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Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg Daybreak

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Speaker 1: for Friday, September two. Coming up this hour hurricaney and

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Speaker 1: takes him at the Carolinas as Florida deals with the devastation.

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Speaker 1: Stocks begin the last day of the quarter at twenty

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Speaker 1: two month lows. The pound recoups all its losses after

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Speaker 1: last week's text cut announcement, and we'll tell you why

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Speaker 1: shares of Nike are not doing it for investors. This morning,

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Speaker 1: Shock grief and outrage over the random stabbing death of

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Speaker 1: a New York City e M s veteran, plus Russian

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Speaker 1: President Poopin will finalize annexation of Ukraine regions on Lakeael

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Speaker 1: Blarm more ahead, I'm John Stash, Aaron Sports The Big

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Speaker 1: Mets Brain Series begins tonight Atlanta. Aaron Judge and the

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Speaker 1: Yankees host the Orioles NFL Bengals beat the Dolphin. That's

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Speaker 1: All's Tradit head on Bloomberg day Break on Bloomberg eleven

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Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg

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Speaker 1: one oh six one, Boston, Bloomberg nine sixties, San Francisco,

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Speaker 1: Sirius XM one nineteen and around the world on Bloomberg

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Speaker 1: Radio dot Carmen via the Bloomberg Business App. And good morning.

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Speaker 1: I'm Fern Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought

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Speaker 1: to you by se I, built on advanced technologies in

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Speaker 1: fifty years of innovation. SEI offers Asset Managers, a comprehensive

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Speaker 1: and flexible operations outsourcing platform. Go to s e I

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Speaker 1: C dot com, slash Managers and U shock in Next.

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Speaker 1: Futures on the rise this morning at six oh one

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Speaker 1: on Wall Street, and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day on Bloomberg s and P

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Speaker 1: futures up twenty five points, DAL futures have a hundred

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Speaker 1: sixty seven NASDAG futures up two and the ten year

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Speaker 1: Treasury U seconds here three point six nine percent. Nathan, Karen.

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Speaker 1: We'll get back to markets in a moment, but we

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Speaker 1: want to get you the latest first on Hurricane Ian.

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Speaker 1: It is a hurricane again set for landfall later today

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Speaker 1: in South Carolina. President Biden's declared an emergency for the state.

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Speaker 1: This woman is in Fort Myers, Florida, where Ian came

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Speaker 1: in as a powerful Category four storm. I am the

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Speaker 1: stupidest woman. I'm from Florida. I want to Andrew Herma.

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Speaker 1: I decided to stay. Did not know it's going to

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Speaker 1: get to be a four and a five. And President

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Speaker 1: Biden says ian could be one of the deadliest storms

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Speaker 1: in Florida's history. The numbers of still are still unclear,

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Speaker 1: but we're hearing early reports of what may be substantial

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Speaker 1: loss of life. President Biden says he's been in touch

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Speaker 1: with Florida Governor Rhonda Santis. The governor says it will

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Speaker 1: take time to confirm casualties, but rescuers have been busy.

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Speaker 1: There have been more than seven hundred confirmed rescues, and

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Speaker 1: there's likely many more than that that will be confirmed

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Speaker 1: as more data comes in. Governor to Santa says the

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Speaker 1: state is trucking in supplies to those in need, but

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Speaker 1: blackouts could last for days. Oh, I think you posted

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Speaker 1: on the latest damage and disruption from this storm. But first, Nathan,

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Speaker 1: we turned back to the markets. It's the last day

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Speaker 1: of the third quarter and stocks to begin this session

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Speaker 1: at a twenty two month low. So far this quarter,

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Speaker 1: one point three twillion dollars has been wiped off the

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Speaker 1: value of the SNP five hundred and c f r

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Speaker 1: A chief investment strategist Sam Stovall says October could be

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Speaker 1: even even though September does have a reputation of being volatile.

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Speaker 1: Of the trading days in September typically see a one

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Speaker 1: percent move either up or down, but we've had two

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Speaker 1: and a half times that number this year. And if

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Speaker 1: you think September is bad, just wait till October because

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Speaker 1: that traditionally sees thirty six percent more volatility than the

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Speaker 1: average for the other eleven months of the year. The

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Speaker 1: c fi A sam Stovall expects stocks to soon retest

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Speaker 1: their lows. Hawk Is talk from the fed's been weighing

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Speaker 1: on markets, Karen. San Francisco president Mary Daily says the

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Speaker 1: central Bank is committed to raising interest rates until it

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Speaker 1: restores price stability. Navigating the economy toward a more sustainable

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Speaker 1: path necessitates higher interest rates in a down shift in

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Speaker 1: the pace of economic activity and the labor market, but

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Speaker 1: for now inducing a deep recession the kind we hand

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Speaker 1: back in the nineteen eighties, or some would even think

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Speaker 1: of the Great Recession, that is not warranted. San Francisco

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Speaker 1: Fed President Mary Daily says she is worried about possibly

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Speaker 1: tightening policy too much if it is. Keeping his eye

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Speaker 1: on economic data, Nathan, including another report on sentiment. This morning,

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Speaker 1: we get September is reading from the University of Michigan

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Speaker 1: at ten am Wall Street Time, and we get a

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Speaker 1: preview from Bloomberg's off Any Dale, Judas, the University of

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Speaker 1: Michigan consumer sentiment index has been recovering after setting a

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Speaker 1: record low in June. Gasoline prices if east somewhat dangers persists,

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Speaker 1: though there's talk about recession with the Federal Reserve raising

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Speaker 1: interest rates to fight inflation. Moreover, Bloomberg Economic says Americans

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Speaker 1: are wary of the inflation outlook with uncertainty amount the

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Speaker 1: cost are living running at the highest than forty years. Then,

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Speaker 1: Judas Bloomberg, Day break, any thank you. In Europe this morning,

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Speaker 1: the pounds rallied back to level's last seen before the

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Speaker 1: government announced controversial tax cuts last week. Let's go to

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Speaker 1: London and get the latest with Bloomberg's You and Potts

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Speaker 1: Good morning, Good morning, Nathan, and caring the pound higher

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Speaker 1: four a fourth day today is his trade is speculating

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Speaker 1: the government will be forced to backtrack from his big

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Speaker 1: package of unfunded tax cuts the bat of the currency

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Speaker 1: and bond markets earlier this week. The move caps an

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Speaker 1: extremely volatile week for UK markets, which saw the dramatic

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Speaker 1: intervention of the Bank of England's new prime minister. List

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Speaker 1: Trust is at the Conservative Party converence this weekend, and

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Speaker 1: one fashion opinion poll puts a thirty three points behind

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Speaker 1: the opposition Labor Party in London. I'm you and parts

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Speaker 1: Bloomberg Daybreak, Ay do and thank you. We're also getting

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Speaker 1: inflation data out of Europe this morning. For the first

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Speaker 1: time ever, inflation has hit double digits. In the Eurozone.

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Speaker 1: Consumer prices for September rose ten percent from a year earlier.

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Speaker 1: That topped estimates and marks the fifth strade month that

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Speaker 1: Euro Area inflation came in above consensus. Back here in

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Speaker 1: the US, Karen, we have some corporate news of note,

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Speaker 1: including the end of an era at Facebook parent Meta

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Speaker 1: CEO Mark Zuckerberg is outline plans to reorganize teams and

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Speaker 1: reduce headcount for the first time ever. Bloomberg technology reporter

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Speaker 1: Kurt Wagner broke the news late yesterday. In some cases,

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Speaker 1: you know, when someone leaves a team, they're just not

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Speaker 1: going to fill that role. Again, some people are going

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Speaker 1: to be moving from team to team, and then in

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Speaker 1: some cases they're going to be kicking out low performers, right,

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Speaker 1: which is a pretty drastic thing that we haven't seen

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Speaker 1: that Facebook in a long time or ever. And so

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Speaker 1: this really just feels like a moment, right This company

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Speaker 1: that has been growing and expanding for eighteen years finally

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Speaker 1: hitting a bit of an issue here. My Bloomberg Scared

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Speaker 1: Wagner says Metal will likely be a smaller company in

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Speaker 1: three than it was this year. The shares are up

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Speaker 1: one percent in early trading. Well on the flip side,

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Speaker 1: Nathan shares of Nike are down more than nine percent.

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Speaker 1: The company reported a surgeon inventory and is pushing through

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Speaker 1: discounts that her profitability. Higher freight costs and foreign exchange

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Speaker 1: effects are also hurting Nike, and Micron is slashing production

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Speaker 1: because of a steep plunge in demand. The biggest US

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Speaker 1: chip maker is forecasting quarterly sales almost two billion dollars

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Speaker 1: below estimates. Still, the stock is higher mon news that

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Speaker 1: Japan will subsidize Micron's push to produce its new advanced

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Speaker 1: chips in Hiroshima futures this morning. On the rise SMP

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Speaker 1: future is up twenty nine points, Doubt futures up one

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Speaker 1: and NASDAG futures up eight three. The ten year treasury

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Speaker 1: seconds you have three point six eight percent and they

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Speaker 1: yield on a two year four point one four per cent.

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Speaker 1: Bitcoin is at nineteen thousand, five hundred dollars and straight

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Speaker 1: ahead your latest local headlines plus a check of sports,

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Speaker 1: and this is Bloombergh Karen, thank you. Six oh seven

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Speaker 1: on Wall Street. Were fifty three degrees in Central Park

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Speaker 1: and dealing with two accidents on both ways on the

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Speaker 1: Cross Bronx Expressway. Details coming up in traffic. First, Michael

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Speaker 1: Barr with what else is going on in New York

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Speaker 1: and around the world. Michael, Good morning, Nathan. The suspect

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Speaker 1: is in custody in the fatal stabbing of a sixty

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Speaker 1: one year old f d n Y Emergency Medical Services lieutenant.

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Speaker 1: Police say she will stabbed multiple times yesterday afternoon in

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Speaker 1: an unprovoked attack while on duty. New York City Mayor

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Speaker 1: Eric Adams one of our heroes, Alison Russo, at twenty

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Speaker 1: five year penny of the Fire Department, stabbed by an assailant.

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Speaker 1: Mayor Adams says Russo was standing outside f d n

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Speaker 1: Y e M S Station in Queens when the violence occurred.

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Speaker 1: Russa was taken to a hospital where she was pronounced dead.

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Speaker 1: Russo's death sparked an outpouring of emotion and sympathy outside

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Speaker 1: the hospital. NYPD Commissioner Keachin Sewull, this deadly, senseless, broad

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Speaker 1: daylight attack on a uniformed e M team member is

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Speaker 1: a direct assault on our society. It is the latest

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Speaker 1: consequence of the violence that we relentlessly fight in our city.

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Speaker 1: The suspect of thirty or four year old man has

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Speaker 1: not been charged yet. Police so far did not have

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Speaker 1: a motive for the stabbing. Russian President Vladimir Putin is

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Speaker 1: expected to deliver a major address at the Kremlin today

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Speaker 1: formerly annexing for Ukrainian regions. This after holding what Ukraine

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Speaker 1: and Western countries said, we're phony referendums in the Russian

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Speaker 1: occupied areas. President Biden made it clear the US will

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Speaker 1: never recognize Russia's attempt to claim Ukrainian territory. The so

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Speaker 1: called referendum was a sham, an absolute sham. The results

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Speaker 1: were manufactured in Moscow. President Biden made his comments to

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Speaker 1: Pacific Island leaders at the White House. The wife of

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Speaker 1: Supreme Court Justice Clarence Thomas, appeared before the January six

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Speaker 1: committee investigating the Capitol riot. In the days after the election,

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Speaker 1: Jenny Thomas urged the Trump White House to fight back

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Speaker 1: and emailed state lawmakers asking them to help overturn the

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Speaker 1: election results. The Senate voted overwhelmingly to a prove an

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Speaker 1: interim spending bill that would keep the government open until

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Speaker 1: mid December. The House still has to consider the legislation.

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

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Speaker 1: on Bloomberg Quick Take Power by more than twenty seven

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

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Speaker 1: Barr and this is Bloomberg. Nathan, Okay, Michael, thank you,

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Speaker 1: six o nine on Wall Street time for the Bloomberg

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Speaker 1: Sports Update. Here's John's statue. All right, Anathan, you can't

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Speaker 1: underestimate a significance of this Mets Braves series that begins

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Speaker 1: tonight in Atlanta. That both teams are going to the playoffs.

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Speaker 1: Winning the division means the first round by setting up

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Speaker 1: your rotations the division round, animes not having to play

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Speaker 1: the Dodgers until the NLCS Dodgers have won eight games,

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Speaker 1: Mets lead the Braves by one the left Jacob Graham

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Speaker 1: on the Mountain Tonight with Max Schers are going tomorrow,

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Speaker 1: and the Mets have called up their top prospect, twenty

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Speaker 1: year old catcher Francisco Alvarez. He might be the h

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Speaker 1: to night Yankees owed for the Orioles when Hank Aaron

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Speaker 1: broke Babe Ruth home run record back in eighteen seventy four.

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Speaker 1: He broke it in his first game after tying it.

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Speaker 1: We'll see if Aaron Judge does Likewise, Judge has had

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Speaker 1: this remarkable season as a free agent to be the

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Speaker 1: Yankees want to resign him. The Yankee team president's Randy

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Speaker 1: lem I think he likes being Yankee. Uh, we love

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Speaker 1: having him be Yankee. You know, being a Yankee is

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Speaker 1: different than anything else. So I'm hopeful. Well, I can

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Speaker 1: tell you as health Staring Brenner, the entire organization, myself,

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Speaker 1: Brian Kishman, We're not going to leave any stone on

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Speaker 1: turn trying to bring him back to Randy Levan a

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Speaker 1: guest on the Bloomberg Business and Sports or Tonight at seven,

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Speaker 1: or listen to the podcast on Apple, Spotify, Stitcher, or

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Speaker 1: or anywhere you get your podcast Wait for NFL on

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Speaker 1: the way with Cincinnati's twenty seven to fifteen win over

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Speaker 1: Miami Dolphins DUB two. It's on the Baola sacked in

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Speaker 1: the second quarter. He was down for seven minutes, taken

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Speaker 1: off the field and the stretcher. He's got head and

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Speaker 1: neck injury. Spent the night at the Cincinnati hospital. Expected

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Speaker 1: to be released today despite the storm. Chiefs fuck Sunday

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Speaker 1: Night will not be moved. It'll be played in tamplea.

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Speaker 1: John Stat Edward Bloomberg sports, All right, John, thank you.

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Speaker 1: SMP futures right now up thirty one points down, futures

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Speaker 1: up two hundred eight points, and NASTAC futures are highed

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Speaker 1: by ninety two points. Now the ten. Your treasury is

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Speaker 1: up twenty thirty seconds, held now down to three point

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Speaker 1: six eight percent. British pound at one point one one

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Speaker 1: five eight against the dollar as UK Prime Minister Liz

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Speaker 1: Trust holds an emergency meeting with her country's fiscal watchdog.

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Speaker 1: We're gonna get the latest on that next with Bloomberg's

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Speaker 1: Lizzie Burden in London. You're listening to Bloomberg day Break

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Speaker 1: Bloomberg eleven three oh weather clouds today up for sixties,

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Speaker 1: will have light rain tomorrow mid sixties and showers low

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Speaker 1: sixties for Sunday. Right now fifty three degrees in Central Park. Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg Quick Take.

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Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow.

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Speaker 1: European stocks on the rise along with government bond signaling

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Speaker 1: a potential recovery at the end of a tumultuous week

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Speaker 1: in the markets, and US DOCK index futures. They're gaining

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Speaker 1: as well, following another bruising session on Wall Street that

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Speaker 1: took the SMP five hundred down two percent to the

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Speaker 1: lowest in almost two years and sent the tech heavy

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Speaker 1: NASDACK tumbling almost four percent. We checked the markets every

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Speaker 1: fifteen minis throughout the trading day on Bloomberg. S and

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Speaker 1: P futures are higher again, up thirty four points down

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Speaker 1: futures up two hundred seventeen and NASDAG futures up nineties three.

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Speaker 1: The decks in Germany is up nine tenths of a percent,

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Speaker 1: ten year treasury up twenty five thirty seconds. He'll three

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Speaker 1: point six eight percent. They yield on the two year

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Speaker 1: four point one four percent. NIMEX screwed oil is up

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Speaker 1: three tens percent or twenty four cents at eighty one

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Speaker 1: dollar forty seven cents of barrel Coms called up four

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Speaker 1: ten percent or six dollars seventy cents at sixteen seventy

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Speaker 1: five twenty announced the euro point nine seven eight one

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Speaker 1: against the dollar, British found one point one one two

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Speaker 1: three and the end one forty four point four eight.

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Speaker 1: And look at it. Bitcoin this morning up a tenth

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Speaker 1: of a percent at nineteen thousand, five hundred dollars. Today

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Speaker 1: we are watching for reports on personal income and spending

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Speaker 1: at at eight thirty Wall Street time at tenants consumer sentiment,

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Speaker 1: and that's a bloomberg business flash. Now here's Michael Barr

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Speaker 1: with more on what's going on around the world. Michael Karen,

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Speaker 1: thank you very much. Ian. Now, a hurricane again is

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Speaker 1: threatening to carbon and path of destruction through South Carolina

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Speaker 1: today when it roars a show or in the north

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Speaker 1: of Charleston. Forecasters say the storm will drive a surge

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Speaker 1: of water into the city of three to six feet.

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Speaker 1: Government officials say. Russian President Vladimir Putin will officially annex

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Speaker 1: four occupied regions of Ukraine at a formal signing ceremony today.

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Speaker 1: The UN Secretary General condemn Russia's action, saying it has

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Speaker 1: no legal value and must not be accepted. In baseball,

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Speaker 1: the Yankees host the Orioles to night. Aaron Judge will

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Speaker 1: go for sixty two Homer's passing rogermarras a l record.

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Speaker 1: Last night, the Red Sox beat the Orioles five three.

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Speaker 1: The A's lost the Giants. One Thursday Night football, the

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Speaker 1: Bengals beat the Dolphins. Global news twenty four hours a

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

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Speaker 1: than twenty seven hundred journalists and analysts, are more than

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Speaker 1: a hundred twenty countries. Michael Barr And this is Bloomberg. Nathan, Okay, Michael,

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Speaker 1: thank you. We're coming up to six twenty on Wall

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Speaker 1: Street Live from the Bloomberg Interractor Broker Studios. This is

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Speaker 1: a Bloomberg Daybreak. We've been taking a look at the

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Speaker 1: British pound. This morning, we want to focus on UK

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Speaker 1: politics now. Prime Minister Liz Trust is under growing pressure

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Speaker 1: from her own Conservative party after just a few weeks

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Speaker 1: in office. After coming out with that tax cut plan that,

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Speaker 1: to say the very least has Royal Markets joining us

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Speaker 1: now from our London headquarters, Bloomberg's Lizzie Burden, Lizzie, good morning.

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Speaker 1: The Prime Minister and her economic team have just had

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Speaker 1: a meeting with the UK's fiscal watchdog on that tax

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Speaker 1: cut plan. What do we know about what's come out

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Speaker 1: of that so far? Well, I have to say you

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Speaker 1: can't understand how unusual it is for the Prime Minister

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Speaker 1: to have a meeting like this. There's been in person

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Speaker 1: meetings when a new Chancellor or Office for Budget Responsibility

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Speaker 1: chairmans appointed, so it's not unusual for the Chancellor to

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Speaker 1: be having this meeting. But there are no records of

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Speaker 1: the Prime Minister joining any of the budget rounds over

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Speaker 1: the past six years, so that in itself is odd.

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Speaker 1: There's been a debate raging on Twitter about what the

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Speaker 1: intention was. Were they trying to on the independent Forecaster?

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Speaker 1: Are they going cap in hand to the o b

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Speaker 1: R to try and get back some of the credibility

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Speaker 1: with markets, because of course it was the lack of

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Speaker 1: the forecast that partly offended markets about the budget. What

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Speaker 1: we know coming out of this meeting is that the

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Speaker 1: Treasury isn't challenge changing its fiscal plan after this meeting,

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Speaker 1: and the Fiscal Watchdog says that it's forecast when it

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Speaker 1: comes is going to be based on its independent judgment

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Speaker 1: of the economic and fiscal prospects and the and and

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Speaker 1: the impact of the government's policies in its own words.

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Speaker 1: So the o B are very much standing confirm that

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Speaker 1: it is not going to be weighed on by the Government. Well,

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Speaker 1: what does this mean, Lizzie for the new UK prime

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Speaker 1: Minister's tax cut plan. There's been a lot of worry

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Speaker 1: about that, a lot of speculation that it's going to

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Speaker 1: add even further to inflation. But at least in the

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Speaker 1: public comments, Prime Minister Trust doesn't sound like she's backing

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Speaker 1: down from this idea, not at all. It's trust. Quarteng

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Speaker 1: and the Trade Secretary Kemmy Badenoch dug into their positions

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Speaker 1: about this fiscal plan yesterday, all saying that these tax

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Speaker 1: cuts are going to boost growth. Um. There's a private

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Speaker 1: WhatsApp group of Tory MPs though, and one of our

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Speaker 1: colleagues up Bloomberg has seen the messages of Quarteng pleading

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Speaker 1: with Tory MPs saying we need your support to do

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Speaker 1: all this as the only people who win if we

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Speaker 1: if we divide is the Labor Party, so begging them

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Speaker 1: to get behind him. But what we're also hearing is

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Speaker 1: that some of these Tory MPs are begging for Quarting

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Speaker 1: to quit just to give Liz Trust the political cover

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Speaker 1: so that she can you turn on the tax cuts

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Speaker 1: because they have gone down so badly politically and with markets. Wow,

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Speaker 1: really interesting to get that behind the scenes. Look at

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Speaker 1: what's happening in the Conservative Party. What are we expecting

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Speaker 1: to come out publicly? With the Conservatives holding a party

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Speaker 1: conference this weekend. Liz Trust can't be feeling good going

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Speaker 1: into that now, and even worse, she'll be feeling because

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Speaker 1: of this pole that was published in The Times by

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Speaker 1: Yugov last night showing that the Labor Party has now

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Speaker 1: got a thirty three point leads, the biggest pole lead

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Speaker 1: of any UK political party in twenty years. Again, it's

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Speaker 1: it's a response to the budget. And you've also got

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Speaker 1: some of the political heavyweights like Rischie Sunach, the former

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Speaker 1: Chancellor who of course ran against li Trust to be

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Speaker 1: Prime Minister, sitting it out, not attending, and he says

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Speaker 1: it's so that he can give Trust space. He's going

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Speaker 1: to stay in his constituency. But coincidence, isn't it that

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Speaker 1: lots of his allies are also going to be avoiding

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Speaker 1: the conference. What I hear is that they simply cannot

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Speaker 1: face doing broadcast media interviews where they have to defend

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Speaker 1: these policies. Only about thirty seconds left here, Lizzie. But

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Speaker 1: a big question is Liz Trust living on borrowed time

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Speaker 1: right now? Well, technically she as a new prime Minister,

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Speaker 1: should have twelve months safe from a vote of confidence.

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Speaker 1: But the Tory Party likes to stay in power. So

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Speaker 1: what Tories say to me is that the rules can

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Speaker 1: easily change. We Tories like to stay in power. That's

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Speaker 1: some things up, doesn't it, Liz. Lizzie Burden as always

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Speaker 1: great to speak with you ahead of this party conference

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Speaker 1: that's happening this weekend and following this emergency meeting where

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Speaker 1: the Prime Minister herself appeared alongside her new Chancellor. With

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Speaker 1: this emergency meeting at number ten Downing Street, Bloomberg Daybreak

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Speaker 1: Europe is going to be live from the Tory conference

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Speaker 1: on Monday. You're definitely gonna want to tune in for

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Speaker 1: that to see what's happening with the new government in

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Speaker 1: the UK. Looking at the futures this morning, they're moving

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Speaker 1: high er SMP futures are up twenty eight points, Stal

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Speaker 1: futures up undred eighty two. Nasdaq futures on the rise

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Speaker 1: by eighty points. The tenure Treasury is up twenty four

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Speaker 1: thirty seconds. The yield three point six eight percent. You're

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Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh weather clouds today,

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Speaker 1: upper sixties, will be in the mid sixties with light

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Speaker 1: rain Tomorrow, showers on Sunday low sixties. Right now fifty

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Speaker 1: three in Central Park, broadcasting live from the Bloomberg Interactive

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Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,

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Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one

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Speaker 1: to San Francisco, Bloomberg NAM sixty to the country, Sirius

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Speaker 1: XM Chento one nine, and around the globe the Bloomberg

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Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak

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Speaker 1: and at six thirty on Wall Street. Good morning. I'm

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Speaker 1: Karen Moscow, I'm Nathan Hagar. We're about three hours away

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Speaker 1: from the open of US trading time for the five

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Speaker 1: things you need to notice start your day. Brought to

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Speaker 1: you by I v KR Investment Advisors switched to Interactive

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Speaker 1: ib kr dot com slash r I a up first

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Speaker 1: hurricane and is due for a second landfall today north

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Speaker 1: of Charleston, South Carolina. President Biden has declared an emergency

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Speaker 1: for the entire state. South Carolina Governor Henry McMaster is

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Speaker 1: urging residents to get ready, Call your family, call your

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Speaker 1: love once, tell them where you're gonna be. Um Let

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Speaker 1: let them know that so they won't be worried about

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Speaker 1: you any Time to clean up and recovery in Florida's

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Speaker 1: just getting started. Governor Rond Santa says first responders have

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Speaker 1: performed more than seven hundred rescues. There's not been in

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Speaker 1: these rescue efforts, um, you know, decease people found as

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Speaker 1: of yet. Now that may change, of course, and Governor

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Speaker 1: de Santa says the power outages in southwest Florida could

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Speaker 1: be lengthy last for the markets. Nathan us futures are

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Speaker 1: higher as you close out the trading week yesterday, the

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Speaker 1: SNP five Hybready Clothes said a twenty two month low.

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Speaker 1: Joanne Phoenie, as a portfolio manager at Adviser's Capital Management,

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Speaker 1: you have to look back at history and recognize that

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Speaker 1: the market sells off the most right, but tend to

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Speaker 1: tend to do that before recessions begin, and they tried

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Speaker 1: to recover before we even know officially that we've had

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Speaker 1: a recession. And so for a long enough term investor,

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Speaker 1: I am a year, two years, three years. There are

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Speaker 1: some pretty good opportunities out there, but one has to

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Speaker 1: be able to stomach the volatility, which doesn't look like

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Speaker 1: it's going to go away anytime soon. Joeann Phenie with

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Speaker 1: Advisor's Capital Management says one point three trillion dollars has

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Speaker 1: been wiped off the value of the SNP five hundred

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Speaker 1: this quarter. Shares of Nike are down more than nine

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Speaker 1: percent in early trading. Care in the sportswear company reported

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Speaker 1: inventory has surged and it's had to push through discounts

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Speaker 1: that hurt profitability. Higher freight costs, smartdowns and foreign exchange

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Speaker 1: effects hit Nike's gross margin in the latest quarter, and

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Speaker 1: Micron slashing production because of a steep plunge in demand. Nathan,

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Speaker 1: the biggest US chipmaker, is forecasting quarterly sales that are

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Speaker 1: almost two billion dollars below wester Mess But the stock

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Speaker 1: is hire this morning on news that Japan will subsidize

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Speaker 1: Micron's push to produce its new advanced chips in Hiroshima.

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Speaker 1: And that's the five things you need to know to

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Speaker 1: start your day, brought to you by Interactive Brokers. Futures

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Speaker 1: this morning are higher. SNP futures up thirty points down.

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Speaker 1: Future is up two one NASDAG futures up eighties seven.

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Speaker 1: The decks in Germany is up three quarters of a percent.

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Speaker 1: Ten year treasury of thirty seconds, the yield three point

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Speaker 1: six eight percent, yield on the two year four point

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Speaker 1: one four percent. And straight ahead your latest local headlines

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Speaker 1: plus the check of sports. And this is Bloomberg, all right,

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Speaker 1: thank you Caring. It is five thirty three on Wall Street,

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Speaker 1: where at fifty three degrees in Central Park, we've got

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Speaker 1: an accident on the outbound lower level of the George

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00:23:45,720 --> 00:23:48,040
Speaker 1: Washington Bridge. Will tell you about it in traffic. First,

430
00:23:48,119 --> 00:23:50,439
Speaker 1: Michael Barr with what else is going on in New

431
00:23:50,520 --> 00:23:53,399
Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.

432
00:23:53,480 --> 00:23:56,000
Speaker 1: A suspect is in custody in the fatal stabbing of

433
00:23:56,040 --> 00:23:58,560
Speaker 1: the sixty one year old f d n Y Emergency

434
00:23:58,680 --> 00:24:02,080
Speaker 1: Medical Services luten It police saying Alice and Russo was

435
00:24:02,119 --> 00:24:05,320
Speaker 1: stabbed yesterday afternoon in a random attack while on duty

436
00:24:05,720 --> 00:24:08,959
Speaker 1: standing outside f d n Y e m S station

437
00:24:09,040 --> 00:24:11,760
Speaker 1: in Queens. Russo was rushed to a hospital where she

438
00:24:11,880 --> 00:24:15,200
Speaker 1: was pronounced dead. New York Mayor Eric Adams he was

439
00:24:15,359 --> 00:24:19,640
Speaker 1: working for this city. She played paid the ultimate sacrifice.

440
00:24:19,880 --> 00:24:23,040
Speaker 1: Because of that. Russell's death sparked an outpouring of emotion

441
00:24:23,119 --> 00:24:26,560
Speaker 1: and sympathy outside the hospital, with lots of tears and hugs.

442
00:24:26,880 --> 00:24:30,520
Speaker 1: Laura Kavanaughs, the acting f d n Y Commissioner, Lieutenant

443
00:24:30,600 --> 00:24:34,520
Speaker 1: Russo exemplified f d n Y e m S. She

444
00:24:34,640 --> 00:24:37,480
Speaker 1: served the city for twenty five years. She was a

445
00:24:37,520 --> 00:24:41,240
Speaker 1: World Trade Center first responder. She was cited multiple times

446
00:24:41,359 --> 00:24:44,200
Speaker 1: for her bravery and her life saving work. The suspect,

447
00:24:44,280 --> 00:24:46,960
Speaker 1: to thirty four year old man, has not been charged yet.

448
00:24:47,520 --> 00:24:50,480
Speaker 1: An officials says a Russian strike on the Ukrainian city

449
00:24:50,520 --> 00:24:53,879
Speaker 1: of Zapparija killed at least twenty three people and wounded dozens.

450
00:24:54,320 --> 00:24:57,680
Speaker 1: It happened just hours before Moscow planned to annex more

451
00:24:57,800 --> 00:25:00,760
Speaker 1: of Ukraine and an escalation of the seven month war.

452
00:25:01,240 --> 00:25:05,160
Speaker 1: President Biden called Russia's so called referendum aimed at annexing

453
00:25:05,280 --> 00:25:09,200
Speaker 1: Ukrainian land and absolute sham the United States, who want

454
00:25:09,200 --> 00:25:13,560
Speaker 1: to be very clear about this, United States will never, never, never,

455
00:25:13,840 --> 00:25:18,719
Speaker 1: recognize Russia's claims on Ukraine sovereign territory. President Biden made

456
00:25:18,760 --> 00:25:21,880
Speaker 1: his comments speaking to Pacific Island leaders at the White House.

457
00:25:22,359 --> 00:25:25,480
Speaker 1: The wife of Supreme Court Justice Clarence Thomas, appeared before

458
00:25:25,480 --> 00:25:29,399
Speaker 1: the January six committee investigating the Capitol riot. Jenny Thomas

459
00:25:29,480 --> 00:25:33,159
Speaker 1: answered questions behind closed doors for four hours. In the

460
00:25:33,240 --> 00:25:36,600
Speaker 1: days after the election, she urged the Trump Whitehouse to

461
00:25:36,840 --> 00:25:40,160
Speaker 1: fight back and emailed state lawmakers asking them to help

462
00:25:40,240 --> 00:25:43,840
Speaker 1: overturn the election results. Committee chairman Bennie Thompson said that

463
00:25:44,000 --> 00:25:46,719
Speaker 1: she answered some of the questions that were put before her.

464
00:25:47,160 --> 00:25:49,600
Speaker 1: Her lawyer later came out and said she answered all

465
00:25:49,640 --> 00:25:53,679
Speaker 1: the questions. After two years of modest declines, data from

466
00:25:53,720 --> 00:25:59,320
Speaker 1: the CDC shows suicides in the US increased four from one.

467
00:25:59,680 --> 00:26:02,200
Speaker 1: The dis an increase was from Mayle's fifteen to twenty

468
00:26:02,240 --> 00:26:06,200
Speaker 1: four years old, which climbed eight percent After seven years

469
00:26:06,240 --> 00:26:09,080
Speaker 1: as host. Trevor Noah announced last night that he will

470
00:26:09,160 --> 00:26:12,760
Speaker 1: leave the Daily Show. Weird things to say, living good

471
00:26:13,640 --> 00:26:16,960
Speaker 1: at at goodbyes, and it's not instant. I'm not disappearing.

472
00:26:17,080 --> 00:26:19,920
Speaker 1: Don't worry. If I owe you money, I'll still pay you.

473
00:26:21,320 --> 00:26:24,600
Speaker 1: Comedy Central says there is no timetable for his departure.

474
00:26:25,000 --> 00:26:27,600
Speaker 1: Global News twenty four hours a day on air and

475
00:26:27,800 --> 00:26:30,360
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

476
00:26:30,440 --> 00:26:33,199
Speaker 1: hundred journalists and analysts more than a hundred twenty countries. Now,

477
00:26:33,280 --> 00:26:41,480
Speaker 1: Michael barn this is Bloomberg, Nathan, Okay, Michael, Thanks six

478
00:26:41,560 --> 00:26:44,000
Speaker 1: thirty six. On Wall Street, John Stansher has the Bloomberg

479
00:26:44,000 --> 00:26:46,720
Speaker 1: Sports Update, Thanks Nathan. For several months now, the Mets

480
00:26:46,760 --> 00:26:48,480
Speaker 1: have been trying to hold off the Atlanta Braves. This

481
00:26:48,560 --> 00:26:51,080
Speaker 1: weekend will determine whether they can continue to him. That's

482
00:26:51,080 --> 00:26:53,600
Speaker 1: all the one game lead, one win in this three

483
00:26:53,680 --> 00:26:57,400
Speaker 1: game series gives them the tiebreaker. Mets changed their rotation.

484
00:26:57,480 --> 00:26:59,760
Speaker 1: They moved Jacob to grom to Tonight. He actually comes

485
00:26:59,800 --> 00:27:02,320
Speaker 1: off a bad out. He max Ernsy goes tomorrow. Storm

486
00:27:02,359 --> 00:27:04,320
Speaker 1: apparently has gone through Atlanta. The weather for the series

487
00:27:04,359 --> 00:27:07,760
Speaker 1: should be okay. Yankee Sos, the Orioles, Aaron Judge tied,

488
00:27:07,920 --> 00:27:10,800
Speaker 1: Roger Marris now tries to surpass him. Roger Marris Jr.

489
00:27:11,320 --> 00:27:15,840
Speaker 1: Has been attending all of Judge's recent game. Aaron's mom

490
00:27:16,080 --> 00:27:17,320
Speaker 1: coming here and sit with her, there was a lot

491
00:27:17,320 --> 00:27:18,720
Speaker 1: of fun. Get to know her, get a little bit

492
00:27:18,760 --> 00:27:21,719
Speaker 1: about the family, and uh, you know, getting to kind

493
00:27:21,760 --> 00:27:23,680
Speaker 1: of see why Aaron carries himself the way he does

494
00:27:23,760 --> 00:27:27,040
Speaker 1: because obviously getting to meet her, uh, spending some time

495
00:27:27,080 --> 00:27:29,359
Speaker 1: with her, you can kind of see that the apple

496
00:27:29,440 --> 00:27:31,440
Speaker 1: done fall far from the treaty. As great as Judge

497
00:27:31,480 --> 00:27:33,600
Speaker 1: this season has been there, some wood feels show Ao

498
00:27:33,720 --> 00:27:35,639
Speaker 1: Tani should win a second straight m v P, his

499
00:27:35,800 --> 00:27:38,240
Speaker 1: fourth in the league and home runs and second in winds.

500
00:27:38,400 --> 00:27:41,240
Speaker 1: Last night, Otani won his fifteen struck out and he

501
00:27:41,280 --> 00:27:43,800
Speaker 1: took a no hitterr to the eighth inning. The Brewers

502
00:27:43,840 --> 00:27:46,520
Speaker 1: and Phillies battling for the last NL wild card spot.

503
00:27:46,560 --> 00:27:48,199
Speaker 1: They both lost. The Phillies have lost five in a row,

504
00:27:48,280 --> 00:27:51,600
Speaker 1: Tedna last thirteen. They stay a half game ahead. Last Sunday,

505
00:27:51,680 --> 00:27:54,440
Speaker 1: Dolphins quarterback to a Town Baola looked wobbly like he

506
00:27:54,520 --> 00:27:57,440
Speaker 1: had a head injury. Only missed three snaps, said later

507
00:27:57,520 --> 00:28:00,240
Speaker 1: it wasn't his head but his back. The union wanted

508
00:28:00,280 --> 00:28:03,520
Speaker 1: an investigation as to why he was allowed to continto play,

509
00:28:03,520 --> 00:28:05,200
Speaker 1: and they may want another one to have cleared to

510
00:28:05,240 --> 00:28:08,240
Speaker 1: play again last night in Cincinnati, this time a definite

511
00:28:08,280 --> 00:28:11,480
Speaker 1: head injury and perhaps his neck as well. Taken off

512
00:28:11,520 --> 00:28:13,760
Speaker 1: the field on a stretcher, taken to the hospital he

513
00:28:13,800 --> 00:28:16,040
Speaker 1: has was then released. He did fly home with the team.

514
00:28:16,560 --> 00:28:18,440
Speaker 1: Miami had to lead in the fourth quarter, but the

515
00:28:18,480 --> 00:28:21,360
Speaker 1: Bengals rallied and one seven to fifteen. The Dolphins first

516
00:28:21,400 --> 00:28:24,880
Speaker 1: lost at least Philadelphia as the NFL's moan unbeaten. John

517
00:28:25,000 --> 00:28:28,240
Speaker 1: Dashawar Bloomberg Sports. Okay, John, thanks for it's almost five.

518
00:28:28,400 --> 00:28:30,480
Speaker 1: It's almost six thirty eight on Wall Street. I should

519
00:28:30,480 --> 00:28:32,159
Speaker 1: say it's time to take a look at stocks some

520
00:28:32,280 --> 00:28:34,040
Speaker 1: of the names moving in the pre market. For that,

521
00:28:34,080 --> 00:28:37,399
Speaker 1: we're joined by Bloomberg Markets Live editor Heather Burke, and

522
00:28:37,480 --> 00:28:39,960
Speaker 1: of course Heather. One of the biggest laggards this morning

523
00:28:40,120 --> 00:28:45,480
Speaker 1: is Nike after those very disappointing earnings. Yeah, definitely. I

524
00:28:45,560 --> 00:28:49,320
Speaker 1: mean their inventory surged and it was forced to push

525
00:28:49,480 --> 00:28:54,080
Speaker 1: through market busting discounts that hurt their profitability. Um so

526
00:28:54,160 --> 00:28:56,800
Speaker 1: it was the higher free cost marked down to foreign

527
00:28:56,840 --> 00:28:59,760
Speaker 1: exchange effects. Um so. The gross margin of forty four

528
00:28:59,800 --> 00:29:03,440
Speaker 1: point at three percent was below Wall Street expectations, and

529
00:29:03,760 --> 00:29:06,880
Speaker 1: Nike also downgraded it outlooks for the full year. So

530
00:29:07,000 --> 00:29:10,000
Speaker 1: the shares are down um like about nine percent in

531
00:29:10,040 --> 00:29:13,800
Speaker 1: pre market trading, and European rivals such as Eddie, Das

532
00:29:14,040 --> 00:29:18,120
Speaker 1: and Puma also been hurt. Um So, yeah, it's definitely

533
00:29:18,200 --> 00:29:20,200
Speaker 1: we're going to see some downgrades come through. I would

534
00:29:20,200 --> 00:29:23,920
Speaker 1: be sure today I will continue watching those and some

535
00:29:24,080 --> 00:29:26,920
Speaker 1: of the competitors as well in the sports apparel space.

536
00:29:27,040 --> 00:29:30,080
Speaker 1: How about this other big corporate story that we got

537
00:29:30,240 --> 00:29:35,720
Speaker 1: yesterday about Facebook parent Meta platforms cutting jobs for the

538
00:29:35,800 --> 00:29:40,920
Speaker 1: first time. Yeah, so it dropped three point seven percent yesterday.

539
00:29:41,200 --> 00:29:43,440
Speaker 1: It looks like it might be trying to come back

540
00:29:43,480 --> 00:29:47,880
Speaker 1: a bit pre market and interestingly, Exomobile over ticket and

541
00:29:47,960 --> 00:29:52,080
Speaker 1: market value for the first time since early But what

542
00:29:52,400 --> 00:29:56,640
Speaker 1: made us doing? Zuckerberg CEO Mark Zuckerberg outlined plans to

543
00:29:56,720 --> 00:30:00,040
Speaker 1: reorganize and reduce headcounts for the first time ever. It

544
00:30:00,080 --> 00:30:02,960
Speaker 1: would be the first major budget cuts since Facebook sounding

545
00:30:03,000 --> 00:30:05,920
Speaker 1: in two thousand four, So he said that made is

546
00:30:05,920 --> 00:30:09,080
Speaker 1: probably going to be smaller than it was this year.

547
00:30:10,640 --> 00:30:13,960
Speaker 1: And how are the shares doing this morning on that news, Yeah,

548
00:30:14,000 --> 00:30:15,880
Speaker 1: it looks like they're trying to come back a little bit,

549
00:30:16,000 --> 00:30:19,600
Speaker 1: but we'll see. You know, how how volatile big text

550
00:30:19,880 --> 00:30:22,520
Speaker 1: this week? Yeah, certainly has and does staying in the

551
00:30:22,600 --> 00:30:27,040
Speaker 1: text space. We got earnings as well from Micron Technologies.

552
00:30:27,040 --> 00:30:30,000
Speaker 1: How are things looking in the chip sector? Yeah, so

553
00:30:30,400 --> 00:30:34,640
Speaker 1: Micron actually had a pretty uh dismal report. It's it's

554
00:30:34,680 --> 00:30:37,440
Speaker 1: slashing production to cope with this deep plunge in demand

555
00:30:38,200 --> 00:30:41,640
Speaker 1: um quarterly forecast quarterly sales that were nearly two billion

556
00:30:41,720 --> 00:30:44,680
Speaker 1: below Wall Street destinates that being set it up about

557
00:30:44,720 --> 00:30:49,080
Speaker 1: two and pretty market trading analysts saying the ongoing inventory

558
00:30:49,120 --> 00:30:52,160
Speaker 1: correction was just short term and there's a sign that

559
00:30:52,400 --> 00:30:56,640
Speaker 1: maybe semiconductor stocks have taken have bottoms, a sentiment is

560
00:30:56,680 --> 00:30:59,440
Speaker 1: going to get better from all right. Bloomberg Markets Live

561
00:30:59,560 --> 00:31:01,760
Speaker 1: editor had their bird keeping an eye on the early

562
00:31:01,840 --> 00:31:04,680
Speaker 1: trade forest this morning. Heather, thanks for this. And as

563
00:31:04,720 --> 00:31:06,600
Speaker 1: we look at stocks as a whole as we get

564
00:31:06,680 --> 00:31:11,280
Speaker 1: ready for the final open of the third quarter, futures

565
00:31:11,320 --> 00:31:14,120
Speaker 1: are moving higher. SMP futures up twenty nine point, STOUT

566
00:31:14,120 --> 00:31:17,760
Speaker 1: futures up NASTAC futures on the rise by eighty one point.

567
00:31:18,000 --> 00:31:24,200
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mostly cloudy,

568
00:31:24,240 --> 00:31:27,400
Speaker 1: upper sixties today, will have light rain tomorrow as we

569
00:31:27,600 --> 00:31:32,000
Speaker 1: start to feel Ian mid sixties Saturday, low sixties Sunday.

570
00:31:32,120 --> 00:31:38,520
Speaker 1: Right now fifty three in Central Park Markets, headlines and

571
00:31:38,680 --> 00:31:41,880
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,

572
00:31:42,000 --> 00:31:45,600
Speaker 1: Bo Bloomberg Business at and at Bloomberg Quick Tape. He's

573
00:31:45,640 --> 00:31:55,360
Speaker 1: a Bloomberg Business Flash. Thank good morning. I'm fared Moscow

574
00:31:55,560 --> 00:31:58,120
Speaker 1: futures are on the rise this morning. We got the

575
00:31:58,160 --> 00:32:00,800
Speaker 1: first word breaking news desk for to day's morning call.

576
00:32:00,920 --> 00:32:04,400
Speaker 1: And here's Bill Maloney. Bill, good morning, and good morning Karen.

577
00:32:04,440 --> 00:32:06,760
Speaker 1: That's right. US features are on the green. FPS today's

578
00:32:06,800 --> 00:32:09,040
Speaker 1: plunge without futures of a hundred and forty three point

579
00:32:09,080 --> 00:32:12,000
Speaker 1: SIPs game twenty three one. NASA futures are up by

580
00:32:12,120 --> 00:32:15,360
Speaker 1: sixty four. The US ten year falls to three point

581
00:32:15,520 --> 00:32:18,520
Speaker 1: six eight percent, Gold is higher by five, Oil is

582
00:32:18,600 --> 00:32:21,960
Speaker 1: climbing Big Cooin is trading a little change. Japan fell

583
00:32:22,040 --> 00:32:24,440
Speaker 1: one percent overnight, while up markets are in the green

584
00:32:24,560 --> 00:32:27,320
Speaker 1: this morning and back in the US on the economic front,

585
00:32:27,360 --> 00:32:30,760
Speaker 1: at a thirty pc personal income and personal spending a

586
00:32:31,720 --> 00:32:34,480
Speaker 1: Chicago p m I and at ten o'clock Michigan Sentiment.

587
00:32:34,880 --> 00:32:37,720
Speaker 1: After about to night, Nike reported is down ten percent

588
00:32:37,800 --> 00:32:41,920
Speaker 1: in the pre market and Micron EPs beat estimates regarding earnings.

589
00:32:41,960 --> 00:32:44,160
Speaker 1: This morning, A Carnival reports in the pre market and

590
00:32:44,240 --> 00:32:46,520
Speaker 1: wrapping things up, Nike's price target was cut by at

591
00:32:46,600 --> 00:32:50,640
Speaker 1: least seven firms. Live from the First Breaking News descom

592
00:32:50,760 --> 00:32:53,080
Speaker 1: Bill Malloney, care all right, Bill, thank you, and to

593
00:32:53,120 --> 00:32:55,760
Speaker 1: hear live breaking news over your bloombergy type squawk on

594
00:32:55,840 --> 00:32:58,520
Speaker 1: your terminal, and that's a Bloomberg business flash. Now here's

595
00:32:58,520 --> 00:33:01,880
Speaker 1: Michael Barr with Moore on what's going on around the world. Michael, Karen,

596
00:33:01,920 --> 00:33:04,720
Speaker 1: thank you very much. Revived hurricane and is bearing down

597
00:33:04,840 --> 00:33:08,160
Speaker 1: on South Carolina's coast and the historic city of Sherlston,

598
00:33:08,280 --> 00:33:12,360
Speaker 1: with forecasters predicting a storm surge and floods. Earlier, Ian

599
00:33:12,480 --> 00:33:15,960
Speaker 1: caused catastrophic damage in Florida, leaving people trapped and flooded

600
00:33:16,080 --> 00:33:20,280
Speaker 1: homes and causing several depths. Vladimir Putin will sign documents

601
00:33:20,360 --> 00:33:24,920
Speaker 1: formalizing Russia's annexation of four occupied regions in Ukraine. In

602
00:33:25,000 --> 00:33:28,320
Speaker 1: a show of Defiance Ukraine. The US and Allies called

603
00:33:28,360 --> 00:33:32,080
Speaker 1: the so called referendums a sham. In baseball, the Yankees

604
00:33:32,160 --> 00:33:35,080
Speaker 1: host the Orioles. Tonight, Aaron Judge would go for home

605
00:33:35,200 --> 00:33:38,960
Speaker 1: run number sixty two, passing Roger Maris a l record.

606
00:33:39,440 --> 00:33:42,040
Speaker 1: Last night, the Red Sox beat the Orioles five three.

607
00:33:42,280 --> 00:33:45,400
Speaker 1: The A's lost the Giants. One Thursday Night football, the

608
00:33:45,440 --> 00:33:49,240
Speaker 1: Bengals beat the Dolphins twenty seven fifteen. Global News twenty

609
00:33:49,280 --> 00:33:52,640
Speaker 1: four hours a day on air and on Bloomberg Quicktake,

610
00:33:52,920 --> 00:33:55,760
Speaker 1: powered by more than seven hundred journalists and analysts more

611
00:33:55,800 --> 00:33:58,880
Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg,

612
00:33:59,000 --> 00:34:01,480
Speaker 1: Karen very Nichol, thank you. At at six nine on

613
00:34:01,560 --> 00:34:04,360
Speaker 1: Wall Street returned to News and Science and Technology Now

614
00:34:04,520 --> 00:34:07,400
Speaker 1: with a Bloomberg and j I. T. Stemmer report. Here's

615
00:34:07,440 --> 00:34:11,040
Speaker 1: a making news and science, technology, engineering, and math. New

616
00:34:11,120 --> 00:34:14,239
Speaker 1: York Governor Kathy Hokel says the state will follow California

617
00:34:14,280 --> 00:34:17,320
Speaker 1: and requiring all new vehicles sold by five to be

618
00:34:17,560 --> 00:34:22,920
Speaker 1: zero emissions. Hocal first announced New York deadline in September one,

619
00:34:23,320 --> 00:34:27,759
Speaker 1: but the state could not begin implementation until California finalized

620
00:34:27,840 --> 00:34:31,359
Speaker 1: its own van China's racing for a more disruption during

621
00:34:31,400 --> 00:34:34,040
Speaker 1: a week long break as the government titans controls to

622
00:34:34,080 --> 00:34:37,440
Speaker 1: contain COVID outbreaks before the Communist Party's top leaders meet

623
00:34:37,480 --> 00:34:41,560
Speaker 1: in Beijing for a crucial political meeting. According to government data,

624
00:34:41,640 --> 00:34:44,239
Speaker 1: passenger trips by road are expected to plunge by about

625
00:34:44,280 --> 00:34:47,440
Speaker 1: thirty percent from a year ago during the National daybreak.

626
00:34:47,840 --> 00:34:51,080
Speaker 1: Prices of air tickets for the period are lower compared

627
00:34:51,120 --> 00:34:54,960
Speaker 1: to last year, and travelers are taking shorter journeys. And now,

628
00:34:55,040 --> 00:34:59,040
Speaker 1: says Juno spacecraft has made the closest approach to Jupiter's

629
00:34:59,120 --> 00:35:02,439
Speaker 1: tantalizing a c moon in Europa and more than twenty years,

630
00:35:03,120 --> 00:35:07,360
Speaker 1: Juno is zipped within approximately two nineteen miles of Europa.

631
00:35:07,840 --> 00:35:11,080
Speaker 1: Thought you have an ocean flowing beneath its thick frozen crust,

632
00:35:11,360 --> 00:35:14,799
Speaker 1: raising the possibility of underwater life. Scientists hailed the fly

633
00:35:14,960 --> 00:35:17,880
Speaker 1: by as a success, with four pictures beamed down and

634
00:35:18,040 --> 00:35:21,239
Speaker 1: released within several hours. That's a Bloomberg and j I

635
00:35:21,360 --> 00:35:24,359
Speaker 1: t Stem report. Nathan Okay, Karen, thank you. We are

636
00:35:24,440 --> 00:35:27,200
Speaker 1: live from the Bloomberg Interactive Broker Studios where it's six

637
00:35:27,320 --> 00:35:29,759
Speaker 1: fifty on Wall Street time Now to check what's going

638
00:35:29,800 --> 00:35:31,520
Speaker 1: on in d C. Some of the top stories in

639
00:35:31,560 --> 00:35:34,560
Speaker 1: our nation's capital include President Biden declaring an emergency in

640
00:35:34,640 --> 00:35:37,880
Speaker 1: South Carolina as Florida begins its recovery from hurricane, and

641
00:35:38,239 --> 00:35:41,840
Speaker 1: Pacific Island Nations signing a historic partnership agreement with the

642
00:35:41,960 --> 00:35:46,160
Speaker 1: U S. Republican led States suing over President Biden student

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00:35:46,239 --> 00:35:49,600
Speaker 1: debt plan, and Jenny Thomas, the wife of Supreme Court

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00:35:49,680 --> 00:35:53,920
Speaker 1: Justice Clarence Thomas, telling the House January six committee election

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00:35:54,200 --> 00:35:57,120
Speaker 1: was flawed. Let's get more on some of these stories now.

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Speaker 1: We're joined live by Greg Valier, Chief US Paulice. He's

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Speaker 1: strategists at a GF Investments. Greg, it's great to speak

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00:36:03,960 --> 00:36:06,560
Speaker 1: with you this morning, but obviously the conditions are far

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00:36:06,840 --> 00:36:10,680
Speaker 1: from great. Well to the south, Florida is in serious

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00:36:10,800 --> 00:36:13,560
Speaker 1: recovery mode, and it has been very interesting to see

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Speaker 1: the response politically to this storm between the President and

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Speaker 1: Florida governor. To Santis, it is interesting, great to be

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00:36:22,960 --> 00:36:26,399
Speaker 1: with you, Good morning, Nathan. I think that the two

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00:36:26,440 --> 00:36:28,200
Speaker 1: of them are going to have to bury the hatchet

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Speaker 1: and get along for a while, you know. Ironically, to Santis,

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00:36:32,000 --> 00:36:35,120
Speaker 1: when he was in the House, voted against aid for

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Speaker 1: Sandy and now, of course he's governor of the state

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00:36:38,239 --> 00:36:40,520
Speaker 1: has been devastated, and me watch a lot of aid

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00:36:40,760 --> 00:36:43,920
Speaker 1: and he'll get it. How much coordination do you expect

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00:36:44,080 --> 00:36:48,040
Speaker 1: to continue between the President and the governor of Florida.

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Speaker 1: This storm obviously is going to be heading to the

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00:36:49,960 --> 00:36:54,239
Speaker 1: Carolinas as well. Yeah, I think the cooperation will be

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00:36:54,320 --> 00:36:57,520
Speaker 1: pretty impressive. Uh, there's a lot of rebuilding to do.

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Speaker 1: And I pointed out to some people yesterday history would

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Speaker 1: show with Hurricane Andrew and other huge storms that in

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00:37:04,719 --> 00:37:08,160
Speaker 1: the short run this actually adds the economic growth. You've

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00:37:08,160 --> 00:37:10,800
Speaker 1: got to higher workers, you've got to build new houses,

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00:37:11,160 --> 00:37:14,799
Speaker 1: you actually increase economic growth by maybe two or three

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Speaker 1: tenths of a percent on GDP. But obviously this is

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00:37:18,280 --> 00:37:21,400
Speaker 1: still a great tragedy. And I know you focus a

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00:37:21,480 --> 00:37:24,440
Speaker 1: lot on the politics as well. I'm thinking back to

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00:37:24,800 --> 00:37:28,840
Speaker 1: Superstorm Sandy when we saw Governor Chris Christie sort of

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00:37:28,880 --> 00:37:31,960
Speaker 1: bury the hatchet with the President Obama as well. Are

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00:37:32,000 --> 00:37:36,520
Speaker 1: you looking at parallels there could be? You know, Christie

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00:37:36,560 --> 00:37:40,840
Speaker 1: got some criticism from uh conservatives in his own party.

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00:37:41,200 --> 00:37:44,719
Speaker 1: You know, maybe, uh, it's possible to Santas Wille as well.

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Speaker 1: But I think right now at least for the next

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00:37:48,120 --> 00:37:53,160
Speaker 1: week or two, the political considerations will be secondary. All right,

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00:37:53,239 --> 00:37:55,839
Speaker 1: let's turn onto turn over to some of the other

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00:37:55,920 --> 00:37:58,600
Speaker 1: stories happening in Washington, d C. The President had this

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00:37:58,880 --> 00:38:03,000
Speaker 1: h first of its kind UH summit with the leaders

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00:38:03,160 --> 00:38:08,560
Speaker 1: of Pacific Island nations. What's the focus there. I think

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00:38:08,600 --> 00:38:10,759
Speaker 1: it's part of the chess game in that part of

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00:38:10,800 --> 00:38:14,879
Speaker 1: the world with China US trying to get some advantage.

685
00:38:15,200 --> 00:38:16,799
Speaker 1: I think the US is going to put a lot

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00:38:16,840 --> 00:38:20,399
Speaker 1: of pressure on China, maybe India as well, to lean

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00:38:20,520 --> 00:38:23,239
Speaker 1: on Putin and to try to tell Putin that this

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00:38:23,360 --> 00:38:25,840
Speaker 1: has this has got to come to a close. I

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00:38:25,960 --> 00:38:30,680
Speaker 1: think both Modi and z in China are inclined to

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00:38:30,960 --> 00:38:33,960
Speaker 1: put some heat on Putin. Now, we heard the President

691
00:38:34,040 --> 00:38:37,840
Speaker 1: put some heat on Putin as well during that meeting yesterday,

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00:38:37,960 --> 00:38:41,919
Speaker 1: saying that the US will never recognize the referendum votes

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Speaker 1: that are expected to be certified in Russia today in

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Speaker 1: those regions now under Russian occupation in Ukraine. What could

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00:38:51,239 --> 00:38:53,600
Speaker 1: this mean for US policy going forward in the war

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00:38:53,640 --> 00:38:56,600
Speaker 1: in Ukraine. Well, I think we're going to send them

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00:38:56,600 --> 00:39:00,160
Speaker 1: a lot more arms. We just got a budget all

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00:39:00,200 --> 00:39:03,880
Speaker 1: to avoid a government shutdown tonight that deal was expected,

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00:39:03,960 --> 00:39:08,160
Speaker 1: but in there is about twelve billion more in spending

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Speaker 1: for Ukraine, and if they need more, they'll get more there.

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00:39:12,080 --> 00:39:14,680
Speaker 1: There are some people in Congress who are getting tired

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00:39:15,080 --> 00:39:17,040
Speaker 1: of spending this amount of money, but I think the

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00:39:17,160 --> 00:39:21,160
Speaker 1: majority will spend more. Yeah, I was curious whether you

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00:39:21,280 --> 00:39:24,760
Speaker 1: expect that kind of spending to continue after the November

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00:39:24,840 --> 00:39:28,440
Speaker 1: mid terms. If Republicans do take control of the House

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Speaker 1: at least, will there continue to be a blank check

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00:39:31,360 --> 00:39:36,040
Speaker 1: for Ukraine after the after the November mid terms? Maybe not, Nathan.

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00:39:36,120 --> 00:39:38,520
Speaker 1: I think that's going to be an interesting angle that

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00:39:38,680 --> 00:39:40,920
Speaker 1: there are people who are feeling that this amount of

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00:39:41,000 --> 00:39:45,080
Speaker 1: spending is too excessive. If you get Kevin McCarthy as

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00:39:45,120 --> 00:39:47,759
Speaker 1: Speaker of the House, I think the Republicans are going

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00:39:47,840 --> 00:39:50,160
Speaker 1: to clamp down on spending. There's only going to be

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00:39:50,320 --> 00:39:54,320
Speaker 1: one area where spending really increase in that's defense. But

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00:39:54,480 --> 00:39:57,279
Speaker 1: in terms of a lot more money from Ukraine, I

715
00:39:57,400 --> 00:40:00,800
Speaker 1: think it will be more contentious and about the budget

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00:40:01,000 --> 00:40:04,920
Speaker 1: UH strategy going forward. Where As you mentioned going to

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00:40:05,080 --> 00:40:07,440
Speaker 1: get a stop gap bill that is likely to be

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00:40:07,560 --> 00:40:10,640
Speaker 1: passed in the House later today, are we going to

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00:40:10,760 --> 00:40:14,720
Speaker 1: continue on with this cycle of stop gap after stop

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00:40:14,760 --> 00:40:16,600
Speaker 1: gap kicking the can down the road, I think is

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00:40:16,640 --> 00:40:18,719
Speaker 1: the phrase they often use in Washington. Or are we

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00:40:18,760 --> 00:40:22,120
Speaker 1: going to get longer term spending anytime soon? No. I

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00:40:22,200 --> 00:40:26,640
Speaker 1: think it's a rich tradition that we have this dysfunctional

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00:40:26,800 --> 00:40:30,120
Speaker 1: policy of doing a stop gap when the fiscal year ends,

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00:40:30,440 --> 00:40:33,080
Speaker 1: and it'll end at midnight tonight, and it will go

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00:40:33,239 --> 00:40:36,439
Speaker 1: till December sixt and then there'll be another stop gap

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00:40:36,520 --> 00:40:38,719
Speaker 1: for another week or so. It's it's a hell of

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00:40:38,800 --> 00:40:41,080
Speaker 1: a way to run a railroad. But I think that's

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00:40:41,080 --> 00:40:44,239
Speaker 1: going to persist for a while. In our last minute here, Greg,

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Speaker 1: The other big story coming out of Washington is the testimony,

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00:40:48,000 --> 00:40:50,839
Speaker 1: or at least the conversation between the House January six

732
00:40:50,880 --> 00:40:54,920
Speaker 1: Committee and Justice Thomas's wife, Jenny Thomas. How do you

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Speaker 1: expect that to potentially affect the hearing that we're expect

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00:41:00,040 --> 00:41:03,120
Speaker 1: thing to happen at some point this fall hearing of

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00:41:03,239 --> 00:41:06,799
Speaker 1: the January six Committee. Yeah, I don't. I don't see

736
00:41:06,880 --> 00:41:09,720
Speaker 1: her in any big legal problem. Maybe it's a public

737
00:41:09,840 --> 00:41:13,239
Speaker 1: relations problem for her, but I I do think the

738
00:41:13,280 --> 00:41:15,320
Speaker 1: committee has got at least one more hearing to go,

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00:41:16,400 --> 00:41:20,240
Speaker 1: maybe another during the winter. But as far as Jenny Thomas.

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00:41:20,640 --> 00:41:23,040
Speaker 1: You know, she's part of the whole politicized system we

741
00:41:23,160 --> 00:41:26,480
Speaker 1: have here and that's not going to end. And what

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00:41:26,600 --> 00:41:29,279
Speaker 1: are you expecting in terms of what's going to come

743
00:41:29,320 --> 00:41:31,840
Speaker 1: out of the January six committee. There have been so

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00:41:31,960 --> 00:41:34,120
Speaker 1: many hearings, a lot of attention on it. Is it

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00:41:34,160 --> 00:41:38,600
Speaker 1: going to lead to anything of substance? Well, the big issue,

746
00:41:38,640 --> 00:41:42,480
Speaker 1: of course, is whether the Attorney General will indict. I

747
00:41:42,600 --> 00:41:44,759
Speaker 1: think the committee wants him to indict. They're going to

748
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Speaker 1: give him evidence to indict. But do you indict a

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Speaker 1: former president? That's still a very very contentious issue, a

750
00:41:51,640 --> 00:41:56,600
Speaker 1: former president who's very strongly hinting at making another run

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Speaker 1: for the presidency. As always, Greg Valier than for joining

752
00:42:00,680 --> 00:42:03,759
Speaker 1: us UH this morning, really appreciated. Greg Valier is the

753
00:42:04,040 --> 00:42:08,880
Speaker 1: chief US policy strategist at a GF Investments. And you

754
00:42:08,920 --> 00:42:11,120
Speaker 1: can read more about these stories on Bloomberg dot com

755
00:42:11,239 --> 00:42:14,000
Speaker 1: or on the Bloomberg terminal, And as always, you can

756
00:42:14,360 --> 00:42:17,200
Speaker 1: get the very latest from Washington, d C by listening

757
00:42:17,239 --> 00:42:21,040
Speaker 1: to Bloomberg Radio on Bloomberg and one oh five point

758
00:42:21,080 --> 00:42:24,560
Speaker 1: seven FM h D two in the nation's capital. Looking

759
00:42:24,600 --> 00:42:28,800
Speaker 1: ahead to the final market open of September two, futures

760
00:42:28,800 --> 00:42:32,000
Speaker 1: are moving higher. SMP futures up sixteen points, staff futures

761
00:42:32,080 --> 00:42:35,000
Speaker 1: up a hundred three NASTACK futures are higher by forty

762
00:42:35,120 --> 00:42:37,480
Speaker 1: one points. In the tenure Treasury is up twenty five

763
00:42:37,600 --> 00:42:42,319
Speaker 1: thirty seconds, yield three point six eight percent. Bloomberg surveillance

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Speaker 1: is next for Karen Moscow. I'm Nathan Hagar, and this

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00:42:47,040 --> 00:42:47,759
Speaker 1: is Bloomberg