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Speaker 1: My from the Bloomberg Interacted Burger Studios is Bloomberg day

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Speaker 1: Break for two day September twenty two. Coming up this hour,

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Speaker 1: the Fed kicks off it's two day meeting with another

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Speaker 1: seventy five basis point rate hike on the table. Treasury

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Speaker 1: two year yields are poised to crack about four percent

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Speaker 1: for the first time in fifteen years. British Prime Minister

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Speaker 1: Liz trust is pessimistic about a trade deal with the US,

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Speaker 1: and four chairs drop on concerns of higher supply costs.

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Speaker 1: New York City is looking at legal action involving the

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Speaker 1: influx of migrants from Texas. Plus Hurricane Fiona strengthens after

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Speaker 1: devastating Puerto Rico. I'm Michael bar More Ahead, I'm John

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Speaker 1: Stashower and sports, The Mets clifts the playoff Berth, Max

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Speaker 1: scherz Or pitts them to victory, and Milwaukee Aaron Judge

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Speaker 1: The Yankees Tonight host Picksberg. That's all straight ahead on

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Speaker 1: Bloomberg day Break on Bloomberg eleven, Trio, New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine six,

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Speaker 1: San Francisco Sirius XM one nineteen and around the world

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Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business

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Speaker 1: at Good Morning, I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: US documentis futures are lower this morning, and we checked

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Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.

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Speaker 1: Yes we come up to six oh one on Wall

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Speaker 1: Street SMP futures down about eighteen points now, futures down

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Speaker 1: a hundred thirteen nast day futures down at sixty five,

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Speaker 1: and the decks in Germany's down about eight tens of percent.

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Speaker 1: Ten year treasury down eleven thirty seconds, YELD three point

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Speaker 1: five three percent, and they yield on the two year

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Speaker 1: three point nine six percent. Nathan Karen, the SMP five

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Speaker 1: hundred stamped a two day losing street yesterday, but we

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Speaker 1: are watching futures fall this morning and ten year treasury

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Speaker 1: yields are hovering above three and a half percent. Yields

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Speaker 1: on the two year pois to crack four percent for

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Speaker 1: the first time since two thousand seven. Jake Jolly is

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Speaker 1: a senior investment strategistic bing y Melon. I think it's

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Speaker 1: going to be pretty choppy this week, right, we're all

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Speaker 1: waiting for Wednesday. We're all very attentive to you know,

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Speaker 1: what's going to be coming. Most notably, I think in

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Speaker 1: the summary of economic projections. I think everybody feels like

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Speaker 1: a FED watcher these days. But until then, I think

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Speaker 1: it's going to be a little bit choppy. Well, the

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Speaker 1: FED meeting mentioned by b n Y Melons Jay Jolly

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Speaker 1: kicks off today. According to economist survey by Bloomberg, this

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Speaker 1: central Bank will high rates by three quarters of a

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Speaker 1: percentage point for the third straight time. Lori Calvacinos, head

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Speaker 1: of US Equity Strategy at RBC Capital Markets, Look, they're

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Speaker 1: still in the seventy daysis point camp that they certainly

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Speaker 1: said that a hundred is on the table, and it

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Speaker 1: does seem like there's some pains to make that messaging

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Speaker 1: out there. It was a brutal day last week after

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Speaker 1: that CPI print, we had a five percent drop in

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Speaker 1: the mask back. So I do think that a lot

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Speaker 1: is baked in at this point in time, and I

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Speaker 1: think what the market continues to struggle with is not

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Speaker 1: just the aggressive action from the FED, but there economic ramification.

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Speaker 1: And Lori Calvasin at RBC says more companies could downgrade

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Speaker 1: their earnings forecasts, and that could lead to more uncertainty

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Speaker 1: for the market. Man, it's not just the Fed boosting

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Speaker 1: rates this week, Karen. We got a surprising Europe this

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Speaker 1: morning when Sweden Central Bank raised rates a larger than

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Speaker 1: expected hundred basis points. The bank also said rates will

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Speaker 1: continue to go up over the next six months. In Japan, Nathan,

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Speaker 1: inflation has accelerated to the fastest pace in more than

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Speaker 1: three decades. That's creating headaches for the Bank of Japan.

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Speaker 1: It will try to explain why it needs to continue

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Speaker 1: with monetary stimulus when inflation is above its two percent goal.

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Speaker 1: Consumer prices excluding fresh food rose at an annual rate

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Speaker 1: of two point eight percent in August. Well meantime, across Asia,

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Speaker 1: Karen stocks snapped a five day losing streak. Hopes that

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Speaker 1: Hong Kong will move east or to East COVID restrictions

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Speaker 1: helped the boost sentiment. Let's get the recap down from

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Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan,

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Speaker 1: and Karen Indexes in Hong Kong, We're up more than

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Speaker 1: one one key gauge climbing from the edge of a

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Speaker 1: bear market, as Hong Kong's chief executive said, the city

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Speaker 1: wants to relax COVID travel cubs often nearly three years

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Speaker 1: of restrictions on weekend to spot. The pbo A c

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Speaker 1: setting a stronger than expected fix for a nineteenth day,

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Speaker 1: and Chinese lenders kept their loan prime rates unchanged in Singapore.

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Speaker 1: Juliet Sally Bloomberg Daybreak, Right, Julia, thank you. We turned

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Speaker 1: to geopolitics now, and there's word this morning that a

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Speaker 1: trade deal between the UK and the US it's not

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Speaker 1: likely anytime soon. We go to London and get the

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Speaker 1: details from Bloomberg's UN parts. Good morning, Uen, Good morning

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Speaker 1: Nathan and Karen. It's the first foreign trip for Liz

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Speaker 1: trust since she became British Prime Minister two weeks ago,

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Speaker 1: but touching down in New York for the UN General Assembly,

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Speaker 1: she told reporters a trade deal between the UK and

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Speaker 1: the US is unlikely in the shorts all the medium term.

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Speaker 1: An agreement with the world's biggest economy has been an

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Speaker 1: ambition for post Brexit trade policy, but for now the

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Speaker 1: new PM accepts it's not going to happen anytime soon

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Speaker 1: in London, Immune parts, Blomberg debreak. All right you and

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Speaker 1: thanks now to the latest on the war in Ukraine.

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Speaker 1: The country's foreign minister Demetro Klebs, calling on Western allies

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Speaker 1: to send even more weapons to cement the games from

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Speaker 1: this month's counter offensive against Caleb, says it has been

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Speaker 1: successful so far. It wasn't expected for some, but it

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Speaker 1: was as thoroughly planned and well thought military operation. Um.

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Speaker 1: The next phase will be to continue liberating our territories.

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Speaker 1: We will continue our counter offensive in the east of

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Speaker 1: the country. Ukrainian Foreign Minister Demitro Caleb spoke with Bloomberg

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Speaker 1: in New York ahead of the UN General Assembly's annual meeting.

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Speaker 1: Last week, President Biden announced another six hundred million dollar

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Speaker 1: drawn down from US military stockpiles to provide aid to Ukraine.

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Speaker 1: Well incorporate news this morning, Nathan, A big legal battles

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Speaker 1: back in the spotlight. We have new developments in the

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Speaker 1: lawsuit filed by Twitter against Elon Musk. Twitter co founder

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Speaker 1: Jack Dorrisey will now be questioned under oath today as

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Speaker 1: part of the case. And we get the story from

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Speaker 1: Bloomberg's Doug Christner Dorsey has been an energetic booster of

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Speaker 1: Musk's forty four billion dollar bid for the company, but

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Speaker 1: in July Musk retreated from his offer and accused the

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Speaker 1: company of not providing information to assess the prevalence of bots.

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Speaker 1: Twitter is now suing Musk to enforce the takeover agreement,

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Speaker 1: even though Dorsey was subpoenaed last month by Musk. He

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Speaker 1: will be questioned by attorneys from both sides via zoom.

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Speaker 1: The push to gather information and interview key players comes

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Speaker 1: ahead of an expedited schedule for a trial. It's lated

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Speaker 1: to begin October sevente and last for five days in

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Speaker 1: New York. I'm Doug Chrisner Bloomberg Daybreak, All right, Doug,

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Speaker 1: thank you for it is also front and center this morning.

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Speaker 1: The shares are down more than four and a half

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Speaker 1: percent in early trading. The automaker says inflation is pushing

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Speaker 1: its supplier costs a billion dollars higher than expected in

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Speaker 1: the current quarter. Ford expects adjusted earnings to be well

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Speaker 1: below the three point seven billion dollars it reported last quarter,

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Speaker 1: and Nathan General Motors is getting a vote of confidence

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Speaker 1: this morning from one big investor, Cathy Woods Fund has

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Speaker 1: scooped up shares of GM for the first time in

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Speaker 1: more than four months. Following a draw down this year

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Speaker 1: through July, GM shares have been gradually recovering as the

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Speaker 1: company bets on selling affordable electric vehicles and futures are lower.

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Speaker 1: SNP futures are down about twenty points down, futures down

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Speaker 1: a hundred thirty three, NASDACK futures down seventy three, and

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Speaker 1: the Tenuere treasury down eleven thirty seconds. He had three

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Speaker 1: point five three percent straight ahead, your latest, the local headlines,

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Speaker 1: plus a check of sports, and this is Bloomberg. I

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Speaker 1: can't thank you to six oh seven on wall street work,

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Speaker 1: sixty degrees in Central Park. Got a lot of closures

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Speaker 1: around the U. N may have heard they've got a

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Speaker 1: general Assembly session this week. Michael Barr has more on

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Speaker 1: what's going on in New York and around the world.

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Speaker 1: Corny Michael, Good morning, Nathan. More migrants arrived by bus

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Speaker 1: to New York from Taxas yesterday, following six additional buses

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Speaker 1: over the weekend. Mayor Eric Adams as his city is

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Speaker 1: considering potential legal action. The situation in New York has

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Speaker 1: turned tragic, with Mayor Adams, confirming that an asylum secret

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Speaker 1: took her own life at a facility over the weekend.

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Speaker 1: The failure was the governors that sent people on a

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Speaker 1: multi day bus ride without of proper food, without medical care,

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Speaker 1: without the basic necessities. Mayor Adam says, eleven thousand, six

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Speaker 1: hundred asylum seekers and migrants are here in the city. Meanwhile,

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Speaker 1: the Texas Democratic Sheriff announced the criminal investigation has been

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Speaker 1: opened into who was behind the recruitment of dozens of

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Speaker 1: migrants in San Antonio. It'll be flown on a charter

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Speaker 1: plane to Florida and Martha's Vineyard in Massachusetts. Bear County

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Speaker 1: Sheriff Javier Salazar says they were lured, they were promised work,

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Speaker 1: they were promised the solution to several of their problems.

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Speaker 1: They were taken to Martha's Vineyard from what from what

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Speaker 1: we can gather for nothing, for a little more than

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Speaker 1: a photo video op and then they were unceremoniously stranded

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Speaker 1: in Martha's Vineyard. Sheriff Salazar says it's believed that a

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Speaker 1: Venezuelan migrant was paid what is called a bird dog

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Speaker 1: fee to recruit people from around a migrant re source

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Speaker 1: center Fiona strengthened to a Gatacori three hurricane overnight, with

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Speaker 1: winds of a hundred fifteen miles per hour as it

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Speaker 1: approached the Turks and Caicos islands. In Puerto Rico, more

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Speaker 1: than a million people are without power, and officials say

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Speaker 1: roughly thirty five inches of rain could fall on some areas.

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Speaker 1: In New York, Governor Kathy Hokel says Puerto Rico needs

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Speaker 1: assistance like any other state going through a natural disaster.

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Speaker 1: These our citizens, fellow citizens, and that is why we

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Speaker 1: do this mutual late, as we would do if there were,

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Speaker 1: you know, the flooding in Kentucky. Governor Hokel says, utility

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Speaker 1: crews are ready to go down to help. U N

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Speaker 1: Secretary General Antonio Guterres is warning that the world is

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Speaker 1: in great peril. He says. World leaders, meeting in person

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Speaker 1: for the first time in three years at the UN

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Speaker 1: General Assembly in New York, must tackle conflicts and climate catastrophes.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists analysts more than a hundred twenty countries. Michael bar

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Speaker 1: this is one Burg, Nathan Michael, thank you Almost six

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Speaker 1: ten on Wall Street time for the Bloomberg Sports Update

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Speaker 1: with John Stenshowner. Thanks Nathan. The Mets now officially in

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Speaker 1: the playoffs and they're hoping that next month it's there.

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Speaker 1: One two punts they could take them for the night.

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Speaker 1: After Jacob Gron began his start with five perfect dtings,

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Speaker 1: it was Max Scherzer's turn. Came off the injured list

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Speaker 1: in Milwaukee in to hurl six perfect and Ain't Serger

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Speaker 1: was then taken out. Brewer's scored twice in the seventh

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Speaker 1: thought Tyler McGill, also just back from injury, but the

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Speaker 1: Mets one seven to two. Sherzer's two d career victory

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Speaker 1: Pete Alonso at the three run homers thirty six. The

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Speaker 1: Braves also won. They remain a game behind even in

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Speaker 1: the lost column. Yankees back home tonight to play Pittsburgh

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Speaker 1: and the hot taking this for a seat in the bleachers,

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Speaker 1: chance to catch a ball hit out by Aaron Judge,

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Speaker 1: sitting on fifty nine home runs. His next one match's

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Speaker 1: Babe Ruth from seven and then it's on the Roger Marri's.

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Speaker 1: Judge continues to say it's not on his mind. Games,

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Speaker 1: there is numbers, you know, focus on doing. I can

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Speaker 1: to be a good teammate, help the team win, but

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Speaker 1: that means hitting Homer, and then it means sitting Homer.

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Speaker 1: But never been my focus, ever been. You know. The

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Speaker 1: Astros last night clinch the Als. The Guardians won. They

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Speaker 1: leave the Ale Central by four games. Parent Mother Night

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Speaker 1: blowouts Buffalo forty one to seven over Tennessee. Josh Allen

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Speaker 1: and Stefan Diggs hooked up for touchdowns three times. Philadelphia

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Speaker 1: all over Minnesota twenty four to seven. Jalen Hurts ran

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Speaker 1: for two touchdowns and through a fifty three r TV passed.

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Speaker 1: Rob Sala says, Zach Wilson looks good in practice, but

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Speaker 1: the Jets might stick with last Sunday's hero Joe Blaco

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Speaker 1: for at least one more games. Sunday in Cincinnati the four.

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Speaker 1: Wilson returns from his Injurney Bloomberg Sports Nathan all Right, John,

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Speaker 1: thanks for watching futures fall ahead of the FED decision tomorrow.

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Speaker 1: Right now, S and P futures are down twenty points.

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Speaker 1: Stown futures down a hundred forty. NASTAC futures are lower

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Speaker 1: by seventy six points. We talked about this market next

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Speaker 1: with Daniel Morris, chief market strategist at BNP part he

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Speaker 1: dot org. Markets headlines and breaking news twenty four hours

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Speaker 1: and I'm Karen Moscow. Stocks are falling, with US Stock

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Speaker 1: index futures giving up early games as trader's race for

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Speaker 1: another supersized US rate high commid rising anxiety that the

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Speaker 1: Fed could overtighten and raise the odds of a hard landing.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg, U S and P futures down twenty

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Speaker 1: one point, staff futures done a hundred forty four, NASDAG

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Speaker 1: futures down sent three and the decks in Germany's down

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Speaker 1: nine tenths of a percent ten Your treasury down twelve

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Speaker 1: thirty seconds, yell three point five three percent yield on

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Speaker 1: the two year three point nine seven percent. Ninemex crude

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Speaker 1: oil lit'tle change at eighty five dollar seventy eight cents

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Speaker 1: a barrel, Pomex go down to tens per cent or

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Speaker 1: three dollars seventy cents at sixteen seventy four fifty ounce.

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Speaker 1: The Euro one point zero zero zero three against the

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Speaker 1: dollar British found one point one four one nine and

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Speaker 1: the yen one forty three point seven two. Looking at

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Speaker 1: Bitcoin this morning, down one and a half percent at

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Speaker 1: nineteen thousand, two hundred twenty dollars. That's a Bloomberg business

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Speaker 1: flash down. Here's Michael Barr with more on what's going

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Speaker 1: on around the world. Michael Karen, thank you very much.

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Speaker 1: Hurricane Fiona strengthened into a Category three storm as it

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Speaker 1: now heads towards the Churchs and Cacos Islands. It continues

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Speaker 1: to cause heavy winds and rain in the Dominican Republic

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Speaker 1: in Puerto Rico, where flood of waters rushed through the

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Speaker 1: streets and many are without power. Border crossing sword in

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Speaker 1: august US Customs and Border Protections reported an increase in

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Speaker 1: migrants from Venezuela, Cuba, and Nicaragua, stopping about fifty six

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Speaker 1: thousand last month. It was a Monday night football doubleheader.

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Speaker 1: The Bills down the Titans with a giant win forty

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Speaker 1: one to seven. The Eagles beat the Vikings seven. In baseball,

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Speaker 1: the Mets one, clinching a playoff birth. The Nationals and

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Speaker 1: Orioles lost the Giants one. Global twenty four hours a

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Speaker 1: day on air and on Bloomberg Quicktake, powered by more

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Speaker 1: than twenty seven hundred journalists and analysts more than a

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Speaker 1: hundred twenty countries. I'm Michael Barn. This is BLOOMBERGA okay, Michael,

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Speaker 1: thank you. The six nineteen on Wall Street Live from

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Speaker 1: the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as

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Speaker 1: we keep our focus on this market ahead of the

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Speaker 1: Fed decision tomorrow. We're joined by Daniel Morris, chief market

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Speaker 1: strategist at BNP Party Asset Management. Daniel, good morning, Look

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Speaker 1: at the futures, it looks like stocks could give back

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Speaker 1: most of the modest gain we saw yesterday. What do

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Speaker 1: you think is driving this uh in a gloomy move

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Speaker 1: we're seeing right now. Uh, fear and loathing though I

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Speaker 1: think that that might be a book title. I mean, clearly,

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Speaker 1: the markets are gonna be nervous until we get an

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Speaker 1: actual number from the fet UH and the story behind it.

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Speaker 1: So just anxiety is what you're going to see, volatility

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Speaker 1: in the swings and so you've got it until you've

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Speaker 1: got a bit more concrete information. All right, Well, what's

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Speaker 1: the concrete information you're expecting from the FT. Obviously we've

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Speaker 1: got the markets pricing in a seventy five basis point

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Speaker 1: move we heard from the Swedish Central Bank surprising with

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Speaker 1: a hundred basis points. Could we see a surprise from

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Speaker 1: the Fed tomorrow, Well, of course we always could. I

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Speaker 1: think that's the bit of information that we want to

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Speaker 1: definitively have that it's only only seventy series of UD

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Speaker 1: turned out to be unwarranted. Uh, and you know, our

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Speaker 1: expectation is that it will be seventy five, but you

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Speaker 1: never know. And I think what's also important to keep

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Speaker 1: in mind is, you know we especially with this next hike,

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Speaker 1: that's a lot of moves, a lot of hikes from

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Speaker 1: the FT over a relatively brief period of time. And

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Speaker 1: that's as yet really not had any input, not any,

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Speaker 1: but not its full impact on the economy. So even

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Speaker 1: though of course we're very much focused on inflation and

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Speaker 1: focused on growth, you know, the real import of all

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Speaker 1: these hikes is yet to be felt. So that's why

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Speaker 1: we need to balance. Okay, what's been done so far,

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Speaker 1: what is that going to do to growth and inflation?

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Speaker 1: And then how you know does the FED then respond

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Speaker 1: to that? Do they pause and say we've done enough,

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Speaker 1: or do they keep going? Yeah, I guess that raises

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Speaker 1: the question as you say, what we could expect from

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Speaker 1: the FED in the subsequent meetings in November and December.

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Speaker 1: What's your outlook there? Well? As always, the debate with

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Speaker 1: central banks is is what you think they should do

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Speaker 1: and what they will do, And what they've been messaging

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Speaker 1: is they want to see some real declines in the

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Speaker 1: inflation rate, so ideally inflation cooperates on that line. In particular,

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Speaker 1: leave we want to remember we need to focus on

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Speaker 1: core inflation, on headline inflation, and if we do start

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Speaker 1: to see a reduction in those pressures, which is possible,

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Speaker 1: then that would allow the F maybe not to start

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Speaker 1: cutting rates. We think there is going to be a

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Speaker 1: pivot for quite a while yet, but at least to

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Speaker 1: slow down on the hikes or on the pace hikes.

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Speaker 1: So that's going to be the key thing. I'm sure

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Speaker 1: they're going to mention data dependent because really that is

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Speaker 1: what they're highlighting, and that's what we're also going to

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Speaker 1: be paying attention to as well. So how do you

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Speaker 1: advise clients to position given the uncertainty we are seeing

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Speaker 1: around the federal reserve right now? How do you balance

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Speaker 1: the portfolio in this environment? Yeah, well, there's certainly not

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Speaker 1: only is I think it's always challenging, but particularly challenging

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Speaker 1: this year, given that you've had negative returns, and not

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Speaker 1: only for equities, but of course for fixed income, and

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Speaker 1: and anyone who's had a sixty forty portfolio starts to

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Speaker 1: wonder if that's really the right allocation. The overall we're

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Speaker 1: neutral inequities, but overweight outside of the markets with that

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Speaker 1: face these monetary pressure, So we're underweighting New York for example,

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Speaker 1: and we're overweight in China and Japan. So I think one, uh,

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Speaker 1: it's geographical diversification. And then even within fixed income, and

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Speaker 1: we're still short duration in the US, but we do

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Speaker 1: like Euro's own investment in great credit where spreads are

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Speaker 1: actually fairly high and we think attractive relatives to the

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Speaker 1: risk that you're taking. So, you know, as in any market,

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Speaker 1: there is opportunity, you've got to look at the risk reward,

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Speaker 1: and we are finding some good opportunities even with this environment.

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Speaker 1: Other than geographical diversification. Do you see any opportunities some

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Speaker 1: alternative investments in in the US? Well, and always and

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Speaker 1: if anything, if you think about you know what UH

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Speaker 1: you know, publicly treated UH portfolios have gone through this year.

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Speaker 1: You know, I think we've all been looking about and

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Speaker 1: thinking about private equity, private at those types of alternative

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Speaker 1: investments for a long time. But their value I think

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Speaker 1: has really come through this year. Is it really does

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Speaker 1: give you some diversification, and you know, I think that's

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Speaker 1: that's really what everyone is looking for right now now,

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Speaker 1: last thirty seconds here, Daniel. Are there certain in sectors

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Speaker 1: that are more insulated from the risk of an economic

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Speaker 1: slowdown in the US than others? Well, typically you're gonna

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Speaker 1: look towards defensive sectors, and you know that's always been

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Speaker 1: the case, and I think that well, the cases you

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Speaker 1: start to see growth slow down in the US, and

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Speaker 1: at some point, though not necessarily right away, I think

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Speaker 1: you are going to want to look to growth because

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Speaker 1: if we do start moving into a recession, growth comes

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Speaker 1: out of premium. So I think that's going to be

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Speaker 1: the other area we're gonna be looking at interesting. Thanks

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Speaker 1: for this, Daniel, as always good speaking with you. Daniel Morris,

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Speaker 1: chief market strategist at BNP Party Asset Management. Right now,

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Speaker 1: futures are moving lower across the board. SMP futures are

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Speaker 1: down nineteen points now down futures down a hundred thirty

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Speaker 1: and NASDAC futures are lower by sixties six points. The

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Speaker 1: tenure Treasury is down twelve thirty seconds, the old three

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Speaker 1: point five three percent yield on the two year edging

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Speaker 1: close to the four right now three point nine seven

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Speaker 1: per cent dollar strength once again this morning, the Euro

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Speaker 1: at one point zero zero zero eight to the en

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Speaker 1: one forty three point five nine. Are listening to Bloomberg

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Speaker 1: Daybreak Bloomberg eleven three oh weather. Sunshine today, low eighties,

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Speaker 1: will be near eighty under mostly sunny sky. Tomorrow showers

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Speaker 1: likely Thursday, upper seventies. Right now sixty nine degrees in

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Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio

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Speaker 1: in New York, Bloomberg E Loving Freedom to Washington, d C,

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Speaker 1: Bloomberg nine to Boston, Bloomberg one O six one does

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Speaker 1: San Francisco, Bloomberg N sixty to the Country, Sirius XM

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Speaker 1: chto one nine ten, and around the globe the Bloomberg

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Speaker 1: Business app and Bloomberg Radio dot com. This is Bloomberg

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Speaker 1: Daybreak six thirty on Wall Street. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. We're just about three hours

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Speaker 1: away from the open of U West Rating. Time to

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Speaker 1: the five things that you need to notice start your day.

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Speaker 1: Brought to you by Interactive Brokers. Interactive Brokers Simple ibk

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Speaker 1: our Global Trader app, deposit in your local currency and

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Speaker 1: free trial at ibk r dot com Slash Global Trader.

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Speaker 1: First futures are lower following a late day rally on

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Speaker 1: Walls Street. It comes as the Fed kicks off as

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Speaker 1: two day policy meeting, and the question now is whether

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Speaker 1: the Central Bank hikes interest rates by seventy five or

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Speaker 1: a hundred basis points. William Houston as Chief Investment Officer

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Speaker 1: at Bay Street Capital. As soon as that trend reversed

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Speaker 1: this course, you know, we stopped seeing this inversion in

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Speaker 1: the yield curve where investors are being actually rewarded at

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Speaker 1: a higher rate on these sorter term yields as opposed

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Speaker 1: to longer term reels. As long as that's the case, Yeah, equity,

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Speaker 1: they're going to perform poorly. William Houston at Bay Street Capital.

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Speaker 1: Thanks the Federal race rates seventy five basis points tomorrow

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Speaker 1: and join us for live coverage of the FED decision

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Speaker 1: tomorrow on special edition of Bloomberg Surveillance. It starts at one.

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Speaker 1: I'm all Street time here on Bloomberg Radio and Television. Well,

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Speaker 1: the FED isn't the only central bank making policy decisions

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Speaker 1: this week, Karen. In Europe, Sweden central bank high grades

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Speaker 1: are larger than expected hundred basis points. And in Asia,

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Speaker 1: the Bank of Japan will have to decide whether to

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Speaker 1: continue monetary stimulus this week after inflation accelerated to the

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Speaker 1: fastest pace in more than three decades. We also get

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Speaker 1: a Bank of England decision on Thursday. But a geopolitics now, Nathan,

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Speaker 1: where world leaders meeting at the u n this week

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Speaker 1: or in the Spotlight, and ahead of her meeting with

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Speaker 1: President Joe Biden, UK Prime Minister Liz trust says she

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Speaker 1: does not expect a trade deal between the two countries

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Speaker 1: anytime soon. I meantime, the war in Ukraine rages on

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Speaker 1: Karen and the country's Foreign Minister Demetro Kuleba says Ukraine

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Speaker 1: will continue its counter offensive against Russia in the east.

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Speaker 1: He's calling on Western allies to send more weapons. Sometimes

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Speaker 1: I'm being asked whether there is enough of weapons that

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Speaker 1: we have received. I always say I will be able

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Speaker 1: to say it was enough only after Ukraine wins. Until

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Speaker 1: then we will be asking for more. Ukrainian Foreign Minister

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Speaker 1: de Metro culebus oak with Bloomberg ahead of the UN

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Speaker 1: General Assembly's annual meeting. Last week, President Biden announced another

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Speaker 1: six hundred million dollar drawn down from US military stockpiles

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Speaker 1: to provide aid to Ukraine. And to Corporate News Now,

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Speaker 1: Nathan Shares a four down about five percent in early

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Speaker 1: trading after the automaker announced inflation is pushing supplier costs

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Speaker 1: a billion dollars higher than expected in the current quarter.

429
00:23:21,280 --> 00:23:22,800
Speaker 1: That's the five things that you need to know to

430
00:23:22,880 --> 00:23:26,280
Speaker 1: start your day. Brought to you by Interactive Brokers. Again,

431
00:23:26,320 --> 00:23:29,520
Speaker 1: futures are lower this morning, and straight ahead we have

432
00:23:29,600 --> 00:23:32,560
Speaker 1: your latest local headlines, plus a check of sports, and

433
00:23:32,840 --> 00:23:39,080
Speaker 1: this is Bloomberg. I think your caring. It is six

434
00:23:39,119 --> 00:23:41,520
Speaker 1: thirty three on Wall Street, word sixty nine degrees in

435
00:23:41,600 --> 00:23:43,640
Speaker 1: Central Park dealing with an accident by the meadow Lands

436
00:23:43,680 --> 00:23:46,719
Speaker 1: eastbound three in Patterson Plank Road. Details coming up in traffic.

437
00:23:46,800 --> 00:23:48,879
Speaker 1: First Michael Barr with what else is going on in

438
00:23:48,920 --> 00:23:51,280
Speaker 1: New York and around the world. Good morning, Michael, Good

439
00:23:51,280 --> 00:23:54,040
Speaker 1: morning Nathan. New York Mayor Eric Adams says he will

440
00:23:54,040 --> 00:23:56,320
Speaker 1: soon have a plan to deal with the bus loads

441
00:23:56,320 --> 00:23:59,080
Speaker 1: of migrants arriving in the city from the southern border.

442
00:23:59,800 --> 00:24:05,360
Speaker 1: We are not telling anyone that New York can accommodate

443
00:24:05,400 --> 00:24:07,879
Speaker 1: every migrant in the city. We're not encouraging people to

444
00:24:07,960 --> 00:24:11,239
Speaker 1: send eight nine buses a day. That is not what

445
00:24:11,280 --> 00:24:13,880
Speaker 1: we're doing. Adams says. The city has taken in more

446
00:24:13,880 --> 00:24:17,200
Speaker 1: than eleven thousand asylum seekers and migrants while opening twenty

447
00:24:17,240 --> 00:24:20,840
Speaker 1: three emergency shelters. But Adam says among the many next

448
00:24:20,880 --> 00:24:25,280
Speaker 1: steps could be litigation. We are strongly as supportive rights

449
00:24:25,440 --> 00:24:27,560
Speaker 1: right to shelter, but there's aspects of it that we

450
00:24:27,560 --> 00:24:29,159
Speaker 1: want to look at, and so we're looking at our

451
00:24:29,240 --> 00:24:33,000
Speaker 1: legal options on all of what we are seeing how

452
00:24:33,119 --> 00:24:36,960
Speaker 1: to address this. Mayor Adams also confirms an asylum seeker

453
00:24:37,000 --> 00:24:39,760
Speaker 1: who was sent to New York committed suicide over the weekend.

454
00:24:40,320 --> 00:24:44,240
Speaker 1: Hurricane Fiona is barreling towards the Turks and Caicos Islands

455
00:24:44,520 --> 00:24:48,200
Speaker 1: as it strengthens into a Category three storm. The intensifying

456
00:24:48,240 --> 00:24:51,840
Speaker 1: storm also kept dropping rain over the Dominican Republic and

457
00:24:51,880 --> 00:24:54,439
Speaker 1: Puerto Rico. One person has died and more than a

458
00:24:54,440 --> 00:24:57,720
Speaker 1: million people remain without power in Puerto Rico. In New York,

459
00:24:57,720 --> 00:25:00,440
Speaker 1: Governor Kathy Hoacle said crews are ready to go down

460
00:25:00,520 --> 00:25:04,159
Speaker 1: to help. We are continuing to monitor the situation. We

461
00:25:04,240 --> 00:25:08,439
Speaker 1: have assets ready to be deployed. We are anxious to

462
00:25:08,600 --> 00:25:11,520
Speaker 1: provide the support that the people of Puerto Rico and

463
00:25:11,520 --> 00:25:14,800
Speaker 1: the Dominican Republic need at this time. Governor Hokel says

464
00:25:14,840 --> 00:25:17,919
Speaker 1: the people in Puerto Rico are our fellow citizens and

465
00:25:18,040 --> 00:25:22,040
Speaker 1: need aid U. N Secretary General Antonio Guterres is warning

466
00:25:22,040 --> 00:25:24,879
Speaker 1: that the world is in great peril, he says. World

467
00:25:24,960 --> 00:25:27,120
Speaker 1: leaders meeting in person for the first time in three

468
00:25:27,200 --> 00:25:30,520
Speaker 1: years at the UN General Assembly in Manhattan must tackle

469
00:25:30,640 --> 00:25:35,600
Speaker 1: conflicts and climate catastrophes. Mexico was shaking again on the

470
00:25:35,600 --> 00:25:39,119
Speaker 1: anniversary of two devastating quakes. At least one person was

471
00:25:39,200 --> 00:25:42,960
Speaker 1: killed when a seven point six magnitude quake struck Mexico

472
00:25:43,040 --> 00:25:47,200
Speaker 1: specific coast yesterday. This woman visiting Mexico from Los Angeles

473
00:25:47,200 --> 00:25:50,080
Speaker 1: spoke to ABC. You feel kind of like a whiplash

474
00:25:50,600 --> 00:25:53,879
Speaker 1: when it's about to end, and that's the scariest filling

475
00:25:53,920 --> 00:25:57,040
Speaker 1: of all, because it's like, oh God, is it? Is

476
00:25:57,080 --> 00:26:01,800
Speaker 1: it happening all over again. Before yesterday's quake, Mexico held

477
00:26:01,840 --> 00:26:05,520
Speaker 1: ceremonies marking the anniversaries of quakes that killed thousands of people.

478
00:26:05,880 --> 00:26:12,280
Speaker 1: On September nine, and Global News twenty four hours a

479
00:26:12,359 --> 00:26:15,520
Speaker 1: day on air and on Bloomberg Quicktake, powered by more

480
00:26:15,560 --> 00:26:18,000
Speaker 1: than twenty seven hundred journalists analysts more than a hundred

481
00:26:18,040 --> 00:26:21,760
Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, Thanks Michael.

482
00:26:26,280 --> 00:26:29,080
Speaker 1: Almost six thirty six on Wall Street, John stash Ower

483
00:26:29,160 --> 00:26:32,119
Speaker 1: has the Bloomberg Sports Update, Thanks Nathan. After the Yankees

484
00:26:32,160 --> 00:26:34,640
Speaker 1: spent this past weekend in Milwaukee, the Mets went there,

485
00:26:34,640 --> 00:26:37,000
Speaker 1: they took Max Scherzer off the interlist. He went for

486
00:26:37,040 --> 00:26:39,640
Speaker 1: his two hundredth career victory, and the met seeking one

487
00:26:39,680 --> 00:26:42,120
Speaker 1: more win to assure themselves a playoff birth. The Mets

488
00:26:42,160 --> 00:26:45,760
Speaker 1: and Brewers scoreless. Fourth in here's the pitch Alonso drive

489
00:26:45,880 --> 00:26:48,879
Speaker 1: to deep fill left field. This bulls there that is

490
00:26:48,920 --> 00:26:53,000
Speaker 1: way out of here. Three run shot Pete Alonzo and

491
00:26:53,240 --> 00:26:57,600
Speaker 1: the Mets strike first. In Milwaukee, it's three nothing at

492
00:26:57,600 --> 00:27:00,040
Speaker 1: the top of the four Penn thirty six for alons O.

493
00:27:00,280 --> 00:27:02,080
Speaker 1: W CVS had met the call. Mets went on to

494
00:27:02,119 --> 00:27:05,080
Speaker 1: win seven to two. Shirtzer was brilliant, taken out after

495
00:27:05,240 --> 00:27:08,480
Speaker 1: six perfect innings. The playoff birth the Mets tenth in

496
00:27:08,560 --> 00:27:10,680
Speaker 1: team history, first and two thousand and sixteen. Of course,

497
00:27:10,720 --> 00:27:12,840
Speaker 1: they'd like to go in as Division champ for in

498
00:27:12,880 --> 00:27:15,639
Speaker 1: the first round by but Atlanta continues in hot pursuit.

499
00:27:15,720 --> 00:27:17,960
Speaker 1: The Braves one to have made one game behind. The

500
00:27:18,040 --> 00:27:20,560
Speaker 1: Pirates just lost four times in the Mets of city field.

501
00:27:20,560 --> 00:27:22,760
Speaker 1: They're still in New York. They visit the Yankees. All

502
00:27:22,840 --> 00:27:25,360
Speaker 1: eyes on Aaron Judge. The question now not so much

503
00:27:25,440 --> 00:27:28,480
Speaker 1: if he breaked Roger Marris's Yankee and American Thing home

504
00:27:28,560 --> 00:27:31,480
Speaker 1: run record, but when he needs three, could he do it?

505
00:27:31,840 --> 00:27:34,280
Speaker 1: During this six game homestand week two is in the books.

506
00:27:34,320 --> 00:27:37,520
Speaker 1: Impressive home wins for Buffalo and Philadelphia. The Bills all

507
00:27:37,560 --> 00:27:40,919
Speaker 1: over Tennessee forty one to seven. Josh Allen four touchdown passes,

508
00:27:41,040 --> 00:27:44,040
Speaker 1: three went to stefon dig The Titans loss means that

509
00:27:44,119 --> 00:27:46,359
Speaker 1: in the a f C South, the four teams have

510
00:27:46,520 --> 00:27:49,879
Speaker 1: combined for only one victory. The Eagles easily over Minnesota

511
00:27:50,600 --> 00:27:53,520
Speaker 1: seven Jalen hurts in on three Philly touchdowns just in

512
00:27:53,560 --> 00:27:56,080
Speaker 1: the first half. Next Monday, it's the two and a

513
00:27:56,240 --> 00:27:58,640
Speaker 1: Giant toasting Dallas, and that will come the night after

514
00:27:58,760 --> 00:28:01,920
Speaker 1: the Jets welcome in Cincinnati. Angles are owing to both

515
00:28:01,960 --> 00:28:05,119
Speaker 1: The losses came on last second field goals. John stactually

516
00:28:05,160 --> 00:28:07,800
Speaker 1: went bloom Group Sports Nathan, Thank you John. At sixty

517
00:28:07,880 --> 00:28:09,840
Speaker 1: seven on Wall Street Time Now to take a look

518
00:28:09,880 --> 00:28:11,560
Speaker 1: at stock, some of the names moving in the pre

519
00:28:11,680 --> 00:28:15,320
Speaker 1: market Bloomberg Radio on TV. Markets correspondent Crety Gupta is

520
00:28:15,400 --> 00:28:18,080
Speaker 1: with us this morning on a market focused on the

521
00:28:18,280 --> 00:28:23,120
Speaker 1: FED and another big individual name focused on a potentially

522
00:28:23,240 --> 00:28:26,159
Speaker 1: gloomy economic outlook. Creaty. I mean, that seems to be

523
00:28:26,240 --> 00:28:29,080
Speaker 1: the theme here, Nathan. We started the FedEx McDonald saying it.

524
00:28:29,160 --> 00:28:30,960
Speaker 1: Now you just have more and more people talking about

525
00:28:31,000 --> 00:28:33,760
Speaker 1: the earnings picture instead of the macro and that seems

526
00:28:33,800 --> 00:28:36,000
Speaker 1: to be where Ford is running into a little bit

527
00:28:36,040 --> 00:28:38,160
Speaker 1: of trouble. This morning, f is the ticker for the

528
00:28:38,240 --> 00:28:40,960
Speaker 1: car maker down about four point seven percent in the

529
00:28:41,040 --> 00:28:43,560
Speaker 1: pre market. I should mention this is in the context

530
00:28:43,640 --> 00:28:45,520
Speaker 1: of futures down about four tenths of one percent, So

531
00:28:45,600 --> 00:28:48,160
Speaker 1: was some extra pain in the carmaker shares this morning.

532
00:28:48,200 --> 00:28:49,880
Speaker 1: It was down as much as five point two percent

533
00:28:50,000 --> 00:28:52,400
Speaker 1: earlier in the session. It came as the after that

534
00:28:52,480 --> 00:28:54,760
Speaker 1: he said that the third quarter supply costs were running

535
00:28:54,880 --> 00:28:58,640
Speaker 1: one billion dollars above expectations. Nathan, that is not a

536
00:28:58,720 --> 00:29:01,400
Speaker 1: number to scoff at and warned that their EBIT could

537
00:29:01,440 --> 00:29:03,600
Speaker 1: be in the one point four billion to one point

538
00:29:03,680 --> 00:29:06,960
Speaker 1: seven billion dollar range. Basically, what that means is those

539
00:29:06,960 --> 00:29:09,480
Speaker 1: supply chain issues, those inflation issues, while it is hitting

540
00:29:09,520 --> 00:29:11,400
Speaker 1: them hard at a time when they're really trying to

541
00:29:11,520 --> 00:29:13,320
Speaker 1: ramp up some of their EV production as well. So

542
00:29:13,400 --> 00:29:16,240
Speaker 1: this is going to cost them quite a bit of money. Remember,

543
00:29:16,320 --> 00:29:19,360
Speaker 1: when you have a lot of EV production getting scaled up,

544
00:29:19,400 --> 00:29:21,920
Speaker 1: you have things like chips that are required. More chips

545
00:29:21,960 --> 00:29:25,160
Speaker 1: are needed for the vehicle EV vehicles than uh than

546
00:29:25,800 --> 00:29:29,280
Speaker 1: ev EV's I'm gonna vs Electric vehicles. I'm sorry about that,

547
00:29:29,800 --> 00:29:32,600
Speaker 1: but more chips are needed for electric vehicles than they

548
00:29:32,640 --> 00:29:35,280
Speaker 1: are needed um for for a regular engine. Um. You

549
00:29:35,360 --> 00:29:38,960
Speaker 1: also need things like cobalt, things like lithium for example,

550
00:29:39,040 --> 00:29:40,760
Speaker 1: for the batteries, and those are all things that are

551
00:29:40,840 --> 00:29:43,720
Speaker 1: running extremely high right now, just given the global rise

552
00:29:44,080 --> 00:29:46,320
Speaker 1: in commodities. And in line with that forward movie, you're

553
00:29:46,320 --> 00:29:49,760
Speaker 1: also seeing General Motor shares uh, just drop on sympathy,

554
00:29:49,800 --> 00:29:52,280
Speaker 1: and remember General Motors and Ford have both been trying

555
00:29:52,320 --> 00:29:54,880
Speaker 1: to kind of compete. When it comes to market cap

556
00:29:55,040 --> 00:29:58,560
Speaker 1: down one point eight percent, um, GM is your taker,

557
00:29:58,720 --> 00:30:00,600
Speaker 1: almost down two percent. The other one you want to

558
00:30:00,680 --> 00:30:03,880
Speaker 1: keep an eye on is US listed Macau casino stocks, Nathan.

559
00:30:04,560 --> 00:30:09,920
Speaker 1: They are rising in pre market rating. Where what happened?

560
00:30:09,920 --> 00:30:11,920
Speaker 1: Where are we? What's going on? Well, there's so much

561
00:30:11,960 --> 00:30:13,960
Speaker 1: pain here when it comes to the Hong Kong story.

562
00:30:14,000 --> 00:30:16,360
Speaker 1: They're trying to be easier COVID restrictions. To remember, that

563
00:30:16,560 --> 00:30:19,000
Speaker 1: is one of their major major hubs when it comes

564
00:30:19,080 --> 00:30:21,720
Speaker 1: to casino stocks. So Las Vegas stance is going to

565
00:30:21,800 --> 00:30:24,360
Speaker 1: be one of them. LVS is your ticker when it

566
00:30:24,480 --> 00:30:27,120
Speaker 1: comes to that company, and those shares are actually hired

567
00:30:27,160 --> 00:30:29,040
Speaker 1: by three percent. And once again that is in the

568
00:30:29,160 --> 00:30:32,080
Speaker 1: context of a futures market that's down four tents of

569
00:30:32,160 --> 00:30:34,560
Speaker 1: one percent. A similar story when it comes to Win

570
00:30:34,640 --> 00:30:37,560
Speaker 1: Resource w y n N is your ticker there, those

571
00:30:37,600 --> 00:30:40,040
Speaker 1: shares also up three percent. And I'm gonna give you

572
00:30:40,120 --> 00:30:43,320
Speaker 1: one last one. Nathan MGM Resorts, which is also the

573
00:30:43,400 --> 00:30:45,640
Speaker 1: ticker as well as the name of the company, um

574
00:30:45,800 --> 00:30:48,840
Speaker 1: that those shares are up four tons of one percent. Okay,

575
00:30:48,880 --> 00:30:52,480
Speaker 1: so one bright spot with COVID restrictions potentially eased. You

576
00:30:52,560 --> 00:30:54,840
Speaker 1: gotta love it that you're looking at casino stocks on

577
00:30:54,920 --> 00:30:57,880
Speaker 1: that headline. Boomberg Radio and TV Markets correspondent Pretty Gupta

578
00:30:58,240 --> 00:31:00,680
Speaker 1: with us this morning, looking ahead to the market open.

579
00:31:00,880 --> 00:31:04,719
Speaker 1: On Wall Street, futures are pointed lower, with SMP futures

580
00:31:04,760 --> 00:31:07,520
Speaker 1: right now down fifteen points, STOUT futures down a hundred four.

581
00:31:07,920 --> 00:31:10,440
Speaker 1: NASAC futures are lower by fifty five points. In the

582
00:31:10,480 --> 00:31:13,840
Speaker 1: tenure treasury is down eleven thirty seconds, the yield three

583
00:31:14,000 --> 00:31:22,320
Speaker 1: point five three percent. You're listening to Bloomberg Daybreak Bloomberg

584
00:31:22,360 --> 00:31:25,160
Speaker 1: eleven three oh weather sunshine today, low eighties, will be

585
00:31:25,320 --> 00:31:29,280
Speaker 1: near eighty tomorrow. Under a mostly sunny sky. By Thursday,

586
00:31:29,320 --> 00:31:31,520
Speaker 1: we could see some showers cooler hides in the up

587
00:31:31,560 --> 00:31:37,760
Speaker 1: for seventies right now sixty nine in Central Park Markets.

588
00:31:37,880 --> 00:31:40,920
Speaker 1: Headlines and breaking news twenty four hours a day at

589
00:31:41,000 --> 00:31:44,960
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.

590
00:31:45,520 --> 00:31:54,880
Speaker 1: He's a Bloomberg Business Flash and I'm Cameron Moscow futures

591
00:31:54,960 --> 00:31:57,280
Speaker 1: lower this morning. We get to the first Word Breaking

592
00:31:57,320 --> 00:31:59,960
Speaker 1: news desk for today's morning call, and here's Bill Maloney.

593
00:32:00,000 --> 00:32:02,840
Speaker 1: A Bill, good morning, and good morning Karen. That's right.

594
00:32:02,960 --> 00:32:05,720
Speaker 1: US futures are under pressure as the two year yield

595
00:32:05,760 --> 00:32:09,040
Speaker 1: closes in on four percent down. Futures current lay down

596
00:32:09,040 --> 00:32:11,400
Speaker 1: a hundred and thirty two points, SUPs dropped nineteen well.

597
00:32:11,520 --> 00:32:15,040
Speaker 1: Neza futures are off by sixty nine. The US ten

598
00:32:15,120 --> 00:32:18,000
Speaker 1: yel at three point five four percent, Gold is down seven,

599
00:32:18,080 --> 00:32:20,880
Speaker 1: oil is trading higher, and bitcoin is down by one

600
00:32:20,920 --> 00:32:24,520
Speaker 1: point three percent. Hong Kong rose one point two percent overnight,

601
00:32:24,600 --> 00:32:26,760
Speaker 1: while European markets are in the red this morning, led

602
00:32:26,800 --> 00:32:29,560
Speaker 1: by losses in France and Italy. Back in the US

603
00:32:29,640 --> 00:32:32,360
Speaker 1: on the economic Frinday thirty housing starts and at building

604
00:32:32,440 --> 00:32:36,120
Speaker 1: permits after develous night Ford warned on higher supply costs

605
00:32:36,400 --> 00:32:38,920
Speaker 1: and a deal news. United Health won a court approval

606
00:32:39,000 --> 00:32:42,640
Speaker 1: for its seven point eight billion dollar acquisition of Change Healthcare.

607
00:32:43,160 --> 00:32:45,800
Speaker 1: In other news, a drastic drop in demand for crypto

608
00:32:45,920 --> 00:32:48,480
Speaker 1: as a payment method has been spotted by JP Morgan

609
00:32:48,760 --> 00:32:52,080
Speaker 1: in the past six months. And wrapping things up, Humanity

610
00:32:52,120 --> 00:32:54,640
Speaker 1: was raised to overweight up Morgan Stanley. Western Digital was

611
00:32:54,720 --> 00:32:58,000
Speaker 1: cut over at Deutsche Bank Live from the first breaking

612
00:32:58,000 --> 00:33:00,640
Speaker 1: news Tascomb, Bill Maloney care right, Bill, thank you to

613
00:33:00,680 --> 00:33:03,440
Speaker 1: hear live breaking news overa Bloomberg type squawk on your

614
00:33:03,560 --> 00:33:06,880
Speaker 1: terminal squ a w K and that's a Bloomberg business flash.

615
00:33:06,960 --> 00:33:09,120
Speaker 1: Now here's Michael bar with more on what's going on

616
00:33:09,240 --> 00:33:12,080
Speaker 1: around the world. Michael Karen, thank you very much. Hurricane

617
00:33:12,200 --> 00:33:15,240
Speaker 1: Fiona has strengthened to a Category three storm with winds

618
00:33:15,280 --> 00:33:18,080
Speaker 1: of a hundred fifteen miles per hour as it barrels

619
00:33:18,080 --> 00:33:21,479
Speaker 1: towards the Turks and Caicos Islands in Puerto Rico. More

620
00:33:21,520 --> 00:33:24,560
Speaker 1: than a million people are in the dark. Former President

621
00:33:24,640 --> 00:33:28,640
Speaker 1: Donald Trump's legal team appears before the new Special Master

622
00:33:28,920 --> 00:33:32,280
Speaker 1: Raymond Derry today, but they are opposing one of Derry's

623
00:33:32,360 --> 00:33:36,320
Speaker 1: requests Trump's legal team has refused a request by Derry

624
00:33:36,400 --> 00:33:40,840
Speaker 1: to clarify actions taken to declassify material sees that the

625
00:33:40,880 --> 00:33:43,960
Speaker 1: former president's Maria Lago of state. It was a Monday

626
00:33:44,040 --> 00:33:48,360
Speaker 1: night football doubleheader. The Bills down the Titans seven, the

627
00:33:48,480 --> 00:33:52,040
Speaker 1: Eagles beat the Vikings seven, and baseball the Mats one,

628
00:33:52,240 --> 00:33:55,600
Speaker 1: clenching a playoff birth the Nationals and Orioles lost the

629
00:33:55,640 --> 00:33:58,600
Speaker 1: Giants one. Global News twenty four hours a day on

630
00:33:58,720 --> 00:34:01,520
Speaker 1: air and on Bloomberg Quit Take powered by more than

631
00:34:01,960 --> 00:34:04,720
Speaker 1: seven hundred journalist and analysts more than a d twenty countries.

632
00:34:05,080 --> 00:34:07,920
Speaker 1: Michael Barr, This is Bloomberg. Can ray Michael, thank you

633
00:34:08,000 --> 00:34:10,279
Speaker 1: at A sixty nine on Wall Street. Returned to news

634
00:34:10,360 --> 00:34:13,000
Speaker 1: and science and technology now with the Bloomberg and j

635
00:34:13,200 --> 00:34:15,680
Speaker 1: I T STEM Report, brought to you buy New Jersey

636
00:34:15,760 --> 00:34:19,080
Speaker 1: Institute of Technology and j I T is ranked top

637
00:34:19,160 --> 00:34:22,719
Speaker 1: ten nationally on Money's Best Engineering Colleges list and what

638
00:34:22,800 --> 00:34:24,600
Speaker 1: will You Make It n j I T. Learn more

639
00:34:24,680 --> 00:34:26,880
Speaker 1: at n j I T dot E d U And

640
00:34:26,960 --> 00:34:30,120
Speaker 1: here's just making news in science, technology, engineering, and math.

641
00:34:30,640 --> 00:34:33,120
Speaker 1: The busiest port in the US is facing calls to

642
00:34:33,239 --> 00:34:36,359
Speaker 1: lower its carbon footprint. The mayor of Long Beach, California

643
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Speaker 1: says that community is near the Port of Long Beach

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Speaker 1: and the adjacent Los Angeles Port are suffering from the

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Speaker 1: health and environmental impacts. Robert Garcia says there are a

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Speaker 1: lot of jobs tied to the port, but the impact

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00:34:47,920 --> 00:34:51,480
Speaker 1: on the pollution side is real. To Hong Kong wants

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Speaker 1: to relax COVID rules like mandatory hotel quarantines that have

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00:34:55,000 --> 00:34:59,200
Speaker 1: made travel difficult since as according to the city's chief executive,

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00:34:59,280 --> 00:35:02,640
Speaker 1: John Lee. The South China Morning Post reports at quarantine

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00:35:02,680 --> 00:35:05,759
Speaker 1: will be replaced with seven days of home health monitoring.

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00:35:06,440 --> 00:35:10,160
Speaker 1: And ANNASA lander on Mars has captured the vibrations and

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00:35:10,360 --> 00:35:15,279
Speaker 1: sounds of four meteoroids striking the planet's surface. According to

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Speaker 1: the journal Nature, Geo Science, scientists report that Mars Insight

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00:35:20,200 --> 00:35:23,920
Speaker 1: detected seismic and acoustic waves from a series of impacts

656
00:35:23,960 --> 00:35:29,120
Speaker 1: in satellite orbiting the red planet confirmed the impact locations

657
00:35:29,160 --> 00:35:31,360
Speaker 1: as far as a hundred eighty miles from the lander.

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Speaker 1: Scientists are delighted by the detections. First for another planet,

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00:35:36,280 --> 00:35:38,640
Speaker 1: Nuts of Bloomberg, n j I t Stem report it

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00:35:38,680 --> 00:35:42,040
Speaker 1: gets more interesting. Nathan Boom, Thank you, Karen. We're live

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Speaker 1: from the Bloomberg Interactive Broker Studios. It's almost six fifty

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00:35:44,840 --> 00:35:46,759
Speaker 1: one on Wall Street Time now to check what's going

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00:35:46,800 --> 00:35:49,040
Speaker 1: on in d C. Some of the top stories in

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Speaker 1: our nation's capital include President Biden making a policy shift

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00:35:52,960 --> 00:35:56,319
Speaker 1: explicit with about a defend Taiwan, the UK's new prime

666
00:35:56,400 --> 00:35:59,719
Speaker 1: minister sounding doubtful on the US trade deal anytime soon,

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00:36:00,239 --> 00:36:02,879
Speaker 1: the Justice Department calling for a month long special master

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00:36:02,960 --> 00:36:05,360
Speaker 1: review at Marra Lago, and a Texas sheriff opening a

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00:36:05,440 --> 00:36:09,759
Speaker 1: criminal investigation into migrant flights to Martha's vineyard. Let's bring

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Speaker 1: in Joe Matthew, Now, our Washington correspondent, host of sound

671
00:36:12,960 --> 00:36:16,000
Speaker 1: On on Bloomberg Radio from More on what's happening in Washington,

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Speaker 1: d C. Joe, So, how much of a policy shift

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00:36:18,880 --> 00:36:21,600
Speaker 1: did we hear from President Biden on Taiwan when he

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00:36:21,600 --> 00:36:24,160
Speaker 1: spoke to sixty minutes. Well, if you ask the White House,

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00:36:24,200 --> 00:36:26,239
Speaker 1: they'd say none. And but you know this is getting

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00:36:26,280 --> 00:36:28,560
Speaker 1: to be a repeat here is It's the fourth time

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00:36:28,600 --> 00:36:31,520
Speaker 1: we've been through this with Joe Biden suggesting that the

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00:36:31,640 --> 00:36:35,839
Speaker 1: United States will actually militarily defend Taiwan if there were

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00:36:35,880 --> 00:36:42,120
Speaker 1: what he calls an unprecedented invasion from China sixty minutes said,

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00:36:42,120 --> 00:36:43,680
Speaker 1: though as soon as the interview was done, the White

681
00:36:43,719 --> 00:36:46,320
Speaker 1: House reached out to clarify those remarks that it represented

682
00:36:46,400 --> 00:36:48,680
Speaker 1: no change in our one China policy. But this is

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00:36:48,719 --> 00:36:50,840
Speaker 1: getting to be, like I said, a bit of a

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00:36:50,920 --> 00:36:53,920
Speaker 1: rerun movie here, and and it's interesting as the White

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00:36:53,960 --> 00:36:55,839
Speaker 1: House tries to get its arms around this. There's an

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00:36:55,840 --> 00:36:59,360
Speaker 1: effort on Capitol Hill to codify what the President is

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00:36:59,440 --> 00:37:03,160
Speaker 1: saying in the Taiwan Policy Act. The White House doesn't

688
00:37:03,200 --> 00:37:05,680
Speaker 1: want any part of this though, as it would designate

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00:37:05,760 --> 00:37:09,000
Speaker 1: the island a major non NATO ally and that would

690
00:37:09,600 --> 00:37:11,839
Speaker 1: smack of a change in policy. You know, this whole

691
00:37:11,920 --> 00:37:17,160
Speaker 1: idea of of strategic ambiguity continues until you do something

692
00:37:17,239 --> 00:37:18,920
Speaker 1: like that and put pen to paper. That's what the

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00:37:18,960 --> 00:37:20,720
Speaker 1: White House does not want to see. In the meantime,

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00:37:21,000 --> 00:37:23,839
Speaker 1: we keep talking in circles. Well, that's interesting because when

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00:37:23,880 --> 00:37:25,880
Speaker 1: you say that the White House is sort of pushing

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00:37:25,960 --> 00:37:29,000
Speaker 1: back against the Taiwan Policy Act, and we hear a

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00:37:29,160 --> 00:37:32,600
Speaker 1: sort of different rhetoric from President Biden. Are we're seeing

698
00:37:32,600 --> 00:37:35,640
Speaker 1: a disconnect between what the what the White House is

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00:37:35,719 --> 00:37:38,480
Speaker 1: saying and what it's doing here. And a lot of

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00:37:38,760 --> 00:37:41,040
Speaker 1: a lot of analysts see it that way. There's a disconnect.

701
00:37:41,080 --> 00:37:43,799
Speaker 1: I think you could even argue inside the White House.

702
00:37:43,840 --> 00:37:46,040
Speaker 1: And Joe Biden has evolved on this issue. He wrote

703
00:37:46,040 --> 00:37:49,520
Speaker 1: an op ed during the George W. Bush administration UH

704
00:37:49,920 --> 00:37:53,160
Speaker 1: condemning the former president for making similar remarks when George

705
00:37:53,200 --> 00:37:55,800
Speaker 1: Bush said, whatever it takes to defend Taiwan, this is

706
00:37:55,920 --> 00:37:59,600
Speaker 1: something that is really grating on the nerves in Beijing.

707
00:37:59,640 --> 00:38:02,040
Speaker 1: President and she gets very upset on the statement that

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00:38:02,120 --> 00:38:05,640
Speaker 1: we saw from the Foreign Ministry following Joe Biden's comments

709
00:38:05,680 --> 00:38:09,000
Speaker 1: on sixty Minutes. We're stark. I mean, they're warning the

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00:38:09,120 --> 00:38:11,600
Speaker 1: United States to back off here, that this is not

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00:38:11,840 --> 00:38:15,239
Speaker 1: status quo, that this does in fact represent a change

712
00:38:15,280 --> 00:38:18,680
Speaker 1: in policy, as Joe Biden not only talks about defending

713
00:38:18,760 --> 00:38:23,120
Speaker 1: Taiwan militarily UH and under certain conditions at least, but

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00:38:23,239 --> 00:38:26,000
Speaker 1: also the idea that the United States is open to

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00:38:26,120 --> 00:38:29,960
Speaker 1: an independent Taiwan. He said, we're not encouraging independence, but

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00:38:30,040 --> 00:38:32,600
Speaker 1: obviously we're there to recognize that it sounds like if

717
00:38:32,719 --> 00:38:35,839
Speaker 1: Taiwan wanted to go that far. Are we expecting more

718
00:38:36,000 --> 00:38:39,440
Speaker 1: developments on the U S China relationship? When President Biden

719
00:38:39,520 --> 00:38:42,440
Speaker 1: heads to New York for the UN General Assembly this week. Look,

720
00:38:42,520 --> 00:38:43,920
Speaker 1: it's gonna be in the air, it's gonna be a

721
00:38:44,000 --> 00:38:45,879
Speaker 1: major point of discussion, But I don't think you're gonna

722
00:38:45,920 --> 00:38:49,160
Speaker 1: see any bilaterals or meetings on this. In fact, there's

723
00:38:49,160 --> 00:38:51,840
Speaker 1: a lot of doubt right now, Nathan, about whether President

724
00:38:51,880 --> 00:38:54,000
Speaker 1: Biden and President she will end up meeting. As we

725
00:38:54,080 --> 00:38:57,040
Speaker 1: had heard just about a month ago, following these remarks

726
00:38:57,080 --> 00:39:00,640
Speaker 1: on Taiwan, and what we heard from She in Uzbekistan

727
00:39:00,800 --> 00:39:03,960
Speaker 1: last week when he met with Vladimir Putin. This is

728
00:39:04,160 --> 00:39:06,520
Speaker 1: this is a very strained relationship and it is not

729
00:39:06,640 --> 00:39:09,160
Speaker 1: warming up as we go. Well, what are we expecting

730
00:39:09,200 --> 00:39:11,400
Speaker 1: to hear from the U n General Assembly. I mean,

731
00:39:11,480 --> 00:39:16,000
Speaker 1: we spoke with the Foreign Minister of Ukraine, Dimitro Clabe

732
00:39:16,120 --> 00:39:18,680
Speaker 1: yesterday calling for more weapons. I would imagine that the

733
00:39:19,080 --> 00:39:22,680
Speaker 1: Ukraine situation is gonna play in a pretty heavily in

734
00:39:22,760 --> 00:39:25,520
Speaker 1: New York this week. It certainly will. Uh. This is

735
00:39:25,560 --> 00:39:28,520
Speaker 1: the seventy seven session of the UN General Assembly, and Nathan,

736
00:39:28,600 --> 00:39:30,239
Speaker 1: has been a couple of years since we've done it

737
00:39:30,360 --> 00:39:33,160
Speaker 1: this way as as there have been a lot of

738
00:39:33,200 --> 00:39:35,680
Speaker 1: restrictions around COVID. So you get everybody in the room

739
00:39:35,719 --> 00:39:37,440
Speaker 1: here and there's not a lot of good to talk about.

740
00:39:37,840 --> 00:39:40,320
Speaker 1: We've got a war raging in Ukraine, We've got this

741
00:39:40,480 --> 00:39:43,759
Speaker 1: standoff here between the US and China, We've got a

742
00:39:43,880 --> 00:39:47,880
Speaker 1: potential global recession looming. And so Joe Biden's got his

743
00:39:47,920 --> 00:39:49,680
Speaker 1: work cut out for him. He's not speaking today, He's

744
00:39:49,680 --> 00:39:53,480
Speaker 1: gonna go later today this afternoon. He'll speak tomorrow. And

745
00:39:53,680 --> 00:39:56,239
Speaker 1: one of the most important sort of tangible items that

746
00:39:56,320 --> 00:39:58,319
Speaker 1: will be looking for on his schedule as his meeting

747
00:39:58,400 --> 00:40:01,000
Speaker 1: with Liz Trust. It will be their first opportunity, even

748
00:40:01,040 --> 00:40:03,200
Speaker 1: though Joe Biden was in London for the Queen's funeral,

749
00:40:03,280 --> 00:40:06,120
Speaker 1: this is the first opportunity to sit down and explore

750
00:40:06,200 --> 00:40:09,360
Speaker 1: the future of this so called special relationship. Yeah, and

751
00:40:09,520 --> 00:40:11,960
Speaker 1: interesting to point that out as well, because we just

752
00:40:12,120 --> 00:40:14,440
Speaker 1: heard from the new u K new UK Prime Minister

753
00:40:14,560 --> 00:40:16,880
Speaker 1: and she's sort of throwing cold water on this idea

754
00:40:17,080 --> 00:40:20,440
Speaker 1: of something that her predecessor, Boris Johnson, really pushed for

755
00:40:20,760 --> 00:40:24,239
Speaker 1: a bilateral trade deal with the US, and it doesn't

756
00:40:24,280 --> 00:40:26,359
Speaker 1: look like that's coming anytime soon. I think it's it's

757
00:40:26,400 --> 00:40:29,080
Speaker 1: really more about what what they're hearing from Washington, and

758
00:40:29,239 --> 00:40:32,560
Speaker 1: nobody's asking for that right now. In d C. And

759
00:40:32,600 --> 00:40:36,120
Speaker 1: there's a bit of a reluctance to open formal negotiations

760
00:40:36,280 --> 00:40:39,880
Speaker 1: with a post brexit UK here. But look, they'll probably

761
00:40:39,920 --> 00:40:42,759
Speaker 1: talk about it, they'll they'll they'll probably talk about a

762
00:40:42,800 --> 00:40:44,640
Speaker 1: lot of issues here. But when you do the first

763
00:40:44,680 --> 00:40:46,640
Speaker 1: sit down, it's not like they were gonna be hammering

764
00:40:46,680 --> 00:40:48,239
Speaker 1: out a lot of big agreements. They need to feel

765
00:40:48,239 --> 00:40:52,000
Speaker 1: each other out and hopefully UH promote the special relationship

766
00:40:52,440 --> 00:40:54,160
Speaker 1: in a new way. They did have a chance to

767
00:40:54,239 --> 00:40:58,320
Speaker 1: meet UH at the White House months before Liz trust

768
00:40:58,400 --> 00:41:00,680
Speaker 1: became Prime Ministers, so it won't be the first time

769
00:41:00,719 --> 00:41:03,400
Speaker 1: that Joe Biden is shaking her hand, but certainly as

770
00:41:03,480 --> 00:41:05,719
Speaker 1: they meet as two world leaders, that will be a

771
00:41:05,800 --> 00:41:08,880
Speaker 1: first kind about a minute left here Joe. Also happening

772
00:41:08,920 --> 00:41:12,239
Speaker 1: in New York, of course, the Special Master review of

773
00:41:12,480 --> 00:41:16,440
Speaker 1: the documents at marl Lago. What's the latest there, Well,

774
00:41:16,520 --> 00:41:19,080
Speaker 1: this is really something. First of all, we understand it's

775
00:41:19,080 --> 00:41:21,480
Speaker 1: going to take about a month. That was new UH

776
00:41:21,560 --> 00:41:25,160
Speaker 1: and and you know, the Special Master who was just

777
00:41:25,239 --> 00:41:27,520
Speaker 1: appointed apparently be able to get through about five hundred

778
00:41:27,560 --> 00:41:29,640
Speaker 1: pages a day of these eleven thousand pages. It's just

779
00:41:29,840 --> 00:41:33,040
Speaker 1: it's a massive homework assignment. But the Justice Department and

780
00:41:33,200 --> 00:41:36,120
Speaker 1: Donald Trump's lawyers are now arguing about the idea here,

781
00:41:36,680 --> 00:41:40,239
Speaker 1: uh that the president could have declassified these documents on

782
00:41:40,320 --> 00:41:42,000
Speaker 1: his own. Remember that was his claim, but it was

783
00:41:42,080 --> 00:41:45,520
Speaker 1: never specific and the Special Master would like to find

784
00:41:45,560 --> 00:41:49,000
Speaker 1: out more about that. Trump's legal team, though suggesting in

785
00:41:49,160 --> 00:41:53,400
Speaker 1: writing that the former president could be indicted, is asking

786
00:41:53,520 --> 00:41:57,040
Speaker 1: that this uh, this defense if you will not be

787
00:41:57,200 --> 00:42:00,000
Speaker 1: answered specifically at this point in the case, the Special

788
00:42:00,000 --> 00:42:02,200
Speaker 1: feel Master is going to have to go through these

789
00:42:02,280 --> 00:42:05,440
Speaker 1: documents apparently on his own accord. Wow, well, if that

790
00:42:05,960 --> 00:42:07,759
Speaker 1: does get done in about a month, that puts it

791
00:42:08,080 --> 00:42:12,520
Speaker 1: right before the November You know, timing is everything. Thanks

792
00:42:12,560 --> 00:42:14,320
Speaker 1: for this, Joe, as always good to speak with you.

793
00:42:14,400 --> 00:42:17,400
Speaker 1: Joe Matthew Are Washington correspondent, host of Sound On. You

794
00:42:17,480 --> 00:42:20,839
Speaker 1: can catch it every weekday five pm Wall Street Time

795
00:42:21,440 --> 00:42:24,600
Speaker 1: on Bloomberg Radio and listen to Bloomberg Radio in Washington

796
00:42:24,800 --> 00:42:29,160
Speaker 1: Bloomberg and one oh five point seven FM HD two.

797
00:42:29,600 --> 00:42:31,879
Speaker 1: Looking ahead to the market, open, futures are moving lower,

798
00:42:31,960 --> 00:42:34,600
Speaker 1: with SMP futures down fifteen points, STOW futures down a

799
00:42:34,680 --> 00:42:37,759
Speaker 1: hundred two, Nasdaq futures lowered by fifty five points. The

800
00:42:37,840 --> 00:42:40,880
Speaker 1: tenure Treasury down eleven thirty seconds yield three point five

801
00:42:41,040 --> 00:42:44,880
Speaker 1: three percent. Bloomberg surveillance is straight ahead for Karen Moscow.

802
00:42:45,080 --> 00:42:48,320
Speaker 1: I'm Nathan Hagar, and this is Bloomberg