Speaker 1: My from the Bloomberg Interacted Burger Studios is Bloomberg day
Speaker 1: Break for two day September twenty two. Coming up this hour,
Speaker 1: the Fed kicks off it's two day meeting with another
Speaker 1: seventy five basis point rate hike on the table. Treasury
Speaker 1: two year yields are poised to crack about four percent
Speaker 1: for the first time in fifteen years. British Prime Minister
Speaker 1: Liz trust is pessimistic about a trade deal with the US,
Speaker 1: and four chairs drop on concerns of higher supply costs.
Speaker 1: New York City is looking at legal action involving the
Speaker 1: influx of migrants from Texas. Plus Hurricane Fiona strengthens after
Speaker 1: devastating Puerto Rico. I'm Michael bar More Ahead, I'm John
Speaker 1: Stashower and sports, The Mets clifts the playoff Berth, Max
Speaker 1: scherz Or pitts them to victory, and Milwaukee Aaron Judge
Speaker 1: The Yankees Tonight host Picksberg. That's all straight ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven, Trio, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine six,
Speaker 1: San Francisco Sirius XM one nineteen and around the world
Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business
Speaker 1: at Good Morning, I'm Nathan Hagar and I'm Karen Moscow.
Speaker 1: US documentis futures are lower this morning, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Yes we come up to six oh one on Wall
Speaker 1: Street SMP futures down about eighteen points now, futures down
Speaker 1: a hundred thirteen nast day futures down at sixty five,
Speaker 1: and the decks in Germany's down about eight tens of percent.
Speaker 1: Ten year treasury down eleven thirty seconds, YELD three point
Speaker 1: five three percent, and they yield on the two year
Speaker 1: three point nine six percent. Nathan Karen, the SMP five
Speaker 1: hundred stamped a two day losing street yesterday, but we
Speaker 1: are watching futures fall this morning and ten year treasury
Speaker 1: yields are hovering above three and a half percent. Yields
Speaker 1: on the two year pois to crack four percent for
Speaker 1: the first time since two thousand seven. Jake Jolly is
Speaker 1: a senior investment strategistic bing y Melon. I think it's
Speaker 1: going to be pretty choppy this week, right, we're all
Speaker 1: waiting for Wednesday. We're all very attentive to you know,
Speaker 1: what's going to be coming. Most notably, I think in
Speaker 1: the summary of economic projections. I think everybody feels like
Speaker 1: a FED watcher these days. But until then, I think
Speaker 1: it's going to be a little bit choppy. Well, the
Speaker 1: FED meeting mentioned by b n Y Melons Jay Jolly
Speaker 1: kicks off today. According to economist survey by Bloomberg, this
Speaker 1: central Bank will high rates by three quarters of a
Speaker 1: percentage point for the third straight time. Lori Calvacinos, head
Speaker 1: of US Equity Strategy at RBC Capital Markets, Look, they're
Speaker 1: still in the seventy daysis point camp that they certainly
Speaker 1: said that a hundred is on the table, and it
Speaker 1: does seem like there's some pains to make that messaging
Speaker 1: out there. It was a brutal day last week after
Speaker 1: that CPI print, we had a five percent drop in
Speaker 1: the mask back. So I do think that a lot
Speaker 1: is baked in at this point in time, and I
Speaker 1: think what the market continues to struggle with is not
Speaker 1: just the aggressive action from the FED, but there economic ramification.
Speaker 1: And Lori Calvasin at RBC says more companies could downgrade
Speaker 1: their earnings forecasts, and that could lead to more uncertainty
Speaker 1: for the market. Man, it's not just the Fed boosting
Speaker 1: rates this week, Karen. We got a surprising Europe this
Speaker 1: morning when Sweden Central Bank raised rates a larger than
Speaker 1: expected hundred basis points. The bank also said rates will
Speaker 1: continue to go up over the next six months. In Japan, Nathan,
Speaker 1: inflation has accelerated to the fastest pace in more than
Speaker 1: three decades. That's creating headaches for the Bank of Japan.
Speaker 1: It will try to explain why it needs to continue
Speaker 1: with monetary stimulus when inflation is above its two percent goal.
Speaker 1: Consumer prices excluding fresh food rose at an annual rate
Speaker 1: of two point eight percent in August. Well meantime, across Asia,
Speaker 1: Karen stocks snapped a five day losing streak. Hopes that
Speaker 1: Hong Kong will move east or to East COVID restrictions
Speaker 1: helped the boost sentiment. Let's get the recap down from
Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan,
Speaker 1: and Karen Indexes in Hong Kong, We're up more than
Speaker 1: one one key gauge climbing from the edge of a
Speaker 1: bear market, as Hong Kong's chief executive said, the city
Speaker 1: wants to relax COVID travel cubs often nearly three years
Speaker 1: of restrictions on weekend to spot. The pbo A c
Speaker 1: setting a stronger than expected fix for a nineteenth day,
Speaker 1: and Chinese lenders kept their loan prime rates unchanged in Singapore.
Speaker 1: Juliet Sally Bloomberg Daybreak, Right, Julia, thank you. We turned
Speaker 1: to geopolitics now, and there's word this morning that a
Speaker 1: trade deal between the UK and the US it's not
Speaker 1: likely anytime soon. We go to London and get the
Speaker 1: details from Bloomberg's UN parts. Good morning, Uen, Good morning
Speaker 1: Nathan and Karen. It's the first foreign trip for Liz
Speaker 1: trust since she became British Prime Minister two weeks ago,
Speaker 1: but touching down in New York for the UN General Assembly,
Speaker 1: she told reporters a trade deal between the UK and
Speaker 1: the US is unlikely in the shorts all the medium term.
Speaker 1: An agreement with the world's biggest economy has been an
Speaker 1: ambition for post Brexit trade policy, but for now the
Speaker 1: new PM accepts it's not going to happen anytime soon
Speaker 1: in London, Immune parts, Blomberg debreak. All right you and
Speaker 1: thanks now to the latest on the war in Ukraine.
Speaker 1: The country's foreign minister Demetro Klebs, calling on Western allies
Speaker 1: to send even more weapons to cement the games from
Speaker 1: this month's counter offensive against Caleb, says it has been
Speaker 1: successful so far. It wasn't expected for some, but it
Speaker 1: was as thoroughly planned and well thought military operation. Um.
Speaker 1: The next phase will be to continue liberating our territories.
Speaker 1: We will continue our counter offensive in the east of
Speaker 1: the country. Ukrainian Foreign Minister Demitro Caleb spoke with Bloomberg
Speaker 1: in New York ahead of the UN General Assembly's annual meeting.
Speaker 1: Last week, President Biden announced another six hundred million dollar
Speaker 1: drawn down from US military stockpiles to provide aid to Ukraine.
Speaker 1: Well incorporate news this morning, Nathan, A big legal battles
Speaker 1: back in the spotlight. We have new developments in the
Speaker 1: lawsuit filed by Twitter against Elon Musk. Twitter co founder
Speaker 1: Jack Dorrisey will now be questioned under oath today as
Speaker 1: part of the case. And we get the story from
Speaker 1: Bloomberg's Doug Christner Dorsey has been an energetic booster of
Speaker 1: Musk's forty four billion dollar bid for the company, but
Speaker 1: in July Musk retreated from his offer and accused the
Speaker 1: company of not providing information to assess the prevalence of bots.
Speaker 1: Twitter is now suing Musk to enforce the takeover agreement,
Speaker 1: even though Dorsey was subpoenaed last month by Musk. He
Speaker 1: will be questioned by attorneys from both sides via zoom.
Speaker 1: The push to gather information and interview key players comes
Speaker 1: ahead of an expedited schedule for a trial. It's lated
Speaker 1: to begin October sevente and last for five days in
Speaker 1: New York. I'm Doug Chrisner Bloomberg Daybreak, All right, Doug,
Speaker 1: thank you for it is also front and center this morning.
Speaker 1: The shares are down more than four and a half
Speaker 1: percent in early trading. The automaker says inflation is pushing
Speaker 1: its supplier costs a billion dollars higher than expected in
Speaker 1: the current quarter. Ford expects adjusted earnings to be well
Speaker 1: below the three point seven billion dollars it reported last quarter,
Speaker 1: and Nathan General Motors is getting a vote of confidence
Speaker 1: this morning from one big investor, Cathy Woods Fund has
Speaker 1: scooped up shares of GM for the first time in
Speaker 1: more than four months. Following a draw down this year
Speaker 1: through July, GM shares have been gradually recovering as the
Speaker 1: company bets on selling affordable electric vehicles and futures are lower.
Speaker 1: SNP futures are down about twenty points down, futures down
Speaker 1: a hundred thirty three, NASDACK futures down seventy three, and
Speaker 1: the Tenuere treasury down eleven thirty seconds. He had three
Speaker 1: point five three percent straight ahead, your latest, the local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. I
Speaker 1: can't thank you to six oh seven on wall street work,
Speaker 1: sixty degrees in Central Park. Got a lot of closures
Speaker 1: around the U. N may have heard they've got a
Speaker 1: general Assembly session this week. Michael Barr has more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Corny Michael, Good morning, Nathan. More migrants arrived by bus
Speaker 1: to New York from Taxas yesterday, following six additional buses
Speaker 1: over the weekend. Mayor Eric Adams as his city is
Speaker 1: considering potential legal action. The situation in New York has
Speaker 1: turned tragic, with Mayor Adams, confirming that an asylum secret
Speaker 1: took her own life at a facility over the weekend.
Speaker 1: The failure was the governors that sent people on a
Speaker 1: multi day bus ride without of proper food, without medical care,
Speaker 1: without the basic necessities. Mayor Adam says, eleven thousand, six
Speaker 1: hundred asylum seekers and migrants are here in the city. Meanwhile,
Speaker 1: the Texas Democratic Sheriff announced the criminal investigation has been
Speaker 1: opened into who was behind the recruitment of dozens of
Speaker 1: migrants in San Antonio. It'll be flown on a charter
Speaker 1: plane to Florida and Martha's Vineyard in Massachusetts. Bear County
Speaker 1: Sheriff Javier Salazar says they were lured, they were promised work,
Speaker 1: they were promised the solution to several of their problems.
Speaker 1: They were taken to Martha's Vineyard from what from what
Speaker 1: we can gather for nothing, for a little more than
Speaker 1: a photo video op and then they were unceremoniously stranded
Speaker 1: in Martha's Vineyard. Sheriff Salazar says it's believed that a
Speaker 1: Venezuelan migrant was paid what is called a bird dog
Speaker 1: fee to recruit people from around a migrant re source
Speaker 1: center Fiona strengthened to a Gatacori three hurricane overnight, with
Speaker 1: winds of a hundred fifteen miles per hour as it
Speaker 1: approached the Turks and Caicos islands. In Puerto Rico, more
Speaker 1: than a million people are without power, and officials say
Speaker 1: roughly thirty five inches of rain could fall on some areas.
Speaker 1: In New York, Governor Kathy Hokel says Puerto Rico needs
Speaker 1: assistance like any other state going through a natural disaster.
Speaker 1: These our citizens, fellow citizens, and that is why we
Speaker 1: do this mutual late, as we would do if there were,
Speaker 1: you know, the flooding in Kentucky. Governor Hokel says, utility
Speaker 1: crews are ready to go down to help. U N
Speaker 1: Secretary General Antonio Guterres is warning that the world is
Speaker 1: in great peril. He says. World leaders, meeting in person
Speaker 1: for the first time in three years at the UN
Speaker 1: General Assembly in New York, must tackle conflicts and climate catastrophes.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is one Burg, Nathan Michael, thank you Almost six
Speaker 1: ten on Wall Street time for the Bloomberg Sports Update
Speaker 1: with John Stenshowner. Thanks Nathan. The Mets now officially in
Speaker 1: the playoffs and they're hoping that next month it's there.
Speaker 1: One two punts they could take them for the night.
Speaker 1: After Jacob Gron began his start with five perfect dtings,
Speaker 1: it was Max Scherzer's turn. Came off the injured list
Speaker 1: in Milwaukee in to hurl six perfect and Ain't Serger
Speaker 1: was then taken out. Brewer's scored twice in the seventh
Speaker 1: thought Tyler McGill, also just back from injury, but the
Speaker 1: Mets one seven to two. Sherzer's two d career victory
Speaker 1: Pete Alonso at the three run homers thirty six. The
Speaker 1: Braves also won. They remain a game behind even in
Speaker 1: the lost column. Yankees back home tonight to play Pittsburgh
Speaker 1: and the hot taking this for a seat in the bleachers,
Speaker 1: chance to catch a ball hit out by Aaron Judge,
Speaker 1: sitting on fifty nine home runs. His next one match's
Speaker 1: Babe Ruth from seven and then it's on the Roger Marri's.
Speaker 1: Judge continues to say it's not on his mind. Games,
Speaker 1: there is numbers, you know, focus on doing. I can
Speaker 1: to be a good teammate, help the team win, but
Speaker 1: that means hitting Homer, and then it means sitting Homer.
Speaker 1: But never been my focus, ever been. You know. The
Speaker 1: Astros last night clinch the Als. The Guardians won. They
Speaker 1: leave the Ale Central by four games. Parent Mother Night
Speaker 1: blowouts Buffalo forty one to seven over Tennessee. Josh Allen
Speaker 1: and Stefan Diggs hooked up for touchdowns three times. Philadelphia
Speaker 1: all over Minnesota twenty four to seven. Jalen Hurts ran
Speaker 1: for two touchdowns and through a fifty three r TV passed.
Speaker 1: Rob Sala says, Zach Wilson looks good in practice, but
Speaker 1: the Jets might stick with last Sunday's hero Joe Blaco
Speaker 1: for at least one more games. Sunday in Cincinnati the four.
Speaker 1: Wilson returns from his Injurney Bloomberg Sports Nathan all Right, John,
Speaker 1: thanks for watching futures fall ahead of the FED decision tomorrow.
Speaker 1: Right now, S and P futures are down twenty points.
Speaker 1: Stown futures down a hundred forty. NASTAC futures are lower
Speaker 1: by seventy six points. We talked about this market next
Speaker 1: with Daniel Morris, chief market strategist at BNP part he
Speaker 1: bought asset management. This is Bloomberg Bloomberg day Break brought
Speaker 1: to you by Jewish Communal Fund. For fifty years, j
Speaker 1: c F Stoner Advised Funds have been helping families create
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Speaker 1: dot org. Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, The Bloomberg business at
Speaker 1: hand at Bloomberg Quick Day. She's a Bloomberg business flash
Speaker 1: and I'm Karen Moscow. Stocks are falling, with US Stock
Speaker 1: index futures giving up early games as trader's race for
Speaker 1: another supersized US rate high commid rising anxiety that the
Speaker 1: Fed could overtighten and raise the odds of a hard landing.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg, U S and P futures down twenty
Speaker 1: one point, staff futures done a hundred forty four, NASDAG
Speaker 1: futures down sent three and the decks in Germany's down
Speaker 1: nine tenths of a percent ten Your treasury down twelve
Speaker 1: thirty seconds, yell three point five three percent yield on
Speaker 1: the two year three point nine seven percent. Ninemex crude
Speaker 1: oil lit'tle change at eighty five dollar seventy eight cents
Speaker 1: a barrel, Pomex go down to tens per cent or
Speaker 1: three dollars seventy cents at sixteen seventy four fifty ounce.
Speaker 1: The Euro one point zero zero zero three against the
Speaker 1: dollar British found one point one four one nine and
Speaker 1: the yen one forty three point seven two. Looking at
Speaker 1: Bitcoin this morning, down one and a half percent at
Speaker 1: nineteen thousand, two hundred twenty dollars. That's a Bloomberg business
Speaker 1: flash down. Here's Michael Barr with more on what's going
Speaker 1: on around the world. Michael Karen, thank you very much.
Speaker 1: Hurricane Fiona strengthened into a Category three storm as it
Speaker 1: now heads towards the Churchs and Cacos Islands. It continues
Speaker 1: to cause heavy winds and rain in the Dominican Republic
Speaker 1: in Puerto Rico, where flood of waters rushed through the
Speaker 1: streets and many are without power. Border crossing sword in
Speaker 1: august US Customs and Border Protections reported an increase in
Speaker 1: migrants from Venezuela, Cuba, and Nicaragua, stopping about fifty six
Speaker 1: thousand last month. It was a Monday night football doubleheader.
Speaker 1: The Bills down the Titans with a giant win forty
Speaker 1: one to seven. The Eagles beat the Vikings seven. In baseball,
Speaker 1: the Mets one, clinching a playoff birth. The Nationals and
Speaker 1: Orioles lost the Giants one. Global twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. I'm Michael Barn. This is BLOOMBERGA okay, Michael,
Speaker 1: thank you. The six nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as
Speaker 1: we keep our focus on this market ahead of the
Speaker 1: Fed decision tomorrow. We're joined by Daniel Morris, chief market
Speaker 1: strategist at BNP Party Asset Management. Daniel, good morning, Look
Speaker 1: at the futures, it looks like stocks could give back
Speaker 1: most of the modest gain we saw yesterday. What do
Speaker 1: you think is driving this uh in a gloomy move
Speaker 1: we're seeing right now. Uh, fear and loathing though I
Speaker 1: think that that might be a book title. I mean, clearly,
Speaker 1: the markets are gonna be nervous until we get an
Speaker 1: actual number from the fet UH and the story behind it.
Speaker 1: So just anxiety is what you're going to see, volatility
Speaker 1: in the swings and so you've got it until you've
Speaker 1: got a bit more concrete information. All right, Well, what's
Speaker 1: the concrete information you're expecting from the FT. Obviously we've
Speaker 1: got the markets pricing in a seventy five basis point
Speaker 1: move we heard from the Swedish Central Bank surprising with
Speaker 1: a hundred basis points. Could we see a surprise from
Speaker 1: the Fed tomorrow, Well, of course we always could. I
Speaker 1: think that's the bit of information that we want to
Speaker 1: definitively have that it's only only seventy series of UD
Speaker 1: turned out to be unwarranted. Uh, and you know, our
Speaker 1: expectation is that it will be seventy five, but you
Speaker 1: never know. And I think what's also important to keep
Speaker 1: in mind is, you know we especially with this next hike,
Speaker 1: that's a lot of moves, a lot of hikes from
Speaker 1: the FT over a relatively brief period of time. And
Speaker 1: that's as yet really not had any input, not any,
Speaker 1: but not its full impact on the economy. So even
Speaker 1: though of course we're very much focused on inflation and
Speaker 1: focused on growth, you know, the real import of all
Speaker 1: these hikes is yet to be felt. So that's why
Speaker 1: we need to balance. Okay, what's been done so far,
Speaker 1: what is that going to do to growth and inflation?
Speaker 1: And then how you know does the FED then respond
Speaker 1: to that? Do they pause and say we've done enough,
Speaker 1: or do they keep going? Yeah, I guess that raises
Speaker 1: the question as you say, what we could expect from
Speaker 1: the FED in the subsequent meetings in November and December.
Speaker 1: What's your outlook there? Well? As always, the debate with
Speaker 1: central banks is is what you think they should do
Speaker 1: and what they will do, And what they've been messaging
Speaker 1: is they want to see some real declines in the
Speaker 1: inflation rate, so ideally inflation cooperates on that line. In particular,
Speaker 1: leave we want to remember we need to focus on
Speaker 1: core inflation, on headline inflation, and if we do start
Speaker 1: to see a reduction in those pressures, which is possible,
Speaker 1: then that would allow the F maybe not to start
Speaker 1: cutting rates. We think there is going to be a
Speaker 1: pivot for quite a while yet, but at least to
Speaker 1: slow down on the hikes or on the pace hikes.
Speaker 1: So that's going to be the key thing. I'm sure
Speaker 1: they're going to mention data dependent because really that is
Speaker 1: what they're highlighting, and that's what we're also going to
Speaker 1: be paying attention to as well. So how do you
Speaker 1: advise clients to position given the uncertainty we are seeing
Speaker 1: around the federal reserve right now? How do you balance
Speaker 1: the portfolio in this environment? Yeah, well, there's certainly not
Speaker 1: only is I think it's always challenging, but particularly challenging
Speaker 1: this year, given that you've had negative returns, and not
Speaker 1: only for equities, but of course for fixed income, and
Speaker 1: and anyone who's had a sixty forty portfolio starts to
Speaker 1: wonder if that's really the right allocation. The overall we're
Speaker 1: neutral inequities, but overweight outside of the markets with that
Speaker 1: face these monetary pressure, So we're underweighting New York for example,
Speaker 1: and we're overweight in China and Japan. So I think one, uh,
Speaker 1: it's geographical diversification. And then even within fixed income, and
Speaker 1: we're still short duration in the US, but we do
Speaker 1: like Euro's own investment in great credit where spreads are
Speaker 1: actually fairly high and we think attractive relatives to the
Speaker 1: risk that you're taking. So, you know, as in any market,
Speaker 1: there is opportunity, you've got to look at the risk reward,
Speaker 1: and we are finding some good opportunities even with this environment.
Speaker 1: Other than geographical diversification. Do you see any opportunities some
Speaker 1: alternative investments in in the US? Well, and always and
Speaker 1: if anything, if you think about you know what UH
Speaker 1: you know, publicly treated UH portfolios have gone through this year.
Speaker 1: You know, I think we've all been looking about and
Speaker 1: thinking about private equity, private at those types of alternative
Speaker 1: investments for a long time. But their value I think
Speaker 1: has really come through this year. Is it really does
Speaker 1: give you some diversification, and you know, I think that's
Speaker 1: that's really what everyone is looking for right now now,
Speaker 1: last thirty seconds here, Daniel. Are there certain in sectors
Speaker 1: that are more insulated from the risk of an economic
Speaker 1: slowdown in the US than others? Well, typically you're gonna
Speaker 1: look towards defensive sectors, and you know that's always been
Speaker 1: the case, and I think that well, the cases you
Speaker 1: start to see growth slow down in the US, and
Speaker 1: at some point, though not necessarily right away, I think
Speaker 1: you are going to want to look to growth because
Speaker 1: if we do start moving into a recession, growth comes
Speaker 1: out of premium. So I think that's going to be
Speaker 1: the other area we're gonna be looking at interesting. Thanks
Speaker 1: for this, Daniel, as always good speaking with you. Daniel Morris,
Speaker 1: chief market strategist at BNP Party Asset Management. Right now,
Speaker 1: futures are moving lower across the board. SMP futures are
Speaker 1: down nineteen points now down futures down a hundred thirty
Speaker 1: and NASDAC futures are lower by sixties six points. The
Speaker 1: tenure Treasury is down twelve thirty seconds, the old three
Speaker 1: point five three percent yield on the two year edging
Speaker 1: close to the four right now three point nine seven
Speaker 1: per cent dollar strength once again this morning, the Euro
Speaker 1: at one point zero zero zero eight to the en
Speaker 1: one forty three point five nine. Are listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleven three oh weather. Sunshine today, low eighties,
Speaker 1: will be near eighty under mostly sunny sky. Tomorrow showers
Speaker 1: likely Thursday, upper seventies. Right now sixty nine degrees in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg E Loving Freedom to Washington, d C,
Speaker 1: Bloomberg nine to Boston, Bloomberg one O six one does
Speaker 1: San Francisco, Bloomberg N sixty to the Country, Sirius XM
Speaker 1: chto one nine ten, and around the globe the Bloomberg
Speaker 1: Business app and Bloomberg Radio dot com. This is Bloomberg
Speaker 1: Daybreak six thirty on Wall Street. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. We're just about three hours
Speaker 1: away from the open of U West Rating. Time to
Speaker 1: the five things that you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers. Interactive Brokers Simple ibk
Speaker 1: our Global Trader app, deposit in your local currency and
Speaker 1: trade stocks in the US, Europe and Asia. Start your
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Speaker 1: First futures are lower following a late day rally on
Speaker 1: Walls Street. It comes as the Fed kicks off as
Speaker 1: two day policy meeting, and the question now is whether
Speaker 1: the Central Bank hikes interest rates by seventy five or
Speaker 1: a hundred basis points. William Houston as Chief Investment Officer
Speaker 1: at Bay Street Capital. As soon as that trend reversed
Speaker 1: this course, you know, we stopped seeing this inversion in
Speaker 1: the yield curve where investors are being actually rewarded at
Speaker 1: a higher rate on these sorter term yields as opposed
Speaker 1: to longer term reels. As long as that's the case, Yeah, equity,
Speaker 1: they're going to perform poorly. William Houston at Bay Street Capital.
Speaker 1: Thanks the Federal race rates seventy five basis points tomorrow
Speaker 1: and join us for live coverage of the FED decision
Speaker 1: tomorrow on special edition of Bloomberg Surveillance. It starts at one.
Speaker 1: I'm all Street time here on Bloomberg Radio and Television. Well,
Speaker 1: the FED isn't the only central bank making policy decisions
Speaker 1: this week, Karen. In Europe, Sweden central bank high grades
Speaker 1: are larger than expected hundred basis points. And in Asia,
Speaker 1: the Bank of Japan will have to decide whether to
Speaker 1: continue monetary stimulus this week after inflation accelerated to the
Speaker 1: fastest pace in more than three decades. We also get
Speaker 1: a Bank of England decision on Thursday. But a geopolitics now, Nathan,
Speaker 1: where world leaders meeting at the u n this week
Speaker 1: or in the Spotlight, and ahead of her meeting with
Speaker 1: President Joe Biden, UK Prime Minister Liz trust says she
Speaker 1: does not expect a trade deal between the two countries
Speaker 1: anytime soon. I meantime, the war in Ukraine rages on
Speaker 1: Karen and the country's Foreign Minister Demetro Kuleba says Ukraine
Speaker 1: will continue its counter offensive against Russia in the east.
Speaker 1: He's calling on Western allies to send more weapons. Sometimes
Speaker 1: I'm being asked whether there is enough of weapons that
Speaker 1: we have received. I always say I will be able
Speaker 1: to say it was enough only after Ukraine wins. Until
Speaker 1: then we will be asking for more. Ukrainian Foreign Minister
Speaker 1: de Metro culebus oak with Bloomberg ahead of the UN
Speaker 1: General Assembly's annual meeting. Last week, President Biden announced another
Speaker 1: six hundred million dollar drawn down from US military stockpiles
Speaker 1: to provide aid to Ukraine. And to Corporate News Now,
Speaker 1: Nathan Shares a four down about five percent in early
Speaker 1: trading after the automaker announced inflation is pushing supplier costs
Speaker 1: a billion dollars higher than expected in the current quarter.
Speaker 1: That's the five things that you need to know to
Speaker 1: start your day. Brought to you by Interactive Brokers. Again,
Speaker 1: futures are lower this morning, and straight ahead we have
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg. I think your caring. It is six
Speaker 1: thirty three on Wall Street, word sixty nine degrees in
Speaker 1: Central Park dealing with an accident by the meadow Lands
Speaker 1: eastbound three in Patterson Plank Road. Details coming up in traffic.
Speaker 1: First Michael Barr with what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York Mayor Eric Adams says he will
Speaker 1: soon have a plan to deal with the bus loads
Speaker 1: of migrants arriving in the city from the southern border.
Speaker 1: We are not telling anyone that New York can accommodate
Speaker 1: every migrant in the city. We're not encouraging people to
Speaker 1: send eight nine buses a day. That is not what
Speaker 1: we're doing. Adams says. The city has taken in more
Speaker 1: than eleven thousand asylum seekers and migrants while opening twenty
Speaker 1: three emergency shelters. But Adam says among the many next
Speaker 1: steps could be litigation. We are strongly as supportive rights
Speaker 1: right to shelter, but there's aspects of it that we
Speaker 1: want to look at, and so we're looking at our
Speaker 1: legal options on all of what we are seeing how
Speaker 1: to address this. Mayor Adams also confirms an asylum seeker
Speaker 1: who was sent to New York committed suicide over the weekend.
Speaker 1: Hurricane Fiona is barreling towards the Turks and Caicos Islands
Speaker 1: as it strengthens into a Category three storm. The intensifying
Speaker 1: storm also kept dropping rain over the Dominican Republic and
Speaker 1: Puerto Rico. One person has died and more than a
Speaker 1: million people remain without power in Puerto Rico. In New York,
Speaker 1: Governor Kathy Hoacle said crews are ready to go down
Speaker 1: to help. We are continuing to monitor the situation. We
Speaker 1: have assets ready to be deployed. We are anxious to
Speaker 1: provide the support that the people of Puerto Rico and
Speaker 1: the Dominican Republic need at this time. Governor Hokel says
Speaker 1: the people in Puerto Rico are our fellow citizens and
Speaker 1: need aid U. N Secretary General Antonio Guterres is warning
Speaker 1: that the world is in great peril, he says. World
Speaker 1: leaders meeting in person for the first time in three
Speaker 1: years at the UN General Assembly in Manhattan must tackle
Speaker 1: conflicts and climate catastrophes. Mexico was shaking again on the
Speaker 1: anniversary of two devastating quakes. At least one person was
Speaker 1: killed when a seven point six magnitude quake struck Mexico
Speaker 1: specific coast yesterday. This woman visiting Mexico from Los Angeles
Speaker 1: spoke to ABC. You feel kind of like a whiplash
Speaker 1: when it's about to end, and that's the scariest filling
Speaker 1: of all, because it's like, oh God, is it? Is
Speaker 1: it happening all over again. Before yesterday's quake, Mexico held
Speaker 1: ceremonies marking the anniversaries of quakes that killed thousands of people.
Speaker 1: On September nine, and Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, Thanks Michael.
Speaker 1: Almost six thirty six on Wall Street, John stash Ower
Speaker 1: has the Bloomberg Sports Update, Thanks Nathan. After the Yankees
Speaker 1: spent this past weekend in Milwaukee, the Mets went there,
Speaker 1: they took Max Scherzer off the interlist. He went for
Speaker 1: his two hundredth career victory, and the met seeking one
Speaker 1: more win to assure themselves a playoff birth. The Mets
Speaker 1: and Brewers scoreless. Fourth in here's the pitch Alonso drive
Speaker 1: to deep fill left field. This bulls there that is
Speaker 1: way out of here. Three run shot Pete Alonzo and
Speaker 1: the Mets strike first. In Milwaukee, it's three nothing at
Speaker 1: the top of the four Penn thirty six for alons O.
Speaker 1: W CVS had met the call. Mets went on to
Speaker 1: win seven to two. Shirtzer was brilliant, taken out after
Speaker 1: six perfect innings. The playoff birth the Mets tenth in
Speaker 1: team history, first and two thousand and sixteen. Of course,
Speaker 1: they'd like to go in as Division champ for in
Speaker 1: the first round by but Atlanta continues in hot pursuit.
Speaker 1: The Braves one to have made one game behind. The
Speaker 1: Pirates just lost four times in the Mets of city field.
Speaker 1: They're still in New York. They visit the Yankees. All
Speaker 1: eyes on Aaron Judge. The question now not so much
Speaker 1: if he breaked Roger Marris's Yankee and American Thing home
Speaker 1: run record, but when he needs three, could he do it?
Speaker 1: During this six game homestand week two is in the books.
Speaker 1: Impressive home wins for Buffalo and Philadelphia. The Bills all
Speaker 1: over Tennessee forty one to seven. Josh Allen four touchdown passes,
Speaker 1: three went to stefon dig The Titans loss means that
Speaker 1: in the a f C South, the four teams have
Speaker 1: combined for only one victory. The Eagles easily over Minnesota
Speaker 1: seven Jalen hurts in on three Philly touchdowns just in
Speaker 1: the first half. Next Monday, it's the two and a
Speaker 1: Giant toasting Dallas, and that will come the night after
Speaker 1: the Jets welcome in Cincinnati. Angles are owing to both
Speaker 1: The losses came on last second field goals. John stactually
Speaker 1: went bloom Group Sports Nathan, Thank you John. At sixty
Speaker 1: seven on Wall Street Time Now to take a look
Speaker 1: at stock, some of the names moving in the pre
Speaker 1: market Bloomberg Radio on TV. Markets correspondent Crety Gupta is
Speaker 1: with us this morning on a market focused on the
Speaker 1: FED and another big individual name focused on a potentially
Speaker 1: gloomy economic outlook. Creaty. I mean, that seems to be
Speaker 1: the theme here, Nathan. We started the FedEx McDonald saying it.
Speaker 1: Now you just have more and more people talking about
Speaker 1: the earnings picture instead of the macro and that seems
Speaker 1: to be where Ford is running into a little bit
Speaker 1: of trouble. This morning, f is the ticker for the
Speaker 1: car maker down about four point seven percent in the
Speaker 1: pre market. I should mention this is in the context
Speaker 1: of futures down about four tenths of one percent, So
Speaker 1: was some extra pain in the carmaker shares this morning.
Speaker 1: It was down as much as five point two percent
Speaker 1: earlier in the session. It came as the after that
Speaker 1: he said that the third quarter supply costs were running
Speaker 1: one billion dollars above expectations. Nathan, that is not a
Speaker 1: number to scoff at and warned that their EBIT could
Speaker 1: be in the one point four billion to one point
Speaker 1: seven billion dollar range. Basically, what that means is those
Speaker 1: supply chain issues, those inflation issues, while it is hitting
Speaker 1: them hard at a time when they're really trying to
Speaker 1: ramp up some of their EV production as well. So
Speaker 1: this is going to cost them quite a bit of money. Remember,
Speaker 1: when you have a lot of EV production getting scaled up,
Speaker 1: you have things like chips that are required. More chips
Speaker 1: are needed for the vehicle EV vehicles than uh than
Speaker 1: ev EV's I'm gonna vs Electric vehicles. I'm sorry about that,
Speaker 1: but more chips are needed for electric vehicles than they
Speaker 1: are needed um for for a regular engine. Um. You
Speaker 1: also need things like cobalt, things like lithium for example,
Speaker 1: for the batteries, and those are all things that are
Speaker 1: running extremely high right now, just given the global rise
Speaker 1: in commodities. And in line with that forward movie, you're
Speaker 1: also seeing General Motor shares uh, just drop on sympathy,
Speaker 1: and remember General Motors and Ford have both been trying
Speaker 1: to kind of compete. When it comes to market cap
Speaker 1: down one point eight percent, um, GM is your taker,
Speaker 1: almost down two percent. The other one you want to
Speaker 1: keep an eye on is US listed Macau casino stocks, Nathan.
Speaker 1: They are rising in pre market rating. Where what happened?
Speaker 1: Where are we? What's going on? Well, there's so much
Speaker 1: pain here when it comes to the Hong Kong story.
Speaker 1: They're trying to be easier COVID restrictions. To remember, that
Speaker 1: is one of their major major hubs when it comes
Speaker 1: to casino stocks. So Las Vegas stance is going to
Speaker 1: be one of them. LVS is your ticker when it
Speaker 1: comes to that company, and those shares are actually hired
Speaker 1: by three percent. And once again that is in the
Speaker 1: context of a futures market that's down four tents of
Speaker 1: one percent. A similar story when it comes to Win
Speaker 1: Resource w y n N is your ticker there, those
Speaker 1: shares also up three percent. And I'm gonna give you
Speaker 1: one last one. Nathan MGM Resorts, which is also the
Speaker 1: ticker as well as the name of the company, um
Speaker 1: that those shares are up four tons of one percent. Okay,
Speaker 1: so one bright spot with COVID restrictions potentially eased. You
Speaker 1: gotta love it that you're looking at casino stocks on
Speaker 1: that headline. Boomberg Radio and TV Markets correspondent Pretty Gupta
Speaker 1: with us this morning, looking ahead to the market open.
Speaker 1: On Wall Street, futures are pointed lower, with SMP futures
Speaker 1: right now down fifteen points, STOUT futures down a hundred four.
Speaker 1: NASAC futures are lower by fifty five points. In the
Speaker 1: tenure treasury is down eleven thirty seconds, the yield three
Speaker 1: point five three percent. You're listening to Bloomberg Daybreak Bloomberg
Speaker 1: eleven three oh weather sunshine today, low eighties, will be
Speaker 1: near eighty tomorrow. Under a mostly sunny sky. By Thursday,
Speaker 1: we could see some showers cooler hides in the up
Speaker 1: for seventies right now sixty nine in Central Park Markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.
Speaker 1: He's a Bloomberg Business Flash and I'm Cameron Moscow futures
Speaker 1: lower this morning. We get to the first Word Breaking
Speaker 1: news desk for today's morning call, and here's Bill Maloney.
Speaker 1: A Bill, good morning, and good morning Karen. That's right.
Speaker 1: US futures are under pressure as the two year yield
Speaker 1: closes in on four percent down. Futures current lay down
Speaker 1: a hundred and thirty two points, SUPs dropped nineteen well.
Speaker 1: Neza futures are off by sixty nine. The US ten
Speaker 1: yel at three point five four percent, Gold is down seven,
Speaker 1: oil is trading higher, and bitcoin is down by one
Speaker 1: point three percent. Hong Kong rose one point two percent overnight,
Speaker 1: while European markets are in the red this morning, led
Speaker 1: by losses in France and Italy. Back in the US
Speaker 1: on the economic Frinday thirty housing starts and at building
Speaker 1: permits after develous night Ford warned on higher supply costs
Speaker 1: and a deal news. United Health won a court approval
Speaker 1: for its seven point eight billion dollar acquisition of Change Healthcare.
Speaker 1: In other news, a drastic drop in demand for crypto
Speaker 1: as a payment method has been spotted by JP Morgan
Speaker 1: in the past six months. And wrapping things up, Humanity
Speaker 1: was raised to overweight up Morgan Stanley. Western Digital was
Speaker 1: cut over at Deutsche Bank Live from the first breaking
Speaker 1: news Tascomb, Bill Maloney care right, Bill, thank you to
Speaker 1: hear live breaking news overa Bloomberg type squawk on your
Speaker 1: terminal squ a w K and that's a Bloomberg business flash.
Speaker 1: Now here's Michael bar with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. Hurricane
Speaker 1: Fiona has strengthened to a Category three storm with winds
Speaker 1: of a hundred fifteen miles per hour as it barrels
Speaker 1: towards the Turks and Caicos Islands in Puerto Rico. More
Speaker 1: than a million people are in the dark. Former President
Speaker 1: Donald Trump's legal team appears before the new Special Master
Speaker 1: Raymond Derry today, but they are opposing one of Derry's
Speaker 1: requests Trump's legal team has refused a request by Derry
Speaker 1: to clarify actions taken to declassify material sees that the
Speaker 1: former president's Maria Lago of state. It was a Monday
Speaker 1: night football doubleheader. The Bills down the Titans seven, the
Speaker 1: Eagles beat the Vikings seven, and baseball the Mats one,
Speaker 1: clenching a playoff birth the Nationals and Orioles lost the
Speaker 1: Giants one. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quit Take powered by more than
Speaker 1: seven hundred journalist and analysts more than a d twenty countries.
Speaker 1: Michael Barr, This is Bloomberg. Can ray Michael, thank you
Speaker 1: at A sixty nine on Wall Street. Returned to news
Speaker 1: and science and technology now with the Bloomberg and j
Speaker 1: I T STEM Report, brought to you buy New Jersey
Speaker 1: Institute of Technology and j I T is ranked top
Speaker 1: ten nationally on Money's Best Engineering Colleges list and what
Speaker 1: will You Make It n j I T. Learn more
Speaker 1: at n j I T dot E d U And
Speaker 1: here's just making news in science, technology, engineering, and math.
Speaker 1: The busiest port in the US is facing calls to
Speaker 1: lower its carbon footprint. The mayor of Long Beach, California
Speaker 1: says that community is near the Port of Long Beach
Speaker 1: and the adjacent Los Angeles Port are suffering from the
Speaker 1: health and environmental impacts. Robert Garcia says there are a
Speaker 1: lot of jobs tied to the port, but the impact
Speaker 1: on the pollution side is real. To Hong Kong wants
Speaker 1: to relax COVID rules like mandatory hotel quarantines that have
Speaker 1: made travel difficult since as according to the city's chief executive,
Speaker 1: John Lee. The South China Morning Post reports at quarantine
Speaker 1: will be replaced with seven days of home health monitoring.
Speaker 1: And ANNASA lander on Mars has captured the vibrations and
Speaker 1: sounds of four meteoroids striking the planet's surface. According to
Speaker 1: the journal Nature, Geo Science, scientists report that Mars Insight
Speaker 1: detected seismic and acoustic waves from a series of impacts
Speaker 1: in satellite orbiting the red planet confirmed the impact locations
Speaker 1: as far as a hundred eighty miles from the lander.
Speaker 1: Scientists are delighted by the detections. First for another planet,
Speaker 1: Nuts of Bloomberg, n j I t Stem report it
Speaker 1: gets more interesting. Nathan Boom, Thank you, Karen. We're live
Speaker 1: from the Bloomberg Interactive Broker Studios. It's almost six fifty
Speaker 1: one on Wall Street Time now to check what's going
Speaker 1: on in d C. Some of the top stories in
Speaker 1: our nation's capital include President Biden making a policy shift
Speaker 1: explicit with about a defend Taiwan, the UK's new prime
Speaker 1: minister sounding doubtful on the US trade deal anytime soon,
Speaker 1: the Justice Department calling for a month long special master
Speaker 1: review at Marra Lago, and a Texas sheriff opening a
Speaker 1: criminal investigation into migrant flights to Martha's vineyard. Let's bring
Speaker 1: in Joe Matthew, Now, our Washington correspondent, host of sound
Speaker 1: On on Bloomberg Radio from More on what's happening in Washington,
Speaker 1: d C. Joe, So, how much of a policy shift
Speaker 1: did we hear from President Biden on Taiwan when he
Speaker 1: spoke to sixty minutes. Well, if you ask the White House,
Speaker 1: they'd say none. And but you know this is getting
Speaker 1: to be a repeat here is It's the fourth time
Speaker 1: we've been through this with Joe Biden suggesting that the
Speaker 1: United States will actually militarily defend Taiwan if there were
Speaker 1: what he calls an unprecedented invasion from China sixty minutes said,
Speaker 1: though as soon as the interview was done, the White
Speaker 1: House reached out to clarify those remarks that it represented
Speaker 1: no change in our one China policy. But this is
Speaker 1: getting to be, like I said, a bit of a
Speaker 1: rerun movie here, and and it's interesting as the White
Speaker 1: House tries to get its arms around this. There's an
Speaker 1: effort on Capitol Hill to codify what the President is
Speaker 1: saying in the Taiwan Policy Act. The White House doesn't
Speaker 1: want any part of this though, as it would designate
Speaker 1: the island a major non NATO ally and that would
Speaker 1: smack of a change in policy. You know, this whole
Speaker 1: idea of of strategic ambiguity continues until you do something
Speaker 1: like that and put pen to paper. That's what the
Speaker 1: White House does not want to see. In the meantime,
Speaker 1: we keep talking in circles. Well, that's interesting because when
Speaker 1: you say that the White House is sort of pushing
Speaker 1: back against the Taiwan Policy Act, and we hear a
Speaker 1: sort of different rhetoric from President Biden. Are we're seeing
Speaker 1: a disconnect between what the what the White House is
Speaker 1: saying and what it's doing here. And a lot of
Speaker 1: a lot of analysts see it that way. There's a disconnect.
Speaker 1: I think you could even argue inside the White House.
Speaker 1: And Joe Biden has evolved on this issue. He wrote
Speaker 1: an op ed during the George W. Bush administration UH
Speaker 1: condemning the former president for making similar remarks when George
Speaker 1: Bush said, whatever it takes to defend Taiwan, this is
Speaker 1: something that is really grating on the nerves in Beijing.
Speaker 1: President and she gets very upset on the statement that
Speaker 1: we saw from the Foreign Ministry following Joe Biden's comments
Speaker 1: on sixty Minutes. We're stark. I mean, they're warning the
Speaker 1: United States to back off here, that this is not
Speaker 1: status quo, that this does in fact represent a change
Speaker 1: in policy, as Joe Biden not only talks about defending
Speaker 1: Taiwan militarily UH and under certain conditions at least, but
Speaker 1: also the idea that the United States is open to
Speaker 1: an independent Taiwan. He said, we're not encouraging independence, but
Speaker 1: obviously we're there to recognize that it sounds like if
Speaker 1: Taiwan wanted to go that far. Are we expecting more
Speaker 1: developments on the U S China relationship? When President Biden
Speaker 1: heads to New York for the UN General Assembly this week. Look,
Speaker 1: it's gonna be in the air, it's gonna be a
Speaker 1: major point of discussion, But I don't think you're gonna
Speaker 1: see any bilaterals or meetings on this. In fact, there's
Speaker 1: a lot of doubt right now, Nathan, about whether President
Speaker 1: Biden and President she will end up meeting. As we
Speaker 1: had heard just about a month ago, following these remarks
Speaker 1: on Taiwan, and what we heard from She in Uzbekistan
Speaker 1: last week when he met with Vladimir Putin. This is
Speaker 1: this is a very strained relationship and it is not
Speaker 1: warming up as we go. Well, what are we expecting
Speaker 1: to hear from the U n General Assembly. I mean,
Speaker 1: we spoke with the Foreign Minister of Ukraine, Dimitro Clabe
Speaker 1: yesterday calling for more weapons. I would imagine that the
Speaker 1: Ukraine situation is gonna play in a pretty heavily in
Speaker 1: New York this week. It certainly will. Uh. This is
Speaker 1: the seventy seven session of the UN General Assembly, and Nathan,
Speaker 1: has been a couple of years since we've done it
Speaker 1: this way as as there have been a lot of
Speaker 1: restrictions around COVID. So you get everybody in the room
Speaker 1: here and there's not a lot of good to talk about.
Speaker 1: We've got a war raging in Ukraine, We've got this
Speaker 1: standoff here between the US and China, We've got a
Speaker 1: potential global recession looming. And so Joe Biden's got his
Speaker 1: work cut out for him. He's not speaking today, He's
Speaker 1: gonna go later today this afternoon. He'll speak tomorrow. And
Speaker 1: one of the most important sort of tangible items that
Speaker 1: will be looking for on his schedule as his meeting
Speaker 1: with Liz Trust. It will be their first opportunity, even
Speaker 1: though Joe Biden was in London for the Queen's funeral,
Speaker 1: this is the first opportunity to sit down and explore
Speaker 1: the future of this so called special relationship. Yeah, and
Speaker 1: interesting to point that out as well, because we just
Speaker 1: heard from the new u K new UK Prime Minister
Speaker 1: and she's sort of throwing cold water on this idea
Speaker 1: of something that her predecessor, Boris Johnson, really pushed for
Speaker 1: a bilateral trade deal with the US, and it doesn't
Speaker 1: look like that's coming anytime soon. I think it's it's
Speaker 1: really more about what what they're hearing from Washington, and
Speaker 1: nobody's asking for that right now. In d C. And
Speaker 1: there's a bit of a reluctance to open formal negotiations
Speaker 1: with a post brexit UK here. But look, they'll probably
Speaker 1: talk about it, they'll they'll they'll probably talk about a
Speaker 1: lot of issues here. But when you do the first
Speaker 1: sit down, it's not like they were gonna be hammering
Speaker 1: out a lot of big agreements. They need to feel
Speaker 1: each other out and hopefully UH promote the special relationship
Speaker 1: in a new way. They did have a chance to
Speaker 1: meet UH at the White House months before Liz trust
Speaker 1: became Prime Ministers, so it won't be the first time
Speaker 1: that Joe Biden is shaking her hand, but certainly as
Speaker 1: they meet as two world leaders, that will be a
Speaker 1: first kind about a minute left here Joe. Also happening
Speaker 1: in New York, of course, the Special Master review of
Speaker 1: the documents at marl Lago. What's the latest there, Well,
Speaker 1: this is really something. First of all, we understand it's
Speaker 1: going to take about a month. That was new UH
Speaker 1: and and you know, the Special Master who was just
Speaker 1: appointed apparently be able to get through about five hundred
Speaker 1: pages a day of these eleven thousand pages. It's just
Speaker 1: it's a massive homework assignment. But the Justice Department and
Speaker 1: Donald Trump's lawyers are now arguing about the idea here,
Speaker 1: uh that the president could have declassified these documents on
Speaker 1: his own. Remember that was his claim, but it was
Speaker 1: never specific and the Special Master would like to find
Speaker 1: out more about that. Trump's legal team, though suggesting in
Speaker 1: writing that the former president could be indicted, is asking
Speaker 1: that this uh, this defense if you will not be
Speaker 1: answered specifically at this point in the case, the Special
Speaker 1: feel Master is going to have to go through these
Speaker 1: documents apparently on his own accord. Wow, well, if that
Speaker 1: does get done in about a month, that puts it
Speaker 1: right before the November You know, timing is everything. Thanks
Speaker 1: for this, Joe, as always good to speak with you.
Speaker 1: Joe Matthew Are Washington correspondent, host of Sound On. You
Speaker 1: can catch it every weekday five pm Wall Street Time
Speaker 1: on Bloomberg Radio and listen to Bloomberg Radio in Washington
Speaker 1: Bloomberg and one oh five point seven FM HD two.
Speaker 1: Looking ahead to the market, open, futures are moving lower,
Speaker 1: with SMP futures down fifteen points, STOW futures down a
Speaker 1: hundred two, Nasdaq futures lowered by fifty five points. The
Speaker 1: tenure Treasury down eleven thirty seconds yield three point five
Speaker 1: three percent. Bloomberg surveillance is straight ahead for Karen Moscow.
Speaker 1: I'm Nathan Hagar, and this is Bloomberg