Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, November two. Coming up this hour,
Speaker 1: Wall Street prepares for today's FED decision and news conference.
Speaker 1: Amazon freezes hiring and one of its profitable businesses, three
Speaker 1: big pharmacy chains reach a multibillion dollar settlement in the
Speaker 1: opioid crisis, and financial leaders take stock at a global economy.
Speaker 1: At a summit in Hong Kong, two Newark police officers
Speaker 1: were shot as the suspect remains on the loose. Plus
Speaker 1: campaigning with only six days until the mid term elections.
Speaker 1: I'm Michael Blarr more Ahead, I'm John Stashower and sports
Speaker 1: the Next Way That co chief change and then lost.
Speaker 1: The local hockey teams all warned the Philly jut out
Speaker 1: the Astros in Game three of the World Series. That's
Speaker 1: all trading ahead on Bloomberg Daybreak on Bloomberg eleven three,
Speaker 1: on New York Bloomberg nine one, Washington d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Syrius Exam one nine team and around the world on
Speaker 1: Bloomberg Radio dot Com and by the Bloomberg Business up thy,
Speaker 1: Good morning. I'm Nathan Hager and I'm Kared Moscow and
Speaker 1: US DOT index futures are higher this morning. We are
Speaker 1: coming up to five oh one on Wall Street. Iv
Speaker 1: ME checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg S and P futures up about thirteen
Speaker 1: points and Down futures up seventy six. Nastack futures up
Speaker 1: forty seven. The decks in Germany's up tenth of upper set.
Speaker 1: Can your treasury a little change? Yield four point oh
Speaker 1: four percent and a yield on the two year four
Speaker 1: point five zero percent, Nathan Karen, We begin this morning
Speaker 1: with today's FED decision and news conference from J. Powell.
Speaker 1: Wall Street has been waiting for it all week. Let's
Speaker 1: get a preview now from Bloomberg Economics correspondent Michael McKee.
Speaker 1: The focus of the November FED meeting is going to
Speaker 1: be the December FED meeting once again. Central bankers have
Speaker 1: told us they intend to raise interest rates by three
Speaker 1: quarters of a percentage point to four percent this week,
Speaker 1: but there have also been some hints from some AT
Speaker 1: officials and some data that they might dial back to
Speaker 1: a half point rise in December at a quarter point rise.
Speaker 1: After that. Much will depend on how the economy develops,
Speaker 1: but markets would like a better idea of just how
Speaker 1: high the Fed will go. Answering that question without creating
Speaker 1: more market volatility will be Chairman J Powell's main job
Speaker 1: after Wednesday's meeting. Michael McKay Bloomberg Daybreak. All'm Mike. Thanks
Speaker 1: and stay with Bloomberg Radio and Television for live analysis
Speaker 1: of the Fed decision. It all begins at one thirty
Speaker 1: pm Wall Street Time on a special edition of Bloomberg Surveillance.
Speaker 1: And as we await that policy decision, Nathan, the chorus
Speaker 1: is growing louder that rate hikes will eventually lead to
Speaker 1: a recession. Luke Ellis is chief executive officer of Man Group.
Speaker 1: You're going to get a recession in the US. That's
Speaker 1: sort of inevitable. They want to get rid of inflection.
Speaker 1: If they want to get inflestion down to a two
Speaker 1: percent target, then yes, I was sorry. There is a
Speaker 1: theoretical soft banding runway, but it's so thin you wouldn't
Speaker 1: want to try to land a plane in a hurricane
Speaker 1: in it. Man Group ce l look as ces US
Speaker 1: inflation slowing to three and a half to four percent
Speaker 1: as soon as next year. Well, Karen m and A
Speaker 1: on Wall Street has been slowing down, but David Solomon
Speaker 1: expects that to change. The Goldman Sax CEO sees a
Speaker 1: recovery in deal making next year. He makes remarks about
Speaker 1: that and the current state of financial markets. Generally speaking,
Speaker 1: when we've had these periods in the past, it takes
Speaker 1: somewhere between two and four quarters, sometimes maybe six quarters,
Speaker 1: you know, to rebalance. I think we're going through that
Speaker 1: rebalancing period. I think there's still a significant amount of uncertainty,
Speaker 1: but as we get at three and we start to
Speaker 1: have a clear understanding of the trajectory of capital markets.
Speaker 1: Goldman Sax CEO David Solomon spoke at today's Global Financial
Speaker 1: Investment Summit in Hong Kong. But Solomon is one of
Speaker 1: several financial leaders attending that summit. Nathan HSBC CEO nol
Speaker 1: Quinn is also there and we got up with them
Speaker 1: to discuss the impact COVID as having on the Chinese economy.
Speaker 1: The COVID is a big story because with with a
Speaker 1: restriction and movement into anoda China, it's very odd for
Speaker 1: the insiductional and community to reconnect with the economy. But
Speaker 1: it will rebound and China will open up at some
Speaker 1: points inside. But I think it is important for the
Speaker 1: economy for China eventually to find the solutions of the
Speaker 1: COVID strategy. HSBC's Noel Quinn sees Asia as a strong
Speaker 1: platform for growth. Stay tuned for more of that interview
Speaker 1: coming up shortly right here on Bloomberg Daybreak. Turning back
Speaker 1: to markets, Karen, Stocks in Asia rose again overnight on
Speaker 1: optimism COVID restrictions will lease. Let's get the recap from
Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan,
Speaker 1: and Karen. Afternoon trade in Hong Kong was halted due
Speaker 1: to a storm. However, the Han Sang index still posted
Speaker 1: its best two day games since March. Mainland shares also
Speaker 1: climbed as investors tried to waste speculation that China may
Speaker 1: scrap its COVID zero policy. In Taipei, on high shares
Speaker 1: rose despite China looking down the Jangel Airport economy zone
Speaker 1: where fox CON's iPhone plant is located, to cut the
Speaker 1: COVID spread and the end strengthened for a second straight day,
Speaker 1: with traders considering the risk that a hawk ish bed
Speaker 1: may boost the dollar to levels that trigger Russian intervention.
Speaker 1: On a Japanese holiday in Singapore, Juliette Sale Bloomba Daybreak.
Speaker 1: All right, Juliet, thanks so staying in China now. Bloomberg
Speaker 1: News has learned that Teslash at its flagship showroom in
Speaker 1: Beijing last month. The electric car maker has a number
Speaker 1: of showrooms in China's capital, and the one now shuttered
Speaker 1: was in a shopping center in a residential area. For
Speaker 1: the most part, Tesla sales cars via an online direct
Speaker 1: sales model, rather than through dealerships or showrooms. And other
Speaker 1: corporate news Karen, Amazon's taking more measures to align expenses
Speaker 1: with a slowdown in sales. We get the details from
Speaker 1: Bloomberg's Lisa Mateo. Bloomberg News has learned that the world's
Speaker 1: largest e commerce company is freezing staffing levels and it's
Speaker 1: profitable advertising business. The decision to keep the advertising unit
Speaker 1: workforce at its current level shows Amazon is looking to
Speaker 1: squeeze more profit out of the fast growing business and
Speaker 1: the busy holiday quarter. Amazon's advertising business largely sponsored search
Speaker 1: results on its web store generated more than nine and
Speaker 1: a half billion dollars last quarter. Lisa Mateo, Boomberg Daybreak.
Speaker 1: Al rightly, so thank you. I'll shares of Airbnb or
Speaker 1: on the Move this morning down five and a half
Speaker 1: percent in early trading. That's after a disappointing outlook for
Speaker 1: bookings in the fourth quarter. We get the details from
Speaker 1: Bloomberg Shirley Pellett. It suggests that consumer preferences are shifting
Speaker 1: away from higher cost rentals of thrive during the pandemic
Speaker 1: and back to urban and cross border destinations. The San
Speaker 1: Francisco based home sharing platform said it expects the pace
Speaker 1: of nights and experiences booked will quote moderate slightly in
Speaker 1: the fourth quarter compared with the third quarters gain of
Speaker 1: twenty five percent. Airbnb reported ninety nine point seven million
Speaker 1: nights and experiences booked in the three months ended in September,
Speaker 1: falling short of analy ass estimates of ninety nine point
Speaker 1: nine million. In New York. Charlie Pellett Bloomberg Daybreak, Charlie, thanks,
Speaker 1: and finally, it's one of the last big settlements over
Speaker 1: the opioid epidemic. Sources tell Us, CVS Health, Walgreen's Boots
Speaker 1: Alliance and Walmart have tentatively agreed to pay twelve billion
Speaker 1: dollars to resolve state and local lawsuits over mishandling of
Speaker 1: addictive pain killers. Were told the deal won't be finalized
Speaker 1: until enough states, cities, and counties agree to it. SMP
Speaker 1: Futures are hired by ten points. Stout Futures up fifty
Speaker 1: six nanstack Futures up thirty nine points. Straight ahead your
Speaker 1: latest local headlines in the check of sports. This is
Speaker 1: Bloomberg South five oh seven on Wall Street where at
Speaker 1: fifty eight degrees in Central Park got an accident on
Speaker 1: the westbound Grand Central Park Weights by Street. Details coming
Speaker 1: up in Traffic First Michael Barr with more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. To Newark police officers were found wounded
Speaker 1: in a shooting in a residential neighborhood not far from
Speaker 1: the city's airport, the Eskis County Prosecutor's office. As the
Speaker 1: officers were being treated for injuries at a nearby hospital.
Speaker 1: One was shot in the leg, the other in the neck. However,
Speaker 1: both are said to be in stable condition. Es Sex
Speaker 1: County acting Prosecutor Ted Stevens says the suspected shooter, Ndel Howard,
Speaker 1: faces charges and remains on the loose two counts of
Speaker 1: attempted murder on the officers, as well as unauthorized possession
Speaker 1: of a weapon and unauthorized possession of a weapon for
Speaker 1: unlawful purposes. Prosecutor Stephen says the gunmen opened fire on
Speaker 1: police as they were serving to search board. A New
Speaker 1: York appeals court upheld a new state law allowing absentee
Speaker 1: ballots to be reviewed before election day. The court says
Speaker 1: it would be extremely disruptive to change the rules with
Speaker 1: absentee voting already underway. Republicans challenged the law. Former President
Speaker 1: Obama stump for Democrats last night in Las Vegas, with
Speaker 1: less than a week to the midterm elections. Obama campaigned
Speaker 1: for incumbent Katherine Cortes Masto in Nevada's Senate race. Obama
Speaker 1: was critical of Republicans. They want to gut social security
Speaker 1: at Medicare and then give They're Welsley friends and big
Speaker 1: corporations more tax cuts. Poles show a debt eat between
Speaker 1: Mastow and Republican Adam Laxalt. Another closely watched Senate race
Speaker 1: is Pennsylvania between Democrat John Fetterman and Republican Memit Oz
Speaker 1: dr Oz at the campaign TRIOI in Lower Bucks County.
Speaker 1: Speaking at a get out the vote rally in Ben
Speaker 1: Salem Township last night, Washington's getting the wrong because of
Speaker 1: the extreme positions that they're accepting of, and they need
Speaker 1: a dose of Pennsylvania reality. Fetterman's lead over Oz is shrinking,
Speaker 1: with supporting Fetterman to forcent for Oz. Former Israeli Prime
Speaker 1: Minister Benjamin Nettan Yahoo appears to be heading towards victory
Speaker 1: in national elections. Brasilian President John Eyre Bolsonaro vow to
Speaker 1: respect the constitution and authorized the government to start the
Speaker 1: political transition after his loss to Luis Ignatio Lula Da Silva.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Tank, powered by more than twenty seven
Speaker 1: hundred journalists Mentalist more than a hundred twenty countries. I'm
Speaker 1: Michael Barron. This is Bloomberg, Nathan. Thank you, Michael. Coming
Speaker 1: up to five ten on Wall Street time for the
Speaker 1: Bloomberg Sports Update. Procy by tri State Autie. Good morning,
Speaker 1: John Stenshower Morny Nathan. These are good times in Philadelphia.
Speaker 1: The Eagles are seven oh and the Phillies are two
Speaker 1: wins from what would be just their third ever World
Speaker 1: Series title. They won Game three over the heavily favored
Speaker 1: Astros seven to nothing. The Phillies hit five home runs,
Speaker 1: Houston had only five hits. The series is to one.
Speaker 1: Game four in Philly. Tonight a whirlwind day and Brooklyn,
Speaker 1: the Nets had a quote party of the ways with
Speaker 1: coach Steve Nash just seven games into the season. Then
Speaker 1: came multiple reports there on the verge of replacing Nash
Speaker 1: with m a U Doka, nash assistant in Brooklyn, who
Speaker 1: then coached the Celtics to the NBA Finals last season,
Speaker 1: but it's now serving a team imposed year long suspension
Speaker 1: for an improper relationship with the Celtics employee Jacques Vaughan.
Speaker 1: Coach the Nets. Last night at Barkley's, they blew the
Speaker 1: lead Chicago one one O eight to ninety nine. Zach
Speaker 1: Lavina scored the Nets by himself in the fourth quarter.
Speaker 1: Kavina ran scored thirty two, also at seven turnovers, and
Speaker 1: Kyrie Irving shot two of twelve, missed all six of
Speaker 1: his three pointers the nets of all the two and
Speaker 1: six at the Garden. Rangers and Flyers scoreless for sixty
Speaker 1: four minutes. Here's Hee's and to the Rangers should now
Speaker 1: have the right shide back out connecting shots, which was
Speaker 1: a hit. Carrots all the way around. They're up, Clevatta,
Speaker 1: daft let Craft break away, Chris prodder Oga and over
Speaker 1: time dates score ESPN New York to call the Chris
Speaker 1: Crider game winner. Rangers third straight win after the four
Speaker 1: game skid. Devils are hot. They won five two in
Speaker 1: Vancouver and the Islanders won three one at Chicago. First
Speaker 1: Rankings from the College Football Playoff Committee. The top four
Speaker 1: are Tennessee, Ohio, State, Georgia and Clemson. John Stash thatwar,
Speaker 1: Bloomberg Sports Nathan John Thanks SMP Futures now have six
Speaker 1: point staff features of twenty six. Nestack Future is also
Speaker 1: higher by twenty six points. The tenure treasuries little change
Speaker 1: now the yield four point zero four percent. You're listening
Speaker 1: to Bloomberg day Break and the Bloomberg Sports Report was
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Audi model. You've always wanted visit your
Speaker 1: local price state Audie Dealer to get behind the wheel
Speaker 1: of yours today, or visit Autie Offers dot com for
Speaker 1: more information, markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Quick takes a Bloomberg Business Flash and
Speaker 1: I'm fair in Moscow A butties are advancing ahead of
Speaker 1: the federal reserves policy meeting, a gage of the dollar falling,
Speaker 1: gold rising. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg as in the Future is
Speaker 1: up seven points this morning, Down Future is up thirty one,
Speaker 1: and now's deck Future is up twenty eight. The decks
Speaker 1: in Germany's down a tenth of a percent. Ten your
Speaker 1: treasury little change. You'll four point oh four percent to
Speaker 1: the yield them a two year four point five zero percent. Now,
Speaker 1: I make screwed oil is up four tenths per cent,
Speaker 1: or thirty eight cents at eighty eight dollars seventy seven cents.
Speaker 1: In Barrel Co makes gold up half per cent or
Speaker 1: seven dollars seventy cents at sixteen fifty seven. Forty announced
Speaker 1: the euro point nine one against the dollar. British found
Speaker 1: one point one nine nine and again one forty seven
Speaker 1: point one four bitcoin this morning. That'll change at twenty thousand,
Speaker 1: about twenty thousand, five hundred dollars now, and that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael the Morning, Good morning, Karen.
Speaker 1: Brazilian president John Eyre Bolsonaro reportedly told members of the
Speaker 1: country Supreme Court that his election battle against leftist rival
Speaker 1: Louis Ignatio Lula da Silva has come to an end,
Speaker 1: marking one step closer toward a concession after his defeat,
Speaker 1: Israel's fifth election in four years looks set to return
Speaker 1: Benjamin Etan Yahoo to power, with exit polls adjusting a
Speaker 1: strategy of forming an alliance with the nation's far right
Speaker 1: has succeeded. Game three of the World Series raise the
Speaker 1: Philly shut out the Astros seven zip. Philadelphia now leads
Speaker 1: the series two games to one. In the NBA, after
Speaker 1: the firing of head coach Steve Nash, the Nets lost
Speaker 1: to the Bowls one of eight ninety nine. The Warriors
Speaker 1: lost NHL, the Rangers won in overtime against the Flyers
Speaker 1: one Zip, the Islanders, Devils and Capitals all one, the
Speaker 1: Bruins one in OT six, five over the Penguins. Globals
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Tank, powered by more than twenty seven journalists and
Speaker 1: analysts and more than one hundred twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg. Nathan, Michael. Thanks. It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios.
Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Haker. The
Speaker 1: heads of some of the world's top financial institutions are
Speaker 1: descending on Hong Kong this week for the Global Financial
Speaker 1: Investment Summit. It's an effort by the city to show
Speaker 1: it is still Asia's premier financial hub after a tumultuous
Speaker 1: few years. The CEO of HSBC, Noel Quinn, talked about
Speaker 1: Hong Kong and China with Bloomberg's Evon Men and d
Speaker 1: been in glaze, and he also talked about their economic prospect.
Speaker 1: What did you make of what happened inside and we
Speaker 1: know the messages that came through from policy makers in
Speaker 1: Hong Kong and alto me. And then China. Well, it's
Speaker 1: great to be back in Hong Kong. It's great to
Speaker 1: see colleagues from around the world back here in Hong Kong.
Speaker 1: It's my third visit this year, so thank you Quarantine Warrior,
Speaker 1: and it's good not to be in quarantine this time.
Speaker 1: And I think that's the story for Hong Kong. Hong
Speaker 1: Kong is now rebounding, is coming back out of the
Speaker 1: COVID problems. There's a very determined attitude from the government
Speaker 1: here to make sure Hong Kong can rebound, that the
Speaker 1: economy is open to the international community, and it's important
Speaker 1: for us, the international community to actually support Hong Kong
Speaker 1: on that journey. What do you think has been for
Speaker 1: you the biggest of it. You want to get away
Speaker 1: from this conference a hk may or even a government,
Speaker 1: what is your immediate Really very clear policy statements this
Speaker 1: morning from the Chief Executive on how he and the
Speaker 1: government and mainland want Hong Kong to be an international
Speaker 1: financial center, to remain as they've launched a number of
Speaker 1: policies to try and make sure all that Hong Kong
Speaker 1: remains open to the world. They've made determine progress on
Speaker 1: unlock in Hong Kong following COVID since the summer, and
Speaker 1: it's great to see that progress. More still to come.
Speaker 1: It's great to see it. And I think what we
Speaker 1: know is to do as institutions is support Hong Kong REBA.
Speaker 1: It's an important international financial center. I have absolutely no
Speaker 1: doubt it will remain as such for the long term.
Speaker 1: Does it mean more staff from as ME moving to
Speaker 1: Hong Kong. We're investing more in Asia and that's in
Speaker 1: Hong Kong. We're continuing to grow our business. I take
Speaker 1: our trade business. This year, it's up over fift of
Speaker 1: the half year, so that's that's the wing why it
Speaker 1: was up fifteen percent last year. We're continuing to invest
Speaker 1: in China and our wealth business in China, but I'm
Speaker 1: also invested in Singapore and India. I still see Asia
Speaker 1: as a strong platform for growth, connecting Asia to the
Speaker 1: rest of the world and the rest of the world
Speaker 1: to Asia. Do you think China just needs to adjust
Speaker 1: this cos policy just quickly. The governments to determine their
Speaker 1: COVID policy. And when I look at China, I look
Speaker 1: at China over the long term, and I think China
Speaker 1: will emerge from COVID as every other country in the
Speaker 1: world has done, it will be important economically to do
Speaker 1: so um and we'll be ready and willing to help
Speaker 1: them then rebound their economy. I think that's why we're
Speaker 1: seeing this this tremail and Chinese markets here right now.
Speaker 1: Is it purely based on what this whole reopening story
Speaker 1: are there are other matters too, I think there are.
Speaker 1: The COVID is a big story because with with a
Speaker 1: restriction in movement into an ARA of China, it's very
Speaker 1: hard for the international community to reconnect with the economy.
Speaker 1: But it will rebound and China will open up at
Speaker 1: some point in time. But I think it is important
Speaker 1: for the economy for China eventually to find a solution
Speaker 1: to the COVID strategy. But we're still trading well in China.
Speaker 1: Our trade into an ARA of China's up year on year,
Speaker 1: and we continue to invest in our wealth business. We've
Speaker 1: got over increased over one thousand, three hundred wealth managers
Speaker 1: in the Greater Bay Area focused on tapping into the
Speaker 1: mass affluent wealth opportunity China. We've continued to do that
Speaker 1: during COVID. Can you give us a number in terms
Speaker 1: of a staffing and headcount. How much do you do
Speaker 1: you want to see increase? That always said that we
Speaker 1: want to take our wealth managers in China to around
Speaker 1: three thousand over the near two mediums. So we're over
Speaker 1: a third of the way through that. Okay, how are
Speaker 1: you managing your exposure to the property market in China?
Speaker 1: Obviously we did see your provisions increase. Uh here in
Speaker 1: your latest earnings. Do you foresee a big spike in
Speaker 1: real estate losses in China? At what point does this
Speaker 1: damage your balance in anyways, the challenge sector at the
Speaker 1: moment is going through significant policy change, is going through
Speaker 1: significant adjustments as a as a sector, and I'm not
Speaker 1: going to in the state that we have provided well,
Speaker 1: we believe that it will take some time still before
Speaker 1: that sector stabilizes. But I'm encouraged by some of the
Speaker 1: policy changes that have been introduced recently to put liquidity
Speaker 1: back into that sector domestically um to complete the projects
Speaker 1: that need to be completed, and I'm hoping then that
Speaker 1: starts to stabilize the sector. But I think I just
Speaker 1: think it will still take some time before we can
Speaker 1: see the roots out of the current challenges on China.
Speaker 1: There now seems to be some uncertainty know what this
Speaker 1: new economic team, that changing team might put in place.
Speaker 1: Do you think everyone is overly pessimistic on China or
Speaker 1: is there something there? I thought. I can speak for
Speaker 1: myself and I'm still confident of the Chinese economy. They
Speaker 1: would emerge from COVID, they will stabilize following COVID, and
Speaker 1: there is strong economic growth potentially in China, and that's
Speaker 1: why we continue to invest in it. And that was
Speaker 1: hs DCS CEO Noel Quinn speaking with Bloomberg at the
Speaker 1: Global Financial Investment Summit. You can catch the full interview
Speaker 1: on Bloomberg dot com and on the Bloomberg terminal. Focus
Speaker 1: this morning, of course on the US economy and the
Speaker 1: FED decision. This afternoon, the press conference from Chairman J Powell.
Speaker 1: What will the Central Bank signal that the path of
Speaker 1: rate hikes ahead of it? Futures are moving just a
Speaker 1: touch higher now with S and P futures up two points,
Speaker 1: or our futures, NASTACK futures are higher by twelve. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather mostly sunny, upper
Speaker 1: sixties for highest today. We'll get down to the low
Speaker 1: fifties tonight, sunny, mid sixties tomorrow, and a mix of
Speaker 1: sun and cloud's upper sixties on Friday. Currently fifty eight
Speaker 1: degrees in Central Park. Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg On to Boston, Bloomberg on All six
Speaker 1: one to San Francisco, Bloomberg Name sixty to the country,
Speaker 1: Sirius XM chto one nineteen and around the globe the
Speaker 1: Bloomberg Business at and Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak and it's five thirty on Wall Street. Good morning,
Speaker 1: I'm Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak is brought
Speaker 1: to you by SEI, built on advanced technologies and fifty
Speaker 1: years of innovation. SEI offers asset Managers are comprehensive and
Speaker 1: flexible operations outsourcing platform. Go to S E I C
Speaker 1: dot com slash Managers. And we're just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: have to date in the news you need to know
Speaker 1: at this hour. Well less in p futures are little
Speaker 1: change ahead of today's Federal Reserve decision. Consensus calls for
Speaker 1: the Central Bank to high grades by seventy five basis points.
Speaker 1: Ste Feld chief economist Lindsay Pexa says forward guidance for
Speaker 1: the FED will be very important. I do expect that
Speaker 1: given the backdrop of a five decade low in the
Speaker 1: unemployment rate and in your four decade high and inflation,
Speaker 1: the Fed will continue to revise higher expectations beyond what
Speaker 1: the market is anticipating in terms of that terminal rate.
Speaker 1: Come three, and that's Stifl's Lindsay Pexa. Stick with Bloomberg
Speaker 1: Radio and Television for a complete coverage of the FED,
Speaker 1: but the special edition of Bloomberg Surveillance live at one
Speaker 1: thirty pm Wall Street Time. Well, Karen, recession calls are growing.
Speaker 1: Is the Fed aggressively hikes rates and when it comes
Speaker 1: to earning, signs of recession are likely to creep been
Speaker 1: next quarter. That's according to Mainstake Capital Chief investment officer
Speaker 1: David Cudla, Earning is a little more resilient than what
Speaker 1: many had thought, So earnings not being impacted as much
Speaker 1: by the slowdown in the economy the FED action. So
Speaker 1: what's the expectation we'll see that next quarter stay counting recession,
Speaker 1: next quarter mainstay Capitals. David Cudla says it's unclear exactly
Speaker 1: when rate hikes will filter into the broader economy. Well overseas,
Speaker 1: Nathan financial leaders are meeting in Asia and sharing their
Speaker 1: thoughts on volatility and global markets. Here's Goldman Sachs CEO
Speaker 1: David Solomon. We've had these periods in the past. It
Speaker 1: takes somewhere between two and four quarters, sometimes maybe six quarters,
Speaker 1: you know, to rebalance. I think we're going through that
Speaker 1: rebalancing period. Goldman Sax CEO David Solomon made the comments
Speaker 1: of the Global Financial Investments Summit in Hong Kong. N
Speaker 1: HSBC CEO Noel Quinn is also there. Karen. We come
Speaker 1: up with him to discuss the economic outlook for China
Speaker 1: and the bank's business. There is some consumption market that
Speaker 1: non in the world's gonna full with to just wolf
Speaker 1: away from. In my view, in that it's got a
Speaker 1: huge opportunity. It's still a very significant supplier to the
Speaker 1: world as an export market. So I believe in the
Speaker 1: economic prospects of China. HSBCS Noel Quinn says China should
Speaker 1: and will find a solution to its COVID zero strategy. Well,
Speaker 1: stocks in Asia rose again today. Nathan on optimism China's
Speaker 1: COVID restrictions could each at the same time. No Beijing
Speaker 1: is declaring a COVID lockdown in the area around fox
Speaker 1: Cone Technology Group's main plant. That's the world's largest iPhone factory.
Speaker 1: Straight ahead your latest local headlines and this is Bloomberg.
Speaker 1: Thank you. Karen three on Wall Street fifty eight degrees
Speaker 1: in Central Park. Got a new accident on the Queen's
Speaker 1: bound White Stone Bridge. Tell you more about it in
Speaker 1: traffic First. Michael Bars here with more on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much, Nathan. Police and Newark, New Jersey, are
Speaker 1: looking for the gunman who shout and wounded two police
Speaker 1: officers outside of an apartment building in a residential neighborhood.
Speaker 1: Police believe the man was hiding in an apartment while
Speaker 1: evacuating residents to safety. Newark Mayor ros Baranca will bring
Speaker 1: this guy into custody UH as soon as we possibly can.
Speaker 1: Mayor Barncas says the wounded officers are in stable condition.
Speaker 1: The Supreme Court has rejected Lindsey Graham's request to block
Speaker 1: a Georgia grand jury subpoena. Bloomberg said Baxter as the story,
Speaker 1: this clears the way for Graham to have to testify
Speaker 1: in front of the Atlanta's Special Grand Jury, which is
Speaker 1: investigating efforts to overturn the presidential election in Georgia. Graham
Speaker 1: had filed an emergency request asking the justices to halt
Speaker 1: the testimony, which is currently scheduled from November seventeen. The
Speaker 1: court ruled that Graham's attorneys do have the right to
Speaker 1: object to questions on a case by case basis, which
Speaker 1: could leave substantial room for him to challenge questions or
Speaker 1: request from the grand jury in San Francisco. I'm at
Speaker 1: Baxter Bloomberg Gay Break. Former President Barack Obama at camp
Speaker 1: rally last night in Las Vegas asked voters to support
Speaker 1: the incumbent Democratic Senator Katherine Cortez Masta in next Tuesday's
Speaker 1: mid term election. He told the again out the Vote
Speaker 1: rally that casting a vote is important for democracy. The
Speaker 1: only way to say democracy is if we throgether. Masta
Speaker 1: is in a tight race against Republican Adam Laxel, Brazilian
Speaker 1: President Jaye bos Nauo vow to respect the Constitution and
Speaker 1: authorize the government to start the political transition after his
Speaker 1: loss to Luis Ignatio Lula da Silva. The suspect accused
Speaker 1: of breaking into speaker Nancy Belosi's home in San Francisco
Speaker 1: and attacking her husband will remain behind bars without bail.
Speaker 1: An attorney for David Pap entered a plea of not guilty.
Speaker 1: San Francisco District Attorney Brooke Jenkins said this attack shows
Speaker 1: the nation's politics have become too heated. We have become
Speaker 1: a society that thinks it's acceptable to incite violent acts
Speaker 1: against our political leaders, and we can't be that type
Speaker 1: of America. The a Jenkins says, to Pap was on
Speaker 1: a suicide mission and was planning to target other politicians.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Tank, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries,
Speaker 1: and Michael Barren. This is Bloomberg Naked, Okay, Michael, thanks
Speaker 1: on Wall Street Time for the Bloomberg Sports Update, brought
Speaker 1: to you by Trice State Outie. Here's John Stenshower right
Speaker 1: today for the World Series blowout. The Phillies tied a
Speaker 1: series record five home runs. The Astros had only five
Speaker 1: hits the Phils one, Game three seven nothing. They they
Speaker 1: the series to one. Rice Hart forgot him going two
Speaker 1: run shot first inning, Alec bowman Brandon Marsh both homeward
Speaker 1: and inning later than in the fifth Kyle Schwarber, with
Speaker 1: a man on, he went back to back with es Hoskins.
Speaker 1: All five home runs would hit off Houston's lance of colors,
Speaker 1: Astro's shut down by Rangers Suarez and four Philly relievers.
Speaker 1: Game four is tonight. The soap opera continues in Brooklyn
Speaker 1: as the Nets turn as a rising firing of coach
Speaker 1: Steve Nash. Considering how early in the season it is,
Speaker 1: g M. Shawn Marks called it more of a mutual
Speaker 1: to sis. Both felt this was this was time. It
Speaker 1: was certainly training in that way, and to be quite frank,
Speaker 1: the team was was not doing what it was supposed
Speaker 1: to be doing. You know, we're we have we've fallen
Speaker 1: um from our goals of meeting our goals, and it
Speaker 1: was it was time now because we still have lofty
Speaker 1: aspirations of where we need to get to and then
Speaker 1: came the news of who's expected to replace nash him
Speaker 1: At Yudok was currently suspended by the Celtics. There was
Speaker 1: a relationship with the Celtics. Employee reported the inappropriate text messages.
Speaker 1: He did coach the self to the NBA Finals last season.
Speaker 1: Jacque Vaughn coach the Nets last night. They lost to
Speaker 1: Chicago at Berkeley's one ninety nine. The Bull Zach Levine's
Speaker 1: gouard twenty four quarter points outscored the next by himself.
Speaker 1: And then that's of all the two and six local hockey.
Speaker 1: All three teams won. The Rangers at the Guard one
Speaker 1: nothing over the Flyers on a Chris try their breakaway
Speaker 1: goal with less than a minute to go with for time.
Speaker 1: The Islanders won three one in Chicago and the Devil's
Speaker 1: won five to at Vancouver. The Ranges have won three
Speaker 1: in a row in the Isles and Devils have won
Speaker 1: their last four. John McVeigh has died at ninety one,
Speaker 1: grandfather of the Rams, coach GM of the forty nine
Speaker 1: and once the head coach of the Johants. John Bloomberg
Speaker 1: sports Nathan thanks John seven on Wall Street time for
Speaker 1: the Tri State Business report. Here's Bloomberg Scott Carr. Disappearing
Speaker 1: job listings and missing salary Infoe are just some of
Speaker 1: the glitches that emerged Tuesday as New York City employers
Speaker 1: struggled to adapt of the city's new pay transparency law.
Speaker 1: The hundreds of open rolls Goldman Sachs Group typically advertises
Speaker 1: in the city were reduced to just one Tuesday morning
Speaker 1: as it scrambled to amend listings with the required salary ranges.
Speaker 1: Johnson and Johnson has entered into a definitive agreement to
Speaker 1: acquire medical technology firm Abided for approximately sixteen point six
Speaker 1: billion dollars. The move expands the New Jersey based healthcare
Speaker 1: giants medtech reach into the area of cardiovascular disease. Connecticut's
Speaker 1: XPIO Logistics, one of the world's largest freight transport, is
Speaker 1: moving forward with the announced spinoff of its truck brokerage
Speaker 1: business executive site. Third quarter revenue of just over three
Speaker 1: billion dollars as proof the company was ready for the venture.
Speaker 1: The final earnings report before xbio scheduled spinoff this week
Speaker 1: of our exo headquartered in Charlotte. That's the Bloomberg Try
Speaker 1: State Business Report. I'm Scott Carr, Thanks Scott 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 with our global news team for some of the
Speaker 1: top stories heard in our three hundred affiliate radio stations
Speaker 1: around the world. I'm Steve Potus scan km X in
Speaker 1: Los Angeles. We're talking about dating app Owner Match getting
Speaker 1: some Wall Street love after topping quarterly forecast. Um corney
Speaker 1: Donahawan kt r H in Houston. Pipeline giant energy transfer
Speaker 1: slamming President finds pushed for more oil production. I'm Jeff
Speaker 1: Blinger and on wtv N and Columbus. I'm reporting Dollar
Speaker 1: General is in hot water with Ohio's Attorney General Opraham
Speaker 1: ludged deceptive pricing. I'm carrying at film bim Bag DAB
Speaker 1: Digital Radio in London. We've been reporting on the UK
Speaker 1: Trade Secretary casting doubt on the government's independent economic forecasts.
Speaker 1: I'm Scott Carr on w w J in Detroit. I'm
Speaker 1: reporting on why populations are falling across Michigan but not
Speaker 1: Grand Rapids. And those are some of the stories are
Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. We're also watching shares of
Speaker 1: advanced micro devices this morning. They're up more than four
Speaker 1: percent in early trading after the chip maker top third
Speaker 1: quarter estimates. We get the story from Bloomberg's Charlie Pellett.
Speaker 1: The second largest maker of computer processors, signaled that in
Speaker 1: roads in the lucrative server chip market will continue to
Speaker 1: bolster its finances. It said in the fourth quarter, sales
Speaker 1: will be five and a half billion dollars plus or
Speaker 1: minus three hundred million. That miss the average estum but
Speaker 1: of about five point nine billion, but it does represent
Speaker 1: an increase at a time when several of a 's
Speaker 1: here's our suffering contractions. The company said. Gains and servers
Speaker 1: and robust demand for custom chips will help bolster a
Speaker 1: m d S performance in New York. Charlie Pellot, Bloomberg
Speaker 1: Day Break. All right, Charlie, thanks, futures are little changed now.
Speaker 1: This is Bloomberg. Bloomberg Sports Report was brought to you
Speaker 1: by Autie. Don't let someone else drive off in the
Speaker 1: outie model. You've always wanted. Visit your local price state
Speaker 1: autie dealer to get behind the wheel of yours today,
Speaker 1: or visit autie Offers dot com for more information, markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktape.
Speaker 1: This is a Bloomberg business lash and I'm kared. Moscow
Speaker 1: equities trimming gains ahead of the federal reserves policy meeting,
Speaker 1: a gage of the dollar falling golden rice. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: bloomberg s and p futures. They're mostly higher up three
Speaker 1: points down. Futures up three as well, so little change.
Speaker 1: Nastack future is up eighteen the decks in Germany little
Speaker 1: changed as well. Ten year treasury that'll change he'ld four
Speaker 1: point oh four percent yield on the two year four
Speaker 1: point five one percent. Nine x screwt oil is down
Speaker 1: a tenth of a percent, down ten cents at eighty
Speaker 1: eight dollars, twenty eight cents of barrel comic schooled up
Speaker 1: half percent or eight dollars twenty cents at sixteen fifty
Speaker 1: seven ninety announced the Euro seven against the dollar, British
Speaker 1: pound one point one four and nine five the yen
Speaker 1: at one forty seven point one four and bitcoin this morning,
Speaker 1: little change at twenty thousand, five hundred dollars. That's at
Speaker 1: Bloomberg Business Flash. Now here's Muchael Barr with more on
Speaker 1: what's going on around the world. Muncaele Larn, thank you
Speaker 1: very much. Senior Russian military leaders are said to have
Speaker 1: recently discussed the use of nuclear weapons on Ukraine. The
Speaker 1: New York Times reports that's according to senior American officials,
Speaker 1: WES officials saying though they had not seen any evidence
Speaker 1: that Moscow is moving nuclear weapons into place. Brazilian President
Speaker 1: John Eyre Bulsonaro val to respect the constitution and authorized
Speaker 1: the government to start the political transition after his loss
Speaker 1: to Luis Ignatio Lula de Sylva in Game three of
Speaker 1: the World Series. The Phillies shut out the Astros seven zip.
Speaker 1: Philadelphia now leads the series two games to one. In
Speaker 1: the NBA, after the firing of head coach Steve Nash,
Speaker 1: the Nets lost to the Bulls one O eight ninety nine.
Speaker 1: The Warriors lost. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalist analysts, more than twenty countries, Michael Barr,
Speaker 1: and this is Bloomberg, Nathan. Okay, Michael, thanks for coming
Speaker 1: up to five nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we
Speaker 1: are also coming up to a Federal Reserve decision out
Speaker 1: of two pm Wall Street time. Ahead of it. We
Speaker 1: are joined this morning by Anka Coopta, director of Maca
Speaker 1: Economic Research at Wisdom Tree. So great to speak with
Speaker 1: you on a Fed decision day, Anica, thanks for being
Speaker 1: with us. Is a seventy basis point move pretty much
Speaker 1: a done deal today? Or is their potential chance for
Speaker 1: surprise to the upper downside to this afternoon? Well, in
Speaker 1: our view, you know, Nathan, we we do believe seventy
Speaker 1: five is pretty much a done deal. Um. I think
Speaker 1: it's too early to expect a major shift in instance
Speaker 1: from FED policy. Um. You know, if we just reflect
Speaker 1: on what you know, the Fed Chepau said in his
Speaker 1: last meeting in September. You know, they were looking at
Speaker 1: three key things, um, to alter the pace of hikes
Speaker 1: or even to you know, allow that pivot to take place.
Speaker 1: They wanted to see growth continuing to run below trend.
Speaker 1: They wanted to see movements in the labor market when
Speaker 1: a return to a better balance between supply and demand,
Speaker 1: and the third one was a clear evidence that inflation
Speaker 1: was moving back down to two. Now, clearly we did
Speaker 1: get growth. Um, you know, a GDP growth for the
Speaker 1: US was up two point six per and Q three,
Speaker 1: but you know that was entirely due to a huge
Speaker 1: swing in net form trade. So overall we'd see that
Speaker 1: the GDP trenk was the third strage reading below the
Speaker 1: one one eight percent median f OMC projection. But as
Speaker 1: far as the labor market and you know, the trajectory
Speaker 1: of inflation is concerned, we are nowhere, uh neil, meeting
Speaker 1: the criterion that the FED has set out. And so
Speaker 1: that's you know, precisely why we don't expect to see
Speaker 1: a big shifting stance today. So you're not expecting much
Speaker 1: of a change in the language we hear from Chairman
Speaker 1: Powell when he gives us news conference this afternoon. The
Speaker 1: idea of a FED pivot in your estimation is going
Speaker 1: to have to wait. Is that what I'm hearing? That's
Speaker 1: absolutely right? Um, you know, he's definitely going to be
Speaker 1: pushed hard because obviously you know, we're seeing more commentators,
Speaker 1: you know, sharing that view that the FED is now
Speaker 1: increasingly at a high risk of uh, you know, pushing
Speaker 1: the economy into a recession because they've given themselves very
Speaker 1: little room for maneuver. But you know, they can't take
Speaker 1: a U turn on a statement that they've made just
Speaker 1: six weeks ago because there hasn't We aren't moving towards
Speaker 1: their criterion for as far as the labor market is concerned.
Speaker 1: Neither is the inflation trajectory moving anywhere close to the
Speaker 1: two percent level um. And so something needs to change
Speaker 1: within these two key data metrics for to allow them
Speaker 1: to even hint at a pivot at this point in time.
Speaker 1: What kind of market reaction do you expect to see
Speaker 1: then if we continue to get a hawkish stance from
Speaker 1: this Fed. The thing is, Nathan, if you you know,
Speaker 1: if you just look at the way the market has
Speaker 1: been trading over the last few days, um, you know,
Speaker 1: be it on news on coming out at China, you know,
Speaker 1: needs coming out of the UK, and you know the
Speaker 1: in the aftermath of the recent ECB meeting, it looks
Speaker 1: like the market is looking for a catalyst to you know,
Speaker 1: fuel that bear market rally, and even though there's there's
Speaker 1: a dose of those lat lists available, the market is
Speaker 1: trying to push forward. Um, and I think that there
Speaker 1: it's soon going to be disappointed. So as far as
Speaker 1: the market reaction today, uh, you know, if we do
Speaker 1: get a surprise and it's it's countrary to what we
Speaker 1: believe here, um, you know you will get you will
Speaker 1: get that rally continuing, but it will die out shortly
Speaker 1: after because you know tomorrow we're going to have the
Speaker 1: key apparel data come in. Uh, and that's you know,
Speaker 1: going to swim the market direction again in in a,
Speaker 1: in a, in a totally different direction. And hence, I
Speaker 1: think the key thing to keep in mind today is um, uh,
Speaker 1: you know, you could get an extension of that bare
Speaker 1: market rally, but it's it's unlikely to last long. All right,
Speaker 1: maybe looking ahead to December already. Thanks for this, Sonica,
Speaker 1: great having you with us this morning. Nica Goop, a
Speaker 1: director of macro research at Wisdom Trade. Karen Well, Nathan,
Speaker 1: it's five fifty three, Unwell, straight time at the Bloomberg
Speaker 1: Law Report. It brought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable resolve faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a dr dot org. Let's get to the
Speaker 1: legal stories we are watching this morning. From Bloomberg's Jeff
Speaker 1: Bellinger Hospital, out patient departments that provide care to Medicare
Speaker 1: recipients will see a three point eight percent bump next
Speaker 1: year in the payments they received from the government. Two
Speaker 1: million GICO customers on certification as a class in their
Speaker 1: lawsuit which claims they were overcharged for car insurance during
Speaker 1: the pandemic. The operator of the Philadelphia construction company was
Speaker 1: fined fifty thou dollars and sentenced to three months in
Speaker 1: prison for attempting to bribe an OCEA inspector. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at
Speaker 1: Bloomberg Law dot com. Right, Jeff Banks. Now another legal
Speaker 1: story we're watching. Elon Musk started his new role as
Speaker 1: the chief Twitch with a gag, walking into the company
Speaker 1: san Francisco headquarters holding a sig. He also fired the
Speaker 1: top executive team, including the CEO, the CFO, and the
Speaker 1: General Council, and tweeted a baseless conspiracy theory about the
Speaker 1: attack on Paul Pelosi, which has since been deleted by
Speaker 1: all accounts. It's been chaotic at Twitter as the world's
Speaker 1: richest man considers making major changes to the sixteen year
Speaker 1: old product with its seven thousand employees. For Mark Bloomberg's
Speaker 1: jun Grosso speaks to Eric Talley, or professor at Columbia
Speaker 1: Law School. Is there a time limit for how long
Speaker 1: they have to turn things around? Well, yes and no.
Speaker 1: I guess. On the one hand, you know, Elon Musk
Speaker 1: substantially owns this company, and he's still the richest person
Speaker 1: in the world, so you know, if they run out
Speaker 1: of money, maybe he can, you know, cough up a
Speaker 1: little bit more and and convince some of his friends
Speaker 1: and colleagues to cough up more. On the other hand,
Speaker 1: their patients is not going to be infinite to the
Speaker 1: extent that it doesn't look like this company is actually
Speaker 1: doing anything more than sort of viraling of current altitude
Speaker 1: or maybe even falling in altitude. They're not going to
Speaker 1: be too anxious to kick in more money. And in addition,
Speaker 1: they're not really sitting on a treasure trove of cash
Speaker 1: to absorb losses that they are likely to have to
Speaker 1: incur while they're experimenting with different ways to alter and
Speaker 1: expand and monetize the platform. Although Twitter had a decent
Speaker 1: amount of cash on hand, you know, almost six billion
Speaker 1: dollars on pand a lot of that apparently went into
Speaker 1: the closing of the transaction, largely to pay off the
Speaker 1: pre existing debt that Twitter had, so their cash margins,
Speaker 1: their margin of error is actually quite thin before they
Speaker 1: would have to go back to someone to help provide
Speaker 1: them with additional capital. I think that makes the timeline
Speaker 1: a little uncomfortably short for Mr Musk, unless you know,
Speaker 1: he's basically just willing to provide that capital himself, and
Speaker 1: he might be, but it's certainly more painful than it
Speaker 1: would have been five or six months to go, with
Speaker 1: Tesla now trading at far lower values and most of
Speaker 1: his wealth is tied up in his paper ownership of
Speaker 1: Tesla stock. In line with bringing money to the platform,
Speaker 1: he wants to take away the blue badges of verified
Speaker 1: users if they don't pay for the site's new subscription service,
Speaker 1: Twitter Blue. I think that's one of the things they're
Speaker 1: trying to experiment with, is you know, how drawn are
Speaker 1: these network effects in which people who have been cultivating
Speaker 1: on online following have become verified users? How much are
Speaker 1: they willing to pay to maintain that status? Obviously, once
Speaker 1: you've become prohibitively expensive, everyone decides, now I'm either going
Speaker 1: to dump the blue badge status or I'm going to
Speaker 1: move to a different platform and look at one area
Speaker 1: where you know, he probably should be thinking a little
Speaker 1: bit about can I monetize the folks that are likely
Speaker 1: to be the most loyal users of Twitter? And the
Speaker 1: blue badge folks are in fact the folks that have
Speaker 1: some of the largest networks on Twitter right now. So
Speaker 1: it's not a crazy idea of trying to figure out
Speaker 1: is it possible to monetize that in some way? But
Speaker 1: this is definitely a delicate operation and I think it
Speaker 1: can backfire relatively quickly if you don't proceed with you know,
Speaker 1: appropriate caution and as there Kelly Or, professor at Columbia
Speaker 1: Law Schools, being with the Bloomberg Joan Grasso. Catch more
Speaker 1: of that interview plus analysis of the latest legal news
Speaker 1: by subscribing to the Bloomberg Law podcast or downloading the
Speaker 1: show at Bloomberg dot com, slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b law
Speaker 1: go and futures. This morning, they're little change to hire,
Speaker 1: with SMP futures up about three points now Futures that
Speaker 1: will change and nasdack futures up twenty one and Bloomberg
Speaker 1: day Break continues. This is Bloomberg