Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg Daybreak
Speaker 1: for Friday, September two. Coming up this hour hurricaney and
Speaker 1: takes him at the Carolinas as Florida deals with the devastation.
Speaker 1: Stocks begin the last day of the quarter at twenty
Speaker 1: two month lows. The pound recoups all its losses after
Speaker 1: last week's text cut announcement, and we'll tell you why
Speaker 1: shares of Nike are not doing it for investors. This morning,
Speaker 1: Shock grief and outrage over the random stabbing death of
Speaker 1: a New York City e M s veteran, plus Russian
Speaker 1: President Poopin will finalize annexation of Ukraine regions on Lakeael
Speaker 1: Blarm more ahead, I'm John Stash, Aaron Sports The Big
Speaker 1: Mets Brain Series begins tonight Atlanta. Aaron Judge and the
Speaker 1: Yankees host the Orioles NFL Bengals beat the Dolphin. That's
Speaker 1: All's Tradit head on Bloomberg day Break on Bloomberg eleven
Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius XM one nineteen and around the world on Bloomberg
Speaker 1: Radio dot Carmen via the Bloomberg Business App. And good morning.
Speaker 1: I'm Fern Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought
Speaker 1: to you by se I, built on advanced technologies in
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Speaker 1: Futures on the rise this morning at six oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg s and P
Speaker 1: futures up twenty five points, DAL futures have a hundred
Speaker 1: sixty seven NASDAG futures up two and the ten year
Speaker 1: Treasury U seconds here three point six nine percent. Nathan, Karen.
Speaker 1: We'll get back to markets in a moment, but we
Speaker 1: want to get you the latest first on Hurricane Ian.
Speaker 1: It is a hurricane again set for landfall later today
Speaker 1: in South Carolina. President Biden's declared an emergency for the state.
Speaker 1: This woman is in Fort Myers, Florida, where Ian came
Speaker 1: in as a powerful Category four storm. I am the
Speaker 1: stupidest woman. I'm from Florida. I want to Andrew Herma.
Speaker 1: I decided to stay. Did not know it's going to
Speaker 1: get to be a four and a five. And President
Speaker 1: Biden says ian could be one of the deadliest storms
Speaker 1: in Florida's history. The numbers of still are still unclear,
Speaker 1: but we're hearing early reports of what may be substantial
Speaker 1: loss of life. President Biden says he's been in touch
Speaker 1: with Florida Governor Rhonda Santis. The governor says it will
Speaker 1: take time to confirm casualties, but rescuers have been busy.
Speaker 1: There have been more than seven hundred confirmed rescues, and
Speaker 1: there's likely many more than that that will be confirmed
Speaker 1: as more data comes in. Governor to Santa says the
Speaker 1: state is trucking in supplies to those in need, but
Speaker 1: blackouts could last for days. Oh, I think you posted
Speaker 1: on the latest damage and disruption from this storm. But first, Nathan,
Speaker 1: we turned back to the markets. It's the last day
Speaker 1: of the third quarter and stocks to begin this session
Speaker 1: at a twenty two month low. So far this quarter,
Speaker 1: one point three twillion dollars has been wiped off the
Speaker 1: value of the SNP five hundred and c f r
Speaker 1: A chief investment strategist Sam Stovall says October could be
Speaker 1: even even though September does have a reputation of being volatile.
Speaker 1: Of the trading days in September typically see a one
Speaker 1: percent move either up or down, but we've had two
Speaker 1: and a half times that number this year. And if
Speaker 1: you think September is bad, just wait till October because
Speaker 1: that traditionally sees thirty six percent more volatility than the
Speaker 1: average for the other eleven months of the year. The
Speaker 1: c fi A sam Stovall expects stocks to soon retest
Speaker 1: their lows. Hawk Is talk from the fed's been weighing
Speaker 1: on markets, Karen. San Francisco president Mary Daily says the
Speaker 1: central Bank is committed to raising interest rates until it
Speaker 1: restores price stability. Navigating the economy toward a more sustainable
Speaker 1: path necessitates higher interest rates in a down shift in
Speaker 1: the pace of economic activity and the labor market, but
Speaker 1: for now inducing a deep recession the kind we hand
Speaker 1: back in the nineteen eighties, or some would even think
Speaker 1: of the Great Recession, that is not warranted. San Francisco
Speaker 1: Fed President Mary Daily says she is worried about possibly
Speaker 1: tightening policy too much if it is. Keeping his eye
Speaker 1: on economic data, Nathan, including another report on sentiment. This morning,
Speaker 1: we get September is reading from the University of Michigan
Speaker 1: at ten am Wall Street Time, and we get a
Speaker 1: preview from Bloomberg's off Any Dale, Judas, the University of
Speaker 1: Michigan consumer sentiment index has been recovering after setting a
Speaker 1: record low in June. Gasoline prices if east somewhat dangers persists,
Speaker 1: though there's talk about recession with the Federal Reserve raising
Speaker 1: interest rates to fight inflation. Moreover, Bloomberg Economic says Americans
Speaker 1: are wary of the inflation outlook with uncertainty amount the
Speaker 1: cost are living running at the highest than forty years. Then,
Speaker 1: Judas Bloomberg, Day break, any thank you. In Europe this morning,
Speaker 1: the pounds rallied back to level's last seen before the
Speaker 1: government announced controversial tax cuts last week. Let's go to
Speaker 1: London and get the latest with Bloomberg's You and Potts
Speaker 1: Good morning, Good morning, Nathan, and caring the pound higher
Speaker 1: four a fourth day today is his trade is speculating
Speaker 1: the government will be forced to backtrack from his big
Speaker 1: package of unfunded tax cuts the bat of the currency
Speaker 1: and bond markets earlier this week. The move caps an
Speaker 1: extremely volatile week for UK markets, which saw the dramatic
Speaker 1: intervention of the Bank of England's new prime minister. List
Speaker 1: Trust is at the Conservative Party converence this weekend, and
Speaker 1: one fashion opinion poll puts a thirty three points behind
Speaker 1: the opposition Labor Party in London. I'm you and parts
Speaker 1: Bloomberg Daybreak, Ay do and thank you. We're also getting
Speaker 1: inflation data out of Europe this morning. For the first
Speaker 1: time ever, inflation has hit double digits. In the Eurozone.
Speaker 1: Consumer prices for September rose ten percent from a year earlier.
Speaker 1: That topped estimates and marks the fifth strade month that
Speaker 1: Euro Area inflation came in above consensus. Back here in
Speaker 1: the US, Karen, we have some corporate news of note,
Speaker 1: including the end of an era at Facebook parent Meta
Speaker 1: CEO Mark Zuckerberg is outline plans to reorganize teams and
Speaker 1: reduce headcount for the first time ever. Bloomberg technology reporter
Speaker 1: Kurt Wagner broke the news late yesterday. In some cases,
Speaker 1: you know, when someone leaves a team, they're just not
Speaker 1: going to fill that role. Again, some people are going
Speaker 1: to be moving from team to team, and then in
Speaker 1: some cases they're going to be kicking out low performers, right,
Speaker 1: which is a pretty drastic thing that we haven't seen
Speaker 1: that Facebook in a long time or ever. And so
Speaker 1: this really just feels like a moment, right This company
Speaker 1: that has been growing and expanding for eighteen years finally
Speaker 1: hitting a bit of an issue here. My Bloomberg Scared
Speaker 1: Wagner says Metal will likely be a smaller company in
Speaker 1: three than it was this year. The shares are up
Speaker 1: one percent in early trading. Well on the flip side,
Speaker 1: Nathan shares of Nike are down more than nine percent.
Speaker 1: The company reported a surgeon inventory and is pushing through
Speaker 1: discounts that her profitability. Higher freight costs and foreign exchange
Speaker 1: effects are also hurting Nike, and Micron is slashing production
Speaker 1: because of a steep plunge in demand. The biggest US
Speaker 1: chip maker is forecasting quarterly sales almost two billion dollars
Speaker 1: below estimates. Still, the stock is higher mon news that
Speaker 1: Japan will subsidize Micron's push to produce its new advanced
Speaker 1: chips in Hiroshima futures this morning. On the rise SMP
Speaker 1: future is up twenty nine points, Doubt futures up one
Speaker 1: and NASDAG futures up eight three. The ten year treasury
Speaker 1: seconds you have three point six eight percent and they
Speaker 1: yield on a two year four point one four per cent.
Speaker 1: Bitcoin is at nineteen thousand, five hundred dollars and straight
Speaker 1: ahead your latest local headlines plus a check of sports,
Speaker 1: and this is Bloombergh Karen, thank you. Six oh seven
Speaker 1: on Wall Street. Were fifty three degrees in Central Park
Speaker 1: and dealing with two accidents on both ways on the
Speaker 1: Cross Bronx Expressway. Details coming up in traffic. First, Michael
Speaker 1: Barr with what else is going on in New York
Speaker 1: and around the world. Michael, Good morning, Nathan. The suspect
Speaker 1: is in custody in the fatal stabbing of a sixty
Speaker 1: one year old f d n Y Emergency Medical Services lieutenant.
Speaker 1: Police say she will stabbed multiple times yesterday afternoon in
Speaker 1: an unprovoked attack while on duty. New York City Mayor
Speaker 1: Eric Adams one of our heroes, Alison Russo, at twenty
Speaker 1: five year penny of the Fire Department, stabbed by an assailant.
Speaker 1: Mayor Adams says Russo was standing outside f d n
Speaker 1: Y e M S Station in Queens when the violence occurred.
Speaker 1: Russa was taken to a hospital where she was pronounced dead.
Speaker 1: Russo's death sparked an outpouring of emotion and sympathy outside
Speaker 1: the hospital. NYPD Commissioner Keachin Sewull, this deadly, senseless, broad
Speaker 1: daylight attack on a uniformed e M team member is
Speaker 1: a direct assault on our society. It is the latest
Speaker 1: consequence of the violence that we relentlessly fight in our city.
Speaker 1: The suspect of thirty or four year old man has
Speaker 1: not been charged yet. Police so far did not have
Speaker 1: a motive for the stabbing. Russian President Vladimir Putin is
Speaker 1: expected to deliver a major address at the Kremlin today
Speaker 1: formerly annexing for Ukrainian regions. This after holding what Ukraine
Speaker 1: and Western countries said, we're phony referendums in the Russian
Speaker 1: occupied areas. President Biden made it clear the US will
Speaker 1: never recognize Russia's attempt to claim Ukrainian territory. The so
Speaker 1: called referendum was a sham, an absolute sham. The results
Speaker 1: were manufactured in Moscow. President Biden made his comments to
Speaker 1: Pacific Island leaders at the White House. The wife of
Speaker 1: Supreme Court Justice Clarence Thomas, appeared before the January six
Speaker 1: committee investigating the Capitol riot. In the days after the election,
Speaker 1: Jenny Thomas urged the Trump White House to fight back
Speaker 1: and emailed state lawmakers asking them to help overturn the
Speaker 1: election results. The Senate voted overwhelmingly to a prove an
Speaker 1: interim spending bill that would keep the government open until
Speaker 1: mid December. The House still has to consider the legislation.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take Power by more than twenty seven
Speaker 1: hundred journalists, analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Nathan, Okay, Michael, thank you,
Speaker 1: six o nine on Wall Street time for the Bloomberg
Speaker 1: Sports Update. Here's John's statue. All right, Anathan, you can't
Speaker 1: underestimate a significance of this Mets Braves series that begins
Speaker 1: tonight in Atlanta. That both teams are going to the playoffs.
Speaker 1: Winning the division means the first round by setting up
Speaker 1: your rotations the division round, animes not having to play
Speaker 1: the Dodgers until the NLCS Dodgers have won eight games,
Speaker 1: Mets lead the Braves by one the left Jacob Graham
Speaker 1: on the Mountain Tonight with Max Schers are going tomorrow,
Speaker 1: and the Mets have called up their top prospect, twenty
Speaker 1: year old catcher Francisco Alvarez. He might be the h
Speaker 1: to night Yankees owed for the Orioles when Hank Aaron
Speaker 1: broke Babe Ruth home run record back in eighteen seventy four.
Speaker 1: He broke it in his first game after tying it.
Speaker 1: We'll see if Aaron Judge does Likewise, Judge has had
Speaker 1: this remarkable season as a free agent to be the
Speaker 1: Yankees want to resign him. The Yankee team president's Randy
Speaker 1: lem I think he likes being Yankee. Uh, we love
Speaker 1: having him be Yankee. You know, being a Yankee is
Speaker 1: different than anything else. So I'm hopeful. Well, I can
Speaker 1: tell you as health Staring Brenner, the entire organization, myself,
Speaker 1: Brian Kishman, We're not going to leave any stone on
Speaker 1: turn trying to bring him back to Randy Levan a
Speaker 1: guest on the Bloomberg Business and Sports or Tonight at seven,
Speaker 1: or listen to the podcast on Apple, Spotify, Stitcher, or
Speaker 1: or anywhere you get your podcast Wait for NFL on
Speaker 1: the way with Cincinnati's twenty seven to fifteen win over
Speaker 1: Miami Dolphins DUB two. It's on the Baola sacked in
Speaker 1: the second quarter. He was down for seven minutes, taken
Speaker 1: off the field and the stretcher. He's got head and
Speaker 1: neck injury. Spent the night at the Cincinnati hospital. Expected
Speaker 1: to be released today despite the storm. Chiefs fuck Sunday
Speaker 1: Night will not be moved. It'll be played in tamplea.
Speaker 1: John Stat Edward Bloomberg sports, All right, John, thank you.
Speaker 1: SMP futures right now up thirty one points down, futures
Speaker 1: up two hundred eight points, and NASTAC futures are highed
Speaker 1: by ninety two points. Now the ten. Your treasury is
Speaker 1: up twenty thirty seconds, held now down to three point
Speaker 1: six eight percent. British pound at one point one one
Speaker 1: five eight against the dollar as UK Prime Minister Liz
Speaker 1: Trust holds an emergency meeting with her country's fiscal watchdog.
Speaker 1: We're gonna get the latest on that next with Bloomberg's
Speaker 1: Lizzie Burden in London. You're listening to Bloomberg day Break
Speaker 1: Bloomberg eleven three oh weather clouds today up for sixties,
Speaker 1: will have light rain tomorrow mid sixties and showers low
Speaker 1: sixties for Sunday. Right now fifty three degrees in Central Park. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg Quick Take.
Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow.
Speaker 1: European stocks on the rise along with government bond signaling
Speaker 1: a potential recovery at the end of a tumultuous week
Speaker 1: in the markets, and US DOCK index futures. They're gaining
Speaker 1: as well, following another bruising session on Wall Street that
Speaker 1: took the SMP five hundred down two percent to the
Speaker 1: lowest in almost two years and sent the tech heavy
Speaker 1: NASDACK tumbling almost four percent. We checked the markets every
Speaker 1: fifteen minis throughout the trading day on Bloomberg. S and
Speaker 1: P futures are higher again, up thirty four points down
Speaker 1: futures up two hundred seventeen and NASDAG futures up nineties three.
Speaker 1: The decks in Germany is up nine tenths of a percent,
Speaker 1: ten year treasury up twenty five thirty seconds. He'll three
Speaker 1: point six eight percent. They yield on the two year
Speaker 1: four point one four percent. NIMEX screwed oil is up
Speaker 1: three tens percent or twenty four cents at eighty one
Speaker 1: dollar forty seven cents of barrel Coms called up four
Speaker 1: ten percent or six dollars seventy cents at sixteen seventy
Speaker 1: five twenty announced the euro point nine seven eight one
Speaker 1: against the dollar, British found one point one one two
Speaker 1: three and the end one forty four point four eight.
Speaker 1: And look at it. Bitcoin this morning up a tenth
Speaker 1: of a percent at nineteen thousand, five hundred dollars. Today
Speaker 1: we are watching for reports on personal income and spending
Speaker 1: at at eight thirty Wall Street time at tenants consumer sentiment,
Speaker 1: and that's a bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Ian. Now, a hurricane again is
Speaker 1: threatening to carbon and path of destruction through South Carolina
Speaker 1: today when it roars a show or in the north
Speaker 1: of Charleston. Forecasters say the storm will drive a surge
Speaker 1: of water into the city of three to six feet.
Speaker 1: Government officials say. Russian President Vladimir Putin will officially annex
Speaker 1: four occupied regions of Ukraine at a formal signing ceremony today.
Speaker 1: The UN Secretary General condemn Russia's action, saying it has
Speaker 1: no legal value and must not be accepted. In baseball,
Speaker 1: the Yankees host the Orioles to night. Aaron Judge will
Speaker 1: go for sixty two Homer's passing rogermarras a l record.
Speaker 1: Last night, the Red Sox beat the Orioles five three.
Speaker 1: The A's lost the Giants. One Thursday Night football, the
Speaker 1: Bengals beat the Dolphins. Global news twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists and analysts, are more than
Speaker 1: a hundred twenty countries. Michael Barr And this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: thank you. We're coming up to six twenty on Wall
Speaker 1: Street Live from the Bloomberg Interractor Broker Studios. This is
Speaker 1: a Bloomberg Daybreak. We've been taking a look at the
Speaker 1: British pound. This morning, we want to focus on UK
Speaker 1: politics now. Prime Minister Liz Trust is under growing pressure
Speaker 1: from her own Conservative party after just a few weeks
Speaker 1: in office. After coming out with that tax cut plan that,
Speaker 1: to say the very least has Royal Markets joining us
Speaker 1: now from our London headquarters, Bloomberg's Lizzie Burden, Lizzie, good morning.
Speaker 1: The Prime Minister and her economic team have just had
Speaker 1: a meeting with the UK's fiscal watchdog on that tax
Speaker 1: cut plan. What do we know about what's come out
Speaker 1: of that so far? Well, I have to say you
Speaker 1: can't understand how unusual it is for the Prime Minister
Speaker 1: to have a meeting like this. There's been in person
Speaker 1: meetings when a new Chancellor or Office for Budget Responsibility
Speaker 1: chairmans appointed, so it's not unusual for the Chancellor to
Speaker 1: be having this meeting. But there are no records of
Speaker 1: the Prime Minister joining any of the budget rounds over
Speaker 1: the past six years, so that in itself is odd.
Speaker 1: There's been a debate raging on Twitter about what the
Speaker 1: intention was. Were they trying to on the independent Forecaster?
Speaker 1: Are they going cap in hand to the o b
Speaker 1: R to try and get back some of the credibility
Speaker 1: with markets, because of course it was the lack of
Speaker 1: the forecast that partly offended markets about the budget. What
Speaker 1: we know coming out of this meeting is that the
Speaker 1: Treasury isn't challenge changing its fiscal plan after this meeting,
Speaker 1: and the Fiscal Watchdog says that it's forecast when it
Speaker 1: comes is going to be based on its independent judgment
Speaker 1: of the economic and fiscal prospects and the and and
Speaker 1: the impact of the government's policies in its own words.
Speaker 1: So the o B are very much standing confirm that
Speaker 1: it is not going to be weighed on by the Government. Well,
Speaker 1: what does this mean, Lizzie for the new UK prime
Speaker 1: Minister's tax cut plan. There's been a lot of worry
Speaker 1: about that, a lot of speculation that it's going to
Speaker 1: add even further to inflation. But at least in the
Speaker 1: public comments, Prime Minister Trust doesn't sound like she's backing
Speaker 1: down from this idea, not at all. It's trust. Quarteng
Speaker 1: and the Trade Secretary Kemmy Badenoch dug into their positions
Speaker 1: about this fiscal plan yesterday, all saying that these tax
Speaker 1: cuts are going to boost growth. Um. There's a private
Speaker 1: WhatsApp group of Tory MPs though, and one of our
Speaker 1: colleagues up Bloomberg has seen the messages of Quarteng pleading
Speaker 1: with Tory MPs saying we need your support to do
Speaker 1: all this as the only people who win if we
Speaker 1: if we divide is the Labor Party, so begging them
Speaker 1: to get behind him. But what we're also hearing is
Speaker 1: that some of these Tory MPs are begging for Quarting
Speaker 1: to quit just to give Liz Trust the political cover
Speaker 1: so that she can you turn on the tax cuts
Speaker 1: because they have gone down so badly politically and with markets. Wow,
Speaker 1: really interesting to get that behind the scenes. Look at
Speaker 1: what's happening in the Conservative Party. What are we expecting
Speaker 1: to come out publicly? With the Conservatives holding a party
Speaker 1: conference this weekend. Liz Trust can't be feeling good going
Speaker 1: into that now, and even worse, she'll be feeling because
Speaker 1: of this pole that was published in The Times by
Speaker 1: Yugov last night showing that the Labor Party has now
Speaker 1: got a thirty three point leads, the biggest pole lead
Speaker 1: of any UK political party in twenty years. Again, it's
Speaker 1: it's a response to the budget. And you've also got
Speaker 1: some of the political heavyweights like Rischie Sunach, the former
Speaker 1: Chancellor who of course ran against li Trust to be
Speaker 1: Prime Minister, sitting it out, not attending, and he says
Speaker 1: it's so that he can give Trust space. He's going
Speaker 1: to stay in his constituency. But coincidence, isn't it that
Speaker 1: lots of his allies are also going to be avoiding
Speaker 1: the conference. What I hear is that they simply cannot
Speaker 1: face doing broadcast media interviews where they have to defend
Speaker 1: these policies. Only about thirty seconds left here, Lizzie. But
Speaker 1: a big question is Liz Trust living on borrowed time
Speaker 1: right now? Well, technically she as a new prime Minister,
Speaker 1: should have twelve months safe from a vote of confidence.
Speaker 1: But the Tory Party likes to stay in power. So
Speaker 1: what Tories say to me is that the rules can
Speaker 1: easily change. We Tories like to stay in power. That's
Speaker 1: some things up, doesn't it, Liz. Lizzie Burden as always
Speaker 1: great to speak with you ahead of this party conference
Speaker 1: that's happening this weekend and following this emergency meeting where
Speaker 1: the Prime Minister herself appeared alongside her new Chancellor. With
Speaker 1: this emergency meeting at number ten Downing Street, Bloomberg Daybreak
Speaker 1: Europe is going to be live from the Tory conference
Speaker 1: on Monday. You're definitely gonna want to tune in for
Speaker 1: that to see what's happening with the new government in
Speaker 1: the UK. Looking at the futures this morning, they're moving
Speaker 1: high er SMP futures are up twenty eight points, Stal
Speaker 1: futures up undred eighty two. Nasdaq futures on the rise
Speaker 1: by eighty points. The tenure Treasury is up twenty four
Speaker 1: thirty seconds. The yield three point six eight percent. You're
Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh weather clouds today,
Speaker 1: upper sixties, will be in the mid sixties with light
Speaker 1: rain Tomorrow, showers on Sunday low sixties. Right now fifty
Speaker 1: three in Central Park, broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg NAM sixty to the country, Sirius
Speaker 1: XM Chento one nine, and around the globe the Bloomberg
Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak
Speaker 1: and at six thirty on Wall Street. Good morning. I'm
Speaker 1: Karen Moscow, I'm Nathan Hagar. We're about three hours away
Speaker 1: from the open of US trading time for the five
Speaker 1: things you need to notice start your day. Brought to
Speaker 1: you by I v KR Investment Advisors switched to Interactive
Speaker 1: Brokers for lowest cost global training and turnkey custody solutions,
Speaker 1: no ticket charges and no conflicts of your interests at
Speaker 1: ib kr dot com slash r I a up first
Speaker 1: hurricane and is due for a second landfall today north
Speaker 1: of Charleston, South Carolina. President Biden has declared an emergency
Speaker 1: for the entire state. South Carolina Governor Henry McMaster is
Speaker 1: urging residents to get ready, Call your family, call your
Speaker 1: love once, tell them where you're gonna be. Um Let
Speaker 1: let them know that so they won't be worried about
Speaker 1: you any Time to clean up and recovery in Florida's
Speaker 1: just getting started. Governor Rond Santa says first responders have
Speaker 1: performed more than seven hundred rescues. There's not been in
Speaker 1: these rescue efforts, um, you know, decease people found as
Speaker 1: of yet. Now that may change, of course, and Governor
Speaker 1: de Santa says the power outages in southwest Florida could
Speaker 1: be lengthy last for the markets. Nathan us futures are
Speaker 1: higher as you close out the trading week yesterday, the
Speaker 1: SNP five Hybready Clothes said a twenty two month low.
Speaker 1: Joanne Phoenie, as a portfolio manager at Adviser's Capital Management,
Speaker 1: you have to look back at history and recognize that
Speaker 1: the market sells off the most right, but tend to
Speaker 1: tend to do that before recessions begin, and they tried
Speaker 1: to recover before we even know officially that we've had
Speaker 1: a recession. And so for a long enough term investor,
Speaker 1: I am a year, two years, three years. There are
Speaker 1: some pretty good opportunities out there, but one has to
Speaker 1: be able to stomach the volatility, which doesn't look like
Speaker 1: it's going to go away anytime soon. Joeann Phenie with
Speaker 1: Advisor's Capital Management says one point three trillion dollars has
Speaker 1: been wiped off the value of the SNP five hundred
Speaker 1: this quarter. Shares of Nike are down more than nine
Speaker 1: percent in early trading. Care in the sportswear company reported
Speaker 1: inventory has surged and it's had to push through discounts
Speaker 1: that hurt profitability. Higher freight costs, smartdowns and foreign exchange
Speaker 1: effects hit Nike's gross margin in the latest quarter, and
Speaker 1: Micron slashing production because of a steep plunge in demand. Nathan,
Speaker 1: the biggest US chipmaker, is forecasting quarterly sales that are
Speaker 1: almost two billion dollars below wester Mess But the stock
Speaker 1: is hire this morning on news that Japan will subsidize
Speaker 1: Micron's push to produce its new advanced chips in Hiroshima.
Speaker 1: And that's the five things you need to know to
Speaker 1: start your day, brought to you by Interactive Brokers. Futures
Speaker 1: this morning are higher. SNP futures up thirty points down.
Speaker 1: Future is up two one NASDAG futures up eighties seven.
Speaker 1: The decks in Germany is up three quarters of a percent.
Speaker 1: Ten year treasury of thirty seconds, the yield three point
Speaker 1: six eight percent, yield on the two year four point
Speaker 1: one four percent. And straight ahead your latest local headlines
Speaker 1: plus the check of sports. And this is Bloomberg, all right,
Speaker 1: thank you Caring. It is five thirty three on Wall Street,
Speaker 1: where at fifty three degrees in Central Park, we've got
Speaker 1: an accident on the outbound lower level of the George
Speaker 1: Washington Bridge. Will tell you about it in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: A suspect is in custody in the fatal stabbing of
Speaker 1: the sixty one year old f d n Y Emergency
Speaker 1: Medical Services luten It police saying Alice and Russo was
Speaker 1: stabbed yesterday afternoon in a random attack while on duty
Speaker 1: standing outside f d n Y e m S station
Speaker 1: in Queens. Russo was rushed to a hospital where she
Speaker 1: was pronounced dead. New York Mayor Eric Adams he was
Speaker 1: working for this city. She played paid the ultimate sacrifice.
Speaker 1: Because of that. Russell's death sparked an outpouring of emotion
Speaker 1: and sympathy outside the hospital, with lots of tears and hugs.
Speaker 1: Laura Kavanaughs, the acting f d n Y Commissioner, Lieutenant
Speaker 1: Russo exemplified f d n Y e m S. She
Speaker 1: served the city for twenty five years. She was a
Speaker 1: World Trade Center first responder. She was cited multiple times
Speaker 1: for her bravery and her life saving work. The suspect,
Speaker 1: to thirty four year old man, has not been charged yet.
Speaker 1: An officials says a Russian strike on the Ukrainian city
Speaker 1: of Zapparija killed at least twenty three people and wounded dozens.
Speaker 1: It happened just hours before Moscow planned to annex more
Speaker 1: of Ukraine and an escalation of the seven month war.
Speaker 1: President Biden called Russia's so called referendum aimed at annexing
Speaker 1: Ukrainian land and absolute sham the United States, who want
Speaker 1: to be very clear about this, United States will never, never, never,
Speaker 1: recognize Russia's claims on Ukraine sovereign territory. President Biden made
Speaker 1: his comments speaking to Pacific Island leaders at the White House.
Speaker 1: The wife of Supreme Court Justice Clarence Thomas, appeared before
Speaker 1: the January six committee investigating the Capitol riot. Jenny Thomas
Speaker 1: answered questions behind closed doors for four hours. In the
Speaker 1: days after the election, she urged the Trump Whitehouse to
Speaker 1: fight back and emailed state lawmakers asking them to help
Speaker 1: overturn the election results. Committee chairman Bennie Thompson said that
Speaker 1: she answered some of the questions that were put before her.
Speaker 1: Her lawyer later came out and said she answered all
Speaker 1: the questions. After two years of modest declines, data from
Speaker 1: the CDC shows suicides in the US increased four from one.
Speaker 1: The dis an increase was from Mayle's fifteen to twenty
Speaker 1: four years old, which climbed eight percent After seven years
Speaker 1: as host. Trevor Noah announced last night that he will
Speaker 1: leave the Daily Show. Weird things to say, living good
Speaker 1: at at goodbyes, and it's not instant. I'm not disappearing.
Speaker 1: Don't worry. If I owe you money, I'll still pay you.
Speaker 1: Comedy Central says there is no timetable for his departure.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries. Now,
Speaker 1: Michael barn this is Bloomberg, Nathan, Okay, Michael, Thanks six
Speaker 1: thirty six. On Wall Street, John Stansher has the Bloomberg
Speaker 1: Sports Update, Thanks Nathan. For several months now, the Mets
Speaker 1: have been trying to hold off the Atlanta Braves. This
Speaker 1: weekend will determine whether they can continue to him. That's
Speaker 1: all the one game lead, one win in this three
Speaker 1: game series gives them the tiebreaker. Mets changed their rotation.
Speaker 1: They moved Jacob to grom to Tonight. He actually comes
Speaker 1: off a bad out. He max Ernsy goes tomorrow. Storm
Speaker 1: apparently has gone through Atlanta. The weather for the series
Speaker 1: should be okay. Yankee Sos, the Orioles, Aaron Judge tied,
Speaker 1: Roger Marris now tries to surpass him. Roger Marris Jr.
Speaker 1: Has been attending all of Judge's recent game. Aaron's mom
Speaker 1: coming here and sit with her, there was a lot
Speaker 1: of fun. Get to know her, get a little bit
Speaker 1: about the family, and uh, you know, getting to kind
Speaker 1: of see why Aaron carries himself the way he does
Speaker 1: because obviously getting to meet her, uh, spending some time
Speaker 1: with her, you can kind of see that the apple
Speaker 1: done fall far from the treaty. As great as Judge
Speaker 1: this season has been there, some wood feels show Ao
Speaker 1: Tani should win a second straight m v P, his
Speaker 1: fourth in the league and home runs and second in winds.
Speaker 1: Last night, Otani won his fifteen struck out and he
Speaker 1: took a no hitterr to the eighth inning. The Brewers
Speaker 1: and Phillies battling for the last NL wild card spot.
Speaker 1: They both lost. The Phillies have lost five in a row,
Speaker 1: Tedna last thirteen. They stay a half game ahead. Last Sunday,
Speaker 1: Dolphins quarterback to a Town Baola looked wobbly like he
Speaker 1: had a head injury. Only missed three snaps, said later
Speaker 1: it wasn't his head but his back. The union wanted
Speaker 1: an investigation as to why he was allowed to continto play,
Speaker 1: and they may want another one to have cleared to
Speaker 1: play again last night in Cincinnati, this time a definite
Speaker 1: head injury and perhaps his neck as well. Taken off
Speaker 1: the field on a stretcher, taken to the hospital he
Speaker 1: has was then released. He did fly home with the team.
Speaker 1: Miami had to lead in the fourth quarter, but the
Speaker 1: Bengals rallied and one seven to fifteen. The Dolphins first
Speaker 1: lost at least Philadelphia as the NFL's moan unbeaten. John
Speaker 1: Dashawar Bloomberg Sports. Okay, John, thanks for it's almost five.
Speaker 1: It's almost six thirty eight on Wall Street. I should
Speaker 1: say it's time to take a look at stocks some
Speaker 1: of the names moving in the pre market. For that,
Speaker 1: we're joined by Bloomberg Markets Live editor Heather Burke, and
Speaker 1: of course Heather. One of the biggest laggards this morning
Speaker 1: is Nike after those very disappointing earnings. Yeah, definitely. I
Speaker 1: mean their inventory surged and it was forced to push
Speaker 1: through market busting discounts that hurt their profitability. Um so
Speaker 1: it was the higher free cost marked down to foreign
Speaker 1: exchange effects. Um so. The gross margin of forty four
Speaker 1: point at three percent was below Wall Street expectations, and
Speaker 1: Nike also downgraded it outlooks for the full year. So
Speaker 1: the shares are down um like about nine percent in
Speaker 1: pre market trading, and European rivals such as Eddie, Das
Speaker 1: and Puma also been hurt. Um So, yeah, it's definitely
Speaker 1: we're going to see some downgrades come through. I would
Speaker 1: be sure today I will continue watching those and some
Speaker 1: of the competitors as well in the sports apparel space.
Speaker 1: How about this other big corporate story that we got
Speaker 1: yesterday about Facebook parent Meta platforms cutting jobs for the
Speaker 1: first time. Yeah, so it dropped three point seven percent yesterday.
Speaker 1: It looks like it might be trying to come back
Speaker 1: a bit pre market and interestingly, Exomobile over ticket and
Speaker 1: market value for the first time since early But what
Speaker 1: made us doing? Zuckerberg CEO Mark Zuckerberg outlined plans to
Speaker 1: reorganize and reduce headcounts for the first time ever. It
Speaker 1: would be the first major budget cuts since Facebook sounding
Speaker 1: in two thousand four, So he said that made is
Speaker 1: probably going to be smaller than it was this year.
Speaker 1: And how are the shares doing this morning on that news, Yeah,
Speaker 1: it looks like they're trying to come back a little bit,
Speaker 1: but we'll see. You know, how how volatile big text
Speaker 1: this week? Yeah, certainly has and does staying in the
Speaker 1: text space. We got earnings as well from Micron Technologies.
Speaker 1: How are things looking in the chip sector? Yeah, so
Speaker 1: Micron actually had a pretty uh dismal report. It's it's
Speaker 1: slashing production to cope with this deep plunge in demand
Speaker 1: um quarterly forecast quarterly sales that were nearly two billion
Speaker 1: below Wall Street destinates that being set it up about
Speaker 1: two and pretty market trading analysts saying the ongoing inventory
Speaker 1: correction was just short term and there's a sign that
Speaker 1: maybe semiconductor stocks have taken have bottoms, a sentiment is
Speaker 1: going to get better from all right. Bloomberg Markets Live
Speaker 1: editor had their bird keeping an eye on the early
Speaker 1: trade forest this morning. Heather, thanks for this. And as
Speaker 1: we look at stocks as a whole as we get
Speaker 1: ready for the final open of the third quarter, futures
Speaker 1: are moving higher. SMP futures up twenty nine point, STOUT
Speaker 1: futures up NASTAC futures on the rise by eighty one point.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mostly cloudy,
Speaker 1: upper sixties today, will have light rain tomorrow as we
Speaker 1: start to feel Ian mid sixties Saturday, low sixties Sunday.
Speaker 1: Right now fifty three in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: Bo Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash. Thank good morning. I'm fared Moscow
Speaker 1: futures are on the rise this morning. We got the
Speaker 1: first word breaking news desk for to day's morning call.
Speaker 1: And here's Bill Maloney. Bill, good morning, and good morning Karen.
Speaker 1: That's right. US features are on the green. FPS today's
Speaker 1: plunge without futures of a hundred and forty three point
Speaker 1: SIPs game twenty three one. NASA futures are up by
Speaker 1: sixty four. The US ten year falls to three point
Speaker 1: six eight percent, Gold is higher by five, Oil is
Speaker 1: climbing Big Cooin is trading a little change. Japan fell
Speaker 1: one percent overnight, while up markets are in the green
Speaker 1: this morning and back in the US on the economic front,
Speaker 1: at a thirty pc personal income and personal spending a
Speaker 1: Chicago p m I and at ten o'clock Michigan Sentiment.
Speaker 1: After about to night, Nike reported is down ten percent
Speaker 1: in the pre market and Micron EPs beat estimates regarding earnings.
Speaker 1: This morning, A Carnival reports in the pre market and
Speaker 1: wrapping things up, Nike's price target was cut by at
Speaker 1: least seven firms. Live from the First Breaking News descom
Speaker 1: Bill Malloney, care all right, Bill, thank you, and to
Speaker 1: hear live breaking news over your bloombergy type squawk on
Speaker 1: your terminal, and that's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with Moore on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. Revived hurricane and is bearing down
Speaker 1: on South Carolina's coast and the historic city of Sherlston,
Speaker 1: with forecasters predicting a storm surge and floods. Earlier, Ian
Speaker 1: caused catastrophic damage in Florida, leaving people trapped and flooded
Speaker 1: homes and causing several depths. Vladimir Putin will sign documents
Speaker 1: formalizing Russia's annexation of four occupied regions in Ukraine. In
Speaker 1: a show of Defiance Ukraine. The US and Allies called
Speaker 1: the so called referendums a sham. In baseball, the Yankees
Speaker 1: host the Orioles. Tonight, Aaron Judge would go for home
Speaker 1: run number sixty two, passing Roger Maris a l record.
Speaker 1: Last night, the Red Sox beat the Orioles five three.
Speaker 1: The A's lost the Giants. One Thursday Night football, the
Speaker 1: Bengals beat the Dolphins twenty seven fifteen. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg,
Speaker 1: Karen very Nichol, thank you. At at six nine on
Speaker 1: Wall Street returned to News and Science and Technology Now
Speaker 1: with a Bloomberg and j I. T. Stemmer report. Here's
Speaker 1: a making news and science, technology, engineering, and math. New
Speaker 1: York Governor Kathy Hokel says the state will follow California
Speaker 1: and requiring all new vehicles sold by five to be
Speaker 1: zero emissions. Hocal first announced New York deadline in September one,
Speaker 1: but the state could not begin implementation until California finalized
Speaker 1: its own van China's racing for a more disruption during
Speaker 1: a week long break as the government titans controls to
Speaker 1: contain COVID outbreaks before the Communist Party's top leaders meet
Speaker 1: in Beijing for a crucial political meeting. According to government data,
Speaker 1: passenger trips by road are expected to plunge by about
Speaker 1: thirty percent from a year ago during the National daybreak.
Speaker 1: Prices of air tickets for the period are lower compared
Speaker 1: to last year, and travelers are taking shorter journeys. And now,
Speaker 1: says Juno spacecraft has made the closest approach to Jupiter's
Speaker 1: tantalizing a c moon in Europa and more than twenty years,
Speaker 1: Juno is zipped within approximately two nineteen miles of Europa.
Speaker 1: Thought you have an ocean flowing beneath its thick frozen crust,
Speaker 1: raising the possibility of underwater life. Scientists hailed the fly
Speaker 1: by as a success, with four pictures beamed down and
Speaker 1: released within several hours. That's a Bloomberg and j I
Speaker 1: t Stem report. Nathan Okay, Karen, thank you. We are
Speaker 1: live from the Bloomberg Interactive Broker Studios where it's six
Speaker 1: fifty on Wall Street time Now to check what's going
Speaker 1: on in d C. Some of the top stories in
Speaker 1: our nation's capital include President Biden declaring an emergency in
Speaker 1: South Carolina as Florida begins its recovery from hurricane, and
Speaker 1: Pacific Island Nations signing a historic partnership agreement with the
Speaker 1: U S. Republican led States suing over President Biden student
Speaker 1: debt plan, and Jenny Thomas, the wife of Supreme Court
Speaker 1: Justice Clarence Thomas, telling the House January six committee election
Speaker 1: was flawed. Let's get more on some of these stories now.
Speaker 1: We're joined live by Greg Valier, Chief US Paulice. He's
Speaker 1: strategists at a GF Investments. Greg, it's great to speak
Speaker 1: with you this morning, but obviously the conditions are far
Speaker 1: from great. Well to the south, Florida is in serious
Speaker 1: recovery mode, and it has been very interesting to see
Speaker 1: the response politically to this storm between the President and
Speaker 1: Florida governor. To Santis, it is interesting, great to be
Speaker 1: with you, Good morning, Nathan. I think that the two
Speaker 1: of them are going to have to bury the hatchet
Speaker 1: and get along for a while, you know. Ironically, to Santis,
Speaker 1: when he was in the House, voted against aid for
Speaker 1: Sandy and now, of course he's governor of the state
Speaker 1: has been devastated, and me watch a lot of aid
Speaker 1: and he'll get it. How much coordination do you expect
Speaker 1: to continue between the President and the governor of Florida.
Speaker 1: This storm obviously is going to be heading to the
Speaker 1: Carolinas as well. Yeah, I think the cooperation will be
Speaker 1: pretty impressive. Uh, there's a lot of rebuilding to do.
Speaker 1: And I pointed out to some people yesterday history would
Speaker 1: show with Hurricane Andrew and other huge storms that in
Speaker 1: the short run this actually adds the economic growth. You've
Speaker 1: got to higher workers, you've got to build new houses,
Speaker 1: you actually increase economic growth by maybe two or three
Speaker 1: tenths of a percent on GDP. But obviously this is
Speaker 1: still a great tragedy. And I know you focus a
Speaker 1: lot on the politics as well. I'm thinking back to
Speaker 1: Superstorm Sandy when we saw Governor Chris Christie sort of
Speaker 1: bury the hatchet with the President Obama as well. Are
Speaker 1: you looking at parallels there could be? You know, Christie
Speaker 1: got some criticism from uh conservatives in his own party.
Speaker 1: You know, maybe, uh, it's possible to Santas Wille as well.
Speaker 1: But I think right now at least for the next
Speaker 1: week or two, the political considerations will be secondary. All right,
Speaker 1: let's turn onto turn over to some of the other
Speaker 1: stories happening in Washington, d C. The President had this
Speaker 1: h first of its kind UH summit with the leaders
Speaker 1: of Pacific Island nations. What's the focus there. I think
Speaker 1: it's part of the chess game in that part of
Speaker 1: the world with China US trying to get some advantage.
Speaker 1: I think the US is going to put a lot
Speaker 1: of pressure on China, maybe India as well, to lean
Speaker 1: on Putin and to try to tell Putin that this
Speaker 1: has this has got to come to a close. I
Speaker 1: think both Modi and z in China are inclined to
Speaker 1: put some heat on Putin. Now, we heard the President
Speaker 1: put some heat on Putin as well during that meeting yesterday,
Speaker 1: saying that the US will never recognize the referendum votes
Speaker 1: that are expected to be certified in Russia today in
Speaker 1: those regions now under Russian occupation in Ukraine. What could
Speaker 1: this mean for US policy going forward in the war
Speaker 1: in Ukraine. Well, I think we're going to send them
Speaker 1: a lot more arms. We just got a budget all
Speaker 1: to avoid a government shutdown tonight that deal was expected,
Speaker 1: but in there is about twelve billion more in spending
Speaker 1: for Ukraine, and if they need more, they'll get more there.
Speaker 1: There are some people in Congress who are getting tired
Speaker 1: of spending this amount of money, but I think the
Speaker 1: majority will spend more. Yeah, I was curious whether you
Speaker 1: expect that kind of spending to continue after the November
Speaker 1: mid terms. If Republicans do take control of the House
Speaker 1: at least, will there continue to be a blank check
Speaker 1: for Ukraine after the after the November mid terms? Maybe not, Nathan.
Speaker 1: I think that's going to be an interesting angle that
Speaker 1: there are people who are feeling that this amount of
Speaker 1: spending is too excessive. If you get Kevin McCarthy as
Speaker 1: Speaker of the House, I think the Republicans are going
Speaker 1: to clamp down on spending. There's only going to be
Speaker 1: one area where spending really increase in that's defense. But
Speaker 1: in terms of a lot more money from Ukraine, I
Speaker 1: think it will be more contentious and about the budget
Speaker 1: UH strategy going forward. Where As you mentioned going to
Speaker 1: get a stop gap bill that is likely to be
Speaker 1: passed in the House later today, are we going to
Speaker 1: continue on with this cycle of stop gap after stop
Speaker 1: gap kicking the can down the road, I think is
Speaker 1: the phrase they often use in Washington. Or are we
Speaker 1: going to get longer term spending anytime soon? No. I
Speaker 1: think it's a rich tradition that we have this dysfunctional
Speaker 1: policy of doing a stop gap when the fiscal year ends,
Speaker 1: and it'll end at midnight tonight, and it will go
Speaker 1: till December sixt and then there'll be another stop gap
Speaker 1: for another week or so. It's it's a hell of
Speaker 1: a way to run a railroad. But I think that's
Speaker 1: going to persist for a while. In our last minute here, Greg,
Speaker 1: The other big story coming out of Washington is the testimony,
Speaker 1: or at least the conversation between the House January six
Speaker 1: Committee and Justice Thomas's wife, Jenny Thomas. How do you
Speaker 1: expect that to potentially affect the hearing that we're expect
Speaker 1: thing to happen at some point this fall hearing of
Speaker 1: the January six Committee. Yeah, I don't. I don't see
Speaker 1: her in any big legal problem. Maybe it's a public
Speaker 1: relations problem for her, but I I do think the
Speaker 1: committee has got at least one more hearing to go,
Speaker 1: maybe another during the winter. But as far as Jenny Thomas.
Speaker 1: You know, she's part of the whole politicized system we
Speaker 1: have here and that's not going to end. And what
Speaker 1: are you expecting in terms of what's going to come
Speaker 1: out of the January six committee. There have been so
Speaker 1: many hearings, a lot of attention on it. Is it
Speaker 1: going to lead to anything of substance? Well, the big issue,
Speaker 1: of course, is whether the Attorney General will indict. I
Speaker 1: think the committee wants him to indict. They're going to
Speaker 1: give him evidence to indict. But do you indict a
Speaker 1: former president? That's still a very very contentious issue, a
Speaker 1: former president who's very strongly hinting at making another run
Speaker 1: for the presidency. As always, Greg Valier than for joining
Speaker 1: us UH this morning, really appreciated. Greg Valier is the
Speaker 1: chief US policy strategist at a GF Investments. And you
Speaker 1: can read more about these stories on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal, And as always, you can
Speaker 1: get the very latest from Washington, d C by listening
Speaker 1: to Bloomberg Radio on Bloomberg and one oh five point
Speaker 1: seven FM h D two in the nation's capital. Looking
Speaker 1: ahead to the final market open of September two, futures
Speaker 1: are moving higher. SMP futures up sixteen points, staff futures
Speaker 1: up a hundred three NASTACK futures are higher by forty
Speaker 1: one points. In the tenure Treasury is up twenty five
Speaker 1: thirty seconds, yield three point six eight percent. Bloomberg surveillance
Speaker 1: is next for Karen Moscow. I'm Nathan Hagar, and this
Speaker 1: is Bloomberg