Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, November two. Coming up this hour. Fd
Speaker 1: X founder Sam Bankman free To apologizes to staff in
Speaker 1: a letter credit Sweet swarns of a massive fourth quarter loss.
Speaker 1: HP is the latest check company to slash jobs and
Speaker 1: investors away to half dozen economic reports out of Thanksgiving,
Speaker 1: a deadly mass shooting at a Virginia Walmart, plus the
Speaker 1: suspect acused of gunning down people in the gay Colorado
Speaker 1: nightclub has a court appearance today. I'm Michael barr More Ahead,
Speaker 1: I'm John Stash, Aaron Sports, Ben Simmons returned to Philadelphia.
Speaker 1: The Sixers beat the Nets, the Rangers beat the King.
Speaker 1: St John's beat Syracuse in overtime. That's all trended ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg Elive in Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco syrius x M one nine team,
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg business Side. Good Wednesday morning, I'm Any Morris,
Speaker 1: and I'm Nathan Hagar. Futures are moving a little bit
Speaker 1: higher this day before Thanksgiving. We're coming up to five
Speaker 1: oh one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes during the trading day. On Bloomberg, SFP
Speaker 1: futures are up eight point, Staff futures up fifty, Nasdaq
Speaker 1: futures are higher by fifteen points. The tenure Treasury is
Speaker 1: up three thirty seconds, yield three point seven four percent,
Speaker 1: yield on the two year four point five two percent,
Speaker 1: and i'm x screwed is up eight tenths percent, or
Speaker 1: sixty two cents at eighty one dollar fifty seven cents
Speaker 1: a barrel. Maybe, Nathan, we will have more on the
Speaker 1: markets in just a minute, but first, the latest on
Speaker 1: the fallout from f t X. The founder of the
Speaker 1: collapsed crypto exchange is now apologizing. Let's get the latest
Speaker 1: live with Bloomberg. Steve rapp Aboard, Good morning Steve, Good morning, Amy,
Speaker 1: and Nathan. In a mia colpa to employees, disgraced ft
Speaker 1: X founder Sam Bankman Freed says he didn't mean for
Speaker 1: any of this to happen, and he would give anything
Speaker 1: to go back and do things over again. The crypto
Speaker 1: exchange collapsed about two weeks ago, fueled by a credit squeeze,
Speaker 1: virtual coins sell offs, and what bankman Fried calls a
Speaker 1: run on the bank. He also disclosed collateral crashed by
Speaker 1: fifty one billion dollars as ft X spiraled. Bankruptcy proceeding
Speaker 1: so far paint f t X as a company with
Speaker 1: poor record keeping and other questionable practices Live in New
Speaker 1: York Time, Steve Rappaport Bloomberg Daybreak. All right, Steve, thank you.
Speaker 1: The collapse of f t X shocked much of the
Speaker 1: financial world, including Cathy Would. The ARC Investment CEO, says
Speaker 1: the exchange clearly lacked oversight. The fact that so many
Speaker 1: people were completely fooled um is quite shocking. And you know,
Speaker 1: I think he had this aura around him or something
Speaker 1: that caused people to to to ask fewer questions than
Speaker 1: might otherwise have been the case. Kathy Wood made the
Speaker 1: comments in an interview with Carol Master and Tim Stenovic
Speaker 1: on Bloomberg Business Week. You can watch the show live
Speaker 1: on YouTube weekdays from two to five Eastern. Catch more
Speaker 1: of that conversation with Cathy Would coming up shortly here
Speaker 1: on Bloomberg Daybreak and Nathan. Another major story we are
Speaker 1: following comes from overseas. Credit Sweets warning of a massive
Speaker 1: fourth quarter loss. We got to London now and get
Speaker 1: the latest live with Bloomberg's You and Parts, Good Morning You,
Speaker 1: and good morning Amy and Nathan. Credit Sweet clients pulled
Speaker 1: as much as eight billion dollars from the bank during
Speaker 1: the first few weeks of this quarter, underlying the ongoing
Speaker 1: concerns over the bank's restructuring efforts after years of scandals.
Speaker 1: The Swiss Bank is warning today it's facing a loss
Speaker 1: of up to one point six billion dollars for the
Speaker 1: final three months of this year, and in China, the
Speaker 1: company is said to be acting at least a third
Speaker 1: of its investment banking workforce. Credit Sweet shares currently down
Speaker 1: almost five percent in London, I'm You and Parts, Bloomberg
Speaker 1: Day breaks, all right, you and Thanks, and job cuts
Speaker 1: are continuing here in the US. The latest at HP,
Speaker 1: the tech company, says it will eliminate as many as
Speaker 1: six thousand positions over the next three years. HP says
Speaker 1: declining demand for personal computers is cutting into profits, and
Speaker 1: Twitter has also been cutting jobs sharply ever since Elon
Speaker 1: Musk took over that company. Now we're learning it's lost
Speaker 1: more than half of its in house lawyers. Bloomberg said.
Speaker 1: Baxter has that story from our nine sixty news room
Speaker 1: in San Francisco. This includes several senior attorneys, and it
Speaker 1: raises some concerns about the depth of legal knowledge that
Speaker 1: remains with the company. Bloomberg sources say this leaves only
Speaker 1: Head of Litigation James Baker and International Legal chief Regina
Speaker 1: Lima in leadership roles in the department. There is enough
Speaker 1: concern that, the sources say, there may not be enough
Speaker 1: legal expertise remaining in house to know which outside law
Speaker 1: firms are handling certain matters. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg daybreak and thanks were three weeks away from
Speaker 1: the next decision from the Federal Reserve. In Central Bank
Speaker 1: officials are speaking on policy. Kansas City Fed President Ester
Speaker 1: George says significant US household savings could have implications for
Speaker 1: how high rates need to rise. While high savings is
Speaker 1: likely to provide momentum to consumption and require higher interest rates,
Speaker 1: it's certainly positive that we see that these households are wealthier,
Speaker 1: less financially constrained, and better ensured. But that said, reduced
Speaker 1: inflation will mean we have to incent saving over consumption.
Speaker 1: Kansas City FED President Esther George made those comments in
Speaker 1: Santiago during a panel discussion hosted by the Central Bank
Speaker 1: of Chile and Dathan. We have a slew of economic
Speaker 1: reports this morning, much more than usual ahead of the
Speaker 1: Thanksgiving Day holiday. We get a preview now from Bloomberg
Speaker 1: Economics correspondent Michael McKee, who can't have a holiday until
Speaker 1: the data dump is done. Seven different indicators will be
Speaker 1: released on Thanksgiving Eve. They vary in importance. The capital
Speaker 1: goods section of durable goods orders represents business spending trends,
Speaker 1: so that will get attention. Wall Street watches jobless claims
Speaker 1: as sort of a canary in a coal mine for
Speaker 1: the labor market, and the Fed has made a big
Speaker 1: deal out of the University of Michigan's inflation expectations numbers.
Speaker 1: Slightly less important mortgage applications and new home sales. We
Speaker 1: know higher interest rates are crippling the housing markets. Of
Speaker 1: interest will be whether home prices keep falling. S and
Speaker 1: p purchasing managers indexes will be overshadowed by next week's
Speaker 1: I s M report, and, barring surprise, the Minutes of
Speaker 1: the feds November second meeting won't likely add much to
Speaker 1: the rate outlook. They're three weeks old and almost everyone
Speaker 1: on the FED has offered their views since that meeting.
Speaker 1: Michael McKee Bloomberg Daybreaking, all Right, Mike Thanks, and other news.
Speaker 1: This morning, there were violent protests at Apple's main iPhone
Speaker 1: making plant in China. Hundreds of workers at the fox
Speaker 1: Con factory battled security personnel after almost a month of
Speaker 1: tough restrictions intended to quash a COVID outbreak. Videos shows
Speaker 1: hundreds of workers breaking out of dorm rooms at the
Speaker 1: facility today, and Disney set for a major box office
Speaker 1: return in China. Sources say it will release its latest
Speaker 1: Avatar film on December sixte and that could be a
Speaker 1: big lift in a key market for Disney. Previous blockbusters
Speaker 1: have been denied entry on the deteriorating relations between the
Speaker 1: US and China, and futures are on the rise this morning.
Speaker 1: Amy SMP futures are up seven points down, futures up
Speaker 1: forty seven, NASTACT futures up thirteen points ten. Your treasury
Speaker 1: is up one thirty second now yield three point seven
Speaker 1: and I'm ex screwed up six tenths per cent at
Speaker 1: eighty one forty two cents of barrel zero trading at
Speaker 1: one point zero three one zero against the dollar. Your
Speaker 1: latest local headlines in the check of sports. Up next,
Speaker 1: this is Bloomberg making ethan five or seven on Wall Street.
Speaker 1: Let's bring in Michael Barr with more on what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Amy. Authorities in Chesapeake, Virginia
Speaker 1: are investigating a mass shooting at a Walmart last night.
Speaker 1: Police spokesperson Leo Kazinski says several people are dead and
Speaker 1: several others are injured. It's sad, you know, we're a
Speaker 1: couple of days before the Thanksgiving holiday. I mean, anytime
Speaker 1: that's a said, and it's just it's just just a
Speaker 1: bad time all around, you know. It's just for everybody involved,
Speaker 1: especially the victims. Like this is as noorable. Police spokesman
Speaker 1: Kazinski says, it's believe there was only one shooter, who
Speaker 1: was now dead. The FBI is now assisting in the investigation.
Speaker 1: The alleged shooter facing possible hate crime charges, and the
Speaker 1: fatal shooting of five people at the Colorado Springs Gay
Speaker 1: nightclub has a court appearance today. The suspects defense team
Speaker 1: listed Anderson Lee Aldridge as non binary. The motive in
Speaker 1: the shooting is still under investigation. New York Governor Kathy
Speaker 1: Hocle says the state will take larger strides in trying
Speaker 1: to prevent hate crimes. Hocal sign two pieces of legislation
Speaker 1: into law that aims to educate people about what is
Speaker 1: considered hate speech and how that speech could potentially turn
Speaker 1: into violent acts. Ordinary New Yorkers are out there seeing
Speaker 1: the same thing. I want them to be part of
Speaker 1: our team. I want others to come with that early
Speaker 1: warning system when they see this or they hear someone
Speaker 1: in their schools saying something. This is what red flag
Speaker 1: laws are also all about. One bill that Governor Hocal
Speaker 1: sign requires people convicted of a hate crime to undergo
Speaker 1: hate crime prevention training. New York City Mayor Eric Adams
Speaker 1: unveiled new plans to close more Street It's in Midtown
Speaker 1: Manhattan to traffic in December. Adams says one part calls
Speaker 1: for a section of Fifth Avenue to be closed completely
Speaker 1: to allow holiday shoppers to walk about. But this gab
Speaker 1: driver says that means less room for cars. I think
Speaker 1: it's horrible to close it because you're just gonna create
Speaker 1: great luck everywhere else. You know. It's like it's like
Speaker 1: it's like having a blood clock over here. Meanwhile, millions
Speaker 1: of Americans are hitting the roads where the Thanksgiving getaway. Today,
Speaker 1: nearly fifty five million Americans are expected to travel at
Speaker 1: least fifty miles from home. An accountant who handled the
Speaker 1: tax returns of some Trump organization executives told a jury
Speaker 1: that Donald Trump reported a total of about nine hundred
Speaker 1: million dollars in operating losses over two years. Donald Vender
Speaker 1: with Masis, was the first defense witness in the tax
Speaker 1: fraud case. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barron, this is bloom Burg aint all right, Thank you, Michael. John.
Speaker 1: Now that the sports aboard tries stay douty, here's John
Speaker 1: dash our Amy. The Philadelphia's seventies sixers took Ben Simmons
Speaker 1: with the first pick of the draft, and he became
Speaker 1: an all star for them. But things went sour, especially
Speaker 1: in the playoffs. Traded last season to Brooklyn. Last night,
Speaker 1: his first game back, he got food said he expected
Speaker 1: the booze to be Louder played fairly well eleven points,
Speaker 1: eleven assists that held scoreless of the fourth quarters. The
Speaker 1: Sixers beat the Nets one one oh six. Billy was
Speaker 1: without star center Joe l Emby, who had been critical
Speaker 1: of Simmons at the end of this time. There Rangers
Speaker 1: continued their trip out west in l a down to
Speaker 1: nothing second period. They scored three in the second and
Speaker 1: the game was to be three and the third sid
Speaker 1: far Corner set play the licens star Chris Pryder. They've
Speaker 1: worked on that for a couple of years. We've seen
Speaker 1: it from time to time, and it pays off as
Speaker 1: a battle Chats set the funk yet far side Pridor
Speaker 1: to caps the guy seat and teach Peterson. The Rangers
Speaker 1: go back on top. ESPN New York Headic Crider added
Speaker 1: an empty Netta Rangers beat the King's five three Plates
Speaker 1: and an Anna Hive Devils Tonight. Those Toronto, New Jersey
Speaker 1: win would be a club record fourteenth win in the row.
Speaker 1: Like the old days of the Big East St. John's
Speaker 1: and Syracuse in Brooklyn. They went over time the Red
Speaker 1: Storm War in seventy six sixty nine. Then L six
Speaker 1: and Oh Giants lead today for Dallas Big Game tomorrow.
Speaker 1: Both Team seven and three Giants seven wanted Dallas since
Speaker 1: two thousand sixteen. Bloomberg Nos reported last summer the Glazer
Speaker 1: family was considering selling at least a minority stake in
Speaker 1: their ownership of Manchester United of the Premier League. The
Speaker 1: family now admits they are quote exploring strategic alternatives. Their
Speaker 1: ownership has been criticized by fans of the team down
Speaker 1: Stationward Bloomberg Sports, Nathan, all right, thank you, that's okay, John,
Speaker 1: thanks so much. Teachers are higher. We're s S and
Speaker 1: P futures up six, Dell futures up forty two, Nasdaq
Speaker 1: futures up six. Ten year Treasury unchanged the yield at
Speaker 1: three point seven. This is Bloomberg. The Bloomberg Sports Report
Speaker 1: was brought to you by Audie. Don't let someone else
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Speaker 1: dot com for more information, markets, headlines, and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot com, bloo
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a
Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Futures are holding steady
Speaker 1: as investors await the latest FED minutes and clues on
Speaker 1: the policy path. We checked the markets every fifteen minutes
Speaker 1: during the training day on Bloomberges and P futures are
Speaker 1: up four points, DAL futures up thirty four Nastack futures
Speaker 1: are hired by two points little change ten. Your treasuries
Speaker 1: down one thirty second yield three point seven five percent,
Speaker 1: yield on the two year four point five three percent.
Speaker 1: Now I'm ex screwed up six tenths center, forty five
Speaker 1: cents eighty one dollar, thirty nine cents of barrel comic
Speaker 1: stole down two tenths per cent at seventnnounced the euro
Speaker 1: one point zero three zero four against the dollar. That's
Speaker 1: the Bloomberg Business Flash. Now here's Michael Barr with more
Speaker 1: on what's going to run around the world. Good morning, Michael,
Speaker 1: Good morning, Nathan. Multiple people have been killed and injured
Speaker 1: in the shooting last night at a Walmart store in Chesapeake, Virginia.
Speaker 1: Police say the suspected Loan gunman is dead. Ukrainian authorities
Speaker 1: say an overnight rocket attack has struck a hospital maternity
Speaker 1: ward in southern Ukraine, killing a newborn baby. The baby's
Speaker 1: mother and the doctor were pulled alive from the rubble.
Speaker 1: In the NBA and the Nets lost in the NHL,
Speaker 1: the Rangers won at the World Cup. Four games are
Speaker 1: on the slate today, including Morocco and Croatia, who are
Speaker 1: playing right now. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts and more than one
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg Amy.
Speaker 1: All right, thank you, Michael. It's five nineteen on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak. We're not going to bring you an interview
Speaker 1: with our investment CEO, Cathy Wood. She's reiterating her faith
Speaker 1: in crypto assets in the wake of ft x is
Speaker 1: collapse and offering support for Elon Musk's Twitter strategy. She
Speaker 1: talked about those topics and more in an interview with
Speaker 1: Carol Masser and Tim Stentovic on Bloomberg Business Week. Let's
Speaker 1: listen in. I gotta talk to you about the crypto space.
Speaker 1: You um, you know, it's it's a world you know
Speaker 1: really well. We think about the ft X collapse, the
Speaker 1: bankruptcy proceedings today, the coming undone of Sam Makman freed.
Speaker 1: You know, you have been buying into some of the
Speaker 1: different names in the crypto space, coin Base, gray Scale,
Speaker 1: Bitcoin trust. Why should investors trust crypto? Why do you
Speaker 1: trust crypto at this point? Yes, if you look at
Speaker 1: the block chains, let's let's use uh uh the Bitcoin
Speaker 1: blockchain and Ethereum, what you'll find is they have the infrastructure,
Speaker 1: that technology has not skipped a beat throughout this entire crisis.
Speaker 1: In fact, the hash rate, Bitcoin's hash rate is at
Speaker 1: an all time high, and that is a real indication
Speaker 1: of the security of the network. On Ethereum, we're seeing
Speaker 1: the total value uh staked at twenty four billion, that
Speaker 1: is an all time high. So we think the infrastructure
Speaker 1: is working beautifully. UM. As far as coin base, UH,
Speaker 1: this is an onshore regulated UH company and wanting to
Speaker 1: help shape regulations. Brian Armstrong, the CEO and Alicia uh
Speaker 1: CFO have been leaning in into what's going on right
Speaker 1: now and saying, okay, regulators, we need more clarity in
Speaker 1: order to protect to protect investors, those who wanted to
Speaker 1: get involved with a certain types of crypto. We're forced
Speaker 1: off shore. And look at what's happened. So um I
Speaker 1: I think that coin base is going to come out
Speaker 1: here looking very very strong. It just lost a very
Speaker 1: big competitor in f t X. Well what is the
Speaker 1: market missing though, because you know that could be one narrative, Cathy.
Speaker 1: But at the same time, we haven't exactly seen shares
Speaker 1: of coin based rally since f t x is collapse.
Speaker 1: Do you think to you that represents potentially broader concern
Speaker 1: about just people's interest in crypto following ft x is collapse. No,
Speaker 1: I think it's more fear. I think many people say,
Speaker 1: we don't know what we don't know? Uh and uh
Speaker 1: so what we do is we step back, you know,
Speaker 1: put a little perspective into the situation here, and what
Speaker 1: do we have? Many people are saying, well, okay, is
Speaker 1: this another lehman? Could this be uh you know, could
Speaker 1: could we see the domino effect here? I've just given
Speaker 1: you one reason why the banking system back in oh
Speaker 1: eight oh nine trillions and trillions of dollars, and it
Speaker 1: was the global banking system. Right now we have it
Speaker 1: seems from ft X five to ten billion dollars in creditors.
Speaker 1: If as h as f t X has filed bankruptcy,
Speaker 1: they will be making claims. If you look at Lehman,
Speaker 1: that was one point to trillion dollars in claims. So
Speaker 1: again just trying to put perspective, this is fraud. This
Speaker 1: is made off, made off with sixty four billion dollars
Speaker 1: in claims. Again f t X five to ten billion.
Speaker 1: And when I switch gears if I can, and I
Speaker 1: was thinking about Twitter and Tesla, how do you make
Speaker 1: sense of Elon Musk? So when you know you've talked
Speaker 1: to you've been investor in Tesla for a long time,
Speaker 1: are you comfortable with his actions around Twitter of firing
Speaker 1: people hiring them back? Um, you know the verified check.
Speaker 1: Do you feel comfortable with this name? And I should
Speaker 1: put out that right. You own private shares of Twitter,
Speaker 1: and I have talked about wanting to own more. Yes,
Speaker 1: we do. We we saw we owned Twitter for quite
Speaker 1: a while and we sold it into the rumors that
Speaker 1: Ellen was going to buy it because we knew there
Speaker 1: would be a lot of controversy around that, so it
Speaker 1: moved into the sixties. I think it got to seventy
Speaker 1: and we sold there and have been watching. UM have
Speaker 1: been watching from the sidelines. But if you look at
Speaker 1: that model longer run, it has not delivered on the promise.
Speaker 1: And you know, I think opening up the algorithms, which
Speaker 1: we think he will do, and taking away the kind
Speaker 1: of human driven censorship and UH, and and allowing the
Speaker 1: transparency of the algorithms that they do put put out there,
Speaker 1: you know, allowing people to question them. I think it's
Speaker 1: going to be very healthy. If you look at the
Speaker 1: daily average users, I think the various metrics that you
Speaker 1: can count daily, they have been going up dramatically. So
Speaker 1: you know, if you I know a lot of people
Speaker 1: who who you know, basically UH, decided to quit Twitter
Speaker 1: because they didn't like the kind of censorship and so
Speaker 1: forth that was going on. So I actually like what
Speaker 1: he's doing. And that was Kathy Wood with ARC Investments
Speaker 1: speaking with Bloomberg Business Week. Catch the program weekday afternoons
Speaker 1: on Bloomberg Radio and stream the video feed live on YouTube.
Speaker 1: And Bloomberg Quicktake from two to five pm Eastern Time.
Speaker 1: Futures are higher, SMP futures of five points down, futures
Speaker 1: of thirty seven, NASDAD futures up three points. Ten year
Speaker 1: treasury unchanged the yield at three point seven five. Much
Speaker 1: more still to come. On this Wednesday morning edition of
Speaker 1: Bloomberg Daybreak, We'll check the markets and bring you the
Speaker 1: latest news in business, e economics and finance. Stay with us.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mostly sunny
Speaker 1: today going up to fifty five degrees, down to thirty
Speaker 1: five with clear skies tonight, and for Thanksgiving Day, mostly sunny,
Speaker 1: going up to fifty degrees. Broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York, Bloomberg Living Freedom to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg Nun sixty to the Country, Sirius
Speaker 1: XM Chado one nine Tea and around the globe the
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good Wednesday morning.
Speaker 1: I'm any Morris. I'm Nathan Hagar. We're about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news he needs to know
Speaker 1: at this hour. But in with the fallout from the
Speaker 1: collapse of ft X, the founder of the crypto exchanges
Speaker 1: now issuing an apology. Bloomberg Steve Rappaport joins US Live
Speaker 1: with the latest morning Steve, Good morning, Nathan and Amy.
Speaker 1: In a letter to employees, Sam Bankman Freed expressed regret
Speaker 1: for his oversight failure, adding he wishes the company had
Speaker 1: done many many things differently. The disgraced ft X founder
Speaker 1: described a perfect storm of credit squeezes, virtual coin selloffs,
Speaker 1: and a run on the bank that brought the crypto
Speaker 1: exchange down two weeks ago. Bankman Freed also disclosing the
Speaker 1: company's collateral spiral to nine billion dollars from sixteen billion.
Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. Al Right, Steve,
Speaker 1: thank you, And another major story we are following from overseas,
Speaker 1: credit sweee warning of a massive fourth quarter loss. The
Speaker 1: Swiss bank says it will face a law succeeding one
Speaker 1: and a half billion dollars for the three final months
Speaker 1: of the year. Also overseas, amy there were violent protests
Speaker 1: at Apple's main iPhone making plant in China. Hundreds of
Speaker 1: workers at the Fox con factory battled security personnel after
Speaker 1: almost a month of tougher restrictions intended to quash a
Speaker 1: COVID outbreak, and Nathan back here in the U S.
Speaker 1: Twitter turmoil continues. Bloomberg sources say after recent job cuts,
Speaker 1: there may not be enough in house legal expertise at
Speaker 1: Twitter to know which outside law firms are handling certain matters.
Speaker 1: Even so, Elon Musk still has his fair share of supporters,
Speaker 1: including Arc Investment CEO Cathy Would. Various metrics that you
Speaker 1: can count daily. They have been going up dramatically. So
Speaker 1: I know a lot of people who decided to quit
Speaker 1: Twitter because they didn't like censorship and so forth that
Speaker 1: was going on. So I actually like what he's doing.
Speaker 1: Cathy Would, with Arc Investment, made the comments to Bloomberg
Speaker 1: Business Week, which you can catch weekdays at two pm
Speaker 1: Wall Street time on Bloomberg Radio and streaming live on YouTube.
Speaker 1: Turning to the economy, were three weeks away from the
Speaker 1: next FED decision. Kansas City Fed President Esther George says
Speaker 1: one thing that could push the Central Bank to keep
Speaker 1: raising rates is high household savings in the US. Certainly
Speaker 1: positive that we see that these households are wealthier, less
Speaker 1: financially construct rain. But that said, reduced inflation will mean
Speaker 1: we have to incent saving over consumption. Kansas City Fed
Speaker 1: President Esther George made those comments in Santiago during a
Speaker 1: panel discussion hosted by the Central Bank of Chile. SMP
Speaker 1: futures right now up four points, STOWN futures up thirty two,
Speaker 1: NASTACS futures highed by eight points ten. Your treasury is
Speaker 1: up one thirty second the old three point seven yeld
Speaker 1: on the two year, four point five NIME ex screws
Speaker 1: down nine tenths percent. Out eighty dollars, twenty cents of barrel.
Speaker 1: Straight ahead, your latest local headlines, and a check of sports.
Speaker 1: This is Bloomberg, all right, Thank you, Nathan, five three
Speaker 1: on Wall Street. Now let's bring in Michael Barr with
Speaker 1: more on what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Amy.
Speaker 1: Virginia police said multiple people are dead and others are
Speaker 1: wounded after a shooting at Walmart last night. Chesapeake Police
Speaker 1: spokesman Leo Kazinski says authorities believe there was one shooter
Speaker 1: who is dead. Kazinski was asked what the shooter was
Speaker 1: killed by law enforcement. I don't believe someone. I can't
Speaker 1: say that for sure, so that's still being part of
Speaker 1: the investigations. It's all because it all happened very very quickly,
Speaker 1: very dynatic, a lot of a lot of people involved,
Speaker 1: a lot of officers. The gunman is believed to be
Speaker 1: an employee or former employee. The Virginia shooting comes three
Speaker 1: days after a person opened fire at a gay nightclub
Speaker 1: in Colorado, killing five and the wounding seventeen. The suspect
Speaker 1: and the deadly attack at Club Q and Colorado Springs
Speaker 1: is set to face a judge today. A family friend
Speaker 1: says twenty two year old Anderson Lee Aldrich was bullied
Speaker 1: as a team. New York Governor Kathy Hokell signed two
Speaker 1: pieces of legislation into law in trying to prevent hate
Speaker 1: crimes from taking place. Governor HOCl says it aims to
Speaker 1: educate people about what is considered hate speech and how
Speaker 1: that speech could potentially turn into violent acts. We can't
Speaker 1: ignore that there's been a loss of civility and respect
Speaker 1: of individuals, and that has been the collateral damage. One
Speaker 1: measura will require people who were convicted of a hate
Speaker 1: crime to take a training course on hate crime prevention.
Speaker 1: The Supreme Court has cleared the way for our House
Speaker 1: Committee to get Donald Trump's tax returns Bloomberg's backs the reports.
Speaker 1: This covers six years of returns as it goes to
Speaker 1: the House Ways and Means Committee, High Court issuing no
Speaker 1: explanation or any public descent. So now the I R
Speaker 1: S is free to provide the returns and could do
Speaker 1: so immediately. The Committee will want to act expeditiously because
Speaker 1: the Republican majority, in particular Kevin McCarthy, has said that
Speaker 1: he will kill any such investigations. The Committee, in its
Speaker 1: arguments said it needed returns to consider potential legislation and
Speaker 1: oversight on presidential compliance. In San Francisco, I'm at Baxter
Speaker 1: Bloomberg Daybreak Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven under journalist and analysts more than a hundred twenty countries.
Speaker 1: Michael Barren. This is Bloomberg. All right, thank you, Michael.
Speaker 1: So Now, but the Sports Report brought to you by
Speaker 1: try State. Here's Jon's dash our the choired last season
Speaker 1: by Broken He didn't play until this season. He wasn't
Speaker 1: playing well, nothing like what he did most of his
Speaker 1: time in Philadelphia, and it was all star until he
Speaker 1: regressed at the end of his time. They're lately encouraging
Speaker 1: signs for Nets fans. Simmons just had a twenty two
Speaker 1: point game and last night he made his return to
Speaker 1: Philly in a six or Is one fifteen to one
Speaker 1: oh six victory. Yeah. I don't know. I thought I'm
Speaker 1: in a good place, you know, for me to come
Speaker 1: in here and just play basketball. Um, I'm happy. I'm
Speaker 1: doing what I love, so not to be out there
Speaker 1: and have that experience was amazing. Obviously it wasn't the
Speaker 1: result we wanted. It's freshened to lose um a game
Speaker 1: like that, but you know, um, I think it's a
Speaker 1: good step forward. NETS play tonight in Toronto, the Rangers
Speaker 1: playing Anaheim. They won last night in l A. They
Speaker 1: beat the King's five to three, two third thoride goals
Speaker 1: for Chris try all Right, Barkley's over time in the
Speaker 1: final of the Empire Classic in St. John's beat Syracuse
Speaker 1: seventy six to sixty nine Andrey Kurmelo twenty three points
Speaker 1: to the Red Storm, who was now six and oh.
Speaker 1: As the Jets trying to decide whether to keep Jack
Speaker 1: Wilson as there's starting quarterback. The previous heralded young jetscuv
Speaker 1: Sam Donald. It's gonna start Sunday for Carolina. At the
Speaker 1: World Cup. There underway. Croatia, who lost in the Cup
Speaker 1: final four years ago, was taking on Murrocco scoreless in
Speaker 1: the first half. There may not be a bigger World
Speaker 1: Cup upset than the one yesterday. Saudi Arabia had a
Speaker 1: FIFA ranking of fifty one. Argentina was ranked third in
Speaker 1: Saudi Arabia one. Meanwhile, Christiano Ronaldo confirmed he is leaving
Speaker 1: Manchester United and the team appears to be for sale.
Speaker 1: Bloomberg News had reported back in August the Glazier family
Speaker 1: would sell at least a minority state. They now admit
Speaker 1: they are open to sell. John station all with Bloomberg Sports. Amy,
Speaker 1: All right, thank you, John. It's five thirty seven on
Speaker 1: Wall Street Time now for the Tri State Business Report.
Speaker 1: Here with that is Bloomberg's Dennis Pellegrini. New York is
Speaker 1: betting new crypto mining temporarily, making it the first state
Speaker 1: to do so, and Governor holcl has signed a bill
Speaker 1: triggering a new two year moratorium on new permits for
Speaker 1: crypto mining companies powered by fossil fuels and using proof
Speaker 1: of work outhan to case and with millions of computers
Speaker 1: validating transaction data, Guess where the world's most expensive shopping
Speaker 1: area is for businesses. Kushman and Wakefield says Upper Fifth
Speaker 1: Avenue between forty nine and sixty Street has some of
Speaker 1: the highest storefront rents of the nation, even higher than
Speaker 1: before the pandemic, and could be a busy day for
Speaker 1: legal cannabis businesses in New Jersey and in Connecticut and
Speaker 1: New York too. Because today's Green Wednesday, it's a promotional
Speaker 1: day for the legal weed industry, encouraging people to buy
Speaker 1: their products to enjoy over the Thanksgiving holiday. Multiple cannabis
Speaker 1: businesses are offering discounts, including Garden State Dispensary, Roos Dispensary, Terrasend,
Speaker 1: and Kara Leaf with the Tri State Business Report at
Speaker 1: East Pellegrini. Thank you, Denise It's five thirty eight on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in now with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve Podas, kan K and
Speaker 1: X in Los Angeles. We're talking about Disney's Avatar sequel
Speaker 1: getting government approval to appear in theaters in China. M
Speaker 1: Courney's Anahoan Cafe a bian Omaha egg prices store more
Speaker 1: than ten percent in October, topping the food inflation list.
Speaker 1: I'm Gina Servetti in for wfl A in Orlando. I'm
Speaker 1: reporting that more and more Americans are tapping into their
Speaker 1: four oh one case for emergencies. I'm Kimberly Adams and
Speaker 1: on WBZ in Boston, I'll be reporting on the rising
Speaker 1: cost of that Thanksgiving Turkey. I'm Denise Polygriny and I'm
Speaker 1: Jen Detroit. I'm reporting on how analysts say the online
Speaker 1: used car company Carvenna could be stuck in reverse. And
Speaker 1: those are some of the stories our Bloomberg analysts and
Speaker 1: journalists are working on this morning. Around the world. It's
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Building anything in the US requires Naviga aiding a rainforest
Speaker 1: of red tape. Green energy projects are no exception, wind, hydropower, geothermal, solar, nuclear.
Speaker 1: However desirable such endeavors maybe there are no match for
Speaker 1: the sheer obstructive power of state and federal rule books.
Speaker 1: Permitting for these projects takes nearly three years on average,
Speaker 1: while the preparation time for environmental impact statements has risen
Speaker 1: more than fifty cent since two thousand. Without change, this
Speaker 1: system could well swart the US's climate goals across federal agencies.
Speaker 1: New efforts are needed to maximize exemptions, speed reviews, and
Speaker 1: otherwise prioritize clean energy projects, and lawmakers on both sides
Speaker 1: of the aisle should prioritize permitting reform. Elected officials are
Speaker 1: quick to call climate change and existential threat. They should
Speaker 1: show a little more urgency. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg Opinion, please go
Speaker 1: to Bloomberg dot com, Slash Opinion or O. P I. N.
Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Berg Opinion editorials can be heard every weekday at this time,
Speaker 1: and terminal customers can read more at Opie, I n GO,
Speaker 1: SMP futures four points high, Er down, futures up twenty seven,
Speaker 1: Nasdaq futures up four points. Much more still to come
Speaker 1: on this Wednesday morning edition of Bloomberg day Break. This
Speaker 1: is Bloomberg. The Bloomberg Sports Report was brought to you
Speaker 1: by Audie. Don't let someone else drive off in the
Speaker 1: outie model you've always wanted. Visit your local try state
Speaker 1: autie dealer to get behind the wheel of yours today,
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Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Rictap.
Speaker 1: This is a Bloomberg Business Lash. I'm Nathan Hagar. Futures
Speaker 1: are holding steady as investors await the release of the
Speaker 1: minutes from the Federal Reserve's latest policy meeting. For in
Speaker 1: site on the path of rate hikes. We checked the
Speaker 1: markets every fifteen minutes during the trading day on bloomberg
Speaker 1: SMP futures are up three points down futures of twenty one,
Speaker 1: NASTACK futures up four points ten. Your treasury is up
Speaker 1: one thirty second the old three point seven five percent
Speaker 1: field on the two year four point five two percent.
Speaker 1: Nime X crude is now down one point two percent,
Speaker 1: down ninety three cents at eighty dollars. One cent of
Speaker 1: Baryl Comics gold is down two tenths percent, down three
Speaker 1: dollars twenty cents at seventeen fifty one sixty announced. The
Speaker 1: Euro one point zero three zero six against the dollar,
Speaker 1: British pound one point on the n one forty one
Speaker 1: point four five bitcoins higher by two point six percent
Speaker 1: at sixteen thousand, five fifty dollars. Besides the fo MC minutes,
Speaker 1: we get a pre Thanksgiving cornucopia of economic data today.
Speaker 1: NBA mortgage applications at seven Wall Street Time, durable goods
Speaker 1: orders at eight thirty. Initial jobless claims then as well
Speaker 1: SMP Global Manufacturing at nine forty five. University of Michigan
Speaker 1: Sentiment Index comes out of ten. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr a form what's going on around
Speaker 1: the world, Michael Nathan, thank you very much. Police say
Speaker 1: six people have been killed after a shooter opened fire
Speaker 1: at Walmart in Chesapeake, Virginia last night. The assailant is
Speaker 1: also dead. The shooting came three days after a person
Speaker 1: opened fire at a Gate nightclub in Colorado late Saturday,
Speaker 1: killing five people and wounding seventeen. One person is dead
Speaker 1: and fourteen others are injured in bomb attacks in Jerusalem.
Speaker 1: The explosions hit two bus stops. In the NBA, the
Speaker 1: Nets lost in the NHL. The Rangers won at the
Speaker 1: World Cup. Four games are on the slate today, including
Speaker 1: Morocco and Croatia who are playing right now. The game
Speaker 1: is scoreless. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven under journalist and analyst more than a hundred twenty countries.
Speaker 1: I'm Michael Barr, and this is Bloomberg all right, Thank you, Michael.
Speaker 1: It is on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak, and Black Friday is
Speaker 1: right around the more, but inflation is likely going to
Speaker 1: have an impact. We get a holiday sales preview with
Speaker 1: Bloomberg Intelligent Senior US retail analyst Poonham Goyle pot thank
Speaker 1: you for taking the time with us, just it's a pleasure.
Speaker 1: What does holiday spending look like this year? It's not
Speaker 1: going to be as great as it has been in
Speaker 1: the past, but it's still expected to be up four
Speaker 1: to eight percent for the season, within store shopping being
Speaker 1: the outlier winning the season versus online compared to prior years.
Speaker 1: Is that a surprise? What does online holiday shopping look
Speaker 1: like this year? You know, i'mline holiday shopping is still
Speaker 1: going to be up, but it's going to be up
Speaker 1: in the single digits and usually in the past online
Speaker 1: has always been up double digits, So it's a slowdown.
Speaker 1: Part of the reason for the slowdown is people are
Speaker 1: going back to stories right come after the pandemic, and
Speaker 1: there was such a surge in the past few years.
Speaker 1: At growth rates are just normalizing to then accelerate again
Speaker 1: next year. So we think it's a temporary reset in
Speaker 1: two to then re accelerate again in so will shoppers
Speaker 1: be able to find good deals good sales? Yeah? Absolutely,
Speaker 1: um all year retailers have been piling inventory as a
Speaker 1: stuff ordered last year through the pandemic when it wasn't
Speaker 1: coming because of poor congestion has all kind of come
Speaker 1: into play this year, so they have too much inventory
Speaker 1: on hand, and when that happened, you start to discount more.
Speaker 1: The discounts are going to be paramounts this holiday season.
Speaker 1: We will see more discounting than we have in the
Speaker 1: last few years, for sure, which is going to entice
Speaker 1: people to shop, because not only are you know, discounts
Speaker 1: get people to shop, but it's also when they're seeking value,
Speaker 1: amit inflation that we've seen here today? What will those
Speaker 1: discounts then mean for the stores or the businesses who
Speaker 1: are the winners and losers this holiday season? Ye know,
Speaker 1: discounts little pressure margins, for sure, they have been so
Speaker 1: far this year. But the promotions that were about to
Speaker 1: see over the coming side day weekend Thanksgiving to Cyber Monday,
Speaker 1: those were kind of built in right When you see,
Speaker 1: for example, video games dropped from sixty dollars to thirty
Speaker 1: dollars only over Black Friday through Cyber Monday. That's the discount,
Speaker 1: but that's built into their holiday outlook. I think the
Speaker 1: question is going to be after the five day holiday,
Speaker 1: did retailers have a good sell through and if they did,
Speaker 1: we could see discounts be in line with what their
Speaker 1: expectations were. Though it still stales did not materialize and
Speaker 1: the discounts become more aggressive than planned, which is possible
Speaker 1: that that's always not good for margin and they need
Speaker 1: to clear inventory. They need to enter three Fresh, so
Speaker 1: they are going to aggressively discount to make sure that
Speaker 1: they can do that. Bluttom, is there anything you were
Speaker 1: watching for specifically in the next few weeks. I think
Speaker 1: inventory levels really, you know, as we walked the stores,
Speaker 1: as we look online, we're going to see the level
Speaker 1: of discounting and see how aggressive it is. I can
Speaker 1: tell you prior to the pandemic. You know, when I
Speaker 1: was walk into stores and if I saw a ninety
Speaker 1: percent off sales rack at one of the stories, that
Speaker 1: indicates that there's a problem. There's way too much inventory
Speaker 1: and they're trying to just clear um clear merchandise in
Speaker 1: a frenzy. We don't want to see that again, right.
Speaker 1: That just means that there's more damage to margin. So
Speaker 1: we'll be watching closely at the level of discounting and
Speaker 1: promotions and lines and baskets of shoppers and stories. This
Speaker 1: weekend to kind of see who's really taking share. You know,
Speaker 1: in the past we've seen green airy bags floating around
Speaker 1: the malls and that was a good signal for American Eagle,
Speaker 1: lulum in, etcetera. So we'll be watching for things like that.
Speaker 1: All Right, Punham, thank you so much. Bloomberg Intelligent, Senior
Speaker 1: US retail analyst at Pooham Coile Nathan all right, Amy,
Speaker 1: thank you. It's coming up to five fifty three on
Speaker 1: Wall Street. Time for our Bloomberg Law Report. Let's get
Speaker 1: to the legal stories we're watching this morning from Bloomberg's
Speaker 1: Joan Donneager. Twitter has lost more than half it's in
Speaker 1: house lawyers. That's leading to worries now about whether enough
Speaker 1: legal expertise remains with the company. A valunteer technology stockholder
Speaker 1: is doing that company and co founder Peter Teel, charging
Speaker 1: company officers and directors, raked in nearly one hundred million
Speaker 1: dollars in insider stock sales while concealing slipping quarterly growth
Speaker 1: and to win for NASCAR at the Ohio Supreme Court.
Speaker 1: That court ruled the Ohio Department of Taxation improperly hit
Speaker 1: the car racing Giant with more than a half million
Speaker 1: dollar business, privileged tax Bill, Bloomberg Law. Everything you need
Speaker 1: on one legal research platform, guidance, amelitists, and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com and another
Speaker 1: legal story we're watching. Veteran prosecutor Jack Smith has been
Speaker 1: named special counsel in two of the most significant Justice
Speaker 1: Department investigations in years concerning former President Donald Trump. They
Speaker 1: are the criminal investigation into efforts to overturn the twenty
Speaker 1: election and the retention of classified documents at Trump's Florida
Speaker 1: estate marl Lago. Smith will have to move quickly to
Speaker 1: ensure his work concludes before the home stretch of presidential election,
Speaker 1: given that the Justice Department's historic interest in avoiding action
Speaker 1: that could be seen as interfering in the outcome of
Speaker 1: a race. For more, Bloomberg's June Grosso speaks with former
Speaker 1: federal prosecutor Robert Mintz, a partner at McCarter and English.
Speaker 1: Would Garland have appointed a special counsel if charges were
Speaker 1: not under consideration already. Well, that's a great question, and
Speaker 1: it does suggest that charges are being seriously considered. The
Speaker 1: mere fact that Merrick Garland has taken this extraordinary step
Speaker 1: and appointed a special prosecutor, suggests that he has already
Speaker 1: come to the conclusion that there is a possibility that
Speaker 1: charges will be brought here. I don't think that he
Speaker 1: would have taken this step unless the evidence had at
Speaker 1: least passed a threshold where there was a possibility that
Speaker 1: charges could be brought. You don't typically bring a special
Speaker 1: prosecute or somebody to wind down an investigation. He obviously
Speaker 1: believed that there is credible evidence here that needs to
Speaker 1: be investigated, and that's who I can named Jack Smith
Speaker 1: as a special prosecutor. He Smith up against the clock
Speaker 1: here because of the upcoming elections, So they are a
Speaker 1: bit under the gun because they have to try to
Speaker 1: complete this investigation in a timely fashion so that it
Speaker 1: will not interfere with the upcoming election. I think, as
Speaker 1: a realistic matter, if charges are to be brought against
Speaker 1: President Trump, it will likely have to be done sometime
Speaker 1: in the spring of three because they do not want
Speaker 1: to bring charges and then have a trial pending while
Speaker 1: an election is coming up. So if they're going to
Speaker 1: bring charges and actually try a case before elections, there's
Speaker 1: not much time left. These charges will likely have to
Speaker 1: be brought by the spring of three. So part of
Speaker 1: Justice regulations say that you cannot bring charges in sixty
Speaker 1: or ninety days ahead of an election. But here we're
Speaker 1: really talking about a situation where, if charges are brought,
Speaker 1: the great thing to do is to allow enough time
Speaker 1: to have that trial actually take place before the election.
Speaker 1: And bear in mind, this is not going to be
Speaker 1: an ordinary trial, and it may drag out longer than
Speaker 1: most trials would typically in the federal system, if somebody's
Speaker 1: indicted for a federal crime, you can expect to go
Speaker 1: to trial within about a year. But if there were
Speaker 1: to be an indictment of a former president, it would
Speaker 1: certainly raise some new questions of lost, some novel issues
Speaker 1: that would likely be litigated, and probably drag the case
Speaker 1: out even longer. So, while the special prosecutor is getting
Speaker 1: on board here, and while he does have the benefit
Speaker 1: of having Department of Justice investigators and prosecutors who have
Speaker 1: been working on this case who will continue to work
Speaker 1: under his supervision, he has a steep mountain declined here
Speaker 1: to try to learn exactly what's been going on and
Speaker 1: make some very big decisions in the near term. That's
Speaker 1: former federal prosecutor Robert mint speaking with Bloomberg's June Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news i subscribing to the Bloomberg Law podcast or
Speaker 1: downloading the show at Bloomberg dot com. Slash Podcasts and
Speaker 1: attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b law go SMP futures little change now at
Speaker 1: three points STOW futures up nineteen NASDAC futures are little
Speaker 1: changed to the upside ten. Your treasury is up one
Speaker 1: thirty second. You'ld three point seven five percent. You'll do
Speaker 1: on the two year four point five two percent. Nim
Speaker 1: X screws moving lower, down one and a half percent
Speaker 1: or a dollar twenty three at seventy nine dollars seventy
Speaker 1: cents verre, also below the eighty handle. Comex golds down
Speaker 1: two tenths percent or two dollars eighty cents lower at
Speaker 1: seventeen fifty two even announce and the euro right now
Speaker 1: trading at one point zero three zero eight against the dollar.
Speaker 1: Bloomberg Day Break continues. This is Bloomberg