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Speaker 1: Five from the Bloomberg Interactive Brooker Studios. Is this Bloomberg

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Speaker 1: day Break for Monday, October ten two Coming up this hours,

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Speaker 1: stocks tick lower following a volatile week on Wall Street.

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Speaker 1: Investors await key inflation data and the kickoff of earning season.

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Speaker 1: Good earning sends stocks even lower. We'll have the results

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Speaker 1: of a Bloomberg cold and Rockets strike keif after Vladimir

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Speaker 1: Putin blames Ukraine for targeting a crucial bridge to crimea

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Speaker 1: shots rang out near the Long Island home of Republican

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Speaker 1: Boolin atorial candidate Lee's Eldt, plus demonstrations growing the run

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Speaker 1: involving the so called morality police on Michael barn More ahead,

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Speaker 1: I'm down station in sports, the Mets season is over,

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Speaker 1: shut out by the pad Rays of the decisive game

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Speaker 1: three wins with the Giants and Jeff that's all's trading

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Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius Exam one nineteen and

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Speaker 1: around the world Old on Bloomberg Radio dot Com and

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Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagar and

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Speaker 1: I'm Karen Moscow, and US stock index futures are lower

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Speaker 1: this morning. We are coming up to five out one

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Speaker 1: on Wall Street, and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day on Bloomberg. Right now, U,

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Speaker 1: S and P futures are down twenty one points. Now

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Speaker 1: futures down one thirty three At nowsday futures down seventy six.

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Speaker 1: The US bond market is closed today and observis of

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Speaker 1: the Columbus Day or Indigenous People's Day holiday. NIMEX screwed

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Speaker 1: oil is down night tens of percent. It's down eighty

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Speaker 1: three cents at five cents of barrel, and Comex school

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Speaker 1: down more than one per cent at down twenty one

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Speaker 1: dollars at announced Nathan, we'll caring. The drop in futures

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Speaker 1: follows a volatile week on Wall Street. The S and

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Speaker 1: P five hundred began the week with its biggest two

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Speaker 1: day rally since the onset of the pandemic, only to

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Speaker 1: fall in the final three days, capped off by Friday's

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Speaker 1: jobs report. Investors are now betting the Fed will continue

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Speaker 1: it's aggressive hiking trail. Brian Jacobson is senior investment strategist

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Speaker 1: at all Spring Global Investments. You know Ned Davis was

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Speaker 1: famous for a lot of his wisdom, the trend is

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Speaker 1: your friend, and don't fight the Fed. But now you

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Speaker 1: can kind of paraphrase that by saying, don't fight the

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Speaker 1: trend because the Fed isn't your friend and the trend, unfortunately,

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Speaker 1: is towards weakness. All Spring Global Investments Brian Jacobson thinks

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Speaker 1: the Fed will keep going with hawkish policy tightening. Well

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Speaker 1: in Asia, Nathan Shares tumbled amid intensifying concern over rising

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Speaker 1: global interest rates, and as Chinese investors returned from a

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Speaker 1: week long holiday to tighter restrictions on American technology. We

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Speaker 1: get the recap from Bloomberg's Juliet Sally in Singapore. Good Morning,

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Speaker 1: Nathan and Karen. Chinese stokes fail on their return from

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Speaker 1: the Golden Week holiday, hurt by a global equity sell

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Speaker 1: off and blake holiday spending data that deepened concerns about

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Speaker 1: the economic recovery. The cs I three hundred was trying

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Speaker 1: at April twenty twenty. Lows Tech Stokes fell amid renewed

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Speaker 1: Sino US tensions with the hang, saying Tech indexit January

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Speaker 1: twenty nineteen lows, they'll show you one strengthened after the

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Speaker 1: p BOC set are stronger. You want fixed. For a

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Speaker 1: record twenty eight day, the ARSI dollar failed to April

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Speaker 1: twenty lows. Markets in Japan, South Korea and Taiwan were closed.

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Speaker 1: In Singapore, Julie at Sally Bloomberg daybreak. All right, Juliet,

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Speaker 1: thanks and starts for following in Europe as well. To

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Speaker 1: begin this week, let's go live to London and get

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Speaker 1: the latest with Bloomberg's you in parts. Good morning, Good morning,

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Speaker 1: Nathan and Karen a Gloomy started trading here in Europe

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Speaker 1: as well, with every major stock markets in the red

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Speaker 1: this morning. Consumer products, tech and utilities among the mixed

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Speaker 1: bag of sectors for feeling the precious most so far.

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Speaker 1: The Bank of England meanwhile, says it's stepping up its

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Speaker 1: support for the UK bond market, which sold off after

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Speaker 1: the government's disastrous mini budget statements. The Bank's aim is

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Speaker 1: to provide longer term support for a wider range of

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Speaker 1: securities over the coming weeks. In London, I'm you and

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Speaker 1: parts Pinberg daybreak, All right, you and thank you. Back,

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Speaker 1: you're in the u wear Salian's chief economic advisor, Muhammad

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Speaker 1: hilaria And is continuing his criticism are the FAED. He

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Speaker 1: is blaming the central Bank for what he calls the

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Speaker 1: very high risk of our recession. Not only does it

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Speaker 1: have to overcome inflation, but it has to withstore credibility.

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Speaker 1: So yes, I fear that we with a very high

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Speaker 1: probability of a damaging recession that was totally avoidable. Alan's

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Speaker 1: chief economic advisor and Bloomberg contributor, Mohammed hilary And made

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Speaker 1: the comments on CBS Face the Nation. Catch the program

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Speaker 1: Sundays on Bloomberg Radio on the economic front this week

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Speaker 1: here when we get minutes from the Fed September meeting

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Speaker 1: as well as key ratings on inflation. The Producer Price

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Speaker 1: Index comes out on Wednesday, followed by consumer prices Thursday.

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Speaker 1: Earning season begins this week as well, and we get

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Speaker 1: a preview from Bloomberg's Charlie Pellett. Banks including JP Morgan, Chase,

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Speaker 1: City Group, Wells Fargo, and Morgan Stanley will be front

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Speaker 1: and centator as companies report third quarter results amid a

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Speaker 1: rising rate environment, higher energy costs, and geopolitical uncertainty. Jessica Biemers,

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Speaker 1: portfolio manage at Easterly Investment Partners. I'm actually really excited

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Speaker 1: to hear from companies because they are able to to

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Speaker 1: really give us obviously some perhaps short term negatives, but

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Speaker 1: long term guidance on how they plan to react to

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Speaker 1: the current environment that tends to be a good thing

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Speaker 1: for stocks. This week will also hear from black Rock,

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Speaker 1: Delta Airlines, PepsiCo p n C, and United Health in

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Speaker 1: New York Charlie Pellett, Bloomberg day Break. All right, Charlie,

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Speaker 1: thank you well. Investors do not expect this earning season

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Speaker 1: to be a pretty one. More than six responds to

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Speaker 1: the latest Bloomberg and Live Paul's survey say this earning

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Speaker 1: season will push the S and P five hundred index

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Speaker 1: even lower. About half of pull participants also expect equity

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Speaker 1: valuations to pull back even further from their average of

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Speaker 1: the past decade. The strong dollar is also likely to

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Speaker 1: be a headwin during this earning season, Karen. That's according

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Speaker 1: to strategistic Goldman Sachs, who say US companies generate revenues overseas.

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Speaker 1: The bank also says elevated inflation and high inventories pose

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Speaker 1: risks to earnings and geo political news Nathan Kiev has

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Speaker 1: been hit by explosions this morning, two days after an

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Speaker 1: attack on a key bridge between Crimea and Russia. Ukrainian

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Speaker 1: officials says at least eight people have been killed in

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Speaker 1: another twenty four wounded in today's strikes. Russian President Vladimir

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Speaker 1: Putin is blaming Ukraine for the bridge attack. He meets

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Speaker 1: with a security council today. Ukrainian President vladimir's Alenski appeared

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Speaker 1: to make a not so subtle mention of the bridge

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Speaker 1: attack in his daily address. Today was a good and

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Speaker 1: mostly sunny day on the territory of our state. Unfortunately

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Speaker 1: it was cloudy in Crimea, although it is also warm.

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Speaker 1: But no matter how cloudy it is, Ukrainians know what

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Speaker 1: to do and they know that our future is sunny.

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Speaker 1: Ukrainian President vladimir's Lenski spoke there through a translator. Onto

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Speaker 1: another geopolitical flashpoint, Karen Taiwan says there will be no

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Speaker 1: compromise on its sovereignty or democracy. That came hours after

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Speaker 1: Elon Musk tweeted that the self rule of island should

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Speaker 1: adopt a Hong Kong style governance model. China is hailing

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Speaker 1: the idea, but Taiwan President Signing Wen says Beijing should

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Speaker 1: not make any misjudgment on account of Taiwan's vig rist

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Speaker 1: democratic system. And again, futures are lower this morning, s

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Speaker 1: and P Future is down sixteen points. Now Future is

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Speaker 1: down ninety four and nasdays futures are down sixties six

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Speaker 1: nix screwed oil down half per cent, and straight ahead

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Speaker 1: your latest local headlines plus a check of sports. And

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Speaker 1: this is Bloomberg. Thanks Karen. Five oh seven on Wall

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Speaker 1: Street fifty two degrees in Central Park. Already got an

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Speaker 1: accident at westbound l A. It's at the lower level

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Speaker 1: near the b que. Details coming up in traffic. First,

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Speaker 1: Michael bar with what else is going on in New

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Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.

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Speaker 1: Police say there is no apparent connection between the shooting

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Speaker 1: outside Lee's Eldon's home in Shirley Long Island Sunday afternoon

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Speaker 1: and the Republican nominee for New York governor. Investigators say

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Speaker 1: two teenage boys tried to hide in this Elden's front

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Speaker 1: porch after a drive my shooting. Zelden says His twin

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Speaker 1: teenage daughters were home at the time, and when they

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Speaker 1: heard the gunshots, they had locked themselves in the bathroom

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Speaker 1: and called nine one one. Speaking to reporters outside his home,

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Speaker 1: the New York congressman said the shooting is representative of

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Speaker 1: a larger problem with society. At what point are we

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Speaker 1: supposed to talk about the crime on our own streets.

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Speaker 1: I'm standing in front of crime scene tape in front

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Speaker 1: of my own house. You can't get me more outraged

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Speaker 1: than right now. Zelden sends his security cameras photographed the people.

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Speaker 1: The two people shot were taken to hospitals. More Republicans

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Speaker 1: are pledging support for Herschel Walker, the Senate GOP candidate,

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Speaker 1: and George is facing fall out over reports that he

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Speaker 1: once paid for next girlfriend's abortion. The Republican Senatorial Committee

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Speaker 1: chair at Senator Rick Scott, who campaign with Walker, who

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Speaker 1: is a staunch anti abortion candidate. Democratic Senator Raphael Warnock

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Speaker 1: holds a slight lead in the polls in the state,

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Speaker 1: Violent anti government protests are intensifying and spreading. It a

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Speaker 1: run sparked by anger over the killing of a woman

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Speaker 1: who was arrested by the so called morality police and

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Speaker 1: then dying in East custody. The protest started four weeks

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Speaker 1: ago with the death of twenty two year old Masha

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Speaker 1: Amini for allegedly wearing her head job improperly. One woman

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Speaker 1: protesting in Iran's has enough is enough. Iran analysts Holly

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Speaker 1: Dagru says, these demonstrations are extraordinary. They're changing death to

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Speaker 1: the dictator, death to hominy. They're removing their head scarves.

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Speaker 1: There's been viral videos of Iranian girls flipping the bird

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Speaker 1: at the supreme meter of Iran's photo or stomping on

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Speaker 1: his photo in classrooms. Panelist Holly Dogress. North Korean leader

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Speaker 1: Kim John Un said he launched a new ballistic missile

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Speaker 1: and simulated tactical nuclear strikes during recent military drills. It's

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Speaker 1: a sign that North Korea is preparing for its first

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Speaker 1: atomic test in five years. Global News twenty four hours

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Speaker 1: a day on air end on Bloomberg Quicktake, powered by

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Speaker 1: more than undred journalists and analysts more than a d

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Speaker 1: twenty countries. Michael barn this is Bloombird, Nathan. Thank you.

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Speaker 1: Michael five O nine on Wall Street time for the

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Speaker 1: Bloomberg Sports up Take. Good morning, John Stanshower morning night.

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Speaker 1: Then only one Mets team in their history won more

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Speaker 1: games than this one. That was ES six, which also

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Speaker 1: happens to be the last time the Mets won the

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Speaker 1: World Series. This team won a hundred and one games,

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Speaker 1: but that was not enough to even win the division,

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Speaker 1: and a concern was that the Mets were now going

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Speaker 1: to have to play a short, best of three wildcard

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Speaker 1: series where they can run into some good pitching be

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Speaker 1: out quickly, and that's exactly what happened the Padres. You

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Speaker 1: Darvis shut him down in Game one, and Joe Musgrove

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Speaker 1: was dominant in last night's Game three. In fact, his

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Speaker 1: stat line seven scoreless stings only one hit allowed, the

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Speaker 1: best in postseason history. In a winner takeoff games, San

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Speaker 1: Diego won six nothing. Padres advanced to play the Dodgers

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Speaker 1: the Yankees Game one with leeld at the stadium tomorrow night.

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Speaker 1: Yanks had a mandatory workout last Friday or oldest Chapman

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Speaker 1: did not show up. There was talk the Yanks we're

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Speaker 1: not gonna put them on their playoff roster now they

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Speaker 1: definitely won't. Chapman's gonna be a free agent, and safe

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Speaker 1: to say his Yankee career was over. As for New

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Speaker 1: York Football Jets for three two blew out in Miami

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Speaker 1: forty to seventeen, their first home win, their first win

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Speaker 1: within a division in three years. Rookie running back Brace

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Speaker 1: Hall rush for ninety seven yards, also had a seventy

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Speaker 1: non yards reception. The Giants are four and one. They

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Speaker 1: went four and thirteen last season in London. They came

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Speaker 1: from two touchdowns down against the Packers six twenty three

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Speaker 1: to go, Kan tied to twenty first and Gold Giants

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Speaker 1: at the two wildcat wildcat formation with Parkley and right Well.

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Speaker 1: This time Jones lined up loud take one, takes the

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Speaker 1: snaff sake one quartly put a touchdown PA. The Giants

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Speaker 1: have to leave with six go w f A and

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Speaker 1: Giants stands stopped green Bay on a late drive and

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Speaker 1: one tent seven twenty two. Daniel Jones at least in

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Speaker 1: the second half, I would play Aaron Rodgers, John stash

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Speaker 1: Award Bloomberg Sports, Nathan all Right, John Thanks, SMP futures

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Speaker 1: are down sixteen points right now, DAL futures are down

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Speaker 1: ninety two. NSSECT futures are lower by sixty seven points.

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Speaker 1: No bond trading today for the Columbus Day. Indigenous people

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Speaker 1: stay holiday. We'll get more on this market next with

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Speaker 1: Dennis Gardman, former publisher of the Gartment Letter. This is Bloomberg,

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Speaker 1: Bloomberg eleven three oh weather. Mostly sunny today with highs

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Speaker 1: in the upper six. He's plenty of sunshine tomorrow as well.

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Speaker 1: We'll get up to near seventy Wednesday, partly sunny with

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Speaker 1: a high near seventy degrees. Right now fifty two in

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Speaker 1: Central Park markets. Headlines and breaking news twenty four hours

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

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Speaker 1: and at Bloomberg Quick Take. He's a Bloomberg Business Flash

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Speaker 1: and I'm Cameron. Moscow and European stocks are following Asian

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Speaker 1: piers lower as concern over inflation, higher rates, and recession

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Speaker 1: intensify before earning season kicks off. US stock index futures

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Speaker 1: are also dropping. We check the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg. Right now is in

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Speaker 1: P futures down fourteen points down, futures down seventy, NASDAG

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Speaker 1: futures down fifty nine. The decks in Germany is moving higher.

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Speaker 1: It's up about two tenths of upper cent. The US

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Speaker 1: bond market is closed today in observance of Columbus Day

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Speaker 1: or Indigenous People's Day. NIMEX screwed oil is down about

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Speaker 1: seven tenths of upper cent or sixty three cents, and

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Speaker 1: ninety two dollars four cents of barrel comex school there

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Speaker 1: is down more than one per cent, or down eighteen

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Speaker 1: dollars forty cents. A sixt announced the euro point nine

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Speaker 1: seven oh six against the dollar, British pound one point

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Speaker 1: one zero seven three, the n one forty five point

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Speaker 1: four three, and look at a big coin. It's down

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Speaker 1: one per cent in nineteen thousand, two hundred eighty dollars.

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Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with

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Speaker 1: more on what's going on around the world. Muchael, Good morning,

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Speaker 1: Good morning, care and several explosions were heard in Ukraine's

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Speaker 1: capital Kiev today. It comes as Russian leader of Vladimir

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Speaker 1: Putin will meet with his top security officials in Moscow

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Speaker 1: today following the bombing of Europe's longest bridge linking annexed

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Speaker 1: Crimea to the Russian mainland. North Korea has revealed its

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Speaker 1: recent series of missile tests were tactical new lear weapon drills.

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Speaker 1: According to North Korean state media, the country's seven missile

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Speaker 1: tests across just two weeks were exercises to simulate nuclear

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Speaker 1: strikes on South Korea. In baseball, the season is over

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Speaker 1: for the Mats. They lost to the Padres six nothing

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Speaker 1: in the deciding game three of their INNL Wild Card Series.

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Speaker 1: And football, the Giants lost in London the Jets one,

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Speaker 1: along with the Patriots Ravens and forty nine. The Commanders lost.

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

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

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Speaker 1: hundred journalist and analysts in more than a hundred twenty countries.

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Speaker 1: How Michael Barr, this is Bloomberg, Nathan. Thanks Michael. It's

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Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive

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Speaker 1: Bookers Studios. This is Bloomberg Daybreak, and we get the

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Speaker 1: trading weeks started this morning with Dennis Gartman, former publisher

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Speaker 1: of The Gartman Letter, now Chairman of the University of

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Speaker 1: Akron Endowment Investment Committee, on a morning where the only

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Speaker 1: asset really showing any signs of strength, Dennis, is the dollar.

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Speaker 1: I think the last time we talked. You were saying

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Speaker 1: you're thinking about going long stocks. Are you sticking with

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Speaker 1: that call? Well, actually I said I would be a

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Speaker 1: buyers stock just for a couple of days because we

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Speaker 1: were due for a technical bounce. I've been very barish

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Speaker 1: with stocks on non balance since January this year and

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Speaker 1: haven't changed my opinion at all except we we get bounces,

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Speaker 1: we get dead cat bounces, and we had a nice

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Speaker 1: dead cat bounce early last week. It lasted less than

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Speaker 1: forty eight hours, and the bear market continues at this point.

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Speaker 1: So yes, I was bullish for about oh a day

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Speaker 1: and a half at most, And all I said at

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Speaker 1: the time was that if you if you had a bounce,

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Speaker 1: which we've got, we got that bounce, you should use

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Speaker 1: that bounce in which to become less involved in the market, reduced,

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Speaker 1: to use that strength to reduce your long positions. And

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Speaker 1: I think that that's been consistent since January five. The

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Speaker 1: set is continuing to be monetarily tighter. That we've had

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Speaker 1: years of monetary expansion. Now we're going to have years

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Speaker 1: and beginning already years of monetary contraction as the FED

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Speaker 1: reduces the size of this balance sheet. And if they're

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Speaker 1: taking the fuel away that it's sponsor the bull market.

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Speaker 1: So yes, for a day or two I had become

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Speaker 1: slightly less barrish. I think I would call it that,

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Speaker 1: not bullish at all. But and I was very succinct

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Speaker 1: and saying, used the strength in the wish to sell

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Speaker 1: years of monetary tightening from the federal Reserve. What does

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Speaker 1: that look like? What does that mean to you? It

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Speaker 1: means that the fuel that they had used to sponsor

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Speaker 1: the bull market, the fuel that had they had used

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Speaker 1: to sponsor strengthen the economy as they had added the

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Speaker 1: size of their balance sheet, that had had taken its

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Speaker 1: its assets from nine billion dollars to nine trillion dollars

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Speaker 1: over the course of the last decade. They've got they

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Speaker 1: have promised, and I think I believe they're promised, that

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Speaker 1: they're going to reduce the size of that balance sheet

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Speaker 1: by dollars a month as they allow old assets to

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Speaker 1: roll off, to mature off. And in essence, the fuel

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Speaker 1: has been taken away. There the foot that had been

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Speaker 1: put on the on the on the gas pedal is

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Speaker 1: now off and the foot is now on the brake

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Speaker 1: pedal instead. And this is something that will last for

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Speaker 1: several years, not for several weeks, not for some months,

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Speaker 1: but for several years, perhaps even a decade or more.

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Speaker 1: It had been a decade that they had added to

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Speaker 1: their balance sheet. Now they're going to have a decade

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Speaker 1: when they subtract from the size of the balance sheet.

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Speaker 1: So the fuel that has sponsored things is being taken away,

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Speaker 1: and that can only be deleterious to share prices. If

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Speaker 1: you're saying that the federal state type for a decade

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Speaker 1: or more. Are you talking just about the balance sheet?

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Speaker 1: Are you talking about rate hikes as well? What does

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Speaker 1: the rate path look like to you? The rate path

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Speaker 1: continues to be upward. There they're going to take the

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Speaker 1: Fed funds rate at least another seventy five basis points

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Speaker 1: before the year, and I think that at the at

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Speaker 1: the November meeting they'll take the overnight Fed Funds rate

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Speaker 1: seventy five basis points then, and I believe that in

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Speaker 1: the December meeting, which the Fed does not like to

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Speaker 1: be Scrooge McDuck for the for Christmas, but at the

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Speaker 1: December meeting, I think they'll also move the Fed funds

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Speaker 1: rate by another fifty basis points. So I think an

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Speaker 1: aggregate between now and the year end, the overnight said

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Speaker 1: funds right moves up a hundred twenty five basis points,

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Speaker 1: and I think that will probably get one or two

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Speaker 1: more tightenings of the overnight FED funds rate in the

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Speaker 1: first two or three meetings of the fol MC, meeting

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Speaker 1: of the FLMC after the turn of the year. So

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Speaker 1: on balance, FED funds are going higher on balance, the

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Speaker 1: Fed's assets are going lower on balance. This is deleterious

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Speaker 1: to share prices on balance, This is deleterious to the economy. Well,

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Speaker 1: you get another read on inflation this week, producer prices

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Speaker 1: and consumer prices. What's your call there? Does that move

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Speaker 1: the Fed? I think you're gonna get a moderation in

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Speaker 1: the in the numbers. We've had Crude oil prices, except

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Speaker 1: for the past two weeks, have been under pressure for

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Speaker 1: the past several months. Uh. The you had grain prices

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Speaker 1: that had tumbled rather dramatically, taken a week from thirteen

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Speaker 1: dollars a barrel down to eight bushel down to about

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Speaker 1: seven dollars and fifty cents of bustel. But now even

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Speaker 1: we weed is starting to rally back up. The livestock

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Speaker 1: prices have fallen rather precipitously from their highs as grain

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Speaker 1: prices had been under pressure, and so there will be

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Speaker 1: some moderation in the CPI numbers this week, but I

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Speaker 1: don't think it will be material in essence, and I

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Speaker 1: think that the FED will will look past those numbers

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Speaker 1: and be more concerned about the fact that that labor

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Speaker 1: rates are high and labor prices are continuing to move higher.

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Speaker 1: So you've had some commodit prices have been under pressure,

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Speaker 1: but and that that may moderate the CPI number this week,

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Speaker 1: but I don't think it'll be material. We're gonna continue

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Speaker 1: this conversation with Dennis Gartman later on this hour, so

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Speaker 1: stay with us here on Bloomberg Daybreak. Dennis Gartman, former

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Speaker 1: publisher of The Gartman Letter, now chairman of the University

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Speaker 1: of Akron Endowment Investment Committee, get his thoughts as well

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Speaker 1: on the kickoff of earning season what that could potentially

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Speaker 1: mean in an environment where the FED is continuing, possibly

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Speaker 1: with continued monetary policy tightening. Looking ahead to the market

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Speaker 1: open this morning, we see futures moving lower once again,

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Speaker 1: with SMP futures down fourteen points down, futures down seventy one,

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Speaker 1: Nasdaq futures are lower by sixty two points. No trading

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Speaker 1: in the treasury market this morning. It is a federal holiday.

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Speaker 1: Then i'm x crude is down six tenths percent at

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Speaker 1: ninety two dollars nine cents of barrel Coomax gold down

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Speaker 1: one and a quarter percent at seven fifty announced. The

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Speaker 1: euro right now trading at point nine seven zero three

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Speaker 1: against the dollar. Much more to come. You're listening to

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Speaker 1: Bloomberg Day Bred Bloomberg eleven three oh weather. Sunshine in

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Speaker 1: a high near seventy today. We'll get up to near

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Speaker 1: seventy tomorrow and the next day as well, with sunshine prevailing.

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Speaker 1: Right now, it's cloudy in Central Park and fifty two degrees.

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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg Elving Freedom to Washington, d C, Bloomberg N one

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Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg N sixty to the Country, Sirius XM to the

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Speaker 1: one nineteen and around the globe, the Bloomberg Business and

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Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five

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Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hagar and

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Speaker 1: I'm Karen Moscow. We're just about four hours away from

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Speaker 1: the open of US trading. Let's get you up to

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Speaker 1: date on the news you need to know at this hour.

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Speaker 1: The up in futures follows a volatile week on Wall

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Speaker 1: Street that ended with a three days skid. Brian Jacobson,

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Speaker 1: senior investment strategist at all Spring Global Investments, saying that

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Speaker 1: investors are betting the feder Reserve will continue it's aggressive

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Speaker 1: hiking trail. I think the Fed pivot that's not going

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Speaker 1: to happen until they take the blinders off right, and

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Speaker 1: I don't think that they really want to even contemplate

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Speaker 1: changing their tune until they get the four and a

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Speaker 1: half percent with the Fed funds rate. Spring Global Investments

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Speaker 1: Brian Jacobson says if there is a broad economic recession,

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Speaker 1: it would likely come in and Alliance chief economic advisor

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Speaker 1: and Bloomberg opinion contributor Muhammed al Arian is echoing those concerns.

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Speaker 1: He blames the Central Bank for what he calls the

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Speaker 1: very high risk of a recession. Not only does it

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Speaker 1: have to overcome inflation, but it has to withstore its credibility,

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Speaker 1: so yes, I fear that we with a very high

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Speaker 1: probability of a damaging recession that was totally avoidable. Alliance

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Speaker 1: chief Economic advisor and Bloomberg contributor Muhammad al Arian made

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Speaker 1: the comments on CBS Face the Nation, Catch the program

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Speaker 1: Sundays on Bloomberg Radio Investors. Meanwhile, Nathan will serve through

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Speaker 1: some key economic data this week. We get minutes from

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Speaker 1: the September FED Meeting, pp I on Wednesday and cp

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Speaker 1: I Thursday. All of this just as earning season gets underway.

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Speaker 1: Man investors don't expect this earning season to be a

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Speaker 1: pretty one, Karen, More than six of respondence to the

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Speaker 1: latest Bloomberg m Live Pulse survey say earnings will push

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Speaker 1: the SMP five hundred even lower. About half of poll

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Speaker 1: participants also expect equity valuations to pull back even further

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Speaker 1: from their average of the past decade. Turning to markets

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Speaker 1: overseas now, Nathan shares tumbled in asiamt intensifying concern over

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Speaker 1: central bank activity and as Chinese investors returned from a

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Speaker 1: week long holiday to tighter restrictions on American technology. Stocks

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Speaker 1: in Europe are also down. In geopolitical news, Karen Kievs

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Speaker 1: had been hit by explosions this morning, following two days

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Speaker 1: after an attack on a key bridge between Crimea and Russia.

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Speaker 1: Ukrainian officials says at least eight people have been killed.

429
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Speaker 1: Dozensn did in today's strikes, and Nathan. Taiwan's president is

430
00:23:03,520 --> 00:23:06,159
Speaker 1: saying there will be no compromise on its sovereignty or

431
00:23:06,200 --> 00:23:09,240
Speaker 1: democracy after Tesla founder Elon Musk said that the self

432
00:23:09,359 --> 00:23:12,600
Speaker 1: ruled island should adopt a Hong Kong style governance model.

433
00:23:13,040 --> 00:23:17,560
Speaker 1: China praise Musk's comments. Futures this morning are moving lower

434
00:23:17,560 --> 00:23:22,040
Speaker 1: ASNP futures down almost thirteen points down, futures down sixty three,

435
00:23:22,520 --> 00:23:26,040
Speaker 1: nasdack futures down forty eight and look at it, Bitcoin,

436
00:23:26,160 --> 00:23:28,680
Speaker 1: it's down one point one percent in nineteen thousand, two

437
00:23:28,720 --> 00:23:31,760
Speaker 1: hundred eighty dollars. Straight ahead your latest local headlines plus

438
00:23:31,760 --> 00:23:38,920
Speaker 1: a check of sports. This is Bloomberg. Thanks hearing five

439
00:23:39,000 --> 00:23:42,040
Speaker 1: three on Wall Street, fifty two degrees in Central Park.

440
00:23:42,119 --> 00:23:43,920
Speaker 1: Still got that accident on the westbound l I E

441
00:23:44,000 --> 00:23:46,440
Speaker 1: at the b Que. Michael Barr has more on what's

442
00:23:46,480 --> 00:23:48,560
Speaker 1: going on in New York and around the world. Michael,

443
00:23:48,640 --> 00:23:50,679
Speaker 1: thank you very much. Nathan. Two people were shot and

444
00:23:50,720 --> 00:23:54,160
Speaker 1: injured outside New York Congressman Lee's Elden's Long Island home.

445
00:23:54,640 --> 00:23:57,760
Speaker 1: Just twin daughters were inside. One called nine one on

446
00:23:57,840 --> 00:23:59,679
Speaker 1: one and the other called Zelden, who was at the

447
00:23:59,680 --> 00:24:02,919
Speaker 1: Bronch Columbus Day parade with his wife. Zelden says it

448
00:24:03,000 --> 00:24:06,840
Speaker 1: was a frantic moment when Mikhaela had called Diane and

449
00:24:06,880 --> 00:24:11,560
Speaker 1: I she was in the upstairs bathroom locked in the

450
00:24:11,600 --> 00:24:13,960
Speaker 1: way they started that two of them were at the

451
00:24:14,080 --> 00:24:18,800
Speaker 1: kitchen table doing homework and they hear gunshots. Congressman Zelden

452
00:24:18,880 --> 00:24:21,880
Speaker 1: says his security cameras captured three people in the incident.

453
00:24:22,400 --> 00:24:25,440
Speaker 1: The two people's shots were taken to hospitals. It's unclear

454
00:24:25,760 --> 00:24:29,560
Speaker 1: who the perpetrators or victims are and why the shooting happened.

455
00:24:30,119 --> 00:24:33,800
Speaker 1: North Korea said today it's recent barrage of missile launches

456
00:24:33,840 --> 00:24:36,959
Speaker 1: were tests of its tactical nuclear weapons to hit and

457
00:24:36,960 --> 00:24:40,440
Speaker 1: wipe up potential South Korean and US targets. Its leader

458
00:24:40,480 --> 00:24:43,920
Speaker 1: Kim John Un has signaled he would conduct more provocative tests.

459
00:24:44,400 --> 00:24:47,920
Speaker 1: Demonstrations are spreading as Iranian women are going head to

460
00:24:48,000 --> 00:24:50,639
Speaker 1: head with security forces after the killing of a woman

461
00:24:50,880 --> 00:24:53,960
Speaker 1: who was arrested by the SO called morality police for

462
00:24:54,160 --> 00:24:58,040
Speaker 1: incorrectly wearing her head scarf. She later died in police custody.

463
00:24:58,400 --> 00:25:03,080
Speaker 1: Hackers targeted and Iranian state TV newscast. A mask appeared

464
00:25:03,119 --> 00:25:05,960
Speaker 1: on the screen with a picture of the Supreme Leader

465
00:25:06,000 --> 00:25:10,199
Speaker 1: the Ayatola surrounded by flames. Former President Trump says the

466
00:25:10,240 --> 00:25:13,959
Speaker 1: government documents, including classified and top secret papers, retrieved by

467
00:25:14,000 --> 00:25:17,679
Speaker 1: the FBI, should be returned to him. At his rally

468
00:25:17,800 --> 00:25:20,800
Speaker 1: last night and May say Arizona, Trump mentioned the government

469
00:25:20,840 --> 00:25:23,879
Speaker 1: documents taken with a court approved search warrant from his

470
00:25:24,000 --> 00:25:26,800
Speaker 1: Florida resort. There is no crime, you know, there is

471
00:25:26,840 --> 00:25:30,760
Speaker 1: no crime. It's not a crime. And they should give

472
00:25:30,800 --> 00:25:34,000
Speaker 1: me immediately back everything that they've taken from because it's mine.

473
00:25:34,119 --> 00:25:39,920
Speaker 1: It's federal law. Says that the government has complete ownership, possession,

474
00:25:39,920 --> 00:25:43,600
Speaker 1: and control of presidential records. Global News twenty four hours

475
00:25:43,600 --> 00:25:46,560
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

476
00:25:46,640 --> 00:25:50,240
Speaker 1: more than journalists and analysts more than a hundred twenty countries.

477
00:25:50,560 --> 00:25:59,359
Speaker 1: Michael bar this is Bloomberg. Nathan, Thanks Michael. On Wall Street.

478
00:25:59,359 --> 00:26:01,280
Speaker 1: Time for the bloom for E Sports Update with John

479
00:26:01,320 --> 00:26:03,960
Speaker 1: stash Ower. All right, Nathan. Virtually all season, the Mets

480
00:26:03,960 --> 00:26:05,720
Speaker 1: were looking like a team that was not going to

481
00:26:05,800 --> 00:26:07,840
Speaker 1: have to play in the wild card round, but a

482
00:26:07,920 --> 00:26:10,640
Speaker 1: hundred and one wins not enough. Atlanta got to buy

483
00:26:10,800 --> 00:26:13,320
Speaker 1: Mets had to play the Padres, and San Diego won

484
00:26:13,400 --> 00:26:16,200
Speaker 1: the decisive Game three at City Field six to nothing.

485
00:26:16,280 --> 00:26:18,800
Speaker 1: The Mets, in seven innings against Joe Muskro have got

486
00:26:18,840 --> 00:26:21,960
Speaker 1: one hit must go stat line, the best in postseason

487
00:26:22,119 --> 00:26:24,719
Speaker 1: history in a winter take all games. The San Diego

488
00:26:24,800 --> 00:26:27,520
Speaker 1: hitting star of the series was Trent Grisham, who batted

489
00:26:28,200 --> 00:26:29,879
Speaker 1: four in the regular season. He went four for eight,

490
00:26:29,920 --> 00:26:32,960
Speaker 1: two homers, scored five runs, also made a terrific catch.

491
00:26:33,040 --> 00:26:35,800
Speaker 1: Last Night Bucks Show, Walter's first season That's Mets Manager

492
00:26:35,920 --> 00:26:38,280
Speaker 1: comes to an end. I feel for the players because

493
00:26:38,280 --> 00:26:40,600
Speaker 1: they put so much into it, and we're such a

494
00:26:40,640 --> 00:26:43,920
Speaker 1: special group. You know. It's like I just told him,

495
00:26:43,920 --> 00:26:46,680
Speaker 1: you know, it's not always fair. You know. I don't

496
00:26:46,680 --> 00:26:49,000
Speaker 1: think I've ever had such a good blend of good

497
00:26:49,040 --> 00:26:52,040
Speaker 1: people and good players. Six City Last Night Show, Walter

498
00:26:52,200 --> 00:26:55,400
Speaker 1: asked the umpires to check must Grow for a foreign substance.

499
00:26:55,440 --> 00:26:58,800
Speaker 1: They rubbed must grows ears down, though evidence must Go

500
00:26:58,960 --> 00:27:01,600
Speaker 1: said later that list of fire under him Division series

501
00:27:01,640 --> 00:27:04,159
Speaker 1: start tomorrow Padres will play the Dodgers. Yankees take on

502
00:27:04,560 --> 00:27:07,359
Speaker 1: the Cleveland Guardians. Our oldest Chapman will not be on

503
00:27:07,359 --> 00:27:10,520
Speaker 1: the Yankees postseason roster. That was made certain when Chapman

504
00:27:10,560 --> 00:27:13,359
Speaker 1: didn't show up for last Friday's worked out. The surprising

505
00:27:13,440 --> 00:27:16,119
Speaker 1: starts for the Jets and Giants continue. The Jets finally

506
00:27:16,119 --> 00:27:18,640
Speaker 1: wanted division game first and three years they blew out

507
00:27:18,720 --> 00:27:21,520
Speaker 1: Miami had met life forty to seventeen. They're now three

508
00:27:21,520 --> 00:27:24,440
Speaker 1: and two. The Giants are US shopping four and one.

509
00:27:24,480 --> 00:27:28,840
Speaker 1: They matched last year's win total went to London depleted team,

510
00:27:28,880 --> 00:27:31,920
Speaker 1: but they came from two touchdowns down. Stunned Green Bay

511
00:27:31,520 --> 00:27:34,560
Speaker 1: twenty two six. Won Barkley at a forty yard run

512
00:27:34,600 --> 00:27:37,560
Speaker 1: a forty one yard catch. Giants dominated the second half.

513
00:27:37,800 --> 00:27:40,720
Speaker 1: John Staward Bloomberg Sports Nathan, Thank you John. It's five

514
00:27:40,800 --> 00:27:43,000
Speaker 1: thirty seven on Wall Street time for the Trice State

515
00:27:43,040 --> 00:27:47,040
Speaker 1: Business Report. Here's Bloomberg Scott's car. The driving forces behind

516
00:27:47,200 --> 00:27:51,000
Speaker 1: retails rebound in New York City are tourism and neighborhoods

517
00:27:51,040 --> 00:27:54,159
Speaker 1: with a lot of residential properties. Retail sales in the

518
00:27:54,160 --> 00:27:57,280
Speaker 1: city came in at seventy six in September compared to

519
00:27:57,359 --> 00:28:01,080
Speaker 1: seventy nine percent nationally. The Vitality the Index from Abison

520
00:28:01,119 --> 00:28:04,200
Speaker 1: Young's New York City Innovation and Insight team chalks that

521
00:28:04,359 --> 00:28:07,680
Speaker 1: up largely to tourism and big neighborhoods. In an attempt

522
00:28:07,720 --> 00:28:10,360
Speaker 1: to get around the bag band in New Jersey, bill

523
00:28:10,440 --> 00:28:14,359
Speaker 1: from a state Senate committee proposes allowing grocery delivery services

524
00:28:14,400 --> 00:28:17,480
Speaker 1: to return to using paper bags if they're made of

525
00:28:18,320 --> 00:28:22,800
Speaker 1: post consumer recycled content and using cardboard boxes for three years.

526
00:28:23,320 --> 00:28:27,640
Speaker 1: A report from Rhodes consultant VHb is saying Bridgeport, Connecticut's

527
00:28:27,680 --> 00:28:31,280
Speaker 1: two hundred seventy eight miles of municipally maintained roads get

528
00:28:31,280 --> 00:28:34,400
Speaker 1: a rating of fair seventy five out of one hundred,

529
00:28:34,520 --> 00:28:38,320
Speaker 1: just three points above the deficient condition range. That's the

530
00:28:38,320 --> 00:28:42,680
Speaker 1: Bloomberg Tri State Business Report. I'm Scott Carr, Thanks Scottivet

531
00:28:42,800 --> 00:28:44,960
Speaker 1: eight on Wall Street. Bloomberg Radio is on the air

532
00:28:45,000 --> 00:28:47,640
Speaker 1: from San Francisco to New York, London to Hong Kong.

533
00:28:47,920 --> 00:28:49,920
Speaker 1: Let's check in with our global news team for some

534
00:28:50,000 --> 00:28:52,200
Speaker 1: of the top stories heard on our three hundred affiliate

535
00:28:52,320 --> 00:28:58,080
Speaker 1: radio stations around the world. I'm Scott Carr on w

536
00:28:58,080 --> 00:29:01,080
Speaker 1: w J in Detroit, term reporting on for his unveiling

537
00:29:01,080 --> 00:29:04,440
Speaker 1: of the new Mustang g T Gen three supercar series.

538
00:29:04,800 --> 00:29:08,280
Speaker 1: Um Corney Tanahoan wh S and Louisville fed X is

539
00:29:08,320 --> 00:29:11,400
Speaker 1: a holiday shipping slowdown ahead as customers plan to send

540
00:29:11,440 --> 00:29:15,040
Speaker 1: fewer packages. I'm Caroline heat Film Bloomberg DAB Digital Medio

541
00:29:15,040 --> 00:29:17,040
Speaker 1: in London. We've been reporting on the Bank of England

542
00:29:17,040 --> 00:29:20,280
Speaker 1: boosting its daily guilt auctions as it tries to reassure

543
00:29:20,400 --> 00:29:24,000
Speaker 1: markets ahead of its emergency program ending on Friday. I'm

544
00:29:24,080 --> 00:29:27,240
Speaker 1: John Donnager telling kN X listeners in Los Angeles about

545
00:29:27,320 --> 00:29:31,040
Speaker 1: Ribby and sweeping recall. I'm Gina Servetti and for w

546
00:29:31,280 --> 00:29:33,440
Speaker 1: c c O in Minneapolis. We're looking at some of

547
00:29:33,440 --> 00:29:36,960
Speaker 1: the locally based companies reporting ernies this week, including US

548
00:29:37,040 --> 00:29:39,640
Speaker 1: Bank Corp. And United Health. Those are some of the

549
00:29:39,640 --> 00:29:42,600
Speaker 1: stories are twenty seven hundred Bloomberg journalists and analysts are

550
00:29:42,600 --> 00:29:44,840
Speaker 1: working on this morning around the world. It's five thirty

551
00:29:44,920 --> 00:29:48,040
Speaker 1: nine on Wall Street. The following is an editorial from

552
00:29:48,120 --> 00:29:53,280
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.

553
00:29:53,720 --> 00:29:57,040
Speaker 1: Yet again troubled at a big European bank, this time,

554
00:29:57,120 --> 00:30:00,840
Speaker 1: Credit Suite has been roiling markets comes. Scerns about the

555
00:30:00,880 --> 00:30:04,560
Speaker 1: cost of an expected restructuring have sent its share price

556
00:30:04,720 --> 00:30:09,320
Speaker 1: gyrating wildly in recent days. In response, executives have said

557
00:30:09,320 --> 00:30:13,040
Speaker 1: that the bank is among the best capitalized of its peers,

558
00:30:13,080 --> 00:30:17,280
Speaker 1: if only that were more reassuring. While the biggest global

559
00:30:17,320 --> 00:30:20,920
Speaker 1: banks have more capital than they did during the last crisis,

560
00:30:21,280 --> 00:30:25,200
Speaker 1: experience and research suggests they'd all need even more to

561
00:30:25,280 --> 00:30:29,560
Speaker 1: survive a severe shock and have enough left to inspire confidence.

562
00:30:29,960 --> 00:30:33,520
Speaker 1: The tempest surrounding credit Suite shows that the world's largest

563
00:30:33,520 --> 00:30:38,360
Speaker 1: banks are too fragile. The prescription for policymakers is simple,

564
00:30:38,760 --> 00:30:42,280
Speaker 1: hold the line on capital and keep pushing from more.

565
00:30:42,880 --> 00:30:46,520
Speaker 1: The danger of having too little exceeds that of demanding

566
00:30:46,800 --> 00:30:51,200
Speaker 1: too much. This editorial was written by the Bloomberg Editorial Board.

567
00:30:51,400 --> 00:30:54,240
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,

568
00:30:54,320 --> 00:30:58,240
Speaker 1: slash opinion or opie I n go on the Bloomberg terminal.

569
00:30:58,440 --> 00:31:02,440
Speaker 1: This has been Bloomberg Ininion. Listen for Bloomberg opinion editorials

570
00:31:02,440 --> 00:31:05,800
Speaker 1: every weekday. At this time, terminal customers can read more

571
00:31:05,920 --> 00:31:09,000
Speaker 1: at O P I n go. SMP futures right now

572
00:31:09,080 --> 00:31:12,600
Speaker 1: down fourteen points, Stal futures down seventy seven, and Nasdaq

573
00:31:12,680 --> 00:31:15,440
Speaker 1: futures are lower by fifty seven points. We continue our

574
00:31:15,480 --> 00:31:18,920
Speaker 1: conversation next with former Gartment letter publisher Dennis Gartman. This

575
00:31:19,200 --> 00:31:24,320
Speaker 1: is Bloomberg Bloomberg eleven three oh other sunshine and hides

576
00:31:24,320 --> 00:31:26,240
Speaker 1: in the upper sixties today. We'll get up to near

577
00:31:26,360 --> 00:31:31,720
Speaker 1: seventy tomorrow and Wednesday with sunshine throughout. Right now, it's

578
00:31:31,760 --> 00:31:38,560
Speaker 1: cloudy in Central Park fifty two degrees. Markets, headlines and

579
00:31:38,640 --> 00:31:41,920
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,

580
00:31:42,000 --> 00:31:45,560
Speaker 1: Blo Bloomberg Business at and at Bloomberg Quicktape. This is

581
00:31:45,600 --> 00:31:55,680
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and European

582
00:31:55,760 --> 00:31:59,800
Speaker 1: stocks are following Asian piers lower as concern over inflation,

583
00:32:00,040 --> 00:32:03,720
Speaker 1: higher rates and recession intensify before earning season kicks off.

584
00:32:04,120 --> 00:32:06,600
Speaker 1: U s Dock Index futures are also lower, and we

585
00:32:06,680 --> 00:32:09,240
Speaker 1: checked the markets every fifteen minutes throughout the trading day.

586
00:32:09,640 --> 00:32:12,840
Speaker 1: On Bloomberg. Guess and p future is down seven points, down,

587
00:32:12,920 --> 00:32:15,800
Speaker 1: features down twenty eight and nastack futures down twenty nine.

588
00:32:16,040 --> 00:32:18,360
Speaker 1: The Knacks in Germany is higher. It's up about four

589
00:32:18,400 --> 00:32:21,479
Speaker 1: tens of percent. Ten year Treasury well US bawn markets

590
00:32:21,520 --> 00:32:24,520
Speaker 1: closed and observance of Columbus Day and Indigenous People's Day.

591
00:32:24,800 --> 00:32:27,120
Speaker 1: Nimex screwed oil is down eight tens of a percent

592
00:32:27,240 --> 00:32:29,640
Speaker 1: or seventy four cents and ninety one dollars ninety cents

593
00:32:29,640 --> 00:32:32,000
Speaker 1: of barrel comex gold is down one at a quarter

594
00:32:32,040 --> 00:32:34,680
Speaker 1: percent or twenty one dollars fifty cents and sixteen eighty

595
00:32:34,760 --> 00:32:38,240
Speaker 1: seven eighty announced euro point nine seven oh seven against

596
00:32:38,240 --> 00:32:40,800
Speaker 1: the dollar, British pound one point one zero seven three

597
00:32:40,920 --> 00:32:43,560
Speaker 1: and the En one forty five point four four. And

598
00:32:43,600 --> 00:32:46,440
Speaker 1: bitcoin is down eight tens of a percent now at

599
00:32:46,520 --> 00:32:50,040
Speaker 1: nineteen thousand and three hundred thirty dollars. That's a bloomberg

600
00:32:50,080 --> 00:32:52,600
Speaker 1: business flash. Now here's Michael Barr with more on what's

601
00:32:52,600 --> 00:32:55,480
Speaker 1: going on around the world. Michael Karen, thank you very much.

602
00:32:55,520 --> 00:32:59,360
Speaker 1: Missile struck Kiv and other Ukrainian cities early today. It

603
00:32:59,480 --> 00:33:01,560
Speaker 1: comes to day is after an attack on a key

604
00:33:01,640 --> 00:33:05,720
Speaker 1: bridge to Crimea that Russian President of Vladimir Putin blamed

605
00:33:05,760 --> 00:33:09,880
Speaker 1: on Ukraine. The NFL implemented new concussion protocols ahead of

606
00:33:09,880 --> 00:33:14,080
Speaker 1: Sunday's games. Miami Dolphins backup quarterback Teddy Bridgewater took ahead

607
00:33:14,160 --> 00:33:17,520
Speaker 1: yesterday and was evaluated for a head injury. The NFL

608
00:33:17,800 --> 00:33:21,320
Speaker 1: and Players Union updated the protocol after reviewing the response

609
00:33:21,560 --> 00:33:25,200
Speaker 1: to Dolphins quarterback to a tag of Viola's concussion injury.

610
00:33:25,440 --> 00:33:28,280
Speaker 1: In football, The Giants lost in London, the Jets one

611
00:33:28,320 --> 00:33:30,760
Speaker 1: along with the Patriots, Ravens and forty nine News. The

612
00:33:30,760 --> 00:33:34,360
Speaker 1: Commanders lost in baseball. The season is over for the Mets,

613
00:33:34,720 --> 00:33:37,440
Speaker 1: a loss to the Padres six nothing in the deciding

614
00:33:37,520 --> 00:33:41,400
Speaker 1: Game three of their NL wild Card series. Global News

615
00:33:41,440 --> 00:33:44,280
Speaker 1: twenty four hours a day on air and on Bloomberg

616
00:33:44,360 --> 00:33:47,760
Speaker 1: Quicktake power by more than twenty seven hundred journalists analysts

617
00:33:47,760 --> 00:33:50,760
Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg,

618
00:33:50,840 --> 00:33:54,320
Speaker 1: Nathan alright, Michael. Thanks, It's nine on Wall Street Life

619
00:33:54,360 --> 00:33:57,800
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.

620
00:33:57,800 --> 00:33:59,920
Speaker 1: Why I pass along a quick red headline just crossing

621
00:34:00,000 --> 00:34:03,720
Speaker 1: a Bloomberg terminal. The Nobel Economics for a Price has

622
00:34:03,760 --> 00:34:07,480
Speaker 1: just been awarded to former Federal Reserve chairman Ben Bernanke,

623
00:34:08,080 --> 00:34:10,960
Speaker 1: along with Douglas Diamond and Philip did Big. We'll get

624
00:34:10,960 --> 00:34:13,359
Speaker 1: you more details as they come in, but we want

625
00:34:13,360 --> 00:34:16,239
Speaker 1: to bring back Dennis Gartman, now former publisher of the

626
00:34:16,239 --> 00:34:19,120
Speaker 1: Gartment Letter now chairman of the University of Acront Endowment

627
00:34:19,160 --> 00:34:23,800
Speaker 1: Investment Committee. To continue our conversation on this market, Dennis, So,

628
00:34:23,800 --> 00:34:26,000
Speaker 1: I want to look ahead to what's coming this week.

629
00:34:26,040 --> 00:34:29,440
Speaker 1: Obviously we're going to get some important inflation data the

630
00:34:29,480 --> 00:34:32,879
Speaker 1: producer price and consumer price indexes later on this week

631
00:34:32,920 --> 00:34:35,160
Speaker 1: and the kickoff to earning season. Do you think what

632
00:34:35,239 --> 00:34:38,120
Speaker 1: we get on inflation is going to have a major

633
00:34:38,160 --> 00:34:40,440
Speaker 1: impact on what we see in stocks this week. I

634
00:34:40,440 --> 00:34:42,440
Speaker 1: think it'll have a minor impact, if it has any

635
00:34:42,480 --> 00:34:44,600
Speaker 1: impact whatsoever. I think the set is taking a much

636
00:34:44,680 --> 00:34:48,839
Speaker 1: longer perspective, concerned about longer term inflation rather than short

637
00:34:48,960 --> 00:34:51,919
Speaker 1: term numbers that come out on a monthly basis. Yes,

638
00:34:51,960 --> 00:34:55,840
Speaker 1: there will be some moderation as far as they're overtly

639
00:34:56,400 --> 00:34:59,759
Speaker 1: various circuit comments that have been rather public and rather

640
00:34:59,760 --> 00:35:02,239
Speaker 1: con system over the course of the past several weeks.

641
00:35:02,280 --> 00:35:04,879
Speaker 1: So they may moderate, and I put that term in

642
00:35:04,880 --> 00:35:07,440
Speaker 1: in quotation marks, they may moderate a bit of their

643
00:35:07,480 --> 00:35:11,040
Speaker 1: their vocabulary. But will they change their opinion no, will

644
00:35:11,040 --> 00:35:13,640
Speaker 1: they change their perspective no? Will they change their policies

645
00:35:13,680 --> 00:35:16,600
Speaker 1: at this point, which has been to tighten monetary policy,

646
00:35:16,760 --> 00:35:19,120
Speaker 1: not on, not on your life. They want to remain consistent.

647
00:35:19,640 --> 00:35:23,359
Speaker 1: They have had a problem with with the constancy over

648
00:35:23,360 --> 00:35:25,080
Speaker 1: the course of the past several years. They've had a

649
00:35:25,120 --> 00:35:28,760
Speaker 1: problem with the people's respect for their their position, taking

650
00:35:28,800 --> 00:35:32,160
Speaker 1: in everyone, almost every single member of the f MC

651
00:35:32,760 --> 00:35:36,000
Speaker 1: has been overly and very publicly barish or hawkish about

652
00:35:36,080 --> 00:35:39,880
Speaker 1: certain monetary circumstances. So yes, you may get some slight

653
00:35:40,000 --> 00:35:42,960
Speaker 1: moderation in their verbiage, but I think it will be

654
00:35:43,080 --> 00:35:45,120
Speaker 1: very I think it will be modest at best, and

655
00:35:45,600 --> 00:35:47,680
Speaker 1: they will not change their policy. They're going to continue

656
00:35:47,680 --> 00:35:50,399
Speaker 1: to tighten monetary policy over the course of the next

657
00:35:50,520 --> 00:35:53,680
Speaker 1: year or more, perhaps several years into the future. Two

658
00:35:53,680 --> 00:35:57,520
Speaker 1: part question, have we hit peak inflation? And does tighter

659
00:35:57,560 --> 00:36:00,759
Speaker 1: policy raise the risk of recession? We may have hit

660
00:36:00,800 --> 00:36:04,000
Speaker 1: peak inflation, the opperative word here being may, I have

661
00:36:04,120 --> 00:36:07,000
Speaker 1: my severe doubts. We'll see. Keep an eye on what

662
00:36:07,080 --> 00:36:08,960
Speaker 1: goes on in crude oil prices, keeping one on what

663
00:36:09,000 --> 00:36:12,000
Speaker 1: goes on in grain prices. Weat has fallen from thirteen

664
00:36:12,160 --> 00:36:14,320
Speaker 1: as I said earlier, we has fallen from thirteen dollars

665
00:36:14,320 --> 00:36:16,640
Speaker 1: to eight dollars a bushel, but it's back to nine

666
00:36:16,640 --> 00:36:19,000
Speaker 1: dollars a bushel and we being the most important crop

667
00:36:19,040 --> 00:36:21,200
Speaker 1: as far as I'm concerned in the world. Seems to

668
00:36:21,200 --> 00:36:23,520
Speaker 1: be turning higher again, given the fact that we have

669
00:36:23,560 --> 00:36:26,520
Speaker 1: problems with the Ukraine and Russia, and given the factor

670
00:36:26,520 --> 00:36:29,480
Speaker 1: getting the US wet crop off to a decent start

671
00:36:29,719 --> 00:36:33,760
Speaker 1: as plantings has been relatively quick but into very dry land.

672
00:36:34,120 --> 00:36:36,160
Speaker 1: Keep an eye what goes on in wheat prices, and

673
00:36:36,239 --> 00:36:38,200
Speaker 1: keep an eye on what goes on in grain prices. Generally,

674
00:36:38,239 --> 00:36:39,759
Speaker 1: I think they're moving from the lower left of the

675
00:36:39,800 --> 00:36:42,880
Speaker 1: upper right, so you have some moderation and inflation. But

676
00:36:42,920 --> 00:36:45,480
Speaker 1: I think that the opporture, per word here is moderation.

677
00:36:45,800 --> 00:36:47,359
Speaker 1: I don't think you had any change, and I think

678
00:36:47,360 --> 00:36:50,759
Speaker 1: that that will be very constant, very consistent, and very

679
00:36:50,800 --> 00:36:53,520
Speaker 1: aware of its lack of constancy over the course of

680
00:36:53,560 --> 00:36:55,560
Speaker 1: past several years, and wants to make up for that fact.

681
00:36:56,320 --> 00:36:58,759
Speaker 1: We do have earning season kicking off this week as

682
00:36:58,760 --> 00:37:01,360
Speaker 1: well with the big banks. It seems like there's a

683
00:37:01,440 --> 00:37:05,520
Speaker 1: lot of gloomy prospects about this earning season. What's your view.

684
00:37:06,480 --> 00:37:08,920
Speaker 1: I think there are I think gloomy prospects are rational

685
00:37:08,960 --> 00:37:10,719
Speaker 1: and reasonable at this point. I don't think we're gonna

686
00:37:10,719 --> 00:37:13,040
Speaker 1: get any surprises to the upside, I think the surprises

687
00:37:13,080 --> 00:37:16,719
Speaker 1: on the downside will be rather material and a very constantly,

688
00:37:16,800 --> 00:37:19,640
Speaker 1: very consistent, So again, be careful out there. As we

689
00:37:19,680 --> 00:37:21,960
Speaker 1: talked earlier, I thought for a day or two we'd

690
00:37:22,000 --> 00:37:24,399
Speaker 1: get a bounce in stock prices. You actually had a good,

691
00:37:24,400 --> 00:37:26,879
Speaker 1: strong bounce a week and a half ago, lasted less

692
00:37:26,920 --> 00:37:29,359
Speaker 1: than forty eight hours. And as I said that, that

693
00:37:30,360 --> 00:37:34,000
Speaker 1: constantly are consistently since then. Use periods of strength into

694
00:37:34,000 --> 00:37:35,880
Speaker 1: which to sell. So if you get some prises to

695
00:37:35,920 --> 00:37:38,879
Speaker 1: the upside and earnings, use that strength, which I doubt

696
00:37:38,920 --> 00:37:41,080
Speaker 1: you're going to get. Use that strength of reduces the

697
00:37:41,120 --> 00:37:43,440
Speaker 1: size of your exposure, reduce your exposure to the market.

698
00:37:43,760 --> 00:37:45,680
Speaker 1: Be careful out there. This is still a bear market.

699
00:37:45,680 --> 00:37:48,279
Speaker 1: I've been constant in that since January fifth of this year,

700
00:37:48,560 --> 00:37:51,319
Speaker 1: and I see absolutely no reason to change. About a

701
00:37:51,320 --> 00:37:53,959
Speaker 1: minute left here, Dennis, At what point do we reach

702
00:37:54,040 --> 00:37:57,799
Speaker 1: capitulation in this market? When the public throws up its

703
00:37:57,840 --> 00:38:01,239
Speaker 1: hands and and and here's a very important in terminology,

704
00:38:01,320 --> 00:38:05,000
Speaker 1: pukes on its positions. They haven't come to that point yet.

705
00:38:05,280 --> 00:38:07,800
Speaker 1: They haven't even looked at their at their quarterly standard

706
00:38:07,920 --> 00:38:11,680
Speaker 1: reports from their brokerage houses that came out last week.

707
00:38:12,040 --> 00:38:15,080
Speaker 1: People I think are weeks, if not months, away from

708
00:38:15,080 --> 00:38:18,279
Speaker 1: taking from getting out of positions. So capitulation has not

709
00:38:18,360 --> 00:38:21,279
Speaker 1: happened yet. It shall eventually happen, but it's months into

710
00:38:21,320 --> 00:38:25,520
Speaker 1: the future, so be careful out there, staying bearish. Dennis Gartman,

711
00:38:25,680 --> 00:38:28,480
Speaker 1: former publisher of the Gartment Letter, now chairman of the

712
00:38:28,560 --> 00:38:31,960
Speaker 1: University of Akron Endowment Investment Committee. Dennis, always great to

713
00:38:31,960 --> 00:38:33,719
Speaker 1: get your thoughts. Thanks so much for joining us this

714
00:38:33,760 --> 00:38:37,279
Speaker 1: morning here on Bloomberg Daybreak. Karen, all right, Nathan, it

715
00:38:37,360 --> 00:38:40,040
Speaker 1: is five fifty three on Wall Street. Returned to a

716
00:38:40,120 --> 00:38:43,400
Speaker 1: legal story where watching this morning. The new Supreme Court

717
00:38:43,560 --> 00:38:47,200
Speaker 1: term is filled with controversial issues from affirmative action to

718
00:38:47,280 --> 00:38:49,880
Speaker 1: voting rights, and now the justices have decided to step

719
00:38:49,920 --> 00:38:53,200
Speaker 1: into the middle of the politically fraud debate over Section

720
00:38:53,280 --> 00:38:56,879
Speaker 1: to thirty at the Communications Decency Act had issues whether

721
00:38:56,920 --> 00:38:59,040
Speaker 1: some of the world's tech companies should continue to be

722
00:38:59,120 --> 00:39:02,120
Speaker 1: protected for three party content or should be held accountable

723
00:39:02,160 --> 00:39:05,840
Speaker 1: for it. The two cases involved claims over terrorist attacks abroad,

724
00:39:05,960 --> 00:39:10,640
Speaker 1: one in Paris and and another instanble In. For more

725
00:39:10,719 --> 00:39:13,560
Speaker 1: Bloomberg's Young Grouse, So speak to Eric Goldman, a professor

726
00:39:13,600 --> 00:39:17,080
Speaker 1: at the University of Santa Clara Law School. So or

727
00:39:17,120 --> 00:39:20,960
Speaker 1: the point is in these cases complaining about the algorithm

728
00:39:21,080 --> 00:39:24,840
Speaker 1: generator recommendations, well part of it. You could look at

729
00:39:24,880 --> 00:39:26,960
Speaker 1: it a little bit more broadly. I think the starting

730
00:39:26,960 --> 00:39:30,160
Speaker 1: premises that the terrorist oranization should never be online in

731
00:39:30,200 --> 00:39:33,840
Speaker 1: the first instance, and if they are online, then the

732
00:39:33,920 --> 00:39:38,520
Speaker 1: social media services giving them that support now take responsibility

733
00:39:38,600 --> 00:39:42,000
Speaker 1: for any of the consequences that flow from the visibility

734
00:39:42,080 --> 00:39:44,440
Speaker 1: that they gain online. So it's really one of the

735
00:39:44,680 --> 00:39:47,680
Speaker 1: situations where social media services is just one of many

736
00:39:47,800 --> 00:39:52,480
Speaker 1: possible contributors to the outcome, and we don't hold everyone

737
00:39:52,520 --> 00:39:55,960
Speaker 1: who has that kind of tenuous connection to a terrorist

738
00:39:56,000 --> 00:39:59,920
Speaker 1: attack responsible for the attack. In the first instance, Justice

739
00:40:00,000 --> 00:40:04,839
Speaker 1: Clarence Thomas had already expressed interest and indicated that he's

740
00:40:04,840 --> 00:40:08,319
Speaker 1: willing to change the law if Congress isn't. Well, we

741
00:40:08,480 --> 00:40:10,680
Speaker 1: have to assume that Justice Thomas was in favor of

742
00:40:10,800 --> 00:40:14,200
Speaker 1: here in this case, because he's basically begged plaintiffs to

743
00:40:14,320 --> 00:40:16,839
Speaker 1: bring Section to thirty cases to him, though he can

744
00:40:16,880 --> 00:40:19,160
Speaker 1: find a way to try and eviscerate it. So we

745
00:40:19,200 --> 00:40:21,560
Speaker 1: know that Justice Thomas is already coming in as an

746
00:40:21,560 --> 00:40:24,960
Speaker 1: extreme Section two thirties skeptic. He's literally told us when

747
00:40:24,960 --> 00:40:28,280
Speaker 1: nobody asked him to. Let's say Section two thirty is gone.

748
00:40:28,600 --> 00:40:32,000
Speaker 1: What effect would that have on social media companies. It's

749
00:40:32,000 --> 00:40:35,360
Speaker 1: not just social media companies, that's the entire Internet. So

750
00:40:35,480 --> 00:40:38,240
Speaker 1: much of the Internet is driven by user generated content,

751
00:40:38,520 --> 00:40:41,480
Speaker 1: us talking to each other, and Section two thirty is

752
00:40:41,520 --> 00:40:44,760
Speaker 1: the legal foundation that enables those conversations to take place

753
00:40:45,040 --> 00:40:49,360
Speaker 1: without the services being liable for facility, they're enabling those conversations.

754
00:40:49,360 --> 00:40:52,160
Speaker 1: So without Section two thirty, many of those conversations will

755
00:40:52,160 --> 00:40:55,760
Speaker 1: simply stop. They won't be possible to do anymore because

756
00:40:55,800 --> 00:40:59,080
Speaker 1: of the fact that the legal liability will overwhelm the benefit. Now,

757
00:40:59,160 --> 00:41:01,960
Speaker 1: some of the service is that are existing today are

758
00:41:02,000 --> 00:41:04,560
Speaker 1: big enough and powerful enough that they will either find

759
00:41:04,560 --> 00:41:07,880
Speaker 1: a way to thread the legal needle and accept whatever

760
00:41:08,040 --> 00:41:11,760
Speaker 1: collateral damage comes from that, or they will move towards

761
00:41:11,800 --> 00:41:15,480
Speaker 1: professionally produced content. They'll stop letting users talk to each other.

762
00:41:15,719 --> 00:41:19,720
Speaker 1: They'll pay some people who they trust to submit content

763
00:41:19,800 --> 00:41:22,279
Speaker 1: that they will set the legal risk for, and as

764
00:41:22,280 --> 00:41:25,480
Speaker 1: a result, it becomes a lot more of the Internet

765
00:41:25,480 --> 00:41:29,239
Speaker 1: being people talking to us, not us talking to each other.

766
00:41:29,520 --> 00:41:32,040
Speaker 1: So the fact that the Supreme Court might change section

767
00:41:32,080 --> 00:41:35,360
Speaker 1: to there is what really panics me, because then it

768
00:41:35,480 --> 00:41:39,400
Speaker 1: creates the possibility that unelected justices are making decisions that

769
00:41:39,440 --> 00:41:42,759
Speaker 1: will affect our daily lives in ways that it's really

770
00:41:42,800 --> 00:41:46,279
Speaker 1: impossible to contemplate. And as Erik Goleman, a professor at

771
00:41:46,320 --> 00:41:49,080
Speaker 1: the University of Santa Clara Law School, speaking with the

772
00:41:49,080 --> 00:41:52,600
Speaker 1: Bloomberg Doing Grasso, catch more of that interview plus analysis

773
00:41:52,640 --> 00:41:55,480
Speaker 1: of the latest legal news by subscribing to the Bloomberg

774
00:41:55,560 --> 00:41:58,439
Speaker 1: Law Podcast or downloading the show at Bloomberg dot com

775
00:41:58,480 --> 00:42:01,920
Speaker 1: slash podcast That's Arnis can find exceptional legal research and

776
00:42:01,920 --> 00:42:05,000
Speaker 1: business development tools at Bloomberg Law dot com and on

777
00:42:05,000 --> 00:42:07,879
Speaker 1: the Bloomberg terminal at blong Go. And we have more

778
00:42:07,960 --> 00:42:10,520
Speaker 1: on that breaking news we brought you just moments ago.

779
00:42:10,640 --> 00:42:14,600
Speaker 1: Ben Bernanky, Douglas Diamond, and Philip Divvig were awarded the

780
00:42:15,320 --> 00:42:19,240
Speaker 1: two Nobel Prize and Economic Sciences for research on banks

781
00:42:19,280 --> 00:42:22,440
Speaker 1: and financial crises. The three will share the nine hundred

782
00:42:22,480 --> 00:42:25,360
Speaker 1: thousand dollar award, and we'll have more on that story

783
00:42:25,520 --> 00:42:29,759
Speaker 1: straight ahead as Bloomberg Daybreak continues, and also ahead we'll

784
00:42:29,760 --> 00:42:31,480
Speaker 1: have a check on the business headlines and all the

785
00:42:31,520 --> 00:42:34,400
Speaker 1: news you need to start your day. Futures this morning

786
00:42:34,400 --> 00:42:38,160
Speaker 1: moving lower. SMP futures down five points down, futures down twelve,

787
00:42:38,520 --> 00:42:41,440
Speaker 1: nasday futures down twenties six and of course the bond

788
00:42:41,520 --> 00:42:44,759
Speaker 1: market closed today and observance of Columbus Day and Indigenous

789
00:42:44,800 --> 00:42:47,080
Speaker 1: People's Day, and this is Bloomberg