1 00:00:02,720 --> 00:00:06,160 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 2 00:00:06,240 --> 00:00:10,559 Speaker 1: Daybreak for Wednesday, November two. Coming up this hour. Fd 3 00:00:10,720 --> 00:00:13,840 Speaker 1: X founder Sam Bankman free To apologizes to staff in 4 00:00:13,880 --> 00:00:17,479 Speaker 1: a letter credit Sweet swarns of a massive fourth quarter loss. 5 00:00:17,960 --> 00:00:20,919 Speaker 1: HP is the latest check company to slash jobs and 6 00:00:21,040 --> 00:00:24,680 Speaker 1: investors away to half dozen economic reports out of Thanksgiving, 7 00:00:24,880 --> 00:00:27,560 Speaker 1: a deadly mass shooting at a Virginia Walmart, plus the 8 00:00:27,560 --> 00:00:30,320 Speaker 1: suspect acused of gunning down people in the gay Colorado 9 00:00:30,480 --> 00:00:34,000 Speaker 1: nightclub has a court appearance today. I'm Michael barr More Ahead, 10 00:00:34,479 --> 00:00:37,400 Speaker 1: I'm John Stash, Aaron Sports, Ben Simmons returned to Philadelphia. 11 00:00:37,400 --> 00:00:39,680 Speaker 1: The Sixers beat the Nets, the Rangers beat the King. 12 00:00:39,800 --> 00:00:45,680 Speaker 1: St John's beat Syracuse in overtime. That's all trended ahead 13 00:00:45,720 --> 00:00:49,280 Speaker 1: on Bloomberg Daybreak on Bloomberg Elive in Free on New York, 14 00:00:49,479 --> 00:00:54,160 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,440 --> 00:00:58,880 Speaker 1: Bloomberg nine sixties and Francisco syrius x M one nine team, 16 00:00:59,080 --> 00:01:02,000 Speaker 1: and around the world on Bloomberg Radio dot Com and 17 00:01:02,160 --> 00:01:09,959 Speaker 1: via the Bloomberg business Side. Good Wednesday morning, I'm Any Morris, 18 00:01:10,000 --> 00:01:12,120 Speaker 1: and I'm Nathan Hagar. Futures are moving a little bit 19 00:01:12,160 --> 00:01:14,560 Speaker 1: higher this day before Thanksgiving. We're coming up to five 20 00:01:14,600 --> 00:01:16,520 Speaker 1: oh one on Wall Street, and we checked the markets 21 00:01:16,560 --> 00:01:19,319 Speaker 1: every fifteen minutes during the trading day. On Bloomberg, SFP 22 00:01:19,400 --> 00:01:22,040 Speaker 1: futures are up eight point, Staff futures up fifty, Nasdaq 23 00:01:22,080 --> 00:01:25,320 Speaker 1: futures are higher by fifteen points. The tenure Treasury is 24 00:01:25,400 --> 00:01:28,160 Speaker 1: up three thirty seconds, yield three point seven four percent, 25 00:01:28,240 --> 00:01:30,720 Speaker 1: yield on the two year four point five two percent, 26 00:01:31,000 --> 00:01:33,040 Speaker 1: and i'm x screwed is up eight tenths percent, or 27 00:01:33,160 --> 00:01:35,720 Speaker 1: sixty two cents at eighty one dollar fifty seven cents 28 00:01:35,720 --> 00:01:38,399 Speaker 1: a barrel. Maybe, Nathan, we will have more on the 29 00:01:38,440 --> 00:01:40,560 Speaker 1: markets in just a minute, but first, the latest on 30 00:01:40,600 --> 00:01:42,920 Speaker 1: the fallout from f t X. The founder of the 31 00:01:42,959 --> 00:01:46,920 Speaker 1: collapsed crypto exchange is now apologizing. Let's get the latest 32 00:01:46,959 --> 00:01:50,480 Speaker 1: live with Bloomberg. Steve rapp Aboard, Good morning Steve, Good morning, Amy, 33 00:01:50,480 --> 00:01:53,560 Speaker 1: and Nathan. In a mia colpa to employees, disgraced ft 34 00:01:53,760 --> 00:01:56,360 Speaker 1: X founder Sam Bankman Freed says he didn't mean for 35 00:01:56,440 --> 00:01:58,760 Speaker 1: any of this to happen, and he would give anything 36 00:01:58,800 --> 00:02:01,360 Speaker 1: to go back and do things over again. The crypto 37 00:02:01,400 --> 00:02:04,560 Speaker 1: exchange collapsed about two weeks ago, fueled by a credit squeeze, 38 00:02:04,600 --> 00:02:07,400 Speaker 1: virtual coins sell offs, and what bankman Fried calls a 39 00:02:07,520 --> 00:02:10,480 Speaker 1: run on the bank. He also disclosed collateral crashed by 40 00:02:10,520 --> 00:02:14,640 Speaker 1: fifty one billion dollars as ft X spiraled. Bankruptcy proceeding 41 00:02:14,720 --> 00:02:16,560 Speaker 1: so far paint f t X as a company with 42 00:02:16,600 --> 00:02:20,200 Speaker 1: poor record keeping and other questionable practices Live in New 43 00:02:20,320 --> 00:02:23,560 Speaker 1: York Time, Steve Rappaport Bloomberg Daybreak. All right, Steve, thank you. 44 00:02:23,600 --> 00:02:26,040 Speaker 1: The collapse of f t X shocked much of the 45 00:02:26,080 --> 00:02:30,000 Speaker 1: financial world, including Cathy Would. The ARC Investment CEO, says 46 00:02:30,040 --> 00:02:33,760 Speaker 1: the exchange clearly lacked oversight. The fact that so many 47 00:02:33,840 --> 00:02:41,520 Speaker 1: people were completely fooled um is quite shocking. And you know, 48 00:02:41,760 --> 00:02:45,040 Speaker 1: I think he had this aura around him or something 49 00:02:45,680 --> 00:02:50,440 Speaker 1: that caused people to to to ask fewer questions than 50 00:02:50,560 --> 00:02:52,880 Speaker 1: might otherwise have been the case. Kathy Wood made the 51 00:02:52,880 --> 00:02:55,359 Speaker 1: comments in an interview with Carol Master and Tim Stenovic 52 00:02:55,400 --> 00:02:57,680 Speaker 1: on Bloomberg Business Week. You can watch the show live 53 00:02:57,720 --> 00:03:00,480 Speaker 1: on YouTube weekdays from two to five Eastern. Catch more 54 00:03:00,520 --> 00:03:03,040 Speaker 1: of that conversation with Cathy Would coming up shortly here 55 00:03:03,040 --> 00:03:06,320 Speaker 1: on Bloomberg Daybreak and Nathan. Another major story we are 56 00:03:06,360 --> 00:03:10,120 Speaker 1: following comes from overseas. Credit Sweets warning of a massive 57 00:03:10,160 --> 00:03:12,359 Speaker 1: fourth quarter loss. We got to London now and get 58 00:03:12,360 --> 00:03:15,040 Speaker 1: the latest live with Bloomberg's You and Parts, Good Morning You, 59 00:03:15,120 --> 00:03:18,200 Speaker 1: and good morning Amy and Nathan. Credit Sweet clients pulled 60 00:03:18,200 --> 00:03:21,440 Speaker 1: as much as eight billion dollars from the bank during 61 00:03:21,440 --> 00:03:24,840 Speaker 1: the first few weeks of this quarter, underlying the ongoing 62 00:03:24,880 --> 00:03:28,880 Speaker 1: concerns over the bank's restructuring efforts after years of scandals. 63 00:03:29,080 --> 00:03:31,680 Speaker 1: The Swiss Bank is warning today it's facing a loss 64 00:03:31,760 --> 00:03:34,360 Speaker 1: of up to one point six billion dollars for the 65 00:03:34,400 --> 00:03:37,000 Speaker 1: final three months of this year, and in China, the 66 00:03:37,040 --> 00:03:39,320 Speaker 1: company is said to be acting at least a third 67 00:03:39,480 --> 00:03:42,920 Speaker 1: of its investment banking workforce. Credit Sweet shares currently down 68 00:03:42,960 --> 00:03:45,640 Speaker 1: almost five percent in London, I'm You and Parts, Bloomberg 69 00:03:45,680 --> 00:03:47,640 Speaker 1: Day breaks, all right, you and Thanks, and job cuts 70 00:03:47,720 --> 00:03:50,560 Speaker 1: are continuing here in the US. The latest at HP, 71 00:03:50,920 --> 00:03:53,160 Speaker 1: the tech company, says it will eliminate as many as 72 00:03:53,200 --> 00:03:56,560 Speaker 1: six thousand positions over the next three years. HP says 73 00:03:56,600 --> 00:04:00,440 Speaker 1: declining demand for personal computers is cutting into profits, and 74 00:04:00,480 --> 00:04:03,480 Speaker 1: Twitter has also been cutting jobs sharply ever since Elon 75 00:04:03,600 --> 00:04:06,240 Speaker 1: Musk took over that company. Now we're learning it's lost 76 00:04:06,280 --> 00:04:09,240 Speaker 1: more than half of its in house lawyers. Bloomberg said. 77 00:04:09,240 --> 00:04:11,720 Speaker 1: Baxter has that story from our nine sixty news room 78 00:04:11,760 --> 00:04:15,400 Speaker 1: in San Francisco. This includes several senior attorneys, and it 79 00:04:15,480 --> 00:04:19,000 Speaker 1: raises some concerns about the depth of legal knowledge that 80 00:04:19,040 --> 00:04:22,640 Speaker 1: remains with the company. Bloomberg sources say this leaves only 81 00:04:23,040 --> 00:04:26,880 Speaker 1: Head of Litigation James Baker and International Legal chief Regina 82 00:04:26,920 --> 00:04:30,520 Speaker 1: Lima in leadership roles in the department. There is enough 83 00:04:30,560 --> 00:04:33,120 Speaker 1: concern that, the sources say, there may not be enough 84 00:04:33,200 --> 00:04:37,120 Speaker 1: legal expertise remaining in house to know which outside law 85 00:04:37,200 --> 00:04:40,720 Speaker 1: firms are handling certain matters. In San Francisco, I'm at 86 00:04:40,720 --> 00:04:43,840 Speaker 1: Baxter Bloomberg daybreak and thanks were three weeks away from 87 00:04:43,880 --> 00:04:46,480 Speaker 1: the next decision from the Federal Reserve. In Central Bank 88 00:04:46,480 --> 00:04:50,080 Speaker 1: officials are speaking on policy. Kansas City Fed President Ester 89 00:04:50,160 --> 00:04:54,240 Speaker 1: George says significant US household savings could have implications for 90 00:04:54,320 --> 00:04:57,240 Speaker 1: how high rates need to rise. While high savings is 91 00:04:57,279 --> 00:05:01,679 Speaker 1: likely to provide momentum to consumption and require higher interest rates, 92 00:05:01,839 --> 00:05:05,520 Speaker 1: it's certainly positive that we see that these households are wealthier, 93 00:05:05,640 --> 00:05:10,760 Speaker 1: less financially constrained, and better ensured. But that said, reduced 94 00:05:10,800 --> 00:05:15,760 Speaker 1: inflation will mean we have to incent saving over consumption. 95 00:05:16,680 --> 00:05:19,440 Speaker 1: Kansas City FED President Esther George made those comments in 96 00:05:19,480 --> 00:05:22,479 Speaker 1: Santiago during a panel discussion hosted by the Central Bank 97 00:05:22,520 --> 00:05:25,359 Speaker 1: of Chile and Dathan. We have a slew of economic 98 00:05:25,400 --> 00:05:27,920 Speaker 1: reports this morning, much more than usual ahead of the 99 00:05:27,960 --> 00:05:31,039 Speaker 1: Thanksgiving Day holiday. We get a preview now from Bloomberg 100 00:05:31,040 --> 00:05:34,799 Speaker 1: Economics correspondent Michael McKee, who can't have a holiday until 101 00:05:34,800 --> 00:05:37,680 Speaker 1: the data dump is done. Seven different indicators will be 102 00:05:37,720 --> 00:05:41,800 Speaker 1: released on Thanksgiving Eve. They vary in importance. The capital 103 00:05:41,800 --> 00:05:45,080 Speaker 1: goods section of durable goods orders represents business spending trends, 104 00:05:45,080 --> 00:05:48,680 Speaker 1: so that will get attention. Wall Street watches jobless claims 105 00:05:48,680 --> 00:05:50,320 Speaker 1: as sort of a canary in a coal mine for 106 00:05:50,360 --> 00:05:52,760 Speaker 1: the labor market, and the Fed has made a big 107 00:05:52,760 --> 00:05:57,120 Speaker 1: deal out of the University of Michigan's inflation expectations numbers. 108 00:05:57,120 --> 00:06:01,279 Speaker 1: Slightly less important mortgage applications and new home sales. We 109 00:06:01,520 --> 00:06:04,440 Speaker 1: know higher interest rates are crippling the housing markets. Of 110 00:06:04,520 --> 00:06:08,000 Speaker 1: interest will be whether home prices keep falling. S and 111 00:06:08,040 --> 00:06:11,279 Speaker 1: p purchasing managers indexes will be overshadowed by next week's 112 00:06:11,360 --> 00:06:14,440 Speaker 1: I s M report, and, barring surprise, the Minutes of 113 00:06:14,480 --> 00:06:17,279 Speaker 1: the feds November second meeting won't likely add much to 114 00:06:17,320 --> 00:06:20,040 Speaker 1: the rate outlook. They're three weeks old and almost everyone 115 00:06:20,080 --> 00:06:23,159 Speaker 1: on the FED has offered their views since that meeting. 116 00:06:23,400 --> 00:06:26,560 Speaker 1: Michael McKee Bloomberg Daybreaking, all Right, Mike Thanks, and other news. 117 00:06:26,600 --> 00:06:29,719 Speaker 1: This morning, there were violent protests at Apple's main iPhone 118 00:06:29,720 --> 00:06:32,520 Speaker 1: making plant in China. Hundreds of workers at the fox 119 00:06:32,560 --> 00:06:35,919 Speaker 1: Con factory battled security personnel after almost a month of 120 00:06:35,960 --> 00:06:39,560 Speaker 1: tough restrictions intended to quash a COVID outbreak. Videos shows 121 00:06:39,640 --> 00:06:41,839 Speaker 1: hundreds of workers breaking out of dorm rooms at the 122 00:06:41,839 --> 00:06:44,920 Speaker 1: facility today, and Disney set for a major box office 123 00:06:44,920 --> 00:06:48,080 Speaker 1: return in China. Sources say it will release its latest 124 00:06:48,160 --> 00:06:50,880 Speaker 1: Avatar film on December sixte and that could be a 125 00:06:50,920 --> 00:06:54,000 Speaker 1: big lift in a key market for Disney. Previous blockbusters 126 00:06:54,000 --> 00:06:57,200 Speaker 1: have been denied entry on the deteriorating relations between the 127 00:06:57,279 --> 00:07:00,000 Speaker 1: US and China, and futures are on the rise this morning. 128 00:07:00,040 --> 00:07:02,680 Speaker 1: Amy SMP futures are up seven points down, futures up 129 00:07:02,680 --> 00:07:05,719 Speaker 1: forty seven, NASTACT futures up thirteen points ten. Your treasury 130 00:07:05,760 --> 00:07:08,479 Speaker 1: is up one thirty second now yield three point seven 131 00:07:09,400 --> 00:07:11,120 Speaker 1: and I'm ex screwed up six tenths per cent at 132 00:07:11,120 --> 00:07:13,880 Speaker 1: eighty one forty two cents of barrel zero trading at 133 00:07:13,920 --> 00:07:16,400 Speaker 1: one point zero three one zero against the dollar. Your 134 00:07:16,440 --> 00:07:18,680 Speaker 1: latest local headlines in the check of sports. Up next, 135 00:07:18,800 --> 00:07:25,720 Speaker 1: this is Bloomberg making ethan five or seven on Wall Street. 136 00:07:25,760 --> 00:07:27,680 Speaker 1: Let's bring in Michael Barr with more on what else 137 00:07:27,800 --> 00:07:29,800 Speaker 1: is going on in New York and around the world. 138 00:07:29,880 --> 00:07:33,360 Speaker 1: Good morning, Michael, Good morning Amy. Authorities in Chesapeake, Virginia 139 00:07:33,480 --> 00:07:36,360 Speaker 1: are investigating a mass shooting at a Walmart last night. 140 00:07:36,680 --> 00:07:40,200 Speaker 1: Police spokesperson Leo Kazinski says several people are dead and 141 00:07:40,280 --> 00:07:42,960 Speaker 1: several others are injured. It's sad, you know, we're a 142 00:07:42,960 --> 00:07:45,360 Speaker 1: couple of days before the Thanksgiving holiday. I mean, anytime 143 00:07:45,400 --> 00:07:47,080 Speaker 1: that's a said, and it's just it's just just a 144 00:07:47,080 --> 00:07:49,360 Speaker 1: bad time all around, you know. It's just for everybody involved, 145 00:07:49,680 --> 00:07:52,960 Speaker 1: especially the victims. Like this is as noorable. Police spokesman 146 00:07:53,040 --> 00:07:56,320 Speaker 1: Kazinski says, it's believe there was only one shooter, who 147 00:07:56,360 --> 00:07:59,800 Speaker 1: was now dead. The FBI is now assisting in the investigation. 148 00:08:00,280 --> 00:08:03,280 Speaker 1: The alleged shooter facing possible hate crime charges, and the 149 00:08:03,280 --> 00:08:05,960 Speaker 1: fatal shooting of five people at the Colorado Springs Gay 150 00:08:06,120 --> 00:08:10,480 Speaker 1: nightclub has a court appearance today. The suspects defense team 151 00:08:10,560 --> 00:08:14,600 Speaker 1: listed Anderson Lee Aldridge as non binary. The motive in 152 00:08:14,640 --> 00:08:18,200 Speaker 1: the shooting is still under investigation. New York Governor Kathy 153 00:08:18,200 --> 00:08:21,480 Speaker 1: Hocle says the state will take larger strides in trying 154 00:08:21,480 --> 00:08:25,400 Speaker 1: to prevent hate crimes. Hocal sign two pieces of legislation 155 00:08:25,440 --> 00:08:28,520 Speaker 1: into law that aims to educate people about what is 156 00:08:28,560 --> 00:08:32,160 Speaker 1: considered hate speech and how that speech could potentially turn 157 00:08:32,240 --> 00:08:35,520 Speaker 1: into violent acts. Ordinary New Yorkers are out there seeing 158 00:08:35,559 --> 00:08:39,040 Speaker 1: the same thing. I want them to be part of 159 00:08:39,040 --> 00:08:42,160 Speaker 1: our team. I want others to come with that early 160 00:08:42,200 --> 00:08:44,480 Speaker 1: warning system when they see this or they hear someone 161 00:08:44,480 --> 00:08:47,320 Speaker 1: in their schools saying something. This is what red flag 162 00:08:47,400 --> 00:08:50,679 Speaker 1: laws are also all about. One bill that Governor Hocal 163 00:08:50,800 --> 00:08:54,000 Speaker 1: sign requires people convicted of a hate crime to undergo 164 00:08:54,080 --> 00:08:57,920 Speaker 1: hate crime prevention training. New York City Mayor Eric Adams 165 00:08:58,000 --> 00:09:00,679 Speaker 1: unveiled new plans to close more Street It's in Midtown 166 00:09:00,720 --> 00:09:04,600 Speaker 1: Manhattan to traffic in December. Adams says one part calls 167 00:09:04,640 --> 00:09:07,439 Speaker 1: for a section of Fifth Avenue to be closed completely 168 00:09:07,480 --> 00:09:10,560 Speaker 1: to allow holiday shoppers to walk about. But this gab 169 00:09:10,640 --> 00:09:13,480 Speaker 1: driver says that means less room for cars. I think 170 00:09:13,480 --> 00:09:16,320 Speaker 1: it's horrible to close it because you're just gonna create 171 00:09:16,360 --> 00:09:19,360 Speaker 1: great luck everywhere else. You know. It's like it's like 172 00:09:20,160 --> 00:09:24,560 Speaker 1: it's like having a blood clock over here. Meanwhile, millions 173 00:09:24,559 --> 00:09:27,840 Speaker 1: of Americans are hitting the roads where the Thanksgiving getaway. Today, 174 00:09:28,000 --> 00:09:31,320 Speaker 1: nearly fifty five million Americans are expected to travel at 175 00:09:31,400 --> 00:09:34,480 Speaker 1: least fifty miles from home. An accountant who handled the 176 00:09:34,520 --> 00:09:38,320 Speaker 1: tax returns of some Trump organization executives told a jury 177 00:09:38,360 --> 00:09:41,480 Speaker 1: that Donald Trump reported a total of about nine hundred 178 00:09:41,520 --> 00:09:45,319 Speaker 1: million dollars in operating losses over two years. Donald Vender 179 00:09:45,520 --> 00:09:48,319 Speaker 1: with Masis, was the first defense witness in the tax 180 00:09:48,360 --> 00:09:51,480 Speaker 1: fraud case. Global News twenty four hours a day on 181 00:09:51,679 --> 00:09:55,080 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 182 00:09:55,200 --> 00:09:58,160 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 183 00:09:58,520 --> 00:10:04,920 Speaker 1: Michael Barron, this is bloom Burg aint all right, Thank you, Michael. John. 184 00:10:04,920 --> 00:10:08,240 Speaker 1: Now that the sports aboard tries stay douty, here's John 185 00:10:08,400 --> 00:10:11,680 Speaker 1: dash our Amy. The Philadelphia's seventies sixers took Ben Simmons 186 00:10:11,800 --> 00:10:13,400 Speaker 1: with the first pick of the draft, and he became 187 00:10:13,400 --> 00:10:15,840 Speaker 1: an all star for them. But things went sour, especially 188 00:10:15,880 --> 00:10:19,600 Speaker 1: in the playoffs. Traded last season to Brooklyn. Last night, 189 00:10:19,679 --> 00:10:22,199 Speaker 1: his first game back, he got food said he expected 190 00:10:22,240 --> 00:10:25,000 Speaker 1: the booze to be Louder played fairly well eleven points, 191 00:10:25,040 --> 00:10:27,480 Speaker 1: eleven assists that held scoreless of the fourth quarters. The 192 00:10:27,559 --> 00:10:30,679 Speaker 1: Sixers beat the Nets one one oh six. Billy was 193 00:10:30,760 --> 00:10:33,400 Speaker 1: without star center Joe l Emby, who had been critical 194 00:10:33,480 --> 00:10:36,000 Speaker 1: of Simmons at the end of this time. There Rangers 195 00:10:36,040 --> 00:10:38,360 Speaker 1: continued their trip out west in l a down to 196 00:10:38,559 --> 00:10:41,000 Speaker 1: nothing second period. They scored three in the second and 197 00:10:41,160 --> 00:10:45,439 Speaker 1: the game was to be three and the third sid 198 00:10:45,559 --> 00:10:51,120 Speaker 1: far Corner set play the licens star Chris Pryder. They've 199 00:10:51,160 --> 00:10:53,680 Speaker 1: worked on that for a couple of years. We've seen 200 00:10:53,720 --> 00:10:57,440 Speaker 1: it from time to time, and it pays off as 201 00:10:57,480 --> 00:11:00,560 Speaker 1: a battle Chats set the funk yet far side Pridor 202 00:11:00,640 --> 00:11:03,640 Speaker 1: to caps the guy seat and teach Peterson. The Rangers 203 00:11:03,960 --> 00:11:06,360 Speaker 1: go back on top. ESPN New York Headic Crider added 204 00:11:06,360 --> 00:11:09,120 Speaker 1: an empty Netta Rangers beat the King's five three Plates 205 00:11:09,160 --> 00:11:11,960 Speaker 1: and an Anna Hive Devils Tonight. Those Toronto, New Jersey 206 00:11:12,000 --> 00:11:14,439 Speaker 1: win would be a club record fourteenth win in the row. 207 00:11:14,880 --> 00:11:16,960 Speaker 1: Like the old days of the Big East St. John's 208 00:11:17,000 --> 00:11:19,280 Speaker 1: and Syracuse in Brooklyn. They went over time the Red 209 00:11:19,360 --> 00:11:21,920 Speaker 1: Storm War in seventy six sixty nine. Then L six 210 00:11:22,000 --> 00:11:24,920 Speaker 1: and Oh Giants lead today for Dallas Big Game tomorrow. 211 00:11:25,040 --> 00:11:27,839 Speaker 1: Both Team seven and three Giants seven wanted Dallas since 212 00:11:27,920 --> 00:11:31,199 Speaker 1: two thousand sixteen. Bloomberg Nos reported last summer the Glazer 213 00:11:31,280 --> 00:11:33,920 Speaker 1: family was considering selling at least a minority stake in 214 00:11:33,960 --> 00:11:36,679 Speaker 1: their ownership of Manchester United of the Premier League. The 215 00:11:36,760 --> 00:11:41,320 Speaker 1: family now admits they are quote exploring strategic alternatives. Their 216 00:11:41,320 --> 00:11:44,400 Speaker 1: ownership has been criticized by fans of the team down 217 00:11:44,440 --> 00:11:48,480 Speaker 1: Stationward Bloomberg Sports, Nathan, all right, thank you, that's okay, John, 218 00:11:48,520 --> 00:11:51,959 Speaker 1: thanks so much. Teachers are higher. We're s S and 219 00:11:52,000 --> 00:11:54,959 Speaker 1: P futures up six, Dell futures up forty two, Nasdaq 220 00:11:55,040 --> 00:11:59,160 Speaker 1: futures up six. Ten year Treasury unchanged the yield at 221 00:11:59,160 --> 00:12:08,120 Speaker 1: three point seven. This is Bloomberg. The Bloomberg Sports Report 222 00:12:08,200 --> 00:12:10,160 Speaker 1: was brought to you by Audie. Don't let someone else 223 00:12:10,240 --> 00:12:12,360 Speaker 1: drive off in the Autie model. You've always wanted to 224 00:12:12,440 --> 00:12:14,400 Speaker 1: visit your local tri state out and dealer to get 225 00:12:14,440 --> 00:12:16,520 Speaker 1: behind the wheel of yours today, or visit Autie Offers 226 00:12:16,559 --> 00:12:24,120 Speaker 1: dot com for more information, markets, headlines, and breaking news 227 00:12:24,280 --> 00:12:27,000 Speaker 1: twenty four hours a day at Bloomberg dot com, bloo 228 00:12:27,000 --> 00:12:30,439 Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a 229 00:12:30,520 --> 00:12:39,680 Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Futures are holding steady 230 00:12:39,720 --> 00:12:42,120 Speaker 1: as investors await the latest FED minutes and clues on 231 00:12:42,200 --> 00:12:44,680 Speaker 1: the policy path. We checked the markets every fifteen minutes 232 00:12:44,760 --> 00:12:47,120 Speaker 1: during the training day on Bloomberges and P futures are 233 00:12:47,200 --> 00:12:50,400 Speaker 1: up four points, DAL futures up thirty four Nastack futures 234 00:12:50,440 --> 00:12:53,080 Speaker 1: are hired by two points little change ten. Your treasuries 235 00:12:53,080 --> 00:12:55,720 Speaker 1: down one thirty second yield three point seven five percent, 236 00:12:55,800 --> 00:12:58,200 Speaker 1: yield on the two year four point five three percent. 237 00:12:58,559 --> 00:13:00,800 Speaker 1: Now I'm ex screwed up six tenths center, forty five 238 00:13:00,840 --> 00:13:03,360 Speaker 1: cents eighty one dollar, thirty nine cents of barrel comic 239 00:13:03,400 --> 00:13:06,800 Speaker 1: stole down two tenths per cent at seventnnounced the euro 240 00:13:06,920 --> 00:13:09,360 Speaker 1: one point zero three zero four against the dollar. That's 241 00:13:09,360 --> 00:13:11,840 Speaker 1: the Bloomberg Business Flash. Now here's Michael Barr with more 242 00:13:11,880 --> 00:13:13,720 Speaker 1: on what's going to run around the world. Good morning, Michael, 243 00:13:13,800 --> 00:13:16,480 Speaker 1: Good morning, Nathan. Multiple people have been killed and injured 244 00:13:16,520 --> 00:13:19,880 Speaker 1: in the shooting last night at a Walmart store in Chesapeake, Virginia. 245 00:13:20,120 --> 00:13:23,800 Speaker 1: Police say the suspected Loan gunman is dead. Ukrainian authorities 246 00:13:23,800 --> 00:13:26,760 Speaker 1: say an overnight rocket attack has struck a hospital maternity 247 00:13:26,840 --> 00:13:30,720 Speaker 1: ward in southern Ukraine, killing a newborn baby. The baby's 248 00:13:30,760 --> 00:13:33,120 Speaker 1: mother and the doctor were pulled alive from the rubble. 249 00:13:33,440 --> 00:13:35,760 Speaker 1: In the NBA and the Nets lost in the NHL, 250 00:13:35,840 --> 00:13:39,000 Speaker 1: the Rangers won at the World Cup. Four games are 251 00:13:39,040 --> 00:13:42,040 Speaker 1: on the slate today, including Morocco and Croatia, who are 252 00:13:42,080 --> 00:13:45,400 Speaker 1: playing right now. Global News twenty four hours a day 253 00:13:45,600 --> 00:13:48,800 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 254 00:13:48,880 --> 00:13:51,720 Speaker 1: twenty seven hundred journalists and analysts and more than one 255 00:13:51,760 --> 00:13:55,680 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg Amy. 256 00:13:56,040 --> 00:13:58,600 Speaker 1: All right, thank you, Michael. It's five nineteen on Wall 257 00:13:58,640 --> 00:14:01,760 Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is 258 00:14:01,800 --> 00:14:04,480 Speaker 1: Bloomberg Daybreak. We're not going to bring you an interview 259 00:14:04,559 --> 00:14:08,720 Speaker 1: with our investment CEO, Cathy Wood. She's reiterating her faith 260 00:14:08,800 --> 00:14:11,280 Speaker 1: in crypto assets in the wake of ft x is 261 00:14:11,360 --> 00:14:15,439 Speaker 1: collapse and offering support for Elon Musk's Twitter strategy. She 262 00:14:15,559 --> 00:14:17,800 Speaker 1: talked about those topics and more in an interview with 263 00:14:17,880 --> 00:14:21,240 Speaker 1: Carol Masser and Tim Stentovic on Bloomberg Business Week. Let's 264 00:14:21,280 --> 00:14:24,040 Speaker 1: listen in. I gotta talk to you about the crypto space. 265 00:14:24,160 --> 00:14:26,400 Speaker 1: You um, you know, it's it's a world you know 266 00:14:26,560 --> 00:14:29,000 Speaker 1: really well. We think about the ft X collapse, the 267 00:14:29,080 --> 00:14:33,120 Speaker 1: bankruptcy proceedings today, the coming undone of Sam Makman freed. 268 00:14:33,600 --> 00:14:35,680 Speaker 1: You know, you have been buying into some of the 269 00:14:35,720 --> 00:14:38,960 Speaker 1: different names in the crypto space, coin Base, gray Scale, 270 00:14:39,320 --> 00:14:43,840 Speaker 1: Bitcoin trust. Why should investors trust crypto? Why do you 271 00:14:44,040 --> 00:14:48,520 Speaker 1: trust crypto at this point? Yes, if you look at 272 00:14:49,440 --> 00:14:54,320 Speaker 1: the block chains, let's let's use uh uh the Bitcoin 273 00:14:54,400 --> 00:14:59,800 Speaker 1: blockchain and Ethereum, what you'll find is they have the infrastructure, 274 00:14:59,840 --> 00:15:04,880 Speaker 1: that technology has not skipped a beat throughout this entire crisis. 275 00:15:05,000 --> 00:15:08,880 Speaker 1: In fact, the hash rate, Bitcoin's hash rate is at 276 00:15:08,920 --> 00:15:12,680 Speaker 1: an all time high, and that is a real indication 277 00:15:12,760 --> 00:15:17,360 Speaker 1: of the security of the network. On Ethereum, we're seeing 278 00:15:17,800 --> 00:15:23,160 Speaker 1: the total value uh staked at twenty four billion, that 279 00:15:23,600 --> 00:15:28,280 Speaker 1: is an all time high. So we think the infrastructure 280 00:15:28,560 --> 00:15:32,920 Speaker 1: is working beautifully. UM. As far as coin base, UH, 281 00:15:33,400 --> 00:15:39,800 Speaker 1: this is an onshore regulated UH company and wanting to 282 00:15:39,920 --> 00:15:44,800 Speaker 1: help shape regulations. Brian Armstrong, the CEO and Alicia uh 283 00:15:45,000 --> 00:15:49,160 Speaker 1: CFO have been leaning in into what's going on right 284 00:15:49,240 --> 00:15:54,440 Speaker 1: now and saying, okay, regulators, we need more clarity in 285 00:15:54,640 --> 00:15:59,440 Speaker 1: order to protect to protect investors, those who wanted to 286 00:16:00,320 --> 00:16:04,400 Speaker 1: get involved with a certain types of crypto. We're forced 287 00:16:04,440 --> 00:16:08,680 Speaker 1: off shore. And look at what's happened. So um I 288 00:16:09,000 --> 00:16:11,360 Speaker 1: I think that coin base is going to come out 289 00:16:11,440 --> 00:16:15,800 Speaker 1: here looking very very strong. It just lost a very 290 00:16:15,840 --> 00:16:18,720 Speaker 1: big competitor in f t X. Well what is the 291 00:16:18,800 --> 00:16:22,400 Speaker 1: market missing though, because you know that could be one narrative, Cathy. 292 00:16:22,520 --> 00:16:24,720 Speaker 1: But at the same time, we haven't exactly seen shares 293 00:16:24,760 --> 00:16:27,440 Speaker 1: of coin based rally since f t x is collapse. 294 00:16:27,640 --> 00:16:30,480 Speaker 1: Do you think to you that represents potentially broader concern 295 00:16:30,560 --> 00:16:35,080 Speaker 1: about just people's interest in crypto following ft x is collapse. No, 296 00:16:35,320 --> 00:16:38,880 Speaker 1: I think it's more fear. I think many people say, 297 00:16:38,920 --> 00:16:42,040 Speaker 1: we don't know what we don't know? Uh and uh 298 00:16:42,400 --> 00:16:45,040 Speaker 1: so what we do is we step back, you know, 299 00:16:45,160 --> 00:16:47,840 Speaker 1: put a little perspective into the situation here, and what 300 00:16:47,960 --> 00:16:51,280 Speaker 1: do we have? Many people are saying, well, okay, is 301 00:16:51,360 --> 00:16:54,640 Speaker 1: this another lehman? Could this be uh you know, could 302 00:16:54,720 --> 00:16:57,880 Speaker 1: could we see the domino effect here? I've just given 303 00:16:57,960 --> 00:17:02,720 Speaker 1: you one reason why the banking system back in oh 304 00:17:02,880 --> 00:17:05,879 Speaker 1: eight oh nine trillions and trillions of dollars, and it 305 00:17:06,000 --> 00:17:10,040 Speaker 1: was the global banking system. Right now we have it 306 00:17:10,160 --> 00:17:16,120 Speaker 1: seems from ft X five to ten billion dollars in creditors. 307 00:17:16,720 --> 00:17:21,200 Speaker 1: If as h as f t X has filed bankruptcy, 308 00:17:21,320 --> 00:17:24,480 Speaker 1: they will be making claims. If you look at Lehman, 309 00:17:24,720 --> 00:17:28,800 Speaker 1: that was one point to trillion dollars in claims. So 310 00:17:28,920 --> 00:17:32,520 Speaker 1: again just trying to put perspective, this is fraud. This 311 00:17:32,800 --> 00:17:36,400 Speaker 1: is made off, made off with sixty four billion dollars 312 00:17:36,880 --> 00:17:40,840 Speaker 1: in claims. Again f t X five to ten billion. 313 00:17:41,200 --> 00:17:42,879 Speaker 1: And when I switch gears if I can, and I 314 00:17:42,960 --> 00:17:46,320 Speaker 1: was thinking about Twitter and Tesla, how do you make 315 00:17:46,440 --> 00:17:49,160 Speaker 1: sense of Elon Musk? So when you know you've talked 316 00:17:49,200 --> 00:17:51,440 Speaker 1: to you've been investor in Tesla for a long time, 317 00:17:51,760 --> 00:17:55,479 Speaker 1: are you comfortable with his actions around Twitter of firing 318 00:17:55,560 --> 00:17:58,720 Speaker 1: people hiring them back? Um, you know the verified check. 319 00:17:59,359 --> 00:18:01,400 Speaker 1: Do you feel comfortable with this name? And I should 320 00:18:01,440 --> 00:18:03,879 Speaker 1: put out that right. You own private shares of Twitter, 321 00:18:03,920 --> 00:18:06,680 Speaker 1: and I have talked about wanting to own more. Yes, 322 00:18:06,800 --> 00:18:11,040 Speaker 1: we do. We we saw we owned Twitter for quite 323 00:18:11,080 --> 00:18:14,119 Speaker 1: a while and we sold it into the rumors that 324 00:18:14,800 --> 00:18:17,639 Speaker 1: Ellen was going to buy it because we knew there 325 00:18:17,680 --> 00:18:20,560 Speaker 1: would be a lot of controversy around that, so it 326 00:18:20,720 --> 00:18:22,840 Speaker 1: moved into the sixties. I think it got to seventy 327 00:18:22,920 --> 00:18:28,359 Speaker 1: and we sold there and have been watching. UM have 328 00:18:28,520 --> 00:18:30,439 Speaker 1: been watching from the sidelines. But if you look at 329 00:18:30,520 --> 00:18:35,040 Speaker 1: that model longer run, it has not delivered on the promise. 330 00:18:35,320 --> 00:18:40,520 Speaker 1: And you know, I think opening up the algorithms, which 331 00:18:40,600 --> 00:18:44,000 Speaker 1: we think he will do, and taking away the kind 332 00:18:44,080 --> 00:18:48,960 Speaker 1: of human driven censorship and UH, and and allowing the 333 00:18:49,040 --> 00:18:52,560 Speaker 1: transparency of the algorithms that they do put put out there, 334 00:18:52,880 --> 00:18:55,520 Speaker 1: you know, allowing people to question them. I think it's 335 00:18:55,520 --> 00:18:58,760 Speaker 1: going to be very healthy. If you look at the 336 00:18:59,600 --> 00:19:02,920 Speaker 1: daily average users, I think the various metrics that you 337 00:19:03,000 --> 00:19:06,680 Speaker 1: can count daily, they have been going up dramatically. So 338 00:19:07,400 --> 00:19:09,440 Speaker 1: you know, if you I know a lot of people 339 00:19:09,520 --> 00:19:14,200 Speaker 1: who who you know, basically UH, decided to quit Twitter 340 00:19:15,000 --> 00:19:18,480 Speaker 1: because they didn't like the kind of censorship and so 341 00:19:18,640 --> 00:19:20,760 Speaker 1: forth that was going on. So I actually like what 342 00:19:20,880 --> 00:19:24,280 Speaker 1: he's doing. And that was Kathy Wood with ARC Investments 343 00:19:24,359 --> 00:19:28,080 Speaker 1: speaking with Bloomberg Business Week. Catch the program weekday afternoons 344 00:19:28,160 --> 00:19:32,080 Speaker 1: on Bloomberg Radio and stream the video feed live on YouTube. 345 00:19:32,200 --> 00:19:35,760 Speaker 1: And Bloomberg Quicktake from two to five pm Eastern Time. 346 00:19:36,280 --> 00:19:39,920 Speaker 1: Futures are higher, SMP futures of five points down, futures 347 00:19:39,960 --> 00:19:43,440 Speaker 1: of thirty seven, NASDAD futures up three points. Ten year 348 00:19:43,560 --> 00:19:48,080 Speaker 1: treasury unchanged the yield at three point seven five. Much 349 00:19:48,119 --> 00:19:50,560 Speaker 1: more still to come. On this Wednesday morning edition of 350 00:19:50,600 --> 00:19:53,119 Speaker 1: Bloomberg Daybreak, We'll check the markets and bring you the 351 00:19:53,200 --> 00:19:56,199 Speaker 1: latest news in business, e economics and finance. Stay with us. 352 00:19:56,840 --> 00:20:09,720 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mostly sunny 353 00:20:09,800 --> 00:20:12,320 Speaker 1: today going up to fifty five degrees, down to thirty 354 00:20:12,359 --> 00:20:15,800 Speaker 1: five with clear skies tonight, and for Thanksgiving Day, mostly sunny, 355 00:20:15,920 --> 00:20:24,560 Speaker 1: going up to fifty degrees. Broadcasting live from the Bloomberg 356 00:20:24,640 --> 00:20:29,120 Speaker 1: Interactive Broker Studio in New York, Bloomberg Living Freedom to Washington, 357 00:20:29,200 --> 00:20:33,280 Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one 358 00:20:33,400 --> 00:20:36,840 Speaker 1: to San Francisco, Bloomberg Nun sixty to the Country, Sirius 359 00:20:37,000 --> 00:20:39,560 Speaker 1: XM Chado one nine Tea and around the globe the 360 00:20:39,640 --> 00:20:43,520 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 361 00:20:43,560 --> 00:20:53,400 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good Wednesday morning. 362 00:20:53,480 --> 00:20:56,080 Speaker 1: I'm any Morris. I'm Nathan Hagar. We're about four hours 363 00:20:56,080 --> 00:20:57,879 Speaker 1: away from the open of US trading. Let's get you 364 00:20:57,960 --> 00:20:59,240 Speaker 1: up to date on the news he needs to know 365 00:20:59,320 --> 00:21:01,119 Speaker 1: at this hour. But in with the fallout from the 366 00:21:01,160 --> 00:21:04,280 Speaker 1: collapse of ft X, the founder of the crypto exchanges 367 00:21:04,400 --> 00:21:07,800 Speaker 1: now issuing an apology. Bloomberg Steve Rappaport joins US Live 368 00:21:07,840 --> 00:21:10,359 Speaker 1: with the latest morning Steve, Good morning, Nathan and Amy. 369 00:21:10,440 --> 00:21:13,600 Speaker 1: In a letter to employees, Sam Bankman Freed expressed regret 370 00:21:13,720 --> 00:21:16,639 Speaker 1: for his oversight failure, adding he wishes the company had 371 00:21:16,680 --> 00:21:20,119 Speaker 1: done many many things differently. The disgraced ft X founder 372 00:21:20,200 --> 00:21:23,880 Speaker 1: described a perfect storm of credit squeezes, virtual coin selloffs, 373 00:21:23,960 --> 00:21:25,800 Speaker 1: and a run on the bank that brought the crypto 374 00:21:25,880 --> 00:21:29,040 Speaker 1: exchange down two weeks ago. Bankman Freed also disclosing the 375 00:21:29,080 --> 00:21:33,119 Speaker 1: company's collateral spiral to nine billion dollars from sixteen billion. 376 00:21:33,400 --> 00:21:37,080 Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. Al Right, Steve, 377 00:21:37,160 --> 00:21:40,120 Speaker 1: thank you, And another major story we are following from overseas, 378 00:21:40,200 --> 00:21:43,639 Speaker 1: credit sweee warning of a massive fourth quarter loss. The 379 00:21:43,680 --> 00:21:46,040 Speaker 1: Swiss bank says it will face a law succeeding one 380 00:21:46,080 --> 00:21:49,000 Speaker 1: and a half billion dollars for the three final months 381 00:21:49,040 --> 00:21:52,000 Speaker 1: of the year. Also overseas, amy there were violent protests 382 00:21:52,040 --> 00:21:55,040 Speaker 1: at Apple's main iPhone making plant in China. Hundreds of 383 00:21:55,119 --> 00:21:58,640 Speaker 1: workers at the Fox con factory battled security personnel after 384 00:21:58,720 --> 00:22:01,440 Speaker 1: almost a month of tougher restrictions intended to quash a 385 00:22:01,520 --> 00:22:04,000 Speaker 1: COVID outbreak, and Nathan back here in the U S. 386 00:22:04,080 --> 00:22:07,800 Speaker 1: Twitter turmoil continues. Bloomberg sources say after recent job cuts, 387 00:22:08,119 --> 00:22:10,560 Speaker 1: there may not be enough in house legal expertise at 388 00:22:10,600 --> 00:22:13,960 Speaker 1: Twitter to know which outside law firms are handling certain matters. 389 00:22:14,400 --> 00:22:17,440 Speaker 1: Even so, Elon Musk still has his fair share of supporters, 390 00:22:17,480 --> 00:22:22,119 Speaker 1: including Arc Investment CEO Cathy Would. Various metrics that you 391 00:22:22,200 --> 00:22:25,600 Speaker 1: can count daily. They have been going up dramatically. So 392 00:22:26,280 --> 00:22:28,760 Speaker 1: I know a lot of people who decided to quit 393 00:22:28,840 --> 00:22:32,000 Speaker 1: Twitter because they didn't like censorship and so forth that 394 00:22:32,119 --> 00:22:34,320 Speaker 1: was going on. So I actually like what he's doing. 395 00:22:34,720 --> 00:22:37,480 Speaker 1: Cathy Would, with Arc Investment, made the comments to Bloomberg 396 00:22:37,520 --> 00:22:40,240 Speaker 1: Business Week, which you can catch weekdays at two pm 397 00:22:40,280 --> 00:22:44,120 Speaker 1: Wall Street time on Bloomberg Radio and streaming live on YouTube. 398 00:22:44,280 --> 00:22:46,280 Speaker 1: Turning to the economy, were three weeks away from the 399 00:22:46,320 --> 00:22:49,760 Speaker 1: next FED decision. Kansas City Fed President Esther George says 400 00:22:49,840 --> 00:22:51,880 Speaker 1: one thing that could push the Central Bank to keep 401 00:22:52,000 --> 00:22:55,520 Speaker 1: raising rates is high household savings in the US. Certainly 402 00:22:55,720 --> 00:22:58,920 Speaker 1: positive that we see that these households are wealthier, less 403 00:22:58,960 --> 00:23:03,720 Speaker 1: financially construct rain. But that said, reduced inflation will mean 404 00:23:04,000 --> 00:23:07,720 Speaker 1: we have to incent saving over consumption. Kansas City Fed 405 00:23:07,800 --> 00:23:10,840 Speaker 1: President Esther George made those comments in Santiago during a 406 00:23:10,920 --> 00:23:14,400 Speaker 1: panel discussion hosted by the Central Bank of Chile. SMP 407 00:23:14,560 --> 00:23:17,480 Speaker 1: futures right now up four points, STOWN futures up thirty two, 408 00:23:17,520 --> 00:23:20,320 Speaker 1: NASTACS futures highed by eight points ten. Your treasury is 409 00:23:20,400 --> 00:23:22,920 Speaker 1: up one thirty second the old three point seven yeld 410 00:23:22,920 --> 00:23:25,920 Speaker 1: on the two year, four point five NIME ex screws 411 00:23:25,960 --> 00:23:29,120 Speaker 1: down nine tenths percent. Out eighty dollars, twenty cents of barrel. 412 00:23:29,320 --> 00:23:32,080 Speaker 1: Straight ahead, your latest local headlines, and a check of sports. 413 00:23:32,520 --> 00:23:40,440 Speaker 1: This is Bloomberg, all right, Thank you, Nathan, five three 414 00:23:40,480 --> 00:23:42,639 Speaker 1: on Wall Street. Now let's bring in Michael Barr with 415 00:23:42,760 --> 00:23:44,600 Speaker 1: more on what else is going on in New York 416 00:23:44,680 --> 00:23:47,400 Speaker 1: and around the world. Good morning, Michael, Good morning Amy. 417 00:23:47,520 --> 00:23:50,560 Speaker 1: Virginia police said multiple people are dead and others are 418 00:23:50,600 --> 00:23:54,240 Speaker 1: wounded after a shooting at Walmart last night. Chesapeake Police 419 00:23:54,280 --> 00:23:57,639 Speaker 1: spokesman Leo Kazinski says authorities believe there was one shooter 420 00:23:57,840 --> 00:24:00,680 Speaker 1: who is dead. Kazinski was asked what the shooter was 421 00:24:00,760 --> 00:24:03,360 Speaker 1: killed by law enforcement. I don't believe someone. I can't 422 00:24:03,359 --> 00:24:04,800 Speaker 1: say that for sure, so that's still being part of 423 00:24:04,840 --> 00:24:07,400 Speaker 1: the investigations. It's all because it all happened very very quickly, 424 00:24:07,480 --> 00:24:09,359 Speaker 1: very dynatic, a lot of a lot of people involved, 425 00:24:09,359 --> 00:24:11,520 Speaker 1: a lot of officers. The gunman is believed to be 426 00:24:11,600 --> 00:24:16,320 Speaker 1: an employee or former employee. The Virginia shooting comes three 427 00:24:16,400 --> 00:24:19,240 Speaker 1: days after a person opened fire at a gay nightclub 428 00:24:19,320 --> 00:24:23,120 Speaker 1: in Colorado, killing five and the wounding seventeen. The suspect 429 00:24:23,200 --> 00:24:26,320 Speaker 1: and the deadly attack at Club Q and Colorado Springs 430 00:24:26,640 --> 00:24:29,320 Speaker 1: is set to face a judge today. A family friend 431 00:24:29,359 --> 00:24:32,439 Speaker 1: says twenty two year old Anderson Lee Aldrich was bullied 432 00:24:32,480 --> 00:24:35,520 Speaker 1: as a team. New York Governor Kathy Hokell signed two 433 00:24:35,560 --> 00:24:38,920 Speaker 1: pieces of legislation into law in trying to prevent hate 434 00:24:38,960 --> 00:24:42,280 Speaker 1: crimes from taking place. Governor HOCl says it aims to 435 00:24:42,400 --> 00:24:45,760 Speaker 1: educate people about what is considered hate speech and how 436 00:24:45,840 --> 00:24:49,400 Speaker 1: that speech could potentially turn into violent acts. We can't 437 00:24:49,400 --> 00:24:53,200 Speaker 1: ignore that there's been a loss of civility and respect 438 00:24:53,240 --> 00:24:56,800 Speaker 1: of individuals, and that has been the collateral damage. One 439 00:24:56,880 --> 00:24:59,680 Speaker 1: measura will require people who were convicted of a hate 440 00:24:59,680 --> 00:25:03,040 Speaker 1: crime to take a training course on hate crime prevention. 441 00:25:03,480 --> 00:25:05,600 Speaker 1: The Supreme Court has cleared the way for our House 442 00:25:05,640 --> 00:25:09,600 Speaker 1: Committee to get Donald Trump's tax returns Bloomberg's backs the reports. 443 00:25:09,840 --> 00:25:12,159 Speaker 1: This covers six years of returns as it goes to 444 00:25:12,240 --> 00:25:15,040 Speaker 1: the House Ways and Means Committee, High Court issuing no 445 00:25:15,320 --> 00:25:18,720 Speaker 1: explanation or any public descent. So now the I R 446 00:25:18,880 --> 00:25:21,280 Speaker 1: S is free to provide the returns and could do 447 00:25:21,400 --> 00:25:25,000 Speaker 1: so immediately. The Committee will want to act expeditiously because 448 00:25:25,040 --> 00:25:28,639 Speaker 1: the Republican majority, in particular Kevin McCarthy, has said that 449 00:25:28,720 --> 00:25:32,320 Speaker 1: he will kill any such investigations. The Committee, in its 450 00:25:32,440 --> 00:25:36,560 Speaker 1: arguments said it needed returns to consider potential legislation and 451 00:25:36,680 --> 00:25:40,680 Speaker 1: oversight on presidential compliance. In San Francisco, I'm at Baxter 452 00:25:40,800 --> 00:25:43,639 Speaker 1: Bloomberg Daybreak Global News twenty four hours a day on 453 00:25:43,840 --> 00:25:47,359 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 454 00:25:47,440 --> 00:25:50,400 Speaker 1: seven under journalist and analysts more than a hundred twenty countries. 455 00:25:50,760 --> 00:25:54,359 Speaker 1: Michael Barren. This is Bloomberg. All right, thank you, Michael. 456 00:25:57,040 --> 00:25:59,040 Speaker 1: So Now, but the Sports Report brought to you by 457 00:25:59,160 --> 00:26:03,600 Speaker 1: try State. Here's Jon's dash our the choired last season 458 00:26:03,640 --> 00:26:06,040 Speaker 1: by Broken He didn't play until this season. He wasn't 459 00:26:06,080 --> 00:26:08,480 Speaker 1: playing well, nothing like what he did most of his 460 00:26:08,560 --> 00:26:10,639 Speaker 1: time in Philadelphia, and it was all star until he 461 00:26:10,960 --> 00:26:13,600 Speaker 1: regressed at the end of his time. They're lately encouraging 462 00:26:13,720 --> 00:26:16,239 Speaker 1: signs for Nets fans. Simmons just had a twenty two 463 00:26:16,280 --> 00:26:18,320 Speaker 1: point game and last night he made his return to 464 00:26:18,440 --> 00:26:20,960 Speaker 1: Philly in a six or Is one fifteen to one 465 00:26:21,000 --> 00:26:23,520 Speaker 1: oh six victory. Yeah. I don't know. I thought I'm 466 00:26:23,560 --> 00:26:25,199 Speaker 1: in a good place, you know, for me to come 467 00:26:25,240 --> 00:26:28,440 Speaker 1: in here and just play basketball. Um, I'm happy. I'm 468 00:26:28,560 --> 00:26:30,440 Speaker 1: doing what I love, so not to be out there 469 00:26:30,480 --> 00:26:32,879 Speaker 1: and have that experience was amazing. Obviously it wasn't the 470 00:26:32,880 --> 00:26:35,680 Speaker 1: result we wanted. It's freshened to lose um a game 471 00:26:35,760 --> 00:26:38,200 Speaker 1: like that, but you know, um, I think it's a 472 00:26:38,240 --> 00:26:41,399 Speaker 1: good step forward. NETS play tonight in Toronto, the Rangers 473 00:26:41,440 --> 00:26:43,679 Speaker 1: playing Anaheim. They won last night in l A. They 474 00:26:43,720 --> 00:26:46,040 Speaker 1: beat the King's five to three, two third thoride goals 475 00:26:46,400 --> 00:26:48,600 Speaker 1: for Chris try all Right, Barkley's over time in the 476 00:26:48,680 --> 00:26:51,640 Speaker 1: final of the Empire Classic in St. John's beat Syracuse 477 00:26:51,720 --> 00:26:54,840 Speaker 1: seventy six to sixty nine Andrey Kurmelo twenty three points 478 00:26:54,880 --> 00:26:56,919 Speaker 1: to the Red Storm, who was now six and oh. 479 00:26:56,960 --> 00:26:59,160 Speaker 1: As the Jets trying to decide whether to keep Jack 480 00:26:59,200 --> 00:27:03,399 Speaker 1: Wilson as there's starting quarterback. The previous heralded young jetscuv 481 00:27:03,560 --> 00:27:06,800 Speaker 1: Sam Donald. It's gonna start Sunday for Carolina. At the 482 00:27:06,840 --> 00:27:09,440 Speaker 1: World Cup. There underway. Croatia, who lost in the Cup 483 00:27:09,480 --> 00:27:12,280 Speaker 1: final four years ago, was taking on Murrocco scoreless in 484 00:27:12,320 --> 00:27:14,400 Speaker 1: the first half. There may not be a bigger World 485 00:27:14,440 --> 00:27:17,480 Speaker 1: Cup upset than the one yesterday. Saudi Arabia had a 486 00:27:17,520 --> 00:27:20,720 Speaker 1: FIFA ranking of fifty one. Argentina was ranked third in 487 00:27:20,800 --> 00:27:24,920 Speaker 1: Saudi Arabia one. Meanwhile, Christiano Ronaldo confirmed he is leaving 488 00:27:25,000 --> 00:27:27,840 Speaker 1: Manchester United and the team appears to be for sale. 489 00:27:27,880 --> 00:27:30,760 Speaker 1: Bloomberg News had reported back in August the Glazier family 490 00:27:31,119 --> 00:27:33,840 Speaker 1: would sell at least a minority state. They now admit 491 00:27:34,000 --> 00:27:37,480 Speaker 1: they are open to sell. John station all with Bloomberg Sports. Amy, 492 00:27:37,880 --> 00:27:40,000 Speaker 1: All right, thank you, John. It's five thirty seven on 493 00:27:40,080 --> 00:27:43,040 Speaker 1: Wall Street Time now for the Tri State Business Report. 494 00:27:43,119 --> 00:27:46,200 Speaker 1: Here with that is Bloomberg's Dennis Pellegrini. New York is 495 00:27:46,280 --> 00:27:49,840 Speaker 1: betting new crypto mining temporarily, making it the first state 496 00:27:49,920 --> 00:27:52,240 Speaker 1: to do so, and Governor holcl has signed a bill 497 00:27:52,400 --> 00:27:55,159 Speaker 1: triggering a new two year moratorium on new permits for 498 00:27:55,200 --> 00:27:58,760 Speaker 1: crypto mining companies powered by fossil fuels and using proof 499 00:27:58,840 --> 00:28:01,760 Speaker 1: of work outhan to case and with millions of computers 500 00:28:01,840 --> 00:28:06,080 Speaker 1: validating transaction data, Guess where the world's most expensive shopping 501 00:28:06,160 --> 00:28:09,920 Speaker 1: area is for businesses. Kushman and Wakefield says Upper Fifth 502 00:28:10,000 --> 00:28:12,920 Speaker 1: Avenue between forty nine and sixty Street has some of 503 00:28:12,960 --> 00:28:15,719 Speaker 1: the highest storefront rents of the nation, even higher than 504 00:28:15,800 --> 00:28:18,600 Speaker 1: before the pandemic, and could be a busy day for 505 00:28:18,760 --> 00:28:22,359 Speaker 1: legal cannabis businesses in New Jersey and in Connecticut and 506 00:28:22,440 --> 00:28:25,920 Speaker 1: New York too. Because today's Green Wednesday, it's a promotional 507 00:28:26,040 --> 00:28:29,000 Speaker 1: day for the legal weed industry, encouraging people to buy 508 00:28:29,040 --> 00:28:32,920 Speaker 1: their products to enjoy over the Thanksgiving holiday. Multiple cannabis 509 00:28:33,000 --> 00:28:38,320 Speaker 1: businesses are offering discounts, including Garden State Dispensary, Roos Dispensary, Terrasend, 510 00:28:38,600 --> 00:28:41,320 Speaker 1: and Kara Leaf with the Tri State Business Report at 511 00:28:41,480 --> 00:28:45,080 Speaker 1: East Pellegrini. Thank you, Denise It's five thirty eight on 512 00:28:45,160 --> 00:28:47,760 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 513 00:28:47,840 --> 00:28:50,760 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 514 00:28:50,800 --> 00:28:53,240 Speaker 1: in now with our global news team for some of 515 00:28:53,280 --> 00:28:55,960 Speaker 1: the top stories heard on our three hundred affiliate radio 516 00:28:56,000 --> 00:29:02,080 Speaker 1: stations around the world. I'm Steve Podas, kan K and 517 00:29:02,280 --> 00:29:06,120 Speaker 1: X in Los Angeles. We're talking about Disney's Avatar sequel 518 00:29:06,200 --> 00:29:10,040 Speaker 1: getting government approval to appear in theaters in China. M 519 00:29:10,120 --> 00:29:13,560 Speaker 1: Courney's Anahoan Cafe a bian Omaha egg prices store more 520 00:29:13,600 --> 00:29:16,600 Speaker 1: than ten percent in October, topping the food inflation list. 521 00:29:17,160 --> 00:29:20,640 Speaker 1: I'm Gina Servetti in for wfl A in Orlando. I'm 522 00:29:20,720 --> 00:29:23,440 Speaker 1: reporting that more and more Americans are tapping into their 523 00:29:23,520 --> 00:29:27,520 Speaker 1: four oh one case for emergencies. I'm Kimberly Adams and 524 00:29:27,560 --> 00:29:30,160 Speaker 1: on WBZ in Boston, I'll be reporting on the rising 525 00:29:30,240 --> 00:29:33,760 Speaker 1: cost of that Thanksgiving Turkey. I'm Denise Polygriny and I'm 526 00:29:34,360 --> 00:29:37,160 Speaker 1: Jen Detroit. I'm reporting on how analysts say the online 527 00:29:37,280 --> 00:29:42,080 Speaker 1: used car company Carvenna could be stuck in reverse. And 528 00:29:42,200 --> 00:29:45,760 Speaker 1: those are some of the stories our Bloomberg analysts and 529 00:29:45,880 --> 00:29:48,920 Speaker 1: journalists are working on this morning. Around the world. It's 530 00:29:49,560 --> 00:29:52,760 Speaker 1: nine on Wall Street. The following is an editorial from 531 00:29:52,880 --> 00:29:57,320 Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. 532 00:29:57,760 --> 00:30:00,960 Speaker 1: Building anything in the US requires Naviga aiding a rainforest 533 00:30:01,040 --> 00:30:07,520 Speaker 1: of red tape. Green energy projects are no exception, wind, hydropower, geothermal, solar, nuclear. 534 00:30:07,800 --> 00:30:11,080 Speaker 1: However desirable such endeavors maybe there are no match for 535 00:30:11,160 --> 00:30:14,160 Speaker 1: the sheer obstructive power of state and federal rule books. 536 00:30:14,720 --> 00:30:17,960 Speaker 1: Permitting for these projects takes nearly three years on average, 537 00:30:18,040 --> 00:30:21,600 Speaker 1: while the preparation time for environmental impact statements has risen 538 00:30:21,640 --> 00:30:25,320 Speaker 1: more than fifty cent since two thousand. Without change, this 539 00:30:25,520 --> 00:30:30,240 Speaker 1: system could well swart the US's climate goals across federal agencies. 540 00:30:30,560 --> 00:30:34,400 Speaker 1: New efforts are needed to maximize exemptions, speed reviews, and 541 00:30:34,520 --> 00:30:39,040 Speaker 1: otherwise prioritize clean energy projects, and lawmakers on both sides 542 00:30:39,080 --> 00:30:43,200 Speaker 1: of the aisle should prioritize permitting reform. Elected officials are 543 00:30:43,240 --> 00:30:46,360 Speaker 1: quick to call climate change and existential threat. They should 544 00:30:46,400 --> 00:30:49,520 Speaker 1: show a little more urgency. This editorial was written by 545 00:30:49,560 --> 00:30:52,920 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg Opinion, please go 546 00:30:53,040 --> 00:30:55,880 Speaker 1: to Bloomberg dot com, Slash Opinion or O. P I. N. 547 00:30:55,960 --> 00:30:59,400 Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion. 548 00:30:59,720 --> 00:31:03,160 Speaker 1: Berg Opinion editorials can be heard every weekday at this time, 549 00:31:03,240 --> 00:31:06,240 Speaker 1: and terminal customers can read more at Opie, I n GO, 550 00:31:06,920 --> 00:31:09,960 Speaker 1: SMP futures four points high, Er down, futures up twenty seven, 551 00:31:10,040 --> 00:31:13,560 Speaker 1: Nasdaq futures up four points. Much more still to come 552 00:31:13,680 --> 00:31:16,280 Speaker 1: on this Wednesday morning edition of Bloomberg day Break. This 553 00:31:16,600 --> 00:31:24,000 Speaker 1: is Bloomberg. The Bloomberg Sports Report was brought to you 554 00:31:24,120 --> 00:31:26,360 Speaker 1: by Audie. Don't let someone else drive off in the 555 00:31:26,440 --> 00:31:29,360 Speaker 1: outie model you've always wanted. Visit your local try state 556 00:31:29,400 --> 00:31:31,320 Speaker 1: autie dealer to get behind the wheel of yours today, 557 00:31:31,440 --> 00:31:37,680 Speaker 1: or visit Outie Offers dot com for more information, markets, 558 00:31:37,800 --> 00:31:40,840 Speaker 1: headlines and breaking news twenty four hours a day at 559 00:31:40,880 --> 00:31:44,800 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Rictap. 560 00:31:45,080 --> 00:31:54,480 Speaker 1: This is a Bloomberg Business Lash. I'm Nathan Hagar. Futures 561 00:31:54,480 --> 00:31:57,200 Speaker 1: are holding steady as investors await the release of the 562 00:31:57,280 --> 00:31:59,840 Speaker 1: minutes from the Federal Reserve's latest policy meeting. For in 563 00:32:00,080 --> 00:32:02,320 Speaker 1: site on the path of rate hikes. We checked the 564 00:32:02,360 --> 00:32:05,520 Speaker 1: markets every fifteen minutes during the trading day on bloomberg 565 00:32:05,920 --> 00:32:08,560 Speaker 1: SMP futures are up three points down futures of twenty one, 566 00:32:08,680 --> 00:32:11,440 Speaker 1: NASTACK futures up four points ten. Your treasury is up 567 00:32:11,480 --> 00:32:13,640 Speaker 1: one thirty second the old three point seven five percent 568 00:32:13,720 --> 00:32:16,000 Speaker 1: field on the two year four point five two percent. 569 00:32:16,400 --> 00:32:18,880 Speaker 1: Nime X crude is now down one point two percent, 570 00:32:18,960 --> 00:32:21,120 Speaker 1: down ninety three cents at eighty dollars. One cent of 571 00:32:21,160 --> 00:32:24,120 Speaker 1: Baryl Comics gold is down two tenths percent, down three 572 00:32:24,160 --> 00:32:27,680 Speaker 1: dollars twenty cents at seventeen fifty one sixty announced. The 573 00:32:27,760 --> 00:32:30,120 Speaker 1: Euro one point zero three zero six against the dollar, 574 00:32:30,160 --> 00:32:33,520 Speaker 1: British pound one point on the n one forty one 575 00:32:33,600 --> 00:32:36,960 Speaker 1: point four five bitcoins higher by two point six percent 576 00:32:37,080 --> 00:32:41,120 Speaker 1: at sixteen thousand, five fifty dollars. Besides the fo MC minutes, 577 00:32:41,200 --> 00:32:45,040 Speaker 1: we get a pre Thanksgiving cornucopia of economic data today. 578 00:32:45,400 --> 00:32:48,800 Speaker 1: NBA mortgage applications at seven Wall Street Time, durable goods 579 00:32:48,920 --> 00:32:51,560 Speaker 1: orders at eight thirty. Initial jobless claims then as well 580 00:32:52,040 --> 00:32:55,400 Speaker 1: SMP Global Manufacturing at nine forty five. University of Michigan 581 00:32:55,480 --> 00:32:58,760 Speaker 1: Sentiment Index comes out of ten. That's a Bloomberg business flash. 582 00:32:58,880 --> 00:33:01,160 Speaker 1: Now here's Michael Barr a form what's going on around 583 00:33:01,160 --> 00:33:03,600 Speaker 1: the world, Michael Nathan, thank you very much. Police say 584 00:33:03,640 --> 00:33:06,560 Speaker 1: six people have been killed after a shooter opened fire 585 00:33:06,760 --> 00:33:10,440 Speaker 1: at Walmart in Chesapeake, Virginia last night. The assailant is 586 00:33:10,520 --> 00:33:13,680 Speaker 1: also dead. The shooting came three days after a person 587 00:33:13,800 --> 00:33:17,000 Speaker 1: opened fire at a Gate nightclub in Colorado late Saturday, 588 00:33:17,320 --> 00:33:21,280 Speaker 1: killing five people and wounding seventeen. One person is dead 589 00:33:21,360 --> 00:33:24,840 Speaker 1: and fourteen others are injured in bomb attacks in Jerusalem. 590 00:33:25,120 --> 00:33:28,360 Speaker 1: The explosions hit two bus stops. In the NBA, the 591 00:33:28,480 --> 00:33:31,440 Speaker 1: Nets lost in the NHL. The Rangers won at the 592 00:33:31,480 --> 00:33:34,320 Speaker 1: World Cup. Four games are on the slate today, including 593 00:33:34,360 --> 00:33:37,600 Speaker 1: Morocco and Croatia who are playing right now. The game 594 00:33:37,800 --> 00:33:40,600 Speaker 1: is scoreless. Global News twenty four hours a day on 595 00:33:40,840 --> 00:33:44,440 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 596 00:33:44,520 --> 00:33:47,440 Speaker 1: seven under journalist and analyst more than a hundred twenty countries. 597 00:33:47,640 --> 00:33:51,560 Speaker 1: I'm Michael Barr, and this is Bloomberg all right, Thank you, Michael. 598 00:33:51,640 --> 00:33:55,240 Speaker 1: It is on Wall Street Live from the Bloomberg Interactive 599 00:33:55,280 --> 00:33:59,040 Speaker 1: Broker Studios. This is Bloomberg Daybreak, and Black Friday is 600 00:33:59,200 --> 00:34:01,680 Speaker 1: right around the more, but inflation is likely going to 601 00:34:01,760 --> 00:34:04,360 Speaker 1: have an impact. We get a holiday sales preview with 602 00:34:04,440 --> 00:34:08,759 Speaker 1: Bloomberg Intelligent Senior US retail analyst Poonham Goyle pot thank 603 00:34:08,800 --> 00:34:10,960 Speaker 1: you for taking the time with us, just it's a pleasure. 604 00:34:11,560 --> 00:34:15,759 Speaker 1: What does holiday spending look like this year? It's not 605 00:34:15,960 --> 00:34:17,440 Speaker 1: going to be as great as it has been in 606 00:34:17,520 --> 00:34:19,879 Speaker 1: the past, but it's still expected to be up four 607 00:34:19,960 --> 00:34:24,439 Speaker 1: to eight percent for the season, within store shopping being 608 00:34:24,560 --> 00:34:28,800 Speaker 1: the outlier winning the season versus online compared to prior years. 609 00:34:30,120 --> 00:34:32,799 Speaker 1: Is that a surprise? What does online holiday shopping look 610 00:34:32,840 --> 00:34:36,160 Speaker 1: like this year? You know, i'mline holiday shopping is still 611 00:34:36,280 --> 00:34:37,840 Speaker 1: going to be up, but it's going to be up 612 00:34:37,880 --> 00:34:41,600 Speaker 1: in the single digits and usually in the past online 613 00:34:41,640 --> 00:34:44,000 Speaker 1: has always been up double digits, So it's a slowdown. 614 00:34:44,440 --> 00:34:46,839 Speaker 1: Part of the reason for the slowdown is people are 615 00:34:46,880 --> 00:34:49,400 Speaker 1: going back to stories right come after the pandemic, and 616 00:34:50,080 --> 00:34:52,759 Speaker 1: there was such a surge in the past few years. 617 00:34:52,800 --> 00:34:56,319 Speaker 1: At growth rates are just normalizing to then accelerate again 618 00:34:56,400 --> 00:34:58,960 Speaker 1: next year. So we think it's a temporary reset in 619 00:34:59,040 --> 00:35:04,120 Speaker 1: two to then re accelerate again in so will shoppers 620 00:35:04,200 --> 00:35:09,040 Speaker 1: be able to find good deals good sales? Yeah? Absolutely, 621 00:35:09,400 --> 00:35:13,759 Speaker 1: um all year retailers have been piling inventory as a 622 00:35:13,880 --> 00:35:17,200 Speaker 1: stuff ordered last year through the pandemic when it wasn't 623 00:35:17,280 --> 00:35:20,399 Speaker 1: coming because of poor congestion has all kind of come 624 00:35:20,560 --> 00:35:23,680 Speaker 1: into play this year, so they have too much inventory 625 00:35:23,760 --> 00:35:26,879 Speaker 1: on hand, and when that happened, you start to discount more. 626 00:35:27,200 --> 00:35:30,200 Speaker 1: The discounts are going to be paramounts this holiday season. 627 00:35:30,600 --> 00:35:33,120 Speaker 1: We will see more discounting than we have in the 628 00:35:33,280 --> 00:35:36,600 Speaker 1: last few years, for sure, which is going to entice 629 00:35:36,719 --> 00:35:40,600 Speaker 1: people to shop, because not only are you know, discounts 630 00:35:40,640 --> 00:35:43,960 Speaker 1: get people to shop, but it's also when they're seeking value, 631 00:35:44,040 --> 00:35:47,399 Speaker 1: amit inflation that we've seen here today? What will those 632 00:35:47,440 --> 00:35:50,040 Speaker 1: discounts then mean for the stores or the businesses who 633 00:35:50,080 --> 00:35:53,320 Speaker 1: are the winners and losers this holiday season? Ye know, 634 00:35:53,440 --> 00:35:56,680 Speaker 1: discounts little pressure margins, for sure, they have been so 635 00:35:56,920 --> 00:35:59,640 Speaker 1: far this year. But the promotions that were about to 636 00:35:59,719 --> 00:36:03,240 Speaker 1: see over the coming side day weekend Thanksgiving to Cyber Monday, 637 00:36:03,480 --> 00:36:05,399 Speaker 1: those were kind of built in right When you see, 638 00:36:05,440 --> 00:36:08,320 Speaker 1: for example, video games dropped from sixty dollars to thirty 639 00:36:08,400 --> 00:36:13,280 Speaker 1: dollars only over Black Friday through Cyber Monday. That's the discount, 640 00:36:13,320 --> 00:36:16,320 Speaker 1: but that's built into their holiday outlook. I think the 641 00:36:16,400 --> 00:36:19,600 Speaker 1: question is going to be after the five day holiday, 642 00:36:20,320 --> 00:36:23,080 Speaker 1: did retailers have a good sell through and if they did, 643 00:36:23,200 --> 00:36:26,680 Speaker 1: we could see discounts be in line with what their 644 00:36:26,719 --> 00:36:30,640 Speaker 1: expectations were. Though it still stales did not materialize and 645 00:36:30,719 --> 00:36:34,160 Speaker 1: the discounts become more aggressive than planned, which is possible 646 00:36:34,760 --> 00:36:37,920 Speaker 1: that that's always not good for margin and they need 647 00:36:37,960 --> 00:36:41,400 Speaker 1: to clear inventory. They need to enter three Fresh, so 648 00:36:41,560 --> 00:36:44,279 Speaker 1: they are going to aggressively discount to make sure that 649 00:36:44,360 --> 00:36:47,279 Speaker 1: they can do that. Bluttom, is there anything you were 650 00:36:47,320 --> 00:36:50,879 Speaker 1: watching for specifically in the next few weeks. I think 651 00:36:50,960 --> 00:36:53,400 Speaker 1: inventory levels really, you know, as we walked the stores, 652 00:36:53,440 --> 00:36:55,439 Speaker 1: as we look online, we're going to see the level 653 00:36:55,480 --> 00:36:58,239 Speaker 1: of discounting and see how aggressive it is. I can 654 00:36:58,320 --> 00:37:00,200 Speaker 1: tell you prior to the pandemic. You know, when I 655 00:37:00,360 --> 00:37:03,000 Speaker 1: was walk into stores and if I saw a ninety 656 00:37:03,080 --> 00:37:05,400 Speaker 1: percent off sales rack at one of the stories, that 657 00:37:05,640 --> 00:37:08,560 Speaker 1: indicates that there's a problem. There's way too much inventory 658 00:37:08,640 --> 00:37:11,600 Speaker 1: and they're trying to just clear um clear merchandise in 659 00:37:11,640 --> 00:37:13,920 Speaker 1: a frenzy. We don't want to see that again, right. 660 00:37:13,960 --> 00:37:16,360 Speaker 1: That just means that there's more damage to margin. So 661 00:37:16,600 --> 00:37:19,920 Speaker 1: we'll be watching closely at the level of discounting and 662 00:37:20,239 --> 00:37:24,000 Speaker 1: promotions and lines and baskets of shoppers and stories. This 663 00:37:24,120 --> 00:37:26,480 Speaker 1: weekend to kind of see who's really taking share. You know, 664 00:37:26,600 --> 00:37:29,799 Speaker 1: in the past we've seen green airy bags floating around 665 00:37:29,840 --> 00:37:32,520 Speaker 1: the malls and that was a good signal for American Eagle, 666 00:37:33,080 --> 00:37:36,279 Speaker 1: lulum in, etcetera. So we'll be watching for things like that. 667 00:37:36,800 --> 00:37:39,960 Speaker 1: All Right, Punham, thank you so much. Bloomberg Intelligent, Senior 668 00:37:40,080 --> 00:37:43,440 Speaker 1: US retail analyst at Pooham Coile Nathan all right, Amy, 669 00:37:43,520 --> 00:37:45,480 Speaker 1: thank you. It's coming up to five fifty three on 670 00:37:45,560 --> 00:37:48,440 Speaker 1: Wall Street. Time for our Bloomberg Law Report. Let's get 671 00:37:48,480 --> 00:37:51,040 Speaker 1: to the legal stories we're watching this morning from Bloomberg's 672 00:37:51,080 --> 00:37:56,960 Speaker 1: Joan Donneager. Twitter has lost more than half it's in 673 00:37:57,080 --> 00:38:00,279 Speaker 1: house lawyers. That's leading to worries now about whether enough 674 00:38:00,360 --> 00:38:04,520 Speaker 1: legal expertise remains with the company. A valunteer technology stockholder 675 00:38:04,640 --> 00:38:07,520 Speaker 1: is doing that company and co founder Peter Teel, charging 676 00:38:07,640 --> 00:38:10,920 Speaker 1: company officers and directors, raked in nearly one hundred million 677 00:38:11,000 --> 00:38:14,960 Speaker 1: dollars in insider stock sales while concealing slipping quarterly growth 678 00:38:15,239 --> 00:38:18,000 Speaker 1: and to win for NASCAR at the Ohio Supreme Court. 679 00:38:18,200 --> 00:38:21,799 Speaker 1: That court ruled the Ohio Department of Taxation improperly hit 680 00:38:21,880 --> 00:38:24,080 Speaker 1: the car racing Giant with more than a half million 681 00:38:24,160 --> 00:38:28,319 Speaker 1: dollar business, privileged tax Bill, Bloomberg Law. Everything you need 682 00:38:28,520 --> 00:38:34,120 Speaker 1: on one legal research platform, guidance, amelitists, and Bloomberg Market Intelligence. 683 00:38:34,400 --> 00:38:38,080 Speaker 1: Find out more at Bloomberg Law dot com and another 684 00:38:38,160 --> 00:38:41,279 Speaker 1: legal story we're watching. Veteran prosecutor Jack Smith has been 685 00:38:41,360 --> 00:38:44,440 Speaker 1: named special counsel in two of the most significant Justice 686 00:38:44,480 --> 00:38:49,080 Speaker 1: Department investigations in years concerning former President Donald Trump. They 687 00:38:49,080 --> 00:38:52,319 Speaker 1: are the criminal investigation into efforts to overturn the twenty 688 00:38:52,360 --> 00:38:56,200 Speaker 1: election and the retention of classified documents at Trump's Florida 689 00:38:56,360 --> 00:38:59,080 Speaker 1: estate marl Lago. Smith will have to move quickly to 690 00:38:59,239 --> 00:39:03,960 Speaker 1: ensure his work concludes before the home stretch of presidential election, 691 00:39:04,320 --> 00:39:07,400 Speaker 1: given that the Justice Department's historic interest in avoiding action 692 00:39:07,719 --> 00:39:09,920 Speaker 1: that could be seen as interfering in the outcome of 693 00:39:10,000 --> 00:39:13,120 Speaker 1: a race. For more, Bloomberg's June Grosso speaks with former 694 00:39:13,200 --> 00:39:16,640 Speaker 1: federal prosecutor Robert Mintz, a partner at McCarter and English. 695 00:39:17,160 --> 00:39:22,439 Speaker 1: Would Garland have appointed a special counsel if charges were 696 00:39:22,520 --> 00:39:26,719 Speaker 1: not under consideration already. Well, that's a great question, and 697 00:39:26,840 --> 00:39:31,719 Speaker 1: it does suggest that charges are being seriously considered. The 698 00:39:31,920 --> 00:39:36,200 Speaker 1: mere fact that Merrick Garland has taken this extraordinary step 699 00:39:36,280 --> 00:39:40,000 Speaker 1: and appointed a special prosecutor, suggests that he has already 700 00:39:40,040 --> 00:39:43,360 Speaker 1: come to the conclusion that there is a possibility that 701 00:39:43,480 --> 00:39:45,880 Speaker 1: charges will be brought here. I don't think that he 702 00:39:45,920 --> 00:39:48,400 Speaker 1: would have taken this step unless the evidence had at 703 00:39:48,480 --> 00:39:52,239 Speaker 1: least passed a threshold where there was a possibility that 704 00:39:52,400 --> 00:39:55,280 Speaker 1: charges could be brought. You don't typically bring a special 705 00:39:55,360 --> 00:39:59,080 Speaker 1: prosecute or somebody to wind down an investigation. He obviously 706 00:39:59,160 --> 00:40:02,279 Speaker 1: believed that there is credible evidence here that needs to 707 00:40:02,320 --> 00:40:04,719 Speaker 1: be investigated, and that's who I can named Jack Smith 708 00:40:04,800 --> 00:40:07,800 Speaker 1: as a special prosecutor. He Smith up against the clock 709 00:40:07,880 --> 00:40:11,120 Speaker 1: here because of the upcoming elections, So they are a 710 00:40:11,239 --> 00:40:14,239 Speaker 1: bit under the gun because they have to try to 711 00:40:14,680 --> 00:40:17,880 Speaker 1: complete this investigation in a timely fashion so that it 712 00:40:17,960 --> 00:40:21,319 Speaker 1: will not interfere with the upcoming election. I think, as 713 00:40:21,360 --> 00:40:25,280 Speaker 1: a realistic matter, if charges are to be brought against 714 00:40:25,360 --> 00:40:28,440 Speaker 1: President Trump, it will likely have to be done sometime 715 00:40:28,560 --> 00:40:32,319 Speaker 1: in the spring of three because they do not want 716 00:40:32,360 --> 00:40:35,799 Speaker 1: to bring charges and then have a trial pending while 717 00:40:35,880 --> 00:40:38,320 Speaker 1: an election is coming up. So if they're going to 718 00:40:38,440 --> 00:40:43,840 Speaker 1: bring charges and actually try a case before elections, there's 719 00:40:43,920 --> 00:40:46,360 Speaker 1: not much time left. These charges will likely have to 720 00:40:46,440 --> 00:40:49,640 Speaker 1: be brought by the spring of three. So part of 721 00:40:49,760 --> 00:40:53,600 Speaker 1: Justice regulations say that you cannot bring charges in sixty 722 00:40:53,719 --> 00:40:56,839 Speaker 1: or ninety days ahead of an election. But here we're 723 00:40:56,880 --> 00:40:59,479 Speaker 1: really talking about a situation where, if charges are brought, 724 00:41:00,040 --> 00:41:02,920 Speaker 1: the great thing to do is to allow enough time 725 00:41:03,239 --> 00:41:06,280 Speaker 1: to have that trial actually take place before the election. 726 00:41:06,560 --> 00:41:08,239 Speaker 1: And bear in mind, this is not going to be 727 00:41:08,239 --> 00:41:11,040 Speaker 1: an ordinary trial, and it may drag out longer than 728 00:41:11,120 --> 00:41:14,520 Speaker 1: most trials would typically in the federal system, if somebody's 729 00:41:14,520 --> 00:41:16,719 Speaker 1: indicted for a federal crime, you can expect to go 730 00:41:16,800 --> 00:41:19,920 Speaker 1: to trial within about a year. But if there were 731 00:41:20,000 --> 00:41:22,959 Speaker 1: to be an indictment of a former president, it would 732 00:41:23,040 --> 00:41:26,760 Speaker 1: certainly raise some new questions of lost, some novel issues 733 00:41:27,120 --> 00:41:30,560 Speaker 1: that would likely be litigated, and probably drag the case 734 00:41:30,640 --> 00:41:34,800 Speaker 1: out even longer. So, while the special prosecutor is getting 735 00:41:34,880 --> 00:41:37,200 Speaker 1: on board here, and while he does have the benefit 736 00:41:37,520 --> 00:41:41,440 Speaker 1: of having Department of Justice investigators and prosecutors who have 737 00:41:41,520 --> 00:41:43,560 Speaker 1: been working on this case who will continue to work 738 00:41:43,640 --> 00:41:46,920 Speaker 1: under his supervision, he has a steep mountain declined here 739 00:41:47,160 --> 00:41:49,400 Speaker 1: to try to learn exactly what's been going on and 740 00:41:49,560 --> 00:41:52,680 Speaker 1: make some very big decisions in the near term. That's 741 00:41:52,719 --> 00:41:56,400 Speaker 1: former federal prosecutor Robert mint speaking with Bloomberg's June Grosso. 742 00:41:56,600 --> 00:41:59,000 Speaker 1: Catch more of that interview, plus analysis of the latest 743 00:41:59,040 --> 00:42:02,120 Speaker 1: legal news i subscribing to the Bloomberg Law podcast or 744 00:42:02,160 --> 00:42:05,279 Speaker 1: downloading the show at Bloomberg dot com. Slash Podcasts and 745 00:42:05,320 --> 00:42:08,600 Speaker 1: attorneys can find exceptional legal research and business development tools 746 00:42:08,960 --> 00:42:12,080 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 747 00:42:12,440 --> 00:42:16,200 Speaker 1: at b law go SMP futures little change now at 748 00:42:16,239 --> 00:42:20,000 Speaker 1: three points STOW futures up nineteen NASDAC futures are little 749 00:42:20,080 --> 00:42:22,560 Speaker 1: changed to the upside ten. Your treasury is up one 750 00:42:22,640 --> 00:42:25,040 Speaker 1: thirty second. You'ld three point seven five percent. You'll do 751 00:42:25,080 --> 00:42:27,839 Speaker 1: on the two year four point five two percent. Nim 752 00:42:28,000 --> 00:42:30,120 Speaker 1: X screws moving lower, down one and a half percent 753 00:42:30,239 --> 00:42:32,720 Speaker 1: or a dollar twenty three at seventy nine dollars seventy 754 00:42:32,760 --> 00:42:35,759 Speaker 1: cents verre, also below the eighty handle. Comex golds down 755 00:42:35,840 --> 00:42:38,160 Speaker 1: two tenths percent or two dollars eighty cents lower at 756 00:42:38,200 --> 00:42:41,160 Speaker 1: seventeen fifty two even announce and the euro right now 757 00:42:41,239 --> 00:42:44,600 Speaker 1: trading at one point zero three zero eight against the dollar. 758 00:42:45,080 --> 00:42:48,719 Speaker 1: Bloomberg Day Break continues. This is Bloomberg