Speaker 1: Live from the Bloomberg Interactive Burgers Studios is Bloomberg day
Speaker 1: Break for Monday, January two. Coming up this hour, Goldman
Speaker 1: opposites forecast for tightening for the five ecdemic forecast, while
Speaker 1: cradd the omicron variant as millions of workers call out
Speaker 1: six White House makes plans to oppose export restrictions on Russia,
Speaker 1: and earnings get underway this week with results from Big Banks.
Speaker 1: The Deadly Blaze is being described as one of the
Speaker 1: worst flyers in New York City modern history. Plus tributes
Speaker 1: come in for comedian Bob Saget. I'm Michael Blower. More Ahead,
Speaker 1: I'm John Stage Sharon Sports, the Jets and Giants lost
Speaker 1: as the NFL regular season ended, the Raiders, Steelers and
Speaker 1: forty Niners grabbed the last playoff spot. That's all straight
Speaker 1: ahead on Bloomberg day Break on Bloomberg. You live in
Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one,
Speaker 1: O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius
Speaker 1: x M one nineteen and around the world lown Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business Kay Good
Speaker 1: Morning on John Tucker and I'm Karen Moscow and US
Speaker 1: futures are little change this morning. It is coming up
Speaker 1: to six oh one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now SNP futures that will change so are to
Speaker 1: OW futures. Nowsday futures are moving lower, down about thirty
Speaker 1: one point The decks in Germany's down about two tens
Speaker 1: of upper cent. The ten year treasury down three thirty seconds.
Speaker 1: He had one point seven seven percent. They yield on
Speaker 1: the two year point eight six percent and nine x
Speaker 1: screwed oils. It will change at seventy eight dollars eighty
Speaker 1: seven cents of barrel Bitcoin at forty one seven eight dollars,
Speaker 1: John and Karen. Fed policy remains front and center. Last
Speaker 1: week's Fed minutes, sam the US jobs report. We're market
Speaker 1: moving events. Now we have a big call on the
Speaker 1: future of the interest rates. Let's get the latest from Bloomberg's.
Speaker 1: Britney the Young, Good morning, Ritnita, Good morning John Goldman.
Speaker 1: Sex expects the FED to raise interest rates four times
Speaker 1: this year and begin the balance sheet runoff process. In July,
Speaker 1: the firm had previously expected the balance sheet run off
Speaker 1: to start in December, and it's all due to a
Speaker 1: stronger labor market and hawkish signs from those December minutes.
Speaker 1: FED officials have been signaling a quicker move to tighten policy,
Speaker 1: and Goldman says that could lead to faster policy normalization
Speaker 1: than we've seen before. I'm Reneda young Blue birth daybreak
Speaker 1: right rened to thank you well. Inflation also remains in focus,
Speaker 1: and veteran investor Mark Mobias says traders are under pricing
Speaker 1: the risks. He tells us that the recent spike and
Speaker 1: treasury yields has room to run. I think they can
Speaker 1: go much much higher. They've got to equal what we're
Speaker 1: seeing with inflation at the end of the day, because
Speaker 1: people are not going to be buying treasuries if they
Speaker 1: see that they only getting two or three percent, but
Speaker 1: inflation is seven, eight, nine, ten percent, So at the
Speaker 1: end of the day, those rates have to go off
Speaker 1: and those comments are Mark mobi has come after hawkish
Speaker 1: minutes from the FEZ December meeting underscore the case for
Speaker 1: faster right hikes and speaking of inflation, it's the main
Speaker 1: event of this week's economic calendar. Here with more is
Speaker 1: Bloomberg's Vineydale Judais. The Labor Department issues the consumer Price
Speaker 1: Index on Wednesday, and the data could put more pressure
Speaker 1: on the Federal Reserve the race interest rates as soon
Speaker 1: as March. Bloomberg Economics as December CPI will register a
Speaker 1: seven percent year over your increase as COVID nineteen related
Speaker 1: supply short to just persist, fielding a worst inflation since
Speaker 1: the nineteen eighties. This week's data on December producer prices
Speaker 1: and import prices will probably offer a similar narrative. Benea Dell,
Speaker 1: Judais Bloomberg day Break, any thank you at Economic forecasts
Speaker 1: are also falling prey to the omicron variant. The new
Speaker 1: COVID strain is now posing a new test of growth,
Speaker 1: and Bloomberg said Baxter has the story. It is posing
Speaker 1: something on which employers have no control. Absentee ism because
Speaker 1: of illness, people calling in sick. What started as a
Speaker 1: holiday flight cancelation has now become a reality in factories,
Speaker 1: grocery stores, and hoards, again testing supply chains top to bottom.
Speaker 1: The widespread absentee is um is already constraining output, and
Speaker 1: several economists have downgraded their first quarter forecasts, how bad,
Speaker 1: how long it may take several weeks to assess. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Gay Break, Thanks said
Speaker 1: on Capitol Hill. Democrats are pushing for another round of
Speaker 1: virus aid, how speaker Nancy Pelosis is they could add
Speaker 1: relief aid to package to government funding legislation. Now, the
Speaker 1: administration has not made a formal request for more funding,
Speaker 1: but it is clear from the opportunity that is there
Speaker 1: and the again the challenge that is there from the
Speaker 1: resilience of this virus, speaker Pelosi making the comments on
Speaker 1: Face the Nation from CBS heard Sundays on Bloomberg Radio,
Speaker 1: Well John interesting data on vaccines coming out of Asia
Speaker 1: this morning. Singapore saw the fewest deaths among those of
Speaker 1: Maderna's vaccine and the most acts among those we Signofact Shot.
Speaker 1: Nearly virus deaths recorded in the city state last year
Speaker 1: were among unvaccinated individuals. Geopolitics also in focus this morning,
Speaker 1: Karen Is meetings between the US and Russia get underway.
Speaker 1: Bloomberg News has learned the White House and US allies
Speaker 1: may impose export restrictions on Moscow if Vladimir Putin seizes
Speaker 1: more of Ukraine. They're discussing limits on sensitive technology and electronics.
Speaker 1: And today in Geneva, senior American and Russian officials begin
Speaker 1: talks aimed at easing tensions over Ukraine. Here, Secretary of
Speaker 1: State Anthony B. Lincoln, I don't think we're gonna see
Speaker 1: any any breakthroughs in the coming In the coming week,
Speaker 1: we're gonna be able to put things on the table.
Speaker 1: The Russians will do the same, both directly with US
Speaker 1: at NATO at the osse UH, and we'll see if
Speaker 1: their grounds for for moving forward. Secretary of State Anthony B.
Speaker 1: Lincoln making the comments on CNN's State of the Union.
Speaker 1: We'll turning to the markets now. John, we have a
Speaker 1: bullish call from Julian Emmanuel the ever cores I s
Speaker 1: I strategists, as the S and P five hundred is
Speaker 1: likely to end the year at fifty one hundred as
Speaker 1: the pandemic becomes an endemic by mid year. That's about
Speaker 1: eight increase from current levels, Manuel says. Manuel says is
Speaker 1: also possible his downside target is just south of thirty
Speaker 1: six hundred at the pandemic is prolonged, or there's a
Speaker 1: hangover from spending and debt and meantime earning season kicks
Speaker 1: off in earnest on Wall Street this week with Moore.
Speaker 1: Here's Bloomberg's Charlie Pellett. Banks will be front and center
Speaker 1: with reports Friday from JP Morgan, Chase City Group, and
Speaker 1: Wells Fargo. They come as investors debate the strength of
Speaker 1: the economy and the federal reserves next policy moves. Seem
Speaker 1: as Shaw's chief strategist at Principal Global Investors, when we
Speaker 1: think about actually good to think about it. We were
Speaker 1: also good to think about earnings and the outlook that
Speaker 1: we have for twenty two still a very solid recovery, slimmery,
Speaker 1: strong economic environment. Among some of the other names scheduled
Speaker 1: to report this week Delta, Albertson's, Infosis and KB Home
Speaker 1: in New York. Charlie Polic Bloomburn day break. All right,
Speaker 1: thanks Charlie, and ahead of the cash up on Wall
Speaker 1: Street futures little change to this point. They've been fluctuating.
Speaker 1: DAL futures right now two points higher, SMB many futures
Speaker 1: are down five points, and the ISAC futures forty seven
Speaker 1: points lower. This is daybreak, and it's now six or
Speaker 1: seven on Wall Street. Let's bring in Michael Barr to
Speaker 1: find out what else is going on in New York
Speaker 1: and around the world. John, thank you very much, sir.
Speaker 1: At least nineteen people were killed in New York City
Speaker 1: yesterday in the high rise apartment. Fire officials say the
Speaker 1: fire and the Bronx also injured dozens of other people.
Speaker 1: New York Mayor Eric Adams, it is a very significant
Speaker 1: moment to have just a unification about city during this
Speaker 1: time of tragedy, Mayor Eric Adams. As investigators say, the
Speaker 1: cause of the blaze was a malfunctioning space eater in
Speaker 1: and a apartment on the third floor. New York City
Speaker 1: Fire Commissioner Daniel nine Grow tells us many people are
Speaker 1: fighting for their lives because of smoke inhalation. The door
Speaker 1: to that apartment. Unfortunately, when the residents left was left open,
Speaker 1: it did not close by itself. The smoke spread throughout
Speaker 1: the building. Thus the tremendous loss of life and other
Speaker 1: people fighting for their lives right now in hospitals all
Speaker 1: over the Bronx. Commissioner nine Grows says nine of the
Speaker 1: deaths were children. Republican Representative Jim Jordan of Ohio one
Speaker 1: of former President Donald Trump's closest allies in Congress, has
Speaker 1: rejected a request for an interview by the House panel
Speaker 1: investigating the January sixth Capital riot. In a letter to
Speaker 1: the committee chairman, Jordan says the American people are tired
Speaker 1: of Democrats NonStop investigations and partisan witch hunts. Republican Senator
Speaker 1: Ron Johnson said that he'll seek a third term in
Speaker 1: two Johnson, the stoutch supporter of former President Donald Trump,
Speaker 1: opposes COVID nineteen vaccination and mask mandates. Johnson is a
Speaker 1: top target for Democrats after he narrowly won his seat
Speaker 1: in both twenty and sixteen in the key battle ground state,
Speaker 1: New York, Democratic Congresswoman Alexandria Ocassio Cortes has tested positive
Speaker 1: for COVID nineteen, according to her office, Ocassio Cortez, who
Speaker 1: was fully vaccinated and has had a booster shot, his
Speaker 1: experiencing symptoms and recovering at home. Tributes are pouring in
Speaker 1: for comedian Bob Saget. He played father Danny Tanner on
Speaker 1: the sitcom Full House. It's Mr Carr? What is Mr?
Speaker 1: Car Say? You're right? He doesn't say anything. Sage was
Speaker 1: found dead yesterday in is Orlando, Florida hotel room Bob Saget,
Speaker 1: who was on a stand up tour with sixty five
Speaker 1: Global News twenty four hours a day on air end
Speaker 1: on Bloomberg Quick Take, powered by more journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm Michael Barne. This
Speaker 1: is Bloomberg. John. All right, Michael, thank you is coming
Speaker 1: up on the sixth ten on Wall Street time down
Speaker 1: for the Bloomberg Sports upthing, and that he thanks John.
Speaker 1: The NFL regular season is over, thankfully for the Jets
Speaker 1: and Giants. They both went four and thirteen. The Jets,
Speaker 1: like last week, were at least in their game, trailed
Speaker 1: the Bills by only three midway through the fourth quarter,
Speaker 1: but Buffalo went on to win twenty seven to ten.
Speaker 1: The Jets will go to next season unsure how good
Speaker 1: a quarterback they have. Rookie Zack Wilson yesterday completed only
Speaker 1: seven passes. The Jets will have the fourth and tenth
Speaker 1: picks of the draft, of the Giants will have the
Speaker 1: fifth and seventh picks. They will clearly be looking to
Speaker 1: improve an offense. So in up the Giants and a
Speaker 1: third and nine Yesterday ran a quarterback sneak rather than
Speaker 1: risk of turnover. They lost to Washington two to seven.
Speaker 1: They lost in their last six games only once scored
Speaker 1: more than ten points. The departure of g M. Dave
Speaker 1: Getleman could come today regular season and the last night
Speaker 1: in Las Vegas. The Chargers came from fifteen down in
Speaker 1: the last five minutes to force overtime, but the Raiders
Speaker 1: kicked a field goal on the final play to win
Speaker 1: thirty five thirty two. Had the game ended the tie,
Speaker 1: both teams would have made the playoffs. Instead, only the
Speaker 1: Raiders do. They'll play Cincinnati. The Chargers are out. The
Speaker 1: Steelers are in. They were helped by Indianapolis is stunning
Speaker 1: loss at Jacksonville. Pittsburgh now headed to Kansas City, New
Speaker 1: England will play Buffalo and the NFC it's Philadelphia, Tampa
Speaker 1: Bay the forty Niners in Dallas. Arizona goes to play
Speaker 1: the l A Rams over time in Brooklyn. The next
Speaker 1: first home win since mid December beat the Spurs nineteen
Speaker 1: a win for the Warriors play Thompson back Plane first
Speaker 1: time in two and a half years. A judge in
Speaker 1: Australia reinstated Novak Djokovic's visa. As of now he can
Speaker 1: play the upcoming Australian Open and Historic Hired by the Yankees,
Speaker 1: Rachel Balkovic will manage their Class A Model League team
Speaker 1: in Tampa. First female to hold such a job. John
Speaker 1: Stash Award Bloomberg Sports John Alright, thanks John, ahead of
Speaker 1: the cash open Wall Street. Little change with the futures
Speaker 1: right now at THEALN futures down to the yes of
Speaker 1: the futures fine points slower now, I don't like futures.
Speaker 1: They're fifty points lower. This is Bloomberg Daybreak being brown
Speaker 1: to by Audie. Don't let someone else drive off of
Speaker 1: the Audi model you've always wanted. Visit a try State
Speaker 1: autie dealer to get behind the wheel of yours. Today
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, The Bloomberg Business at and at
Speaker 1: Bloomberg Quick Tape is a Bloomberg business lash and I'm
Speaker 1: Karen Moscow s and P Futures that will change this morning,
Speaker 1: so are to own future as well. Now stack futures
Speaker 1: are falling down about forty two and the ten ure
Speaker 1: treasuries down three thirties seconds. You had one point seven
Speaker 1: seven per cent. Fiser are paying as much as one
Speaker 1: point three five billion dollars to partner with Cambridge based
Speaker 1: Beam Therapeutics on developing drugs for rare genetic diseases using
Speaker 1: base editing, and no one's in minor green to buy
Speaker 1: Apria on a deal with an equity value of almost
Speaker 1: one and a half billion dollars. We are coming up
Speaker 1: to six eighteen on Wall Street. It is time for
Speaker 1: your daily Bloomberg a crypto update him at the Latest
Speaker 1: and Crypto News. Here's Bloomberg's rened a young Rendita Karen.
Speaker 1: Right now, Bitcoin is trading lower around forty two thousand,
Speaker 1: as Golden and Sachs predicts the Federal Reserve wal raise
Speaker 1: interest rates four times this year. That's more than the
Speaker 1: previous forecast of three hikes, but it's more than rates
Speaker 1: weighing on Bitcoin this morning, coin Desk points out the
Speaker 1: asset is approaching its so called death cross, where it's
Speaker 1: fifty day moving average drops below its two d day
Speaker 1: moving average. That's a bearish indicator, but the last time
Speaker 1: that happened in June, it was followed by a fresh
Speaker 1: bull run. Meantime, Congressional candidates are selling non fungible tokens
Speaker 1: to help finance their campaigns in the mid term elections.
Speaker 1: Democrats Trina Karani, an engineer who's running for a House
Speaker 1: seat in California, and Republican Blake Masters, who's buying for
Speaker 1: a Senate seat in Arizona, are offering n f T
Speaker 1: s as incentives for donors. And that's your Bloomberg Crypto update.
Speaker 1: I'm renting young Bloomberg Daybreak. Karen, all right, we need
Speaker 1: to thank you. And that's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with Moore. I'm what's going on around
Speaker 1: the world. Michael, Karen, thank you very much. In New York,
Speaker 1: of l functioning space eaters sparked fire that filled a
Speaker 1: high rise Bronx department building with thick smoke Sunday morning,
Speaker 1: killing at least nineteen people, including nine children and Australian
Speaker 1: judges reinstated at tennis star Novak Djokovic's visa, which was
Speaker 1: canceled last week because he is unvaccinated. In the final
Speaker 1: week of the regular NFL season, the Giants lost to Washington.
Speaker 1: The Jets lost forty are in the playoffs after beating
Speaker 1: the Rams, the Patriots lost to the Dolphins but still advanced.
Speaker 1: The Steelers are in the postseason after beating the Ravens
Speaker 1: in the NBA. The Nets, Wizards, and Warriors won Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts more
Speaker 1: than one twenty countries. I'm Michael Barr, and this is Bloomberg. John.
Speaker 1: All right, Michael, thank you. It is now six twenty
Speaker 1: on Wall Street. We're live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. Good morning, I'm John Tucker. Inflation
Speaker 1: had rates front and center for the markets this week,
Speaker 1: much as they have been for the past month. Goldman
Speaker 1: Sachs raising its forecast for rate hikes after last week's
Speaker 1: FED minutes and the US jobs report. And coming up
Speaker 1: this week we get fresh data on inflation. Economist predict
Speaker 1: the consumer Price Index will show annual inflation coming in
Speaker 1: at seven percent. Let's get more of the outlook for
Speaker 1: prices and rates now from Mark Mobius, the veteran investor
Speaker 1: and founder of Mobius Capital Partners, sat down last night
Speaker 1: for an interview with Bloomberg's Josef Yosef Gammel al Dean,
Speaker 1: and let's hear what he had to say. If you
Speaker 1: consider the fact that the money supply in America went
Speaker 1: up by over here, you have to expect prices to
Speaker 1: go up by that much. The good news, of course,
Speaker 1: is that technology pushes prices down, but the reality is
Speaker 1: that in fact those seven percent numbers are probably underestimating
Speaker 1: what is coming down the pike. So we can expect
Speaker 1: higher higher prices, but of course higher wages because you
Speaker 1: can see unemployment is down and people will be getting
Speaker 1: more money. So you're gonna see a balancing of these
Speaker 1: two forces as we go forward. How high can rates
Speaker 1: go and look at thirty are kind of busted through
Speaker 1: the two percent mark as well. I think they can
Speaker 1: go much much higher. They've got to equal what we're
Speaker 1: seeing with inflation at the end of the day, because
Speaker 1: people are not going to be buying treasuries if they
Speaker 1: see that they're only getting two or three percent, but
Speaker 1: inflation is seven eight nine percent, so at the end
Speaker 1: of the day, those rates have to go up. Okay, well,
Speaker 1: with higher rates, the traditional thinking would be the you know,
Speaker 1: tech would underperform, which is why we've seen quite a
Speaker 1: bit of bolatility in the NAZAC for example, but as
Speaker 1: few training sessions and then you know, have that broader rotation.
Speaker 1: Are you subscribing to the broader rotation? Well, I think
Speaker 1: what's happening is that those tech companies that have not
Speaker 1: been making money, they're going to be in deep trouble.
Speaker 1: Those stops are gonna go down in price. But companies
Speaker 1: that having a very good return on capital, paying dividends,
Speaker 1: have a good profit increase. Those companies that are going
Speaker 1: to be outstanding, they're gonna be outperforming. So there's going
Speaker 1: to be a strong differentiation in the market, if you will.
Speaker 1: Mark When you look at the China story, there are
Speaker 1: some major risks that have kept quite a bit of
Speaker 1: foreign capital away, especially out of the United States and Europe.
Speaker 1: Run me through your thinking on the China opportunity set
Speaker 1: at the moment. Well, my feeling is that the crackdown,
Speaker 1: so called crackdown by the Chinese is regulators has been
Speaker 1: a good thing because there's no question there was a
Speaker 1: little bit of a wild West atmosphere in the Chinese
Speaker 1: market for quite some time. I mean, you can look
Speaker 1: at what these property companies were doing. They were not
Speaker 1: only in property. They were all over the map, buying
Speaker 1: football stadiums, etcetera, etcetera. So there had to be some
Speaker 1: kind of the crackdown and regulatory emphasis on part of
Speaker 1: the Chinese government. And I think what they're doing is
Speaker 1: a good thing from a long term point of view.
Speaker 1: Of course, from a short term point of view, it
Speaker 1: hits the index because you get the big boys like
Speaker 1: Ali Baba ten Cent coming down dramatically, and of course
Speaker 1: that affects the Chinese Index, and by the way, it
Speaker 1: also affects the Emerging Markets Index, which is down because
Speaker 1: of China. But at the end of the day, we're
Speaker 1: very interested in keeping our watch on China, particularly in
Speaker 1: the medium and small cap area. Just I believe with
Speaker 1: a more level playing field, the medium cap companies in
Speaker 1: particular will do much better than they have done before.
Speaker 1: And that's veteran investor Mark Moby is speaking with Bloomberg's
Speaker 1: Yosuf Gamal l D. And you can catch more at
Speaker 1: that conversation on the Bloomberg terminal and online at Bloomberg
Speaker 1: dot com. Ahead of the cash open on Wall Street
Speaker 1: for this Monday morning, the futures they've been fluctuating back
Speaker 1: and forth all morning long right now, the down futures
Speaker 1: they're unchanged and s and B E many futures are
Speaker 1: a six points lower, and then as their futures are
Speaker 1: sixty points lower. Overseas cyclical stocks you have like energy
Speaker 1: banks tied to the economic expansion, among the biggest gainers
Speaker 1: on the stocks. Your up six hundred. It's the offsetting
Speaker 1: declines in tech firms and some of the real estate.
Speaker 1: The treasury yields right now they are extending their climbs.
Speaker 1: The ten year yield one seventy six, the two year
Speaker 1: yield right now, the US at point eight six percent,
Speaker 1: and your sitting the Bloomberg Degree. The Bloomberg Weather from
Speaker 1: meteorologist Rob Caroline. Sunshine, breezy, colder today, the high thirty
Speaker 1: that's the night part of the cloudy, some snow showers possible, breezy,
Speaker 1: turning a lot colder after Budnes the low temperature fifteen
Speaker 1: broadcasting live from the Bloomberg Interacted Broker Studio in New York.
Speaker 1: Bloomberg Living Freedom to Washington, d C. Bloomberg on to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N
Speaker 1: sixteen to the country. Sirius XM CHADO one nineteen and
Speaker 1: around the globe, the Bloomberg Business APT and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak at six thirty on
Speaker 1: Wall Street. Good barning. I'm John Tucker and I'm Parent Moscow.
Speaker 1: We are just about three hours away from the open
Speaker 1: of US trading. Let's get you up to date in
Speaker 1: the news you need to know at this hour. US
Speaker 1: futures are extending their losses now to begin the week.
Speaker 1: In the SNP five dred is down one point nine
Speaker 1: percent so far this year. That's the worst starts in
Speaker 1: to tech heavy NASDAC one hundred is down four and
Speaker 1: a half percent. It all comes as traders anticipate higher
Speaker 1: interest rates and Goldman Sax is ramping up its forecast
Speaker 1: on that front. Bloomberg's re need a young joins US
Speaker 1: now with more Karen Goldman SAX expects the Fed to
Speaker 1: raise interest rates four times this year and begin the
Speaker 1: balance sheet runoff process in July. That's moved up from
Speaker 1: a previous forecast of December. It's all because of a
Speaker 1: stronger labor market and hawk is signs from the Central
Speaker 1: Bank's latest meeting. Goldman says the Fed is set to
Speaker 1: normalized policy faster than we've ever seen before. I'm rened
Speaker 1: a young Bloomberg Daybreak, thanks for reneed a. Treasury yields
Speaker 1: they continue to climb with a ten year benchmark moving
Speaker 1: closer to two. Garfield Reynolds covers rates for Bloomberg News
Speaker 1: insing can come in this quarta and if it does
Speaker 1: bust through that with the same it could go significantly
Speaker 1: higher before anybody calls the Holt because there's a little
Speaker 1: bit too much complacency out there about just how how
Speaker 1: Bloomberg's Garfield Reynolds is this week's reports on inflation CPI
Speaker 1: on Wednesday and pp I on Thursday will be key
Speaker 1: for the bond market. Well. John Geo Politics is also
Speaker 1: and focuses wearing. Ahead of meetings between the US and Russia,
Speaker 1: Bloomberg News has learned the White House in US allies
Speaker 1: may impose export restrictions on Moscow if lavemrar Putin seizes
Speaker 1: more of Ukraine. To get the latest from Bloomberg's Marietta Today,
Speaker 1: Oe so far, you know, some of the lines that
Speaker 1: we've gotten here is pretty much the same kind of
Speaker 1: mood music that was heard for weeks now, kind of saying,
Speaker 1: you know, the United States, there's two ways here, one
Speaker 1: in which Russia de escalates and we go for a
Speaker 1: diplomatic solution. If there's no diplomatic solution to the Ukraine tension,
Speaker 1: then we could see immediate and huge, massive repercussions on
Speaker 1: the Russian economy. And of course Russia still playing this
Speaker 1: very tough saying we're not going into talks to conceive
Speaker 1: and Bloomberg's Maria today, oh says talks are ongoing in Geneva.
Speaker 1: They'll be followed by NATO meetings in Brussels later this week.
Speaker 1: S and P futures are a little change to lower
Speaker 1: down three points down futures that will change nasdack futures
Speaker 1: down forty four. The decks in Germany's down three tenths
Speaker 1: of a percent, ten, Your treasury down three thirties seconds.
Speaker 1: You had one point seven seven percent. They yield on
Speaker 1: the two year point eight six percent. And nim X
Speaker 1: screwed oil is down three tenths of u percent. Straight
Speaker 1: to had your latest local headlines plus a check of sports,
Speaker 1: and this is Bloomberg. Thanks Karen sixty three on Wall Street,
Speaker 1: and let's bring in Michael barn out to tell us
Speaker 1: what else is going on in New York and around
Speaker 1: the world. John, thank you very much. New York Mayor
Speaker 1: Eric Adams says it's one of the worst fires in
Speaker 1: modern city history. Nine of them are children up babies
Speaker 1: that we lost, and we're all filling this and we're
Speaker 1: going to be here for his community. The blaze that
Speaker 1: broke out at a high rise apartment building and the
Speaker 1: bronx also injured dozens. New York Governor Kathy Hocle we
Speaker 1: are indeed a city and shock to see it in
Speaker 1: the mother's eyes as I held her who lost her
Speaker 1: entire family. New York Fire Commissioner Daniel Ninegro The marshals
Speaker 1: have determined through physical evidence and through firsthand accounts by
Speaker 1: the residents that this fire started in a bedroom in
Speaker 1: affordable Electric Heater Commissioner nine Gros says the blaze began
Speaker 1: in a third floor apartment and smoke quickly spread. Representative
Speaker 1: Alexandria O Cassio Cortez of New York has nested positive
Speaker 1: for COVID nineteen. According to her office. Of Cassio Cortez,
Speaker 1: who was fully vaccinated and has had a booster shot,
Speaker 1: is experiencing symptoms and recovering at home. Bob Sagett, the
Speaker 1: actor comedian known for his role in Full House and
Speaker 1: host of America's Funniest Home Videos, died while on a
Speaker 1: stand up tour. Detectives who found Saget's body in an Orlando,
Speaker 1: Florida hotel room say there were no signs of foul
Speaker 1: play or drug use in the case. Bob Saget was thanks,
Speaker 1: but it took too long. Fat complained about the distribution
Speaker 1: of one billion female dollars in pandemic ravage New York City.
Speaker 1: Standing alongside Mayor Eric Adams, Senate Majority Leader Chuck Schumer
Speaker 1: says that the FEMA money now being delivered to the
Speaker 1: Big Apple to help hospitals was approved two years ago,
Speaker 1: long before the Omicron variant arrived. We are saying, Tom,
Speaker 1: no more delays. When the city applies for relief money
Speaker 1: from oh Macron. We can't wait another two years. Senator
Speaker 1: Schumer says the money will pay for a lot of
Speaker 1: COVID expenses. Ohio Representative Jim Jordan indicated that he won't
Speaker 1: voluntarily testified to the House committee investigating the insurrection at
Speaker 1: the US Capitol, writing the inquiry is unfair minded and objective.
Speaker 1: Jordan is one of former President Donald Trump's congressional ally eyes,
Speaker 1: and as publicly acknowledged talking on the phone with Trump
Speaker 1: on January six, as rioters stormed the Capitol Global News
Speaker 1: twenty four hours a day on a rand on Bloomberg
Speaker 1: Quicktake powered by more than twenty seven hundred journalist and
Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr.
Speaker 1: This is Bloomberg. John all right, Michael, thank you. Is
Speaker 1: now six thirty six on Wall Street, and that's time
Speaker 1: for the Bloomberg Sports Update. This John Stanhowar alright jaw
Speaker 1: was season ending losses. The Jets and Giants both finished
Speaker 1: four and thirteen, so they get high draft picks. The
Speaker 1: Jets also owned Seattle's pick and the Giants have Chicago,
Speaker 1: so the two New York teams together owned four the
Speaker 1: top ten picks. Both teams need plenty of help. The
Speaker 1: Giants need a ton of help on offense. They lost
Speaker 1: to Washington twenty two to seven. Antonio Gibson ran for
Speaker 1: a hundred forty six yards. Giants only had hundred seventy
Speaker 1: seven total, only ten first downs. Jake from did throw
Speaker 1: a touchdown pass but also had a fumble two interceptions,
Speaker 1: one of those returned for a score. Giants lost their
Speaker 1: last six, all by double digits, and now general manager
Speaker 1: Dave Gentleman seems certain to leave his four year record
Speaker 1: nineteen and forty six. Not known if coach Joe Judge
Speaker 1: keeps his job. Jets lost in Buffalo twenty seven to ten.
Speaker 1: The playoffs begin Saturday with Las Vegas at Cincinnati. The
Speaker 1: Raiders beat the Chargers last night thirty five thirty two
Speaker 1: on a field goal on the last play of overtime
Speaker 1: of tie would have meant both teams got in. Instead,
Speaker 1: the Charges are out, the Steelers are in. They'll play
Speaker 1: at Kansas City. New England goes to Buffalo. The NFC
Speaker 1: has Philadelphia, Tampa Bay, forty Niners in Dallas, and Arizona
Speaker 1: at the l A Ram's. Alabama looks to make it
Speaker 1: seven national championships in the last thirteen years. The Crypston
Speaker 1: type beat Georgia last month in the SEC championship game.
Speaker 1: They'll play again tonight in Indianapolis. Georgia actually a slight favorite.
Speaker 1: Its last title came in eighty overtime in Brooklyn. Nets
Speaker 1: beat Spurs one nineteen a judge in Australia reinstated Novak
Speaker 1: Djokovic's visa. As of now he's free to play the
Speaker 1: upcoming Australian Open but the government can still take further
Speaker 1: action against it. Johns to actually where Bloombird Sports. John?
Speaker 1: All right, John, thanks very much. It is coming up
Speaker 1: on six thirty eight on Wall Street and it's time
Speaker 1: to take a look at stocks some of the names
Speaker 1: that are moving in this pre market this morning, and
Speaker 1: for that we're joined by Bloomberg Radio and TV Markets
Speaker 1: correspondent created group to create Happy Monday to you. Let's
Speaker 1: let's be optimistic and start with some of the stocks
Speaker 1: that are moving higher this morning of the pre market. Yeah, well,
Speaker 1: good morning, John, Happy Monday to you as well. Yeah,
Speaker 1: let's start with the big ones. Bio Marin is the
Speaker 1: one that's coming up at the top of my list here.
Speaker 1: B m r N is your taker. Up three point
Speaker 1: three percent in the pre market after the biotech firm
Speaker 1: announced positive result for its hemophilia treatment trial on Sunday.
Speaker 1: This is a biotech company which, as all biotech company,
Speaker 1: feeds up pretty binary re sponse positive news mes positive
Speaker 1: moves for the stock as well. Moving on to Warner
Speaker 1: Media and Viacom CDs. They are considering a sale of
Speaker 1: the c W network, according to the Los Angeles Business Journal,
Speaker 1: but they were also raised to a buy at Deutsche
Speaker 1: Bank a price target of forty three dollars of Viacom
Speaker 1: shares rising in the pre market. B I a c
Speaker 1: s R taker. They're up to the tune of three percent.
Speaker 1: I'm gonna move on to Micron Technology. M use your
Speaker 1: taker up one point one percent. Initiated at a bye
Speaker 1: by New Street Research. The price target was announced at
Speaker 1: a hundred and thirty five dollars a share. Right now,
Speaker 1: the shares are hovering around nine dollars, so you can
Speaker 1: see how that's a pretty bullish catalyst for Micron Technology.
Speaker 1: MU once again is a taker. And speaking of the
Speaker 1: big tech companies, I want to move on to security
Speaker 1: software company z Scaler v S. Is your taker up
Speaker 1: one point three percent? You be saying plenty of growth
Speaker 1: lovers to pull and upgrading the company to a buy
Speaker 1: from a neutral. All right, those are the stocks that
Speaker 1: are higher in the pre market. I bet you also
Speaker 1: have some of those that are moving lower. We've we've
Speaker 1: had a couple. We like to look at them as well. Um,
Speaker 1: we're in particular we have to we have toward journalists
Speaker 1: at the end of the day, well, we'll talking about
Speaker 1: those tech companies. Morgan Stanley upgrading its entire sector view
Speaker 1: on U S I T services too attractive from inline
Speaker 1: with growth, expecting to remain at high levels for foreseeable futures.
Speaker 1: That being said, Cognizant was not part of that. Getting
Speaker 1: a drop lower in the prices CTS H and your
Speaker 1: Taker down one point seven percent, really citing a shortage
Speaker 1: of skilled talent for the broader I T sector. John
Speaker 1: Alright Cretty Group to appreciate it. Bloomberg Radio and TV
Speaker 1: Markets correspondent Critty Group to looking at the stocks as
Speaker 1: a whole handle they cashow up on on Wall Street.
Speaker 1: Right now, we have the SMP futures they are lowered
Speaker 1: down eight points, done about two tens of percent. We've
Speaker 1: been in and out of losses, gains and losses this morning.
Speaker 1: Down futures they're down twenty one points. There's not a
Speaker 1: lot of movement there. And then say futures they are
Speaker 1: down sixty one points. That's down four tenths of a percent.
Speaker 1: We can also switch to fixed income right now tenure
Speaker 1: yield that he is higher one seventies six and the
Speaker 1: two year yield at point eight six percent. Volatility index
Speaker 1: haven't paid a lot of tension that lately. Right now
Speaker 1: the vix at twenty point zero six, that's a slightly elevated.
Speaker 1: At this point, you're listening the Bloomberg Daybreak at a
Speaker 1: Bloomberg Weather forward Today mostly sunny, breeze and colder the
Speaker 1: heights aperture thirty Now tonight things really changed partly cloudy.
Speaker 1: Could see some snow showers this evening. It'll be breezy,
Speaker 1: a lot colder after midnight. The low champerature fifteen Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business lash and I'm Karen
Speaker 1: Moscow and SMP futures are lower at the moment we
Speaker 1: go to the first word breaking news dash for today's
Speaker 1: morning call. Here's Dell Maloney, Bill, good morning, and good morning, Karen.
Speaker 1: Modest losses in the futures right now at death futures
Speaker 1: down eighteen points, sub dropped seven NASDAK futures are lower
Speaker 1: by fifty five. The US A ten yel at one
Speaker 1: point seven seven percent, Gold is up five, oil is
Speaker 1: trading lower, and Bitcoin is down by one point seven percent.
Speaker 1: Hong Kong rose one point six percent overnight, while up
Speaker 1: of markets are posting modest losses this morning. Back in
Speaker 1: the US. On the economic front, at ten o'clock November,
Speaker 1: whostale inventories and also regarding earnings this morning, Lulu Lemon
Speaker 1: now sees Q four EPs and revenue at the low
Speaker 1: end of the range. Shares it down eight percent in
Speaker 1: the pre market. In deal news, Owens and Minor to
Speaker 1: buy Apria for thirty seven fifty per share in cash,
Speaker 1: and in other news, Goldman Sachs now expects the FED
Speaker 1: to raise rates four times this year. Wrapping things Updale
Speaker 1: Technologies was raised out perform ed Bernstein, Adidas and Nike
Speaker 1: both cut to hold at HSBC, and Toll Brothers was
Speaker 1: cut to sector perform at RBC Live. From the first
Speaker 1: to breaking news, discomb build lonely care right Bill, thank
Speaker 1: you to hear live Rickey News. Overa Bloomberg type squawk
Speaker 1: on your terminal scue you a w K and that's
Speaker 1: a Bloomberg business flash now here's Michael Barr with Moore
Speaker 1: on what's going on around the world. Michael, Karen, thank
Speaker 1: you very much. At least nineteen people were killed in
Speaker 1: New York City Sunday, and a high rise apartment fire
Speaker 1: in the Bronx investigators CML functioning space eaters sparked a blaze.
Speaker 1: Bob Saget's fullhouse family is reacting to the news of
Speaker 1: his death. John Stamos says he is broken. Saggot night
Speaker 1: in his Orlando, Florida hotel room at six. In the
Speaker 1: final week of the regular NFL season, the Giants lost
Speaker 1: to Washington. The Jets lost the forty nine are in
Speaker 1: the playoffs after beating the Rams. The Patriots lost to
Speaker 1: the Dolphins, but still advanced. The Ravens lost to the Steelers.
Speaker 1: Round one playoff games Raiders and Bengals, Patriots and Bills,
Speaker 1: Eagles and Box Forty, Niners and Cowboys, Steelers and Chiefs,
Speaker 1: Cardinals and Rams, Packers and Titans get byes. In the NBA,
Speaker 1: the Nets, Wizards and Warriors one and Australian judges reinstated
Speaker 1: tennis starting of Djokovic's visa, which was canceled last week
Speaker 1: because he is Unvaccinated Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more journalist and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg. The following commentary is
Speaker 1: from Bloomberg Opinion. Bigger child tax credits can pay dividends
Speaker 1: for the US. I'm Justin Fox, a columnist for Bloomberg Opinion.
Speaker 1: Not many people expected that the pandemic would bring a
Speaker 1: big decline in poverty in the US, But thanks to
Speaker 1: lots of government aid, that's what seems to have happened,
Speaker 1: at least if you go by a Census Bureau measure
Speaker 1: that factors in assistance programs and unavoidable expenses not reflected
Speaker 1: in the official poverty rate. The percentage of Americans below
Speaker 1: this supplemental poverty measure poverty line felt to a record
Speaker 1: loan nine percent in two thousand twenty and is projected
Speaker 1: to have dropped further last year. Poverty has fallen most
Speaker 1: for children, due in part to a hundred billion dollar
Speaker 1: expansion of the child tax credit that expires this month.
Speaker 1: Keeping some of that in place could pay dividends, as
Speaker 1: keeping kids out of poverty makes them more likely to
Speaker 1: succeed as adults. I'm justin Fox. For more opinion, please
Speaker 1: go to Bloomberg dot com slash Opinion or O P
Speaker 1: I n go on the Bloomberg terminal. This has been
Speaker 1: Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every
Speaker 1: weekday at this time and terminal customers can read more
Speaker 1: at O P I n go. And it is six
Speaker 1: fifty on Wall Street. Returned to news and science and
Speaker 1: technology now with the Bloomberg and J I T. Stemmer
Speaker 1: Ford Bronti U buy New Jersey Institute of Technology, which
Speaker 1: announced the renowned scholar and educational leader, Dr tech Lim
Speaker 1: will join the university as n j I T s
Speaker 1: ninth President. Learn more at n j I T dot
Speaker 1: e du. Now here's just making news and science, technology,
Speaker 1: engineering and math. Shipping companies and software developers are experimenting
Speaker 1: with self driving trucks, has a way to solve a
Speaker 1: driver's shortage worsened by the pandemic. J. B. Hunt, Huber's
Speaker 1: Freight Division and FedEx are among the operators testing automated
Speaker 1: big rigs, as a lack of drivers has caused ports
Speaker 1: to back up and intensify the supply chain squeeze gripping
Speaker 1: the economy. While self driving trucks are still years from
Speaker 1: winning regulatory approval, pioneers of the technology see it as
Speaker 1: a long term solution to an increasingly intractable labor problem.
Speaker 1: The new CEO of Ferrari is trying to put the
Speaker 1: iconic Italian automaker on track for electrification. Benndetto Vigna is
Speaker 1: revamping the company's organizational structure and hiring managers with the
Speaker 1: technology background. Ferrari has been slow to embrace batteries. Its
Speaker 1: first fully electric car is not scheduled to debut until
Speaker 1: and the parent of Facebook is going bigger in Texas.
Speaker 1: Meta Platforms has least half of what will be the
Speaker 1: biggest skyscraper in the city of Austin. The company has
Speaker 1: two thousand employees in Austin and is seeking to hire
Speaker 1: four hundred more. Both Samsung and Tesla have recently announced
Speaker 1: plans to expand in the area. And that's the Bloomberg
Speaker 1: and j I t Stem Report, John or Nice Karen,
Speaker 1: and we are live from the Bloomberg into Ranta Broker
Speaker 1: Studios where it is now six fifty two on Wall Street.
Speaker 1: That means it's time to check what's going on in
Speaker 1: d C. Some of the top stories in our nation's
Speaker 1: capital this morning include talks between the US and Russia
Speaker 1: taking center stage in Europe this week, the House Speaker
Speaker 1: Nancy Pelosi floating the idea of another round of coronavirus
Speaker 1: relief aid as state and local tax deductions are likely
Speaker 1: playing a major role in the mid term elections. Let's
Speaker 1: take a deeper dive out of these stories this morning
Speaker 1: with Bloomberg Government reporter Emily Wilkins. Happy Monday to you, am.
Speaker 1: Let's start with the US considering restrictions on Russia to
Speaker 1: try and keep a lid on Vladimir Putin. What are
Speaker 1: the restrictions we're talking about here, So at this point
Speaker 1: we're looking for potential export controls on Russia, just curbing
Speaker 1: sensitive technology, curbing electronics. And this would all be if
Speaker 1: President Putin decides to move more on Ukraine. No decisions
Speaker 1: have been made quite of yet, uh, And we're going
Speaker 1: to be, of course, looking very closely at the talks
Speaker 1: that happens this week for what goes forward. There has
Speaker 1: also been a bit of a suggestion that the Biden
Speaker 1: administration might try and offer a parent instead of a stick,
Speaker 1: trying to come to some sort of agreement with Russia
Speaker 1: about how Western military is expanding in the area. Definitely
Speaker 1: don't want to go against NATO on that, but trying
Speaker 1: to see if there is some way to find middle ground.
Speaker 1: Now it is the US, to be clear, going to
Speaker 1: negotiate scaling back deployments from troops. So one thing that
Speaker 1: the US wants to make sure in the area that
Speaker 1: they are sort of like keeping up with their allies,
Speaker 1: that they aren't necessarily uh moving from the area. I mean,
Speaker 1: definitely the US is will be looking for Putin to
Speaker 1: pull back some of the troops that he's in mass
Speaker 1: at Ukraine's border in recent months. Um, that's something that
Speaker 1: has been a huge concern. Definitely something the US has
Speaker 1: been keeping a very close eye on. Given that build up.
Speaker 1: There were some US experts who believe that if Putin
Speaker 1: was going to strike in Ukraine, that would happen in
Speaker 1: early two And here we are, Okay, let's move on
Speaker 1: to our our next story. Possibly more virus aid in
Speaker 1: Washington at least the House speakers talking about it, is
Speaker 1: anybody else well, Speaker Policy said there is an opportunity
Speaker 1: and yes. The Washington Post reported last week that you've
Speaker 1: got a number of senators bipartisan, both Democrats and Republicans,
Speaker 1: who are talking about potentially giving another boost and aid
Speaker 1: to businesses that are being hurt by the continuance of
Speaker 1: the O Macron variant, who are struggling to defined workers,
Speaker 1: to maintain workers, who just are struggling a little bit
Speaker 1: as so many people get hit with the current variant.
Speaker 1: And that's been the number that was floated out there
Speaker 1: was was pretty low if you look at some of
Speaker 1: the other stimulus were nowhere in the trillions, were not
Speaker 1: in the hundred billions or at the round like of
Speaker 1: sixty sixties seventy billion dollars. But nothing is clear at
Speaker 1: this point. Pelosi pointed out that the White House hasn't
Speaker 1: sent a request for funding. That's normally how these things originate,
Speaker 1: and what could potentially happen here is, remember, Congress will
Speaker 1: has this temporary funding of the government that will go
Speaker 1: until mid February. Congress will then need to send that
Speaker 1: funding further. If the White House does put a request
Speaker 1: for more funding for O Macron, it seems like the
Speaker 1: door is open for a bipartisan agreement maybe to be
Speaker 1: added to that much larger spending bill. Yeah, nearer, and
Speaker 1: dear to our hearts those of us that live in
Speaker 1: high tax states. The salt cap um right now, Well,
Speaker 1: let's be clear. It was Republicans who imposed the cap
Speaker 1: on the salt deductions on your taxes. And it may
Speaker 1: be the Democrats in the mid terms who get get
Speaker 1: blamed for part of that, but it was Republicans who
Speaker 1: impose it, and then it was Democrats who benefited from it.
Speaker 1: You saw that law, tax law with the cap go
Speaker 1: into effect in seventeen and then the mid terms huge
Speaker 1: blue wave. Democrats picked up a lot of seats, including
Speaker 1: in New York and New Jersey, and a number of
Speaker 1: members who won they ran on saying they would repeal
Speaker 1: the salt cap. And so now you've gotten to the
Speaker 1: point where you're seeing a number of them up for
Speaker 1: this their up for reelection. It's going to be a
Speaker 1: difficult year for Democrats. It always is for the party
Speaker 1: that's empowered the White House. And instead of being able
Speaker 1: to go home and show their constituents, hey, we were
Speaker 1: able to do something with the salt cap, that's all
Speaker 1: gotten hold up now because there is so much disagreement
Speaker 1: right now, particularly from Senator Joe Mansion and Senator Kirsten
Speaker 1: Cinema on Joe Biden's social spending and tax plan of
Speaker 1: which the salt cap was a part of. So there's
Speaker 1: are of a big question about what, if anything, will
Speaker 1: happen with that, if there might be some other way
Speaker 1: for it to move, if there's some momentum that's potentially
Speaker 1: left for that economic plan that Biden put forward. I
Speaker 1: think there are a lot of questions, but one thing
Speaker 1: we really do know looking at the map is that
Speaker 1: if they don't wind up getting something done on the
Speaker 1: salt cap, that's going to make a lot of these
Speaker 1: members all the more vulnerable and then all the more
Speaker 1: likely that Democrats will lose control of the House this November. Emily,
Speaker 1: always a pleasure, Thanks very much. I appreciated Bloomberg Government
Speaker 1: reporter Emily Wilkins, and you can read more about these
Speaker 1: stories on Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Also a reminder, you can follow all the latest on
Speaker 1: Bloomberg Radio in Washington Bloomberg N one and one oh
Speaker 1: five point seven FM h D two. Yeah, as we
Speaker 1: look at futures ahead of the cashop with on Wall
Speaker 1: Street and S and P futures, they're down five points
Speaker 1: right now, down about a tenth of a percent, the
Speaker 1: Dansing futures forty eight points lower, and UH the down futures.
Speaker 1: Right now, they are unchanged and flat. You're listening to
Speaker 1: Bloomberg day Break for Karen Mosca. I'm John Tucker.