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Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for Wednesday, November two. Coming up this hour,

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Speaker 1: Wall Street prepares for today's FED decision and news conference.

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Speaker 1: Amazon freezes hiring and one of its profitable businesses, three

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Speaker 1: big pharmacy chains reach a multibillion dollar settlement in the

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Speaker 1: opioid crisis, and financial leaders take stock at a global economy.

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Speaker 1: At a summit in Hong Kong, two Newark police officers

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Speaker 1: were shot as the suspect remains on the loose. Plus

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Speaker 1: campaigning with only six days until the mid term elections.

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Speaker 1: I'm Michael Blarr more Ahead, I'm John Stashower and sports

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Speaker 1: the Next Way That co chief change and then lost.

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Speaker 1: The local hockey teams all warned the Philly jut out

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Speaker 1: the Astros in Game three of the World Series. That's

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Speaker 1: all trading ahead on Bloomberg Daybreak on Bloomberg eleven three,

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Speaker 1: on New York Bloomberg nine one, Washington d C, Bloomberg

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Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco

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Speaker 1: Syrius Exam one nine team and around the world on

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Speaker 1: Bloomberg Radio dot Com and by the Bloomberg Business up thy,

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Speaker 1: Good morning. I'm Nathan Hager and I'm Kared Moscow and

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Speaker 1: US DOT index futures are higher this morning. We are

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Speaker 1: coming up to five oh one on Wall Street. Iv

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Speaker 1: ME checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg S and P futures up about thirteen

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Speaker 1: points and Down futures up seventy six. Nastack futures up

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Speaker 1: forty seven. The decks in Germany's up tenth of upper set.

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Speaker 1: Can your treasury a little change? Yield four point oh

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Speaker 1: four percent and a yield on the two year four

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Speaker 1: point five zero percent, Nathan Karen, We begin this morning

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Speaker 1: with today's FED decision and news conference from J. Powell.

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Speaker 1: Wall Street has been waiting for it all week. Let's

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Speaker 1: get a preview now from Bloomberg Economics correspondent Michael McKee.

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Speaker 1: The focus of the November FED meeting is going to

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Speaker 1: be the December FED meeting once again. Central bankers have

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Speaker 1: told us they intend to raise interest rates by three

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Speaker 1: quarters of a percentage point to four percent this week,

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Speaker 1: but there have also been some hints from some AT

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Speaker 1: officials and some data that they might dial back to

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Speaker 1: a half point rise in December at a quarter point rise.

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Speaker 1: After that. Much will depend on how the economy develops,

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Speaker 1: but markets would like a better idea of just how

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Speaker 1: high the Fed will go. Answering that question without creating

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Speaker 1: more market volatility will be Chairman J Powell's main job

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Speaker 1: after Wednesday's meeting. Michael McKay Bloomberg Daybreak. All'm Mike. Thanks

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Speaker 1: and stay with Bloomberg Radio and Television for live analysis

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Speaker 1: of the Fed decision. It all begins at one thirty

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Speaker 1: pm Wall Street Time on a special edition of Bloomberg Surveillance.

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Speaker 1: And as we await that policy decision, Nathan, the chorus

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Speaker 1: is growing louder that rate hikes will eventually lead to

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Speaker 1: a recession. Luke Ellis is chief executive officer of Man Group.

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Speaker 1: You're going to get a recession in the US. That's

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Speaker 1: sort of inevitable. They want to get rid of inflection.

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Speaker 1: If they want to get inflestion down to a two

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Speaker 1: percent target, then yes, I was sorry. There is a

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Speaker 1: theoretical soft banding runway, but it's so thin you wouldn't

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Speaker 1: want to try to land a plane in a hurricane

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Speaker 1: in it. Man Group ce l look as ces US

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Speaker 1: inflation slowing to three and a half to four percent

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Speaker 1: as soon as next year. Well, Karen m and A

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Speaker 1: on Wall Street has been slowing down, but David Solomon

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Speaker 1: expects that to change. The Goldman Sax CEO sees a

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Speaker 1: recovery in deal making next year. He makes remarks about

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Speaker 1: that and the current state of financial markets. Generally speaking,

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Speaker 1: when we've had these periods in the past, it takes

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Speaker 1: somewhere between two and four quarters, sometimes maybe six quarters,

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Speaker 1: you know, to rebalance. I think we're going through that

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Speaker 1: rebalancing period. I think there's still a significant amount of uncertainty,

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Speaker 1: but as we get at three and we start to

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Speaker 1: have a clear understanding of the trajectory of capital markets.

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Speaker 1: Goldman Sax CEO David Solomon spoke at today's Global Financial

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Speaker 1: Investment Summit in Hong Kong. But Solomon is one of

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Speaker 1: several financial leaders attending that summit. Nathan HSBC CEO nol

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Speaker 1: Quinn is also there and we got up with them

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Speaker 1: to discuss the impact COVID as having on the Chinese economy.

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Speaker 1: The COVID is a big story because with with a

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Speaker 1: restriction and movement into anoda China, it's very odd for

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Speaker 1: the insiductional and community to reconnect with the economy. But

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Speaker 1: it will rebound and China will open up at some

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Speaker 1: points inside. But I think it is important for the

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Speaker 1: economy for China eventually to find the solutions of the

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Speaker 1: COVID strategy. HSBC's Noel Quinn sees Asia as a strong

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Speaker 1: platform for growth. Stay tuned for more of that interview

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Speaker 1: coming up shortly right here on Bloomberg Daybreak. Turning back

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Speaker 1: to markets, Karen, Stocks in Asia rose again overnight on

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Speaker 1: optimism COVID restrictions will lease. Let's get the recap from

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Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan,

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Speaker 1: and Karen. Afternoon trade in Hong Kong was halted due

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Speaker 1: to a storm. However, the Han Sang index still posted

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Speaker 1: its best two day games since March. Mainland shares also

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Speaker 1: climbed as investors tried to waste speculation that China may

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Speaker 1: scrap its COVID zero policy. In Taipei, on high shares

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Speaker 1: rose despite China looking down the Jangel Airport economy zone

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Speaker 1: where fox CON's iPhone plant is located, to cut the

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Speaker 1: COVID spread and the end strengthened for a second straight day,

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Speaker 1: with traders considering the risk that a hawk ish bed

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Speaker 1: may boost the dollar to levels that trigger Russian intervention.

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Speaker 1: On a Japanese holiday in Singapore, Juliette Sale Bloomba Daybreak.

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Speaker 1: All right, Juliet, thanks so staying in China now. Bloomberg

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Speaker 1: News has learned that Teslash at its flagship showroom in

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Speaker 1: Beijing last month. The electric car maker has a number

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Speaker 1: of showrooms in China's capital, and the one now shuttered

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Speaker 1: was in a shopping center in a residential area. For

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Speaker 1: the most part, Tesla sales cars via an online direct

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Speaker 1: sales model, rather than through dealerships or showrooms. And other

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Speaker 1: corporate news Karen, Amazon's taking more measures to align expenses

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Speaker 1: with a slowdown in sales. We get the details from

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Speaker 1: Bloomberg's Lisa Mateo. Bloomberg News has learned that the world's

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Speaker 1: largest e commerce company is freezing staffing levels and it's

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Speaker 1: profitable advertising business. The decision to keep the advertising unit

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Speaker 1: workforce at its current level shows Amazon is looking to

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Speaker 1: squeeze more profit out of the fast growing business and

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Speaker 1: the busy holiday quarter. Amazon's advertising business largely sponsored search

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Speaker 1: results on its web store generated more than nine and

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Speaker 1: a half billion dollars last quarter. Lisa Mateo, Boomberg Daybreak.

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Speaker 1: Al rightly, so thank you. I'll shares of Airbnb or

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Speaker 1: on the Move this morning down five and a half

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Speaker 1: percent in early trading. That's after a disappointing outlook for

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Speaker 1: bookings in the fourth quarter. We get the details from

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Speaker 1: Bloomberg Shirley Pellett. It suggests that consumer preferences are shifting

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Speaker 1: away from higher cost rentals of thrive during the pandemic

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Speaker 1: and back to urban and cross border destinations. The San

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Speaker 1: Francisco based home sharing platform said it expects the pace

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Speaker 1: of nights and experiences booked will quote moderate slightly in

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Speaker 1: the fourth quarter compared with the third quarters gain of

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Speaker 1: twenty five percent. Airbnb reported ninety nine point seven million

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Speaker 1: nights and experiences booked in the three months ended in September,

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Speaker 1: falling short of analy ass estimates of ninety nine point

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Speaker 1: nine million. In New York. Charlie Pellett Bloomberg Daybreak, Charlie, thanks,

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Speaker 1: and finally, it's one of the last big settlements over

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Speaker 1: the opioid epidemic. Sources tell Us, CVS Health, Walgreen's Boots

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Speaker 1: Alliance and Walmart have tentatively agreed to pay twelve billion

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Speaker 1: dollars to resolve state and local lawsuits over mishandling of

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Speaker 1: addictive pain killers. Were told the deal won't be finalized

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Speaker 1: until enough states, cities, and counties agree to it. SMP

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Speaker 1: Futures are hired by ten points. Stout Futures up fifty

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Speaker 1: six nanstack Futures up thirty nine points. Straight ahead your

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Speaker 1: latest local headlines in the check of sports. This is

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Speaker 1: Bloomberg South five oh seven on Wall Street where at

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Speaker 1: fifty eight degrees in Central Park got an accident on

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Speaker 1: the westbound Grand Central Park Weights by Street. Details coming

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Speaker 1: up in Traffic First Michael Barr with more on what's

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Speaker 1: going on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. To Newark police officers were found wounded

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Speaker 1: in a shooting in a residential neighborhood not far from

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Speaker 1: the city's airport, the Eskis County Prosecutor's office. As the

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Speaker 1: officers were being treated for injuries at a nearby hospital.

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Speaker 1: One was shot in the leg, the other in the neck. However,

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Speaker 1: both are said to be in stable condition. Es Sex

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Speaker 1: County acting Prosecutor Ted Stevens says the suspected shooter, Ndel Howard,

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Speaker 1: faces charges and remains on the loose two counts of

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Speaker 1: attempted murder on the officers, as well as unauthorized possession

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Speaker 1: of a weapon and unauthorized possession of a weapon for

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Speaker 1: unlawful purposes. Prosecutor Stephen says the gunmen opened fire on

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Speaker 1: police as they were serving to search board. A New

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Speaker 1: York appeals court upheld a new state law allowing absentee

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Speaker 1: ballots to be reviewed before election day. The court says

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Speaker 1: it would be extremely disruptive to change the rules with

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Speaker 1: absentee voting already underway. Republicans challenged the law. Former President

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Speaker 1: Obama stump for Democrats last night in Las Vegas, with

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Speaker 1: less than a week to the midterm elections. Obama campaigned

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Speaker 1: for incumbent Katherine Cortes Masto in Nevada's Senate race. Obama

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Speaker 1: was critical of Republicans. They want to gut social security

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Speaker 1: at Medicare and then give They're Welsley friends and big

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Speaker 1: corporations more tax cuts. Poles show a debt eat between

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Speaker 1: Mastow and Republican Adam Laxalt. Another closely watched Senate race

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Speaker 1: is Pennsylvania between Democrat John Fetterman and Republican Memit Oz

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Speaker 1: dr Oz at the campaign TRIOI in Lower Bucks County.

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Speaker 1: Speaking at a get out the vote rally in Ben

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Speaker 1: Salem Township last night, Washington's getting the wrong because of

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Speaker 1: the extreme positions that they're accepting of, and they need

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Speaker 1: a dose of Pennsylvania reality. Fetterman's lead over Oz is shrinking,

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Speaker 1: with supporting Fetterman to forcent for Oz. Former Israeli Prime

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Speaker 1: Minister Benjamin Nettan Yahoo appears to be heading towards victory

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Speaker 1: in national elections. Brasilian President John Eyre Bolsonaro vow to

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Speaker 1: respect the constitution and authorized the government to start the

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Speaker 1: political transition after his loss to Luis Ignatio Lula Da Silva.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Tank, powered by more than twenty seven

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Speaker 1: hundred journalists Mentalist more than a hundred twenty countries. I'm

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Speaker 1: Michael Barron. This is Bloomberg, Nathan. Thank you, Michael. Coming

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Speaker 1: up to five ten on Wall Street time for the

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Speaker 1: Bloomberg Sports Update. Procy by tri State Autie. Good morning,

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Speaker 1: John Stenshower Morny Nathan. These are good times in Philadelphia.

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Speaker 1: The Eagles are seven oh and the Phillies are two

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Speaker 1: wins from what would be just their third ever World

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Speaker 1: Series title. They won Game three over the heavily favored

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Speaker 1: Astros seven to nothing. The Phillies hit five home runs,

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Speaker 1: Houston had only five hits. The series is to one.

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Speaker 1: Game four in Philly. Tonight a whirlwind day and Brooklyn,

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Speaker 1: the Nets had a quote party of the ways with

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Speaker 1: coach Steve Nash just seven games into the season. Then

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Speaker 1: came multiple reports there on the verge of replacing Nash

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Speaker 1: with m a U Doka, nash assistant in Brooklyn, who

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Speaker 1: then coached the Celtics to the NBA Finals last season,

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Speaker 1: but it's now serving a team imposed year long suspension

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Speaker 1: for an improper relationship with the Celtics employee Jacques Vaughan.

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Speaker 1: Coach the Nets. Last night at Barkley's, they blew the

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Speaker 1: lead Chicago one one O eight to ninety nine. Zach

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Speaker 1: Lavina scored the Nets by himself in the fourth quarter.

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Speaker 1: Kavina ran scored thirty two, also at seven turnovers, and

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Speaker 1: Kyrie Irving shot two of twelve, missed all six of

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Speaker 1: his three pointers the nets of all the two and

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Speaker 1: six at the Garden. Rangers and Flyers scoreless for sixty

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Speaker 1: four minutes. Here's Hee's and to the Rangers should now

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Speaker 1: have the right shide back out connecting shots, which was

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Speaker 1: a hit. Carrots all the way around. They're up, Clevatta,

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Speaker 1: daft let Craft break away, Chris prodder Oga and over

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Speaker 1: time dates score ESPN New York to call the Chris

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Speaker 1: Crider game winner. Rangers third straight win after the four

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Speaker 1: game skid. Devils are hot. They won five two in

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Speaker 1: Vancouver and the Islanders won three one at Chicago. First

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Speaker 1: Rankings from the College Football Playoff Committee. The top four

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Speaker 1: are Tennessee, Ohio, State, Georgia and Clemson. John Stash thatwar,

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Speaker 1: Bloomberg Sports Nathan John Thanks SMP Futures now have six

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Speaker 1: point staff features of twenty six. Nestack Future is also

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Speaker 1: higher by twenty six points. The tenure treasuries little change

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Speaker 1: now the yield four point zero four percent. You're listening

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Speaker 1: to Bloomberg day Break and the Bloomberg Sports Report was

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Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out

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Speaker 1: and at Bloomberg Quick takes a Bloomberg Business Flash and

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Speaker 1: I'm fair in Moscow A butties are advancing ahead of

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Speaker 1: the federal reserves policy meeting, a gage of the dollar falling,

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Speaker 1: gold rising. We checked the markets every fifteen minutes throughout

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Speaker 1: the trading day on Bloomberg as in the Future is

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Speaker 1: up seven points this morning, Down Future is up thirty one,

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Speaker 1: and now's deck Future is up twenty eight. The decks

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Speaker 1: in Germany's down a tenth of a percent. Ten your

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Speaker 1: treasury little change. You'll four point oh four percent to

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Speaker 1: the yield them a two year four point five zero percent. Now,

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Speaker 1: I make screwed oil is up four tenths per cent,

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Speaker 1: or thirty eight cents at eighty eight dollars seventy seven cents.

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Speaker 1: In Barrel Co makes gold up half per cent or

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Speaker 1: seven dollars seventy cents at sixteen fifty seven. Forty announced

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Speaker 1: the euro point nine one against the dollar. British found

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Speaker 1: one point one nine nine and again one forty seven

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Speaker 1: point one four bitcoin this morning. That'll change at twenty thousand,

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Speaker 1: about twenty thousand, five hundred dollars now, and that's a

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Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

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Speaker 1: what's going on around the world. Michael the Morning, Good morning, Karen.

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Speaker 1: Brazilian president John Eyre Bolsonaro reportedly told members of the

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Speaker 1: country Supreme Court that his election battle against leftist rival

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Speaker 1: Louis Ignatio Lula da Silva has come to an end,

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Speaker 1: marking one step closer toward a concession after his defeat,

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Speaker 1: Israel's fifth election in four years looks set to return

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Speaker 1: Benjamin Etan Yahoo to power, with exit polls adjusting a

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Speaker 1: strategy of forming an alliance with the nation's far right

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Speaker 1: has succeeded. Game three of the World Series raise the

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Speaker 1: Philly shut out the Astros seven zip. Philadelphia now leads

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Speaker 1: the series two games to one. In the NBA, after

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Speaker 1: the firing of head coach Steve Nash, the Nets lost

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Speaker 1: to the Bowls one of eight ninety nine. The Warriors

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Speaker 1: lost NHL, the Rangers won in overtime against the Flyers

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Speaker 1: one Zip, the Islanders, Devils and Capitals all one, the

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Speaker 1: Bruins one in OT six, five over the Penguins. Globals

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: Quick Tank, powered by more than twenty seven journalists and

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Speaker 1: analysts and more than one hundred twenty countries. I'm Michael Barr,

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Speaker 1: and this is Bloomberg. Nathan, Michael. Thanks. It's five nineteen

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Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios.

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Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Haker. The

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Speaker 1: heads of some of the world's top financial institutions are

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Speaker 1: descending on Hong Kong this week for the Global Financial

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Speaker 1: Investment Summit. It's an effort by the city to show

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Speaker 1: it is still Asia's premier financial hub after a tumultuous

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Speaker 1: few years. The CEO of HSBC, Noel Quinn, talked about

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Speaker 1: Hong Kong and China with Bloomberg's Evon Men and d

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Speaker 1: been in glaze, and he also talked about their economic prospect.

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Speaker 1: What did you make of what happened inside and we

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Speaker 1: know the messages that came through from policy makers in

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Speaker 1: Hong Kong and alto me. And then China. Well, it's

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Speaker 1: great to be back in Hong Kong. It's great to

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Speaker 1: see colleagues from around the world back here in Hong Kong.

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Speaker 1: It's my third visit this year, so thank you Quarantine Warrior,

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Speaker 1: and it's good not to be in quarantine this time.

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Speaker 1: And I think that's the story for Hong Kong. Hong

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Speaker 1: COVID problems. There's a very determined attitude from the government

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Speaker 1: here to make sure Hong Kong can rebound, that the

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Speaker 1: economy is open to the international community, and it's important

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Speaker 1: for us, the international community to actually support Hong Kong

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Speaker 1: on that journey. What do you think has been for

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Speaker 1: you the biggest of it. You want to get away

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Speaker 1: from this conference a hk may or even a government,

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Speaker 1: what is your immediate Really very clear policy statements this

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Speaker 1: morning from the Chief Executive on how he and the

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Speaker 1: government and mainland want Hong Kong to be an international

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Speaker 1: financial center, to remain as they've launched a number of

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Speaker 1: policies to try and make sure all that Hong Kong

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Speaker 1: remains open to the world. They've made determine progress on

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Speaker 1: unlock in Hong Kong following COVID since the summer, and

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Speaker 1: it's great to see that progress. More still to come.

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Speaker 1: It's great to see it. And I think what we

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Speaker 1: know is to do as institutions is support Hong Kong REBA.

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Speaker 1: It's an important international financial center. I have absolutely no

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Speaker 1: doubt it will remain as such for the long term.

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Speaker 1: Does it mean more staff from as ME moving to

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Speaker 1: Hong Kong. We're investing more in Asia and that's in

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Speaker 1: Hong Kong. We're continuing to grow our business. I take

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Speaker 1: our trade business. This year, it's up over fift of

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Speaker 1: the half year, so that's that's the wing why it

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Speaker 1: was up fifteen percent last year. We're continuing to invest

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Speaker 1: in China and our wealth business in China, but I'm

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Speaker 1: also invested in Singapore and India. I still see Asia

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Speaker 1: as a strong platform for growth, connecting Asia to the

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Speaker 1: rest of the world and the rest of the world

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Speaker 1: to Asia. Do you think China just needs to adjust

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Speaker 1: this cos policy just quickly. The governments to determine their

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Speaker 1: COVID policy. And when I look at China, I look

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Speaker 1: at China over the long term, and I think China

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Speaker 1: will emerge from COVID as every other country in the

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Speaker 1: world has done, it will be important economically to do

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Speaker 1: so um and we'll be ready and willing to help

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Speaker 1: them then rebound their economy. I think that's why we're

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Speaker 1: seeing this this tremail and Chinese markets here right now.

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Speaker 1: Is it purely based on what this whole reopening story

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Speaker 1: are there are other matters too, I think there are.

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Speaker 1: The COVID is a big story because with with a

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Speaker 1: restriction in movement into an ARA of China, it's very

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Speaker 1: hard for the international community to reconnect with the economy.

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Speaker 1: But it will rebound and China will open up at

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Speaker 1: some point in time. But I think it is important

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Speaker 1: for the economy for China eventually to find a solution

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Speaker 1: to the COVID strategy. But we're still trading well in China.

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Speaker 1: Our trade into an ARA of China's up year on year,

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Speaker 1: and we continue to invest in our wealth business. We've

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Speaker 1: got over increased over one thousand, three hundred wealth managers

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Speaker 1: in the Greater Bay Area focused on tapping into the

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Speaker 1: mass affluent wealth opportunity China. We've continued to do that

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Speaker 1: during COVID. Can you give us a number in terms

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Speaker 1: of a staffing and headcount. How much do you do

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Speaker 1: you want to see increase? That always said that we

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Speaker 1: want to take our wealth managers in China to around

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Speaker 1: three thousand over the near two mediums. So we're over

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Speaker 1: a third of the way through that. Okay, how are

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Speaker 1: you managing your exposure to the property market in China?

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Speaker 1: Obviously we did see your provisions increase. Uh here in

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Speaker 1: your latest earnings. Do you foresee a big spike in

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Speaker 1: real estate losses in China? At what point does this

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Speaker 1: damage your balance in anyways, the challenge sector at the

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Speaker 1: moment is going through significant policy change, is going through

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Speaker 1: significant adjustments as a as a sector, and I'm not

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Speaker 1: going to in the state that we have provided well,

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Speaker 1: we believe that it will take some time still before

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Speaker 1: that sector stabilizes. But I'm encouraged by some of the

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Speaker 1: policy changes that have been introduced recently to put liquidity

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Speaker 1: back into that sector domestically um to complete the projects

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Speaker 1: that need to be completed, and I'm hoping then that

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Speaker 1: starts to stabilize the sector. But I think I just

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Speaker 1: think it will still take some time before we can

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Speaker 1: see the roots out of the current challenges on China.

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Speaker 1: There now seems to be some uncertainty know what this

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Speaker 1: new economic team, that changing team might put in place.

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Speaker 1: Do you think everyone is overly pessimistic on China or

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Speaker 1: is there something there? I thought. I can speak for

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Speaker 1: myself and I'm still confident of the Chinese economy. They

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Speaker 1: would emerge from COVID, they will stabilize following COVID, and

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Speaker 1: there is strong economic growth potentially in China, and that's

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Speaker 1: why we continue to invest in it. And that was

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Speaker 1: hs DCS CEO Noel Quinn speaking with Bloomberg at the

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Speaker 1: Global Financial Investment Summit. You can catch the full interview

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Speaker 1: on Bloomberg dot com and on the Bloomberg terminal. Focus

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Speaker 1: this morning, of course on the US economy and the

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Speaker 1: FED decision. This afternoon, the press conference from Chairman J Powell.

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Speaker 1: What will the Central Bank signal that the path of

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Speaker 1: rate hikes ahead of it? Futures are moving just a

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Speaker 1: touch higher now with S and P futures up two points,

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Speaker 1: or our futures, NASTACK futures are higher by twelve. This

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Speaker 1: is Bloomberg Bloomberg eleven three oh weather mostly sunny, upper

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Speaker 1: sixties for highest today. We'll get down to the low

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Speaker 1: fifties tonight, sunny, mid sixties tomorrow, and a mix of

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Speaker 1: sun and cloud's upper sixties on Friday. Currently fifty eight

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Speaker 1: degrees in Central Park. Broadcasting live from the Bloomberg Interactive

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Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg On to Boston, Bloomberg on All six

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Speaker 1: one to San Francisco, Bloomberg Name sixty to the country,

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Speaker 1: Sirius XM chto one nineteen and around the globe the

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Speaker 1: Bloomberg Business at and Bloomberg Radio dot com. This is

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Speaker 1: Bloomberg Daybreak and it's five thirty on Wall Street. Good morning,

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Speaker 1: I'm Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak is brought

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Speaker 1: to you by SEI, built on advanced technologies and fifty

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Speaker 1: years of innovation. SEI offers asset Managers are comprehensive and

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Speaker 1: flexible operations outsourcing platform. Go to S E I C

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00:21:05,720 --> 00:21:09,240
Speaker 1: dot com slash Managers. And we're just about four hours

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00:21:09,320 --> 00:21:11,440
Speaker 1: away from the open of US trading. Let's get you

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00:21:11,480 --> 00:21:12,800
Speaker 1: have to date in the news you need to know

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00:21:12,920 --> 00:21:15,480
Speaker 1: at this hour. Well less in p futures are little

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Speaker 1: change ahead of today's Federal Reserve decision. Consensus calls for

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Speaker 1: the Central Bank to high grades by seventy five basis points.

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Speaker 1: Ste Feld chief economist Lindsay Pexa says forward guidance for

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Speaker 1: the FED will be very important. I do expect that

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Speaker 1: given the backdrop of a five decade low in the

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Speaker 1: unemployment rate and in your four decade high and inflation,

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Speaker 1: the Fed will continue to revise higher expectations beyond what

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Speaker 1: the market is anticipating in terms of that terminal rate.

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Speaker 1: Come three, and that's Stifl's Lindsay Pexa. Stick with Bloomberg

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Speaker 1: Radio and Television for a complete coverage of the FED,

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Speaker 1: but the special edition of Bloomberg Surveillance live at one

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Speaker 1: thirty pm Wall Street Time. Well, Karen, recession calls are growing.

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Speaker 1: Is the Fed aggressively hikes rates and when it comes

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Speaker 1: to earning, signs of recession are likely to creep been

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Speaker 1: next quarter. That's according to Mainstake Capital Chief investment officer

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Speaker 1: David Cudla, Earning is a little more resilient than what

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Speaker 1: many had thought, So earnings not being impacted as much

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Speaker 1: by the slowdown in the economy the FED action. So

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Speaker 1: what's the expectation we'll see that next quarter stay counting recession,

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Speaker 1: next quarter mainstay Capitals. David Cudla says it's unclear exactly

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Speaker 1: when rate hikes will filter into the broader economy. Well overseas,

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Speaker 1: Nathan financial leaders are meeting in Asia and sharing their

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Speaker 1: thoughts on volatility and global markets. Here's Goldman Sachs CEO

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Speaker 1: David Solomon. We've had these periods in the past. It

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Speaker 1: takes somewhere between two and four quarters, sometimes maybe six quarters,

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Speaker 1: you know, to rebalance. I think we're going through that

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Speaker 1: rebalancing period. Goldman Sax CEO David Solomon made the comments

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Speaker 1: of the Global Financial Investments Summit in Hong Kong. N

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Speaker 1: HSBC CEO Noel Quinn is also there. Karen. We come

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Speaker 1: up with him to discuss the economic outlook for China

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Speaker 1: and the bank's business. There is some consumption market that

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Speaker 1: non in the world's gonna full with to just wolf

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Speaker 1: away from. In my view, in that it's got a

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Speaker 1: huge opportunity. It's still a very significant supplier to the

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Speaker 1: world as an export market. So I believe in the

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Speaker 1: economic prospects of China. HSBCS Noel Quinn says China should

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Speaker 1: and will find a solution to its COVID zero strategy. Well,

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Speaker 1: stocks in Asia rose again today. Nathan on optimism China's

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00:23:19,920 --> 00:23:23,000
Speaker 1: COVID restrictions could each at the same time. No Beijing

430
00:23:23,160 --> 00:23:26,120
Speaker 1: is declaring a COVID lockdown in the area around fox

431
00:23:26,200 --> 00:23:30,280
Speaker 1: Cone Technology Group's main plant. That's the world's largest iPhone factory.

432
00:23:30,359 --> 00:23:34,399
Speaker 1: Straight ahead your latest local headlines and this is Bloomberg.

433
00:23:38,840 --> 00:23:42,080
Speaker 1: Thank you. Karen three on Wall Street fifty eight degrees

434
00:23:42,240 --> 00:23:44,800
Speaker 1: in Central Park. Got a new accident on the Queen's

435
00:23:44,840 --> 00:23:47,159
Speaker 1: bound White Stone Bridge. Tell you more about it in

436
00:23:47,240 --> 00:23:49,880
Speaker 1: traffic First. Michael Bars here with more on what's going

437
00:23:49,920 --> 00:23:51,960
Speaker 1: on in New York and around the world. Michael, thank

438
00:23:52,000 --> 00:23:54,280
Speaker 1: you very much, Nathan. Police and Newark, New Jersey, are

439
00:23:54,320 --> 00:23:56,760
Speaker 1: looking for the gunman who shout and wounded two police

440
00:23:56,840 --> 00:24:00,639
Speaker 1: officers outside of an apartment building in a residential neighborhood.

441
00:24:01,000 --> 00:24:04,080
Speaker 1: Police believe the man was hiding in an apartment while

442
00:24:04,119 --> 00:24:08,640
Speaker 1: evacuating residents to safety. Newark Mayor ros Baranca will bring

443
00:24:08,720 --> 00:24:12,440
Speaker 1: this guy into custody UH as soon as we possibly can.

444
00:24:12,800 --> 00:24:16,040
Speaker 1: Mayor Barncas says the wounded officers are in stable condition.

445
00:24:16,720 --> 00:24:20,200
Speaker 1: The Supreme Court has rejected Lindsey Graham's request to block

446
00:24:20,440 --> 00:24:24,160
Speaker 1: a Georgia grand jury subpoena. Bloomberg said Baxter as the story,

447
00:24:24,640 --> 00:24:27,040
Speaker 1: this clears the way for Graham to have to testify

448
00:24:27,119 --> 00:24:29,440
Speaker 1: in front of the Atlanta's Special Grand Jury, which is

449
00:24:29,800 --> 00:24:34,840
Speaker 1: investigating efforts to overturn the presidential election in Georgia. Graham

450
00:24:34,920 --> 00:24:38,280
Speaker 1: had filed an emergency request asking the justices to halt

451
00:24:38,359 --> 00:24:42,560
Speaker 1: the testimony, which is currently scheduled from November seventeen. The

452
00:24:42,640 --> 00:24:45,240
Speaker 1: court ruled that Graham's attorneys do have the right to

453
00:24:45,359 --> 00:24:48,359
Speaker 1: object to questions on a case by case basis, which

454
00:24:48,400 --> 00:24:51,920
Speaker 1: could leave substantial room for him to challenge questions or

455
00:24:52,080 --> 00:24:56,119
Speaker 1: request from the grand jury in San Francisco. I'm at

456
00:24:56,160 --> 00:24:59,920
Speaker 1: Baxter Bloomberg Gay Break. Former President Barack Obama at camp

457
00:25:00,280 --> 00:25:03,119
Speaker 1: rally last night in Las Vegas asked voters to support

458
00:25:03,160 --> 00:25:07,800
Speaker 1: the incumbent Democratic Senator Katherine Cortez Masta in next Tuesday's

459
00:25:07,840 --> 00:25:10,760
Speaker 1: mid term election. He told the again out the Vote

460
00:25:10,880 --> 00:25:13,680
Speaker 1: rally that casting a vote is important for democracy. The

461
00:25:13,800 --> 00:25:19,159
Speaker 1: only way to say democracy is if we throgether. Masta

462
00:25:19,240 --> 00:25:22,920
Speaker 1: is in a tight race against Republican Adam Laxel, Brazilian

463
00:25:22,960 --> 00:25:26,280
Speaker 1: President Jaye bos Nauo vow to respect the Constitution and

464
00:25:26,400 --> 00:25:29,760
Speaker 1: authorize the government to start the political transition after his

465
00:25:29,880 --> 00:25:33,920
Speaker 1: loss to Luis Ignatio Lula da Silva. The suspect accused

466
00:25:34,119 --> 00:25:37,439
Speaker 1: of breaking into speaker Nancy Belosi's home in San Francisco

467
00:25:37,840 --> 00:25:40,879
Speaker 1: and attacking her husband will remain behind bars without bail.

468
00:25:41,280 --> 00:25:44,439
Speaker 1: An attorney for David Pap entered a plea of not guilty.

469
00:25:44,720 --> 00:25:48,480
Speaker 1: San Francisco District Attorney Brooke Jenkins said this attack shows

470
00:25:48,520 --> 00:25:52,000
Speaker 1: the nation's politics have become too heated. We have become

471
00:25:52,080 --> 00:25:55,720
Speaker 1: a society that thinks it's acceptable to incite violent acts

472
00:25:56,040 --> 00:25:58,840
Speaker 1: against our political leaders, and we can't be that type

473
00:25:58,840 --> 00:26:01,639
Speaker 1: of America. The a Jenkins says, to Pap was on

474
00:26:01,720 --> 00:26:05,520
Speaker 1: a suicide mission and was planning to target other politicians.

475
00:26:05,960 --> 00:26:08,600
Speaker 1: Global News twenty four hours a day on air and

476
00:26:08,800 --> 00:26:11,680
Speaker 1: on Bloomberg Quick Tank, powered by more than twenty seven

477
00:26:11,760 --> 00:26:14,159
Speaker 1: hundred journalists and analysts more than a hundred twenty countries,

478
00:26:14,280 --> 00:26:17,280
Speaker 1: and Michael Barren. This is Bloomberg Naked, Okay, Michael, thanks

479
00:26:22,880 --> 00:26:25,160
Speaker 1: on Wall Street Time for the Bloomberg Sports Update, brought

480
00:26:25,160 --> 00:26:27,720
Speaker 1: to you by Trice State Outie. Here's John Stenshower right

481
00:26:27,800 --> 00:26:30,520
Speaker 1: today for the World Series blowout. The Phillies tied a

482
00:26:30,640 --> 00:26:34,200
Speaker 1: series record five home runs. The Astros had only five

483
00:26:34,280 --> 00:26:37,320
Speaker 1: hits the Phils one, Game three seven nothing. They they

484
00:26:37,440 --> 00:26:39,800
Speaker 1: the series to one. Rice Hart forgot him going two

485
00:26:39,880 --> 00:26:43,040
Speaker 1: run shot first inning, Alec bowman Brandon Marsh both homeward

486
00:26:43,080 --> 00:26:45,240
Speaker 1: and inning later than in the fifth Kyle Schwarber, with

487
00:26:45,280 --> 00:26:47,760
Speaker 1: a man on, he went back to back with es Hoskins.

488
00:26:47,840 --> 00:26:50,600
Speaker 1: All five home runs would hit off Houston's lance of colors,

489
00:26:50,880 --> 00:26:54,640
Speaker 1: Astro's shut down by Rangers Suarez and four Philly relievers.

490
00:26:54,720 --> 00:26:58,440
Speaker 1: Game four is tonight. The soap opera continues in Brooklyn

491
00:26:58,600 --> 00:27:01,920
Speaker 1: as the Nets turn as a rising firing of coach

492
00:27:01,960 --> 00:27:05,359
Speaker 1: Steve Nash. Considering how early in the season it is,

493
00:27:05,560 --> 00:27:08,159
Speaker 1: g M. Shawn Marks called it more of a mutual

494
00:27:08,280 --> 00:27:11,399
Speaker 1: to sis. Both felt this was this was time. It

495
00:27:11,520 --> 00:27:13,920
Speaker 1: was certainly training in that way, and to be quite frank,

496
00:27:14,440 --> 00:27:17,479
Speaker 1: the team was was not doing what it was supposed

497
00:27:17,480 --> 00:27:19,560
Speaker 1: to be doing. You know, we're we have we've fallen

498
00:27:20,160 --> 00:27:23,119
Speaker 1: um from our goals of meeting our goals, and it

499
00:27:23,240 --> 00:27:26,199
Speaker 1: was it was time now because we still have lofty

500
00:27:26,240 --> 00:27:28,520
Speaker 1: aspirations of where we need to get to and then

501
00:27:28,600 --> 00:27:31,000
Speaker 1: came the news of who's expected to replace nash him

502
00:27:31,000 --> 00:27:33,720
Speaker 1: At Yudok was currently suspended by the Celtics. There was

503
00:27:33,760 --> 00:27:38,040
Speaker 1: a relationship with the Celtics. Employee reported the inappropriate text messages.

504
00:27:38,080 --> 00:27:40,359
Speaker 1: He did coach the self to the NBA Finals last season.

505
00:27:40,680 --> 00:27:43,359
Speaker 1: Jacque Vaughn coach the Nets last night. They lost to

506
00:27:43,560 --> 00:27:48,080
Speaker 1: Chicago at Berkeley's one ninety nine. The Bull Zach Levine's

507
00:27:48,119 --> 00:27:51,200
Speaker 1: gouard twenty four quarter points outscored the next by himself.

508
00:27:51,600 --> 00:27:53,520
Speaker 1: And then that's of all the two and six local hockey.

509
00:27:53,560 --> 00:27:55,560
Speaker 1: All three teams won. The Rangers at the Guard one

510
00:27:55,680 --> 00:27:58,640
Speaker 1: nothing over the Flyers on a Chris try their breakaway

511
00:27:58,680 --> 00:28:00,320
Speaker 1: goal with less than a minute to go with for time.

512
00:28:00,359 --> 00:28:03,080
Speaker 1: The Islanders won three one in Chicago and the Devil's

513
00:28:03,119 --> 00:28:05,359
Speaker 1: won five to at Vancouver. The Ranges have won three

514
00:28:05,359 --> 00:28:06,719
Speaker 1: in a row in the Isles and Devils have won

515
00:28:06,760 --> 00:28:09,560
Speaker 1: their last four. John McVeigh has died at ninety one,

516
00:28:09,640 --> 00:28:12,600
Speaker 1: grandfather of the Rams, coach GM of the forty nine

517
00:28:12,840 --> 00:28:16,080
Speaker 1: and once the head coach of the Johants. John Bloomberg

518
00:28:16,119 --> 00:28:19,280
Speaker 1: sports Nathan thanks John seven on Wall Street time for

519
00:28:19,320 --> 00:28:22,880
Speaker 1: the Tri State Business report. Here's Bloomberg Scott Carr. Disappearing

520
00:28:22,960 --> 00:28:25,680
Speaker 1: job listings and missing salary Infoe are just some of

521
00:28:25,760 --> 00:28:28,879
Speaker 1: the glitches that emerged Tuesday as New York City employers

522
00:28:29,000 --> 00:28:32,080
Speaker 1: struggled to adapt of the city's new pay transparency law.

523
00:28:32,359 --> 00:28:35,680
Speaker 1: The hundreds of open rolls Goldman Sachs Group typically advertises

524
00:28:35,720 --> 00:28:38,200
Speaker 1: in the city were reduced to just one Tuesday morning

525
00:28:38,240 --> 00:28:41,520
Speaker 1: as it scrambled to amend listings with the required salary ranges.

526
00:28:41,800 --> 00:28:44,600
Speaker 1: Johnson and Johnson has entered into a definitive agreement to

527
00:28:44,680 --> 00:28:48,800
Speaker 1: acquire medical technology firm Abided for approximately sixteen point six

528
00:28:48,920 --> 00:28:52,040
Speaker 1: billion dollars. The move expands the New Jersey based healthcare

529
00:28:52,120 --> 00:28:56,800
Speaker 1: giants medtech reach into the area of cardiovascular disease. Connecticut's

530
00:28:56,920 --> 00:29:00,480
Speaker 1: XPIO Logistics, one of the world's largest freight transport, is

531
00:29:00,520 --> 00:29:03,600
Speaker 1: moving forward with the announced spinoff of its truck brokerage

532
00:29:03,640 --> 00:29:06,840
Speaker 1: business executive site. Third quarter revenue of just over three

533
00:29:06,880 --> 00:29:09,600
Speaker 1: billion dollars as proof the company was ready for the venture.

534
00:29:09,760 --> 00:29:13,000
Speaker 1: The final earnings report before xbio scheduled spinoff this week

535
00:29:13,080 --> 00:29:16,680
Speaker 1: of our exo headquartered in Charlotte. That's the Bloomberg Try

536
00:29:16,680 --> 00:29:20,240
Speaker 1: State Business Report. I'm Scott Carr, Thanks Scott eight On

537
00:29:20,280 --> 00:29:22,440
Speaker 1: Wall Street. Bloomberg Radio is on the air from San

538
00:29:22,520 --> 00:29:25,360
Speaker 1: Francisco to New York, London to Hong Kong. Let's check

539
00:29:25,400 --> 00:29:27,160
Speaker 1: in with our global news team for some of the

540
00:29:27,200 --> 00:29:30,320
Speaker 1: top stories heard in our three hundred affiliate radio stations

541
00:29:30,360 --> 00:29:35,960
Speaker 1: around the world. I'm Steve Potus scan km X in

542
00:29:36,080 --> 00:29:39,880
Speaker 1: Los Angeles. We're talking about dating app Owner Match getting

543
00:29:39,960 --> 00:29:44,240
Speaker 1: some Wall Street love after topping quarterly forecast. Um corney

544
00:29:44,320 --> 00:29:48,280
Speaker 1: Donahawan kt r H in Houston. Pipeline giant energy transfer

545
00:29:48,400 --> 00:29:52,120
Speaker 1: slamming President finds pushed for more oil production. I'm Jeff

546
00:29:52,120 --> 00:29:55,960
Speaker 1: Blinger and on wtv N and Columbus. I'm reporting Dollar

547
00:29:56,080 --> 00:29:59,920
Speaker 1: General is in hot water with Ohio's Attorney General Opraham

548
00:30:00,040 --> 00:30:03,680
Speaker 1: ludged deceptive pricing. I'm carrying at film bim Bag DAB

549
00:30:03,840 --> 00:30:06,200
Speaker 1: Digital Radio in London. We've been reporting on the UK

550
00:30:06,360 --> 00:30:11,400
Speaker 1: Trade Secretary casting doubt on the government's independent economic forecasts.

551
00:30:12,000 --> 00:30:15,000
Speaker 1: I'm Scott Carr on w w J in Detroit. I'm

552
00:30:15,040 --> 00:30:18,880
Speaker 1: reporting on why populations are falling across Michigan but not

553
00:30:19,120 --> 00:30:22,840
Speaker 1: Grand Rapids. And those are some of the stories are

554
00:30:22,880 --> 00:30:25,600
Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on

555
00:30:25,680 --> 00:30:28,000
Speaker 1: this morning around the world. We're also watching shares of

556
00:30:28,080 --> 00:30:30,840
Speaker 1: advanced micro devices this morning. They're up more than four

557
00:30:30,920 --> 00:30:33,400
Speaker 1: percent in early trading after the chip maker top third

558
00:30:33,480 --> 00:30:36,200
Speaker 1: quarter estimates. We get the story from Bloomberg's Charlie Pellett.

559
00:30:36,560 --> 00:30:40,280
Speaker 1: The second largest maker of computer processors, signaled that in

560
00:30:40,480 --> 00:30:44,360
Speaker 1: roads in the lucrative server chip market will continue to

561
00:30:44,520 --> 00:30:47,920
Speaker 1: bolster its finances. It said in the fourth quarter, sales

562
00:30:48,000 --> 00:30:50,560
Speaker 1: will be five and a half billion dollars plus or

563
00:30:50,640 --> 00:30:54,040
Speaker 1: minus three hundred million. That miss the average estum but

564
00:30:54,120 --> 00:30:57,080
Speaker 1: of about five point nine billion, but it does represent

565
00:30:57,160 --> 00:30:59,880
Speaker 1: an increase at a time when several of a 's

566
00:31:00,040 --> 00:31:04,520
Speaker 1: here's our suffering contractions. The company said. Gains and servers

567
00:31:04,800 --> 00:31:08,560
Speaker 1: and robust demand for custom chips will help bolster a

568
00:31:08,800 --> 00:31:12,680
Speaker 1: m d S performance in New York. Charlie Pellot, Bloomberg

569
00:31:12,760 --> 00:31:16,840
Speaker 1: Day Break. All right, Charlie, thanks, futures are little changed now.

570
00:31:17,160 --> 00:31:23,920
Speaker 1: This is Bloomberg. Bloomberg Sports Report was brought to you

571
00:31:24,000 --> 00:31:25,880
Speaker 1: by Autie. Don't let someone else drive off in the

572
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Speaker 1: outie model. You've always wanted. Visit your local price state

573
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Speaker 1: autie dealer to get behind the wheel of yours today,

574
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Speaker 1: or visit autie Offers dot com for more information, markets,

575
00:31:38,000 --> 00:31:41,040
Speaker 1: headlines and breaking news twenty four hours a day at

576
00:31:41,080 --> 00:31:45,080
Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktape.

577
00:31:45,280 --> 00:31:54,479
Speaker 1: This is a Bloomberg business lash and I'm kared. Moscow

578
00:31:54,600 --> 00:31:57,720
Speaker 1: equities trimming gains ahead of the federal reserves policy meeting,

579
00:31:57,760 --> 00:32:00,760
Speaker 1: a gage of the dollar falling golden rice. We checked

580
00:32:00,760 --> 00:32:03,320
Speaker 1: the markets every fifteen minutes throughout the trading day on

581
00:32:03,400 --> 00:32:07,000
Speaker 1: bloomberg s and p futures. They're mostly higher up three

582
00:32:07,040 --> 00:32:09,800
Speaker 1: points down. Futures up three as well, so little change.

583
00:32:09,880 --> 00:32:13,360
Speaker 1: Nastack future is up eighteen the decks in Germany little

584
00:32:13,440 --> 00:32:16,040
Speaker 1: changed as well. Ten year treasury that'll change he'ld four

585
00:32:16,080 --> 00:32:18,760
Speaker 1: point oh four percent yield on the two year four

586
00:32:18,840 --> 00:32:22,160
Speaker 1: point five one percent. Nine x screwt oil is down

587
00:32:22,200 --> 00:32:24,160
Speaker 1: a tenth of a percent, down ten cents at eighty

588
00:32:24,200 --> 00:32:26,920
Speaker 1: eight dollars, twenty eight cents of barrel comic schooled up

589
00:32:26,960 --> 00:32:29,520
Speaker 1: half percent or eight dollars twenty cents at sixteen fifty

590
00:32:29,560 --> 00:32:33,760
Speaker 1: seven ninety announced the Euro seven against the dollar, British

591
00:32:33,760 --> 00:32:36,080
Speaker 1: pound one point one four and nine five the yen

592
00:32:36,160 --> 00:32:39,800
Speaker 1: at one forty seven point one four and bitcoin this morning,

593
00:32:39,880 --> 00:32:42,960
Speaker 1: little change at twenty thousand, five hundred dollars. That's at

594
00:32:42,960 --> 00:32:45,720
Speaker 1: Bloomberg Business Flash. Now here's Muchael Barr with more on

595
00:32:45,840 --> 00:32:48,520
Speaker 1: what's going on around the world. Muncaele Larn, thank you

596
00:32:48,640 --> 00:32:51,480
Speaker 1: very much. Senior Russian military leaders are said to have

597
00:32:51,680 --> 00:32:56,320
Speaker 1: recently discussed the use of nuclear weapons on Ukraine. The

598
00:32:56,400 --> 00:32:59,520
Speaker 1: New York Times reports that's according to senior American officials,

599
00:33:00,000 --> 00:33:02,920
Speaker 1: WES officials saying though they had not seen any evidence

600
00:33:03,000 --> 00:33:07,560
Speaker 1: that Moscow is moving nuclear weapons into place. Brazilian President

601
00:33:07,640 --> 00:33:11,600
Speaker 1: John Eyre Bulsonaro val to respect the constitution and authorized

602
00:33:11,640 --> 00:33:14,520
Speaker 1: the government to start the political transition after his loss

603
00:33:14,560 --> 00:33:17,760
Speaker 1: to Luis Ignatio Lula de Sylva in Game three of

604
00:33:17,800 --> 00:33:20,800
Speaker 1: the World Series. The Phillies shut out the Astros seven zip.

605
00:33:21,080 --> 00:33:24,080
Speaker 1: Philadelphia now leads the series two games to one. In

606
00:33:24,200 --> 00:33:27,480
Speaker 1: the NBA, after the firing of head coach Steve Nash,

607
00:33:27,680 --> 00:33:30,479
Speaker 1: the Nets lost to the Bulls one O eight ninety nine.

608
00:33:30,560 --> 00:33:33,680
Speaker 1: The Warriors lost. Global News twenty four hours a day

609
00:33:33,720 --> 00:33:36,640
Speaker 1: on air and on Bloomberg Quicktake, powered by more than

610
00:33:36,720 --> 00:33:40,400
Speaker 1: twenty seven hundred journalist analysts, more than twenty countries, Michael Barr,

611
00:33:40,560 --> 00:33:43,320
Speaker 1: and this is Bloomberg, Nathan. Okay, Michael, thanks for coming

612
00:33:43,400 --> 00:33:45,720
Speaker 1: up to five nine on Wall Street Live from the

613
00:33:45,760 --> 00:33:49,480
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we

614
00:33:49,560 --> 00:33:52,400
Speaker 1: are also coming up to a Federal Reserve decision out

615
00:33:52,480 --> 00:33:55,680
Speaker 1: of two pm Wall Street time. Ahead of it. We

616
00:33:55,760 --> 00:33:58,440
Speaker 1: are joined this morning by Anka Coopta, director of Maca

617
00:33:58,520 --> 00:34:01,160
Speaker 1: Economic Research at Wisdom Tree. So great to speak with

618
00:34:01,240 --> 00:34:03,160
Speaker 1: you on a Fed decision day, Anica, thanks for being

619
00:34:03,240 --> 00:34:06,560
Speaker 1: with us. Is a seventy basis point move pretty much

620
00:34:06,560 --> 00:34:09,960
Speaker 1: a done deal today? Or is their potential chance for

621
00:34:10,080 --> 00:34:14,080
Speaker 1: surprise to the upper downside to this afternoon? Well, in

622
00:34:14,160 --> 00:34:17,400
Speaker 1: our view, you know, Nathan, we we do believe seventy

623
00:34:17,440 --> 00:34:19,759
Speaker 1: five is pretty much a done deal. Um. I think

624
00:34:19,800 --> 00:34:23,360
Speaker 1: it's too early to expect a major shift in instance

625
00:34:23,400 --> 00:34:26,160
Speaker 1: from FED policy. Um. You know, if we just reflect

626
00:34:26,239 --> 00:34:29,480
Speaker 1: on what you know, the Fed Chepau said in his

627
00:34:29,640 --> 00:34:32,359
Speaker 1: last meeting in September. You know, they were looking at

628
00:34:32,440 --> 00:34:36,680
Speaker 1: three key things, um, to alter the pace of hikes

629
00:34:36,760 --> 00:34:39,239
Speaker 1: or even to you know, allow that pivot to take place.

630
00:34:39,320 --> 00:34:41,880
Speaker 1: They wanted to see growth continuing to run below trend.

631
00:34:42,400 --> 00:34:44,719
Speaker 1: They wanted to see movements in the labor market when

632
00:34:44,760 --> 00:34:47,280
Speaker 1: a return to a better balance between supply and demand,

633
00:34:47,880 --> 00:34:50,520
Speaker 1: and the third one was a clear evidence that inflation

634
00:34:50,680 --> 00:34:53,520
Speaker 1: was moving back down to two. Now, clearly we did

635
00:34:53,600 --> 00:34:57,200
Speaker 1: get growth. Um, you know, a GDP growth for the

636
00:34:57,360 --> 00:34:59,640
Speaker 1: US was up two point six per and Q three,

637
00:34:59,680 --> 00:35:02,279
Speaker 1: but you know that was entirely due to a huge

638
00:35:02,320 --> 00:35:06,000
Speaker 1: swing in net form trade. So overall we'd see that

639
00:35:07,400 --> 00:35:10,000
Speaker 1: the GDP trenk was the third strage reading below the

640
00:35:10,080 --> 00:35:14,040
Speaker 1: one one eight percent median f OMC projection. But as

641
00:35:14,080 --> 00:35:17,200
Speaker 1: far as the labor market and you know, the trajectory

642
00:35:17,239 --> 00:35:21,280
Speaker 1: of inflation is concerned, we are nowhere, uh neil, meeting

643
00:35:21,480 --> 00:35:24,080
Speaker 1: the criterion that the FED has set out. And so

644
00:35:24,239 --> 00:35:26,680
Speaker 1: that's you know, precisely why we don't expect to see

645
00:35:26,719 --> 00:35:30,560
Speaker 1: a big shifting stance today. So you're not expecting much

646
00:35:30,560 --> 00:35:32,840
Speaker 1: of a change in the language we hear from Chairman

647
00:35:32,880 --> 00:35:35,320
Speaker 1: Powell when he gives us news conference this afternoon. The

648
00:35:35,440 --> 00:35:38,160
Speaker 1: idea of a FED pivot in your estimation is going

649
00:35:38,239 --> 00:35:40,640
Speaker 1: to have to wait. Is that what I'm hearing? That's

650
00:35:40,640 --> 00:35:43,320
Speaker 1: absolutely right? Um, you know, he's definitely going to be

651
00:35:43,440 --> 00:35:47,120
Speaker 1: pushed hard because obviously you know, we're seeing more commentators,

652
00:35:48,600 --> 00:35:51,359
Speaker 1: you know, sharing that view that the FED is now

653
00:35:51,480 --> 00:35:55,280
Speaker 1: increasingly at a high risk of uh, you know, pushing

654
00:35:55,320 --> 00:35:58,799
Speaker 1: the economy into a recession because they've given themselves very

655
00:35:58,880 --> 00:36:02,919
Speaker 1: little room for maneuver. But you know, they can't take

656
00:36:02,960 --> 00:36:05,160
Speaker 1: a U turn on a statement that they've made just

657
00:36:05,239 --> 00:36:08,880
Speaker 1: six weeks ago because there hasn't We aren't moving towards

658
00:36:08,920 --> 00:36:12,040
Speaker 1: their criterion for as far as the labor market is concerned.

659
00:36:12,600 --> 00:36:15,520
Speaker 1: Neither is the inflation trajectory moving anywhere close to the

660
00:36:15,600 --> 00:36:19,840
Speaker 1: two percent level um. And so something needs to change

661
00:36:19,920 --> 00:36:23,839
Speaker 1: within these two key data metrics for to allow them

662
00:36:24,040 --> 00:36:26,560
Speaker 1: to even hint at a pivot at this point in time.

663
00:36:27,120 --> 00:36:29,600
Speaker 1: What kind of market reaction do you expect to see

664
00:36:29,719 --> 00:36:33,640
Speaker 1: then if we continue to get a hawkish stance from

665
00:36:33,680 --> 00:36:36,880
Speaker 1: this Fed. The thing is, Nathan, if you you know,

666
00:36:36,920 --> 00:36:38,799
Speaker 1: if you just look at the way the market has

667
00:36:38,840 --> 00:36:41,520
Speaker 1: been trading over the last few days, um, you know,

668
00:36:41,640 --> 00:36:45,000
Speaker 1: be it on news on coming out at China, you know,

669
00:36:45,120 --> 00:36:47,680
Speaker 1: needs coming out of the UK, and you know the

670
00:36:48,520 --> 00:36:51,680
Speaker 1: in the aftermath of the recent ECB meeting, it looks

671
00:36:51,719 --> 00:36:55,400
Speaker 1: like the market is looking for a catalyst to you know,

672
00:36:55,800 --> 00:36:59,760
Speaker 1: fuel that bear market rally, and even though there's there's

673
00:37:00,160 --> 00:37:03,440
Speaker 1: a dose of those lat lists available, the market is

674
00:37:03,520 --> 00:37:07,239
Speaker 1: trying to push forward. Um, and I think that there

675
00:37:07,480 --> 00:37:10,440
Speaker 1: it's soon going to be disappointed. So as far as

676
00:37:10,440 --> 00:37:13,080
Speaker 1: the market reaction today, uh, you know, if we do

677
00:37:13,200 --> 00:37:15,560
Speaker 1: get a surprise and it's it's countrary to what we

678
00:37:15,719 --> 00:37:19,160
Speaker 1: believe here, um, you know you will get you will

679
00:37:19,239 --> 00:37:22,800
Speaker 1: get that rally continuing, but it will die out shortly

680
00:37:22,880 --> 00:37:25,040
Speaker 1: after because you know tomorrow we're going to have the

681
00:37:25,120 --> 00:37:28,640
Speaker 1: key apparel data come in. Uh, and that's you know,

682
00:37:28,800 --> 00:37:31,040
Speaker 1: going to swim the market direction again in in a,

683
00:37:31,200 --> 00:37:35,440
Speaker 1: in a, in a totally different direction. And hence, I

684
00:37:35,520 --> 00:37:39,960
Speaker 1: think the key thing to keep in mind today is um, uh,

685
00:37:40,440 --> 00:37:42,200
Speaker 1: you know, you could get an extension of that bare

686
00:37:42,280 --> 00:37:47,319
Speaker 1: market rally, but it's it's unlikely to last long. All right,

687
00:37:47,600 --> 00:37:50,640
Speaker 1: maybe looking ahead to December already. Thanks for this, Sonica,

688
00:37:50,680 --> 00:37:52,440
Speaker 1: great having you with us this morning. Nica Goop, a

689
00:37:52,480 --> 00:37:55,840
Speaker 1: director of macro research at Wisdom Trade. Karen Well, Nathan,

690
00:37:55,920 --> 00:37:58,480
Speaker 1: it's five fifty three, Unwell, straight time at the Bloomberg

691
00:37:58,600 --> 00:38:01,839
Speaker 1: Law Report. It brought to you by American Arbitration Association.

692
00:38:02,200 --> 00:38:06,480
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693
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Speaker 1: the global leader in alternative dispute resolution for over ninety years.

694
00:38:10,360 --> 00:38:12,719
Speaker 1: More at a dr dot org. Let's get to the

695
00:38:12,800 --> 00:38:15,759
Speaker 1: legal stories we are watching this morning. From Bloomberg's Jeff

696
00:38:15,800 --> 00:38:23,600
Speaker 1: Bellinger Hospital, out patient departments that provide care to Medicare

697
00:38:23,680 --> 00:38:26,680
Speaker 1: recipients will see a three point eight percent bump next

698
00:38:26,800 --> 00:38:30,080
Speaker 1: year in the payments they received from the government. Two

699
00:38:30,160 --> 00:38:33,719
Speaker 1: million GICO customers on certification as a class in their

700
00:38:33,800 --> 00:38:37,640
Speaker 1: lawsuit which claims they were overcharged for car insurance during

701
00:38:37,680 --> 00:38:41,640
Speaker 1: the pandemic. The operator of the Philadelphia construction company was

702
00:38:41,719 --> 00:38:44,680
Speaker 1: fined fifty thou dollars and sentenced to three months in

703
00:38:44,800 --> 00:38:49,200
Speaker 1: prison for attempting to bribe an OCEA inspector. Bloomberg Law

704
00:38:49,520 --> 00:38:53,719
Speaker 1: everything you need, all on one legal research platform, including

705
00:38:53,760 --> 00:38:58,040
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at

706
00:38:58,080 --> 00:39:03,000
Speaker 1: Bloomberg Law dot com. Right, Jeff Banks. Now another legal

707
00:39:03,120 --> 00:39:06,359
Speaker 1: story we're watching. Elon Musk started his new role as

708
00:39:06,440 --> 00:39:09,040
Speaker 1: the chief Twitch with a gag, walking into the company

709
00:39:09,160 --> 00:39:13,000
Speaker 1: san Francisco headquarters holding a sig. He also fired the

710
00:39:13,080 --> 00:39:16,279
Speaker 1: top executive team, including the CEO, the CFO, and the

711
00:39:16,360 --> 00:39:20,440
Speaker 1: General Council, and tweeted a baseless conspiracy theory about the

712
00:39:20,480 --> 00:39:23,880
Speaker 1: attack on Paul Pelosi, which has since been deleted by

713
00:39:23,920 --> 00:39:26,440
Speaker 1: all accounts. It's been chaotic at Twitter as the world's

714
00:39:26,480 --> 00:39:29,399
Speaker 1: richest man considers making major changes to the sixteen year

715
00:39:29,440 --> 00:39:32,719
Speaker 1: old product with its seven thousand employees. For Mark Bloomberg's

716
00:39:32,760 --> 00:39:35,600
Speaker 1: jun Grosso speaks to Eric Talley, or professor at Columbia

717
00:39:35,680 --> 00:39:38,480
Speaker 1: Law School. Is there a time limit for how long

718
00:39:38,560 --> 00:39:40,840
Speaker 1: they have to turn things around? Well, yes and no.

719
00:39:40,960 --> 00:39:42,799
Speaker 1: I guess. On the one hand, you know, Elon Musk

720
00:39:42,840 --> 00:39:45,439
Speaker 1: substantially owns this company, and he's still the richest person

721
00:39:45,480 --> 00:39:47,319
Speaker 1: in the world, so you know, if they run out

722
00:39:47,360 --> 00:39:50,000
Speaker 1: of money, maybe he can, you know, cough up a

723
00:39:50,040 --> 00:39:52,440
Speaker 1: little bit more and and convince some of his friends

724
00:39:52,480 --> 00:39:54,479
Speaker 1: and colleagues to cough up more. On the other hand,

725
00:39:54,800 --> 00:39:57,279
Speaker 1: their patients is not going to be infinite to the

726
00:39:57,400 --> 00:39:59,960
Speaker 1: extent that it doesn't look like this company is actually

727
00:40:00,160 --> 00:40:03,880
Speaker 1: doing anything more than sort of viraling of current altitude

728
00:40:03,960 --> 00:40:06,759
Speaker 1: or maybe even falling in altitude. They're not going to

729
00:40:06,840 --> 00:40:09,560
Speaker 1: be too anxious to kick in more money. And in addition,

730
00:40:09,680 --> 00:40:13,520
Speaker 1: they're not really sitting on a treasure trove of cash

731
00:40:14,040 --> 00:40:16,600
Speaker 1: to absorb losses that they are likely to have to

732
00:40:16,680 --> 00:40:20,200
Speaker 1: incur while they're experimenting with different ways to alter and

733
00:40:20,320 --> 00:40:24,480
Speaker 1: expand and monetize the platform. Although Twitter had a decent

734
00:40:24,560 --> 00:40:27,280
Speaker 1: amount of cash on hand, you know, almost six billion

735
00:40:27,360 --> 00:40:31,000
Speaker 1: dollars on pand a lot of that apparently went into

736
00:40:31,320 --> 00:40:34,160
Speaker 1: the closing of the transaction, largely to pay off the

737
00:40:34,239 --> 00:40:38,360
Speaker 1: pre existing debt that Twitter had, so their cash margins,

738
00:40:38,400 --> 00:40:42,120
Speaker 1: their margin of error is actually quite thin before they

739
00:40:42,160 --> 00:40:44,760
Speaker 1: would have to go back to someone to help provide

740
00:40:44,800 --> 00:40:48,520
Speaker 1: them with additional capital. I think that makes the timeline

741
00:40:49,160 --> 00:40:52,520
Speaker 1: a little uncomfortably short for Mr Musk, unless you know,

742
00:40:52,680 --> 00:40:55,680
Speaker 1: he's basically just willing to provide that capital himself, and

743
00:40:55,800 --> 00:40:58,600
Speaker 1: he might be, but it's certainly more painful than it

744
00:40:58,640 --> 00:41:00,640
Speaker 1: would have been five or six months to go, with

745
00:41:00,840 --> 00:41:03,759
Speaker 1: Tesla now trading at far lower values and most of

746
00:41:03,880 --> 00:41:06,960
Speaker 1: his wealth is tied up in his paper ownership of

747
00:41:07,080 --> 00:41:11,560
Speaker 1: Tesla stock. In line with bringing money to the platform,

748
00:41:12,000 --> 00:41:15,080
Speaker 1: he wants to take away the blue badges of verified

749
00:41:15,320 --> 00:41:19,000
Speaker 1: users if they don't pay for the site's new subscription service,

750
00:41:19,080 --> 00:41:21,560
Speaker 1: Twitter Blue. I think that's one of the things they're

751
00:41:21,560 --> 00:41:24,200
Speaker 1: trying to experiment with, is you know, how drawn are

752
00:41:24,280 --> 00:41:27,360
Speaker 1: these network effects in which people who have been cultivating

753
00:41:27,400 --> 00:41:30,600
Speaker 1: on online following have become verified users? How much are

754
00:41:30,600 --> 00:41:34,719
Speaker 1: they willing to pay to maintain that status? Obviously, once

755
00:41:34,760 --> 00:41:38,520
Speaker 1: you've become prohibitively expensive, everyone decides, now I'm either going

756
00:41:38,560 --> 00:41:40,840
Speaker 1: to dump the blue badge status or I'm going to

757
00:41:40,960 --> 00:41:43,960
Speaker 1: move to a different platform and look at one area

758
00:41:44,080 --> 00:41:46,319
Speaker 1: where you know, he probably should be thinking a little

759
00:41:46,360 --> 00:41:49,600
Speaker 1: bit about can I monetize the folks that are likely

760
00:41:49,680 --> 00:41:52,000
Speaker 1: to be the most loyal users of Twitter? And the

761
00:41:52,040 --> 00:41:54,120
Speaker 1: blue badge folks are in fact the folks that have

762
00:41:54,239 --> 00:41:56,719
Speaker 1: some of the largest networks on Twitter right now. So

763
00:41:57,000 --> 00:41:59,000
Speaker 1: it's not a crazy idea of trying to figure out

764
00:41:59,120 --> 00:42:02,120
Speaker 1: is it possible to monetize that in some way? But

765
00:42:02,440 --> 00:42:05,480
Speaker 1: this is definitely a delicate operation and I think it

766
00:42:05,520 --> 00:42:09,080
Speaker 1: can backfire relatively quickly if you don't proceed with you know,

767
00:42:09,160 --> 00:42:12,880
Speaker 1: appropriate caution and as there Kelly Or, professor at Columbia

768
00:42:12,960 --> 00:42:15,719
Speaker 1: Law Schools, being with the Bloomberg Joan Grasso. Catch more

769
00:42:15,760 --> 00:42:18,520
Speaker 1: of that interview plus analysis of the latest legal news

770
00:42:18,840 --> 00:42:21,800
Speaker 1: by subscribing to the Bloomberg Law podcast or downloading the

771
00:42:21,880 --> 00:42:25,520
Speaker 1: show at Bloomberg dot com, slash podcast. Attorneys can find

772
00:42:25,560 --> 00:42:28,920
Speaker 1: exceptional legal research and business development tools at Bloomberg Law

773
00:42:29,040 --> 00:42:32,160
Speaker 1: dot com and on the Bloomberg terminal at b law

774
00:42:32,480 --> 00:42:36,640
Speaker 1: go and futures. This morning, they're little change to hire,

775
00:42:36,719 --> 00:42:40,000
Speaker 1: with SMP futures up about three points now Futures that

776
00:42:40,000 --> 00:42:43,440
Speaker 1: will change and nasdack futures up twenty one and Bloomberg

777
00:42:43,520 --> 00:42:46,360
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