Speaker 1: By from a Bloomberg in director Brooker Studios. Is is is
Speaker 1: Bloomberg Day Bright for Tuesday, September two Coming up this hour,
Speaker 1: US Futures rise, following the lowest clothes for the SMP
Speaker 1: five hundred in almost two years. Despite the market turmoil,
Speaker 1: FETE officials remained hawkish in their fight against infliction. Double
Speaker 1: Line Capital's Jeffrey Gunlack thinks the worst global bond route
Speaker 1: in decades maybe over, and traders increased bets the pound
Speaker 1: could fall to parody with the dollar HURRICANEY and his
Speaker 1: gaining strength as it heads toward Florida. Plus, we've learned
Speaker 1: that it was a small tornado that sets down late
Speaker 1: Sunday on Long Island. I'm Michael larn More, I'm John
Speaker 1: fish Our in sports the Giant Stuff for their first
Speaker 1: loss being Yankees lost in next Fannings in Toronto. That's
Speaker 1: All's Trady Head on Bloomberg Day Break on Bloomberg eleven,
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixty, San Francisco, Syrias,
Speaker 1: x M one nine Team and around the World Old
Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business App.
Speaker 1: And good morning. I'm Karar at Moscow. I'm Nathan Hagar.
Speaker 1: Bloomberg Daybreak is brought to you by SEI. Built on
Speaker 1: advanced technologies and fifty years of innovation. SEI offers asset
Speaker 1: managers a comprehensive and flexible operations outsourcing platform. Go to
Speaker 1: se i C dot com, slash managers and US stock
Speaker 1: index futures are on the rise this morning at six
Speaker 1: oh one on Wall Street, and we check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg s
Speaker 1: and P futures up twenty seven points, DAL future is
Speaker 1: up one dred fifty three and NASDAG futures up one D.
Speaker 1: Ten year Treasury up twenty three thirty seconds here three
Speaker 1: point three percent. Nathan hearing the rise in futures this
Speaker 1: morning follows the lowest clothes for the SNP fived since
Speaker 1: December of ten. Year. Treasury yields are holding near their
Speaker 1: highest level since while the dollar has snapped a five
Speaker 1: day gain still, Daniel Gerard, multi assets strategist at State Street,
Speaker 1: sees more strength the head of the dollar as we
Speaker 1: get more bad news that's going to really hit the
Speaker 1: earnings growth and the earning growth potential, margins, etcetera. And
Speaker 1: there were just isn't um. There aren't a lot of
Speaker 1: good stories to find out here, and I think that
Speaker 1: we're in a relative world. We've got to do our best.
Speaker 1: But US dollar looks like the UH the asset to
Speaker 1: hold right now on state streets. Daniel Gerard also favors
Speaker 1: equities over bonds going forward well, as fears of a
Speaker 1: global recession continue to swirl. Nathan, we have a couple
Speaker 1: more bearish calls on equities this morning, and we get
Speaker 1: the details from Bloomberg's Lisa Matteo. Goldman, SAX and black
Speaker 1: Rock are both warning that markets are yet to price
Speaker 1: and the risk of a global recession. Goldman strategists, flagging
Speaker 1: rising real yields as a major headwind, cut equities to
Speaker 1: underweight in the US investment banks global allocation over the
Speaker 1: next three months. It's staying overweight in cash. Meantime, black
Speaker 1: Rock is advising investors to shun most stocks. It says
Speaker 1: that it is tactically underweight developed market shares and prefers
Speaker 1: credit in the short term. In New York, Lisa Mateo
Speaker 1: Bloomberg daybreak at Lisa, thank you. The turmoil in market
Speaker 1: shows little sign of turning Fed officials away from hawkish policy.
Speaker 1: Boston FED President Susan Collins and her Cleveland counterpart Lorettamester
Speaker 1: say additional tightening is still needed to slow inflation. Here's
Speaker 1: Collins in her first public speech since taking office. Returning
Speaker 1: inflation to our two percent target will require further tightening
Speaker 1: of monetary policy, as signaled in the recent f o
Speaker 1: MC projections. It will be important to see clear and
Speaker 1: convincing signs that inflation is falling. At the same time,
Speaker 1: Boston FED President Susan Collins says it's quite likely inflation
Speaker 1: may have peaked. There's at least one major investor who
Speaker 1: thinks the worst global bond route in decades is creating
Speaker 1: a buying opportunity. Nathan and a sweet double line. Capital's
Speaker 1: Jeffrey Gunlog says, quote the US treasury bond market is rallying.
Speaker 1: He says he's been buying. The British pound is stronger
Speaker 1: today care and after it hit a record low Monday's
Speaker 1: still traders are increasing that sterling could fall to parody
Speaker 1: with the dollar. Let's go to London and get the
Speaker 1: latest with Bloomberg's You Win Parts, Good Morning, Karen Nathan.
Speaker 1: The pound and guilt recovering some ground today after that
Speaker 1: historic sell off. Sterling rallying after collapsing to a record
Speaker 1: low against the dollar on Monday. The UK market's still
Speaker 1: vulnerable after the plunge that followed when new Chancellor Quasi
Speaker 1: Quartering unveiled the country's biggest fiscal giveaway in half a century.
Speaker 1: He said to meet top bankers later today. It may
Speaker 1: not be the warm reception that he was originally hoping for.
Speaker 1: In London, I'm you and parts bloom Boke daybreak, are
Speaker 1: you and Thanks? In Asia, overnight starts traded slightly higher
Speaker 1: despite yesterday's so often that you were so we get
Speaker 1: the reach out from Bloomberg's Juliet Sally and Singapore Good morning, Juliet,
Speaker 1: Good morning Karen. A gauge of the region's equities fluctuated
Speaker 1: as shares edged higher in Japan and Australia, while Hong
Speaker 1: Kong stocks traded at an eleven year low. Bonds remained
Speaker 1: under pressure in Australia and Japan, where the yield on
Speaker 1: the twenty year topped one for the first time since
Speaker 1: prompting the Bank of Japan to announce another unscheduled bond
Speaker 1: buying operation, this time at the long End in Singapore.
Speaker 1: Juliet Sally Bloomba daybreak. All right, Juliette. Thanks back here.
Speaker 1: In the US, gasoline prices have fallen from their peak
Speaker 1: this summer, but they are still weighing on the White House,
Speaker 1: and that has President Biden sending a message to fuel
Speaker 1: companies prices products. President Biden spoke at a meeting of
Speaker 1: his White House Competition Council. Oil prices fell more than
Speaker 1: nine percent last month. Gas has followed suit, but the
Speaker 1: President says prices are uneven across the country, especially in
Speaker 1: the West, due to low refining capacity and checking oil
Speaker 1: prices now, nime X screwed is up one point two
Speaker 1: per cent, or eighty nine cents at seventy seven dollar
Speaker 1: sixty cents in barrel. Brent is hired by one point
Speaker 1: four percent at eighty five dollars twenty two cents. Meantime,
Speaker 1: like Capitol hillmath and the possibility of a government shutdown
Speaker 1: looms this week and now send A, Democrats have released
Speaker 1: a short term funding bill to try to avoid a
Speaker 1: shut down. Bloomberg's Amy Morris has a details from our
Speaker 1: newsroom in Washington. The bill would keep the government open
Speaker 1: through December sixteenth. It includes the measure that will speed
Speaker 1: up energy project permits, something that's opposed by Republicans and
Speaker 1: some Democrats. Congress can strip that out if it's a
Speaker 1: deal breaker. It provides twelve point four billion dollars in
Speaker 1: Ukraine aid. It includes two billion dollars for disaster aid
Speaker 1: and another billion dollars for home heating assistance. It allows
Speaker 1: the FDA to collect user fees for five years to
Speaker 1: prevent a funding shortfall at the Food and Drug Administration.
Speaker 1: Congress must pass the measure by midnight Friday. In Washington.
Speaker 1: I'm Amy Morris, Bloomberg Daybreak. All right, Amy, thank you,
Speaker 1: and corporate news of Biogen whistleblower will collect almost two
Speaker 1: hundred fifty million dollars for exposing a kickback scheme. The
Speaker 1: company agreed to resolve the matter by paying the US
Speaker 1: and state governments nine hundred million dollars. The False Claims
Speaker 1: Act allows individuals to sue on behalf of the US
Speaker 1: and get a cut of any money recovered. And futures
Speaker 1: this morning are on the rise. SNP futures up thirty
Speaker 1: points down. Future is up one hundred seventy one and
Speaker 1: nasday futures up one d ten year treasury up thirty seconds.
Speaker 1: You three and he yelled on the two year four
Speaker 1: point to five percent and a straight ahead. We have
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg, all right, Karen, thank you. At six
Speaker 1: o seven on Wall Street, sixty one degrees in Central Parks.
Speaker 1: Still got problems getting to JFK Airport. He's found Nassau
Speaker 1: Expressway has got an accident at the Van wick More
Speaker 1: coming up in traffic first, Michael Bark with what else
Speaker 1: is going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan hurricane in his gaining strength
Speaker 1: on a path towards Florida. It is threatening to become
Speaker 1: the worst storm to hit Tampa in over a century.
Speaker 1: The National Hurricane Center says i End is now a
Speaker 1: Category three storm. Mandatory evaculations are in parts of Florida.
Speaker 1: State Emergency Management Director Kevin Guthrie is in Penellas County.
Speaker 1: We do have telephone companies on standby, ready to store
Speaker 1: critical cellular service of power's loss. But in the meantime,
Speaker 1: Florida should be prepared to have a communications plan in
Speaker 1: place with her families. Bloomberg meteorologist Rob Carolina has the
Speaker 1: latest on Ian Michael. Hurricane Ian made landfall over western
Speaker 1: Cuba earlier this morning. Is a major hurricane with sustained
Speaker 1: winds of a hundred and fifteen miles an hour. It
Speaker 1: will re emerge in the eastern Gulf of Mexico later
Speaker 1: this morning and then re strengthen and work its way
Speaker 1: up towards the Tampa area. Looks like it will be
Speaker 1: making landfalls somewhere in Pinellas County late Wednesday night or
Speaker 1: early Thursday morning, and the problem with the storm is
Speaker 1: it will be very strong at that time. It's also
Speaker 1: going to stall out and it looks like it is
Speaker 1: going to rate the Tampa area for maybe twenty four
Speaker 1: to thirty six hours with high winds, heavy rain, and
Speaker 1: storm surges. Michael, Rob, thank you, sir. We're learning that
Speaker 1: a small tornado touched down on Long Island last Sunday night.
Speaker 1: The National Weather Service has an e F zero twister
Speaker 1: hit part of Suffolk County around eleven pm. They say
Speaker 1: the tornado had an estimated peak wind of seventy five
Speaker 1: miles per hour when hit the town of Mattatuck no
Speaker 1: serious damage. Five days after President Vladimir Putin announced the
Speaker 1: partial mobilization to call up hundreds of thousands of reserves
Speaker 1: to fight in Ukraine, the move continues to trigger outrage
Speaker 1: protests across a Russia. It has also led to an
Speaker 1: exodus of men of fighting age from the country and
Speaker 1: acts of violence. NASA deliberately crashed a dart spacecraft into
Speaker 1: the small moon of an asteroid seven million miles away
Speaker 1: from Earth in an attempt to change its orbit. Planetary
Speaker 1: scientists Emily Lakdawa says this is the first time that
Speaker 1: humans have altered the path of another object in the
Speaker 1: Solar System. Well, this one poses no threat to us.
Speaker 1: It does give us the first experience and understanding how
Speaker 1: we could prevent a, you know, civilization devastating threat if
Speaker 1: discovered in the future. Planetary scientists Emily like Dwala says
Speaker 1: it will take NASA a couple of months to determine
Speaker 1: exactly how much the asteroids path was changed. Global News
Speaker 1: twenty four hours a day on air end on Bloomberg
Speaker 1: quick Take, powered by more than seven hundred journalists and
Speaker 1: analysts more than a hundred twenty countries. I'm Michael Bart.
Speaker 1: This is Bloomberg, Nathan. Thank you, Michael. Almost six ten
Speaker 1: on Wall Street, time for the Bloomberg Sports Update with
Speaker 1: John Stashown. All right, Nathan, the Giants we're looking for
Speaker 1: their first three and those starts. In two thousand nine,
Speaker 1: when se Kwan Barkley scored on a thirty six yeard
Speaker 1: run on the third quarter of the Giants had a
Speaker 1: seven point lead, but Dallas scored the next seventeen. The
Speaker 1: Cowboys won three to sixteen, and both teams are two
Speaker 1: and one. Big Blue done in by a familiar problem,
Speaker 1: the inability to protect the quarterback. Daniel Jones was sacked
Speaker 1: or at least harassed over twenty times. Jones's coach is
Speaker 1: Brian day Ball. He did a good job. So he
Speaker 1: made a lot of loose plays and only had what
Speaker 1: about eight yards Russian. I thought he did a good
Speaker 1: job keeping his eyes down feel when he could get out.
Speaker 1: You know, he made a couple of plays there at
Speaker 1: the end, you know that we couldn't quite convert on
Speaker 1: had some drop passes. Um you know the last play
Speaker 1: that that Dick's picked off still fell down and it
Speaker 1: was a timing throw that was interception that sealed the
Speaker 1: win for the Cowboys. It was the only turnover of
Speaker 1: the night, and on that place, Stirling Shepherd suffered what
Speaker 1: looks like a serious knee injury for Props season, ending
Speaker 1: the white Out the longest tenure Giant. He's made it
Speaker 1: back from an achilles injury last year. The NFL announced
Speaker 1: no more Pro Bowl. They'll play a flag football game,
Speaker 1: have a skills competition instead in Toronto. The champagne that
Speaker 1: was in the Yankee lockeron will have to wait to
Speaker 1: be popped open. The Yanks did not clinch. The Al
Speaker 1: East had a two nothing laid but lost in ten
Speaker 1: and as three to two and ends the Yanks seven
Speaker 1: game winnings dreak. It's the sixth raight game where Aaron
Speaker 1: Judge has failed a homer. So his mother, Roger Maris Jr.
Speaker 1: Back again tonight see if Judge hits home run number
Speaker 1: sixty one to time Marris. Atlanta want eight nothing at Washington,
Speaker 1: so with eight games ago, the Braids are one game
Speaker 1: behind the Mets, who hosts Miami tonight. They go to
Speaker 1: Atlanta this weekend and they'll obviously go a long way
Speaker 1: towards the siding. Who wins the n Ell East John
Speaker 1: stash Our Bloomberg Sports al right, John, Thanks. Futures are
Speaker 1: moving higher. The British pound at one point zero seven
Speaker 1: eight five against the dollar. We talk current season next
Speaker 1: with Jane Folly of Robbo Bank. This is Bloomberg Bloomberg
Speaker 1: eleven three or weather, sunshine and low seventies today, We'll
Speaker 1: get down to the mid fifties tonight. It will be
Speaker 1: sunny with a high near seventy. Tomorrow upper sixties, mostly
Speaker 1: sunny on Thursday. Right now sixty one degrees in Central Park.
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business apt and at
Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business Flash and
Speaker 1: I'm Cameron Moscow and global markets do remain on edge
Speaker 1: as investors brace for a heightened risk of global recession,
Speaker 1: even as dip buyers are emerging. US DOCK index futures
Speaker 1: their higher lead by Technology Nownsday futures. They're jumping up
Speaker 1: a hundred twenty seven points, up one point one percent.
Speaker 1: Right now, SMP futures of thirty one and down futures
Speaker 1: of a hundred eighty nine. The decks in Germany is
Speaker 1: up three tenths of upper cent. In your treasury of
Speaker 1: twenty five thirty seconds, you have three point eight two percent,
Speaker 1: and the yield on the two year four point two
Speaker 1: four percent. Nime X screwed oil is up one point
Speaker 1: four percent of a dollar nine at seventy seven dollars
Speaker 1: eighty cents of barrel coma scold up half percent or
Speaker 1: eight dollars thirty cents a sixte The euro point nine
Speaker 1: six two zero against the dollar, British pound is at
Speaker 1: one eight and the yen one point three four. And
Speaker 1: look at a bitcoin, it's up five point eight percent
Speaker 1: now at twenty thousand, two hundred dollars. That's a bloomberg
Speaker 1: business flash. Now here's Michael Barrow with more on what's
Speaker 1: going on around the world. Michael Karen, thank you very much.
Speaker 1: Hurricane Ian makes landfall in Cuba en route to Florida's
Speaker 1: West coast. Ian is a Category three storm and his
Speaker 1: forecast to grow into a Category four with top wins
Speaker 1: of one forty miles an hour. In Japan, world leaders
Speaker 1: and members of the public paying tribute to former presidential
Speaker 1: Zohabe assassinated in July, but thousands of protesting the large
Speaker 1: scale state funeral, saying taxpayers dollars should be used instead
Speaker 1: to address widening economic disparities. They say we're caused by
Speaker 1: Abe's policies. In Monday Night Football, the Giants lost to
Speaker 1: the Cowboys sixteen and baseball, the Yankees lost to the
Speaker 1: Blue Jays and ten innings three to Aaron Judge still
Speaker 1: stuck at sixty home runs as he chases Roger Maris
Speaker 1: sixty one, a l record. The Orioles beat the Red
Speaker 1: Sox fourteen eight, the Nationals lost. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven under journalists and analysts and
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg NACOLN All right, Michael, thank you. We're
Speaker 1: at six nineteen on Wall Street, live from the Bloomberg
Speaker 1: Interactive Brokers Studios. This is Bloomberg a day break. We
Speaker 1: want to take a focus now on the currency markets,
Speaker 1: particularly after the wild moves we have seen in the
Speaker 1: pound over the last couple of days. Joining us now
Speaker 1: is Jane Foley, the head of f X strategy at
Speaker 1: ball Bank. Jane, it's great to speak with you once
Speaker 1: again as we watched the pound now headed for its
Speaker 1: biggest rally in months, but that's coming off. It's all
Speaker 1: time low now at a one oh eight handle. What
Speaker 1: is the risk that you see for the pound falling
Speaker 1: to parody against the dollars. I think it's far greater
Speaker 1: than it was just a week ago, and that is
Speaker 1: because of the budget and the course markets reaction to
Speaker 1: the budget that we had in the UK on Friday.
Speaker 1: We've got to remember, although sterling has bounced off, you know,
Speaker 1: it's all time low, it's still considerably weaker than it
Speaker 1: was just a few weeks ago. It was trading above
Speaker 1: at one twenty not so long ago. And of course,
Speaker 1: the factors that drove those gyrations over the last suit
Speaker 1: few sessions essentially remain in place. That the government has
Speaker 1: really damaged its credibility in terms of its fiscal policies,
Speaker 1: and at the same time, what's been driving sterling lower
Speaker 1: all year in terms of lack of growth or sessionary fears,
Speaker 1: low productivity, lack of investment. They're all factors which remain
Speaker 1: very much in place. Are you expecting more volatility than
Speaker 1: when the Chancellor goes before financial leaders later today. I
Speaker 1: think that's almost inevitable. I think we're going to have volatility,
Speaker 1: you know, for some time. I mean, volatility and effects
Speaker 1: has certainly been a theme this year, and I think
Speaker 1: it can be associated very broadly with central banks, particularly
Speaker 1: the FED, you know, lists in the comfort blanket of
Speaker 1: of quantity of easy and tightening policy, and certainly in
Speaker 1: the UK given the uncertainties that we have now in
Speaker 1: terms of debt, fiscal position um and also to the
Speaker 1: extent that the Bank of England maybe a hiking interest
Speaker 1: rates coming on top of the cost of living crisis,
Speaker 1: coming on top of the fact that we've got this
Speaker 1: huge current account deficit too. They are all factors which
Speaker 1: all pushed together and indicate that further volatilities is likely
Speaker 1: to remain in place for some time now. We've heard
Speaker 1: from the Bank of England, of course they're pledging to
Speaker 1: change interest rates by as much as needed, kind of
Speaker 1: signaling that they might not necessarily step in and change
Speaker 1: interest rates before their next meeting. Do you think there
Speaker 1: needs to be more intervention from the VOE. Well, there's
Speaker 1: a difficulty here because you've got to remember that whilst
Speaker 1: the Bank of England has been hike in interest rate,
Speaker 1: it's really since the end of last year. For most
Speaker 1: of that time it's had very limited effect in pushing
Speaker 1: sterling high. And of course the strong dollar is part
Speaker 1: of that story. But you know, investors perceptions of the
Speaker 1: UK that the poor growth outlook, the high inflationary out
Speaker 1: of the low the low productives to all of these
Speaker 1: fundamentals have meant that sterling has not been very responsive
Speaker 1: to interest rate hikes. Now, had the Bank of England
Speaker 1: come out yesterday with an interest rate high because many
Speaker 1: investors thought they may have done well, it would have
Speaker 1: potentially risked its credibility because had that not worked and
Speaker 1: stabilizing the pound and the Bank of England could have
Speaker 1: found itself in an in a cat and nice game
Speaker 1: really with the markets and that could have just impacted
Speaker 1: its credibility. So it's it's it's staying relid of lee calm.
Speaker 1: It's it's trying to wait until it's November the third
Speaker 1: schedule policy meeting. But at that point I think we
Speaker 1: can expect probably quite a hefty interest rate hike in
Speaker 1: our last minute here Jane I'm curious to get your
Speaker 1: view on the Euro now with the right wing government
Speaker 1: set to take over in Italy. Well, indeed, of the
Speaker 1: euro has certainly been under pressure too. I mean, Sterling
Speaker 1: has certainly taken a lot of attention, but the Euro
Speaker 1: is certainly very very soft now. The hawk is comments
Speaker 1: chief in the the et be in recent weeks, I've
Speaker 1: had some limited upside. Now the markets will be watching politics,
Speaker 1: particularly in France going forward, because you've had La Pen
Speaker 1: on the edges of government almost winning support really for
Speaker 1: a number of years. But what we must remember though
Speaker 1: is since Brexit, um, well, some of that anti EU
Speaker 1: sentiment and the rest of your has dulled to some extent,
Speaker 1: and we've got the euro well below parody against the
Speaker 1: dollar at this point. Do you think it has further
Speaker 1: to go? And if so much, well, our forecast has
Speaker 1: been around ninety five, and so we do think it
Speaker 1: could fall further. Gas supplies or gas storage is is
Speaker 1: pretty good at the moment in Europe, but we still
Speaker 1: got to face a winter. If the winter is cold,
Speaker 1: if they do have rationing, we could have a recession.
Speaker 1: You know, there were significant hurdles to face for Europe
Speaker 1: and at the same time. Of course, dollar strength is
Speaker 1: still there and we think dollar strength could sustained. We
Speaker 1: got good a few months yet and we've got a
Speaker 1: handle of ninety six for the euro against the dollar
Speaker 1: nine six two five. Jane Folly as always great to
Speaker 1: get your thoughts on the currency market. Jane Folly, head
Speaker 1: of FX Strategy at Robbo Bank, and checking the British
Speaker 1: pound once again after hitting that all time low overnight
Speaker 1: on Monday morning, we are at one point zero eight
Speaker 1: zero eight against the dollar. That is a gain of
Speaker 1: one point one percent on the session. S and P
Speaker 1: futures are up thirty five point. Staff futures are higher
Speaker 1: by two hundred seventeen in NASDAC futures leading the gains
Speaker 1: this morning up one d dy nine points. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather, sunshine and
Speaker 1: low seventies today down to the mid fifties tonight. It
Speaker 1: will be sunny and a little cooler tomorrow, high near seventy,
Speaker 1: upper sixties. That's all we'll get Thursday, right now, sixty
Speaker 1: one in Central Park, broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York Bloomberg eving to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Cho one
Speaker 1: nine team and around the globe the Bloomberg Business app
Speaker 1: in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's
Speaker 1: six thirty on Wall Street. Good morning. I'm Nathan Hager
Speaker 1: and I'm Karen Moscow, and we're just about three hours
Speaker 1: away from the open of US trading. Time for the
Speaker 1: five things that you need to notice start your day.
Speaker 1: And at first, global markets remain on edge as concerns
Speaker 1: swirl about a global recession. Futures are higher following the
Speaker 1: lowest clothes for the SNP five hundreds in December of
Speaker 1: Bods remain under pressure from the worst sell off in decades,
Speaker 1: but the ten year treasury yelled, hovering near the highest
Speaker 1: level since and the Biggerish pound is stronger today care
Speaker 1: and after it hit a record low on Monday, but
Speaker 1: speculators are still betting that sterling will slide to a
Speaker 1: level that was virtually unthinkable in recent decades. A dollar
Speaker 1: or even less. Kid jukes is chief effects strategists associated general.
Speaker 1: This is a loss of confidence at least to some
Speaker 1: degree in policy because normally, I mean President Reagan and
Speaker 1: Paul Volker managed to put rates up in enormous amounts
Speaker 1: in Theese fiscal policy dramatically and sent the dollar to
Speaker 1: the moon at one level, the UK Chancellor of the
Speaker 1: Bank are England doing the same thing and sending it
Speaker 1: to the floor. Those comments from kid Jukes come as
Speaker 1: bets against the pound now show a forty three chance
Speaker 1: of parody with the dollar before years and time. Nathan Goldman,
Speaker 1: Sachs and black Rock are turning more bearish on US equities,
Speaker 1: at least for the short term. Both war in that
Speaker 1: markets have yet to price in the risk of a
Speaker 1: global recession. Goldman is cutting equities to underwait over the
Speaker 1: next three months. Black Rock is advising investors to shun
Speaker 1: most stocks, and the turmoil in market shows little sign
Speaker 1: of turning FED officials away from hawkish policy. Karen Boston
Speaker 1: FED President Susan Collins and her Cleveland counterpart Loretta Master
Speaker 1: say additional tightening is still needed. Here is the latest
Speaker 1: view from Mester. So the FMC is committed to using
Speaker 1: its tools to bring inflation back down to our long
Speaker 1: run golf too percent. Last week, we took another decisive
Speaker 1: action to remove monetary policy accommodation. We raised the FED
Speaker 1: funds rate by seventy five basis points. Cleveland Fed President
Speaker 1: Loretta Memester says she'd like to see inflation cool for
Speaker 1: several months before concluding that it's peaked. And Nathan, there's
Speaker 1: at least one major investor who thinks the worst global
Speaker 1: bond route in decades maybe ending. And a tweeted double
Speaker 1: line Capitals Jeffrey Gunlog said, quote, the US treasury bond
Speaker 1: market is rallying, and he says he's been buying. And
Speaker 1: as the five things that you need to know to
Speaker 1: start your day, Futures are higher this morning, S and
Speaker 1: P futures up forty three points to down futures up
Speaker 1: two hundred seventy seven, and ASDAG future is jumping up
Speaker 1: one sixty four. That's up one point four percent, The
Speaker 1: ten year treasury down thirty seconds. You have three point
Speaker 1: eight one percent and a yield on the two year
Speaker 1: four point to four percent. Nine ex screwed oil is
Speaker 1: up one point nine percent, and straight ahead, we have
Speaker 1: a look at your latest local headlines. Plus a check
Speaker 1: of sports, and this is Bloomberg. Thanks Scaring. At six
Speaker 1: thirty three on Wall Street. We're at sixty degrees in
Speaker 1: Central Park. We've got thirty minute delays getting through the
Speaker 1: Lincoln Tunnel after earlier broken down tractor trailer. More coming
Speaker 1: up in traffic first Michael Barr with what else is
Speaker 1: going on once you get in New York and around
Speaker 1: the world. Good morning, Michael, Good morning Nathan. Hurricaney And
Speaker 1: has made landfall in Cuba as it roars on a
Speaker 1: path that could see it hit Florida's west coast as
Speaker 1: early as a category for hurricane by late Wednesday early Thursday.
Speaker 1: It is threatening to become the worst storm to hit
Speaker 1: Tampa and over a century, and Key West Mayor Terry
Speaker 1: Johnston says FEMA has been deploying food, water, and generators
Speaker 1: to the storm zone. We have started our preparations about
Speaker 1: two days ago, and of course all of our residents
Speaker 1: are buttoning up their homes and then including storm shutters
Speaker 1: and taking anything that could be a flying projectile and
Speaker 1: high winds out of their yard. Mayor Johnston says, for
Speaker 1: now they have shut down City Hall. Ian is a
Speaker 1: Cat three for now, we're learning that a small tornado
Speaker 1: touchdown on Long Island last Sunday night. The National Weather
Speaker 1: Service says an e F zero twister hit part of
Speaker 1: Suffolkonti in the town of Mattatuck, no serious damage. Vice
Speaker 1: President Kamala Harris continues their Asian trip today, meeting with
Speaker 1: regional leaders in Tokyo, Japan and attending the state funeral
Speaker 1: of assassinated Japanese Prime Minister Shinzo Abe. Harris spoke to
Speaker 1: reporters after visiting the Buddhist temple where Abbe's private funeral
Speaker 1: took place in July last night. In fact, we celebrated
Speaker 1: his life with a dinner that was hosted by the
Speaker 1: current Prime Minister of Japan, where there were wonderful stories
Speaker 1: being told by people who spend time with him about
Speaker 1: his life and his legacy. However, more than half of
Speaker 1: the Japanese public opposed a state funeral over the cost
Speaker 1: and the close ties that have emerged between Abbe and
Speaker 1: more than half of the ruling Liberal Democratic Party and
Speaker 1: the Unification Church. NASA intentionally crashed a spacecraft into an
Speaker 1: asteroid in hopes of altering its orbit. The dark spacecraft
Speaker 1: slammed into diamorphous last night and asteroid roughly the size
Speaker 1: of the Statue of Liberty Planet Scientists Emily like Dawalla says,
Speaker 1: this is the very first experimental step and understanding what
Speaker 1: humans would need to do to divert the path of
Speaker 1: something headed towards Earth. There is definitely a large asteroid
Speaker 1: will hit Earth someday. Now, whether that someday is in
Speaker 1: ten years, a hundred years, a thousand years, we haven't
Speaker 1: discovered yet an asteroid that is on a path that
Speaker 1: will definitely hit Earth. NASA says it will take a
Speaker 1: couple of months to determine exactly how much the asteroids
Speaker 1: path was changed. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take power by more
Speaker 1: than twenty seven hundred journalist analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, thank you,
Speaker 1: Michael sixty six on Wall Street. John stash Hour has
Speaker 1: the Bloomberg Sports I take Nathan Monday Night football and
Speaker 1: a white out at Midlife Statum to see the Giants
Speaker 1: try to get to three and oh they had a
Speaker 1: third quarter lead after sake one Bartlet six yard touchdown
Speaker 1: one but Dallas came back. Cooper rushed TV pass to
Speaker 1: Seedee Lamb with eight and that minutes left gave the
Speaker 1: Cowboys the league. They won twenty three to sixteen. Lamb
Speaker 1: dropped a pass that would have been a lump touched
Speaker 1: down in the first half, made up for it with
Speaker 1: the game winner that he cut one handed in. Dallas
Speaker 1: is now one ten of the last eleven. His Big
Speaker 1: Blue Giants are two and one. They placed Chicago Sunday.
Speaker 1: The offensive line needs to do a better job in
Speaker 1: pass protection. Daniel Jones last night sat five times. They're
Speaker 1: good front, they're good defense. You gotta give credit to them. Um,
Speaker 1: they played hard, but yeah, I think there's things we
Speaker 1: can all do better with with that. And uh that
Speaker 1: starts with me and you know, finding space to step up,
Speaker 1: finding space to move around the pocket and and uh
Speaker 1: make some plays off moment later in the game. Sterling Shepard,
Speaker 1: the longest tenure Giant who made it back from last
Speaker 1: year's achilles injury, suffering but appears to be a serious
Speaker 1: like the season and the knee injury. Patriots KB mac
Speaker 1: Jones has what's been called a severe high ankles brain.
Speaker 1: He'll miss multiple games. Big game Sunday, Kansas City at
Speaker 1: Tampa Bay. Not known where that game will be played
Speaker 1: due to the impending hurricane in Tampa. In Toronto, Blue
Speaker 1: Jays came back beat the Yankees three two intendings to
Speaker 1: prevent the Yanks from clinching the a L East. Another
Speaker 1: chance tonight, Other chance for Aaron Judge to hit home
Speaker 1: run number sixty one. Did have a hit two walks
Speaker 1: last night and have six straight games without a homer. Matt,
Speaker 1: So it's Miami tonight. There lead over at Lanta, downto
Speaker 1: one game with eight games to go. John Stash the
Speaker 1: Bloomberg Sports dud Okay John Thanks six thirty seven on
Speaker 1: Wall Street time out to take a look at stunk
Speaker 1: some of the names moving in the pre market with
Speaker 1: Bloomberg Radio and TV Markets correspondent Create Good. Can we
Speaker 1: call this a relief rally? Creating? What are you watching?
Speaker 1: I suppose we can. It's a little bit of a
Speaker 1: and this is the analogy I like to use across programming,
Speaker 1: a little bit of a spring. When you have this
Speaker 1: much selling pressure, about five days of losses, it's only
Speaker 1: natural to see this much of a rally in the morning.
Speaker 1: So to see futures rallying to the tunem I won't
Speaker 1: see just shy About one percent is is actually pretty normal.
Speaker 1: The question is does it stick? Um? I will tell
Speaker 1: you what rally is sticking though, Nathan, and it's right
Speaker 1: here in the US. Listen Macau, casino stocks, Chinese travel
Speaker 1: stocks as well. They are on track to rise for
Speaker 1: a second day. We already saw ten to twelve percent
Speaker 1: moves yesterday and some of these stocks now it looks
Speaker 1: like they are getting even more of an investor bid
Speaker 1: this morning. So take a look at Wind Resource w
Speaker 1: y n N is your taker up one point eight percent,
Speaker 1: Melco is another one. M l c O is your
Speaker 1: taker up about three percent in the pre market. Um,
Speaker 1: And it's not just them, you are also seeing the
Speaker 1: likes of GRAB. For example, g R A B is
Speaker 1: your taker. This is a Southeast Asian internet giant. Uh
Speaker 1: they are rallying about one point one percent. So you
Speaker 1: see the A d R s here. Um, well at
Speaker 1: one point eight percent. I should say now this coming
Speaker 1: after he talked about profitability in remember a lot of
Speaker 1: these newer internet companies think uh, Door, Dash, think Uber.
Speaker 1: They took a couple of years to actually hit profitability
Speaker 1: to become cash flow positive. Grab going through the same
Speaker 1: journey now expecting revenue to slow a bit significantly just
Speaker 1: because of the macro headwinds. No surprise there. But they're
Speaker 1: saying that recovery that comes after that will happen pretty quickly,
Speaker 1: and that will happen in interesting We're also seeing some
Speaker 1: profitability warnings though from a consumer Staples giant. Oh absolutely.
Speaker 1: I'm a massive Dr Pepper fan, um, but you know,
Speaker 1: and I moved to New York. Everyone was like Dr
Speaker 1: Pepper really you like the fake cherry taste. And I
Speaker 1: was like, yes, give it to me. There's Dr Pepper
Speaker 1: hate out there, is there really is. But I think
Speaker 1: some of that hate might be reflecting in the stock
Speaker 1: this morning down one point six per cent KDPS, your
Speaker 1: ticker Goldman Sacks downgrading the stock to neutral because they
Speaker 1: hate the training and I'm kidding they down to them.
Speaker 1: They they're as talking. They're saying, that's executing pretty well
Speaker 1: in the tough environment. This is something you're seeing with
Speaker 1: It's Piers PepsiCo with Coca Cola as well. But they're
Speaker 1: saying that the risk reward seems more balanced from here.
Speaker 1: It means that you're not going to get as much
Speaker 1: of a payoff with this particular stock than you did
Speaker 1: perhaps before relative to its piers. So down one point
Speaker 1: six percent. KDP is your ticker, and of course I'll
Speaker 1: leave you with one last one micro Strategy MSTR. Following
Speaker 1: the bitcoin boom, now back over twenty MSTR shares up
Speaker 1: about five percent. Nathan, Yeah, I seen a six percent
Speaker 1: and bounce in bitcoin there. Thanks creedy. As always Bloomberg
Speaker 1: Radio on TV Markets correspondent created Gupta with an eye
Speaker 1: on the early market trade and checking stocks as a
Speaker 1: whole before we ring the opening bell. On this Tuesday morning,
Speaker 1: SMP futures are moving up by forty points again to
Speaker 1: one point one percent. Futures of two one NASTACK futures
Speaker 1: are higher by one hundred fifty two points. The tenure
Speaker 1: treasury yield right now three point eight to a drop
Speaker 1: of ten basis points. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather. Sunshine in low seventies today, mid fifties tonight
Speaker 1: under a clear sky, sunny, little cooler tomorrow, higher seventy
Speaker 1: degrees only upper sixties for Thursday. Right now sixty degrees
Speaker 1: in Central Park Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business App,
Speaker 1: and at Bloomberg Quicktake. He's a Bloomberg Business flash and
Speaker 1: the fare in Moscow. Futures are higher. This morning, we
Speaker 1: get the first word breaking news desk for today's morning call,
Speaker 1: and here's Bill Aloney. Bill, good morning, and good morning, Karen.
Speaker 1: That's right you as futures are in the green right
Speaker 1: now at DEAF Futures up two hundred and seventy points,
Speaker 1: SIPs game forty two, Well Mas deck futures rise by one,
Speaker 1: the US ten year old at three point eight to percent,
Speaker 1: gold is up fifteen oil is in the green, and
Speaker 1: bitcoin trading higher by six percent. Japan rose half a
Speaker 1: percent overnight, while over in Europe, European markets are posting
Speaker 1: modest games right now and back in the US. On
Speaker 1: the economic front of the thirty durable goods orders at
Speaker 1: nine o'clock, the house price in next, and at ten o'clock,
Speaker 1: consumer confidence and new home sales. In other news that
Speaker 1: Jeff Gunlock says he's buying treasuries, and Crispin O'Day says
Speaker 1: the worst is not yet over for the British Pound
Speaker 1: wrapping things up carried Dr Pepper was cut to neutral
Speaker 1: over at Goldman Sachs Live from the first Big News
Speaker 1: Task on Bill Maloney. Karen alright, Bail, thank you to
Speaker 1: hear live breaking news of your Bloomberry type squawk on
Speaker 1: your terminal SCU. You a w K and that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with Moore on
Speaker 1: what's going on around the world. Michael Karen Orda is
Speaker 1: bracing for Hurricane Ian, now a category three storm. Forecasters
Speaker 1: expect Ian to make landfall on Florida's Gulf Coast, possibly
Speaker 1: as a cat for hurricane, late tomorrow or early Thursday,
Speaker 1: dumping up to sixteen inches of rain and bringing a
Speaker 1: storm surge of up to ten feet to the Tampa area.
Speaker 1: Senate Democrats released a short term government funding bill late
Speaker 1: last night that included a measure to speed up energy
Speaker 1: project permit. It is opposed by most Republicans and some Democrats.
Speaker 1: Monday night football, the Giants lost to the Cowboys three sixteen.
Speaker 1: In baseball, the Yankees lost to the Blue Jays and
Speaker 1: ten innings three to Aaron Judge, still stuck at sixty
Speaker 1: home runs. As he chases Roger Maris sixty one, a
Speaker 1: l record, The Orioles beat the Red Sox fourteen eight,
Speaker 1: The Nationals Lost Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: hundred journalists analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael Barr, and this is Bloomberg. Karen, all right,
Speaker 1: michelbar thank you sixty nine on Wall Street. Let's turn
Speaker 1: to news and science and technology now, but the Bloomberg
Speaker 1: n j I T STEMM repoort brought to you by
Speaker 1: New Jersey Institute of Technology, ranked one of the nation's
Speaker 1: most research intensive universities by the Carnegie classification. Learn more
Speaker 1: at n j I T DOT E d U slash
Speaker 1: R one and now here's let's making news and science, technology, engineering,
Speaker 1: and math. A large new studies shows gene abnormalities may
Speaker 1: make some people more susceptible to myocarditis, a rare type
Speaker 1: of heart inflammation that can affect young people and athletes.
Speaker 1: The findings, published in the American Heart Association journal Circulation,
Speaker 1: could partially answer why otherwise healthy young people sometimes develop
Speaker 1: a condition that can lead to heart failure and sudden
Speaker 1: cardiac death. And now so spacecraft has successfully crashed into
Speaker 1: an asteroid about six point eight million miles from Earth.
Speaker 1: It was a test to determine if the impact can
Speaker 1: nudge this space rock slightly off course. The US Space
Speaker 1: Agency is in the early stages of a plan to
Speaker 1: protect the Earth from asteroids. If measurements show the asteroids
Speaker 1: course was even slightly altered, NASA will consider the mission
Speaker 1: a success. And negotiations between the Biden administration and TikTok
Speaker 1: over an agreement that would let the app keep operating
Speaker 1: in the US are said to have installed. Sources say
Speaker 1: the sticking point is concerned that Chinese ownership poses a
Speaker 1: national security threat. We're told in agreement would allow the
Speaker 1: platform to continue operating in the US with additional restrictions
Speaker 1: on how data from American users is stored. And that's
Speaker 1: a Bloomberg and j I t Stem report. Nathan, all right, Karen,
Speaker 1: thanks rely from the Bloomberg Interactive Brokers studios, where it's
Speaker 1: almost six fifty one on Wall Street time not to
Speaker 1: check what's going on in d C, where some of
Speaker 1: the top stories include Senate Democrats releasing their bill to
Speaker 1: prevent a government shutdown, Vice President Harris to visit Korea's
Speaker 1: demilitarized zone, and President Biden urging oil companies to bring
Speaker 1: prices down at a White House competition meeting. For more,
Speaker 1: We're joined by Bloomberg Washington correspondent Joe Matthew, host of
Speaker 1: Sound on Here on Bloomberg Radio. So, Joe, I know
Speaker 1: you've had plenty of time to digest the continuing resolution
Speaker 1: that was just released five Senate Democrats last night, and
Speaker 1: you can very cogently just spell it out for us.
Speaker 1: What does that entail? Joe. It's it's amazing, Nathan that
Speaker 1: this is four days we're getting this, four days before
Speaker 1: the government potentially runs out of money. Interesting to see
Speaker 1: what's in it and what is not in it. This
Speaker 1: bill does have money for Ukraine, more than twelve billion dollars,
Speaker 1: a little bit more than the Biden administration actually asked for,
Speaker 1: and would also authorize more money should it be needed.
Speaker 1: There's two billion for unmet needs from recent disasters, and
Speaker 1: that's important, of course, as we also uh wait for
Speaker 1: another hurricane to hit here in a billion dollars for
Speaker 1: home heating assistance. You know what's not in this bill, though,
Speaker 1: Nathan is twenty two billion dollars for COVID relief funding,
Speaker 1: and Republicans say, you know what the President said on
Speaker 1: a microphone in front of a camera last week on
Speaker 1: sixty minutes, that the pandemic is over. So we're going
Speaker 1: with that. But there is and when we talk to
Speaker 1: medical experts, a great expectation for a potential surge again
Speaker 1: in the winter, potentially a new strain, and they're gonna
Speaker 1: be questions about why testing is not available, why we're
Speaker 1: paying for vaccines, and so forth. In the Biden administration
Speaker 1: will likely take the blame for it, even though they
Speaker 1: ask for the money. So that's there. Also, the permitting
Speaker 1: bill that's been getting so much attention. This is Joe
Speaker 1: Manchin's Energy permitting reform bill. Uh. It's not likely going
Speaker 1: to make the grade the Senate. Tonight Nathan holds a
Speaker 1: procedural vote. They'll hold a cloture vote late this afternoon,
Speaker 1: and it is not expected to pass. The question is
Speaker 1: what happens after that. Will this go as a clean
Speaker 1: bill to the House or we're gonna be wrangling over
Speaker 1: this a little longer than we thought. That's why when
Speaker 1: you get this close to the edge here there are
Speaker 1: chances that things can go wrong, and if there's a
Speaker 1: day or two of a government shutdown, hopefully it'll just
Speaker 1: be over the weekend. Yeah, it's interesting because, of course,
Speaker 1: as you know, Joe Manson went on the Sunday shows
Speaker 1: Fox News Sunday appealing to Republicans to weren't that measure
Speaker 1: what's the Republican opposition to this? Well, it's fascinating. I
Speaker 1: had a conversation last evening on Sound On with Chuck Fleishman,
Speaker 1: Republican congressman from Tennessee, and he made it clear that
Speaker 1: Republicans actually support this reform in principle, but they've been burned.
Speaker 1: They think by Joe Manchin enough times that because his
Speaker 1: name is on this, they're not going to vote for him. Now, granted,
Speaker 1: they think this is a bit less broad than they
Speaker 1: were hoping for. Republicans want to see uh permitting speed
Speaker 1: up even faster than this bill would allow. But I
Speaker 1: asked him directly if somebody else's name was on this,
Speaker 1: if the same bill came up with a different name
Speaker 1: post mid terms, he said, yes, Republicans would vote for it. Wow,
Speaker 1: is this something this kind of dispute that could UH
Speaker 1: prevent the bill from passing and bring us the potentiality
Speaker 1: for a government shutdown at the end of the way.
Speaker 1: It's a fair question to ask, because again, things go
Speaker 1: wrong when he gets too close to the edge, or
Speaker 1: at least they can. But no one and I it's
Speaker 1: it's important to tell our listeners this. No one of
Speaker 1: of any credibility is predicting a government shutdown right now
Speaker 1: in Washington. But we are playing games right up to
Speaker 1: the last minute. There's even talk that lawmakers may have
Speaker 1: to stay in town for the weekend to get this
Speaker 1: worked out. They'll likely be a bridge component in this legislation, Nathan,
Speaker 1: so they can buy a couple of days if it's
Speaker 1: not done exactly by midnight on Friday, and that's what
Speaker 1: would require them to work the weekend. We're gonna have
Speaker 1: to give us a gup more days to figure out
Speaker 1: stop gamp on top of a stop gather that before
Speaker 1: in Washington. Let's move on to some of the other
Speaker 1: stories going on. We're following Vice President Harris on her
Speaker 1: overseas trips. She's in Japan for former Prime Minister Shinzolabe
Speaker 1: state funeral, but she's also added a very interesting stop
Speaker 1: to her Asian itinerary. Yeah, to the d m Z.
Speaker 1: How about this. It's really it's interesting as the the
Speaker 1: vice president tries to kind of expand the portfolio or
Speaker 1: the president is doing this on her behalf, remembering that
Speaker 1: it was a difficult first year dealing with issues on
Speaker 1: the border. Although she became much more vocal as sort
Speaker 1: of the point person post Roe v. Wade. That was
Speaker 1: something that she's been talking a lot about it. It's
Speaker 1: been out a bit on the campaign trail. This is
Speaker 1: a big trip for her though internationally speaking, obviously, meeting
Speaker 1: with world leaders from Japan, from Australia there and out
Speaker 1: of the DMZ. That's not a lot you can do there,
Speaker 1: by the way, She's not going to be dancing around
Speaker 1: the border with Kim Jong Un the way Donald Trump was.
Speaker 1: But there's some meetings there. She'll meet with American troops
Speaker 1: on on the on that side of the line obviously,
Speaker 1: and and it really comes down to a photoop, Nathan.
Speaker 1: This is, you know, burnishing foreign policy credentials. If she
Speaker 1: were to seek the job of actually being president, you
Speaker 1: have to have that picture with the squinted eyes looking
Speaker 1: across the border to the North Koreans, or maybe holding
Speaker 1: a pair of binoculars. You'll likely see that in the
Speaker 1: next couple of days. Now, while the vice presidents focused
Speaker 1: on geopolitics, you've got President Biden putting his focus on
Speaker 1: the economy with this series of meetings this week, including
Speaker 1: a pretty interesting message to oil companies during this White
Speaker 1: House competition conse yeah with with an ask or a
Speaker 1: demand even to lower gas prices. And it's not Look,
Speaker 1: it's interesting timing here because the White House has been
Speaker 1: taking credit for the fact that gas prices have been
Speaker 1: down over nine days in a row. Might even be
Speaker 1: more than that at this point if you're keeping score
Speaker 1: in your home game. Um, but this has been one
Speaker 1: of the good stories to tell for the White House.
Speaker 1: They've been releasing a million dollars a million barrels, i
Speaker 1: should say, of oil from the spr They're talking with
Speaker 1: exporters in the Middle East. They're dealing with the war
Speaker 1: impact of the Putin price hike. Like Joe Biden says,
Speaker 1: in gas prices have come down from above five dollars.
Speaker 1: The problem is it's not uniform across the country and
Speaker 1: is particularly on the West Coast. Some folks are still
Speaker 1: paying a lot of money that does not exactly drive
Speaker 1: with the price of crude oil. But as you also know, Nathan,
Speaker 1: it's not just the price of oil. It's about refining bottlenecks,
Speaker 1: and it's about the blend, whether it's summer or winter.
Speaker 1: That can go a long way to impacting prices. So
Speaker 1: it just might not be as easy, and it hasn't
Speaker 1: been for this administration to ask the oil companies to
Speaker 1: act a certain way. Yeah, we've seen reports of gas
Speaker 1: prices back up above five dollars and then some in California.
Speaker 1: Thanks for this, Joe, As always, Joe Matthew Washington, correspondent
Speaker 1: from Bloomberg News, host of Sound On. You can hear
Speaker 1: every weekday five pm Wall Street Time right here on
Speaker 1: Bloomberg Radio. And of course read more about all these
Speaker 1: stories we've been talking about on Bloomberg dot Com or
Speaker 1: on the Bloomberg terminal. SMP futures right now are up
Speaker 1: forty four points again of one point two percent, Dow
Speaker 1: futures up two eighty five and NASDAC futures are hired
Speaker 1: by a hundred fifty eight points. That's a gain of
Speaker 1: one point four percent. Much more to come on Bloomberg
Speaker 1: Surveillance next with Tom Keene, Jonathan Farrell, and Lisa Abramowitz
Speaker 1: for Karen Moscow. I'm Nathan Hagar. This is Bloomberg