Speaker 1: From the Bloomberg Interact Dave Berger Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, October eleven two. Coming up this hour,
Speaker 1: stocks drop and yields rise on concerns the Fed will
Speaker 1: remain hackish. The Bank in England is forced to expand
Speaker 1: its emergency measures to tackle chaos in the bond market.
Speaker 1: The route in chip stocks continues around the world, and
Speaker 1: he Seven leaders way their response to Russia's missile garage
Speaker 1: on Ukraine. The woman has been arrested in the fatal
Speaker 1: attack on a man on a Bronx Bux. Plus a
Speaker 1: feisty debate between the two Senate candidates in Ohio. I'm
Speaker 1: Michael barr More, Ah, I'm John Stash Howard sports that
Speaker 1: Chiefs Rallied the Top the Raiders. The Yankees begin their
Speaker 1: playoff series with Cleveland and the Topeny Night for the Rangers.
Speaker 1: That's all s traded ahead on Bloomberg day Break on
Speaker 1: Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nine Team and around the
Speaker 1: World Old on Bloomberg radio dot com and via the
Speaker 1: Bloomberg Business app. Good morning, I'm Nathan Hager and I'm
Speaker 1: Karen Moscow and US dot Index futures are lower this morning.
Speaker 1: We're coming up to five o one on Wall Street
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg. U S and P future is
Speaker 1: down thirty four points now futures down two eight and
Speaker 1: NASTAG futures down. In ten year treasury down fifteen thirty seconds,
Speaker 1: you know, three point nine four percent, and they yield
Speaker 1: on the two year four point three two percent, and
Speaker 1: nine x screwed oil is down two point seven percent
Speaker 1: Nathan Karen. Today's dropping futures follows four straight losing sessions
Speaker 1: on Wall Street this morning. Yields on two year treasuries
Speaker 1: are trading at the highest level since two thousand seven,
Speaker 1: and ten yere yields are flirting with four percent thirty
Speaker 1: years searched to their highest since. Jordan Cohn is chief
Speaker 1: investment officer at a c M Funds. A lot of
Speaker 1: these areas of the market and the fixed income market
Speaker 1: are really getting older soldier that come down quite a bit.
Speaker 1: Yields are much higher than we've seen in years, and
Speaker 1: so I think as soon as the market gets a
Speaker 1: spense that inflation is peaking um and and tenure yield
Speaker 1: start to stabilize more, you know, I think there could
Speaker 1: be a lot of good buying opportunities. But for us now,
Speaker 1: we're not going to put the part before the horse.
Speaker 1: Jordan Conn of a c M fund says, the mood
Speaker 1: remains fragile. I had a Thursday's inflation data. Well. As
Speaker 1: for equities, Nathan, perhaps the hardest sector hit in the
Speaker 1: recent sell off has been chip stocks. In fact, more
Speaker 1: than two hundred forty billion dollars in market value has
Speaker 1: been wiped out since the White House impost curbs on
Speaker 1: China's access to semiconductor technology. They get more from Bloomberg's
Speaker 1: Charlie Pellett. The industry sold off globally after fresh US
Speaker 1: curbs on China's access to American technology added to a
Speaker 1: disappointing start to the earning season, stoking concern that the
Speaker 1: industry's downturn is far from over. The Philadelphia Stock Exchange
Speaker 1: Semiconductor Index fell three and a half percent, closing at
Speaker 1: its lowest level since No member of the index has
Speaker 1: dropped nearly ten percent over the past three trading days
Speaker 1: and is now down more than forty so far this year.
Speaker 1: In New York, Charlie Pellette Bloomberg, Debrie. Al Right, Charlie,
Speaker 1: thank you, and the chip sell off continued overnight, leading
Speaker 1: stocks lower in Asia. Let's get more on that from
Speaker 1: Bloomberg's Juliette Sally in Singapore, Good morning, Juliet, Good morning,
Speaker 1: Nathan and Karen. Some of the biggest losses were in
Speaker 1: ship related equities in Japan, South Korea, and Taiwan, where
Speaker 1: traders returned from holidays to join the global sell off
Speaker 1: in semiconductor shares. Taiwan's tie X traded at November twenty
Speaker 1: twenty lows, while t s MC shares fell as much
Speaker 1: as eight and a half percent, the most on record
Speaker 1: to July twenty twenty lows began traded within sight of
Speaker 1: the original level that spurred Japanese authorities to defend the
Speaker 1: currency in September, and they want slid as warri mounts
Speaker 1: at Beijing will uphold its COVID zero policy well after
Speaker 1: the Chinese Communist Party Congress this month. In Singapore, Juliette
Speaker 1: Sally Bloomberg Daybreak, All right, Juliette, thank you well. In
Speaker 1: Europe this morning, the Bank of England has been forced
Speaker 1: to spend its emergency measures as in response to chaos
Speaker 1: and the bond market. And let's go live to London
Speaker 1: and get the latest from Bloomberg's U and Pass. Good morning,
Speaker 1: you w Good morning karenen Nathan. It's the second time
Speaker 1: this week the UK Central Bank has moved to calm
Speaker 1: the bond market. This morning, the banking that expanded the
Speaker 1: scope of its guilt purchases to include inflation linked debt
Speaker 1: in an effort to avert what it called a fire sale.
Speaker 1: The intervention comes after a severe set off on Monday
Speaker 1: that saw UK inflation yields surging by the most on
Speaker 1: record in London, Immune part Sploomberg daybreak, are you and thanks?
Speaker 1: The risk of a global recession is now rising thanks
Speaker 1: to higher rates. That's according to the head of the
Speaker 1: International Monetary Fund and World Bank President David Malpass. There's
Speaker 1: the risk and the real danger of a world recession
Speaker 1: next year. The advanced economies are are slowing in Europe.
Speaker 1: The debt levels for the developing countries are getting more
Speaker 1: and more burdensome. The rise in interest rates puts added
Speaker 1: weight on it, and inflation is still a major problem
Speaker 1: for for everyone, but especially for the poor. Those comments
Speaker 1: from World Bank President David Malpass are being echoed by
Speaker 1: JP Morgan CEO Jamie Diamond. He says here serious headwinds
Speaker 1: are likely to push the U S and global economies
Speaker 1: into recession by the middle of next year. Meantime, Nathan,
Speaker 1: the FED keeps banging the drum for higher rates. Still,
Speaker 1: Vice chair Lyle Brainerd say lays out a case for
Speaker 1: caution as the Central Bank works to curb inflation in
Speaker 1: light of elevated global economic and financial uncertainty. Moving forward
Speaker 1: deliberately and in a data dependent manner will enable us
Speaker 1: to learn how economic activity, employment, and inflation are adjusting
Speaker 1: to the cumulative tightening in order to inform our assessment
Speaker 1: of the path of the policy rate. Fed Vice Chair
Speaker 1: Lyle Brainerd made the comments yesterday at a meeting of
Speaker 1: the National Association for Business Economics in Chicago. Despite some
Speaker 1: coution Karen, it's too early for a FED policy pivot.
Speaker 1: That's according to strategistic Goldman Sachs, who say the economic
Speaker 1: outlook is not bad enough yet and eight markets remain
Speaker 1: two volatile economist predict the FED is on track to
Speaker 1: deliver its fourth straight seventy five basis point hike at
Speaker 1: next month's meeting. Now, let's get the latest on the
Speaker 1: war in Ukraine. Nathan Russia has launched even more strikes
Speaker 1: in the country, just a day after the most intense
Speaker 1: barrages since the early days of the invasion. President Biden
Speaker 1: will speak with a group of seven leaders this morning.
Speaker 1: He's fledging to impose more costs on the Kremlin and
Speaker 1: to keep providing support to Kiev. John Herbs is a
Speaker 1: former US Ambassador to Ukraine and now Senior director of
Speaker 1: the Atlantic Council's Eurasia Center. Who's objective is not to
Speaker 1: take a bit of territory Ukraine's east. Is objective today
Speaker 1: is to take political control of Ukraine. Is objective tomorrow
Speaker 1: once he has Ukraine in his pocket, is to go
Speaker 1: after other states, including Allen NATO Allas. So he is
Speaker 1: coming for our NATO Allas, we are about to defend
Speaker 1: with American troops. Farmer. Ambassador to Ukraine John Herbs spoke
Speaker 1: with our Washington correspondent Joe Matthew on Bloomberg's sound on
Speaker 1: Catch the program weekdays at five pm eastern on Bloomberg right.
Speaker 1: SMP futures right now are down thirty two points. Staff
Speaker 1: futures down two or to thirty eight. Nastack futures are
Speaker 1: lower by nine points. The tenure treasury is down fifteen
Speaker 1: thirty seconds. The yield three point nine four nimex crew
Speaker 1: trading at eighty eight dollar sixty four cents of barrel.
Speaker 1: Local headlines and the check of sports up next. This
Speaker 1: is Bloomberg. He's out five oh seven on Wall Street
Speaker 1: work fifty four degrees in Central Park. Got an issue
Speaker 1: in Neptune, New Jersey. Route thirty five is closed both
Speaker 1: ways by Lake Avenue. Tell you why shortly. First, Michael
Speaker 1: bars here with what else is going on in New
Speaker 1: York and around the world. The morning Michael, Good morning Nathan.
Speaker 1: A woman has been arrested in the fatal stabbing of
Speaker 1: a man during an argument aboard and mt A bus
Speaker 1: in the Bronx. Lamont Barkley, who was fifty five, is
Speaker 1: the eighth person to be killed in the transit system
Speaker 1: this year. The NMPDS has Barkley got into a verbal
Speaker 1: dispute with a man and a woman believed to be
Speaker 1: boyfriend and girlfriend on a bus Sunday night. Authorities say
Speaker 1: the argument escalated and the man stab Barkley multiple times
Speaker 1: in the stomach. Detectives yesterday said forty two year old
Speaker 1: Ebony Jackson was arrested in connection to the stabbing. The
Speaker 1: man is still on the loose. It was a feisty
Speaker 1: debate in Ohio last night between two Senate candidates. Democratic
Speaker 1: Congressman Tim Ryan and Republican j D. Vans were on
Speaker 1: Ohio's Next Our Media. President Trump endorsed Vans. He talks
Speaker 1: about wanting to support a stronger border. He talks about
Speaker 1: wanting to be bipartisan and get things done. Tim, You've
Speaker 1: been in Congress for twenty years, and the border problem
Speaker 1: has got worse and worse and worse. Bryan on his opponent, JD.
Speaker 1: Vans raised money for the legal defense Fund of the insurrectionists.
Speaker 1: This is the kind of extremism, j D, that we
Speaker 1: wholly reject. You have video post. Don't even try to
Speaker 1: The yat the race could determine which party controls the U. S. Senate.
Speaker 1: A pro Russia hacker group that has targeted several government
Speaker 1: websites at second responsibility for coordinated attacks targeting dozens of
Speaker 1: US airports, including LaGuardia. John On hold Quist, head of
Speaker 1: intelligence analysis at cybersecurity firm Mandian, says kill net has
Speaker 1: been targeting mainly US government websites and all the systems globally. Previously,
Speaker 1: they carried out attacks all over Europe. It carried attacks
Speaker 1: in Japan. Even so, it's sort of a global problem,
Speaker 1: but you know, a lot of it is a lot
Speaker 1: of it is tied to the war in Ukraine. Hold
Speaker 1: Quist told ABC no flights were disrupted as a result
Speaker 1: of the attacks. The Supreme Court will hear arguments today
Speaker 1: over at California animal cruelty law that could raise the
Speaker 1: cost of bacon and other pork products nationwide and involves
Speaker 1: the California law that says porks sold in the state
Speaker 1: needs to become from pigs treated humanely. A majority of
Speaker 1: unionized railroad workers voted to reject a tentative labor agreement
Speaker 1: broken in park last month by President Joe Biden. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg Nathan, Thanks Michael, going up to
Speaker 1: five ten on Wall Street time for the Bloomberg Sports
Speaker 1: Uptake and morney John stanshow Morning the eighth and the
Speaker 1: Mets post season is over. Now the Yankees post season
Speaker 1: begins Game one with Cleveland ten night. It'll be Garrett
Speaker 1: cole Ver says the Guardians cal Quandrill eighteen years ago.
Speaker 1: His father, Paul was a Yankee reliever who served up
Speaker 1: the David Ortiz game winning omer in Game four the
Speaker 1: Alcs that began that Red Sox come back from pretting
Speaker 1: nothing down. Aaron Boone met the media yesterday was asked
Speaker 1: if the crowd will be like it was when Aaron
Speaker 1: Judge was Jason Roger Magankee Stadium in the playoffs. It's
Speaker 1: gonna be pretty raucous. I would imagine tomorrow night, a
Speaker 1: lot of energy in the building, a lot of anticipation,
Speaker 1: certainly when Aaron's up because he's Aaron Judge and and
Speaker 1: what he can do. But no, I don't think it
Speaker 1: will be necessarily similar to you know, when he was
Speaker 1: sixty sixty one and stuff like that. I think it's
Speaker 1: gonna be the playoffs, the three other division series, all
Speaker 1: just that intro Division, Phillies and Brains in Atlanta, Mariners
Speaker 1: and Astros in Houston thirty nine year old justin Verland.
Speaker 1: It will start for the Astros coming off a brilliant
Speaker 1: regular season, Padres and Dodgers and l A. The Dodgers
Speaker 1: won the season series with San Diego fifteen to four.
Speaker 1: The Mets offseason underway, a lot of decisions to be made.
Speaker 1: Mets could have as many as ten free agents and
Speaker 1: the list will include Jacob de Graham, Edwin Diaz and
Speaker 1: Brandon Nimmo and the last other Rangers. They were losing
Speaker 1: to Tampa Bay and the Stanley Cup Conference Final Rangers
Speaker 1: in lightning tonight at the Garden, the beginning to do
Speaker 1: season wild Monday Night at the Calf, Week five, Raider
Speaker 1: has led the chief seventeen nothing. Casey came back, Patrick
Speaker 1: Mahomes and Travis hel Kelsey Cook hooked up for four touchdowns.
Speaker 1: Raiders scored with the game time TV with four and
Speaker 1: half minutes left, they went for two to get it.
Speaker 1: Chiefs held on to win thirty ton stash were Bloomberg Sports,
Speaker 1: Nathan john thanks SMP Futures Down Down twenty nine points,
Speaker 1: South Futures Down Tuner fifteen nest At futures are lowered
Speaker 1: by eighty two points to ten. Your treasuries down fourteen
Speaker 1: thirty seconds, yield three point nine four. This is Bloomberg
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Speaker 1: Learn more at Philanthropists dot n YC. Markets headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business At and at Bloomberg Quick Tape. This
Speaker 1: is a Bloomberg Business lash and I'm Carrot Moscow and
Speaker 1: stocks are falling, pressured by rising treasury yields and signs
Speaker 1: that company earnings are set to disappoint. Engage of the
Speaker 1: dollar climbing to the highest this month. The mood is
Speaker 1: fragile ahead of Thursday's US inflation data, with a case
Speaker 1: for another seventy five basis point rate high likely to
Speaker 1: be strong if the reading comes in higher than forecast.
Speaker 1: And we check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg. SNP futures down twenty eight points down,
Speaker 1: futures down two hundred five nasdack futures down eighty five.
Speaker 1: The decks in Germany's down eight tens of a percent.
Speaker 1: Ten year treasury down fourteen thirty seconds, you know, three
Speaker 1: point nine four percent they yield on the two year
Speaker 1: four point three one percent. NIMEX screwed oil is down
Speaker 1: two point six percent on two dollars thirty seven cents
Speaker 1: at eighty eight dollars seventy five cents of barrel comes
Speaker 1: golled down two tens per cent, or two dollars ninety
Speaker 1: cents at sixteen seventy two thirty announced the euro point
Speaker 1: nine seven one five against the dollar British found one
Speaker 1: point one zero seven zero and the yen one forty
Speaker 1: five point six six. And look at a bitcoin, it's
Speaker 1: down eight tens of uppercent at nineteen thousand dollars. And
Speaker 1: that's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: Moore on what's going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen, President Biden and g Sevenly, there's will
Speaker 1: hold a virtual meeting to discuss how to support Ukraine
Speaker 1: and hold Russian President Putin accountable. For Russia's aggression. This
Speaker 1: comes as Russia recently carried out missile strying across Ukraine,
Speaker 1: hitting major cities like Kiv. The U s Supreme Court
Speaker 1: could hear arguments in a high stakes case today involving pork.
Speaker 1: The nation's twenty billion dollar pork industry is asking the
Speaker 1: justices to strike down California's Proposition twelve that would ban
Speaker 1: the sale of all pork that comes from pigs raised
Speaker 1: in spaces that aren't large enough for them to turn
Speaker 1: around in In football, the Chiefs beat the Raiders thirty
Speaker 1: twenty nine. In baseball, Game one of the a LDS
Speaker 1: begins tonight. For the Yankees, they play the Guardians. The
Speaker 1: NHL season begins tonight. The Rangers take on the Lightning.
Speaker 1: Global News twenty four hours a day on airrand on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael Barron.
Speaker 1: This is Bloomberg, Nathan. Thanks Michael. It's five nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak and let's get more now on what's
Speaker 1: happening in Ukraine following Russia's barage on Kiva and other cities,
Speaker 1: and as the G seven gets set to meet joining
Speaker 1: us now, Bloomberg News Executive editor for International Government Rosalind mathieson,
Speaker 1: so get us up to speed on what's been happening
Speaker 1: since that barrage. I understand a lot of the attention
Speaker 1: now as far as developments on the ground is back
Speaker 1: in the so called annexed territories in the south and east. Well,
Speaker 1: that's right. So after yesterday's missile attacks which really struck
Speaker 1: across a wide swath of Ukraine from the south to
Speaker 1: the east, Dikiev also across to Levov in the west,
Speaker 1: sending the message that nowhere really in Ukraine remains totally
Speaker 1: safe at this point from Russia's reach. This morning we
Speaker 1: had fresh strikes on Zaparitzia, which is of course the
Speaker 1: area of annexed Ukraine that houses the key nuclear power plant.
Speaker 1: Has been a lot of focus on that plant since
Speaker 1: the war broke out, of course, the safety of the
Speaker 1: plant's inability to keep operating um in difficult circumstances and
Speaker 1: so on. So really we're seeing a string of attacks
Speaker 1: around that area in recent weeks. But certainly the message
Speaker 1: that we're getting from Russia as this war takes an
Speaker 1: even darker turn, is that Vladimir Putin is not going
Speaker 1: to give up. He's not he's not willing to seed
Speaker 1: the ground even as his troops struggle to retain territory
Speaker 1: inside Russia, and if anything, he's escalating via these annexations,
Speaker 1: mobilizing his troops and now of course stepping up his
Speaker 1: missile attacks, that he's certainly not ready to back down,
Speaker 1: and wanted to get a little deeper into where this
Speaker 1: could go from here. Given the pressure that Vladimir putinize,
Speaker 1: I understand his feeling from hardliners within his own country,
Speaker 1: and the continued morale issues that we've been witnessing on
Speaker 1: the part of Russian troops in Ukraine. Well, that's right.
Speaker 1: You can see a real chorus coming from Russia. In
Speaker 1: recent weeks, military bloggers, military hardliners and others criticizing this
Speaker 1: war quite publicly saying that they frustrated at the way
Speaker 1: it's going, at the level of organization, obviously the shambolic
Speaker 1: command structure has come to to play in Russia, and
Speaker 1: really sort of disappointed that Russia hasn't made better ground,
Speaker 1: and that's put a lot of pressure of Vladimir Putin
Speaker 1: to show progress of some description and certainly not to
Speaker 1: be seen to be backing down. So the missile strikes
Speaker 1: yesterday during drawing some praise from those quarters inside Russia,
Speaker 1: and that really reinforces the fact again that it's very
Speaker 1: difficult to find an off ramp at this point, because
Speaker 1: any sort of exit does require the Russian president to
Speaker 1: some extent to be able to say that he got
Speaker 1: something for all of this and claims some kind of victory,
Speaker 1: however small that might be. In equally, Ukraine's not going
Speaker 1: to seed territory in order to make that happen. So
Speaker 1: we're really at a at a difficult point in this conflict,
Speaker 1: and that puts attention, of course on the US and
Speaker 1: the G seven leaders. After President Biden just a few
Speaker 1: days ago had said that the US was looking for
Speaker 1: that off ramp for Vladimir Putin. Now the G seven
Speaker 1: is getting ready to meet in just a couple hours. Here,
Speaker 1: what are you looking for their? Well, what we're expecting
Speaker 1: a continued state monts obviously of unity for Ukraine, of
Speaker 1: support for Ukraine, pledging to continue to send Ukraine financially,
Speaker 1: which is really helping the government to continue to operate,
Speaker 1: but also to provide them weapons. What they are cautious
Speaker 1: about is providing the sorts of ever more powerful weapons
Speaker 1: that Ukraine says on a daily basis that really now
Speaker 1: needs to press its advantage, and that sort of NATO's
Speaker 1: standard weaponry, tanks, fighter jets um and the very long
Speaker 1: range missile systems that they're asking for. And there's been
Speaker 1: a lot of caution about sending any of that in because,
Speaker 1: of course, the fear is that that would be seen
Speaker 1: as a direct provocation of the Russian president, perhaps NATO
Speaker 1: really putting itself into this confrontation, and in a climate
Speaker 1: where the Russian president is dangling the potential use of
Speaker 1: nuclear weapons is at a place you want to go to.
Speaker 1: So it's unlikely to be tangible statements in terms of
Speaker 1: more advanced weapons, but certainly expressions of continued support for
Speaker 1: Ukraine in its fight against Russia, and will of course
Speaker 1: be monitoring that G seven meeting and passing along any
Speaker 1: developments as they come in. Bloomberg's Rosalind Matheson, our executive
Speaker 1: editor for International Government, keeping us apprised of all that's
Speaker 1: happening in Ukraine and the global response ros as always
Speaker 1: great to have you with us. Right looking ahead to
Speaker 1: the market open this morning, we're poised for another session
Speaker 1: of losses potentially, with SMP futures right now down twenty
Speaker 1: eight points down, futures down two eight. Nasdaq futures are
Speaker 1: also lowered, down eighty three points uh. The selling continues
Speaker 1: in the bond market as well, with the tenure Treasury
Speaker 1: down fourteen thirty seconds, with the yield at three point
Speaker 1: nine three percent, yield on the two year at four
Speaker 1: point three one p Nimex cruds plunging down two and
Speaker 1: a half percent or two dollars twenty six cents at
Speaker 1: eighty eight dollars eighty five cents of barrel, and the
Speaker 1: euro right now trading at point nine seven one zero
Speaker 1: against the dollar. Stay with us, you're listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleventh three oh weather sunny today with a
Speaker 1: high near seventy degrees apache fog possible tonight, but it's
Speaker 1: gonna be mostly sunny again tomorrow with a high near
Speaker 1: seventy chance for showers Thursday. Right now fifty four in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg E Living Freedom to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg on a six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM Channel one
Speaker 1: nine team and around the blood the Bloomberg business in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hager and
Speaker 1: I'm kerin Moscow and we're just about four hours away
Speaker 1: from the open of US trading. Let's get you up
Speaker 1: to date on the news. You need to know what
Speaker 1: this show our well. US futures are lower yet again
Speaker 1: after four straight and losing sessions. Earnings and inflation data
Speaker 1: will be key this week. Some analysts expect a significant
Speaker 1: earnings drop, but that may not come to pass if
Speaker 1: inflation usays. That's according to Bloomberg Intelligence Chief equity strategist
Speaker 1: Gina Martin Adams, the reality of the earning stream is
Speaker 1: an Inflation has been a big pain point for earnings.
Speaker 1: Revenues have been growing, but margins have been contracting amid
Speaker 1: the rising input cost pressure. Even though companies have been
Speaker 1: able to pass on some price increases, so we might
Speaker 1: be somewhat surprised by the degree to which to drop
Speaker 1: an inflation can actually soothe some of those margin pressures.
Speaker 1: Gina Martin Adams at Bloomberg Intelligence says she expects quote
Speaker 1: earnings confusion to continue into the next quarter. Chip stocks
Speaker 1: have been hit particularly hard in this recent sell off, Karen.
Speaker 1: More than two ordered forty billion dollars in global market
Speaker 1: values been wiped away after the White House and Post
Speaker 1: curbs on China's access to semiconductor technology. Meantime, Nathan warnings
Speaker 1: of a global down here and are growing louder. The
Speaker 1: heads of the International Monetary Fund and World Bank weren't
Speaker 1: of rising risks of a global recession, and JP Morgan
Speaker 1: CEO Jamie Diamond is joining in, says saying serious headwinds
Speaker 1: could push the U S and global economies into recession
Speaker 1: by the middle of next year. The Fed still raising rates, Karen,
Speaker 1: but Vice chair Laile Brainerd is echoing some of Diamond's concerns,
Speaker 1: noting global tightening could spill back into the US. We're
Speaker 1: starting to see the effect on some sectors, but it's
Speaker 1: going to take some time for that cumulative tightening to
Speaker 1: transmit throughout the economy and for inflation to come down.
Speaker 1: FED Vice chair law Brainerd made those comments yesterday at
Speaker 1: a meeting of the National Association for Business Economics in Chicago.
Speaker 1: Let me turned out to the war in Ukraine, Nathan,
Speaker 1: where Russia is ramping up attacks and now G seven
Speaker 1: leaders are holding an emergency meeting to discuss continue support
Speaker 1: to Ukraine. Bloomberg's and Baxter has the story. The White House,
Speaker 1: in a statement says the other aim will be to
Speaker 1: hold Russian President of Vladimir Putin accountable for Russia's aggression.
Speaker 1: Ukraine's President of Vladimir's alone, Ski will participate at the
Speaker 1: top of the meeting. The group has already openly condemned
Speaker 1: the Russian missile attacks, but we'll discuss whether more military
Speaker 1: support will be forthcoming, as well as any potential economic
Speaker 1: sanctions on Vladimir Putin and Russia. In San Francisco, I'm
Speaker 1: at Baxter Bloomberg daybreak, all right, and thank you, and
Speaker 1: futures this morning or lower SNP futures down thirty two
Speaker 1: points down, futures down two one and NASDACK futures down
Speaker 1: and a tenure Treasury down sixteen thirty seconds. You have
Speaker 1: three point nine four percent. Try to head your latest
Speaker 1: local headlines plus a check of sports. This is Bloomberg.
Speaker 1: Thanks on Wall Street, fifty three degrees in Central Park
Speaker 1: westbound four forties closed near the outer bridge crossing on
Speaker 1: Staten Island, and Michael Barr's got more on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much. Nathan. With less than a month to
Speaker 1: go until the mid term elections, Democratic Representative Tim Ryan
Speaker 1: squared off with Trump backed Republican candidate Jade Events in
Speaker 1: a FEISTI Senate debate last night. Ryan, speaking on next
Speaker 1: Our Media about Vance, Donald Trump said that jd Vance
Speaker 1: all you do is kiss my host to get my support.
Speaker 1: Vance responded, You're gonna take lecturers on dignity and self
Speaker 1: respect from a guy caught on video kissing up the
Speaker 1: Chuck Schumer. Both candidates in Ohio are pulling close in
Speaker 1: a race that could determine which party controls the U. S. Senate.
Speaker 1: A woman was arrested yesterday, and Sunday's fatal stabbing of
Speaker 1: a man during an argument aboard an m T A
Speaker 1: bus and the Bronx detectives say forty two year old
Speaker 1: Amoni Jackson was arrested in connection to the stabbing. Police
Speaker 1: A Jackson's apparent boyfriend allegedly stabbed Lamont Barkley, who was
Speaker 1: fifty five. It is the eighth person to be killed
Speaker 1: in the transit system this year, and the third within
Speaker 1: ten days. The man is still on the loose. At
Speaker 1: least fourteen airports around the US, including LaGuardia, reported their
Speaker 1: internal communications and advertising systems were hit by hackers believed
Speaker 1: to be Russian based. The group known as killed Net
Speaker 1: claim responsibility for the attack. John Holdquist had of intelligence
Speaker 1: analysis that cybersecurity firm Mendiant says it was a denial
Speaker 1: of service attack on the airport websites. It's essentially superficial.
Speaker 1: It doesn't necessarily mean that any back end resources are
Speaker 1: being affected, or dad has been lost or anything exactument
Speaker 1: operations that have been affected in any way. John hold
Speaker 1: Quist with Mandy and told a d C no flights
Speaker 1: were affected. James Brennan, the San Antonio officer that shot
Speaker 1: an unarmed teenager who was eating inside of his car
Speaker 1: and the McDonald's sparking lot, has been fired. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Nathan hiiight, Michael,
Speaker 1: thanks on Wall Street time for the Bloomberg Sports Something.
Speaker 1: Here's j Stash all right, Nathan. Yankees in Cleveland meeting
Speaker 1: in the postseason for the six times often nineties seven
Speaker 1: Yankees have won three of the five, included two games
Speaker 1: sweep in a wild card series. Two years ago. Yanks
Speaker 1: went five and one with the Guardians of the regular season.
Speaker 1: But Cleveland just won a wild card series with Tampa
Speaker 1: Bay where they allowed only one run in twenty four
Speaker 1: And as the Guardians start, Cal Quantrill Tonight Stadium, Aaron
Speaker 1: Boone starts his eights a scary cole And because he
Speaker 1: came here and signed a huge contract, and you know
Speaker 1: the long term and the ace of this staff, the
Speaker 1: New York Yankee staff, you know, nothing will ever be
Speaker 1: necessarily good enough. Um, but I think he's had a
Speaker 1: very strong year. Cal said a New Yankee Record to
Speaker 1: s breakouts of the season with Big Yankee. Concerned with
Speaker 1: Cleveland's Jose Ramirez, he had a hundred and twenty six RBIs.
Speaker 1: Only Aaron Judge had more in the American League. Had
Speaker 1: the Mets won one more game they had won the division,
Speaker 1: they'd be hosting the Phillies today. They went fourteen and
Speaker 1: five against them. Instead, the Phillies are in Atlanta. The
Speaker 1: Films got hot after they fired Joe Girardi promoted Rob Thompson.
Speaker 1: They've now given Thompson the job full time day football
Speaker 1: in Kansas City, Las Vegas led seventeen to nothing. Patrick
Speaker 1: Mahomes brought the Chiefs back four touchdown passes, all the
Speaker 1: Travis Kelsey. The Chiefs won thirty to twenty nine. Casey
Speaker 1: has four in one Vegas one and four, all four
Speaker 1: losses by fewer than seven points. When the Giants were
Speaker 1: looking for a coach in nineteen, they were interested in
Speaker 1: Matt Rowley. Instead was hired by Carolina. The Panthers just
Speaker 1: fired him. They dropped the puck on a new NHL
Speaker 1: season tonight, first game at the Guard and Rangers in Tampa. There,
Speaker 1: John Stay, actually Humbert Sports maybe can't wait? Thank you?
Speaker 1: John seven on Wall Street time for the Tri State
Speaker 1: Business Report with Bloomberg, Scott Carr, New York based software
Speaker 1: maker Alchemies raised twenty one million dollars in Series eight funding,
Speaker 1: bringing its total finances to twenty six million. The maker
Speaker 1: of software that helps business automate data workflows, says they'll
Speaker 1: use the funds to expand hiring and product development and
Speaker 1: go to markets rategies to Family owned New Jersey based
Speaker 1: businesses have come together to create a one stop full
Speaker 1: service interior exterior cleaning maintenance business for commercial customers. Ja
Speaker 1: Don Cleaning and award winning full service commercial cleaning business
Speaker 1: has announced the acquisition of Pico Services Property Maintenance, which
Speaker 1: handles landscaping and property management. The Arizona College of Nursing's
Speaker 1: plans to enter the Connecticut market could be in trouble
Speaker 1: in the face of allegations against the school regarding a
Speaker 1: lack of transparency, combined with pushback from some local colleges
Speaker 1: in the Arizona College had plans to open a campus
Speaker 1: in East Hartford. That's the Bloomberg Try State Business Report.
Speaker 1: I'm Scott Carr. Thank you Scott. It's five thirty eight
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve Poda Scott ten ten
Speaker 1: Wins in New York. We're talking about clothing maker Alpha
Speaker 1: the Street is opening its first brick and mortar store
Speaker 1: up pop up in Soho. I'm calin head Girl bloom
Speaker 1: Big Deby Digital Medio in London. We've been reporting on
Speaker 1: some signs of calm in the UK market after another
Speaker 1: intervention from the Bank of England in guilds using extraordinary
Speaker 1: language on Ginas Servetti in for w c c O
Speaker 1: in Minneapolis. I'm talking about the Mayo Clinic getting a
Speaker 1: one million dollar gift. Um Corney Donahoan Cafe by and
Speaker 1: Omaha Crop Giant car Gil sees developing nations cutting their
Speaker 1: demand for green I'm Scott Carr on w t A
Speaker 1: M in Cleveland. I'm reporting on the hope that a
Speaker 1: post season run by the Guardians translates into better attendance
Speaker 1: at Progressive Field Andree And those are some of the
Speaker 1: stories our twenty seven hundred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Climate changes adding to the danger of severe storms, as
Speaker 1: Hurricane Ian in Florida recently made clear. Yet America's card
Speaker 1: approach to flood insurance discourages responsible choices about what gets
Speaker 1: built and where. When the hybrid public and private insurance
Speaker 1: market meets current disaster relief policy, the result is mispriced risk,
Speaker 1: misallocated investment, and amounting toll of suffering and cost. In essence,
Speaker 1: the government is subsidizing people to live places that put
Speaker 1: them in danger. It's time for a rethink. After climate
Speaker 1: related disasters strike, getting back to normal should no longer
Speaker 1: be the overriding goal. Help the victims to be sure,
Speaker 1: but take actions so that next time there will be
Speaker 1: fewer of them. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg
Speaker 1: dot com, slash Opinion or ope I n go on
Speaker 1: the Bloomberg terminal. This has been Bloomberg Open and listen
Speaker 1: for Bloomberg Opinion editorials every weekday. At this time terminal.
Speaker 1: Customers can read more at O P I n GO.
Speaker 1: Future is following once again. SMP futures down thirty three
Speaker 1: points down, futures down two to thirty eight, NASDAK futures
Speaker 1: lower by ninety nine points. We'll talk about this market
Speaker 1: next with Linda Distle, senior equity strategist at Federated Hermes Bloomberg.
Speaker 1: Eleven three oh weather. Sunshine today, maybe some patchee fog overnight.
Speaker 1: We'll get up to near seventy degrees, mostly sunny, high
Speaker 1: near seventy Tomorrow showers, maybe a thundershower Thursday, with highs
Speaker 1: once again near seventy degrees. Right now fifty three in
Speaker 1: Central Park markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com. A Bloomberg Business Allan
Speaker 1: at Bloomberg Quick Tape, He's a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow. And stocks are falling, pressured by rising
Speaker 1: treasury yields and signs that company earnings are set to
Speaker 1: diste point e gauge of the dollar climbing to the
Speaker 1: highest this month. Who checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg futures are lower, SMP
Speaker 1: futures down thirty six points, now futures down two hundred
Speaker 1: fifty six and NASTAG futures down one hundred six. The
Speaker 1: decks in Germany's down one point three percent, the ten
Speaker 1: year treasury down nineteen thirty seconds three point nine six percent,
Speaker 1: and they yield in the two year four point three
Speaker 1: three percent. Nine X Screwed oil is down two point
Speaker 1: four percent, down two dollars sixteen cents at eighty eight
Speaker 1: dollars ninety nine cents of barrel comes. Gold is down
Speaker 1: a third percent, or five dollars fifty cents at sixteen
Speaker 1: sixty nine fifty announced. The euro point nine six nine
Speaker 1: nine against the dollar. British found one point one is
Speaker 1: zero four one and they en one forty five point
Speaker 1: seven four. And look at a bitcoin, it is down
Speaker 1: one percent, had nineteen thousand dollars. That's of Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. US
Speaker 1: officials are condemning the barrage of Russian missiles that struck
Speaker 1: several cities across Ukraine. Yes to one of Moscow's largest
Speaker 1: attacks in months. President Biden will meet virtually later today
Speaker 1: with members of the G seven, senior administration officials, says.
Speaker 1: The group of world leaders are expected to discuss ways
Speaker 1: to aid Ukraine and continue punishing Russia. Today marks four
Speaker 1: weeks until the critical November mid term elections, which will
Speaker 1: dessign which party controls Congress. US Senate candidates in Ohio
Speaker 1: held their first debate last night. In football, the Chiefs
Speaker 1: meet the Raiders thirty nine. In baseball, Game one of
Speaker 1: the a l Ds begins to night. For the Yankees,
Speaker 1: they play the Guardians. The NHL season begins tonight. The
Speaker 1: Arrangers take on the Lightning global news twenty four hours
Speaker 1: a day on a or and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalist and analysts in
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg. Nathan all right, Michael, thank you. It's
Speaker 1: five forty nine on Wall Street Live from the Bloomberg
Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak, and we are
Speaker 1: joined now by Linda This all senior equity strategist that
Speaker 1: federated Herme's as we watch yet another sell off on
Speaker 1: Wall Street. Linda, good morning. We may be poised for
Speaker 1: five straight losing sessions for the SMP. Is this market
Speaker 1: pricing in a recession? Yes? Hi, good morning, Athan, Uh,
Speaker 1: great to talk to you today. And is it? Is
Speaker 1: it pricing in a recession? Really not much of a
Speaker 1: recession if at all here in the United States. We
Speaker 1: look at the earnings risk premium, it's generally correlated to
Speaker 1: earnings growth. You had to think that with all the
Speaker 1: concerns are going on out there, that investors would require
Speaker 1: more of a premium to buy stocks. But that really
Speaker 1: hasn't moved that much in recent weeks. So the stock market,
Speaker 1: you know, it's it's going and fits and starts, to
Speaker 1: be sure, and it's still reasonably stronger than what we
Speaker 1: had federated. Hermi's think it will have to end up
Speaker 1: doing before we can, you know, can really find some
Speaker 1: buying bottom, some good some good buying bottom. Here. Where
Speaker 1: are you seeing signs of strength? What are you looking
Speaker 1: for in what particular sectors? Well, you know, if you
Speaker 1: look at the sectors of the stock market and relative
Speaker 1: pees to the stock market in general over the last
Speaker 1: thirty years, still the energy path remained the least expensive
Speaker 1: of them all. Of course, that's where the best earnings
Speaker 1: growth is coming. And if you strip out the strong
Speaker 1: earnings growth from the energy sector, the rest of the
Speaker 1: marketplace is really pretty tepid here in terms of kind
Speaker 1: of maybe looking at a mild economic recession. So to us,
Speaker 1: that's our favorite one, But in general, those those more
Speaker 1: defensive value oriented sectors, the ones that give you the
Speaker 1: good dividend yields. That whole dividend space was ignored for
Speaker 1: five years, so it really looks inexpensive to still, even
Speaker 1: if it's gotten punished a bit in the month of September.
Speaker 1: As this rotation keeps running around back and forth, you
Speaker 1: know where should I whould I sell? M? Should I buy? Yeah?
Speaker 1: I guess some of the rotation, Yeah, I guess some
Speaker 1: of that rotation is being driven, of course by the
Speaker 1: speculation about what the Fed's gonna do, whether we could
Speaker 1: see a pivot toward at least slower interest rate hikes,
Speaker 1: and we continue to get that drumbeat from Federal Reserve
Speaker 1: officials that rates have to stay higher for longer. What's
Speaker 1: your outlook on where rates go from here? Yes? And
Speaker 1: and actually mas and that's kind of what we've been
Speaker 1: saying for months, that Federated Hervey's is higher for longer.
Speaker 1: And I think that the marketplaces has to slowly, slowly
Speaker 1: come to realize that that, you know, whatever that terminal
Speaker 1: rate is, if it's four and a half percent, Uh,
Speaker 1: that's that could be a victory because it might have
Speaker 1: to go five percent and you know, usually you needed
Speaker 1: five percent FED funds to really start to hit employment.
Speaker 1: Employment in this country is just too strong. And we
Speaker 1: talk about rate, but we're not talking enough probably about
Speaker 1: quantitative tightening, which I guess actually is what they're talking
Speaker 1: about over in the United Kingdom just today, you know,
Speaker 1: and uh what that means for liquidity and maybe the
Speaker 1: quantitative tightening maybe they should stop. We might come to
Speaker 1: that point here in the U. S as well, moment
Speaker 1: where the FED needs to stop their tightening campaign. Um
Speaker 1: get as it really starts to hit this economy hard. Yeah.
Speaker 1: I wanted to ask you whether there's a risk that
Speaker 1: the FED goes too far on interest rate hikes. What
Speaker 1: do you think it would take for the FED to
Speaker 1: stop with the interest rate increases? Uh? Yeah, I think
Speaker 1: that the Fed, well, the FED is really focused on
Speaker 1: the unemployment situation in general, not so worried about the
Speaker 1: markets unless there's a financial accident. And I think that's
Speaker 1: what the really the developed markets are on the globe
Speaker 1: we're going to be watching now for the next number
Speaker 1: of months. Is is the weakness that might that might
Speaker 1: show up somewhere? Is it a two strong dollar? Is
Speaker 1: its central banks tightening too much in liquidity? Is not there?
Speaker 1: That whole liquidity idea is really the big concern out there.
Speaker 1: So uh So, you know, FED funds need to keep
Speaker 1: going up and quantity of trying need to happen. But
Speaker 1: if at a moment it looks like there's a financial
Speaker 1: accident on its way in any particular country, they'll probably
Speaker 1: stop on a dime now and reverse that tightening. Well,
Speaker 1: what's it gonna mean for earnings? We've got the kickoff
Speaker 1: of earning season coming up later this week. If we
Speaker 1: continue with this tighter FED cycle and a stronger dollar,
Speaker 1: what's that going to mean for the earnings outlook? That's
Speaker 1: that's really the very interesting kind of the perverse situation
Speaker 1: that we find ourselves in now. It's not it's not
Speaker 1: just the US, but the US as we as we
Speaker 1: look for earning season is extremely highly employed, you know
Speaker 1: are we have record job levers at this moment with
Speaker 1: very low unemployment rate in this country, as we do
Speaker 1: around the world. So we all complain about the costs
Speaker 1: for whatever we want to buy going up and then
Speaker 1: we pay for it. So up until this last quarter,
Speaker 1: corporate America has enjoyed really continued strong earnings growth because
Speaker 1: the margins held up. Margins is starting to slip, and
Speaker 1: that is true, so the earnest growth will start to
Speaker 1: come down and maybe go negative here, but maybe not
Speaker 1: nearly as negative as the rest of the world because
Speaker 1: we're just too strong. I saw a statement just the
Speaker 1: other day. So the economy is weirdly resilient, but we've
Speaker 1: got going on here. It's weird, but it's resilient. So
Speaker 1: there's a very decent chance that earnings could beat expectations
Speaker 1: I see going into this third quarter season. Seven percent
Speaker 1: decline in earnings is the expectation normally that's for and
Speaker 1: usually the market rebounds when you you have an over
Speaker 1: an over reduction. There. Weird but resilient. We'll leave it there.
Speaker 1: Thanks so much Linda for this. Linda distal with us
Speaker 1: this morning senior equity strategist at Federated Hermes, Karen Alli, Nathan,
Speaker 1: thank you. It is five or fifty five on Wall
Speaker 1: Street Time Now for our daily of Bloomberg Law Brief,
Speaker 1: exploring legal issues in the news. And today we're looking
Speaker 1: at Dreamers remaining in limbo after a federal Appeals Corps
Speaker 1: dealt another blow to their legal status. DACA, or Deferred
Speaker 1: Action for Childhood Arrivals, is an Obama era program that's
Speaker 1: preventing a deportation the hundreds of thousands of immigrants brought
Speaker 1: into the US as children, known as dreamers. Now, the
Speaker 1: Fifth Circuit Court of Appeals has ruled that the data
Speaker 1: program contradicts federal immigration law. For more on the issue,
Speaker 1: Bloomberry S Judent Grosso speaks to immigration law expertly on Fresco,
Speaker 1: a partner at Holland and night Lee on the Fifth
Speaker 1: Circuit decision covers a lot of legal territory. Tell us
Speaker 1: about the broad parameters of it. Well. The Fifth Circuit
Speaker 1: decision is very interesting because it mails a lot of
Speaker 1: different concepts solids the one decision. But basically what it
Speaker 1: says is that data is illegal, but we're not gonna
Speaker 1: end doctor today go back District Court and tell us
Speaker 1: whether we're right about the new rule that was issued
Speaker 1: by the federal government while the original doctor case was
Speaker 1: pending changes something so that it makes the program converted
Speaker 1: from being illegal to legal. Does the new rule do
Speaker 1: anything different or does it fail for the same two reasons,
Speaker 1: which are that it contributes the statute and that it
Speaker 1: regulates in a place where they're is that clear regulatory authority?
Speaker 1: And if it does, will strike it then and then
Speaker 1: it will be up to the Supreme Court to determine
Speaker 1: what happens. Sax. It sounds like sending it back to
Speaker 1: the lower court is not a good omen for the
Speaker 1: dreamers because it's a legal question. The Fifth Circuit is
Speaker 1: sending back to the Texas judge to decide, and this
Speaker 1: is a judge who already ruled that data was unconstitutional. Correct.
Speaker 1: What this means is that they're sending back basically the
Speaker 1: same legal questions they just answered in the memo case
Speaker 1: and basically asking the District court does this new regulations
Speaker 1: the rule do anything different than the memos? And if
Speaker 1: it does something different than the memo, tell us that
Speaker 1: maybe then the data we CIPI in the win. But
Speaker 1: if it doesn't, then the dotor recipient bloom And the
Speaker 1: truth of the matter is the whole point of the
Speaker 1: regulation was just to eliminate the notice and common argument.
Speaker 1: It wasn't to change anything else. And so I would
Speaker 1: say with thirty that the District Court and the Fifth
Speaker 1: Circuit are going to invalidate the rule. And as Leon Fresco,
Speaker 1: a partner at Holland and Night speaking with Bloomberg jun
Speaker 1: Grosso catch where that interview plus analysis of the latest
Speaker 1: legal news by subscribing to the Looom Bloomberg Law podcast
Speaker 1: or downloading the show at Bloomberg dot com slash podcast.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b law Go. And our top stories are straight
Speaker 1: ahead and this is Bloomberg