Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, October twelve two. Coming up this shower,
Speaker 1: President Biden says a slight recession is possible in the US.
Speaker 1: We're tough talk from the FED on fighting inflation. We
Speaker 1: speak with Cleveland Fed President Lorettamester. The Bank of England
Speaker 1: confirms it will end emergency bond buying on Friday, and
Speaker 1: Intel plans thousands of job cuts. New Jersey says New
Speaker 1: York City's congestion pricing charts threatens sport authority revenue plus
Speaker 1: NASA successfully moves and Asteroid off its over. I'm Michael
Speaker 1: barn More ahead, I'm John Stashower. Sports game one of
Speaker 1: the Yankees day beat Cleveland at the Stadium of the
Speaker 1: Rangers one. There sees an open art. That's all s
Speaker 1: tradyhead 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 XAM one nine team
Speaker 1: and around the world Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business App. Good morning. I'm Karen Moscow,
Speaker 1: I'm Nathan Hagar. Bloomberg Daybreak is brought to you by
Speaker 1: b n y Melon's Pershing Learned why the world's most
Speaker 1: sophisticated wealth management and institutional firms rely on Pershing to
Speaker 1: help them improve profitability, create efficiency, attract talent, and manage
Speaker 1: risk at Pershing dot Com. And Futures this morning are
Speaker 1: on the rise six o one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg SNP, Future is up twenty nine points down.
Speaker 1: Future is up a hundred ninety four. Nasday features up
Speaker 1: one eight ten year Treasury up one thirty second deal
Speaker 1: three point nine four percent, and they yield on the
Speaker 1: two year at four point to nine percent. NIMEX screwed
Speaker 1: oil up three tenths of a percent. Nathan, Karen, We'll
Speaker 1: have more on markets in a minute, but first, President
Speaker 1: Biden's weighing in on the economy. As investors, c e
Speaker 1: o s and economists talk about a possible recession, so
Speaker 1: is the President. I don't think there will be your recession.
Speaker 1: If it is the be a very slight recession, that
Speaker 1: is will move down slightly. Well, look, think about what's happened.
Speaker 1: We have done more with in a better position than
Speaker 1: any other major country in the world. In an interview
Speaker 1: with CNN s Jake Tapp for the President also voiced
Speaker 1: anger with Saudi Arabia and oil production cuts from OPEC.
Speaker 1: Plus he accuses the Kingdom of allying itself with Russia
Speaker 1: and vows to engage with lawmakers to punish riyadd there's
Speaker 1: gonna be some consequences for what they've done with Russia.
Speaker 1: What kind of consequences, Venenda says, suspend all arms sales?
Speaker 1: Is that something you'd consider. I'm not going to get
Speaker 1: into what i'd considering what I'm having mind, but there
Speaker 1: will be There will be consequences the President. Biden suggests
Speaker 1: those consequences likely will not come until after next month's
Speaker 1: midterm elections. Well top talking the inflation continues from the
Speaker 1: Fed and Nathan. The latest waying in is Cleveland FED
Speaker 1: President Loretta Master. She tells us a central bank is
Speaker 1: definitely not done raising rates. The real issue is we
Speaker 1: need to do more. We have not seen inflation move
Speaker 1: down um and we need to see that because leaving
Speaker 1: inflation where it is, if it continues, there's a higher
Speaker 1: chance that it does become embedded in the economy. Cleveland Fed,
Speaker 1: President of the Redemester, made the comments in an interview
Speaker 1: with The Bloomberg's Kathleen Hayes. Well, the Fed still has
Speaker 1: its critics out there. Karen, including Muhammad Larrian, the Alliance
Speaker 1: chief economic advisor and Bloomberg opinion columnists, says aggressive tightening
Speaker 1: by the Central Bank will not only damage the US economy,
Speaker 1: it will also affect the rest of the world. This
Speaker 1: is going to be a reminder a little bit of
Speaker 1: October without in and eight, when people gather in Washington
Speaker 1: and realize we have a global problem and it needs
Speaker 1: global global solution. Muhammed Alarian made the comments to Jonathan
Speaker 1: Faroe on Bloomberg Surveillance Catch of program weekdays at seven am,
Speaker 1: All Street Time on Bloomberg Radio and Television. Well, coming
Speaker 1: up today, Nathan, we get the first is several key
Speaker 1: economic readings this week, and we get the details from
Speaker 1: Bloomberg Economics, corresponded Michael McKee. The world is watching the
Speaker 1: US Federal Reserve raising rates to fight inflation has an
Speaker 1: impact on markets everywhere. So this week's inflation reports are
Speaker 1: key for markets. Wednesday, the u S reports on producer prices.
Speaker 1: The bad news economists forecast factory gate prices rose last month.
Speaker 1: Also Wednesday, the Fed releases the minutes of its September
Speaker 1: twenty one meeting. Investors will parse those for clues to
Speaker 1: how fast the Central Bank thinks inflation will come down,
Speaker 1: which may influence how high rates will go and for
Speaker 1: how long. Michael McKee, Bloomberg Daybreak, Mike thanks Soaring inflation
Speaker 1: and higher interest rates have seeing yields rise, and stocks
Speaker 1: are trading at their lowest levels in almost two years. Still,
Speaker 1: Morgan Stanley Chief US equity strategist Mike Wilson says it
Speaker 1: could be too early to call a bottom. I think
Speaker 1: the bomb market is probably there. Uh and but unfortunately,
Speaker 1: kind of like stocks, the bomb market used to be
Speaker 1: told by the Fed that they're done right, And that's
Speaker 1: just the dance we're in right now. It's the hardest
Speaker 1: part of the cycle to trade. We think we know
Speaker 1: we're going in equities, we think deals are probably flows
Speaker 1: to topping, but we got to go through the earnings
Speaker 1: revision still, which is why you can't say that that
Speaker 1: stocks at Bob's Morgan Stanley ch US sequity strategist Mike
Speaker 1: Wilson says inventory, labor costs and other latent expenses are
Speaker 1: wreaking havoc on company cash flow well in Europe. This morning,
Speaker 1: Nathan questions continue to shroll over whether the Bank of
Speaker 1: England will end its emergency bond buying program on Friday,
Speaker 1: and we go to London and get the latest with
Speaker 1: Bloomberg's hun pasts. Good morning you, Good morning Karen and Nathan.
Speaker 1: It has been a rocky few hours of watches of
Speaker 1: UK assets this morning. The Bank of England now confirm
Speaker 1: it will end its emergency bond buying program this Friday.
Speaker 1: That was after an earlier Financial Time report that the
Speaker 1: bank had told lenders in private there could be an extension.
Speaker 1: UK GDP. Meanwhile, and expectedly shrinking in August for the
Speaker 1: second time in three months, the north point three percent
Speaker 1: drop in output driven by a sharp decline in manufacturing,
Speaker 1: raising the possibility of the country is now in a recession.
Speaker 1: In London, I'm you and part spin Boo day Break
Speaker 1: all arguing thanks back hearing in the U s A,
Speaker 1: big companies looking at a major reduction in head count.
Speaker 1: Looks like Intel could be slashing jobs in an effort
Speaker 1: to cut costs. More from Bloomberg's Doug Chris, we're told
Speaker 1: the job cuts will likely number in the thousands and
Speaker 1: will be announced as early as next month. Some divisions,
Speaker 1: including sales and marketing, could seek cuts, affecting about twenty
Speaker 1: percent of staff. As of July, Intel had a hundred
Speaker 1: thirteen thousand, seven hundred employees. The company is facing a
Speaker 1: steep decline in demand for PC processors. Its main businesses
Speaker 1: struggled to win back market share lost to rivals like
Speaker 1: Advanced micro Devices. In July, Intel said two sales would
Speaker 1: be about eleven billion dollars lower than previously forecast. In
Speaker 1: New York Time, Doug Prisoner Bloomberg Daybreak, All right, don,
Speaker 1: thank you and euro up. This morning, Shares our credit
Speaker 1: Suite are lower. They're down about three and a half percent.
Speaker 1: Sources say that Justice Department is investigating whether the Swiss
Speaker 1: lander continued to help US clients hide assets from authorities.
Speaker 1: To bank paid up multibillion dollar fee over a similar
Speaker 1: issue eight years ago, and had pledged to tackle the issue.
Speaker 1: We are watching earnings cross the Bloomberg This morning. PepsiCo
Speaker 1: reporting a third quarter core profit that beat analysts, s
Speaker 1: tomates and it sees its fiscally your organic revenue also
Speaker 1: meeting analysts estimates. Futures this morning are on the rise.
Speaker 1: S and P future is up about thirty points down,
Speaker 1: futures up a hundred ninety two, and Nastas futures up
Speaker 1: one hundred twelve. Straight ahead your latest local headlines, plus
Speaker 1: a check of sports, and this is Bloomberg. Thank you Caring.
Speaker 1: It is six oh seven on Wall Street. We are
Speaker 1: at fifty eight degrees in Central Park. I got a
Speaker 1: new crash northbound of Jersey Turnpike, trucklings and exit thirteen.
Speaker 1: More coming up in traffic first Michael Barr with more
Speaker 1: on what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. New Jersey Governor Phil Murphy
Speaker 1: has put up another potential block to Manhattan's contraffic congestion pricing,
Speaker 1: with an inquiry into the potential revenue hit to the
Speaker 1: Port Authority of New York and New Jersey. Murphy says
Speaker 1: the plan would cut bridge and tunnel toll collections. Murphy
Speaker 1: wrote to Port Authority Executive Director Richard Cotton in October eleventh,
Speaker 1: letter obtained by Bloomberg News, any reduction in the Port
Speaker 1: Authority capital plan because of congestion pricing should not come
Speaker 1: at the expense of any New Jersey projects. On the
Speaker 1: campaign trails, Senate Minority Leader Mitch McConnell says the party
Speaker 1: will stick with Herschel Walker as their GOP candidate for
Speaker 1: Senate in Georgia. Walker told ABC he denies a woman's
Speaker 1: claim at the former NFL star once urged her to
Speaker 1: have an abortion. I know nothing about an abortion, and
Speaker 1: I knew us a lie, and I said it was
Speaker 1: a lie, and I just move on. Walker's campaign is
Speaker 1: rocked by allegations that he reimbursed an ex girlfriend for
Speaker 1: an abortion. In two thousand nine, New York City Mayor
Speaker 1: Eric Adams signed legislation barring concealed guns, both legal and illegal,
Speaker 1: from Times Square. Mayor Adams says it's essential for the
Speaker 1: city to safeguard the rights of the tourists and visitors.
Speaker 1: We are projected to receive fifties six million tourists in
Speaker 1: this city. Many of them come through Times Square has
Speaker 1: become a signature of this city, and we want to
Speaker 1: make sure that this safe. The decision comes following the
Speaker 1: summer's Supreme Court decision to overturn the state's law requiring
Speaker 1: a license to carry concealed weapons in public places. NASA
Speaker 1: says the Dart spacecraft that crashed into a small, harmless
Speaker 1: asteroid two weeks ago has succeeded in shifting the space
Speaker 1: rocks orbit. NASA Administrator Bill Nelson now the team is
Speaker 1: confirmed that the spacecraft's impact altered demorphous orbit around Didimos
Speaker 1: by thirty two minutes. NASA's Bill Nelson says the refrigerators
Speaker 1: sized spacecraft originally struck the asteroid seven million miles away.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Takes, powered by more than journalists analysts
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg, Nathan, it's pretty good, Aim. Thanks Michael six
Speaker 1: o nine on Wall Street. Time for the Bloomberg Sports
Speaker 1: South DA. Here's John Stetshem. All right, Nathan, the Yankee
Speaker 1: signed Garrett Cole to win big games in October. It
Speaker 1: didn't happened last year. We got roughed up in that
Speaker 1: one game playoff in Boston. A Cole pitched like an ace.
Speaker 1: Last night at the State even six and the third
Speaker 1: allowed just one run, struck out eight. The bullpen a
Speaker 1: question mark head into the postseason, but it did its job,
Speaker 1: getting the last eight ounces of the Yankees to Game
Speaker 1: one from Cleveland four to one. Home run for Harrison
Speaker 1: Bader that's his first ever in Finch trights and an
Speaker 1: Anthony rizzle along two on shot. Game two schedule for
Speaker 1: tomorrow night, although rain is in the forecast. High drama
Speaker 1: on the other American League series opener. Seattle was coming
Speaker 1: off a win in Toronto where the Mariners came back
Speaker 1: from an eight to one defensive. This time they had
Speaker 1: the lead. They got the Justin Verlander. In Houston, they
Speaker 1: led four nothing later seven to three. Seattle was one
Speaker 1: out from victory over food is k b ami they
Speaker 1: call Houston seven. Dodgers beat the Padres in l A five,
Speaker 1: the three the Phillies in a surprise to Game one
Speaker 1: in Atlanta seven to six. Openy night for the Rangers.
Speaker 1: Little payback on Tampa Bay, who ousted them four months
Speaker 1: ago in the Stanley Cup playoffs at the Garden because
Speaker 1: a band of jad scored shorthanded. Then on the power
Speaker 1: play of the the Blue Shirts one three to one. The
Speaker 1: Giants are back from London, but their punter is not.
Speaker 1: Jamie Gallan is a native of Scotland, came to live
Speaker 1: in the US well in high school. He is stuck
Speaker 1: in England with a visa issue. The Giants expect him
Speaker 1: back in time to punt on Sunday against Baltimore. John
Speaker 1: Stash Bloomberg Sports. Nathan all Right, John, thank you. This
Speaker 1: headline just crossing the Bloomberg terminal. UK thirty year guilt
Speaker 1: yields rise to five per cent for the first time
Speaker 1: since the Bank of England intervention. Right now, SMP futures
Speaker 1: are up twenty nine point, staff futures up a hundred
Speaker 1: ninety nastack futures up a hundred six points, which sucked
Speaker 1: the inflation outlook. Next with Neil Richardson of a DP.
Speaker 1: This is Bloomberg. Bloomberg eleven three oh weather morning, sun today,
Speaker 1: afternoon clouds near seventy degrees. Those cruds will bring us
Speaker 1: rain tomorrow in the high Your seventy back in the
Speaker 1: sunshine Friday, right now fifty eight in Central Park Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business out and at Bloomberg Quicktape.
Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow, and
Speaker 1: we are watching shares of Pepsi this morning. They're up
Speaker 1: more than two and a half percent in early trading
Speaker 1: after it forecast or again a revenue for the full
Speaker 1: year that beat the average analyst estimates. Gilts are falling,
Speaker 1: the pounds being whipsawed as traders struggled to make sense
Speaker 1: of UK policy. US knock index futures and European shares
Speaker 1: are rising ahead of tomorrow's inflation report. And we checked
Speaker 1: the markets every fifty minutes throughout the trading day. On Bloomberg.
Speaker 1: SNP futures have twenty nine points this morning, down features
Speaker 1: of a hundred eighty five NASDACK futures have one hundred
Speaker 1: seven The decks in Germany's up four tenths of upper
Speaker 1: cent ten your treasury little change, you'll three point nine
Speaker 1: four percent. They yield on the two year four point
Speaker 1: to nine percent. Nine X Screwed oil is up three
Speaker 1: tens of upper cent or twenty seven cents at eighty
Speaker 1: nine dollars sixty two cents of barrel call makes gold
Speaker 1: down half percent or eight dollars fifty cents at sixteen
Speaker 1: seventy seven sixty announced, the euro is at point nine
Speaker 1: seven zero against the dollar, British found one point one
Speaker 1: zero seven zero the end one forty six point four zero,
Speaker 1: and Bitcoin this morning up eight tens of a percent
Speaker 1: at nineteen thousand, one hundred seventy dollars. That's a Bloomberg
Speaker 1: business flash. Now here's Michael bar with Moore on what's
Speaker 1: going on around the world. Michael Karen, thank you very much.
Speaker 1: President Joe Biden voiced a siri yesterday with Saudi Arabia
Speaker 1: over OPEC oil production cuts, accusing the kingdom of allying
Speaker 1: itself with Russia. Biden, speaking to CNN, says there's going
Speaker 1: to be some consequences for what they've done with Russia.
Speaker 1: The Supreme Court will not consider restricting abortion further after
Speaker 1: its June ruling that overturned Roe v. Wade, at least
Speaker 1: for now. The conservative leaning court declined yesterday to hear
Speaker 1: a case that would have granted constitutional rights to embryos
Speaker 1: and fetuses. In baseball, the Yankees one game one in
Speaker 1: their a ld S against the Guardians for one. In hockey,
Speaker 1: the Rangers won their season opener against the Lightning three
Speaker 1: one Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than journalists and
Speaker 1: analysts more than a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg. Nathan all right, Michael, thank you, At
Speaker 1: six nineteen on Wall Street line from the Bloomberg Interactive
Speaker 1: Broker's studios. This is Bloomberg Daybreak. We're getting ready for
Speaker 1: quite a bit of economic data here, including the final
Speaker 1: reads on inflation before the FED holds its next meeting
Speaker 1: in just a couple of weeks. Let's get insights now.
Speaker 1: We're joined by Neila Richardson, chief economist at a DP. Neila,
Speaker 1: it's great to speak with you this morning while we
Speaker 1: await the first of the two inflation readings. Of course,
Speaker 1: this morning we get the Producer Price Index. Are you
Speaker 1: looking for signs of moderation in the p p I?
Speaker 1: Good morning, Nathan, um. I'm actually looking for some sen
Speaker 1: stability and consistency in the service component. We might see
Speaker 1: some moderation and the goods components. Energy prices have fallen,
Speaker 1: but for services that is the common thread. But let's
Speaker 1: go through line to the CPI report and I really
Speaker 1: think that that's where you're seeing the pressures rise right
Speaker 1: now is in services as consumers continue to shift their
Speaker 1: post pandemic spending from goods back into service sectors. If
Speaker 1: we do see more of that pressure on the services side,
Speaker 1: what does that imply. Are you thinking that we could
Speaker 1: see more pressure when it comes to wages? Well, actually,
Speaker 1: there was some good news in the ADP report that
Speaker 1: we released a last week. We saw that pressure in
Speaker 1: wages that you mentioned. For people who stayed in their
Speaker 1: jobs for more than a year, that actually accelerated a
Speaker 1: little bit to seven point eight percent from last month.
Speaker 1: But for people switching their jobs, and that's the big
Speaker 1: dynamic right now, is these people who are leaving one
Speaker 1: job and moving to the next. We actually saw our
Speaker 1: index decelerate for the first time since the pandemic um
Speaker 1: They're still making double digit gains, but the gains aren't
Speaker 1: as strong as they were just before, so we might
Speaker 1: that might be an indication that the wage pressures are
Speaker 1: softening in the index. I think there's overall UH tendency
Speaker 1: right now for companies to increase prices to keep up,
Speaker 1: yes with past labor class, but also in in a
Speaker 1: world of uncertainty to make sure that their revenues stay
Speaker 1: afloat as well, and that, as you mentioned, does flow
Speaker 1: into the consumer price index. A lot of the economists
Speaker 1: that we've been serving here at Bloomberg are saying that
Speaker 1: we could see a little bit of softening even in
Speaker 1: core CPI. What's your call there when it comes to
Speaker 1: consumer prices? Yeah, I think there could be some softening,
Speaker 1: But there's always this the data money economist, whether we
Speaker 1: reached the peak or not, or whether things are trending
Speaker 1: down or not. And I would just caution that nothing
Speaker 1: happens in the straight line anymore. There's too much uncertainty
Speaker 1: in the world. So we might see a little bump
Speaker 1: up and down in that core read as well as
Speaker 1: the fact that it could stay at the levels of
Speaker 1: that that it could plateau for a while. So I'm
Speaker 1: not expecting major changes this week. If we don't see
Speaker 1: things in a straight line. What does that mean for
Speaker 1: the Fed? NILA Again, it means that the set is
Speaker 1: going to have to stay hawkish. They're going to have
Speaker 1: to stay focused on bringing inflation down. My read on
Speaker 1: the economy is that the fet is on it in
Speaker 1: a race against time. They have to bring down inflation
Speaker 1: even as their actions work with a lag before the
Speaker 1: economy softened so much that it dips into respression. So
Speaker 1: to me, that means that the FED stays aggressive and
Speaker 1: stay focused on bringing inflation down before their options are
Speaker 1: are harder, even harder than they are now. Are you
Speaker 1: expecting Are you expecting that the Fed is going to
Speaker 1: align with that when we get the f O MC
Speaker 1: minutes later on this afternoon. We've got about a minute
Speaker 1: left here. Sure, I think you're going to see a
Speaker 1: variety of opinions, and the opinions are going to get
Speaker 1: more widespread as we move along the cycle. There are
Speaker 1: those on the fm F l m C which will
Speaker 1: like to be more cautious and their rate increases, and
Speaker 1: there are those who are going to be more aggressive.
Speaker 1: So for market participants, that means more uncertainty that we're
Speaker 1: not going to account on a three fourth percentage increase
Speaker 1: every month. It could be point side, that could be
Speaker 1: a quarter percentage because there's going to be a wider
Speaker 1: range of opinions on the side. Ultimately, it's Chapaw who
Speaker 1: makes that decision, and he's been consistent about pain for
Speaker 1: the last two months. So I assume a more a
Speaker 1: continuation and aggressive hikes at least for the next meeting. Yeah,
Speaker 1: it certainly has been a message that's been hammered time
Speaker 1: and time again, not just by Chairman Pal, but plenty
Speaker 1: of other FED speakers as well. Thanks for this, Neil,
Speaker 1: a great having you on with us this morning as
Speaker 1: we await all that data UH coming out this afternoon
Speaker 1: and into the rest of this week. Neila Richardson, its
Speaker 1: chief economist at a DP. Of course, we get the
Speaker 1: producer price in next this morning a thirty Wall Street time,
Speaker 1: and then the Fed minutes come out at two pm.
Speaker 1: And of course we are waiting for consumer prices tomorrow
Speaker 1: and retail sales on Friday. Lots for economists and the
Speaker 1: FED to digest before that next meeting coming up in
Speaker 1: just a couple of weeks, first week of November. Looking
Speaker 1: ahead to the market open this morning, futures are moving higher,
Speaker 1: SMP futures up twenty two points, STAFF futures up at
Speaker 1: one and NASTAC futures are higher by eighty eight points ten.
Speaker 1: Your treasuries now down one thirty second have a yield
Speaker 1: of three point nine five on the benchmark ten year
Speaker 1: Treasury note you're listening to Bloomberg Daybreak Bloomberg eleven three
Speaker 1: oh weather morning sun will have increasing clouds this afternoon
Speaker 1: with the high year seventy degrees, rainy, breezy. Tomorrow be
Speaker 1: high year seventy again, upper sixties, mostly sunny for Friday
Speaker 1: fifty eight. Currently in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living
Speaker 1: free on to Washington, d C. Bloomberg to Boston, Bloomberg
Speaker 1: one O six one, to San Francisco, Bloomberg N sixty
Speaker 1: to the Country Sirius XM Cho one nineteen and around
Speaker 1: the globe to Bloomberg Business app and Bloomberg Radio dot com.
Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar, but I'm Kared Moscow. Were just about
Speaker 1: three hours away from the open of US trading time
Speaker 1: for the five things that you need to know to
Speaker 1: start your day, BRONTI you buy Interacted Brokers. Interacted Brokers
Speaker 1: charges margin loan rates from three point five eight percent
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Speaker 1: up first in an interview as CNN, President Biden face
Speaker 1: questions about a possible contraction in growth. I don't think
Speaker 1: there will be a recession. If it is, it will
Speaker 1: be a very slight recession, that is, will move down slightly.
Speaker 1: President Biden said the U. S economy is resilient enough
Speaker 1: to write out any economic turbulence. He also says the
Speaker 1: American people do not need to prepare for a recession. Well,
Speaker 1: tough talk on inflation continues from the Fed. Karen Cleveland
Speaker 1: FED President Laretta Mester says the Central Bank is not
Speaker 1: done raising rates and she sees no reason to alter
Speaker 1: the central banks balance sheet runoff plan. I think we
Speaker 1: want to stick to that plan because the markets have
Speaker 1: understood the plan. They see it, they understand it. We
Speaker 1: did very well. I think broadcast what we were planning
Speaker 1: to do and implemented it. Cleveland FED President LAURRETTA. Mester
Speaker 1: made the comments in an interview with Bloomberg's Kathleen Hayes
Speaker 1: catch a full conversation on the Bloomberg Terminal and at
Speaker 1: bloomberg dot com. But if it still has its critics Nathan,
Speaker 1: including Muhammad Larry and the Alliance Chief Economic Advisor, and
Speaker 1: Bloomberg opinion columnists said the FEDS aggressive tightening could lead
Speaker 1: to a global slowdown. Central banks and governments have to
Speaker 1: be very aware that we are getting close to the
Speaker 1: situation with financial and stability. Is the tail that wags
Speaker 1: the talk of the economy and muhammedahlary And made the
Speaker 1: comments on Bloomberg Surveillance Herd weekdays at seven am Eastern
Speaker 1: on Bloomberg Radio and Television. This morning, caring the latest
Speaker 1: Producer Price Index comes out eight thirty Wall Street time,
Speaker 1: we get minutes from the Fed at to stick with
Speaker 1: Bloomberg Radio and Television for complete coverage. Meantime, Nathan Niels
Speaker 1: are rising in stocks are trading at their lowest levels
Speaker 1: in almost two years. Still, Morgan Stanley Chief US equity
Speaker 1: strategist Mike Wilson says it's too early to call the bottom.
Speaker 1: I don't want to get two bolish here because really
Speaker 1: won't construe my words and say, hey, you know here,
Speaker 1: it's time to go, and that's not what we're saying.
Speaker 1: We're saying there's still you know, last couple endings of
Speaker 1: this bear market could be quite painful, but you've got
Speaker 1: to be ready for when that price just to an
Speaker 1: attractive level. And Morgan Stanley chief US equity strategist Mike
Speaker 1: Wilson says inventory, labor costs and other latent expenses are
Speaker 1: raking havoc on company cash flow. That's the five things
Speaker 1: that you need to notice start your day, brought to
Speaker 1: you by Interactive Brokers. And futures this morning are on
Speaker 1: the rise. SMP futures up nineteen points down, futures have
Speaker 1: a hundred eighteen NAS day futures up eighty one. Ten
Speaker 1: year treasury down three thirty seconds, you know, three point
Speaker 1: nine to six percent. Straight ahead, your latest local headlines
Speaker 1: plus the check of sports, and this is Bloomberg. Thank you, Karen.
Speaker 1: Six thirty three on Wall Street, fifty seven degrees now
Speaker 1: in Central Park. Got a new crash northbound New Jersey
Speaker 1: Turnpike druck lanes, this time at exit nine. Details coming
Speaker 1: up in traffic. Michael Bars here first with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning. Nathan, New Jersey says traffic
Speaker 1: ingestion pricing in Manhattan threatened support authority revenue. New Jersey
Speaker 1: Governor Phil Murphy's as any reduction in the Board Authority
Speaker 1: capital plan because of congestion, pricing should not come at
Speaker 1: the expense of any new Jersey projects. Murphy's comments came
Speaker 1: and in October eleventh, letter to Port Authority Executive Director
Speaker 1: Richard Cotton, obtained by Bloomberg News top Biden administration officials
Speaker 1: of voicing their fury with Saudi Arabia over OPEC production costs.
Speaker 1: Bloomberg's had Backstor reports. The administration says there will be
Speaker 1: severe consequences. They are saying the administration is undertaking a
Speaker 1: sweeping evaluation of its relationship, including modifying agreements. State Department
Speaker 1: spokesman that price, saying that cuts of benefit of Russia,
Speaker 1: but it certainly serves the shorter term interests of countries
Speaker 1: like Russia, a country that stands to game, at least
Speaker 1: in the near term from elevated oil prices. The administration
Speaker 1: says it may ask Congress to get involved. In San Francisco.
Speaker 1: I'm at Baxter Bloomberg Daybreak. New York Mayor Eric Adams
Speaker 1: signed into law a new concealed to carry measure. It
Speaker 1: means Times Square officially becomes a gun free zone, and
Speaker 1: we're going to make sure we create an environment, with
Speaker 1: those who visit the city such as Times Square won't
Speaker 1: have to be paralyzed with the fear of knowing that
Speaker 1: someone is carrying in a gun in this area. The
Speaker 1: legislation is based on the New York state law that
Speaker 1: is being challenged in court. NASA says the dark spacecraft
Speaker 1: that crashed into a small harmless asteroid two weeks has
Speaker 1: has succeeded in shifting the space rocks orbit. NASA Administrator
Speaker 1: Bill Nelson NASA successfully crashed a refrigerator size spacecraft into
Speaker 1: the asteroid di MorphOS, seven million miles from Earth. NASA's
Speaker 1: Bill Nelson. Tributes continue to come in for Angela Lansbury,
Speaker 1: who died Tuesday. Lansbury appeared in movies like The Manchurian Candidate,
Speaker 1: on Broadway and on TV in the long running series Murder.
Speaker 1: She wrote, Angela Lansbury was global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven under journalist and analysts, and
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg, Nick, all right, thanks for that, Michael, Almost
Speaker 1: six thirty six on Wall Street, John Stash are has
Speaker 1: the Bloomberg Sports Updates makes nath in October Baseball in
Speaker 1: the Bronze. Garrett Coles first four Yankee postseason start braw
Speaker 1: on the road at the Stadium. He got a big
Speaker 1: ovation when he came out seventh inning, one out, one
Speaker 1: on in the Yankees leaving Cleveland four to one. The
Speaker 1: most comfortable time to acknowledge the crowd, but he certainly
Speaker 1: felt it, um and appreciated it, and um, I thought
Speaker 1: they were in every pitch tonight, and um, what a
Speaker 1: wonderful experience to have him behind us Yanks one four
Speaker 1: to one home run for Harrison Bata and Anthony Rizzo.
Speaker 1: Key moment came in the third inning after a Stephen
Speaker 1: Kuan homer off of Cole Guardians the bases loaded one
Speaker 1: app Cole got out of the Yanks also got back
Speaker 1: to back defensive gems and inning later first in as
Speaker 1: Waldo Cabrera catch in left field and men on a
Speaker 1: hot smash to third baseman Josh Donaldson. Game two scheduled
Speaker 1: for Tomorrow night, weather permittee. Houston down seven three eighth
Speaker 1: inn came back stunned Seattle eight seven on a walk
Speaker 1: off three run homer with two outs bottom of night
Speaker 1: by Jorda and Albert As the Dodgers beat San Diego
Speaker 1: five to three. The Phillies hung on to win in
Speaker 1: Atlanta seven six. The Fills nearly blew a seven one
Speaker 1: league maker's advantage. JAD was a big part of the
Speaker 1: Rangers playoff run last season, or run that was ended
Speaker 1: by Tampa Bay in the conference final. Pretty night at
Speaker 1: the Garden's advantage. AD scored shorthanded second period on the
Speaker 1: power play in the third. The Rangers beat the light
Speaker 1: and three to one. Nixon Nets both a preseason games
Speaker 1: on the road tonight. The NFL says it will consider changes,
Speaker 1: so they're roughing the fanster penalty, but not until after
Speaker 1: the season. There were two very questionable calls in the five.
Speaker 1: John Shall, Bloomberg sportsco all right, John, thank you, six
Speaker 1: thirty seven on Wall Street. Time now to take a
Speaker 1: look at talk to some of the names moving in
Speaker 1: the pre market, and Bloomberg Radio and TV markets correspondent
Speaker 1: Pretty Gupta is here with the latest proof that even
Speaker 1: in a time of high inflation, people gotta eat. That's
Speaker 1: absolutely true, and you know it's coming from a company
Speaker 1: that has my favorite ratio. It's a snack to drink ratio.
Speaker 1: Of course we're talking about Pepsi here, p EPs R
Speaker 1: taker shares are upbout one and a half percent. They
Speaker 1: did come out with an earnings change here, PepsiCo raising
Speaker 1: their guidance again as higher prices lift those sales. Now,
Speaker 1: this is enormous because, of course, we know to your point,
Speaker 1: a lot of people are talking about pulling back on
Speaker 1: some of their spending. That does include things like snacking
Speaker 1: on the go and of course those raised prices that
Speaker 1: you have on like picking up a soda for example,
Speaker 1: on the way to work for example. The company nevertheless
Speaker 1: raising its forecast for the full year, saying that consumers
Speaker 1: are continuing to purchase more of a staff foods and
Speaker 1: soft drinks despite those rising costs. So to me, Nathan,
Speaker 1: this is a very good sign when we're talking about
Speaker 1: is the consumer in America UM kind of falling behind?
Speaker 1: And right now PepsiCo earnings saying not so much. Yeah,
Speaker 1: very interesting earnings called there. And I'm see you're watching
Speaker 1: Uber still after that announced rule change that could affect
Speaker 1: the company pretty negatively. Here, what's the stock doing this morning? Well, so,
Speaker 1: basically this rule change in California was going to potentially
Speaker 1: make some of their contract drivers UM independent contractors, and
Speaker 1: what that would mean is that Uber would have to
Speaker 1: pay a whole lot more to actually UM use their
Speaker 1: services and have them part of the business. That news,
Speaker 1: the idea that this might actually UM work against Uber's
Speaker 1: favor work kind of saint stock yesterday about eight percent
Speaker 1: to clients in Uber seven percent to clients and left
Speaker 1: complete turnaround story this morning, although I will say it's
Speaker 1: not a complete gain of those eight or seven percent
Speaker 1: loss damage has been done here, Nathan you be ers,
Speaker 1: your taker up seven tenths of one percent was coming
Speaker 1: after analysts noted there was limited near term risk from
Speaker 1: the Biden administration proposal on that workers employment status, and
Speaker 1: this is something that Man Deep Sing of Bloomberg Intelligence
Speaker 1: said as well, Yes it's a risk, do actually think
Speaker 1: it's going to be implemented? And for that reason you
Speaker 1: are starting to see shares rebound just a little bit
Speaker 1: this morning. How our chip stocks doing this morning. We've
Speaker 1: got that report just this morning that Intel is looking
Speaker 1: at a bunch of job cuts. They really are. And
Speaker 1: this is a key point to make because we've been
Speaker 1: seeing this pain and a lot of the tech sector
Speaker 1: it's something that a lot of people are expecting to
Speaker 1: kind of spread throughout the rest of the sector. Nevertheless,
Speaker 1: Intel shows are actually up, I NTC up one two percent,
Speaker 1: and it's not alone. All the chip stocks are and
Speaker 1: Video n v d A up one point one percent,
Speaker 1: Advanced micro Devices A m D up one percent as well,
Speaker 1: and of course Micron Mu up one point four percent.
Speaker 1: This is interesting because for the past two days you've
Speaker 1: had extreme pain in the chip sector. So I wouldn't
Speaker 1: necessarily say this is a sector to us being driven
Speaker 1: by the fundamentals, Nathan, this is a rebound story. It's
Speaker 1: a technical rebound story, especially given that hiring news. Traditionally
Speaker 1: that would take the stock. It's not right now, um,
Speaker 1: that may change in the coming days, though. Yeah, it
Speaker 1: is a good point. And chips have been hammered over
Speaker 1: the last few days and you've been following it. Forest Spoomberg,
Speaker 1: Radio and TV Markets correspondent Crety Gupta looking at stocks
Speaker 1: as a hole this morning. A little bit of a
Speaker 1: bounce back in futures. Contracts s and P futures are
Speaker 1: up one points down. Futures up a hundred thirty three,
Speaker 1: NASAC futures are hired by eighty eight points. The tenure
Speaker 1: Treasury is down down three thirty seconds for yield close
Speaker 1: to three point nine six per cent. You're listening to
Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather morning. Sun will
Speaker 1: give way to increasing clouds this afternoon in a high
Speaker 1: near seventy degrees, rainy, breezy. Tomorrow high near seventy once
Speaker 1: again upper sixties, mostly sunny by Friday fifty seven. Currently
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm fair
Speaker 1: at Moscow. Future is on the rise. This morning, we
Speaker 1: get to the first word breaking news dash for today's
Speaker 1: morning call, and here's Bill mull ony Bill, good morning, Hey,
Speaker 1: Good morning, Karen. That's right. US futures with a bid
Speaker 1: right now, with death futures up a hundred and sixteen points,
Speaker 1: subs game nineteen and NASA futures rise by aiding the
Speaker 1: US ten years at three point nine six percent, Gold
Speaker 1: is hired by three, Oil is a little changed, and
Speaker 1: Bitcoin is training higher by point six percent. Shanghai rose
Speaker 1: one and a half percent overnight, while your PA markets
Speaker 1: are trading mixed this morning. And back in the US
Speaker 1: on the economic Frinday thirty, the Producer Price Index regarding
Speaker 1: earnings PEPSI beat estimates. And in other news, people familiar
Speaker 1: so that Intel plans thousands of job cuts later this month,
Speaker 1: and the ft report that Twitter is reviewing its policies
Speaker 1: around permanently banning users wrapping things up. A G was
Speaker 1: raised to buy over at Jeffreys Stanley. Blackendecker was cut
Speaker 1: to eco weight over at Morgan Stanley Live from a
Speaker 1: first breaking news descom Bill Maloney Careen, all right, Bill,
Speaker 1: thank you to hear live breaking news over here. Bloomberg Times,
Speaker 1: squawk on your terminal scue you a w u K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Karen,
Speaker 1: thank you very much. Ukraine's Southern Operational Command says its
Speaker 1: forces have recaptured five settlements in the Kirson region. The
Speaker 1: settlements are in one of the four regions recently illegally
Speaker 1: annexed by Russia. Meanwhile, Russia says it's detained five Russians
Speaker 1: and three citizens of Ukraine and Armenia over last week's
Speaker 1: crimea bridge explosion. Anti government protests continuing cities and towns
Speaker 1: in Iran for a fourth week. Meanwhile, tens of thousands
Speaker 1: of Iranians living abroad have marched on the streets of
Speaker 1: Europe over the death of a woman who was arrested
Speaker 1: by the so called morality police, accused of wearing her
Speaker 1: her job incorrectly. In baseball, the Yankees one game one
Speaker 1: of their a lds against the Guardians for one. In hockey,
Speaker 1: the Rangers won their season opener against the Lightning three one.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barr, and this is Bloomberg. Karen all right, Michael
Speaker 1: bar thank you at six forty nine on Wall Street,
Speaker 1: and we turned to news and science and Technology now
Speaker 1: with a Bloomberg n j I T Stam report. It
Speaker 1: is brought to Uvayne, New Jersey, Institute of Technology and
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Speaker 1: learn more at nj I T dot A d U
Speaker 1: and here's just making news and science, technology, engineering, and math.
Speaker 1: China is doubling down in its defense of a controversial
Speaker 1: COVID zero policy. For the third day this week, the
Speaker 1: influential People's Daily newspaper, regarded as the mouthpiece of the party,
Speaker 1: mounted a strident defense of the country's zero tolerance approach
Speaker 1: to the virus, which deploys lockdowns, border curbs, and frequent
Speaker 1: testing to suppress the virus and stop transmission. Until is
Speaker 1: planning a major reduction in headcounts. Sources say it will
Speaker 1: likely number in the thousands, and an effort to cut
Speaker 1: costs and cope with a sputtering personal computer market. The
Speaker 1: layoffs may be announced as early as this month and now,
Speaker 1: so says A spacecraft that plowed into a small, harmless
Speaker 1: asteroid millions of miles away succeeded in shifting its orbit.
Speaker 1: The Space Agency attempted to test two weeks ago to
Speaker 1: see if in the future a killer row could be
Speaker 1: nudged out of Earth's way Before the impact, the moonlett
Speaker 1: took eleven hours and fifty five minutes to circle its
Speaker 1: parent asteroid scientists had anticipated shaving off ten minutes, but
Speaker 1: now say the impact short in the asteroids orbit by
Speaker 1: thirty two minutes. And that's a Bloomberg n g I
Speaker 1: t STEM report. Nathan. Wow, All right, Karen, thank you.
Speaker 1: We are live from the Bloomberg Interactive Brokers studios, where
Speaker 1: it's coming up to six fifty one on Wall Street.
Speaker 1: Time out to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: President Biden discussing the economy, Russia's Saudi Arabia and his
Speaker 1: son Hunter in an interview with CNN, Republicans rallying for
Speaker 1: herschel Walker and his ailing Senate bid in Georgia, and
Speaker 1: the Justice Department urging the Supreme Court to stay out
Speaker 1: of the maral Lago records fight joining us now. Bloomberg
Speaker 1: government reporter Emily Wilkins quite a ride ranging interview the
Speaker 1: President gave to CNN last night. Emily in some interesting
Speaker 1: words about this difficult economy with just about four weeks
Speaker 1: left to the mid term. Yeah, Biden was asked again
Speaker 1: about a potential for recession, Nathan, which you know, we're
Speaker 1: seeing more and more organizations, including Bloomberg's own analytics predict
Speaker 1: that that as a higher potential of happening, but Biden
Speaker 1: said the American people should not be preparing for a
Speaker 1: recession at this point. He said that he didn't think
Speaker 1: there would be one, and if there was one, it
Speaker 1: would be very slight. Of course, this comes as the
Speaker 1: economy has really been the central focus for the mid
Speaker 1: term elections, and you're going to be seen that Fed
Speaker 1: boys to deliver a fourth straight seventy five point bass
Speaker 1: hike early next month, right before the elections. This is
Speaker 1: something folks and Biden's own party have raised concerns about him.
Speaker 1: Thinking about a Senator Elizabeth Moren who has talked about
Speaker 1: the potential for a recession here um the bald Biden
Speaker 1: administration and says that there could see higher unemployment and
Speaker 1: more job loss with the slowing down of the economy.
Speaker 1: They really haven't started bringing any potential alarm bells yet
Speaker 1: or really messaging to the American people about the possibility
Speaker 1: of this occurring. And of course, the President raised some
Speaker 1: alarm bells in recent days about Russia and the threat
Speaker 1: of what he called nuclear armageddon. It sounded a little
Speaker 1: bit like he was trying to at least clarify what
Speaker 1: he was trying to say when it comes to Russia
Speaker 1: and Ukraine. Yeah, Biden did try to clarify his remarks
Speaker 1: when that interview with Sattam last night. He said those
Speaker 1: comments were directed towards Putin himself and that he doesn't
Speaker 1: think Russia will ultimately go through with deploying nuclear weapons.
Speaker 1: But Biden said that if that does happen, that the
Speaker 1: US has already gamed out potential responses, that the Pentagon
Speaker 1: does have a plan. But then again, Nathan again, he'd
Speaker 1: be downplayed the idea that that that would actually happen.
Speaker 1: Um Otherwise, the US is continuing to try and support Ukraine.
Speaker 1: They're convening a meeting of the Crane Defense Contract Group
Speaker 1: in Brussels today where Ukraine is expected to push for
Speaker 1: more advanced weaponry. Biden also talked about the potential for
Speaker 1: him to hypothetically meet with Vladimir Putin. There's no meeting
Speaker 1: on the books, but they're both expected to attend the
Speaker 1: Group of twenty summit in Bali next month, and Biden
Speaker 1: said that if Putin came up to talk with him
Speaker 1: about saying detains US basketball star Britney Griner that he
Speaker 1: would be open to a potential conversation about that, but
Speaker 1: he wouldn't want to talk about the war in Ukraine
Speaker 1: without Kiev's involvement. They've also been conversations, of course, in
Speaker 1: Washington about rethinking the US relationship with Saudi Arabia after
Speaker 1: the OPEC plus production cut announcement. What the President have
Speaker 1: to say about that? Oh Biden said there would be
Speaker 1: consequences for Saudi Arabia. He didn't really get into details there,
Speaker 1: but Nathan, anything that we're going to be seen, we're
Speaker 1: probably not going to see it until after the bid
Speaker 1: term elections. And that's because to a certain extent, you
Speaker 1: will need Congress to act, and there is the will
Speaker 1: both with parties. Democrats and Republicans are very frustrated with
Speaker 1: Saudi Arabia after OPEC plus announced plans to slash their
Speaker 1: output by two million barrels a day, and so there's
Speaker 1: some ideas about what they could potentially do a set
Speaker 1: it for relations share. Robert Menendez Uh, he's urged all
Speaker 1: freezing of all corporations with Saudi Arabia al right, freezing
Speaker 1: all cooperation with Saudia, Saudi Arabia, including arms sales. There's
Speaker 1: also been discussion of potentially allowing the US to sue
Speaker 1: OPEC plus companies. So we expect more information on this,
Speaker 1: but they don't expect anything until Congress gets back after
Speaker 1: the election. And the comments about President Biden's son Hunter,
Speaker 1: what did you have to say about that? And is
Speaker 1: that going to be an issue for the president going
Speaker 1: forward potentially? So Biden's really downplayed the report at this
Speaker 1: point that there's enough evidence to charge his son Hunter
Speaker 1: with tax and gun crimes. Biden says that he has
Speaker 1: confidence in his son Hunter, but at this point is
Speaker 1: really kind of trying to keep a bit of distance
Speaker 1: between himself and uh, the judicial that's really investigating the
Speaker 1: Hunter at this time. Uh, Biden is really trying to
Speaker 1: kind of make a break with his predecessor in not
Speaker 1: getting involved with matters of the judiciary. And it's kind
Speaker 1: of been his approach throughout this entire process, saying that,
Speaker 1: you know, the legal process has to play out, He's
Speaker 1: not going to stand in the way, and he remains
Speaker 1: confident in his son. So this is really Biden continuing
Speaker 1: to be consistent with that message. And I think, of course,
Speaker 1: the next big question is are we going to wide dip,
Speaker 1: seeing charges being brought and in a big midterm race
Speaker 1: to watch, it's been really interesting to see Republicans sort
Speaker 1: of rally around Herschel Walker in Georgia, even after all
Speaker 1: the heat that's been on him around the abortion issue. Yeah,
Speaker 1: the secret kids popping up left and right didn't seem
Speaker 1: to go interest with him. And now the uh yeah,
Speaker 1: the the very credible reporting that he did pay for
Speaker 1: an abortion also Stephen hasn't seemed to damp an interest.
Speaker 1: You saw Senator Rick Scott, Senator Tom Cotton campaigning with
Speaker 1: Harshall Walker yesterday. You've seen the Trump super Path also
Speaker 1: been funding ads in Georgia for him. I think, Nathan,
Speaker 1: really the big takeaway is it shows how important Georgia
Speaker 1: is for Republicans gaining control of the Senate. Obviously, right
Speaker 1: now the seat is held by Democrat Ffil Warnock, who's
Speaker 1: had very good Holy numbers at this point. Um, and
Speaker 1: I think Republicans just want to continue that pressure for
Speaker 1: for them, I mean, it's a vote of votes a vote,
Speaker 1: and they don't want to abandon their candidate if that
Speaker 1: means that they're not going to get control of the
Speaker 1: Chamber next year. All right, Emily. As always, thanks for
Speaker 1: the update on all that's happening in the nation's capital.
Speaker 1: Bloomberg Government reporter Emily Wilkins with us this morning. You
Speaker 1: can read more about these stories on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal. Follow all the latest on
Speaker 1: Bloomberg Radio in Washington, Bloomberg and one oh five point
Speaker 1: seven fam h D two. Right now, SMP futures are
Speaker 1: moving higher by twenty points, Staff futures up a hundred
Speaker 1: nineteen and NAZAC futures are higher by eighty four points.
Speaker 1: Tenure treasuries down to thirty seconds. The yield at three
Speaker 1: point nine five percent. Yield on the two year four
Speaker 1: point to nine Nimex crude is touch higher, up two
Speaker 1: tenths percent or sixteen cents eighty nine dollars fifty four
Speaker 1: cents of baryl Comix Gold is down six tenths percent
Speaker 1: at sixteen seventy six forty announced. The euro right now
Speaker 1: trading at point nine seven one four against the dollar,
Speaker 1: British pound one point one zero six eight. The n
Speaker 1: is at one forty six point five three. Bloomberg Surveillance
Speaker 1: is next with Tom King, Jonathan Faroh and Lisa Abramowitz
Speaker 1: for Karen Moscow. I'm Nathan Hagar. This is Bloomberg