> 00:18:10,520 Speaker 1: be done. So the volatility on the share price will 347 00:18:10,520 --> 00:18:14,440 Speaker 1: continue until we are through, you know, the capital increase. 348 00:18:14,840 --> 00:18:17,719 Speaker 1: Then I think it will somewhat you know, stabilize and 349 00:18:17,800 --> 00:18:21,200 Speaker 1: probably you know, we just move on from there. So German, 350 00:18:21,280 --> 00:18:23,200 Speaker 1: no plan? By is there a plan if somebody came 351 00:18:23,200 --> 00:18:25,560 Speaker 1: today and said, look, I offer you to merge Terans 352 00:18:25,640 --> 00:18:30,720 Speaker 1: with Francs. Look, as chairman, you need always to consider 353 00:18:30,760 --> 00:18:33,320 Speaker 1: all when somebody comes and will do that. Of course 354 00:18:33,320 --> 00:18:34,760 Speaker 1: you need to take a look. But you know, I 355 00:18:34,800 --> 00:18:37,800 Speaker 1: tell you when you are there. We are with you know, 356 00:18:38,119 --> 00:18:40,600 Speaker 1: the historic ly low on the share price. It's a 357 00:18:40,680 --> 00:18:44,000 Speaker 1: great management team with a plan that is convincing the 358 00:18:44,040 --> 00:18:46,680 Speaker 1: market and the market you know, our shareholders believe it. 359 00:18:46,680 --> 00:18:50,000 Speaker 1: It takes time to execute. You know, we can capture 360 00:18:50,200 --> 00:18:52,480 Speaker 1: we can capture that value and we will do so. 361 00:18:53,160 --> 00:18:56,280 Speaker 1: Credits wee chairman actually when speaking with Bloombergs of Francy 362 00:18:56,359 --> 00:18:59,720 Speaker 1: and Lakwise shairs of Credits trading six point three percent higher. 363 00:18:59,800 --> 00:19:04,040 Speaker 1: This Bloomberg Bloomberg Day Break brought to you by the 364 00:19:04,080 --> 00:19:07,000 Speaker 1: Jewish Communal Fund. For fifty years, j c f's donor 365 00:19:07,119 --> 00:19:10,520 Speaker 1: advised funds have been helping families create charitable legacies. Start 366 00:19:10,560 --> 00:19:12,640 Speaker 1: now and open a j c F fund before year end. 367 00:19:12,920 --> 00:19:17,640 Speaker 1: Is that j c F and White dot Org live 368 00:19:17,720 --> 00:19:21,040 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg day 369 00:19:21,040 --> 00:19:24,600 Speaker 1: Break for Friday, December two two. Coming up this hour, 370 00:19:24,880 --> 00:19:28,159 Speaker 1: investors await the November jobs report and consider what it 371 00:19:28,240 --> 00:19:30,960 Speaker 1: means for the FETE. The chairman of Credit Sweet says, 372 00:19:31,000 --> 00:19:34,320 Speaker 1: the bleeding at the Swiss Bank has stopped. Twitter suspends 373 00:19:34,400 --> 00:19:37,600 Speaker 1: Kanye West once again, and the Justice Department gets a 374 00:19:37,720 --> 00:19:40,600 Speaker 1: win in the Trump White House document pro the shake 375 00:19:40,720 --> 00:19:43,680 Speaker 1: up of retirements at the nyp D plus the Supreme 376 00:19:43,720 --> 00:19:46,720 Speaker 1: Court rule. Here President Biden's student loan forgiveness plan, but 377 00:19:46,880 --> 00:19:49,840 Speaker 1: keeps it on hold. I'm Michael bar More Ahead, I'm 378 00:19:49,880 --> 00:19:52,240 Speaker 1: John Stash. In sports and a f C East battle 379 00:19:52,240 --> 00:19:55,000 Speaker 1: in New England. Buffalo beat the Patriots, The Devil's lost 380 00:19:55,000 --> 00:20:00,440 Speaker 1: it overtime, Seaton Hall lost at Kansas. That's all Stread 381 00:20:00,520 --> 00:20:04,480 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York, 382 00:20:04,680 --> 00:20:09,320 Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, 383 00:20:09,640 --> 00:20:14,040 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen 384 00:20:14,280 --> 00:20:17,240 Speaker 1: and around the world on Bloomberg Radio dot Com and 385 00:20:17,359 --> 00:20:24,720 Speaker 1: via the Bloomberg Business App. Good Friday morning, I'm Amy Morris, 386 00:20:25,040 --> 00:20:27,520 Speaker 1: Nathan Hager futures are quiet this morning. We're coming up 387 00:20:27,520 --> 00:20:29,159 Speaker 1: to six o one on Wall Street. We check the 388 00:20:29,160 --> 00:20:31,879 Speaker 1: markets every fifteen minutes during the trading day. On Bloomberg, 389 00:20:32,200 --> 00:20:35,320 Speaker 1: SFP futures are a little changed down futures down eighteen points, 390 00:20:35,400 --> 00:20:39,000 Speaker 1: DANSE futures down ten ten, Your treasuries down to thirty seconds. 391 00:20:39,000 --> 00:20:41,960 Speaker 1: The three point five one field on the two year 392 00:20:42,040 --> 00:20:46,000 Speaker 1: four point one eight percent, Amy Nathan, Let's begin with 393 00:20:46,040 --> 00:20:48,560 Speaker 1: the November jobs report. We get the latest figures at 394 00:20:48,600 --> 00:20:51,680 Speaker 1: eight thirty a m. Wall Street time. Traders are looking 395 00:20:51,680 --> 00:20:54,280 Speaker 1: to the data for clues on future interest rate hikes. 396 00:20:54,640 --> 00:20:58,200 Speaker 1: Jennifer Lee, senior economists with BEMO Capital Markets, thinks we'll 397 00:20:58,240 --> 00:21:01,119 Speaker 1: see some losening in the late brew market. What we 398 00:21:01,160 --> 00:21:04,560 Speaker 1: want to see is continued moderation in the numbers. And 399 00:21:04,920 --> 00:21:06,520 Speaker 1: this is the era which you know, I'm trying to 400 00:21:06,560 --> 00:21:08,040 Speaker 1: writ my head around, is that you know, good and 401 00:21:08,119 --> 00:21:10,880 Speaker 1: bad and bad is good. You know, normally we would 402 00:21:10,920 --> 00:21:12,680 Speaker 1: like to see what most of guys would like to see, 403 00:21:12,720 --> 00:21:15,480 Speaker 1: good economic data and you know, positive news of the economy, 404 00:21:15,520 --> 00:21:18,480 Speaker 1: but that of course would mean higher for longer. BEMO 405 00:21:18,640 --> 00:21:21,120 Speaker 1: just Jennifer Lee does not believe the jobs data will 406 00:21:21,200 --> 00:21:23,960 Speaker 1: change the fed's upcoming high in December. Stick with us 407 00:21:24,000 --> 00:21:26,719 Speaker 1: all morning for full coverage of the November jobs report, 408 00:21:26,800 --> 00:21:29,879 Speaker 1: and we'll break down the numbers with US Labor Secretary 409 00:21:29,920 --> 00:21:33,840 Speaker 1: Marty Walsh live at am Wall Street time on Bloomberg 410 00:21:33,920 --> 00:21:36,920 Speaker 1: Radio and television. Well, stocks in the US, Europe, and 411 00:21:37,040 --> 00:21:39,720 Speaker 1: Asia are treading water ahead of the job's report. Amy 412 00:21:39,840 --> 00:21:42,639 Speaker 1: s and p futures are holding onto November's gains, and 413 00:21:42,680 --> 00:21:45,879 Speaker 1: Morgan Stanley Chief US equity strategist Mike Wilson thinks this 414 00:21:45,920 --> 00:21:49,240 Speaker 1: bear market rally could be sustained. You have more confident 415 00:21:49,359 --> 00:21:52,680 Speaker 1: that this rally will continue into December. We think race 416 00:21:52,760 --> 00:21:55,560 Speaker 1: will go lower. Pal's commentaries right in line on what 417 00:21:55,600 --> 00:21:57,719 Speaker 1: we've been saying, which is that they're gonna pause probably 418 00:21:57,960 --> 00:22:00,359 Speaker 1: in January, and the markets feeding in front of that, 419 00:22:00,520 --> 00:22:04,119 Speaker 1: and this is a classic fit pause stock market rally. 420 00:22:04,240 --> 00:22:06,840 Speaker 1: Morgan Stanley's Mike Wilson says traders can play the run 421 00:22:06,920 --> 00:22:09,520 Speaker 1: up in December, but he advises the average investor to 422 00:22:09,600 --> 00:22:12,560 Speaker 1: buy bonds and taking a look at oil. This morning, 423 00:22:12,680 --> 00:22:15,800 Speaker 1: Nathan Crudes headed for its weekly biggest game, or biggest 424 00:22:15,800 --> 00:22:18,320 Speaker 1: weekly gain in almost two months. There appeared to be 425 00:22:18,359 --> 00:22:22,000 Speaker 1: several catalysts, looser COVID curbs in China, calls from the 426 00:22:22,000 --> 00:22:25,320 Speaker 1: White House to halt crude sales from strategic reserves, and 427 00:22:25,480 --> 00:22:28,480 Speaker 1: an opeque decision to cut supply by the most since 428 00:22:29,520 --> 00:22:34,080 Speaker 1: Checking prices now, Nimex crude mostly unchanged down six cents, 429 00:22:34,119 --> 00:22:37,240 Speaker 1: trading at eighty one dollar sixteen cents per barrel. Brand 430 00:22:37,240 --> 00:22:40,560 Speaker 1: Crude down one penny, trading at eighties six dollars eighty 431 00:22:40,600 --> 00:22:42,800 Speaker 1: seven cents per barrel. Okay amy, Let's turn to the 432 00:22:42,800 --> 00:22:45,960 Speaker 1: banking sector now, where Credit Swiss is in focus. The 433 00:22:46,080 --> 00:22:49,440 Speaker 1: chairman Axcel Layman spoke exclusively with Bloomberg News this morning. 434 00:22:49,640 --> 00:22:52,640 Speaker 1: He says the bank has mostly stemmed the huge outflow 435 00:22:52,680 --> 00:22:55,400 Speaker 1: of client assets that sent shares to a record low. 436 00:22:55,880 --> 00:22:59,680 Speaker 1: Doubtful basically have stook soul Is two three weeks in 437 00:22:59,760 --> 00:23:03,119 Speaker 1: the cober womb and cis then flattening out. They have 438 00:23:03,200 --> 00:23:06,320 Speaker 1: stopped its gratually coming back and put tickled in Switzerland. Now, 439 00:23:06,359 --> 00:23:08,359 Speaker 1: shares of credits We's appear to be getting a boost 440 00:23:08,359 --> 00:23:10,800 Speaker 1: from our interview with chairman Axel Layman. Right now they're 441 00:23:10,880 --> 00:23:13,840 Speaker 1: up about five and three quarters per cent in Zurich. 442 00:23:14,080 --> 00:23:16,560 Speaker 1: Stick with us for more of that exclusive conversation with 443 00:23:16,600 --> 00:23:20,280 Speaker 1: Bloomberg's Francine Lackwak coming up shortly on Bloomberg Daybreak. And 444 00:23:20,400 --> 00:23:23,160 Speaker 1: another sign of a slowing economy comes from Goldman Sachs. 445 00:23:23,240 --> 00:23:25,479 Speaker 1: Traders at the investment bank and see their year end 446 00:23:25,480 --> 00:23:28,320 Speaker 1: bonuses cut so as to say, executives in the firm's 447 00:23:28,320 --> 00:23:31,880 Speaker 1: Global markets division were warned this week that their compensation 448 00:23:31,920 --> 00:23:35,560 Speaker 1: pool would be slashed. Goldman's annual trading revenue is on 449 00:23:35,600 --> 00:23:38,439 Speaker 1: track to top twenty five billion dollars. That would be 450 00:23:38,480 --> 00:23:41,520 Speaker 1: its biggest revenue hall in more than a decade. Let's 451 00:23:41,560 --> 00:23:43,960 Speaker 1: turn to Twitter now. Amy, the artist formerly known as 452 00:23:44,040 --> 00:23:47,520 Speaker 1: Kanye West, is once again in trouble after another offensive 453 00:23:47,600 --> 00:23:50,920 Speaker 1: post on the platform. Bloomberg Steve Rappaport joins US Live 454 00:23:50,960 --> 00:23:53,800 Speaker 1: with the details. Good morning Steve, Good morning Nathan and Amy. 455 00:23:53,920 --> 00:23:57,000 Speaker 1: Elon Musk is telling ye to go away, suspending the 456 00:23:57,040 --> 00:24:00,080 Speaker 1: rappers account for his latest anti semitic act. West we 457 00:24:00,119 --> 00:24:02,879 Speaker 1: did an image combining the star of David with a swastika, 458 00:24:03,240 --> 00:24:05,680 Speaker 1: Musk responding he did his best with West, but Yea 459 00:24:05,800 --> 00:24:08,880 Speaker 1: once again broke the platform's ruled against incitement of violence. 460 00:24:09,200 --> 00:24:11,680 Speaker 1: Yea's post wasn't his first Nazi reference of the day 461 00:24:11,840 --> 00:24:15,199 Speaker 1: in a bizarre interview with conspiracy theorist Alex Jones Yea 462 00:24:15,400 --> 00:24:18,000 Speaker 1: wearing a full face mask with a Bible by his side, 463 00:24:18,200 --> 00:24:21,600 Speaker 1: lavish praise on Adolf Hitler as an innovator while ignoring 464 00:24:21,640 --> 00:24:24,080 Speaker 1: his massacre of six million Jews. Live in New York. 465 00:24:24,080 --> 00:24:27,160 Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, thank you, Steve. 466 00:24:27,240 --> 00:24:29,600 Speaker 1: Let's turn to politics now, where Donald Trump is back 467 00:24:29,640 --> 00:24:32,600 Speaker 1: in the news. The former president has lost another court battle, 468 00:24:32,760 --> 00:24:36,280 Speaker 1: Bloomberg said. Baxter reports the Eleventh Circuit has ruled Trump 469 00:24:36,359 --> 00:24:39,800 Speaker 1: has no right to a special master. The ruling gives 470 00:24:39,840 --> 00:24:42,520 Speaker 1: a major boost to prosecutors, who can now go ahead 471 00:24:42,560 --> 00:24:45,640 Speaker 1: with their investigation and prosecution if it comes to that 472 00:24:46,080 --> 00:24:48,359 Speaker 1: the d o j is looking at the documents taken 473 00:24:48,400 --> 00:24:51,040 Speaker 1: from Marrow Lago to see whether they had the highest 474 00:24:51,160 --> 00:24:55,320 Speaker 1: level of secrecy or whether Mr Trump engaged in obstruction 475 00:24:55,400 --> 00:24:58,480 Speaker 1: of justice. The court ruled the law is clear it 476 00:24:58,560 --> 00:25:01,240 Speaker 1: cannot allow any subject of a search warrant to block 477 00:25:01,280 --> 00:25:05,840 Speaker 1: the government investigation. After the execution of the warrant, Trump 478 00:25:05,880 --> 00:25:07,800 Speaker 1: can ask for a hearing of the full court, and 479 00:25:07,840 --> 00:25:11,199 Speaker 1: of course can petition the Supreme Court to intervene in 480 00:25:11,280 --> 00:25:14,679 Speaker 1: San Francisco. I'm at Baxter Bloomberg Daybreak. All right, and thanks. 481 00:25:14,680 --> 00:25:17,159 Speaker 1: Turning to the latest on China now, the Communist Party's 482 00:25:17,200 --> 00:25:19,600 Speaker 1: top decision making body is set to convene this month. 483 00:25:19,720 --> 00:25:22,720 Speaker 1: Economists expect leaders will signal a more pragmatic approach to 484 00:25:22,800 --> 00:25:25,800 Speaker 1: COVID controls and put more focus on boosting economic growth. 485 00:25:25,880 --> 00:25:29,360 Speaker 1: They say Beijing desperately needs more monetary and fiscal stimulus 486 00:25:29,440 --> 00:25:32,360 Speaker 1: to support a recovery into next year. Let's top corporate 487 00:25:32,359 --> 00:25:35,159 Speaker 1: news now, turning our focus to the auto industry. General 488 00:25:35,160 --> 00:25:39,560 Speaker 1: Motor CEO Mary Barra joined Bloomberg Business Week yesterday for 489 00:25:39,640 --> 00:25:43,760 Speaker 1: an exclusive interview looking ahead to GM's future product portfolio 490 00:25:43,880 --> 00:25:46,879 Speaker 1: and outlook for autos in the current economy. We'll have 491 00:25:47,000 --> 00:25:49,200 Speaker 1: the capacity to be able to sell a million units 492 00:25:49,200 --> 00:25:53,439 Speaker 1: in North America and frankly in China. We're gonna have 493 00:25:53,520 --> 00:25:56,000 Speaker 1: the products across the market that are going to allow 494 00:25:56,080 --> 00:25:59,600 Speaker 1: us to to achieve that metres. GM CEO Mary Barrow 495 00:25:59,600 --> 00:26:02,159 Speaker 1: made the events on Bloomberg Business Week, heard weekdays at 496 00:26:02,200 --> 00:26:04,520 Speaker 1: two p m. Wall Street Time on Bloomberg Radio and 497 00:26:04,520 --> 00:26:07,399 Speaker 1: seen live on YouTube and Bloomberg Quick Take catch the 498 00:26:07,400 --> 00:26:10,159 Speaker 1: full interview with Mary Barrel on Bloomberg dot Com and 499 00:26:10,240 --> 00:26:12,080 Speaker 1: a couple of notes on the FED this morning, Amy. 500 00:26:12,119 --> 00:26:15,199 Speaker 1: FED Vice Chair for Supervision Michael Barr says the Central 501 00:26:15,200 --> 00:26:17,720 Speaker 1: Bank could slow the pace of interest rate increases soon. 502 00:26:18,000 --> 00:26:20,399 Speaker 1: At the same time, he says hikes will not stop 503 00:26:20,440 --> 00:26:23,679 Speaker 1: anytime soon, and the Federal Reserve Bank of Chicago has 504 00:26:23,720 --> 00:26:26,879 Speaker 1: appointed Austin Goulsby as its next president. He'll replace the 505 00:26:26,960 --> 00:26:31,320 Speaker 1: retiring Charles Evans. Straight Ahead, your latest local headlines and 506 00:26:31,359 --> 00:26:38,920 Speaker 1: a check of sports. This is Bloomberg. Thank you, Nathan. 507 00:26:38,960 --> 00:26:41,159 Speaker 1: At six oh seven on Wall Street. Let's bring in 508 00:26:41,200 --> 00:26:43,160 Speaker 1: Michael Barr with more on what else is going on 509 00:26:43,200 --> 00:26:45,560 Speaker 1: in New York and around the world. Good morning, Michael, 510 00:26:45,640 --> 00:26:48,640 Speaker 1: Good morning Amy. The Supreme Court says the Biden administration 511 00:26:48,680 --> 00:26:52,520 Speaker 1: program to cancel student loans will remain blocked for now, 512 00:26:52,640 --> 00:26:54,840 Speaker 1: but the justices have agreed to take up the case 513 00:26:54,840 --> 00:26:58,600 Speaker 1: in late winter. The Court's decision to hear arguments relatively 514 00:26:58,680 --> 00:27:02,280 Speaker 1: quickly means it is likely to determine whether the widespread 515 00:27:02,320 --> 00:27:06,199 Speaker 1: loan cancelations are legal by late June. More than twenty 516 00:27:06,200 --> 00:27:10,000 Speaker 1: six million people have already applied for the relief. Democratic 517 00:27:10,040 --> 00:27:14,200 Speaker 1: Senator Raphael Warnock in Republican challenger Herschel Walker are making 518 00:27:14,200 --> 00:27:17,800 Speaker 1: their final pitch to voters in Georgia ahead of Tuesday's 519 00:27:17,840 --> 00:27:21,360 Speaker 1: runoff election. Walker at his rally says he is the 520 00:27:21,480 --> 00:27:27,080 Speaker 1: leader Georgian eats. You deserve a setta who actually lives 521 00:27:27,119 --> 00:27:33,359 Speaker 1: in Georgia. Meanwhile, Warnock campaigned in Atlanta. Georgia needs you 522 00:27:33,440 --> 00:27:38,440 Speaker 1: to do it, Warnata, and along with Warnock former President 523 00:27:38,520 --> 00:27:42,760 Speaker 1: Barack Obama he's been protecting a woman's right to determine 524 00:27:42,840 --> 00:27:47,240 Speaker 1: her own destiny. Tuesday's election will designed whether Democrats increase 525 00:27:47,320 --> 00:27:50,760 Speaker 1: their seats in the US Senate by one to fifty one. 526 00:27:51,040 --> 00:27:53,720 Speaker 1: And on duty, Yunker's police officer was killed in a 527 00:27:53,760 --> 00:27:57,600 Speaker 1: traffic accident. It happened yesterday afternoon near the Sprain Brooke 528 00:27:57,720 --> 00:28:01,480 Speaker 1: Parkway overpass. Police say a B MW driver traveling the 529 00:28:01,520 --> 00:28:05,840 Speaker 1: opposite direction lost control, crossed over, and slammed into the 530 00:28:05,920 --> 00:28:09,840 Speaker 1: unmarked police vehicle and a bus. New York City's transit 531 00:28:09,920 --> 00:28:13,639 Speaker 1: chief and three other top police officials announced their retirements. 532 00:28:13,880 --> 00:28:17,040 Speaker 1: It creates turnover in the top ranks of the department, 533 00:28:17,320 --> 00:28:20,000 Speaker 1: as Mayor Eric Adams tries to focus the department on 534 00:28:20,080 --> 00:28:23,720 Speaker 1: subway crime, and removing people with mental health issues from 535 00:28:23,800 --> 00:28:28,119 Speaker 1: city streets. Among those retiring is transit head Jason Wilcox. 536 00:28:28,600 --> 00:28:31,880 Speaker 1: The Biden administration's first State Dinner was held last night 537 00:28:31,920 --> 00:28:35,840 Speaker 1: to honor France's first couple. President Biden turned to history 538 00:28:35,920 --> 00:28:39,440 Speaker 1: in his toast the French president Emanuel mccron. France was 539 00:28:39,480 --> 00:28:43,560 Speaker 1: our first dollar, first country to fly the American flag 540 00:28:43,960 --> 00:28:48,240 Speaker 1: after a revolution. Guests nine on butter, poached main lobster 541 00:28:48,360 --> 00:28:52,000 Speaker 1: in orange chffon cake with roasted peers. A former coal 542 00:28:52,280 --> 00:28:55,520 Speaker 1: fired power plan in New Jersey will be imploded today 543 00:28:55,880 --> 00:28:59,400 Speaker 1: on their Starwood Energy will demolish the former logan generating plant. 544 00:28:59,600 --> 00:29:02,600 Speaker 1: Star Would is expected to announce plans for a new 545 00:29:02,640 --> 00:29:05,720 Speaker 1: clean energy venture on the site Global News twenty four 546 00:29:05,760 --> 00:29:08,200 Speaker 1: hours a day on air and on Bloomberg Quick Take, 547 00:29:08,480 --> 00:29:11,280 Speaker 1: powered by more than twenty seven hundred journalist and analysts 548 00:29:11,320 --> 00:29:13,880 Speaker 1: more than a hundred twenty countries. Michael bar this is 549 00:29:13,880 --> 00:29:20,080 Speaker 1: Bloomberg Gaming. All right, Thank you, Michael. On Wall Street Time. 550 00:29:20,120 --> 00:29:22,800 Speaker 1: Now the sports report, brought to you by Try State Audi. 551 00:29:22,920 --> 00:29:25,640 Speaker 1: Here's John stash Our. Alright, Amy, Jets fans prefs little. 552 00:29:25,680 --> 00:29:27,360 Speaker 1: I'm sure who would a route for last night. The 553 00:29:27,440 --> 00:29:30,160 Speaker 1: Jets sit behind Buffalo in the a f C East, 554 00:29:30,200 --> 00:29:33,120 Speaker 1: ahead of New England. The Bills one fairly easily in 555 00:29:33,120 --> 00:29:36,920 Speaker 1: Foxboro to ten. Josh Allen had two first half touchdown passes, 556 00:29:36,920 --> 00:29:38,720 Speaker 1: and Buffalo is now nine and three. One of the 557 00:29:38,800 --> 00:29:42,000 Speaker 1: losses was to the Jets. Rematch with them week from 558 00:29:42,040 --> 00:29:44,880 Speaker 1: Sunday in Buffalo. Before that game, the Jets have what 559 00:29:45,080 --> 00:29:47,560 Speaker 1: figures will be a tough one this Sunday in Minnesota. 560 00:29:47,600 --> 00:29:49,480 Speaker 1: The Vikings of nine and two and a big one 561 00:29:49,480 --> 00:29:52,440 Speaker 1: for the Giants home for Washington, who's won six of 562 00:29:52,520 --> 00:29:55,640 Speaker 1: the last seven. Is Brian day ball on the Commanders. 563 00:29:56,240 --> 00:29:58,600 Speaker 1: They're challenging on both fronts. They don't give up a 564 00:29:58,640 --> 00:30:00,560 Speaker 1: lot of points. They haven't en up a lot of 565 00:30:00,560 --> 00:30:03,880 Speaker 1: points here in the last eight weeks six and seven, 566 00:30:03,920 --> 00:30:06,400 Speaker 1: and I think they played physical style football. Coach for Verry. 567 00:30:06,440 --> 00:30:08,320 Speaker 1: A lot of respect for him and how he operates 568 00:30:09,080 --> 00:30:12,480 Speaker 1: um the physical on both sides of the ball. Giants 569 00:30:12,560 --> 00:30:14,160 Speaker 1: loss would be their third in a row. It would 570 00:30:14,200 --> 00:30:16,840 Speaker 1: drop them to last place in the NFC East. Devil's 571 00:30:16,840 --> 00:30:20,000 Speaker 1: hosted Nashville, New Jersey down to nothing secondary but up 572 00:30:20,040 --> 00:30:23,000 Speaker 1: three two in the third, ten seconds from victory. The 573 00:30:23,080 --> 00:30:25,760 Speaker 1: Predators tied the game. Nashville scored early in overtime to 574 00:30:25,800 --> 00:30:28,280 Speaker 1: win four to three, just the Devil's second loss in 575 00:30:28,320 --> 00:30:31,400 Speaker 1: the last five weeks. Rangers, who won in Ottawa Wednesday, 576 00:30:31,440 --> 00:30:34,920 Speaker 1: host the Senators tonight. Nets are home for Toronto College hoops. 577 00:30:34,920 --> 00:30:37,880 Speaker 1: Seaton Hall went to Kansas, lost to the defending national 578 00:30:37,960 --> 00:30:41,400 Speaker 1: champs six five Yukon being Oklahoma State. The Huskies are 579 00:30:41,480 --> 00:30:44,160 Speaker 1: nine in o at the World Cup. Christian Polistic says 580 00:30:44,160 --> 00:30:46,920 Speaker 1: his injured pelvis feeling better, hopes to play for the 581 00:30:47,000 --> 00:30:51,280 Speaker 1: US tomorrow against the Netherlands. Since the US has played 582 00:30:51,400 --> 00:30:54,440 Speaker 1: nineteen World Cup games versus teams from Europe and has 583 00:30:54,520 --> 00:30:58,800 Speaker 1: won only once. John Stash Award Bloomberg Sports Team. All right, 584 00:30:58,880 --> 00:31:01,600 Speaker 1: thank you, John. Tres are lower s and p down 585 00:31:01,680 --> 00:31:05,400 Speaker 1: five points, Stout futures down forty five, Nasdaq futures down 586 00:31:05,440 --> 00:31:08,920 Speaker 1: at twenty four points. Ten year treasury down to thirty seconds, 587 00:31:09,000 --> 00:31:11,080 Speaker 1: the yield at three point five percent, the two year 588 00:31:11,120 --> 00:31:14,160 Speaker 1: yield at four point one eight percent. Much more still 589 00:31:14,160 --> 00:31:23,000 Speaker 1: to come on Bloomberg Daybreak. This is Bloomberg. The Bloomberg 590 00:31:23,080 --> 00:31:25,320 Speaker 1: Sports Report was brought to you by Audie. Don't let 591 00:31:25,400 --> 00:31:28,240 Speaker 1: someone else drive off and the Audi model you've always wanted. 592 00:31:28,480 --> 00:31:30,600 Speaker 1: Visit your local try state autie dealer to get behind 593 00:31:30,600 --> 00:31:32,719 Speaker 1: the wheel of yours today, or visit autie offers dot 594 00:31:32,760 --> 00:31:33,840 Speaker 1: com for more information.