Speaker 1: Five from the Bloomberg Interactive Brooker Studios. Is this Bloomberg
Speaker 1: day Break for Monday, October ten two Coming up this hours,
Speaker 1: stocks tick lower following a volatile week on Wall Street.
Speaker 1: Investors await key inflation data and the kickoff of earning season.
Speaker 1: Good earning sends stocks even lower. We'll have the results
Speaker 1: of a Bloomberg cold and Rockets strike keif after Vladimir
Speaker 1: Putin blames Ukraine for targeting a crucial bridge to crimea
Speaker 1: shots rang out near the Long Island home of Republican
Speaker 1: Boolin atorial candidate Lee's Eldt, plus demonstrations growing the run
Speaker 1: involving the so called morality police on Michael barn More ahead,
Speaker 1: I'm down station in sports, the Mets season is over,
Speaker 1: shut out by the pad Rays of the decisive game
Speaker 1: three wins with the Giants and Jeff that's all's trading
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius Exam one nineteen and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, and US stock index futures are lower
Speaker 1: this morning. We are coming up to five out one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, U,
Speaker 1: S and P futures are down twenty one points. Now
Speaker 1: futures down one thirty three At nowsday futures down seventy six.
Speaker 1: The US bond market is closed today and observis of
Speaker 1: the Columbus Day or Indigenous People's Day holiday. NIMEX screwed
Speaker 1: oil is down night tens of percent. It's down eighty
Speaker 1: three cents at five cents of barrel, and Comex school
Speaker 1: down more than one per cent at down twenty one
Speaker 1: dollars at announced Nathan, we'll caring. The drop in futures
Speaker 1: follows a volatile week on Wall Street. The S and
Speaker 1: P five hundred began the week with its biggest two
Speaker 1: day rally since the onset of the pandemic, only to
Speaker 1: fall in the final three days, capped off by Friday's
Speaker 1: jobs report. Investors are now betting the Fed will continue
Speaker 1: it's aggressive hiking trail. Brian Jacobson is senior investment strategist
Speaker 1: at all Spring Global Investments. You know Ned Davis was
Speaker 1: famous for a lot of his wisdom, the trend is
Speaker 1: your friend, and don't fight the Fed. But now you
Speaker 1: can kind of paraphrase that by saying, don't fight the
Speaker 1: trend because the Fed isn't your friend and the trend, unfortunately,
Speaker 1: is towards weakness. All Spring Global Investments Brian Jacobson thinks
Speaker 1: the Fed will keep going with hawkish policy tightening. Well
Speaker 1: in Asia, Nathan Shares tumbled amid intensifying concern over rising
Speaker 1: global interest rates, and as Chinese investors returned from a
Speaker 1: week long holiday to tighter restrictions on American technology. We
Speaker 1: get the recap from Bloomberg's Juliet Sally in Singapore. Good Morning,
Speaker 1: Nathan and Karen. Chinese stokes fail on their return from
Speaker 1: the Golden Week holiday, hurt by a global equity sell
Speaker 1: off and blake holiday spending data that deepened concerns about
Speaker 1: the economic recovery. The cs I three hundred was trying
Speaker 1: at April twenty twenty. Lows Tech Stokes fell amid renewed
Speaker 1: Sino US tensions with the hang, saying Tech indexit January
Speaker 1: twenty nineteen lows, they'll show you one strengthened after the
Speaker 1: p BOC set are stronger. You want fixed. For a
Speaker 1: record twenty eight day, the ARSI dollar failed to April
Speaker 1: twenty lows. Markets in Japan, South Korea and Taiwan were closed.
Speaker 1: In Singapore, Julie at Sally Bloomberg daybreak. All right, Juliet,
Speaker 1: thanks and starts for following in Europe as well. To
Speaker 1: begin this week, let's go live to London and get
Speaker 1: the latest with Bloomberg's you in parts. Good morning, Good morning,
Speaker 1: Nathan and Karen a Gloomy started trading here in Europe
Speaker 1: as well, with every major stock markets in the red
Speaker 1: this morning. Consumer products, tech and utilities among the mixed
Speaker 1: bag of sectors for feeling the precious most so far.
Speaker 1: The Bank of England meanwhile, says it's stepping up its
Speaker 1: support for the UK bond market, which sold off after
Speaker 1: the government's disastrous mini budget statements. The Bank's aim is
Speaker 1: to provide longer term support for a wider range of
Speaker 1: securities over the coming weeks. In London, I'm you and
Speaker 1: parts Pinberg daybreak, All right, you and thank you. Back,
Speaker 1: you're in the u wear Salian's chief economic advisor, Muhammad
Speaker 1: hilaria And is continuing his criticism are the FAED. He
Speaker 1: is blaming the central Bank for what he calls the
Speaker 1: very high risk of our recession. Not only does it
Speaker 1: have to overcome inflation, but it has to withstore credibility.
Speaker 1: So yes, I fear that we with a very high
Speaker 1: probability of a damaging recession that was totally avoidable. Alan's
Speaker 1: chief economic advisor and Bloomberg contributor, Mohammed hilary And made
Speaker 1: the comments on CBS Face the Nation. Catch the program
Speaker 1: Sundays on Bloomberg Radio on the economic front this week
Speaker 1: here when we get minutes from the Fed September meeting
Speaker 1: as well as key ratings on inflation. The Producer Price
Speaker 1: Index comes out on Wednesday, followed by consumer prices Thursday.
Speaker 1: Earning season begins this week as well, and we get
Speaker 1: a preview from Bloomberg's Charlie Pellett. Banks including JP Morgan, Chase,
Speaker 1: City Group, Wells Fargo, and Morgan Stanley will be front
Speaker 1: and centator as companies report third quarter results amid a
Speaker 1: rising rate environment, higher energy costs, and geopolitical uncertainty. Jessica Biemers,
Speaker 1: portfolio manage at Easterly Investment Partners. I'm actually really excited
Speaker 1: to hear from companies because they are able to to
Speaker 1: really give us obviously some perhaps short term negatives, but
Speaker 1: long term guidance on how they plan to react to
Speaker 1: the current environment that tends to be a good thing
Speaker 1: for stocks. This week will also hear from black Rock,
Speaker 1: Delta Airlines, PepsiCo p n C, and United Health in
Speaker 1: New York Charlie Pellett, Bloomberg day Break. All right, Charlie,
Speaker 1: thank you well. Investors do not expect this earning season
Speaker 1: to be a pretty one. More than six responds to
Speaker 1: the latest Bloomberg and Live Paul's survey say this earning
Speaker 1: season will push the S and P five hundred index
Speaker 1: even lower. About half of pull participants also expect equity
Speaker 1: valuations to pull back even further from their average of
Speaker 1: the past decade. The strong dollar is also likely to
Speaker 1: be a headwin during this earning season, Karen. That's according
Speaker 1: to strategistic Goldman Sachs, who say US companies generate revenues overseas.
Speaker 1: The bank also says elevated inflation and high inventories pose
Speaker 1: risks to earnings and geo political news Nathan Kiev has
Speaker 1: been hit by explosions this morning, two days after an
Speaker 1: attack on a key bridge between Crimea and Russia. Ukrainian
Speaker 1: officials says at least eight people have been killed in
Speaker 1: another twenty four wounded in today's strikes. Russian President Vladimir
Speaker 1: Putin is blaming Ukraine for the bridge attack. He meets
Speaker 1: with a security council today. Ukrainian President vladimir's Alenski appeared
Speaker 1: to make a not so subtle mention of the bridge
Speaker 1: attack in his daily address. Today was a good and
Speaker 1: mostly sunny day on the territory of our state. Unfortunately
Speaker 1: it was cloudy in Crimea, although it is also warm.
Speaker 1: But no matter how cloudy it is, Ukrainians know what
Speaker 1: to do and they know that our future is sunny.
Speaker 1: Ukrainian President vladimir's Lenski spoke there through a translator. Onto
Speaker 1: another geopolitical flashpoint, Karen Taiwan says there will be no
Speaker 1: compromise on its sovereignty or democracy. That came hours after
Speaker 1: Elon Musk tweeted that the self rule of island should
Speaker 1: adopt a Hong Kong style governance model. China is hailing
Speaker 1: the idea, but Taiwan President Signing Wen says Beijing should
Speaker 1: not make any misjudgment on account of Taiwan's vig rist
Speaker 1: democratic system. And again, futures are lower this morning, s
Speaker 1: and P Future is down sixteen points. Now Future is
Speaker 1: down ninety four and nasdays futures are down sixties six
Speaker 1: nix screwed oil down half per cent, and straight ahead
Speaker 1: your latest local headlines plus a check of sports. And
Speaker 1: this is Bloomberg. Thanks Karen. Five oh seven on Wall
Speaker 1: Street fifty two degrees in Central Park. Already got an
Speaker 1: accident at westbound l A. It's at the lower level
Speaker 1: near the b que. Details coming up in traffic. First,
Speaker 1: Michael bar with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: Police say there is no apparent connection between the shooting
Speaker 1: outside Lee's Eldon's home in Shirley Long Island Sunday afternoon
Speaker 1: and the Republican nominee for New York governor. Investigators say
Speaker 1: two teenage boys tried to hide in this Elden's front
Speaker 1: porch after a drive my shooting. Zelden says His twin
Speaker 1: teenage daughters were home at the time, and when they
Speaker 1: heard the gunshots, they had locked themselves in the bathroom
Speaker 1: and called nine one one. Speaking to reporters outside his home,
Speaker 1: the New York congressman said the shooting is representative of
Speaker 1: a larger problem with society. At what point are we
Speaker 1: supposed to talk about the crime on our own streets.
Speaker 1: I'm standing in front of crime scene tape in front
Speaker 1: of my own house. You can't get me more outraged
Speaker 1: than right now. Zelden sends his security cameras photographed the people.
Speaker 1: The two people shot were taken to hospitals. More Republicans
Speaker 1: are pledging support for Herschel Walker, the Senate GOP candidate,
Speaker 1: and George is facing fall out over reports that he
Speaker 1: once paid for next girlfriend's abortion. The Republican Senatorial Committee
Speaker 1: chair at Senator Rick Scott, who campaign with Walker, who
Speaker 1: is a staunch anti abortion candidate. Democratic Senator Raphael Warnock
Speaker 1: holds a slight lead in the polls in the state,
Speaker 1: Violent anti government protests are intensifying and spreading. It a
Speaker 1: run sparked by anger over the killing of a woman
Speaker 1: who was arrested by the so called morality police and
Speaker 1: then dying in East custody. The protest started four weeks
Speaker 1: ago with the death of twenty two year old Masha
Speaker 1: Amini for allegedly wearing her head job improperly. One woman
Speaker 1: protesting in Iran's has enough is enough. Iran analysts Holly
Speaker 1: Dagru says, these demonstrations are extraordinary. They're changing death to
Speaker 1: the dictator, death to hominy. They're removing their head scarves.
Speaker 1: There's been viral videos of Iranian girls flipping the bird
Speaker 1: at the supreme meter of Iran's photo or stomping on
Speaker 1: his photo in classrooms. Panelist Holly Dogress. North Korean leader
Speaker 1: Kim John Un said he launched a new ballistic missile
Speaker 1: and simulated tactical nuclear strikes during recent military drills. It's
Speaker 1: a sign that North Korea is preparing for its first
Speaker 1: atomic test in five years. Global News twenty four hours
Speaker 1: a day on air end on Bloomberg Quicktake, powered by
Speaker 1: more than undred journalists and analysts more than a d
Speaker 1: twenty countries. Michael barn this is Bloombird, Nathan. Thank you.
Speaker 1: Michael five O nine on Wall Street time for the
Speaker 1: Bloomberg Sports up Take. Good morning, John Stanshower morning night.
Speaker 1: Then only one Mets team in their history won more
Speaker 1: games than this one. That was ES six, which also
Speaker 1: happens to be the last time the Mets won the
Speaker 1: World Series. This team won a hundred and one games,
Speaker 1: but that was not enough to even win the division,
Speaker 1: and a concern was that the Mets were now going
Speaker 1: to have to play a short, best of three wildcard
Speaker 1: series where they can run into some good pitching be
Speaker 1: out quickly, and that's exactly what happened the Padres. You
Speaker 1: Darvis shut him down in Game one, and Joe Musgrove
Speaker 1: was dominant in last night's Game three. In fact, his
Speaker 1: stat line seven scoreless stings only one hit allowed, the
Speaker 1: best in postseason history. In a winner takeoff games, San
Speaker 1: Diego won six nothing. Padres advanced to play the Dodgers
Speaker 1: the Yankees Game one with leeld at the stadium tomorrow night.
Speaker 1: Yanks had a mandatory workout last Friday or oldest Chapman
Speaker 1: did not show up. There was talk the Yanks we're
Speaker 1: not gonna put them on their playoff roster now they
Speaker 1: definitely won't. Chapman's gonna be a free agent, and safe
Speaker 1: to say his Yankee career was over. As for New
Speaker 1: York Football Jets for three two blew out in Miami
Speaker 1: forty to seventeen, their first home win, their first win
Speaker 1: within a division in three years. Rookie running back Brace
Speaker 1: Hall rush for ninety seven yards, also had a seventy
Speaker 1: non yards reception. The Giants are four and one. They
Speaker 1: went four and thirteen last season in London. They came
Speaker 1: from two touchdowns down against the Packers six twenty three
Speaker 1: to go, Kan tied to twenty first and Gold Giants
Speaker 1: at the two wildcat wildcat formation with Parkley and right Well.
Speaker 1: This time Jones lined up loud take one, takes the
Speaker 1: snaff sake one quartly put a touchdown PA. The Giants
Speaker 1: have to leave with six go w f A and
Speaker 1: Giants stands stopped green Bay on a late drive and
Speaker 1: one tent seven twenty two. Daniel Jones at least in
Speaker 1: the second half, I would play Aaron Rodgers, John stash
Speaker 1: Award Bloomberg Sports, Nathan all Right, John Thanks, SMP futures
Speaker 1: are down sixteen points right now, DAL futures are down
Speaker 1: ninety two. NSSECT futures are lower by sixty seven points.
Speaker 1: No bond trading today for the Columbus Day. Indigenous people
Speaker 1: stay holiday. We'll get more on this market next with
Speaker 1: Dennis Gardman, former publisher of the Gartment Letter. This is Bloomberg,
Speaker 1: Bloomberg eleven three oh weather. Mostly sunny today with highs
Speaker 1: in the upper six. He's plenty of sunshine tomorrow as well.
Speaker 1: We'll get up to near seventy Wednesday, partly sunny with
Speaker 1: a high near seventy degrees. Right now fifty two in
Speaker 1: Central Park markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quick Take. He's a Bloomberg Business Flash
Speaker 1: and I'm Cameron. Moscow and European stocks are following Asian
Speaker 1: piers lower as concern over inflation, higher rates, and recession
Speaker 1: intensify before earning season kicks off. US stock index futures
Speaker 1: are also dropping. We check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now is in
Speaker 1: P futures down fourteen points down, futures down seventy, NASDAG
Speaker 1: futures down fifty nine. The decks in Germany is moving higher.
Speaker 1: It's up about two tenths of upper cent. The US
Speaker 1: bond market is closed today in observance of Columbus Day
Speaker 1: or Indigenous People's Day. NIMEX screwed oil is down about
Speaker 1: seven tenths of upper cent or sixty three cents, and
Speaker 1: ninety two dollars four cents of barrel comex school there
Speaker 1: is down more than one per cent, or down eighteen
Speaker 1: dollars forty cents. A sixt announced the euro point nine
Speaker 1: seven oh six against the dollar, British pound one point
Speaker 1: one zero seven three, the n one forty five point
Speaker 1: four three, and look at a big coin. It's down
Speaker 1: one per cent in nineteen thousand, two hundred eighty dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Muchael, Good morning,
Speaker 1: Good morning, care and several explosions were heard in Ukraine's
Speaker 1: capital Kiev today. It comes as Russian leader of Vladimir
Speaker 1: Putin will meet with his top security officials in Moscow
Speaker 1: today following the bombing of Europe's longest bridge linking annexed
Speaker 1: Crimea to the Russian mainland. North Korea has revealed its
Speaker 1: recent series of missile tests were tactical new lear weapon drills.
Speaker 1: According to North Korean state media, the country's seven missile
Speaker 1: tests across just two weeks were exercises to simulate nuclear
Speaker 1: strikes on South Korea. In baseball, the season is over
Speaker 1: for the Mats. They lost to the Padres six nothing
Speaker 1: in the deciding game three of their INNL Wild Card Series.
Speaker 1: And football, the Giants lost in London the Jets one,
Speaker 1: along with the Patriots Ravens and forty nine. The Commanders lost.
Speaker 1: Global dumes twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalist and analysts in more than a hundred twenty countries.
Speaker 1: How Michael Barr, this is Bloomberg, Nathan. Thanks Michael. It's
Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Bookers Studios. This is Bloomberg Daybreak, and we get the
Speaker 1: trading weeks started this morning with Dennis Gartman, former publisher
Speaker 1: of The Gartman Letter, now Chairman of the University of
Speaker 1: Akron Endowment Investment Committee, on a morning where the only
Speaker 1: asset really showing any signs of strength, Dennis, is the dollar.
Speaker 1: I think the last time we talked. You were saying
Speaker 1: you're thinking about going long stocks. Are you sticking with
Speaker 1: that call? Well, actually I said I would be a
Speaker 1: buyers stock just for a couple of days because we
Speaker 1: were due for a technical bounce. I've been very barish
Speaker 1: with stocks on non balance since January this year and
Speaker 1: haven't changed my opinion at all except we we get bounces,
Speaker 1: we get dead cat bounces, and we had a nice
Speaker 1: dead cat bounce early last week. It lasted less than
Speaker 1: forty eight hours, and the bear market continues at this point.
Speaker 1: So yes, I was bullish for about oh a day
Speaker 1: and a half at most, And all I said at
Speaker 1: the time was that if you if you had a bounce,
Speaker 1: which we've got, we got that bounce, you should use
Speaker 1: that bounce in which to become less involved in the market, reduced,
Speaker 1: to use that strength to reduce your long positions. And
Speaker 1: I think that that's been consistent since January five. The
Speaker 1: set is continuing to be monetarily tighter. That we've had
Speaker 1: years of monetary expansion. Now we're going to have years
Speaker 1: and beginning already years of monetary contraction as the FED
Speaker 1: reduces the size of this balance sheet. And if they're
Speaker 1: taking the fuel away that it's sponsor the bull market.
Speaker 1: So yes, for a day or two I had become
Speaker 1: slightly less barrish. I think I would call it that,
Speaker 1: not bullish at all. But and I was very succinct
Speaker 1: and saying, used the strength in the wish to sell
Speaker 1: years of monetary tightening from the federal Reserve. What does
Speaker 1: that look like? What does that mean to you? It
Speaker 1: means that the fuel that they had used to sponsor
Speaker 1: the bull market, the fuel that had they had used
Speaker 1: to sponsor strengthen the economy as they had added the
Speaker 1: size of their balance sheet, that had had taken its
Speaker 1: its assets from nine billion dollars to nine trillion dollars
Speaker 1: over the course of the last decade. They've got they
Speaker 1: have promised, and I think I believe they're promised, that
Speaker 1: they're going to reduce the size of that balance sheet
Speaker 1: by dollars a month as they allow old assets to
Speaker 1: roll off, to mature off. And in essence, the fuel
Speaker 1: has been taken away. There the foot that had been
Speaker 1: put on the on the on the gas pedal is
Speaker 1: now off and the foot is now on the brake
Speaker 1: pedal instead. And this is something that will last for
Speaker 1: several years, not for several weeks, not for some months,
Speaker 1: but for several years, perhaps even a decade or more.
Speaker 1: It had been a decade that they had added to
Speaker 1: their balance sheet. Now they're going to have a decade
Speaker 1: when they subtract from the size of the balance sheet.
Speaker 1: So the fuel that has sponsored things is being taken away,
Speaker 1: and that can only be deleterious to share prices. If
Speaker 1: you're saying that the federal state type for a decade
Speaker 1: or more. Are you talking just about the balance sheet?
Speaker 1: Are you talking about rate hikes as well? What does
Speaker 1: the rate path look like to you? The rate path
Speaker 1: continues to be upward. There they're going to take the
Speaker 1: Fed funds rate at least another seventy five basis points
Speaker 1: before the year, and I think that at the at
Speaker 1: the November meeting they'll take the overnight Fed Funds rate
Speaker 1: seventy five basis points then, and I believe that in
Speaker 1: the December meeting, which the Fed does not like to
Speaker 1: be Scrooge McDuck for the for Christmas, but at the
Speaker 1: December meeting, I think they'll also move the Fed funds
Speaker 1: rate by another fifty basis points. So I think an
Speaker 1: aggregate between now and the year end, the overnight said
Speaker 1: funds right moves up a hundred twenty five basis points,
Speaker 1: and I think that will probably get one or two
Speaker 1: more tightenings of the overnight FED funds rate in the
Speaker 1: first two or three meetings of the fol MC, meeting
Speaker 1: of the FLMC after the turn of the year. So
Speaker 1: on balance, FED funds are going higher on balance, the
Speaker 1: Fed's assets are going lower on balance. This is deleterious
Speaker 1: to share prices on balance, This is deleterious to the economy. Well,
Speaker 1: you get another read on inflation this week, producer prices
Speaker 1: and consumer prices. What's your call there? Does that move
Speaker 1: the Fed? I think you're gonna get a moderation in
Speaker 1: the in the numbers. We've had Crude oil prices, except
Speaker 1: for the past two weeks, have been under pressure for
Speaker 1: the past several months. Uh. The you had grain prices
Speaker 1: that had tumbled rather dramatically, taken a week from thirteen
Speaker 1: dollars a barrel down to eight bushel down to about
Speaker 1: seven dollars and fifty cents of bustel. But now even
Speaker 1: we weed is starting to rally back up. The livestock
Speaker 1: prices have fallen rather precipitously from their highs as grain
Speaker 1: prices had been under pressure, and so there will be
Speaker 1: some moderation in the CPI numbers this week, but I
Speaker 1: don't think it will be material in essence, and I
Speaker 1: think that the FED will will look past those numbers
Speaker 1: and be more concerned about the fact that that labor
Speaker 1: rates are high and labor prices are continuing to move higher.
Speaker 1: So you've had some commodit prices have been under pressure,
Speaker 1: but and that that may moderate the CPI number this week,
Speaker 1: but I don't think it'll be material. We're gonna continue
Speaker 1: this conversation with Dennis Gartman later on this hour, so
Speaker 1: stay with us here on Bloomberg Daybreak. Dennis Gartman, former
Speaker 1: publisher of The Gartman Letter, now chairman of the University
Speaker 1: of Akron Endowment Investment Committee, get his thoughts as well
Speaker 1: on the kickoff of earning season what that could potentially
Speaker 1: mean in an environment where the FED is continuing, possibly
Speaker 1: with continued monetary policy tightening. Looking ahead to the market
Speaker 1: open this morning, we see futures moving lower once again,
Speaker 1: with SMP futures down fourteen points down, futures down seventy one,
Speaker 1: Nasdaq futures are lower by sixty two points. No trading
Speaker 1: in the treasury market this morning. It is a federal holiday.
Speaker 1: Then i'm x crude is down six tenths percent at
Speaker 1: ninety two dollars nine cents of barrel Coomax gold down
Speaker 1: one and a quarter percent at seven fifty announced. The
Speaker 1: euro right now trading at point nine seven zero three
Speaker 1: against the dollar. Much more to come. You're listening to
Speaker 1: Bloomberg Day Bred Bloomberg eleven three oh weather. Sunshine in
Speaker 1: a high near seventy today. We'll get up to near
Speaker 1: seventy tomorrow and the next day as well, with sunshine prevailing.
Speaker 1: Right now, it's cloudy in Central Park and fifty two degrees.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg Elving Freedom to Washington, d C, Bloomberg N one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg N sixty to the Country, Sirius XM to the
Speaker 1: one nineteen and around the globe, the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow. We're just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know at this hour.
Speaker 1: The up in futures follows a volatile week on Wall
Speaker 1: Street that ended with a three days skid. Brian Jacobson,
Speaker 1: senior investment strategist at all Spring Global Investments, saying that
Speaker 1: investors are betting the feder Reserve will continue it's aggressive
Speaker 1: hiking trail. I think the Fed pivot that's not going
Speaker 1: to happen until they take the blinders off right, and
Speaker 1: I don't think that they really want to even contemplate
Speaker 1: changing their tune until they get the four and a
Speaker 1: half percent with the Fed funds rate. Spring Global Investments
Speaker 1: Brian Jacobson says if there is a broad economic recession,
Speaker 1: it would likely come in and Alliance chief economic advisor
Speaker 1: and Bloomberg opinion contributor Muhammed al Arian is echoing those concerns.
Speaker 1: He blames the Central Bank for what he calls the
Speaker 1: very high risk of a recession. Not only does it
Speaker 1: have to overcome inflation, but it has to withstore its credibility,
Speaker 1: so yes, I fear that we with a very high
Speaker 1: probability of a damaging recession that was totally avoidable. Alliance
Speaker 1: chief Economic advisor and Bloomberg contributor Muhammad al Arian made
Speaker 1: the comments on CBS Face the Nation, Catch the program
Speaker 1: Sundays on Bloomberg Radio Investors. Meanwhile, Nathan will serve through
Speaker 1: some key economic data this week. We get minutes from
Speaker 1: the September FED Meeting, pp I on Wednesday and cp
Speaker 1: I Thursday. All of this just as earning season gets underway.
Speaker 1: Man investors don't expect this earning season to be a
Speaker 1: pretty one, Karen, More than six of respondence to the
Speaker 1: latest Bloomberg m Live Pulse survey say earnings will push
Speaker 1: the SMP five hundred even lower. About half of poll
Speaker 1: participants also expect equity valuations to pull back even further
Speaker 1: from their average of the past decade. Turning to markets
Speaker 1: overseas now, Nathan shares tumbled in asiamt intensifying concern over
Speaker 1: central bank activity and as Chinese investors returned from a
Speaker 1: week long holiday to tighter restrictions on American technology. Stocks
Speaker 1: in Europe are also down. In geopolitical news, Karen Kievs
Speaker 1: had been hit by explosions this morning, following two days
Speaker 1: after an attack on a key bridge between Crimea and Russia.
Speaker 1: Ukrainian officials says at least eight people have been killed.
Speaker 1: Dozensn did in today's strikes, and Nathan. Taiwan's president is
Speaker 1: saying there will be no compromise on its sovereignty or
Speaker 1: democracy after Tesla founder Elon Musk said that the self
Speaker 1: ruled island should adopt a Hong Kong style governance model.
Speaker 1: China praise Musk's comments. Futures this morning are moving lower
Speaker 1: ASNP futures down almost thirteen points down, futures down sixty three,
Speaker 1: nasdack futures down forty eight and look at it, Bitcoin,
Speaker 1: it's down one point one percent in nineteen thousand, two
Speaker 1: hundred eighty dollars. Straight ahead your latest local headlines plus
Speaker 1: a check of sports. This is Bloomberg. Thanks hearing five
Speaker 1: three on Wall Street, fifty two degrees in Central Park.
Speaker 1: Still got that accident on the westbound l I E
Speaker 1: at the b Que. Michael Barr has more on what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. Two people were shot and
Speaker 1: injured outside New York Congressman Lee's Elden's Long Island home.
Speaker 1: Just twin daughters were inside. One called nine one on
Speaker 1: one and the other called Zelden, who was at the
Speaker 1: Bronch Columbus Day parade with his wife. Zelden says it
Speaker 1: was a frantic moment when Mikhaela had called Diane and
Speaker 1: I she was in the upstairs bathroom locked in the
Speaker 1: way they started that two of them were at the
Speaker 1: kitchen table doing homework and they hear gunshots. Congressman Zelden
Speaker 1: says his security cameras captured three people in the incident.
Speaker 1: The two people's shots were taken to hospitals. It's unclear
Speaker 1: who the perpetrators or victims are and why the shooting happened.
Speaker 1: North Korea said today it's recent barrage of missile launches
Speaker 1: were tests of its tactical nuclear weapons to hit and
Speaker 1: wipe up potential South Korean and US targets. Its leader
Speaker 1: Kim John Un has signaled he would conduct more provocative tests.
Speaker 1: Demonstrations are spreading as Iranian women are going head to
Speaker 1: head with security forces after the killing of a woman
Speaker 1: who was arrested by the SO called morality police for
Speaker 1: incorrectly wearing her head scarf. She later died in police custody.
Speaker 1: Hackers targeted and Iranian state TV newscast. A mask appeared
Speaker 1: on the screen with a picture of the Supreme Leader
Speaker 1: the Ayatola surrounded by flames. Former President Trump says the
Speaker 1: government documents, including classified and top secret papers, retrieved by
Speaker 1: the FBI, should be returned to him. At his rally
Speaker 1: last night and May say Arizona, Trump mentioned the government
Speaker 1: documents taken with a court approved search warrant from his
Speaker 1: Florida resort. There is no crime, you know, there is
Speaker 1: no crime. It's not a crime. And they should give
Speaker 1: me immediately back everything that they've taken from because it's mine.
Speaker 1: It's federal law. Says that the government has complete ownership, possession,
Speaker 1: and control of presidential records. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg. Nathan, Thanks Michael. On Wall Street.
Speaker 1: Time for the bloom for E Sports Update with John
Speaker 1: stash Ower. All right, Nathan. Virtually all season, the Mets
Speaker 1: were looking like a team that was not going to
Speaker 1: have to play in the wild card round, but a
Speaker 1: hundred and one wins not enough. Atlanta got to buy
Speaker 1: Mets had to play the Padres, and San Diego won
Speaker 1: the decisive Game three at City Field six to nothing.
Speaker 1: The Mets, in seven innings against Joe Muskro have got
Speaker 1: one hit must go stat line, the best in postseason
Speaker 1: history in a winter take all games. The San Diego
Speaker 1: hitting star of the series was Trent Grisham, who batted
Speaker 1: four in the regular season. He went four for eight,
Speaker 1: two homers, scored five runs, also made a terrific catch.
Speaker 1: Last Night Bucks Show, Walter's first season That's Mets Manager
Speaker 1: comes to an end. I feel for the players because
Speaker 1: they put so much into it, and we're such a
Speaker 1: special group. You know. It's like I just told him,
Speaker 1: you know, it's not always fair. You know. I don't
Speaker 1: think I've ever had such a good blend of good
Speaker 1: people and good players. Six City Last Night Show, Walter
Speaker 1: asked the umpires to check must Grow for a foreign substance.
Speaker 1: They rubbed must grows ears down, though evidence must Go
Speaker 1: said later that list of fire under him Division series
Speaker 1: start tomorrow Padres will play the Dodgers. Yankees take on
Speaker 1: the Cleveland Guardians. Our oldest Chapman will not be on
Speaker 1: the Yankees postseason roster. That was made certain when Chapman
Speaker 1: didn't show up for last Friday's worked out. The surprising
Speaker 1: starts for the Jets and Giants continue. The Jets finally
Speaker 1: wanted division game first and three years they blew out
Speaker 1: Miami had met life forty to seventeen. They're now three
Speaker 1: and two. The Giants are US shopping four and one.
Speaker 1: They matched last year's win total went to London depleted team,
Speaker 1: but they came from two touchdowns down. Stunned Green Bay
Speaker 1: twenty two six. Won Barkley at a forty yard run
Speaker 1: a forty one yard catch. Giants dominated the second half.
Speaker 1: John Staward Bloomberg Sports Nathan, Thank you John. It's five
Speaker 1: thirty seven on Wall Street time for the Trice State
Speaker 1: Business Report. Here's Bloomberg Scott's car. The driving forces behind
Speaker 1: retails rebound in New York City are tourism and neighborhoods
Speaker 1: with a lot of residential properties. Retail sales in the
Speaker 1: city came in at seventy six in September compared to
Speaker 1: seventy nine percent nationally. The Vitality the Index from Abison
Speaker 1: Young's New York City Innovation and Insight team chalks that
Speaker 1: up largely to tourism and big neighborhoods. In an attempt
Speaker 1: to get around the bag band in New Jersey, bill
Speaker 1: from a state Senate committee proposes allowing grocery delivery services
Speaker 1: to return to using paper bags if they're made of
Speaker 1: post consumer recycled content and using cardboard boxes for three years.
Speaker 1: A report from Rhodes consultant VHb is saying Bridgeport, Connecticut's
Speaker 1: two hundred seventy eight miles of municipally maintained roads get
Speaker 1: a rating of fair seventy five out of one hundred,
Speaker 1: just three points above the deficient condition range. That's the
Speaker 1: Bloomberg Tri State Business Report. I'm Scott Carr, Thanks Scottivet
Speaker 1: eight on Wall Street. Bloomberg Radio is on the air
Speaker 1: from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred affiliate
Speaker 1: radio stations around the world. I'm Scott Carr on w
Speaker 1: w J in Detroit, term reporting on for his unveiling
Speaker 1: of the new Mustang g T Gen three supercar series.
Speaker 1: Um Corney Tanahoan wh S and Louisville fed X is
Speaker 1: a holiday shipping slowdown ahead as customers plan to send
Speaker 1: fewer packages. I'm Caroline heat Film Bloomberg DAB Digital Medio
Speaker 1: in London. We've been reporting on the Bank of England
Speaker 1: boosting its daily guilt auctions as it tries to reassure
Speaker 1: markets ahead of its emergency program ending on Friday. I'm
Speaker 1: John Donnager telling kN X listeners in Los Angeles about
Speaker 1: Ribby and sweeping recall. I'm Gina Servetti and for w
Speaker 1: c c O in Minneapolis. We're looking at some of
Speaker 1: the locally based companies reporting ernies this week, including US
Speaker 1: Bank Corp. And United Health. Those are some of the
Speaker 1: stories are twenty seven hundred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Yet again troubled at a big European bank, this time,
Speaker 1: Credit Suite has been roiling markets comes. Scerns about the
Speaker 1: cost of an expected restructuring have sent its share price
Speaker 1: gyrating wildly in recent days. In response, executives have said
Speaker 1: that the bank is among the best capitalized of its peers,
Speaker 1: if only that were more reassuring. While the biggest global
Speaker 1: banks have more capital than they did during the last crisis,
Speaker 1: experience and research suggests they'd all need even more to
Speaker 1: survive a severe shock and have enough left to inspire confidence.
Speaker 1: The tempest surrounding credit Suite shows that the world's largest
Speaker 1: banks are too fragile. The prescription for policymakers is simple,
Speaker 1: hold the line on capital and keep pushing from more.
Speaker 1: The danger of having too little exceeds that of demanding
Speaker 1: too much. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or opie I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Ininion. Listen for Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n go. SMP futures right now
Speaker 1: down fourteen points, Stal futures down seventy seven, and Nasdaq
Speaker 1: futures are lower by fifty seven points. We continue our
Speaker 1: conversation next with former Gartment letter publisher Dennis Gartman. This
Speaker 1: is Bloomberg Bloomberg eleven three oh other sunshine and hides
Speaker 1: in the upper sixties today. We'll get up to near
Speaker 1: seventy tomorrow and Wednesday with sunshine throughout. Right now, it's
Speaker 1: cloudy in Central Park fifty two degrees. Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: Blo Bloomberg Business at and at Bloomberg Quicktape. This is
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and European
Speaker 1: stocks are following Asian piers lower as concern over inflation,
Speaker 1: higher rates and recession intensify before earning season kicks off.
Speaker 1: U s Dock Index futures are also lower, and we
Speaker 1: checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg. Guess and p future is down seven points, down,
Speaker 1: features down twenty eight and nastack futures down twenty nine.
Speaker 1: The Knacks in Germany is higher. It's up about four
Speaker 1: tens of percent. Ten year Treasury well US bawn markets
Speaker 1: closed and observance of Columbus Day and Indigenous People's Day.
Speaker 1: Nimex screwed oil is down eight tens of a percent
Speaker 1: or seventy four cents and ninety one dollars ninety cents
Speaker 1: of barrel comex gold is down one at a quarter
Speaker 1: percent or twenty one dollars fifty cents and sixteen eighty
Speaker 1: seven eighty announced euro point nine seven oh seven against
Speaker 1: the dollar, British pound one point one zero seven three
Speaker 1: and the En one forty five point four four. And
Speaker 1: bitcoin is down eight tens of a percent now at
Speaker 1: nineteen thousand and three hundred thirty dollars. That's a bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael Karen, thank you very much.
Speaker 1: Missile struck Kiv and other Ukrainian cities early today. It
Speaker 1: comes to day is after an attack on a key
Speaker 1: bridge to Crimea that Russian President of Vladimir Putin blamed
Speaker 1: on Ukraine. The NFL implemented new concussion protocols ahead of
Speaker 1: Sunday's games. Miami Dolphins backup quarterback Teddy Bridgewater took ahead
Speaker 1: yesterday and was evaluated for a head injury. The NFL
Speaker 1: and Players Union updated the protocol after reviewing the response
Speaker 1: to Dolphins quarterback to a tag of Viola's concussion injury.
Speaker 1: In football, The Giants lost in London, the Jets one
Speaker 1: along with the Patriots, Ravens and forty nine News. The
Speaker 1: Commanders lost in baseball. The season is over for the Mets,
Speaker 1: a loss to the Padres six nothing in the deciding
Speaker 1: Game three of their NL wild Card series. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quicktake power by more than twenty seven hundred journalists analysts
Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg,
Speaker 1: Nathan alright, Michael. Thanks, It's nine on Wall Street Life
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: Why I pass along a quick red headline just crossing
Speaker 1: a Bloomberg terminal. The Nobel Economics for a Price has
Speaker 1: just been awarded to former Federal Reserve chairman Ben Bernanke,
Speaker 1: along with Douglas Diamond and Philip did Big. We'll get
Speaker 1: you more details as they come in, but we want
Speaker 1: to bring back Dennis Gartman, now former publisher of the
Speaker 1: Gartment Letter now chairman of the University of Acront Endowment
Speaker 1: Investment Committee. To continue our conversation on this market, Dennis, So,
Speaker 1: I want to look ahead to what's coming this week.
Speaker 1: Obviously we're going to get some important inflation data the
Speaker 1: producer price and consumer price indexes later on this week
Speaker 1: and the kickoff to earning season. Do you think what
Speaker 1: we get on inflation is going to have a major
Speaker 1: impact on what we see in stocks this week. I
Speaker 1: think it'll have a minor impact, if it has any
Speaker 1: impact whatsoever. I think the set is taking a much
Speaker 1: longer perspective, concerned about longer term inflation rather than short
Speaker 1: term numbers that come out on a monthly basis. Yes,
Speaker 1: there will be some moderation as far as they're overtly
Speaker 1: various circuit comments that have been rather public and rather
Speaker 1: con system over the course of the past several weeks.
Speaker 1: So they may moderate, and I put that term in
Speaker 1: in quotation marks, they may moderate a bit of their
Speaker 1: their vocabulary. But will they change their opinion no, will
Speaker 1: they change their perspective no? Will they change their policies
Speaker 1: at this point, which has been to tighten monetary policy,
Speaker 1: not on, not on your life. They want to remain consistent.
Speaker 1: They have had a problem with with the constancy over
Speaker 1: the course of the past several years. They've had a
Speaker 1: problem with the people's respect for their their position, taking
Speaker 1: in everyone, almost every single member of the f MC
Speaker 1: has been overly and very publicly barish or hawkish about
Speaker 1: certain monetary circumstances. So yes, you may get some slight
Speaker 1: moderation in their verbiage, but I think it will be
Speaker 1: very I think it will be modest at best, and
Speaker 1: they will not change their policy. They're going to continue
Speaker 1: to tighten monetary policy over the course of the next
Speaker 1: year or more, perhaps several years into the future. Two
Speaker 1: part question, have we hit peak inflation? And does tighter
Speaker 1: policy raise the risk of recession? We may have hit
Speaker 1: peak inflation, the opperative word here being may, I have
Speaker 1: my severe doubts. We'll see. Keep an eye on what
Speaker 1: goes on in crude oil prices, keeping one on what
Speaker 1: goes on in grain prices. Weat has fallen from thirteen
Speaker 1: as I said earlier, we has fallen from thirteen dollars
Speaker 1: to eight dollars a bushel, but it's back to nine
Speaker 1: dollars a bushel and we being the most important crop
Speaker 1: as far as I'm concerned in the world. Seems to
Speaker 1: be turning higher again, given the fact that we have
Speaker 1: problems with the Ukraine and Russia, and given the factor
Speaker 1: getting the US wet crop off to a decent start
Speaker 1: as plantings has been relatively quick but into very dry land.
Speaker 1: Keep an eye what goes on in wheat prices, and
Speaker 1: keep an eye on what goes on in grain prices. Generally,
Speaker 1: I think they're moving from the lower left of the
Speaker 1: upper right, so you have some moderation and inflation. But
Speaker 1: I think that the opporture, per word here is moderation.
Speaker 1: I don't think you had any change, and I think
Speaker 1: that that will be very constant, very consistent, and very
Speaker 1: aware of its lack of constancy over the course of
Speaker 1: past several years, and wants to make up for that fact.
Speaker 1: We do have earning season kicking off this week as
Speaker 1: well with the big banks. It seems like there's a
Speaker 1: lot of gloomy prospects about this earning season. What's your view.
Speaker 1: I think there are I think gloomy prospects are rational
Speaker 1: and reasonable at this point. I don't think we're gonna
Speaker 1: get any surprises to the upside, I think the surprises
Speaker 1: on the downside will be rather material and a very constantly,
Speaker 1: very consistent, So again, be careful out there. As we
Speaker 1: talked earlier, I thought for a day or two we'd
Speaker 1: get a bounce in stock prices. You actually had a good,
Speaker 1: strong bounce a week and a half ago, lasted less
Speaker 1: than forty eight hours. And as I said that, that
Speaker 1: constantly are consistently since then. Use periods of strength into
Speaker 1: which to sell. So if you get some prises to
Speaker 1: the upside and earnings, use that strength, which I doubt
Speaker 1: you're going to get. Use that strength of reduces the
Speaker 1: size of your exposure, reduce your exposure to the market.
Speaker 1: Be careful out there. This is still a bear market.
Speaker 1: I've been constant in that since January fifth of this year,
Speaker 1: and I see absolutely no reason to change. About a
Speaker 1: minute left here, Dennis, At what point do we reach
Speaker 1: capitulation in this market? When the public throws up its
Speaker 1: hands and and and here's a very important in terminology,
Speaker 1: pukes on its positions. They haven't come to that point yet.
Speaker 1: They haven't even looked at their at their quarterly standard
Speaker 1: reports from their brokerage houses that came out last week.
Speaker 1: People I think are weeks, if not months, away from
Speaker 1: taking from getting out of positions. So capitulation has not
Speaker 1: happened yet. It shall eventually happen, but it's months into
Speaker 1: the future, so be careful out there, staying bearish. Dennis Gartman,
Speaker 1: former publisher of the Gartment Letter, now chairman of the
Speaker 1: University of Akron Endowment Investment Committee. Dennis, always great to
Speaker 1: get your thoughts. Thanks so much for joining us this
Speaker 1: morning here on Bloomberg Daybreak. Karen, all right, Nathan, it
Speaker 1: is five fifty three on Wall Street. Returned to a
Speaker 1: legal story where watching this morning. The new Supreme Court
Speaker 1: term is filled with controversial issues from affirmative action to
Speaker 1: voting rights, and now the justices have decided to step
Speaker 1: into the middle of the politically fraud debate over Section
Speaker 1: to thirty at the Communications Decency Act had issues whether
Speaker 1: some of the world's tech companies should continue to be
Speaker 1: protected for three party content or should be held accountable
Speaker 1: for it. The two cases involved claims over terrorist attacks abroad,
Speaker 1: one in Paris and and another instanble In. For more
Speaker 1: Bloomberg's Young Grouse, So speak to Eric Goldman, a professor
Speaker 1: at the University of Santa Clara Law School. So or
Speaker 1: the point is in these cases complaining about the algorithm
Speaker 1: generator recommendations, well part of it. You could look at
Speaker 1: it a little bit more broadly. I think the starting
Speaker 1: premises that the terrorist oranization should never be online in
Speaker 1: the first instance, and if they are online, then the
Speaker 1: social media services giving them that support now take responsibility
Speaker 1: for any of the consequences that flow from the visibility
Speaker 1: that they gain online. So it's really one of the
Speaker 1: situations where social media services is just one of many
Speaker 1: possible contributors to the outcome, and we don't hold everyone
Speaker 1: who has that kind of tenuous connection to a terrorist
Speaker 1: attack responsible for the attack. In the first instance, Justice
Speaker 1: Clarence Thomas had already expressed interest and indicated that he's
Speaker 1: willing to change the law if Congress isn't. Well, we
Speaker 1: have to assume that Justice Thomas was in favor of
Speaker 1: here in this case, because he's basically begged plaintiffs to
Speaker 1: bring Section to thirty cases to him, though he can
Speaker 1: find a way to try and eviscerate it. So we
Speaker 1: know that Justice Thomas is already coming in as an
Speaker 1: extreme Section two thirties skeptic. He's literally told us when
Speaker 1: nobody asked him to. Let's say Section two thirty is gone.
Speaker 1: What effect would that have on social media companies. It's
Speaker 1: not just social media companies, that's the entire Internet. So
Speaker 1: much of the Internet is driven by user generated content,
Speaker 1: us talking to each other, and Section two thirty is
Speaker 1: the legal foundation that enables those conversations to take place
Speaker 1: without the services being liable for facility, they're enabling those conversations.
Speaker 1: So without Section two thirty, many of those conversations will
Speaker 1: simply stop. They won't be possible to do anymore because
Speaker 1: of the fact that the legal liability will overwhelm the benefit. Now,
Speaker 1: some of the service is that are existing today are
Speaker 1: big enough and powerful enough that they will either find
Speaker 1: a way to thread the legal needle and accept whatever
Speaker 1: collateral damage comes from that, or they will move towards
Speaker 1: professionally produced content. They'll stop letting users talk to each other.
Speaker 1: They'll pay some people who they trust to submit content
Speaker 1: that they will set the legal risk for, and as
Speaker 1: a result, it becomes a lot more of the Internet
Speaker 1: being people talking to us, not us talking to each other.
Speaker 1: So the fact that the Supreme Court might change section
Speaker 1: to there is what really panics me, because then it
Speaker 1: creates the possibility that unelected justices are making decisions that
Speaker 1: will affect our daily lives in ways that it's really
Speaker 1: impossible to contemplate. And as Erik Goleman, a professor at
Speaker 1: the University of Santa Clara Law School, speaking with the
Speaker 1: Bloomberg Doing Grasso, catch more of that interview plus analysis
Speaker 1: of the latest legal news by subscribing to the Bloomberg
Speaker 1: Law Podcast or downloading the show at Bloomberg dot com
Speaker 1: slash podcast That's Arnis can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at blong Go. And we have more
Speaker 1: on that breaking news we brought you just moments ago.
Speaker 1: Ben Bernanky, Douglas Diamond, and Philip Divvig were awarded the
Speaker 1: two Nobel Prize and Economic Sciences for research on banks
Speaker 1: and financial crises. The three will share the nine hundred
Speaker 1: thousand dollar award, and we'll have more on that story
Speaker 1: straight ahead as Bloomberg Daybreak continues, and also ahead we'll
Speaker 1: have a check on the business headlines and all the
Speaker 1: news you need to start your day. Futures this morning
Speaker 1: moving lower. SMP futures down five points down, futures down twelve,
Speaker 1: nasday futures down twenties six and of course the bond
Speaker 1: market closed today and observance of Columbus Day and Indigenous
Speaker 1: People's Day, and this is Bloomberg