WEBVTT - Bloomberg Daybreak: November 8, 2022 - Hour 2 (Radio) 0:00:02.840 --> 0:00:06.240 Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 0:00:06.280 --> 0:00:10.000 day Break for a Tuesday, November eight. Coming up this hour, 0:00:10.240 --> 0:00:12.799 Americans go to the polls with control of the House 0:00:12.880 --> 0:00:16.279 and Senate at stake. Racist in Georgia and Pennsylvania could 0:00:16.320 --> 0:00:18.880 be key. We're also watching a close contest for New 0:00:18.960 --> 0:00:22.439 York governor and Donald Trump. All that confirms another run 0:00:22.520 --> 0:00:25.200 for the White House, with an announcement set for next week. 0:00:25.320 --> 0:00:28.120 I'll speaker Nancy Pelosi speaks for the first time about 0:00:28.120 --> 0:00:30.920 the attack on her husband. Plus a technical issue has 0:00:30.960 --> 0:00:34.200 to lay the powerball drawing. I'm Michael Blar More Ahead, 0:00:34.320 --> 0:00:37.159 I'm John stash Our Sports the Ravens beat the Saints, 0:00:37.159 --> 0:00:40.680 the Nets loss, wins for the Knicks, Islanders, and st John. 0:00:42.680 --> 0:00:46.480 That's all straight ahead on Bloomberg day Break on Bloomberg 0:00:46.680 --> 0:00:50.479 Living three on New York, Bloomberg one, Washington, d C, 0:00:50.880 --> 0:00:55.240 Bloomberg one, O six one, Boston, Bloomberg nine six, Francisco, 0:00:55.600 --> 0:00:58.880 Sirius x M one nineteen and around the world on 0:00:58.960 --> 0:01:08.080 Bloomberg Radio. Come and via the Bloomberg Business at Good Morning. 0:01:08.080 --> 0:01:11.319 I'm Nathan Hagar and I'm Karen Moscow US Dot Index 0:01:11.400 --> 0:01:14.200 futures have been shrimming their gains this morning. They're now 0:01:14.200 --> 0:01:15.840 a little change that We're coming up to six o 0:01:16.000 --> 0:01:17.600 one on Wall Street, and we check the markets every 0:01:17.640 --> 0:01:20.720 fifteen minutes throughout the trading day on Bloomberg Guess and 0:01:20.760 --> 0:01:23.800 P Futures little change so er Down futures and Nasdack 0:01:23.880 --> 0:01:26.920 futures are up about twenty three. The decks in Germany 0:01:27.080 --> 0:01:29.360 is up to tens of upper cent ten year treasury 0:01:29.440 --> 0:01:32.080 up to thirty seconds yield four point to zero percent, 0:01:32.440 --> 0:01:34.320 and the yield on the two year four point seven 0:01:34.400 --> 0:01:37.120 one percent, and nine max scrude oil is down one 0:01:37.120 --> 0:01:39.880 point three percent. Nathan Karen, We'll have more on the 0:01:39.920 --> 0:01:42.720 markets in a minute, but first it is election day. 0:01:42.760 --> 0:01:45.360 Polls are beginning to open across the country. With control 0:01:45.360 --> 0:01:47.440 of the Senate hanging in the balance, there are tight 0:01:47.600 --> 0:01:51.280 races shaping up in at least three states. Amy Morris 0:01:51.280 --> 0:01:55.720 has the latest from our Bloomberg newsroom in Washington. In Pennsylvania, 0:01:55.760 --> 0:01:58.800 the Senate race between Democrat John Fetterman and Republican Memo 0:01:58.920 --> 0:02:01.360 Oz is neck and that I will bring change to 0:02:01.440 --> 0:02:04.440 Washington so they treat us the way we deserve and 0:02:04.520 --> 0:02:07.040 I'm gonna need every one of you to go out, 0:02:07.280 --> 0:02:10.000 get your friends, get your families all ready to vote. 0:02:10.040 --> 0:02:12.239 And Georgia, a record two and a half billion votes 0:02:12.280 --> 0:02:15.800 are already cast. Republican challenger Herschel Walker in a dead 0:02:15.840 --> 0:02:19.480 heat with incumbent Democratic Senator Raphael Warnut. I'll show up 0:02:19.480 --> 0:02:22.440 for you for six more years. You got a voteus 0:02:22.440 --> 0:02:25.320 something new in this stought November. If no candidate gets 0:02:25.320 --> 0:02:27.079 more than fifty of the vote, it could head to 0:02:27.120 --> 0:02:29.440 her run off in December. Be ready for days of 0:02:29.480 --> 0:02:32.400 counting ballots. In Arizona, where a race four senator between 0:02:32.400 --> 0:02:35.600 incumbent Democrat Mark Kelly and Republican Blake Masters, and the 0:02:35.639 --> 0:02:39.680 goober notatorial contest between Republican Kerry Lake and Democrat Katie 0:02:39.680 --> 0:02:43.160 Hobbs are so tight posters expect those results to come 0:02:43.200 --> 0:02:46.000 down to just a few thousand votes. In Washington, I'm 0:02:46.000 --> 0:02:48.560 Amy Morris, Bloomberg Daybreak. All right, Amy, thank you well. 0:02:48.560 --> 0:02:51.640 There are several key races for governor across the country, 0:02:51.639 --> 0:02:54.320 including a closely watched one in New York, and bloomberg 0:02:54.400 --> 0:02:57.320 S Michael bar joins US Live with the latest on that. Michael, 0:02:57.560 --> 0:02:59.639 thank you very much. Karen. The race for governor was 0:02:59.720 --> 0:03:04.160 once insidered an easy win for incumbent Democratic Governor Kathy Hokel. However, 0:03:04.560 --> 0:03:07.280 Republican Lees held and made up ground in the polls 0:03:07.320 --> 0:03:10.359 to make it a tight race. Both candidates made their 0:03:10.400 --> 0:03:14.560 final push to voters. Governor Hocle campaigned in Manhattan. I 0:03:14.639 --> 0:03:19.640 always run like I'm the underdogs work harder. Pcl also 0:03:19.760 --> 0:03:23.800 campaigned last nine in her hometown of Buffalo. Both candidates 0:03:23.800 --> 0:03:27.480 need votes not just from Independence or Republicans, but Democrats 0:03:27.520 --> 0:03:31.400 as well, something Zelden notes it wasn't until New Yorkers 0:03:31.520 --> 0:03:34.040 united in the early nineties that they decided that they 0:03:34.040 --> 0:03:37.360 were going to take back our streets. Zelden campaigned at 0:03:37.360 --> 0:03:39.680 the scene of a subway stabbing in New York City 0:03:39.720 --> 0:03:43.160 and is pushed to fight crime in New York. Michael Barr, 0:03:43.160 --> 0:03:46.760 Bloomberg Radio, Nathan Karen Okay, Michael, thanks, voters are also 0:03:46.800 --> 0:03:49.240 wearhing at least sixty six billion dollars of state on 0:03:49.320 --> 0:03:52.520 local bond measures today to finance projects like new schools 0:03:52.520 --> 0:03:55.720 and climate resiliency efforts. We get that story from Bloomberg's 0:03:55.760 --> 0:03:59.880 Charlie Pellett. The proposed borrowing is more than double the 0:04:00.080 --> 0:04:03.920 twenty seven billion dollars on ballots of this time last year, 0:04:04.200 --> 0:04:06.920 and among the highest volume of bonds up for a 0:04:07.000 --> 0:04:09.840 vote since at least two thousand nine. This according to 0:04:09.920 --> 0:04:14.120 a Bloomberg analysis of a preliminary tally of bond measures 0:04:14.160 --> 0:04:17.760 compiled by I H S Market. The increase comes of 0:04:17.960 --> 0:04:21.200 states and cities have been collecting better than expected revenue 0:04:21.200 --> 0:04:24.120 in the last fiscal year, shoring up the budgets after 0:04:24.200 --> 0:04:27.920 a period of financial uncertainty at the onset of the 0:04:27.960 --> 0:04:33.320 coronavirus pandemic in New York. Charlie Pellett Bloomberg day Break, Charlie, 0:04:33.320 --> 0:04:36.159 thank you. While Americans hand to the polls, Donald Trump 0:04:36.240 --> 0:04:38.440 is ramping up hands that he'll run for the White 0:04:38.480 --> 0:04:42.159 House in the former president all but confirmed the move 0:04:42.200 --> 0:04:45.560 at a rally last night in Dayton, Ohio. I'm going 0:04:45.640 --> 0:04:51.880 to be making a very big announcement on Tuesday, November 0:04:52.000 --> 0:04:58.560 fifty at bar Lago in pop Beach, Florida. Former President 0:04:58.600 --> 0:05:01.400 Trump has been teasing your run for months. Advisors have 0:05:01.480 --> 0:05:03.839 long urged him to hold off on an announcement until 0:05:03.880 --> 0:05:06.400 after the mid terms. Let's get some news outside of 0:05:06.400 --> 0:05:09.520 today's elections, Karen. Beginning in Europe, as the war between 0:05:09.600 --> 0:05:12.640 Russia and Ukraine rages on. Sanctions continue to pile up 0:05:12.680 --> 0:05:14.960 on Moscow. But now Bloomberg News has learned the White 0:05:15.000 --> 0:05:17.320 House once banks like JP Morgan and City Group to 0:05:17.400 --> 0:05:20.760 keep doing business with some strategic Russian firms. We're told 0:05:20.760 --> 0:05:22.800 it's part of a behind the scenes effort to limit 0:05:22.839 --> 0:05:25.560 the adverse impact of Russian sanctions on the global economy. 0:05:25.800 --> 0:05:28.200 Even as some in Congress pound the table for stronger 0:05:28.240 --> 0:05:31.880 steps on Wall Street, songs have rallied for two straight 0:05:31.960 --> 0:05:34.920 days Nathan Ahead of the midterms, Morgan Stanley's Mike Wilson 0:05:35.000 --> 0:05:37.760 says polls that show Republicans claiming at least one member 0:05:37.800 --> 0:05:41.120 of Congress could provide a catalyst for equities. We're getting 0:05:41.160 --> 0:05:42.520 close to the end of the bear market. We're not 0:05:42.600 --> 0:05:44.160 there yet, but you know what you want to what 0:05:44.279 --> 0:05:46.599 you want to try and figure out is what outperforms 0:05:47.040 --> 0:05:49.600 in the last leg down, because I will tell you 0:05:49.720 --> 0:05:52.160 what's going to outperform in the next leg up eventually 0:05:52.160 --> 0:05:54.680 when we get there, and that's been industrial financials and 0:05:54.760 --> 0:05:57.839 some of the commodity complex. Morgan Stanley's Mike Wilson says 0:05:57.880 --> 0:06:00.480 companies will need to bring down expenses before he becomes 0:06:00.560 --> 0:06:04.520 more optimistic on equities. Another key event for markets comes Thursday, Karen, 0:06:04.520 --> 0:06:07.040 when we get a reading on consumer prices. Richmond FED 0:06:07.120 --> 0:06:10.080 President Thomas Barkin says the Central Bank will persist in 0:06:10.160 --> 0:06:13.599 efforts to bring inflation under control. Inflation should come down, 0:06:14.000 --> 0:06:16.760 but don't expect it's drop to be immediate or predictable. 0:06:16.920 --> 0:06:20.200 We've been through multiple shocks, as I discussed, and significant 0:06:20.240 --> 0:06:23.520 shocks simply take time to dampen. Richmond FED President Thomas 0:06:23.560 --> 0:06:26.440 Barkin says one key lesson from inflation in the seventies 0:06:26.560 --> 0:06:29.280 is not to declare victory premature ly. Well, we now 0:06:29.360 --> 0:06:32.680 turn our attention to the big climate change summit in Egypt, Nathan. 0:06:32.760 --> 0:06:35.320 The World Bank has announced a climate Trust fund for 0:06:35.440 --> 0:06:37.760 poorer countries, and we come up with President of the 0:06:37.800 --> 0:06:40.840 World Bank David Malpass, the warrant u PRAM, but also 0:06:40.920 --> 0:06:43.480 the giant amounts of government spending that we're done on 0:06:43.640 --> 0:06:47.400 covid UH and so that that is putting upward pressure 0:06:47.440 --> 0:06:50.360 on prices around the world, and that hits the poorest 0:06:50.520 --> 0:06:54.080 the hardest. And World Bank President David Malpass spoke with 0:06:54.160 --> 0:06:56.720 Bloomberg at the COP twenty seven summit in Egypt cat 0:06:56.760 --> 0:06:59.120 More of that catch more of that conversation coming up 0:06:59.279 --> 0:07:02.119 later in our agram. We're also watching earnings this morning, 0:07:02.200 --> 0:07:05.880 hearing from DuPont had reported a third quarter profit bad 0:07:05.920 --> 0:07:09.680 beat analysts estimates and again futures this morning they are 0:07:09.840 --> 0:07:11.800 high er s and p future is now up about 0:07:11.880 --> 0:07:14.960 four points. And as straight ahead, we have your latest 0:07:15.160 --> 0:07:19.640 local headlines, plus a check of sports. And this is Bloomberg. 0:07:23.040 --> 0:07:25.000 Thanks caring at six oh seven on Wall Street, now 0:07:25.080 --> 0:07:27.880 forty seven degrees in Central Park out of crash northbound 0:07:27.920 --> 0:07:31.320 Cross Island Parkway at Belle Boulevard. Details coming up in traffic. First, 0:07:31.440 --> 0:07:33.760 Michael Barr's back with what else is happening in New 0:07:33.840 --> 0:07:36.720 York and around the world. Michael, thank you very much. Nathan. 0:07:36.800 --> 0:07:39.640 There are other races being watched in the Tri state 0:07:39.720 --> 0:07:43.720 area as well. In Connecticut, Democratic Governor Not Lamont is 0:07:43.880 --> 0:07:48.600 up against Republican challenger Robert Stefanowski, and Lamont spoke earlier 0:07:48.720 --> 0:07:52.600 with Bloomberg about his state. I think the economy front 0:07:52.640 --> 0:07:56.480 and center. Uh. Here in Connecticut, we've been flat as 0:07:56.520 --> 0:07:58.880 a pancake for thirty years. We hadn't added a new 0:07:59.000 --> 0:08:01.680 job in thirty years. Uh, And we were going from 0:08:01.760 --> 0:08:05.320 physical crisis to fiscal crisis. It was a pretty lousy story, 0:08:05.960 --> 0:08:09.120 and the last you know, four or five years were 0:08:09.160 --> 0:08:12.080 beginning to turn things around. In the U S. Senate, 0:08:12.160 --> 0:08:16.640 Democrat Richard Bloomenthal is up against Republican Theora Leaving how 0:08:16.720 --> 0:08:19.560 Speaker Nancy Pelosi said the attack on her husband Paul 0:08:19.640 --> 0:08:22.400 would be a factor in deciding her political future and 0:08:22.520 --> 0:08:25.960 expressed dismay that Donald Trump and others, including Elon Musk, 0:08:26.320 --> 0:08:30.320 had cast doubt on the attack. Pelosi told CNN last night, 0:08:30.520 --> 0:08:32.880 you see what the reaction is on the other side 0:08:32.960 --> 0:08:35.520 to this, to make a joke of it, and really 0:08:35.679 --> 0:08:39.880 that is traumatizing to US. Supreme Court justices have signaled 0:08:39.960 --> 0:08:42.920 they may open new avenues that could weaken the clout 0:08:43.320 --> 0:08:47.000 of the Securities and Exchange Commission and Federal Trade Commission. 0:08:47.280 --> 0:08:50.600 Bloomberg said Baxter as the story. The justices are considering 0:08:50.679 --> 0:08:54.719 cases regarding claims going directly to federal court. The two 0:08:54.800 --> 0:08:58.480 regulatory agencies have been very busy. The SEC file more 0:08:58.559 --> 0:09:01.200 than seven hundred and four reisment actions in the flash 0:09:01.240 --> 0:09:04.600 fiscal year and one judgments and orders worth six point 0:09:04.679 --> 0:09:08.320 four billion dollars. The FTC is seeking to break up 0:09:08.440 --> 0:09:12.959 meta platforms and investigating Amazon, among other initiatives, returned two 0:09:13.040 --> 0:09:16.079 point four billion of consumers last year. It is a 0:09:16.160 --> 0:09:19.319 conservative court and it could decide the question of the 0:09:19.520 --> 0:09:24.240 value of regulation visa v. More free commerce. In San Francisco, 0:09:24.320 --> 0:09:28.040 I'm at Baxter Bloomberg Gay Break. The Powerball lottery jackpot 0:09:28.240 --> 0:09:31.640 is one point nine billion dollars. That's a lot of 0:09:31.760 --> 0:09:34.199 zeros on there. You can't win if you don't play well, 0:09:34.240 --> 0:09:36.520 you definitely can't win. Then on draw the numbers either. 0:09:36.600 --> 0:09:40.160 The Multi State Lottery Association says that the powerball drawing 0:09:40.320 --> 0:09:43.840 was delayed last night and we won't know the official 0:09:43.920 --> 0:09:47.520 results until later. The record breaking drawing was delayed because 0:09:47.559 --> 0:09:52.040 of participating lottery had issues processing sales. Global News twenty 0:09:52.080 --> 0:09:54.920 four hours a day on air and on Bloomberg Quicktake, 0:09:55.200 --> 0:09:58.200 powered by more than seven hundred journalists and analysts more 0:09:58.200 --> 0:10:00.800 than a hundred twenty countries. Michael bar this is Bloomberg 0:10:01.080 --> 0:10:09.320 Bottle Volatility. Thank you, Michael. Almost six ten on Wall 0:10:09.320 --> 0:10:11.040 Street Time for the Bloomberg Sports that they brought to 0:10:11.040 --> 0:10:12.880 you by Tri State out He with John Stag shows 0:10:12.920 --> 0:10:15.480 All righty Bean, Busy night at basketball, Open to night 0:10:15.520 --> 0:10:18.640 in the College GAI. The entire preseason top twenty five 0:10:18.720 --> 0:10:21.760 played and they all won, including Duke new coach John 0:10:21.800 --> 0:10:24.200 shire Villa and open for new coach Kyle Neptune. They 0:10:24.240 --> 0:10:26.839 replaced for the Hall of Fame coaches Mike Schefski and 0:10:26.920 --> 0:10:29.120 Jay Right. St John's won it's opener by twenty five 0:10:29.440 --> 0:10:32.760 over Mary Mac also fifteen NBA games with a message, 0:10:32.800 --> 0:10:35.280 and all of them to remind fans to vote. That's 0:10:35.320 --> 0:10:37.920 why the NBA will not play any games tonight. Nixon 0:10:38.000 --> 0:10:40.960 Minnesota scored seventy six points in the first half went 0:10:41.000 --> 0:10:43.640 on to win one one oh seven thirty one point 0:10:43.720 --> 0:10:46.200 for Julius Randolly made eight three pointers. The Nets lost 0:10:46.240 --> 0:10:50.360 in Dallas nineties four Luke Donson's thirty six points of 0:10:50.400 --> 0:10:52.840 the mass kebin A Rand twenty six for Broken Milwaukee 0:10:52.960 --> 0:10:55.880 lost for the first time Cleveland for just a second time. 0:10:55.920 --> 0:10:59.280 The Lakers lost by twenty three at Utah. The Lakers 0:10:59.360 --> 0:11:01.839 are two and a. The Jazz traded their two best 0:11:01.880 --> 0:11:04.160 players in the off season, yet they are a surprising 0:11:04.320 --> 0:11:06.800 nine and three. Islanders made it five the last six. 0:11:06.840 --> 0:11:09.360 They meet Calgary for three and overtime Monday Night football. 0:11:09.520 --> 0:11:12.560 Ravens and Saints Daxus and chief of eights, telling right, 0:11:12.600 --> 0:11:14.400 look at the town now he loved to touch to 0:11:14.480 --> 0:11:21.160 kennet Ella marlton I j unlikely just behind the secondary. 0:11:21.720 --> 0:11:24.599 The Ravens tried first in New Orleans. The a L 0:11:24.640 --> 0:11:26.760 had the call. Baltimore went on to win twenty seven 0:11:26.880 --> 0:11:29.079 to thirteen at six and three, first place in the 0:11:29.200 --> 0:11:31.920 a f C North. The Colts have only three wins. 0:11:31.960 --> 0:11:34.720 They just fired coach Frank Wright replaced him on an 0:11:34.760 --> 0:11:38.120 interm basis with former Indianapolis lineman Jeff Saturday, who has 0:11:38.160 --> 0:11:42.280 no previous NFL coaching experience. Giant safety's Avian McKenney spent 0:11:42.440 --> 0:11:44.800 his bye week in Cabo and heard his hand in 0:11:44.840 --> 0:11:47.760 an a TV accident. He's one of the better defensive players. 0:11:47.800 --> 0:11:49.880 He's gonna miss at least a month. John Scash at 0:11:50.000 --> 0:11:52.280 Bloomberg Sports, Nathan all Right, John thank U s ANDP 0:11:52.400 --> 0:11:54.960 futures up five points South, futures of forty eight, NASTAC 0:11:55.040 --> 0:11:58.160 futures up forty points up. Next, we hear from World 0:11:58.200 --> 0:12:01.240 Bank President David Ball pass from the COP twenty seven 0:12:01.320 --> 0:12:07.760 summit in Charmel Shake, Egypt. This is Bloomberg Bloomberg Sports 0:12:07.800 --> 0:12:09.319 was brought to you by Autie. You don't let someone 0:12:09.360 --> 0:12:11.400 else drive off in the outie model. You've always wanted 0:12:11.400 --> 0:12:13.480 to visit your local price state Autie dealer to get 0:12:13.520 --> 0:12:16.040 behind the wheel of yours today, or visit Autie Offers 0:12:16.160 --> 0:12:24.199 dot com for more information, markets, headlines and breaking news 0:12:24.360 --> 0:12:26.959 twenty four hours a day at Bloomberg dot com. The 0:12:27.040 --> 0:12:30.520 Bloomberg Business at and at Bloomberg Quick Tape is a 0:12:30.559 --> 0:12:39.520 Bloomberg Business Flash and I'm Karen Moscow. You US dock 0:12:39.600 --> 0:12:42.960 index futures on the rise this morning as investors await 0:12:43.040 --> 0:12:47.120 the outcome of the midterm elections. Treasuries UH they raised 0:12:47.280 --> 0:12:50.520 losses ahead of Thursday's inflation report, and we checked the 0:12:50.559 --> 0:12:53.800 markets every fifteen minutes throughout the trading day on Bloomberg 0:12:53.880 --> 0:12:56.319 U S and P futures at five points down features 0:12:56.360 --> 0:12:59.199 of forty seven, nastag features up forty The decks in 0:12:59.240 --> 0:13:02.480 Germany's epic quarter percent ten your treasury a three thirty 0:13:02.520 --> 0:13:04.880 seconds he had four point to zero percent. They yield 0:13:04.920 --> 0:13:07.719 them a two year four point seven one percent. Nine 0:13:07.880 --> 0:13:10.040 X freude oil is down one point four percent on 0:13:10.160 --> 0:13:12.480 a dollar thirty three and ninety dollars forty six cents 0:13:12.520 --> 0:13:15.160 of errol Comex school down four ten percent or six 0:13:15.200 --> 0:13:18.360 dollars forty cents at sixteen seventy four ten announced. The 0:13:18.520 --> 0:13:21.680 euro is at one point zero zero zero one against 0:13:21.720 --> 0:13:24.280 the dollar. British found one point six one and again 0:13:24.360 --> 0:13:27.600 one six point three to biggoin this morning is down 0:13:27.640 --> 0:13:31.120 four point six percent at nineteen thousand, seven hundred dollars. 0:13:31.400 --> 0:13:33.800 That's a Bloomberg business flash. Now here's Michael Barr with 0:13:33.920 --> 0:13:36.320 Moore ONUN What's going on around the world. Michael, thank 0:13:36.360 --> 0:13:39.920 you very much. Karen. It is election day. The nation 0:13:40.000 --> 0:13:42.560 has its high on several key races that could change 0:13:42.600 --> 0:13:45.599 the balance. In Washington, thirty five Senate seats are on 0:13:45.679 --> 0:13:49.120 the ballot. Former President Trump, speaking in Dayton, Ohile, says 0:13:49.160 --> 0:13:51.360 he will make a big announcement on November fifteen, That 0:13:51.520 --> 0:13:54.800 is Mara Lago Estate. Trump had been teasing for months 0:13:54.880 --> 0:13:59.720 he'd run again. Meanwhile, President Biden traveled campaign in Maryland. 0:14:00.080 --> 0:14:03.120 Biden acknowledged Democrats face a tougher challenge holding the House 0:14:03.240 --> 0:14:05.480 than the Senate. In the NBA the next one, the 0:14:05.559 --> 0:14:08.800 Nets lost the Celtics, Wizards and Warriors all one. In 0:14:08.880 --> 0:14:11.599 the NHL, the Islanders won in ot against Flames for 0:14:11.840 --> 0:14:14.920 three the Bruins and Capitals. Also one Monday Night Football. 0:14:15.000 --> 0:14:18.760 The Ravens beat the global news twenty four hours a 0:14:18.840 --> 0:14:22.160 day on air and on Bloomberg Quicktake, powered by more 0:14:22.280 --> 0:14:24.960 than twenty seven journalists and antalist more than a hundred 0:14:25.000 --> 0:14:28.680 twenty countries. Michael Barn this is Bloomberg, Nathan. Thank you Michael. 0:14:28.720 --> 0:14:30.520 It is six nineteen on Wall Street Live from the 0:14:30.560 --> 0:14:34.040 Bloomberg Interacted Broker Studios. This is a Bloomberg day Break 0:14:34.160 --> 0:14:36.440 on this election day. We're also keeping an eye on 0:14:36.600 --> 0:14:40.720 United Nations climate talks in Egypt. The World Bank is 0:14:40.800 --> 0:14:44.800 warning about food shortages and inflation hitting the poorest, as 0:14:44.960 --> 0:14:49.360 COVID spending and the energy crisis create real problems for 0:14:49.440 --> 0:14:52.720 the developing world. At COP twenty seven in Charmel Shank 0:14:52.800 --> 0:14:57.200 the World Bank announced a Climate Trust fund for poorer countries. Earlier, 0:14:57.240 --> 0:14:59.920 Bloombergs ferencing lackwalk hot up with World Bank President Dave 0:15:00.080 --> 0:15:02.800 mall Pass and he says more investment will be needed 0:15:02.920 --> 0:15:07.360 to tackle climate change. Of course, more resources are really important, 0:15:07.440 --> 0:15:10.680 both for the climate crisis but also for the financial 0:15:10.760 --> 0:15:14.520 crisis affecting the developing countries. I really think we are 0:15:14.640 --> 0:15:18.400 facing a crisis in development, and that means the reversals 0:15:18.480 --> 0:15:22.320 on education, that means the higher interest rates, the inflation, 0:15:22.720 --> 0:15:26.960 the shortages of fertilizer, which are really daunting for the 0:15:27.080 --> 0:15:31.080 developing world. So those are all problems that take resources. 0:15:31.400 --> 0:15:34.920 So it's uh, it's it's a giant part of the 0:15:35.040 --> 0:15:38.200 way the world needs to think about the relationship with 0:15:38.360 --> 0:15:42.000 developing countries, and that's occurring here at this conference as well. 0:15:42.240 --> 0:15:45.480 So it is the climate change, you know, Lens the 0:15:45.560 --> 0:15:47.280 best way to look at it. You're right, we also 0:15:47.280 --> 0:15:49.880 have inflation, we have a cost of living crisis, we 0:15:50.040 --> 0:15:53.040 have people being left out of the financial system. How 0:15:53.200 --> 0:15:56.040 should climate change be a priorities a top three or 0:15:56.120 --> 0:16:00.360 top five from the standpoint of the developing countries, they're 0:16:00.400 --> 0:16:02.880 failing all of them together. So it's a matter of 0:16:03.000 --> 0:16:05.960 how do you finance the adaptation needs? How do you 0:16:06.080 --> 0:16:10.280 finance education and child nutrition? Uh? And so I I 0:16:10.760 --> 0:16:17.360 think of it as a giant resource need that can 0:16:17.440 --> 0:16:22.240 be filled by grants from the advanced economies. By by So, 0:16:22.360 --> 0:16:25.480 the World Bank has one of the largest trust funds 0:16:25.600 --> 0:16:29.720 IDA IDEA that goes to the seventy forest countries. So 0:16:29.960 --> 0:16:33.560 one way is huge amounts of grant money put in 0:16:33.880 --> 0:16:37.600 and we we then dispersed that in various U programs, 0:16:37.640 --> 0:16:41.600 both country programs, but very importantly regional programs and knowledge 0:16:41.680 --> 0:16:45.480 programs that help the country's adapt to climate change. For example, 0:16:45.640 --> 0:16:48.920 I'm just back from South Africa. Over the weekend, we 0:16:49.120 --> 0:16:52.600 decommissioned a coal fired power plant, working with the South 0:16:52.680 --> 0:16:57.080 African government. This is a microcosm of what's needed in 0:16:57.160 --> 0:17:01.160 the world. How do you finance large scale mitigation efforts 0:17:01.320 --> 0:17:04.760 in poorer country or in developing countries. And when you 0:17:04.800 --> 0:17:06.880 look at, of course what we've seen over the last 0:17:06.920 --> 0:17:09.720 twelve months, it's a war in Ukraine that's driving inflation, 0:17:09.880 --> 0:17:13.359 but it's also energy security. How has that changed funding 0:17:13.440 --> 0:17:17.920 mentally the talk on climate change and sustainability, It's added 0:17:18.000 --> 0:17:21.560 to the burden and made even more urgency. So it's 0:17:21.640 --> 0:17:24.080 the war in Ukraine, but also the giant amounts of 0:17:24.160 --> 0:17:27.040 government spending that we're done on covid UH and so 0:17:27.520 --> 0:17:31.080 that that is putting upward pressure on prices around the world, 0:17:31.280 --> 0:17:35.040 and that hits the poorest the hardest. They feel inflation 0:17:35.200 --> 0:17:39.400 the most day. Also very painfully are feeling the extreme 0:17:39.520 --> 0:17:42.960 poverty now and the food shortages. Uh, That's why I 0:17:43.040 --> 0:17:46.919 mentioned fertilizers such an important source because it comes from 0:17:47.080 --> 0:17:49.840 natural gas, and as the natural gas it goes to 0:17:49.960 --> 0:17:54.880 Europe to make up for the Russia. The Russia reductions, 0:17:55.200 --> 0:17:57.680 then that puts a drain on fertilizer and food in 0:17:57.760 --> 0:18:02.879 the developing world, so they they combine and climate change 0:18:02.960 --> 0:18:06.080 then is one important aspect of what has to be 0:18:06.200 --> 0:18:09.320 dealt with. I know you've put out a statement after 0:18:09.359 --> 0:18:11.719 the controversy, but there has been a lot of questions 0:18:11.760 --> 0:18:15.280 about whether your climate change believer are you can you 0:18:15.359 --> 0:18:18.360 can loose at the record strant once and for all. Yes, 0:18:18.480 --> 0:18:21.800 of course, it's clear that human activity is contributing to 0:18:21.960 --> 0:18:24.680 the global warming, and so we need to have action 0:18:25.280 --> 0:18:28.160 and impact. That's what the World Bank is doing, massive 0:18:28.200 --> 0:18:30.639 amounts of action every day. A big chunk of my 0:18:30.840 --> 0:18:36.399 job is taking action on mitigation reducing greenhouse gas emissions. 0:18:37.000 --> 0:18:38.760 You know, there are a lot of conferences, but when 0:18:38.800 --> 0:18:41.120 you really get to it, what we did in South 0:18:41.200 --> 0:18:45.720 Africa is important. That's decommissioning and then repurposing the land 0:18:45.840 --> 0:18:49.119 so that electricity can be made from solar panels in 0:18:49.200 --> 0:18:53.000 this particular project, and also taking account of the people 0:18:53.119 --> 0:18:56.760 that are impacted by the climate change going on. So 0:18:57.040 --> 0:19:01.159 I'll be uh announcing and presenting today a big trust 0:19:01.200 --> 0:19:04.360 fund by the World Bank called Scale that will bring 0:19:04.480 --> 0:19:09.399 global resources in to to fund the climate actions by 0:19:09.480 --> 0:19:12.000 poorer countries. That's a critical part. I just went to 0:19:12.080 --> 0:19:15.880 a breakfast with with several heads of state on called 0:19:16.280 --> 0:19:20.280 Global Shield, which is an insurance mechanism to help them 0:19:20.520 --> 0:19:24.880 prepare for climate related disasters. And that was World Bank 0:19:24.920 --> 0:19:28.280 President David Malpass speaking with Bloomberg's Fiancing Lakwaf from the 0:19:28.480 --> 0:19:31.840 COP twenty seven summit in Charmel Shake, Egypt. You can 0:19:31.920 --> 0:19:34.960 catch the full conversation on Bloomberg dot com or on 0:19:35.000 --> 0:19:38.119 the Bloomberg terminal, and stay with Bloomberg Radio for continued 0:19:38.200 --> 0:19:42.400 coverage of the UN climate talks in Charmel Shake. SMP 0:19:42.560 --> 0:19:45.399 futures on this election day are higher by five points, 0:19:45.440 --> 0:19:48.920 staff features of fifty nine and nastac features are higher 0:19:49.000 --> 0:19:51.800 by forty four points ten. Your treasuries up three thirty seconds, 0:19:52.119 --> 0:19:54.359 yield close to four point two zero percent yield on 0:19:54.440 --> 0:19:58.760 the two year four point seven zero per cent. Stay 0:19:58.800 --> 0:20:07.480 with us your list thing to Bloomberg day Break. Bloomberg 0:20:07.560 --> 0:20:09.119 day Break is brought to you by the Jewish Communal 0:20:09.160 --> 0:20:11.359 Fund j c F. Stoner Advised Fund is the smart 0:20:11.440 --> 0:20:13.639 tax efficient way to manage a philanthropy. Open at j 0:20:13.760 --> 0:20:16.560 c F Fund Now. To lock in a two tax deduction, 0:20:16.640 --> 0:20:23.560 visit j c F n Y dot org. Broadcasting live 0:20:23.720 --> 0:20:27.679 from the Bloomberg Interactive Broker Studio in New York. Bloomberg 0:20:27.680 --> 0:20:31.040 E Living free to Washington, d C, Bloomberg ninety one 0:20:31.200 --> 0:20:34.400 to Boston, Bloomberg one O six one to San Francisco, 0:20:34.480 --> 0:20:37.720 Bloomberg non sixty to the country Sirius XM tod A 0:20:37.800 --> 0:20:40.679 one nine team, and around the globe the Bloomberg Business 0:20:40.760 --> 0:20:44.760 app and Bloomberg Radio dot com. This is Bloomberg Daybreak 0:20:50.720 --> 0:20:53.119 six thirty on Wall Street. Good morning, I'm Nathan Hager 0:20:53.400 --> 0:20:56.040 and I'm Karen Moscow. We're just about three hours away 0:20:56.080 --> 0:20:58.000 from the Open of US Training time to the five 0:20:58.080 --> 0:21:00.119 things that you need to notice ourt your day to 0:21:00.240 --> 0:21:04.560 you by Interactive Brokers. Interactive Brokers charges Martin Loan race 0:21:04.600 --> 0:21:06.720 from three point five eight percent to four point five 0:21:06.760 --> 0:21:10.119 eight percent rate subject to change. Learn more at ibkr 0:21:10.240 --> 0:21:14.200 dot com. Slash compare First, It's Election Day, Americans go 0:21:14.320 --> 0:21:17.439 to the polls to decide control of Congress. Jessica Taylor, 0:21:17.640 --> 0:21:20.480 editor with the Cook Political Report, tells us momentum is 0:21:20.520 --> 0:21:23.919 on the Republican side. The House looks further gone into 0:21:23.960 --> 0:21:26.360 the Senate. The Senate is still going to be very, 0:21:26.520 --> 0:21:29.320 very close. But the closer it gets to election day, 0:21:29.400 --> 0:21:31.840 the more worried Democrats that I've talked to have gotten 0:21:32.000 --> 0:21:35.160 and the more bullish Republicans try to just have gotten. 0:21:35.600 --> 0:21:38.359 Jessica Taylor of The Cook Political Report spoke at our 0:21:38.359 --> 0:21:42.080 Washington correspondent Joe Matthew on Bloomberg Sound On Catch the 0:21:42.080 --> 0:21:45.399 program weekdays at five pm Eastern on Bloomberg Radio. Some 0:21:45.440 --> 0:21:49.000 of those close Senate contests Karen include Pennsylvania, Ohio, Georgia, 0:21:49.119 --> 0:21:52.399 and Arizona. Arizona's race for governor is also expected to 0:21:52.440 --> 0:21:55.120 be close. In New York, Republican Lee z Eldon could 0:21:55.160 --> 0:21:57.440 deliver a shocker at a governor's race that was thought 0:21:57.480 --> 0:21:59.720 to be a shoe in for Democrats. We need the 0:22:00.520 --> 0:22:03.760 more law enforcement les Eldon has made crime one of 0:22:03.840 --> 0:22:06.160 his main talking points. In New York. Governor Cathy Hocle 0:22:06.200 --> 0:22:09.600 campaigned in her hometown of Buffalo last night. Meantime, Nathan 0:22:09.720 --> 0:22:13.080 former President Trump is not so subtly hinting at another 0:22:13.240 --> 0:22:17.920 White House bid. I'm going to be making a very 0:22:18.000 --> 0:22:23.760 big announcement on Tuesday, November. The former president was speaking 0:22:23.800 --> 0:22:26.119 at a rally in Ohio last night and teasing an 0:22:26.119 --> 0:22:29.200 announcement next week. Turning the markets now, Karen stocks have 0:22:29.320 --> 0:22:31.240