Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com for the the Bloomberg Business at and
Speaker 1: at Bloomberg Quicktape. He's a Bloomberg Business Flash. I'm Nathan Hagar.
Speaker 1: Futures are treading water as we await November jobs. Let's
Speaker 1: head right over to the First Room breaking news desk
Speaker 1: for today's morning call. Here's Bill Maloney. Good Friday morning, Bill,
Speaker 1: and good morning Nathan. That's right. Modest losses in the
Speaker 1: U S futures right now. Deaf futures down forty four
Speaker 1: point says to be dropped four and as that futures
Speaker 1: declined by nineteen the US ten year old at three
Speaker 1: point five one percent, Gold is down four, Oil is
Speaker 1: a little change, and Bitcoin is training higher by half percent.
Speaker 1: Japan fell one point six percent over night, while European
Speaker 1: markets are little changed this morning. And back in the
Speaker 1: US on the economic front, you mentioned those jobs reports
Speaker 1: at eight thirty after the bell Essonnate Aulti Beauty qu
Speaker 1: three beat estimates, and in other news, UBS cut its
Speaker 1: iPhone forecast by sixteen million units on COVID and demand issues.
Speaker 1: Wrapping things up, Echo Lab was put the equay to
Speaker 1: Barkley's Jorge ash was cut. The second perform at RBC
Speaker 1: on Slower Order of Growth. Live from the first breaking
Speaker 1: new stascon Bill Maloy, Nathan Okay, Bill, thanks to you
Speaker 1: get live breaking news over your Bloomberg type squawk on
Speaker 1: your terminal s q U A go. That's the Bloomberg
Speaker 1: Business Flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, thank you very much. Nathan.
Speaker 1: It is a victory for the Justice Department's criminal investigation
Speaker 1: into Donald Trump's handling of White House documents. A Federal
Speaker 1: Appeals scored rule to judge was wrong by appointing a
Speaker 1: special master to review material sees from the former president
Speaker 1: Sammara Lago Home. Congress has avoided what President Biden says
Speaker 1: could have been a Christmas catastrophe. The Senate voted to
Speaker 1: pass a bill to averted looming rail strike NFL. The
Speaker 1: Bills beat the Patriot NHL. Both the Devils and Capitals
Speaker 1: lost in ot at the World Cup. Four games today,
Speaker 1: including Cameroon against Brazil. Global names of four hours a
Speaker 1: day on air end on Bloomberg Quick Take, powered by
Speaker 1: more than un journalists an analysts, more than twenty countries.
Speaker 1: Michael Barr, this is Bloomberg, Nathan. Thank you, Michael. We're
Speaker 1: coming up to sixty nine on Wall Street. Let's turn
Speaker 1: to news in science and technology now. The Bloomberg n
Speaker 1: j I T STEM Report is brought to you by
Speaker 1: New Jersey Institute of Technology, ranked to top hundred national
Speaker 1: university by U S News and World Report and the
Speaker 1: number one public university in New Jersey by Forbes. What
Speaker 1: Will You Make It n j I T. Learn more
Speaker 1: at n j I T dot e d U. Now
Speaker 1: Here's what's making news and science, Technology, engineering and math.
Speaker 1: Tesla handed over the first of its electric semi trucks
Speaker 1: in Nevada. It's a milestone for the automaker, more than
Speaker 1: five years after it unveiled the vehicle. Electrifying big commercial
Speaker 1: vehicles is crucial to transitioning to more sustainable transportation. Tesla estimates,
Speaker 1: while combination trucks are just one percent of the U
Speaker 1: S vehicle fleet, they account for twenty of vehicle emissions.
Speaker 1: Top US military leaders are warning China's space technology is
Speaker 1: advancing quote very very quickly. The U S Space Force
Speaker 1: says Australia will be a critical asset for growing strategic
Speaker 1: competition with China, citing its geographical position and advanced research capabilities,
Speaker 1: and global goods trade will shrink next year, according to
Speaker 1: Oxford Economics, signaling a concerning forecast for Asia's export dependent economies.
Speaker 1: The report sites China's economic slowdown and energy price shock
Speaker 1: in Europe, rising interest rates, and protectionism as factors behind
Speaker 1: the trade outlook. That's the Bloomberg and j I. T
Speaker 1: Stem Report. Amy, all right, thank you, Nathan. We're live
Speaker 1: from the Bloomberg Interactive Broker Studios, where it is six
Speaker 1: fifty one on Wall Street. Talk out to check what's
Speaker 1: going on in d C. And some of the top
Speaker 1: stories in our nation's capital include President Biden signaling that
Speaker 1: Democrats are moving on from Iowa. The President also says
Speaker 1: he's open to talks with Vladimir Putin about ending the
Speaker 1: war in Ukraine. Donald Trump lost it at a court case,
Speaker 1: this one that special master review, and all eyes on
Speaker 1: the Senate run off in Georgia. We welcome Bloomberg Washington
Speaker 1: correspondent Joe Matthew, Host of Sound Donnie joins us. Now, Joe,
Speaker 1: thanks so much for taking the time this morning. President
Speaker 1: Biden proposing some sweeping changes to the Democratic nominating calendar.
Speaker 1: What's the strategy here, Yeah, this is something that the
Speaker 1: strategy is to give more people of color of voice
Speaker 1: in the early nominating process. And this is not a
Speaker 1: new idea. We've been hearing challenges to the lineup every
Speaker 1: four years for some time now. Because Iowa and New
Speaker 1: Hampshire are tiny states that are more than nine white,
Speaker 1: and President Biden says the calendar is structured in a
Speaker 1: way that does not give more diverse people a chance
Speaker 1: to weigh in on candidates early enough to make a difference.
Speaker 1: Obviously they get a chance here, but once you get
Speaker 1: through Iowa and New Hampshire, the field has been winnowed
Speaker 1: down so much. Democrats, we're also upset about long delays.
Speaker 1: You might remember in twenty in tabulating results in Iowa.
Speaker 1: So Iowa was already at a deficit, and it's it's
Speaker 1: got a fully Republican congressional delegation now and Joe by
Speaker 1: and doesn't think the party should be using caucuses at all.
Speaker 1: So he wants to make South Carolina the first in
Speaker 1: the nation primary state. Imagine this followed by New Hampshire,
Speaker 1: then Nevada, then Georgia and Michigan. That's what it would
Speaker 1: look like. And by the way, those are all the
Speaker 1: states that favored Joe Biden in It's still got to
Speaker 1: be ratified by the d n c's rules and by
Speaker 1: Lass Committee, which meets today, and then it would have
Speaker 1: to be approved by the full d n C in February.
Speaker 1: It may well pass. But you know, Andy, we've seen
Speaker 1: this movie before and not necessarily coming from the President
Speaker 1: like this, But I have to remind you New Hampshire
Speaker 1: specifically has a state law that says they will hold
Speaker 1: the nation's first primary no matter what, So schedule South
Speaker 1: Carolina whenever you want. New Hampshire will put its primary
Speaker 1: a week earlier and simply schedule its own primary. So
Speaker 1: this is not quite as clear as it might seem
Speaker 1: in the headline. Okay, we're gonna keep watching that with you. Meanwhile,
Speaker 1: the President also says he will talk with Vladimir Putin
Speaker 1: about the war in Ukraine, but only if the Russian
Speaker 1: leader is serious about ending his invasion of Ukraine. And
Speaker 1: that has happened yet. Well, that's for sure, And to
Speaker 1: be clear, he was clarifying remarks. This came from a
Speaker 1: joint news conference the Bilateral news conference yesterday with Immanuel
Speaker 1: McCrone in the East Room of the White House, and
Speaker 1: the President first said when he was asked if he
Speaker 1: planned to meet with Pooty said no, I have no plans.
Speaker 1: And he said, well, let me just clarifying that. He
Speaker 1: thought for a second. He said, I will meet with
Speaker 1: him when he's ready to come to the negotiating table.
Speaker 1: We've heard this line before. He said, you know, Putin
Speaker 1: can leave Ukraine whenever he wants, but none of this
Speaker 1: is happening right now. He said, you know, he'll he'll
Speaker 1: speak with him if there is an interest in him
Speaker 1: deciding that he's looking for a way to end the war.
Speaker 1: And we don't see any effort, certainly ahead of winter
Speaker 1: of Vladimir Putin to be looking for an off ramp.
Speaker 1: He has been just uh, just just sending missile after
Speaker 1: missile into Ukraine, targeting civilian infrastructure. There were reports today
Speaker 1: that say he's preparing for another huge barrage this weekend. Now,
Speaker 1: he had also said that he wouldn't talk with Putin
Speaker 1: unless Ukraine's leaders were involved in that discussion. So I
Speaker 1: wondered if that was some sort of pivot, if something
Speaker 1: had changed, or if he was just clarifying. No, I
Speaker 1: think it's more clarifying. And Emmanuel McCrone said the same
Speaker 1: thing as well. You know this, this has been coming
Speaker 1: from the White House since the very beginning. Uh, they
Speaker 1: won't do anything without Ukraine. Ukraine needs to make its
Speaker 1: own decisions here. We're playing a supporting role in all
Speaker 1: of this. But there are concerns about what's going to happen,
Speaker 1: for instance, to spending, to funding the war in Ukraine.
Speaker 1: As we head into the new year with a new
Speaker 1: Republican majority in the House. Kevin McCarthy, likely to be
Speaker 1: the next speaker, says no more blank checks. And you're
Speaker 1: hearing from a number of members of the Republican Party, UH,
Speaker 1: including Marjorie Tayler Green, Matt Gates, some others who say
Speaker 1: they will not approve one more dollar for Ukraine. So
Speaker 1: what happens in the next couple of weeks in this
Speaker 1: lame duck session, we're hearing something in the area of
Speaker 1: thirty seven billion dollars. That will be the next tronch
Speaker 1: and then we'll see what happens after that. By the way,
Speaker 1: Ukraine is asking for more than weapons. They need generators.
Speaker 1: Now any there are six million people in Ukraine who
Speaker 1: have no electricity and it's winter. You said it, alright,
Speaker 1: the Justice Department's investigation into Donald Trump. Meanwhile, the handling
Speaker 1: of the White House documents that got a boost. The
Speaker 1: courts now say that the Trump team isn't entitled to
Speaker 1: a special master, but there's been a special master working
Speaker 1: on that. So now what happens, Well, I guess he's
Speaker 1: gonna put his pencils down that this is a pretty
Speaker 1: significant development here in the Justice Department's investigation. It will
Speaker 1: allow them to now start incorporating all the rest of
Speaker 1: those documents that may or may not have been personal
Speaker 1: versus top secret uh in their investigation, and it could
Speaker 1: clear the way here for an indictment basically at any
Speaker 1: time if the DOJ decides to do that. That's a
Speaker 1: big if at the moment. Do you indict a former president?
Speaker 1: Do you indict someone who's actively running for re election
Speaker 1: as president? These are the questions that Attorney General Merrick
Speaker 1: Garland needs to deal with here. But you know, it
Speaker 1: was never quite known how far this was gonna go.
Speaker 1: It was seen as a delay tactic. The the Appeals
Speaker 1: Court here was was cut and dry in in their
Speaker 1: writing all three judges uh talking about this just being
Speaker 1: an extraordinary circumstanced O. J was was correct in seeking
Speaker 1: a search warrant with probable cause and no need for
Speaker 1: a special master. By the way, this came from the
Speaker 1: special Council that was recently added to this case overseeing
Speaker 1: the Mara Lago documents case as well as the case
Speaker 1: to overturn the election and and what happened on January six.
Speaker 1: So it's a very complex situation right now, and you've
Speaker 1: got tandem investigations happening in Fulton County, Georgia, the southern
Speaker 1: district of New York. You could argue the walls are
Speaker 1: closing in a bit at mar Lago, and we only
Speaker 1: have about a minute here, Joe, but there's a big
Speaker 1: runoff for the Senate and Georgia early voting underway, and
Speaker 1: you are going to be there. Yeah. We're gonna head
Speaker 1: down of this weekend to be covering this for Bloomberg News.
Speaker 1: Will have reports for you Monday, Tuesday, Wednesday here on
Speaker 1: Bloomberg Radio. This is it. Barack Obama was in town
Speaker 1: last night stumping for Rafael Warnock. It is time once again,
Speaker 1: again and again to make final arguments here. This is
Speaker 1: like the fourth time Rafael Warnock has done this, remembering
Speaker 1: he wanted to run off just a couple of years ago.
Speaker 1: Herschel Walk or the Republican also doing his best to
Speaker 1: keep this in an incredibly close race. Amy the research
Speaker 1: we've seen that hasn't met a lot of polling have
Speaker 1: these two either within a point or within the margin
Speaker 1: of error. Despite all of the talk and the scandals
Speaker 1: and the debates, we're feeling much like we were going
Speaker 1: into this runoff as we did going into the mid terms.
Speaker 1: It's anyone's race in this final weekend of campaigning. In
Speaker 1: twenty seconds, what can you tell me about early voting?
Speaker 1: Early voting sets a record quite remarkable, and so you
Speaker 1: know this could skew in favor of Raphael Warnock if
Speaker 1: we follow historic trends that tend to favor Democrats and
Speaker 1: early voting. That's gonna put the burden on Republicans to
Speaker 1: turn out on Tuesday. And that's where we're gonna begin
Speaker 1: our coverage next week. All right, thank you, Joe, We'll
Speaker 1: be listening. Bloomberg Washington correspondent Joe Matthew, host of Sound
Speaker 1: On with Joe Matthew. You can hear weekday afternoons at
Speaker 1: five here on Bloomberg Radio. You can read more about
Speaker 1: all of these stories on Bloomberg dot Com or on
Speaker 1: the Bloomberg terminal. And a reminder for you follow all
Speaker 1: of the latest on Bloomberg Radio in Washington. Bloomberg not
Speaker 1: nine one and one oh five point seven f m
Speaker 1: h D two Bloomberg Surveillance with John Keene, Lisa Baramawitz,
Speaker 1: and Jonathan Farrell coming up next along with Nathan Hager.
Speaker 1: I'm Amy Morris. This is Bloomberg Markets headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business apt and at Bloomberg Quicktape. He's a
Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Stocks a reflecting a
Speaker 1: cautious mood around the world holding steady after recent sharp
Speaker 1: gains as Twitter traders await the latest monthly US jobs
Speaker 1: report for clues on the Fed's next policy steps. We
Speaker 1: check the markets every fifteen minutes during the trading day
Speaker 1: on Bloomberg, and futures are starting to move a bit
Speaker 1: lower now on Wall Street, with SMP futures down four
Speaker 1: points now, futures down forty eight and nastack futures down
Speaker 1: twenty four points ten. Your treasuries down one thirty second
Speaker 1: yield three point five zero percent, and I make screws
Speaker 1: down a tenth for center ten cents eighty one dollars
Speaker 1: fourteen cents a barrel. Comics gold is down to dollar fourteen.
Speaker 1: Even announced the euro one point zero five three six
Speaker 1: against the dollar. The n is at one thirty three
Speaker 1: point eight nine. This red headline just crossed the Bloomberg terminal.
Speaker 1: The Chinese Grand Prix of Formula one racing will not
Speaker 1: take place next year due to the quote ongoing difficulties
Speaker 1: stemming from the COVID nineteen situation. That from a tweet
Speaker 1: from Formula one. That's a Bloomberg business flash. And now
Speaker 1: here's Michael Barr with more on that's going on around
Speaker 1: the world. Michael Nathan, thank you very much. A federal
Speaker 1: appeal scored dismissed Donald Trump's lawsuit against the Justice Department
Speaker 1: over document sees that as a Mara logo resort. In August,
Speaker 1: the panel ruled a Florida judges order appointing a special
Speaker 1: master to review the materials was wrong. The Supreme Court
Speaker 1: denied President Biden's request to overturn a lower court's ruling
Speaker 1: blocking is student loan forgiveness program. They did agree to
Speaker 1: take up the legality of the plan. NFL, the Bills
Speaker 1: beat the Patriots and a HL Both the Devils and
Speaker 1: Capitals lost in overtime at the World Cup. Four games today,
Speaker 1: including Cameroon against Brazil. Global News twenty four hours a
Speaker 1: day on and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty journalists and analysts and more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Am all right,
Speaker 1: thank you, Michael. It is six nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: We now want to bring you more of our exclusive
Speaker 1: with Credit Sweets chairman Axel Lehman, who sat down this
Speaker 1: morning with Bloomberg. Lehman says cash outflows have stopped, and
Speaker 1: he also discussed the bank's stock price and company operations.
Speaker 1: He spoke with Bloomberg's Francine Locoix in London. How often
Speaker 1: do you look at the share price because it's just
Speaker 1: been going down and down and down, and I imagine
Speaker 1: that's very difficult on a daily basis to explain to staff. Sure,
Speaker 1: of course you look at it from time to time,
Speaker 1: but you know, actually VR we are. Share price was
Speaker 1: coming down for quite a while, actually for many many years.
Speaker 1: We are very much under pressure. When you do a
Speaker 1: capital increase of four billion and your market cap is
Speaker 1: ten eleven billion, okay, you know that the share price
Speaker 1: will go to from four to three maybe even lower.
Speaker 1: And we are where we are. But there's a rights offer,
Speaker 1: and actually what happens if a share price goes below that? No,
Speaker 1: the rights offering is fully underwritten and we are well
Speaker 1: under way. You know, we have two tranches. The first
Speaker 1: tranches is the direct investors, so at one point eight
Speaker 1: billion that is already done and on our accounts. The
Speaker 1: second one is ongoing to point two billion and will
Speaker 1: conclude next thursday. Okay, what happens though? Have you had
Speaker 1: conversations with investors about at a higher price and where
Speaker 1: the how unpleasant are those conversations with them? Well, look,
Speaker 1: of course that's never easy. We have quite a lot
Speaker 1: of roughly some ten key investors. They are long time investors.
Speaker 1: They are not pleased. There are the share prices, of course,
Speaker 1: but you know They welcome our plan to transform the company.
Speaker 1: They have a high belief in the credib ability of
Speaker 1: the new of the management team. So they are standing by,
Speaker 1: but you know, they are somewhat impatient. They want to
Speaker 1: see the change. They want to see us executing and
Speaker 1: exactly that's what we're doing. So what kind of conversations
Speaker 1: are you having with them? Are you confident, first of all,
Speaker 1: at the share price after the rights offer will go up. Look,
Speaker 1: we are at a point two or so price the
Speaker 1: book all our peer companies in our sector or of
Speaker 1: rehovering around book slightly below, slightly off. There's no reason
Speaker 1: that we cannot catch up and go back to that level. Ably,
Speaker 1: I cannot predict when that is happening. But the upside
Speaker 1: potentious huge how much? But so, what I'm trying to understand,
Speaker 1: what a lot of people are trying to understand, is
Speaker 1: that every day there's bad news on criticizes and you
Speaker 1: see staff leaving, you see investors unpleased. Like how you
Speaker 1: recapture that narrative? Look, we had no beginning the beginning
Speaker 1: of the months you had that social media storm and
Speaker 1: the huge impact on interestingly not on the institutional side.
Speaker 1: You know, professional investors understood there was a lot of
Speaker 1: room spelling, but on the retail and wealth mentioned side,
Speaker 1: so we reached out. We reached out to eight thousand
Speaker 1: wells mentioned clients. They are covering roughly eight percent of
Speaker 1: the assets on the management. We reached out to more
Speaker 1: than twenty four thousand clients on our core market. So
Speaker 1: we intensified the dialogue just to make sure they understand
Speaker 1: where we are and just to make sure we maintain
Speaker 1: the contact. That what was the feedback like? So if
Speaker 1: I'm a new client, if I'm an old client, why
Speaker 1: would I put a hundred million with all the uncertainty
Speaker 1: surrounding credits? No, the feedback is quite astonishing. The clients
Speaker 1: still like us. They continue to do businesses us. So
Speaker 1: we had basically zero, very few clients really leaving. They
Speaker 1: might have you know, in light of those rooms. This
Speaker 1: throw no some some money from us, but I'm confident
Speaker 1: I have a lot of personal discussions with clients I
Speaker 1: know from regional management. Note that money of when we
Speaker 1: do well will come back at least to a significant part.
Speaker 1: When do you think the outfalls will stop? The outpost
Speaker 1: basically have stopped. What we saw is two or three
Speaker 1: weeks in October womb and since then flattening out. They
Speaker 1: have stopped its gradually coming back, in particular in Switzerland.
Speaker 1: I mean a number of analysts were also talking about,
Speaker 1: you know, what could happen to critics wiz, So are
Speaker 1: you evaluating other strategic options given the share price solution
Speaker 1: and and the market reaction to your announcer, Look, when
Speaker 1: you step back, we do a capital increase. Now in
Speaker 1: four working days we will have four billion b c
Speaker 1: t one ratio of fourteen percent or close to fourteen percent.
Speaker 1: That is top quartile in the in the industry. So
Speaker 1: it's a really strong balance sheet to carry through that transformation.
Speaker 1: We go. So we execute our plan. But why do
Speaker 1: you shareholders not if you wise, the share price keep
Speaker 1: on falling. No, I think the shareholders core shareholders, they
Speaker 1: believe us and they will exercise also their rights. The
Speaker 1: share prices falling off course, you know, the rights issues
Speaker 1: are traded. The market tries to drive down the price,
Speaker 1: which is logic, but it's fully under it and will
Speaker 1: be done. So the volatility on the share price will
Speaker 1: continue until we are through, you know, the capital increase.
Speaker 1: Then I think it will somewhat you know, stabilize and
Speaker 1: probably you know, we just move on from there. So German,
Speaker 1: no plan? By is there a plan if somebody came
Speaker 1: today and said, look, I offer you to merge Terans
Speaker 1: with Francs. Look, as chairman, you need always to consider
Speaker 1: all when somebody comes and will do that. Of course
Speaker 1: you need to take a look. But you know, I
Speaker 1: tell you when you are there. We are with you know,
Speaker 1: the historic ly low on the share price. It's a
Speaker 1: great management team with a plan that is convincing the
Speaker 1: market and the market you know, our shareholders believe it.
Speaker 1: It takes time to execute. You know, we can capture
Speaker 1: we can capture that value and we will do so.
Speaker 1: Credits wee chairman actually when speaking with Bloombergs of Francy
Speaker 1: and Lakwise shairs of Credits trading six point three percent higher.
Speaker 1: This Bloomberg Bloomberg Day Break brought to you by the
Speaker 1: Jewish Communal Fund. For fifty years, j c f's donor
Speaker 1: advised funds have been helping families create charitable legacies. Start
Speaker 1: now and open a j c F fund before year end.
Speaker 1: Is that j c F and White dot Org live
Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg day
Speaker 1: Break for Friday, December two two. Coming up this hour,
Speaker 1: investors await the November jobs report and consider what it
Speaker 1: means for the FETE. The chairman of Credit Sweet says,
Speaker 1: the bleeding at the Swiss Bank has stopped. Twitter suspends
Speaker 1: Kanye West once again, and the Justice Department gets a
Speaker 1: win in the Trump White House document pro the shake
Speaker 1: up of retirements at the nyp D plus the Supreme
Speaker 1: Court rule. Here President Biden's student loan forgiveness plan, but
Speaker 1: keeps it on hold. I'm Michael bar More Ahead, I'm
Speaker 1: John Stash. In sports and a f C East battle
Speaker 1: in New England. Buffalo beat the Patriots, The Devil's lost
Speaker 1: it overtime, Seaton Hall lost at Kansas. That's all Stread
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business App. Good Friday morning, I'm Amy Morris,
Speaker 1: Nathan Hager futures are quiet this morning. We're coming up
Speaker 1: to six o one on Wall Street. We check the
Speaker 1: markets every fifteen minutes during the trading day. On Bloomberg,
Speaker 1: SFP futures are a little changed down futures down eighteen points,
Speaker 1: DANSE futures down ten ten, Your treasuries down to thirty seconds.
Speaker 1: The three point five one field on the two year
Speaker 1: four point one eight percent, Amy Nathan, Let's begin with
Speaker 1: the November jobs report. We get the latest figures at
Speaker 1: eight thirty a m. Wall Street time. Traders are looking
Speaker 1: to the data for clues on future interest rate hikes.
Speaker 1: Jennifer Lee, senior economists with BEMO Capital Markets, thinks we'll
Speaker 1: see some losening in the late brew market. What we
Speaker 1: want to see is continued moderation in the numbers. And
Speaker 1: this is the era which you know, I'm trying to
Speaker 1: writ my head around, is that you know, good and
Speaker 1: bad and bad is good. You know, normally we would
Speaker 1: like to see what most of guys would like to see,
Speaker 1: good economic data and you know, positive news of the economy,
Speaker 1: but that of course would mean higher for longer. BEMO
Speaker 1: just Jennifer Lee does not believe the jobs data will
Speaker 1: change the fed's upcoming high in December. Stick with us
Speaker 1: all morning for full coverage of the November jobs report,
Speaker 1: and we'll break down the numbers with US Labor Secretary
Speaker 1: Marty Walsh live at am Wall Street time on Bloomberg
Speaker 1: Radio and television. Well, stocks in the US, Europe, and
Speaker 1: Asia are treading water ahead of the job's report. Amy
Speaker 1: s and p futures are holding onto November's gains, and
Speaker 1: Morgan Stanley Chief US equity strategist Mike Wilson thinks this
Speaker 1: bear market rally could be sustained. You have more confident
Speaker 1: that this rally will continue into December. We think race
Speaker 1: will go lower. Pal's commentaries right in line on what
Speaker 1: we've been saying, which is that they're gonna pause probably
Speaker 1: in January, and the markets feeding in front of that,
Speaker 1: and this is a classic fit pause stock market rally.
Speaker 1: Morgan Stanley's Mike Wilson says traders can play the run
Speaker 1: up in December, but he advises the average investor to
Speaker 1: buy bonds and taking a look at oil. This morning,
Speaker 1: Nathan Crudes headed for its weekly biggest game, or biggest
Speaker 1: weekly gain in almost two months. There appeared to be
Speaker 1: several catalysts, looser COVID curbs in China, calls from the
Speaker 1: White House to halt crude sales from strategic reserves, and
Speaker 1: an opeque decision to cut supply by the most since
Speaker 1: Checking prices now, Nimex crude mostly unchanged down six cents,
Speaker 1: trading at eighty one dollar sixteen cents per barrel. Brand
Speaker 1: Crude down one penny, trading at eighties six dollars eighty
Speaker 1: seven cents per barrel. Okay amy, Let's turn to the
Speaker 1: banking sector now, where Credit Swiss is in focus. The
Speaker 1: chairman Axcel Layman spoke exclusively with Bloomberg News this morning.
Speaker 1: He says the bank has mostly stemmed the huge outflow
Speaker 1: of client assets that sent shares to a record low.
Speaker 1: Doubtful basically have stook soul Is two three weeks in
Speaker 1: the cober womb and cis then flattening out. They have
Speaker 1: stopped its gratually coming back and put tickled in Switzerland. Now,
Speaker 1: shares of credits We's appear to be getting a boost
Speaker 1: from our interview with chairman Axel Layman. Right now they're
Speaker 1: up about five and three quarters per cent in Zurich.
Speaker 1: Stick with us for more of that exclusive conversation with
Speaker 1: Bloomberg's Francine Lackwak coming up shortly on Bloomberg Daybreak. And
Speaker 1: another sign of a slowing economy comes from Goldman Sachs.
Speaker 1: Traders at the investment bank and see their year end
Speaker 1: bonuses cut so as to say, executives in the firm's
Speaker 1: Global markets division were warned this week that their compensation
Speaker 1: pool would be slashed. Goldman's annual trading revenue is on
Speaker 1: track to top twenty five billion dollars. That would be
Speaker 1: its biggest revenue hall in more than a decade. Let's
Speaker 1: turn to Twitter now. Amy, the artist formerly known as
Speaker 1: Kanye West, is once again in trouble after another offensive
Speaker 1: post on the platform. Bloomberg Steve Rappaport joins US Live
Speaker 1: with the details. Good morning Steve, Good morning Nathan and Amy.
Speaker 1: Elon Musk is telling ye to go away, suspending the
Speaker 1: rappers account for his latest anti semitic act. West we
Speaker 1: did an image combining the star of David with a swastika,
Speaker 1: Musk responding he did his best with West, but Yea
Speaker 1: once again broke the platform's ruled against incitement of violence.
Speaker 1: Yea's post wasn't his first Nazi reference of the day
Speaker 1: in a bizarre interview with conspiracy theorist Alex Jones Yea
Speaker 1: wearing a full face mask with a Bible by his side,
Speaker 1: lavish praise on Adolf Hitler as an innovator while ignoring
Speaker 1: his massacre of six million Jews. Live in New York.
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, thank you, Steve.
Speaker 1: Let's turn to politics now, where Donald Trump is back
Speaker 1: in the news. The former president has lost another court battle,
Speaker 1: Bloomberg said. Baxter reports the Eleventh Circuit has ruled Trump
Speaker 1: has no right to a special master. The ruling gives
Speaker 1: a major boost to prosecutors, who can now go ahead
Speaker 1: with their investigation and prosecution if it comes to that
Speaker 1: the d o j is looking at the documents taken
Speaker 1: from Marrow Lago to see whether they had the highest
Speaker 1: level of secrecy or whether Mr Trump engaged in obstruction
Speaker 1: of justice. The court ruled the law is clear it
Speaker 1: cannot allow any subject of a search warrant to block
Speaker 1: the government investigation. After the execution of the warrant, Trump
Speaker 1: can ask for a hearing of the full court, and
Speaker 1: of course can petition the Supreme Court to intervene in
Speaker 1: San Francisco. I'm at Baxter Bloomberg Daybreak. All right, and thanks.
Speaker 1: Turning to the latest on China now, the Communist Party's
Speaker 1: top decision making body is set to convene this month.
Speaker 1: Economists expect leaders will signal a more pragmatic approach to
Speaker 1: COVID controls and put more focus on boosting economic growth.
Speaker 1: They say Beijing desperately needs more monetary and fiscal stimulus
Speaker 1: to support a recovery into next year. Let's top corporate
Speaker 1: news now, turning our focus to the auto industry. General
Speaker 1: Motor CEO Mary Barra joined Bloomberg Business Week yesterday for
Speaker 1: an exclusive interview looking ahead to GM's future product portfolio
Speaker 1: and outlook for autos in the current economy. We'll have
Speaker 1: the capacity to be able to sell a million units
Speaker 1: in North America and frankly in China. We're gonna have
Speaker 1: the products across the market that are going to allow
Speaker 1: us to to achieve that metres. GM CEO Mary Barrow
Speaker 1: made the events on Bloomberg Business Week, heard weekdays at
Speaker 1: two p m. Wall Street Time on Bloomberg Radio and
Speaker 1: seen live on YouTube and Bloomberg Quick Take catch the
Speaker 1: full interview with Mary Barrel on Bloomberg dot Com and
Speaker 1: a couple of notes on the FED this morning, Amy.
Speaker 1: FED Vice Chair for Supervision Michael Barr says the Central
Speaker 1: Bank could slow the pace of interest rate increases soon.
Speaker 1: At the same time, he says hikes will not stop
Speaker 1: anytime soon, and the Federal Reserve Bank of Chicago has
Speaker 1: appointed Austin Goulsby as its next president. He'll replace the
Speaker 1: retiring Charles Evans. Straight Ahead, your latest local headlines and
Speaker 1: a check of sports. This is Bloomberg. Thank you, Nathan.
Speaker 1: At six oh seven on Wall Street. Let's bring in
Speaker 1: Michael Barr with more on what else is going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. The Supreme Court says the Biden administration
Speaker 1: program to cancel student loans will remain blocked for now,
Speaker 1: but the justices have agreed to take up the case
Speaker 1: in late winter. The Court's decision to hear arguments relatively
Speaker 1: quickly means it is likely to determine whether the widespread
Speaker 1: loan cancelations are legal by late June. More than twenty
Speaker 1: six million people have already applied for the relief. Democratic
Speaker 1: Senator Raphael Warnock in Republican challenger Herschel Walker are making
Speaker 1: their final pitch to voters in Georgia ahead of Tuesday's
Speaker 1: runoff election. Walker at his rally says he is the
Speaker 1: leader Georgian eats. You deserve a setta who actually lives
Speaker 1: in Georgia. Meanwhile, Warnock campaigned in Atlanta. Georgia needs you
Speaker 1: to do it, Warnata, and along with Warnock former President
Speaker 1: Barack Obama he's been protecting a woman's right to determine
Speaker 1: her own destiny. Tuesday's election will designed whether Democrats increase
Speaker 1: their seats in the US Senate by one to fifty one.
Speaker 1: And on duty, Yunker's police officer was killed in a
Speaker 1: traffic accident. It happened yesterday afternoon near the Sprain Brooke
Speaker 1: Parkway overpass. Police say a B MW driver traveling the
Speaker 1: opposite direction lost control, crossed over, and slammed into the
Speaker 1: unmarked police vehicle and a bus. New York City's transit
Speaker 1: chief and three other top police officials announced their retirements.
Speaker 1: It creates turnover in the top ranks of the department,
Speaker 1: as Mayor Eric Adams tries to focus the department on
Speaker 1: subway crime, and removing people with mental health issues from
Speaker 1: city streets. Among those retiring is transit head Jason Wilcox.
Speaker 1: The Biden administration's first State Dinner was held last night
Speaker 1: to honor France's first couple. President Biden turned to history
Speaker 1: in his toast the French president Emanuel mccron. France was
Speaker 1: our first dollar, first country to fly the American flag
Speaker 1: after a revolution. Guests nine on butter, poached main lobster
Speaker 1: in orange chffon cake with roasted peers. A former coal
Speaker 1: fired power plan in New Jersey will be imploded today
Speaker 1: on their Starwood Energy will demolish the former logan generating plant.
Speaker 1: Star Would is expected to announce plans for a new
Speaker 1: clean energy venture on the site Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than a hundred twenty countries. Michael bar this is
Speaker 1: Bloomberg Gaming. All right, Thank you, Michael. On Wall Street Time.
Speaker 1: Now the sports report, brought to you by Try State Audi.
Speaker 1: Here's John stash Our. Alright, Amy, Jets fans prefs little.
Speaker 1: I'm sure who would a route for last night. The
Speaker 1: Jets sit behind Buffalo in the a f C East,
Speaker 1: ahead of New England. The Bills one fairly easily in
Speaker 1: Foxboro to ten. Josh Allen had two first half touchdown passes,
Speaker 1: and Buffalo is now nine and three. One of the
Speaker 1: losses was to the Jets. Rematch with them week from
Speaker 1: Sunday in Buffalo. Before that game, the Jets have what
Speaker 1: figures will be a tough one this Sunday in Minnesota.
Speaker 1: The Vikings of nine and two and a big one
Speaker 1: for the Giants home for Washington, who's won six of
Speaker 1: the last seven. Is Brian day ball on the Commanders.
Speaker 1: They're challenging on both fronts. They don't give up a
Speaker 1: lot of points. They haven't en up a lot of
Speaker 1: points here in the last eight weeks six and seven,
Speaker 1: and I think they played physical style football. Coach for Verry.
Speaker 1: A lot of respect for him and how he operates
Speaker 1: um the physical on both sides of the ball. Giants
Speaker 1: loss would be their third in a row. It would
Speaker 1: drop them to last place in the NFC East. Devil's
Speaker 1: hosted Nashville, New Jersey down to nothing secondary but up
Speaker 1: three two in the third, ten seconds from victory. The
Speaker 1: Predators tied the game. Nashville scored early in overtime to
Speaker 1: win four to three, just the Devil's second loss in
Speaker 1: the last five weeks. Rangers, who won in Ottawa Wednesday,
Speaker 1: host the Senators tonight. Nets are home for Toronto College hoops.
Speaker 1: Seaton Hall went to Kansas, lost to the defending national
Speaker 1: champs six five Yukon being Oklahoma State. The Huskies are
Speaker 1: nine in o at the World Cup. Christian Polistic says
Speaker 1: his injured pelvis feeling better, hopes to play for the
Speaker 1: US tomorrow against the Netherlands. Since the US has played
Speaker 1: nineteen World Cup games versus teams from Europe and has
Speaker 1: won only once. John Stash Award Bloomberg Sports Team. All right,
Speaker 1: thank you, John. Tres are lower s and p down
Speaker 1: five points, Stout futures down forty five, Nasdaq futures down
Speaker 1: at twenty four points. Ten year treasury down to thirty seconds,
Speaker 1: the yield at three point five percent, the two year
Speaker 1: yield at four point one eight percent. Much more still
Speaker 1: to come on Bloomberg Daybreak. This is Bloomberg. The Bloomberg
Speaker 1: Sports Report was brought to you by Audie. Don't let
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