1 00:00:01,800 --> 00:00:05,199 Speaker 1: Live from the Bloomberg Interacting Broker Studios. This is Bloomberg 2 00:00:05,280 --> 00:00:09,039 Speaker 1: day Break for Friday, November eighteen two. Coming up this hour, 3 00:00:09,200 --> 00:00:13,080 Speaker 1: a leadership change on Capitol Hill. Nancy Pelosi withdraws as 4 00:00:13,160 --> 00:00:16,000 Speaker 1: Democratic leader. Stock Center this last day of the week, 5 00:00:16,079 --> 00:00:19,960 Speaker 1: looking to reverse two days of losses. Elon Musk's ultimatum 6 00:00:20,040 --> 00:00:23,680 Speaker 1: spur an exodus at Twitter and Amazon says job cuts 7 00:00:23,680 --> 00:00:26,920 Speaker 1: could continue into next year. Buffalo, New York is getting 8 00:00:26,960 --> 00:00:30,760 Speaker 1: slammed by a major snowstorm. Plus today, the US has 9 00:00:30,800 --> 00:00:34,920 Speaker 1: condemned North Korea's latest weapons test. On Michael lar More AHLF, 10 00:00:35,000 --> 00:00:37,680 Speaker 1: I'm John Stashnoward Sports, Aaron Judge named m v P. 11 00:00:37,840 --> 00:00:40,400 Speaker 1: The Titans beat the Packers, the Nets and Devils won, 12 00:00:40,520 --> 00:00:45,800 Speaker 1: the Rangers and Islanders law. That's all strain ahead on 13 00:00:45,880 --> 00:00:51,560 Speaker 1: Bloomberg Daybreak on Bloomberg e Living freon New York, Bloomberg one, Washington, 14 00:00:51,680 --> 00:00:55,760 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 15 00:00:55,800 --> 00:00:59,640 Speaker 1: San Francisco, Sirius x M one nineteen and around the 16 00:00:59,680 --> 00:01:03,000 Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg 17 00:01:03,040 --> 00:01:11,720 Speaker 1: Business App. Good Friday Morning. I'm Amy Morris and I'm 18 00:01:11,760 --> 00:01:14,920 Speaker 1: Nathan Hagar futures are pointed higher this morning. We're coming 19 00:01:14,959 --> 00:01:16,480 Speaker 1: up to five oh one on Wall Street, and we 20 00:01:16,560 --> 00:01:18,959 Speaker 1: check the markets every fifteen minutes during the trading day. 21 00:01:18,959 --> 00:01:22,160 Speaker 1: On bloomberg SMP futures are up ten points, Staff futures 22 00:01:22,200 --> 00:01:25,520 Speaker 1: up forty eight. Nastack futures are higher by thirty six points. 23 00:01:26,160 --> 00:01:29,640 Speaker 1: The tenure treasury is down ten thirty seconds. The old 24 00:01:29,680 --> 00:01:31,880 Speaker 1: three point eight zero percent yield on the two year 25 00:01:32,280 --> 00:01:35,640 Speaker 1: four point four eight percent. The docks in Germany is 26 00:01:35,720 --> 00:01:38,280 Speaker 1: up seven tenths per cent, the CACK and Paris up 27 00:01:38,360 --> 00:01:41,360 Speaker 1: six tenths of one percent. Nim X screwed is up 28 00:01:41,400 --> 00:01:44,720 Speaker 1: four tenths percent or thirty cents at eighty one cents 29 00:01:44,720 --> 00:01:48,280 Speaker 1: of barrel. Comex gold up two tenths percent at ten 30 00:01:48,320 --> 00:01:50,840 Speaker 1: announced and the euro one point zero three seven eight 31 00:01:50,880 --> 00:01:54,400 Speaker 1: against the dollar. Amy Nathan, we beget in Washington, where 32 00:01:54,400 --> 00:01:57,280 Speaker 1: reaction is still pouring into Nancy Pelosi stepping down his 33 00:01:57,360 --> 00:02:00,200 Speaker 1: House Democratic leader. The move opens the way were a 34 00:02:00,320 --> 00:02:05,560 Speaker 1: general generational change in leadership, Democrats now rallying behind Brooklyn 35 00:02:05,640 --> 00:02:09,200 Speaker 1: native Actium Jefferies as their next leader. We spoke with 36 00:02:09,240 --> 00:02:12,520 Speaker 1: former New York Congressman and Democratic Caucus Chair Joe Crowley 37 00:02:12,560 --> 00:02:15,240 Speaker 1: about the shift. I think he will be cordial. I 38 00:02:15,280 --> 00:02:18,480 Speaker 1: think he'll be professional. Um, they may not agree and 39 00:02:18,520 --> 00:02:20,120 Speaker 1: may not even like each other, but I don't think 40 00:02:20,120 --> 00:02:23,080 Speaker 1: it's gonna stop a team from doing what he thinks 41 00:02:23,080 --> 00:02:26,080 Speaker 1: is the best interest of the American people. And I 42 00:02:26,120 --> 00:02:29,200 Speaker 1: think that is paramount there. Former New York Congressman Toe 43 00:02:29,280 --> 00:02:33,080 Speaker 1: Crowley spoke with Our Washington corresponded Joe Matthew on Bloomberg's 44 00:02:33,120 --> 00:02:35,400 Speaker 1: sound on. You can catch the show weekday afternoons at 45 00:02:35,400 --> 00:02:38,399 Speaker 1: five pm Wall Street Time on Bloomberg Radio. All right, Amy, 46 00:02:38,440 --> 00:02:41,200 Speaker 1: Now let's talk markets. Stocks enter this final day of 47 00:02:41,200 --> 00:02:43,919 Speaker 1: the week, coming off two days of losses. All Spring 48 00:02:43,960 --> 00:02:46,800 Speaker 1: Global Investments head of Active Equity and Milletti says, we 49 00:02:46,840 --> 00:02:49,200 Speaker 1: may be closing in on a bottom. If we're headed 50 00:02:49,200 --> 00:02:52,800 Speaker 1: into recession, if we're headed into this environment at higher rates, 51 00:02:52,880 --> 00:02:59,080 Speaker 1: higher inflation, how can really, you know, risk athics, meme stocks, cryptocurrency, 52 00:02:59,120 --> 00:03:03,200 Speaker 1: things like that continue to be beater, go up or 53 00:03:03,280 --> 00:03:08,000 Speaker 1: be stable. And the fact that we're finally seeing breakdowns 54 00:03:08,240 --> 00:03:13,399 Speaker 1: in those markets is a welcoming sign. It means that 55 00:03:13,919 --> 00:03:18,280 Speaker 1: we're getting closer to the you know, maybe to the 56 00:03:18,320 --> 00:03:21,480 Speaker 1: bottoming period all spring global investments and we letting notes. 57 00:03:21,560 --> 00:03:24,320 Speaker 1: The SNPs lowest level came just last month, with a 58 00:03:24,360 --> 00:03:28,280 Speaker 1: reading just shy of now weighing on markets more hawkey 59 00:03:28,320 --> 00:03:30,880 Speaker 1: is talk from the Fed. St. Louis Fed President James 60 00:03:30,880 --> 00:03:34,239 Speaker 1: Bullard is saying interest rates should rise to at least 61 00:03:34,280 --> 00:03:38,280 Speaker 1: five percent to curb inflation. The policy rates still isn't 62 00:03:38,480 --> 00:03:41,800 Speaker 1: at a zone that might be considered sufficiently restrictive. To 63 00:03:41,880 --> 00:03:45,640 Speaker 1: get to this sufficiently restrictive level of policy, will need 64 00:03:45,680 --> 00:03:49,080 Speaker 1: to increase the policy rate further. St. Louis Fed President 65 00:03:49,160 --> 00:03:52,000 Speaker 1: James Bullard does not appear to be alone in that assessment. 66 00:03:52,120 --> 00:03:55,440 Speaker 1: Is tough talk being echoed by Minneapolis Fed President Neil 67 00:03:55,520 --> 00:03:59,040 Speaker 1: Cash carry We're all united in our commitment to getting 68 00:03:59,080 --> 00:04:02,160 Speaker 1: inflation back onto our two percent target. It's an open 69 00:04:02,280 --> 00:04:04,760 Speaker 1: question of how far we're going to have to go 70 00:04:04,920 --> 00:04:07,720 Speaker 1: with interest rates to bring that demand down into balance. 71 00:04:07,800 --> 00:04:09,720 Speaker 1: We have raised interest rates a lot this year, so 72 00:04:09,800 --> 00:04:12,120 Speaker 1: there's a lot of tightening in the pipeline. We have 73 00:04:12,200 --> 00:04:15,160 Speaker 1: not felt the full effects yet, and yet inflation is 74 00:04:15,200 --> 00:04:19,160 Speaker 1: still very high. Minneapolis Fed President Neil Cash Carrey says 75 00:04:19,200 --> 00:04:21,679 Speaker 1: the full effect of rate hikes may not be felt 76 00:04:21,680 --> 00:04:23,800 Speaker 1: for a year or more. All right, let's turn to 77 00:04:23,839 --> 00:04:26,320 Speaker 1: corporate news now Amy, where the focus is back on 78 00:04:26,440 --> 00:04:30,080 Speaker 1: Elon Musk, the self proclaimed chief twit is finding some 79 00:04:30,160 --> 00:04:33,480 Speaker 1: of his ultimatums at Twitter are falling flat. That Baxter 80 00:04:33,600 --> 00:04:35,680 Speaker 1: has the story from our Bloomberg nine sixty news room 81 00:04:35,680 --> 00:04:38,479 Speaker 1: in San Francisco. The latest ultimate um to commit to 82 00:04:38,520 --> 00:04:42,080 Speaker 1: the company's new hardcore work environment or leave the company. 83 00:04:42,080 --> 00:04:45,039 Speaker 1: By the deadline to sign the agreement, hundreds of employees 84 00:04:45,080 --> 00:04:49,200 Speaker 1: had refused, with many postings that now familiar salute, which 85 00:04:49,240 --> 00:04:51,880 Speaker 1: is the sign that they are leaving the company. How 86 00:04:51,920 --> 00:04:55,320 Speaker 1: this prompted must to change his work at home policy 87 00:04:55,640 --> 00:04:58,080 Speaker 1: and leave it up to managers to ensure the company 88 00:04:58,120 --> 00:05:03,080 Speaker 1: that the workers are making an exce contribution. The question remains, though, 89 00:05:03,120 --> 00:05:07,119 Speaker 1: how many employees either will remain or will return, whether 90 00:05:07,160 --> 00:05:10,400 Speaker 1: there'll be enough to service a system in San Francisco. 91 00:05:10,480 --> 00:05:12,920 Speaker 1: I'm at Baxter Bloomberg Gay break all right, thank you, 92 00:05:13,080 --> 00:05:15,120 Speaker 1: Ed and wild. Musk is cutting staff in the U 93 00:05:15,200 --> 00:05:18,000 Speaker 1: as it may be a different picture overseas. The e 94 00:05:18,200 --> 00:05:21,520 Speaker 1: USE Internal Market Commissioner says Musk will have to increase 95 00:05:21,560 --> 00:05:25,120 Speaker 1: the number of Twitter moderators in Europe. He also wants 96 00:05:25,160 --> 00:05:29,240 Speaker 1: Musk to share Twitter's algorithms. Terry Brayton made those comments 97 00:05:29,240 --> 00:05:31,880 Speaker 1: in an interview with France Info. Well maybe the painted 98 00:05:32,000 --> 00:05:35,360 Speaker 1: Amazon may not end any time soon. CEO Andy Jesse 99 00:05:35,520 --> 00:05:37,760 Speaker 1: says the e commerce giant will be cutting jobs into 100 00:05:37,839 --> 00:05:41,080 Speaker 1: next year as it adjusts to business conditions. We get 101 00:05:41,120 --> 00:05:44,640 Speaker 1: that story from Bloomberg's Charlie Pellett. These represent his first 102 00:05:44,680 --> 00:05:48,640 Speaker 1: public comments about the cost reduction plans roiling Amazon since 103 00:05:48,640 --> 00:05:51,960 Speaker 1: reports that are planned to wipe out about ten thousand jobs. 104 00:05:52,279 --> 00:05:55,360 Speaker 1: In a statement, Jesse said, quote leaders across the company 105 00:05:55,560 --> 00:05:59,279 Speaker 1: are working with their teams and looking at their workforce levels, 106 00:05:59,440 --> 00:06:02,880 Speaker 1: investment they want to make in the future, and prioritizing 107 00:06:02,960 --> 00:06:06,000 Speaker 1: what matters most to customers and the long term health 108 00:06:06,040 --> 00:06:10,240 Speaker 1: of our businesses. Some employees posting the company message boards 109 00:06:10,240 --> 00:06:13,159 Speaker 1: have been critical of Jesse being silent this week since 110 00:06:13,200 --> 00:06:16,080 Speaker 1: news of the job cuts became public in New York. 111 00:06:16,160 --> 00:06:19,520 Speaker 1: Charlie pet Bloomberg Daybreak. All right, thank you, Charlie. Taking 112 00:06:19,560 --> 00:06:21,680 Speaker 1: a look at some stocks on the move this morning. 113 00:06:21,760 --> 00:06:25,120 Speaker 1: Shares of applied Materials are up four percent. The ship 114 00:06:25,160 --> 00:06:28,520 Speaker 1: equipment maker gave a sales forecast that beat estimates. Thanks 115 00:06:28,560 --> 00:06:31,920 Speaker 1: to supply chain improvements. Shares of Gap are up almost 116 00:06:31,960 --> 00:06:34,880 Speaker 1: eight percent comparable sales for the third quarter, top to 117 00:06:35,040 --> 00:06:38,680 Speaker 1: estimates at Gap and another retailer, Ross Stores, is up 118 00:06:38,680 --> 00:06:42,160 Speaker 1: sixteen percent. That's after boosting its full year forecast and 119 00:06:42,240 --> 00:06:45,080 Speaker 1: despite of the termoil from f t X. Amy bitcoins 120 00:06:45,080 --> 00:06:47,400 Speaker 1: heading for a weekly game. The tokens up about three 121 00:06:47,440 --> 00:06:50,080 Speaker 1: percent this week, while engage of the leading hundred virtual 122 00:06:50,120 --> 00:06:53,960 Speaker 1: coins has added about one percent. That's a sharp contrast 123 00:06:54,080 --> 00:06:57,480 Speaker 1: to last week, when Bitcoin slid twenty three percent as 124 00:06:57,560 --> 00:07:01,760 Speaker 1: st Sam Bankman Freed's ft X empire collapsed. Checking Bitcoin 125 00:07:01,920 --> 00:07:07,920 Speaker 1: right now, it's up four percent at sixte SMP futures 126 00:07:07,920 --> 00:07:11,440 Speaker 1: are up nine points, STOUT futures up, NASAC Future is 127 00:07:11,520 --> 00:07:14,280 Speaker 1: up thirty five, the tenure Treasury down ten thirty seconds, 128 00:07:14,320 --> 00:07:17,200 Speaker 1: the yield three point eight zero percent. Local headlines in 129 00:07:17,280 --> 00:07:24,280 Speaker 1: a check of sports. Next to this is Bloomberg. Thank you, Nathan. 130 00:07:24,320 --> 00:07:26,600 Speaker 1: It is five oh seven on Wall Street. Let's bring 131 00:07:26,680 --> 00:07:28,680 Speaker 1: in Michael bar with more on what else is going 132 00:07:28,720 --> 00:07:31,600 Speaker 1: on in New York and around the world. Good morning, Michael, 133 00:07:31,720 --> 00:07:35,520 Speaker 1: Good morning Amy. Lake effects Snow is burying parts of 134 00:07:35,560 --> 00:07:39,120 Speaker 1: the midwest and northeast. In western New York. A driving 135 00:07:39,200 --> 00:07:42,120 Speaker 1: van is in effect for all of Erie County, home 136 00:07:42,240 --> 00:07:46,320 Speaker 1: to nearly one million people. This is considered an extreme event, 137 00:07:46,560 --> 00:07:50,240 Speaker 1: an extreme weather event that means it's dangerous. It also 138 00:07:50,320 --> 00:07:53,520 Speaker 1: means it's life threatening. New York Governor Kathy Oakele says 139 00:07:53,520 --> 00:07:55,880 Speaker 1: at least three ft of snow is forecast by the 140 00:07:55,960 --> 00:07:58,360 Speaker 1: end of the weekend. The word has been out nationally 141 00:07:59,160 --> 00:08:03,240 Speaker 1: statewide locally to all the commercial truck drivers. You need 142 00:08:03,360 --> 00:08:05,080 Speaker 1: to stay off the New York State through A and 143 00:08:05,120 --> 00:08:07,600 Speaker 1: the other roads to be identified during the storm event 144 00:08:07,680 --> 00:08:10,720 Speaker 1: for your protection but also the protection of other motors 145 00:08:10,800 --> 00:08:14,400 Speaker 1: on the road. Governor Hokel in November of a lake 146 00:08:14,480 --> 00:08:17,560 Speaker 1: effect system dumped more than five feet of snow on 147 00:08:17,760 --> 00:08:21,480 Speaker 1: western New York had left thirteen people dead. New York 148 00:08:21,520 --> 00:08:24,920 Speaker 1: Governor Hokel announced that construction of a new terminal at 149 00:08:25,000 --> 00:08:28,800 Speaker 1: JFK Airport would begin early next year, following a pause 150 00:08:28,880 --> 00:08:31,760 Speaker 1: and the project due to the pandemic. According to a 151 00:08:31,800 --> 00:08:35,920 Speaker 1: statement from Hocal's office, the new terminal, Terminal six, is 152 00:08:36,040 --> 00:08:39,520 Speaker 1: a privately financed development that is expected to cost around 153 00:08:39,559 --> 00:08:42,960 Speaker 1: four point two billion dollars. The first phase is expected 154 00:08:43,000 --> 00:08:46,480 Speaker 1: to be done by six New Jersey Governor Phil Murphy 155 00:08:46,520 --> 00:08:49,200 Speaker 1: and his wife paid one point seventy nine million dollars 156 00:08:49,280 --> 00:08:53,120 Speaker 1: in state and federal taxes in one according to a 157 00:08:53,280 --> 00:08:56,920 Speaker 1: tax return summary released by his office. The Democratic governor 158 00:08:57,000 --> 00:09:01,240 Speaker 1: also donated almost seven hundred thousand dollars. The couple reported 159 00:09:01,280 --> 00:09:05,559 Speaker 1: federal taxable income of almost five million dollars. Murphy is 160 00:09:05,600 --> 00:09:09,240 Speaker 1: a retired senior director at Goldman Sex. North Korea has 161 00:09:09,320 --> 00:09:13,000 Speaker 1: fired an intercontinental ballistic missile that landed near Japanese waters, 162 00:09:13,360 --> 00:09:16,320 Speaker 1: in the second major weapons test this month that showed 163 00:09:16,320 --> 00:09:19,439 Speaker 1: the potential ability to launch nuclear strikes on all of 164 00:09:19,520 --> 00:09:22,439 Speaker 1: the US mainland. The U s quickly slammed the launch 165 00:09:22,480 --> 00:09:25,640 Speaker 1: and vowed to take all necessary measures to guarantee the 166 00:09:25,720 --> 00:09:29,280 Speaker 1: safety of its mainland and allies. South Korea and Japan, 167 00:09:29,880 --> 00:09:33,280 Speaker 1: Vice President Kamala Harris and Thailand for the Asia Pacific 168 00:09:33,320 --> 00:09:37,679 Speaker 1: Economic Cooperation Leaders Summit together. The country's represented here will 169 00:09:37,720 --> 00:09:44,240 Speaker 1: continue to earthe more Korea to commit. Meanwhile, China and 170 00:09:44,320 --> 00:09:47,640 Speaker 1: Russia have opposed US moves to tough and sanctions against 171 00:09:47,720 --> 00:09:50,800 Speaker 1: the North. A final Senate vote to pass legislation to 172 00:09:50,880 --> 00:09:56,240 Speaker 1: protect the right of Thanksgiving Thanksgiving holiday rather that the 173 00:09:56,360 --> 00:09:58,959 Speaker 1: same Sex marriage is going to be pushed until after 174 00:09:59,280 --> 00:10:02,559 Speaker 1: the Thanksgiving holiday. Global News twenty four hours a day 175 00:10:02,640 --> 00:10:05,600 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 176 00:10:06,040 --> 00:10:08,680 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 177 00:10:08,920 --> 00:10:11,640 Speaker 1: Michael Barr, this is Bloomberg in all right, thank you, Michael, 178 00:10:13,600 --> 00:10:15,600 Speaker 1: gotten out. But the Sports Report brought to you botch 179 00:10:15,679 --> 00:10:18,400 Speaker 1: ry stat Audi. Here's John dash Our say Andy, There'd 180 00:10:18,440 --> 00:10:21,160 Speaker 1: been some talk that despite what Aaron Judge was doing 181 00:10:21,240 --> 00:10:24,040 Speaker 1: hitting all those home runs, what Showy Otani was doing 182 00:10:24,440 --> 00:10:27,920 Speaker 1: hitting and pitching was worthy of a repeat American League 183 00:10:28,000 --> 00:10:30,199 Speaker 1: MVP Award. But in the end the vote was lopsided. 184 00:10:30,280 --> 00:10:33,600 Speaker 1: Judge got twenty eight first place votes, Otani only two, 185 00:10:33,720 --> 00:10:35,360 Speaker 1: and Judge in the season where he, of course had 186 00:10:35,400 --> 00:10:38,480 Speaker 1: a record sixty two home runs. First Yankee outfield that 187 00:10:38,480 --> 00:10:40,480 Speaker 1: will be named m v p SS Mickey Mantle. In 188 00:10:40,559 --> 00:10:44,000 Speaker 1: nineteen sixty two, the Cardinals Paul Goldsmith won in the 189 00:10:44,080 --> 00:10:46,000 Speaker 1: National League. What I went for the Nets in Portland, 190 00:10:46,040 --> 00:10:47,760 Speaker 1: A tip in with less than a second ago by 191 00:10:47,880 --> 00:10:50,120 Speaker 1: Royce O'Neil in a one O nine, one O seven 192 00:10:50,160 --> 00:10:53,440 Speaker 1: went over the Blazers. Kevin Durant scored thirty five obviously 193 00:10:53,520 --> 00:10:56,319 Speaker 1: made some comments about the lack of talent around him, 194 00:10:56,400 --> 00:10:59,280 Speaker 1: but O'Neil at a triple double and Ben Simmons at 195 00:10:59,320 --> 00:11:02,000 Speaker 1: his best game as a Natty Sports fifteen next already 196 00:11:02,040 --> 00:11:03,680 Speaker 1: two and oh on their trip. They're playing tonight at 197 00:11:03,720 --> 00:11:06,679 Speaker 1: Golden State overtime in the NHL. They'll win for the 198 00:11:06,800 --> 00:11:09,839 Speaker 1: Devil's another win three two in Toronto to strich their 199 00:11:09,840 --> 00:11:13,640 Speaker 1: winning streak to eleven, and OT lost for the Rangers 200 00:11:13,679 --> 00:11:16,080 Speaker 1: three two in Seattle. Vincent trocha Hald tied the game 201 00:11:16,120 --> 00:11:18,960 Speaker 1: of two minutes left. The Islanders lost in Nashville five 202 00:11:19,040 --> 00:11:21,400 Speaker 1: to four. St. John's Now four and oh beat Nebraska 203 00:11:21,480 --> 00:11:25,440 Speaker 1: by twenty in Brooklyn. Arizona State beat Michigan by twenty five. 204 00:11:25,760 --> 00:11:28,760 Speaker 1: Thursday Night football in Green Bay, Tennessee won twenty seven 205 00:11:28,840 --> 00:11:31,920 Speaker 1: to seventeen. Ryan Tannehill outplay at Aaron Rodgers twenty two 206 00:11:32,000 --> 00:11:34,800 Speaker 1: of twenty seven, three hundred and thirty three passing yards, 207 00:11:34,840 --> 00:11:38,080 Speaker 1: two touchdowns. Derrick Henry Scorey also threw a TV pass 208 00:11:38,120 --> 00:11:40,679 Speaker 1: and the Titans have won seven or last eight. Packers 209 00:11:40,760 --> 00:11:42,679 Speaker 1: have lost six of the last seven. The Eagles have 210 00:11:42,720 --> 00:11:47,240 Speaker 1: signed veteran defensive tackle and Dominck ensue. Sunday's Brown's Bills 211 00:11:47,320 --> 00:11:50,440 Speaker 1: game moved out of snowy Buffalo. It'll be played indoors 212 00:11:50,559 --> 00:11:54,080 Speaker 1: in Detroit. John stash Ellard Bloomberg Sports Team, all right, 213 00:11:54,160 --> 00:11:57,640 Speaker 1: thank you, John. Futures are higher snpup fourteen points, DAL 214 00:11:57,760 --> 00:12:00,440 Speaker 1: futures of seventy four NASDAC features of five D one. 215 00:12:01,040 --> 00:12:08,760 Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to 216 00:12:08,800 --> 00:12:10,959 Speaker 1: you by Audie. Don't let someone else drive off in 217 00:12:11,000 --> 00:12:13,960 Speaker 1: the OUTI model you've always wanted. Visit your local try 218 00:12:14,000 --> 00:12:16,360 Speaker 1: state autie dealer to get behind the wheel of yours today, 219 00:12:16,640 --> 00:12:22,560 Speaker 1: or visit Autie Offers dot com for more information, markets, 220 00:12:22,720 --> 00:12:25,760 Speaker 1: headlines and breaking news twenty four hours a day at 221 00:12:25,800 --> 00:12:29,800 Speaker 1: Bloomberg dot com, the Bloomberg Business out and at Bloomberg Quicktape. 222 00:12:30,000 --> 00:12:39,000 Speaker 1: This is a Bloomberg Business lash. I'm Nathan Hagar. Futures 223 00:12:39,040 --> 00:12:41,800 Speaker 1: are moving higher this morning. Stocks are looking to snap 224 00:12:41,840 --> 00:12:44,800 Speaker 1: two days of losses triggered by a realization the Federal 225 00:12:44,880 --> 00:12:48,280 Speaker 1: Reserve and other major central banks see no reason to 226 00:12:48,440 --> 00:12:52,600 Speaker 1: pause rate hikes anytime soon. We checked the markets every 227 00:12:52,640 --> 00:12:54,920 Speaker 1: fifteen minutes during the trading day on Bloomberg S and 228 00:12:54,960 --> 00:12:57,360 Speaker 1: p futures right now are up seventeen points. Staff futures 229 00:12:57,440 --> 00:13:00,320 Speaker 1: up a hundred three. Nastack futures are highed by sixty 230 00:13:00,400 --> 00:13:02,840 Speaker 1: four points. The docks in Germany, cac and Paris both 231 00:13:02,960 --> 00:13:05,560 Speaker 1: up one percent right now ten Your treasury is down 232 00:13:05,679 --> 00:13:07,840 Speaker 1: nine thirty seconds the old three point seven nine percent 233 00:13:07,920 --> 00:13:10,280 Speaker 1: yould on the two year four point four seven percent. 234 00:13:10,679 --> 00:13:12,920 Speaker 1: Nime X screws up almost a half percent of thirty 235 00:13:12,960 --> 00:13:15,160 Speaker 1: seven cents at eighty two. One of barrel comics gold 236 00:13:15,200 --> 00:13:19,560 Speaker 1: is up two tenths percent, three dollars seventy cents higher atounts. 237 00:13:19,920 --> 00:13:22,120 Speaker 1: The euro is trading at one point zero three seven 238 00:13:22,160 --> 00:13:24,120 Speaker 1: two against the dollar right now. The British pound one 239 00:13:24,200 --> 00:13:27,439 Speaker 1: point one five a en one thirty nine point nine 240 00:13:27,520 --> 00:13:30,000 Speaker 1: three tenday, I'm all street time. We get existing home 241 00:13:30,080 --> 00:13:33,920 Speaker 1: sales and the October leading index. It's Bloomberg business flash. 242 00:13:34,040 --> 00:13:36,040 Speaker 1: Now here's Michael Barr with more on what's going on 243 00:13:36,120 --> 00:13:39,040 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. North 244 00:13:39,120 --> 00:13:42,720 Speaker 1: Korea has fired an intercontinental ballistic missile that landed near 245 00:13:42,880 --> 00:13:46,480 Speaker 1: Japanese waters. It's the second major weapons test this month 246 00:13:46,559 --> 00:13:50,000 Speaker 1: that showed a potential ability to launch nuclear strikes on 247 00:13:50,200 --> 00:13:53,719 Speaker 1: all of the US mainland. The Biden administration told a 248 00:13:53,840 --> 00:13:57,360 Speaker 1: judge Saudi Crown Prince Mohammed Ben Solomon cannot be sued 249 00:13:57,400 --> 00:14:00,679 Speaker 1: in the US over the murder of journalists Jamal Khogi 250 00:14:00,840 --> 00:14:04,240 Speaker 1: because as a head of a government, he is immune. 251 00:14:04,760 --> 00:14:07,720 Speaker 1: If the judge adopts the US finding, it would effectively 252 00:14:07,920 --> 00:14:11,640 Speaker 1: end the lawsuit filed by Kashogis fiance. Same in the NBA, 253 00:14:11,840 --> 00:14:14,520 Speaker 1: the Nets lost. In the NHL, the Rangers lost to 254 00:14:14,559 --> 00:14:17,480 Speaker 1: the Kraken and OT three two. The Devil's won their 255 00:14:17,520 --> 00:14:20,400 Speaker 1: eleventh straight, this one in OT against the Maple Leaves 256 00:14:20,440 --> 00:14:23,840 Speaker 1: three to The Islanders lost the Bruins one. Capitals lost 257 00:14:23,880 --> 00:14:26,520 Speaker 1: in a shootout to the Blues five four. In football, 258 00:14:26,600 --> 00:14:30,800 Speaker 1: the Titans down the Packers seventeen. In baseball, the Yankees 259 00:14:30,840 --> 00:14:33,680 Speaker 1: Aeron Judge won the a L M v P. The 260 00:14:33,760 --> 00:14:37,480 Speaker 1: Cardinals Paul Goldschmidt won the nl Honor. Global Needs twenty 261 00:14:37,520 --> 00:14:40,120 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 262 00:14:40,360 --> 00:14:43,200 Speaker 1: powered by more than twenty seven hundred journalists and analysts 263 00:14:43,280 --> 00:14:46,920 Speaker 1: more than hundred twenty countries. Michael Barr, this is Bloomberg gaming, 264 00:14:47,160 --> 00:14:49,680 Speaker 1: all right, Thank you, Michael. It is five twenty on 265 00:14:49,840 --> 00:14:52,920 Speaker 1: Wall Street. We're live from the Bloomberg Interactive Broker Studios. 266 00:14:53,000 --> 00:14:56,800 Speaker 1: This is Bloomberg Daybreak. How Speaker Nancy Pelosi stepping down 267 00:14:56,920 --> 00:15:00,440 Speaker 1: from her leadership position as Republicans prepared to take over 268 00:15:00,520 --> 00:15:03,480 Speaker 1: the majority in the House of Representatives. We are jointed 269 00:15:03,520 --> 00:15:06,600 Speaker 1: now by chief US policy strategist Greg Valia at a 270 00:15:06,760 --> 00:15:09,760 Speaker 1: GF Investments. Greg, good morning. Do you thank you for 271 00:15:09,800 --> 00:15:12,400 Speaker 1: taking the time with us today. Were you at all 272 00:15:12,440 --> 00:15:16,600 Speaker 1: surprised by Pelosi's decision? No, not at all, Like good morning, Amy, 273 00:15:16,720 --> 00:15:21,200 Speaker 1: I think that she had telegraphed this for several months 274 00:15:21,240 --> 00:15:25,120 Speaker 1: that she wouldn't continue as as Speaker. But there are 275 00:15:25,160 --> 00:15:31,000 Speaker 1: other factors, obviously her husband's attack, her very frosty relations 276 00:15:31,120 --> 00:15:35,080 Speaker 1: with Kevin McCarthy, but maybe most importantly, a desire to 277 00:15:35,200 --> 00:15:40,640 Speaker 1: start elevating a new generation of republic of Democratic leaders. Yes, 278 00:15:40,720 --> 00:15:42,600 Speaker 1: she did say it was time for a new generation 279 00:15:42,720 --> 00:15:46,800 Speaker 1: to lead the Democrats. Who would that be, Well, Hakeem 280 00:15:46,880 --> 00:15:49,480 Speaker 1: Jeffreys number one. It looks like he is the odds 281 00:15:49,560 --> 00:15:52,640 Speaker 1: on favorite to become speaker. There are others, but I 282 00:15:52,680 --> 00:15:55,680 Speaker 1: think Jefferies is going to be a pretty easy victor 283 00:15:55,880 --> 00:15:59,280 Speaker 1: in the voting for speaker, I was gonna want ask 284 00:15:59,360 --> 00:16:01,320 Speaker 1: you about that. I is wondering if this could cause 285 00:16:01,800 --> 00:16:05,560 Speaker 1: even more of a rift within the Democratic Party where 286 00:16:05,640 --> 00:16:09,040 Speaker 1: progressives and more moderate Democrats might wind up going head 287 00:16:09,080 --> 00:16:12,480 Speaker 1: to head over those leadership positions, or is this an 288 00:16:12,520 --> 00:16:16,080 Speaker 1: opportunity for them to unify. I think it's an opportunity 289 00:16:16,240 --> 00:16:19,080 Speaker 1: to unify. But at the same time, this is going 290 00:16:19,160 --> 00:16:22,960 Speaker 1: to be a very very partisan new session of Congress 291 00:16:23,280 --> 00:16:26,680 Speaker 1: starting in January, when Kevin McCarthy, of course, is the speaker. 292 00:16:27,400 --> 00:16:31,480 Speaker 1: I think that the focus on investigations, especially into Joe 293 00:16:31,520 --> 00:16:35,840 Speaker 1: Biden's affairs, is going to poison the well pretty quickly. Greg, 294 00:16:36,000 --> 00:16:38,960 Speaker 1: let's talk about that. Um Republicans ready to put forth 295 00:16:39,240 --> 00:16:42,160 Speaker 1: their new agenda. One of their issues is going to 296 00:16:42,240 --> 00:16:46,640 Speaker 1: be investigating President Biden in relation to his son, Hunter 297 00:16:46,760 --> 00:16:51,160 Speaker 1: Biden's foreign business deals. What does that tell you about 298 00:16:51,400 --> 00:16:55,160 Speaker 1: the Republican agenda as they go as they take the 299 00:16:55,360 --> 00:16:58,000 Speaker 1: majority in the House. Well, I think it's it shows 300 00:16:58,080 --> 00:17:00,360 Speaker 1: that there's not a lot legislatively they can do with 301 00:17:00,480 --> 00:17:03,680 Speaker 1: a margin of three seats four seats, but they can 302 00:17:03,840 --> 00:17:06,440 Speaker 1: have subpoena power, and I think it will be more 303 00:17:06,520 --> 00:17:09,600 Speaker 1: than just an investigation of Joe Biden, and maybe an 304 00:17:09,640 --> 00:17:14,400 Speaker 1: investigation of our very porous border between the US and Texas. 305 00:17:14,720 --> 00:17:18,040 Speaker 1: It may be an investigation of the origins of COVID, 306 00:17:18,560 --> 00:17:21,879 Speaker 1: of Joe Biden's withdrawal from Afghanistan. The list will go 307 00:17:21,960 --> 00:17:25,280 Speaker 1: on and on, and I think these investigations may overshadow 308 00:17:25,440 --> 00:17:29,800 Speaker 1: any attempt to get much legislation enacted. Let me ask 309 00:17:29,880 --> 00:17:32,720 Speaker 1: you a sidebar question to that, and it's a little esoteric, 310 00:17:32,840 --> 00:17:39,000 Speaker 1: but bear with me. When the electorate watches the House, 311 00:17:39,520 --> 00:17:43,200 Speaker 1: manufactur or not manufacturer, but work on issues like those 312 00:17:43,280 --> 00:17:46,879 Speaker 1: investigations correct, instead of working on things like, you know, 313 00:17:47,000 --> 00:17:49,639 Speaker 1: gas prices, inflation, you know, the bread and butter issues 314 00:17:49,720 --> 00:17:53,880 Speaker 1: that affect voters. Does that eventually impact their vote two 315 00:17:53,960 --> 00:17:57,760 Speaker 1: years later, I'm thinking way out there it could. I mean, 316 00:17:57,800 --> 00:18:01,359 Speaker 1: the Republicans have won are done fairly well in this 317 00:18:01,520 --> 00:18:05,760 Speaker 1: election by saying that they're going to go after excessive 318 00:18:05,840 --> 00:18:10,679 Speaker 1: spending inflation. There are a lot of really legitimate policy issues. 319 00:18:11,040 --> 00:18:14,080 Speaker 1: But if they focus not on that but on simply 320 00:18:14,160 --> 00:18:19,360 Speaker 1: these investigations, it could backfire on them. Politically, Republicans hold 321 00:18:19,400 --> 00:18:21,720 Speaker 1: a slim majority in the House, Democrats hold a slim 322 00:18:21,760 --> 00:18:24,000 Speaker 1: majority in the Senate. Does that tell you anything about 323 00:18:24,000 --> 00:18:27,320 Speaker 1: the electorate itself in the US. Yeah, pretty divided, isn't it. 324 00:18:27,440 --> 00:18:30,840 Speaker 1: I think that that that voters, though, to me, send 325 00:18:30,920 --> 00:18:34,200 Speaker 1: an important, too important signals. Number one, I think that 326 00:18:34,480 --> 00:18:37,760 Speaker 1: the the electorate favors moderates. I think if you get 327 00:18:37,800 --> 00:18:40,440 Speaker 1: too extreme on the left or the right, that makes 328 00:18:40,560 --> 00:18:44,120 Speaker 1: a candidate vulnerable. Number two. I thought the most encouraging 329 00:18:44,200 --> 00:18:47,280 Speaker 1: thing in this election was that there was no significant 330 00:18:47,600 --> 00:18:51,480 Speaker 1: voter fraud. I and many people were worried for the 331 00:18:51,600 --> 00:18:54,080 Speaker 1: last few months that we could have a repeat of 332 00:18:54,240 --> 00:18:58,680 Speaker 1: the very contentious election, would charges a fraud afterwards? That 333 00:18:58,800 --> 00:19:02,800 Speaker 1: hasn't happened. That's very encouraging. Only thirty seconds here, Greg, 334 00:19:02,920 --> 00:19:06,080 Speaker 1: do you anticipate gridlock in the coming Congress or perhaps 335 00:19:06,119 --> 00:19:10,440 Speaker 1: a forced cooperation among lawmakers? Mostly gridlock? I think that 336 00:19:10,920 --> 00:19:14,280 Speaker 1: for the markets that's a good story. Many people in 337 00:19:14,320 --> 00:19:17,280 Speaker 1: the markets think that gridlock is good because it means 338 00:19:17,560 --> 00:19:20,560 Speaker 1: they do less harm. And I think on issue after issue, 339 00:19:20,840 --> 00:19:23,920 Speaker 1: they're just going to spin their wheels, right, Chief US 340 00:19:24,080 --> 00:19:27,280 Speaker 1: policy strategist Grad Value at a g F Investments. It 341 00:19:27,440 --> 00:19:29,560 Speaker 1: is always a pleasure. Thank you very much for joining 342 00:19:29,640 --> 00:19:32,400 Speaker 1: us on this Friday morning. Looking ahead at the next 343 00:19:32,480 --> 00:19:36,320 Speaker 1: Congress and the Republican majority. Looking at futures now s 344 00:19:36,400 --> 00:19:39,880 Speaker 1: and P futures of fourteen points del futures of seventies 345 00:19:39,920 --> 00:19:44,120 Speaker 1: seven nasdath futures of forty nine ten year treasury down 346 00:19:44,240 --> 00:19:48,160 Speaker 1: nine thirty seconds, the yield at three point seven nine 347 00:19:48,560 --> 00:19:51,080 Speaker 1: two year yield at four point four eight percent, much 348 00:19:51,119 --> 00:19:53,720 Speaker 1: more still to come. On this Friday morning edition on 349 00:19:53,800 --> 00:19:56,040 Speaker 1: Bloomberg Daybreak, we'll be checking the markets and bringing you 350 00:19:56,119 --> 00:19:59,479 Speaker 1: the latest news and business economics and finance. Stay with us. 351 00:19:59,720 --> 00:20:08,760 Speaker 1: This is Bloomberg. Bloomberg Daybreak is brought to you by 352 00:20:08,760 --> 00:20:10,960 Speaker 1: the New York Community Trust. Your name will live on 353 00:20:11,040 --> 00:20:13,159 Speaker 1: as a champion of the causes you care about four 354 00:20:13,280 --> 00:20:15,639 Speaker 1: years to come through a charitable bequest to the New 355 00:20:15,720 --> 00:20:22,920 Speaker 1: York Community Trust. Learn more at Philanthropist dot NYC. Broadcasting 356 00:20:23,000 --> 00:20:26,680 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York, 357 00:20:26,840 --> 00:20:29,920 Speaker 1: Bloomberg E Living Free On to Washington, d C, Bloomberg 358 00:20:30,040 --> 00:20:33,120 Speaker 1: ninety nine one to Boston, Bloomberg one O six one 359 00:20:33,240 --> 00:20:36,680 Speaker 1: do San Francisco, Bloomberg M sixteen to the Country, Sirius 360 00:20:36,840 --> 00:20:39,399 Speaker 1: XM CHADO one nine team and around the globe. The 361 00:20:39,480 --> 00:20:43,359 Speaker 1: Bloomberg business app and Bloomberg Radio dot Com. This is 362 00:20:43,400 --> 00:20:52,120 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 363 00:20:52,160 --> 00:20:55,600 Speaker 1: I'm Nathan Hager, I'm Amy Morris. Bloomberg Daybreak is brought 364 00:20:55,680 --> 00:20:58,760 Speaker 1: to you by s EI Asset managers don't get results 365 00:20:58,840 --> 00:21:01,080 Speaker 1: that are off the charts when are solutions are off 366 00:21:01,119 --> 00:21:04,560 Speaker 1: the shelf. Learn how SEI is operating platform can turn 367 00:21:04,640 --> 00:21:08,119 Speaker 1: infrastructure into a competitive advantage at se I C dot 368 00:21:08,200 --> 00:21:10,520 Speaker 1: com slash tech. And we're about four hours away from 369 00:21:10,520 --> 00:21:12,240 Speaker 1: the open of US trading. Amy, let's get you up 370 00:21:12,240 --> 00:21:13,679 Speaker 1: to date on the news you need to know at 371 00:21:13,720 --> 00:21:17,080 Speaker 1: this hour. Beginning in Washington, where Democrats are weighing Nancy 372 00:21:17,119 --> 00:21:21,679 Speaker 1: Pelosi's replacement as House Democratic leader, party is rallying behind Brooklyn, 373 00:21:21,720 --> 00:21:24,639 Speaker 1: New York native Hakim Jeffreys. Former New York Congressman and 374 00:21:24,720 --> 00:21:27,280 Speaker 1: Democratic Caucus Chair Joe Crowley spoke with us about the 375 00:21:27,280 --> 00:21:31,280 Speaker 1: shift and leadership. He's a great orator, he has great skills, 376 00:21:31,440 --> 00:21:34,800 Speaker 1: he's very smart, and uh, I think he knows how 377 00:21:34,840 --> 00:21:37,960 Speaker 1: to build coalitions and that's what's so critical of being congress. 378 00:21:38,240 --> 00:21:40,480 Speaker 1: Former New York Congressman Joe Crowley spoke with our Joe 379 00:21:40,520 --> 00:21:42,840 Speaker 1: Matthew on Bloomberg Sound On. You can catch the show 380 00:21:42,880 --> 00:21:46,160 Speaker 1: week days at five pm Eastern on Bloomberg Radio. Nathan 381 00:21:46,240 --> 00:21:48,720 Speaker 1: out of Markets were stocks Center the last day of 382 00:21:48,760 --> 00:21:52,080 Speaker 1: the week, coming off to losing days, weighing on investor's sentiment. 383 00:21:52,160 --> 00:21:55,480 Speaker 1: More hawk Fed speak. Minneapolis Fed President Neil cash Carey 384 00:21:55,520 --> 00:21:58,480 Speaker 1: says the inflation battle is far from over. We have 385 00:21:58,600 --> 00:22:00,600 Speaker 1: raised interest rates a lot this year, so there's a 386 00:22:00,680 --> 00:22:03,200 Speaker 1: lot of tightening in the pipeline. We have not felt 387 00:22:03,280 --> 00:22:06,400 Speaker 1: the full effects yet, and yet inflation is still very high. 388 00:22:06,800 --> 00:22:09,600 Speaker 1: Minneapolis Fed president Al cash Carrey says the full effect 389 00:22:09,640 --> 00:22:11,600 Speaker 1: of rate hikes may not be felt for a year 390 00:22:11,760 --> 00:22:15,119 Speaker 1: or more. St. Louis Fed President James Bullard made similarly 391 00:22:15,240 --> 00:22:18,800 Speaker 1: hawkish comments, saying interest rates should rise to at least 392 00:22:18,880 --> 00:22:21,920 Speaker 1: five percent. Right Corporate News Now Amy where Twitter turn 393 00:22:21,960 --> 00:22:25,240 Speaker 1: well continues. Elon Musk gave employees at ultimatum to adopt 394 00:22:25,240 --> 00:22:28,200 Speaker 1: to the company's new work environment or leave. Many are 395 00:22:28,280 --> 00:22:32,000 Speaker 1: not signing on, which is reportedly putting Twitter's operations at risk. 396 00:22:32,400 --> 00:22:35,359 Speaker 1: Dan Ives at Wedbush Security says Musk's leadership does not 397 00:22:35,560 --> 00:22:40,280 Speaker 1: inspire much confidence for investors. It's been a circus and 398 00:22:40,359 --> 00:22:42,679 Speaker 1: I think there was a view as a Tessa holder 399 00:22:43,280 --> 00:22:47,640 Speaker 1: that once Musk bought Twitter, it would start to die down, 400 00:22:47,880 --> 00:22:51,360 Speaker 1: but instead it hasn't. Dan Ives of Wedbush says Musk 401 00:22:51,440 --> 00:22:54,280 Speaker 1: has his hands full. He also says social media companies 402 00:22:54,359 --> 00:22:57,520 Speaker 1: like Twitter have likely already seen their best periods for growth. 403 00:22:58,119 --> 00:23:00,400 Speaker 1: Taking a look at some stocks on the move this morning, 404 00:23:00,480 --> 00:23:03,920 Speaker 1: shares of Applied Materials are higher after giving a sales forecast, 405 00:23:04,000 --> 00:23:07,359 Speaker 1: hopping estimates. Shares of Gap or up after comparable sales 406 00:23:07,440 --> 00:23:10,240 Speaker 1: for the third quarter beat expectations, and despite the ft 407 00:23:10,440 --> 00:23:13,200 Speaker 1: X breakdown. Amy bitcoins heading for a weekly game. And 408 00:23:13,320 --> 00:23:16,760 Speaker 1: it comes after bitcoins twenty three slide last week when 409 00:23:16,800 --> 00:23:20,920 Speaker 1: Sam Bankman freeds ft X Empire collapse. Right now, bitcoins 410 00:23:21,000 --> 00:23:24,159 Speaker 1: up eight ten percent. It's sixteen thousand, eight hundred twenty dollars. 411 00:23:24,520 --> 00:23:27,760 Speaker 1: SMP futures are up fourteen points, DAL futures up eighty 412 00:23:27,840 --> 00:23:31,359 Speaker 1: one points, nastack futures up fifty points. Straight ahead, your 413 00:23:31,440 --> 00:23:34,760 Speaker 1: latest local headlines and a check of sports. This is Bloomberg, 414 00:23:38,480 --> 00:23:40,960 Speaker 1: all right, Thank you, Nathan, five thirty three on Wall Street. Now, 415 00:23:41,040 --> 00:23:43,200 Speaker 1: let's bring in Michael bar with more on what else 416 00:23:43,320 --> 00:23:45,520 Speaker 1: is going on in New York and around the World. 417 00:23:45,600 --> 00:23:49,080 Speaker 1: Good morning, Michael, Good morning, Aiming. A dangerous storm that 418 00:23:49,240 --> 00:23:52,119 Speaker 1: has the potential to bring heavy snow to western New 419 00:23:52,240 --> 00:23:56,240 Speaker 1: York is already causing problems. Power outages are already being 420 00:23:56,280 --> 00:23:59,680 Speaker 1: reported in the Buffalo area. Mark poland Cars is the 421 00:24:00,040 --> 00:24:03,040 Speaker 1: Ree County Executive. We've just been advised that there is 422 00:24:03,119 --> 00:24:07,119 Speaker 1: a power outage of affecting two thousand, one nineteen customers 423 00:24:07,160 --> 00:24:10,680 Speaker 1: in the town of West Seneca. There are scattered, scattered 424 00:24:10,720 --> 00:24:15,000 Speaker 1: outages elsewhere. Erie County Executive Mark poland Car says more 425 00:24:15,080 --> 00:24:17,720 Speaker 1: than three feet of snow is forecast through the weekend. 426 00:24:18,200 --> 00:24:21,560 Speaker 1: Governor Kathy Elcle says that even though heavy snowfall is 427 00:24:21,600 --> 00:24:24,879 Speaker 1: nothing new, this storm might be life threatening. Be ready 428 00:24:25,000 --> 00:24:27,880 Speaker 1: for the worst, have plenty of food in the refrigerator, 429 00:24:28,359 --> 00:24:31,359 Speaker 1: and be ready to check in on your neighbors. Governor 430 00:24:31,440 --> 00:24:34,040 Speaker 1: hucl is urging people to stay off the roads during 431 00:24:34,080 --> 00:24:37,639 Speaker 1: the storm. The New York author who claims Donald Trump 432 00:24:37,760 --> 00:24:40,520 Speaker 1: raped her in the nineties filed a public copy of 433 00:24:40,600 --> 00:24:44,000 Speaker 1: a battery lawsuit she plans to bring against him next week. 434 00:24:44,400 --> 00:24:48,160 Speaker 1: E Gene Carroll, a former advice columnists with l magazine, 435 00:24:48,400 --> 00:24:52,680 Speaker 1: will file the lawsuit on September novembery, the day after 436 00:24:52,840 --> 00:24:56,000 Speaker 1: a new state law takes effect to temporarily lift the 437 00:24:56,040 --> 00:25:00,280 Speaker 1: statute of limitations on civil claims for sexual offend. Says. 438 00:25:00,640 --> 00:25:04,280 Speaker 1: The finding was in federal court in Manhattan. North Korea 439 00:25:04,400 --> 00:25:08,200 Speaker 1: fired and intercontinental ballistic missile that landed near Japanese waters 440 00:25:08,600 --> 00:25:12,399 Speaker 1: in the second major weapons test this month. Japan's Defense 441 00:25:12,480 --> 00:25:16,280 Speaker 1: minister says the missile launched this morning had the capability 442 00:25:16,359 --> 00:25:19,879 Speaker 1: to reach all of the US mainland. Vice President Kamala 443 00:25:19,960 --> 00:25:23,760 Speaker 1: Harris we strongly condemn these actions and we again called 444 00:25:23,840 --> 00:25:30,000 Speaker 1: for North Korea stopped further unlawful, destabilizing. Vice President Harris 445 00:25:30,160 --> 00:25:34,280 Speaker 1: is in Thailand for the Asia Pacific Economic Cooperation leaders Summit. 446 00:25:34,760 --> 00:25:37,800 Speaker 1: A final Senate vote to pass legislation to protect the 447 00:25:37,960 --> 00:25:41,200 Speaker 1: right of same sex marriage will be pushed until after 448 00:25:41,400 --> 00:25:44,960 Speaker 1: the Thanksgiving holiday. Global News twenty four hours a day 449 00:25:45,119 --> 00:25:48,520 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 450 00:25:48,600 --> 00:25:51,119 Speaker 1: twenty seven hundred journalist and analysts more than a hundred 451 00:25:51,160 --> 00:25:55,280 Speaker 1: twenty countries. Michael bar this is Bloomberg. Amy, All right, 452 00:25:55,359 --> 00:26:00,520 Speaker 1: thank you, Michael. Time now for the sports report, brought 453 00:26:00,560 --> 00:26:02,960 Speaker 1: to you by Try State Audi. Here's John dash Our. 454 00:26:03,160 --> 00:26:04,960 Speaker 1: All right, Amy, Aaron Judge said last night he was 455 00:26:05,040 --> 00:26:07,280 Speaker 1: nervous waiting to hear if he was indeed American League 456 00:26:07,320 --> 00:26:09,520 Speaker 1: m VP. He won easily, got all but two first 457 00:26:09,600 --> 00:26:12,200 Speaker 1: place vos judged the fourteenth Yankee to be m v P, 458 00:26:12,359 --> 00:26:15,800 Speaker 1: and those fourteen have won twenty two m v P awards. 459 00:26:15,840 --> 00:26:18,200 Speaker 1: Will Judge have a chance to meet a Yankee m 460 00:26:18,240 --> 00:26:20,840 Speaker 1: v P again. He needs a new contract, said last 461 00:26:20,880 --> 00:26:24,200 Speaker 1: night he's hoping to sign somewhere soon. The Cardinals Paul 462 00:26:24,240 --> 00:26:26,359 Speaker 1: Goldsmith one n L m v P, the guy who 463 00:26:26,440 --> 00:26:29,119 Speaker 1: caught the ball in Texas that Judge hit for his 464 00:26:29,200 --> 00:26:32,400 Speaker 1: sixty second home run, turned down three million dollars. It'll 465 00:26:32,440 --> 00:26:36,160 Speaker 1: be sold at auction. Then that's in Portland, tiedly Royce 466 00:26:36,359 --> 00:26:38,119 Speaker 1: Neil in about to get a foot court for Brooklyn. 467 00:26:39,040 --> 00:26:41,560 Speaker 1: Boots it out top two ran scot. It slips a bit, 468 00:26:41,640 --> 00:26:46,040 Speaker 1: spins right elbow, fadeaway is no food but tip Dan 469 00:26:46,640 --> 00:26:49,680 Speaker 1: it's tipped in with FOYT seven w f A N 470 00:26:49,760 --> 00:26:51,880 Speaker 1: and that's one one O nine one oh seven. Royce 471 00:26:51,880 --> 00:26:54,840 Speaker 1: O'Neil's tip in Capain, a night where he had eleven points, 472 00:26:54,880 --> 00:26:57,680 Speaker 1: eleven rebounds and eleven assist. Kevin ran scort thirty five. 473 00:26:57,720 --> 00:27:00,560 Speaker 1: Nets come home to play Sunday, and Kyra Irving might 474 00:27:00,680 --> 00:27:04,560 Speaker 1: return from his suspension Next tonight visit Golden State College 475 00:27:04,600 --> 00:27:07,400 Speaker 1: of St. John's meet Nebraska by twenty for Jack's Soriano 476 00:27:07,520 --> 00:27:10,800 Speaker 1: seventeen points eighteen new bounds. The Rangers scored late to tie, 477 00:27:11,240 --> 00:27:14,320 Speaker 1: but lost in Seattle three two and overtime. The Islanders 478 00:27:14,400 --> 00:27:17,159 Speaker 1: lost in Nashville five to four. The Devil's favorite a 479 00:27:17,240 --> 00:27:20,320 Speaker 1: hot a three two o t win in Toronto. That's 480 00:27:20,359 --> 00:27:25,400 Speaker 1: the Devil's eleventh consecutive victory. Week eleven Underway, Tennessee won 481 00:27:25,440 --> 00:27:28,679 Speaker 1: at green Bay seven to seventeen. The Titans are pulling 482 00:27:28,720 --> 00:27:31,640 Speaker 1: away in the a f C South, while the Packers, 483 00:27:31,720 --> 00:27:34,560 Speaker 1: who did win last week to into five game losing 484 00:27:34,600 --> 00:27:37,880 Speaker 1: spig They are way behind in the nfcun John Stashar 485 00:27:37,880 --> 00:27:41,080 Speaker 1: Boomberg Sports. All right, thank you, John. It is five 486 00:27:41,160 --> 00:27:43,719 Speaker 1: thirty seven on Wall Street. Time now for the Tri 487 00:27:43,880 --> 00:27:47,040 Speaker 1: State Business Report. Here with that is Bloomberg's Joe Doneger. 488 00:27:47,359 --> 00:27:50,000 Speaker 1: The redo it Met Life stadium set for next year 489 00:27:50,080 --> 00:27:53,400 Speaker 1: still won't involve a grass field surface. The Post reports 490 00:27:53,480 --> 00:27:57,359 Speaker 1: the stadium has told ESPN it's shopping for vendors to 491 00:27:57,440 --> 00:28:01,120 Speaker 1: replace the current field with a new synthetic surface. It's 492 00:28:01,160 --> 00:28:03,720 Speaker 1: a version of field turf, and that has drawn criticism 493 00:28:03,800 --> 00:28:07,479 Speaker 1: from players, both from the Giants and jets worried about injury. 494 00:28:07,920 --> 00:28:11,440 Speaker 1: Canadian based bag brand Herschel Supply is opening a store 495 00:28:11,520 --> 00:28:14,880 Speaker 1: in the Flat Iron Building today. Women's Where Daily says 496 00:28:15,240 --> 00:28:18,239 Speaker 1: the brand operates only four stores in Canada right now, 497 00:28:18,720 --> 00:28:21,040 Speaker 1: but it's planning a dozen or more in North America 498 00:28:21,119 --> 00:28:23,240 Speaker 1: by the end of next year. And the part of 499 00:28:23,320 --> 00:28:25,560 Speaker 1: New York and New Jersey is still the busiest in 500 00:28:25,640 --> 00:28:29,400 Speaker 1: the nation despite a small drop in cargo movement. California's 501 00:28:29,400 --> 00:28:32,280 Speaker 1: top ports are still working to clear up backlogs built 502 00:28:32,359 --> 00:28:35,359 Speaker 1: during the pandemic, but the port beat its counterparts in 503 00:28:35,520 --> 00:28:37,440 Speaker 1: l A and Long Beach for the third straight month. 504 00:28:38,320 --> 00:28:41,560 Speaker 1: That's the Bloomberg Try State Business Report. I'm Joan Donnager. 505 00:28:42,480 --> 00:28:44,800 Speaker 1: Thank you, Joan. It is five thirty eight on Wall Street. 506 00:28:44,800 --> 00:28:47,200 Speaker 1: Bloomberg Radio is on the air from San Francisco to 507 00:28:47,280 --> 00:28:49,880 Speaker 1: New York, London to Hong Kong. Let's check in with 508 00:28:49,960 --> 00:28:52,240 Speaker 1: our global news team for some of the top stories 509 00:28:52,280 --> 00:28:55,760 Speaker 1: heard on our three affiliate radio stations around the world. 510 00:28:58,720 --> 00:29:02,800 Speaker 1: I'm Steve on wus L A Tampa Bay. We're talking 511 00:29:02,840 --> 00:29:06,080 Speaker 1: about the Win Dixie supermarket chain, exploring as sale of 512 00:29:06,160 --> 00:29:09,959 Speaker 1: the company um Corneds Donahoe. On ktr H in Houston, 513 00:29:10,040 --> 00:29:12,320 Speaker 1: a quarter of Americans face the risk of a winter 514 00:29:12,440 --> 00:29:16,400 Speaker 1: power emergency. I'm Ginas Servetti and for k CBS and 515 00:29:16,480 --> 00:29:19,840 Speaker 1: San Francisco. I'm talking about GAP having a pretty good 516 00:29:19,920 --> 00:29:22,880 Speaker 1: quarter and getting a handle on its merchandise built up. 517 00:29:23,880 --> 00:29:27,280 Speaker 1: I'm Jeff Fallinger and on w TB and in Columbus, 518 00:29:27,360 --> 00:29:31,600 Speaker 1: I'm reporting on the enhanced employee benefits at JP Morgan Chase. 519 00:29:32,640 --> 00:29:35,480 Speaker 1: I'm Stephen Carol and Bloomberg d a B Digital Radio. 520 00:29:35,560 --> 00:29:38,120 Speaker 1: In London. We've been reporting on reaction to the bleek 521 00:29:38,240 --> 00:29:41,320 Speaker 1: new reality of recession and higher taxes for the UK 522 00:29:41,840 --> 00:29:46,800 Speaker 1: after the Chancellor's autumn statements, and those are some of 523 00:29:46,840 --> 00:29:50,320 Speaker 1: the stories our Bloomberg journalists and analysts are working on 524 00:29:50,520 --> 00:29:53,320 Speaker 1: this morning around the world. It's five thirty nine on 525 00:29:53,400 --> 00:29:57,160 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 526 00:29:57,480 --> 00:30:00,240 Speaker 1: This editorial was written by the Bloomberg editorial boy Ward. 527 00:30:00,600 --> 00:30:03,320 Speaker 1: In one sense, investors and regulators should be grateful to 528 00:30:03,360 --> 00:30:06,320 Speaker 1: Sam bankman Fried, the Erstwhild, head of the ft X 529 00:30:06,360 --> 00:30:10,400 Speaker 1: Cryptocurrency Exchange, the spectacular flame out of his virtual empire 530 00:30:10,480 --> 00:30:13,040 Speaker 1: has become a master class on everything that's wrong with 531 00:30:13,120 --> 00:30:17,640 Speaker 1: crypto markets. Several lessons stand out that crypto denominated assets 532 00:30:17,680 --> 00:30:21,280 Speaker 1: warrants skepticism, for example, that market capitalization isn't the same 533 00:30:21,320 --> 00:30:24,800 Speaker 1: as value, and that accounting and consumer protections really do matter. 534 00:30:25,280 --> 00:30:28,800 Speaker 1: Whatever the potential benefits of crypto, the surrounding speculative friendly 535 00:30:28,880 --> 00:30:31,200 Speaker 1: has little to do with them. On the contrary, it 536 00:30:31,280 --> 00:30:33,600 Speaker 1: has mostly served to separate people from their money. As 537 00:30:33,680 --> 00:30:36,920 Speaker 1: f t X has shown, lawmakers and regulators should act 538 00:30:37,040 --> 00:30:40,000 Speaker 1: to keep crypto from threatening the broader financial system, and 539 00:30:40,080 --> 00:30:43,120 Speaker 1: in the meantime, the message for investors and traditional finance 540 00:30:43,200 --> 00:30:46,800 Speaker 1: remains simple, stay away. This editorial was written by the 541 00:30:46,800 --> 00:30:50,080 Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to 542 00:30:50,120 --> 00:30:52,960 Speaker 1: Bloomberg dot com, slash Opinion or O P I n 543 00:30:53,080 --> 00:30:56,480 Speaker 1: go on the Bloomberg Terminal. These has been Bloomberg Opinion. 544 00:30:56,960 --> 00:31:00,920 Speaker 1: Bloomberg Opinion editorials can be heard every weekday. At this time, 545 00:31:01,120 --> 00:31:04,080 Speaker 1: terminal customers can read more at OPI I n go. 546 00:31:04,760 --> 00:31:08,120 Speaker 1: Futures are higher SMP futures up twenty three points. DAL 547 00:31:08,200 --> 00:31:12,480 Speaker 1: futures up one two points, Nasdaq futures up eight five 548 00:31:12,880 --> 00:31:15,280 Speaker 1: Much more still to come on Bloomberg daybreaks. Stay with 549 00:31:15,400 --> 00:31:22,520 Speaker 1: us on this Friday morning. This is Bloomberg. The Bloomberg 550 00:31:22,560 --> 00:31:24,760 Speaker 1: Sports Report was brought to you by Audie. Don't let 551 00:31:24,840 --> 00:31:27,680 Speaker 1: someone else drive off and the Audi model you've always wanted. 552 00:31:27,840 --> 00:31:30,000 Speaker 1: Visit your local try state Autie dealer to get behind 553 00:31:30,040 --> 00:31:32,080 Speaker 1: the wheel of yours today, or visit Autie Offers dot 554 00:31:32,120 --> 00:31:39,800 Speaker 1: com for more information, markets, headlines and breaking news twenty 555 00:31:39,840 --> 00:31:42,640 Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg 556 00:31:42,720 --> 00:31:46,280 Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg 557 00:31:46,360 --> 00:31:55,400 Speaker 1: Business Flash. I'm Nathan Hager. European stocks are on the rise. 558 00:31:55,640 --> 00:31:58,040 Speaker 1: US futures are pointing to a stronger open on Wall 559 00:31:58,080 --> 00:32:01,080 Speaker 1: Street after two days of losses. Is triggered by Federal 560 00:32:01,120 --> 00:32:03,960 Speaker 1: Reserve signals that interest rates are going to cape rising 561 00:32:04,040 --> 00:32:06,680 Speaker 1: for a while. Yet we check the markets every fifteen 562 00:32:06,720 --> 00:32:09,240 Speaker 1: minutes during the trading day on Bloomberg. Right now, SMP 563 00:32:09,440 --> 00:32:12,480 Speaker 1: futures are up twenty points, DAL futures up a hundred 564 00:32:12,560 --> 00:32:16,240 Speaker 1: nineteen NASDAC futures are higher by seventy seven points. DAX 565 00:32:16,280 --> 00:32:19,200 Speaker 1: in Germany Cacom paris both up about one percent right 566 00:32:19,240 --> 00:32:22,040 Speaker 1: now ten Your treasury is down seven thirty seconds the 567 00:32:22,120 --> 00:32:24,200 Speaker 1: old three point seven nine percent yield on the two 568 00:32:24,280 --> 00:32:27,960 Speaker 1: year four point four seven percent. Nime X screwed little changed, 569 00:32:28,040 --> 00:32:30,080 Speaker 1: up four cents at eighty one dollar sixty eight cents 570 00:32:30,120 --> 00:32:32,120 Speaker 1: a baril Comex gold is up two tenths per cent 571 00:32:32,160 --> 00:32:35,880 Speaker 1: three dollars eighty cents higher. Six gets you announce of gold. 572 00:32:35,920 --> 00:32:38,520 Speaker 1: The euro one point zero three seven six against the dollar, 573 00:32:38,800 --> 00:32:41,360 Speaker 1: British pound one point nine one nine two four again 574 00:32:41,680 --> 00:32:45,360 Speaker 1: one ninet two big coins three tenths percent higher at 575 00:32:45,440 --> 00:32:48,560 Speaker 1: sixteen thousand, seven hundred thirty dollars. That's a Bloomberg business flash. 576 00:32:48,960 --> 00:32:51,120 Speaker 1: Now here's Michael Barr with more of what's going on 577 00:32:51,200 --> 00:32:53,800 Speaker 1: around the world. Michael, thank you very much. Nathan. The 578 00:32:53,840 --> 00:32:57,120 Speaker 1: Biden administration is expected to ask the Supreme Court to 579 00:32:57,200 --> 00:33:00,640 Speaker 1: reinstate the original plans to cancel the student debt relief. 580 00:33:01,200 --> 00:33:04,680 Speaker 1: Biden officials are concerned that many Americans will experience a 581 00:33:04,760 --> 00:33:09,440 Speaker 1: financial strain if the relief plans fizzle out. House Democrats 582 00:33:09,560 --> 00:33:13,480 Speaker 1: showed support for Brooklyn native Hakim Jeffreys as their next 583 00:33:13,640 --> 00:33:17,200 Speaker 1: leader to succeed speaker Nancy Pelosi after she announced that 584 00:33:17,360 --> 00:33:20,760 Speaker 1: she is stepping down in the NBA. The Nets lost 585 00:33:21,040 --> 00:33:23,360 Speaker 1: in the NHL. The Rangers lost to the crack in 586 00:33:23,400 --> 00:33:26,680 Speaker 1: an OT three two. The Devils won their eleventh straight, 587 00:33:26,800 --> 00:33:28,960 Speaker 1: this one in OT against the Maple Leafs three to 588 00:33:29,520 --> 00:33:32,440 Speaker 1: the Islanders lost the Bruins one. Capitals lost an issuet 589 00:33:32,440 --> 00:33:35,120 Speaker 1: out to the Blues five four. In baseball, the Yankees 590 00:33:35,200 --> 00:33:38,200 Speaker 1: Aaron Judge won the a L m v P. The 591 00:33:38,320 --> 00:33:42,240 Speaker 1: Cardinals poo Goldschmidt won the NL. On her Thursday Night football, 592 00:33:42,320 --> 00:33:46,040 Speaker 1: the Titans down the Packers. Seventeen Global news twenty four 593 00:33:46,080 --> 00:33:48,960 Speaker 1: hours a day on air and on Bloomberg Quick Tank, 594 00:33:49,200 --> 00:33:52,120 Speaker 1: powered by more than twenty seven hundred journalists and analysts 595 00:33:52,200 --> 00:33:55,560 Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberguinea. 596 00:33:56,080 --> 00:33:58,920 Speaker 1: All right, thank you, Michael. Five nine now on Wall 597 00:33:59,000 --> 00:34:01,840 Speaker 1: Street Live from the Boomberg get Her Active Broker Studios. 598 00:34:01,920 --> 00:34:05,560 Speaker 1: This is Bloomberg Daybreak. We're joined now by Charlotte Ryland 599 00:34:05,800 --> 00:34:09,279 Speaker 1: COHED Investment c c l A Investment Management. Charlotte, good 600 00:34:09,280 --> 00:34:11,120 Speaker 1: morning to you. Thank you for taking the time with us. 601 00:34:11,760 --> 00:34:16,080 Speaker 1: The SMB SMP of about ten percent from its October lows. 602 00:34:16,719 --> 00:34:19,040 Speaker 1: I want to know where you stand, is the worst over? 603 00:34:19,239 --> 00:34:22,120 Speaker 1: Is this a bear market rally? I think for us 604 00:34:22,160 --> 00:34:24,280 Speaker 1: it's still like a bear market rally. I mean, clearly 605 00:34:24,360 --> 00:34:28,680 Speaker 1: we're we're reacting to that slightly weaker inflation number that 606 00:34:28,760 --> 00:34:31,320 Speaker 1: we had, um so that you know, it's still pretty 607 00:34:31,360 --> 00:34:33,960 Speaker 1: high inflations. Point seven is not exactly out the woods, 608 00:34:34,040 --> 00:34:36,359 Speaker 1: is it so? Um So it really for the next 609 00:34:36,440 --> 00:34:38,560 Speaker 1: year that the question is going to be less about inflation. 610 00:34:38,640 --> 00:34:40,880 Speaker 1: It's probably been much more about what's the impact of 611 00:34:41,120 --> 00:34:43,439 Speaker 1: the rising interest rates, the rising the cost of living 612 00:34:43,840 --> 00:34:46,840 Speaker 1: on businesses and on consumer and what's going to be 613 00:34:46,880 --> 00:34:48,320 Speaker 1: happening in terms of the earning stuff. But so I 614 00:34:48,360 --> 00:34:50,160 Speaker 1: think for us it's still a question of you know, 615 00:34:50,239 --> 00:34:52,640 Speaker 1: it could be a pretty difficult start next year, and 616 00:34:52,680 --> 00:34:56,040 Speaker 1: I'm not sure that's fully reflected in numbers yet. We 617 00:34:56,160 --> 00:34:59,120 Speaker 1: have seen talk this week from FED officials about raising 618 00:34:59,160 --> 00:35:02,080 Speaker 1: those rates, keep those rates higher, trying to find inflation. 619 00:35:02,480 --> 00:35:07,319 Speaker 1: Do you think a recession is inevitable? Um? I think 620 00:35:07,600 --> 00:35:09,680 Speaker 1: if we're talking about Europe, I would certainly say so. 621 00:35:09,840 --> 00:35:12,040 Speaker 1: And I think the UK Europe with much more difficult 622 00:35:12,080 --> 00:35:14,520 Speaker 1: position than the US. Economy. UM, And I'll our of 623 00:35:14,560 --> 00:35:16,640 Speaker 1: you is that, yes, we're definitely gonna have a slowdown 624 00:35:16,640 --> 00:35:19,960 Speaker 1: in the US, quite possibly a recession um. And you know, 625 00:35:20,080 --> 00:35:23,400 Speaker 1: you're beginning to see you know, some science of housing 626 00:35:23,440 --> 00:35:25,640 Speaker 1: market in more difficult place. You're beginning to see some 627 00:35:25,760 --> 00:35:28,600 Speaker 1: big companies starting to shed labor, and mainly that's the 628 00:35:28,640 --> 00:35:31,480 Speaker 1: tech companies. But even so, you know, possibly that sort 629 00:35:31,480 --> 00:35:33,680 Speaker 1: of turning what has been a very tight job market. 630 00:35:34,200 --> 00:35:36,520 Speaker 1: And you know, for the consumer, yes, they've had all 631 00:35:36,560 --> 00:35:38,880 Speaker 1: of those COVID savings sitting on the balance sheets, but 632 00:35:38,920 --> 00:35:41,480 Speaker 1: I imagine particularly for the lower end of of the 633 00:35:41,520 --> 00:35:43,880 Speaker 1: earning scale, people probably something to burn through that. You know, 634 00:35:43,960 --> 00:35:49,080 Speaker 1: definitely negative real incomes is year. What opportunities do you 635 00:35:49,160 --> 00:35:54,600 Speaker 1: see ahead? Um? I mean I think it's it's much 636 00:35:54,640 --> 00:35:57,720 Speaker 1: more a sort of uh, you know, stock specific basis 637 00:35:57,800 --> 00:36:00,320 Speaker 1: for us rather than highly in particular set, because I 638 00:36:00,360 --> 00:36:02,879 Speaker 1: mean there's more defensive end of the market has really 639 00:36:02,920 --> 00:36:05,360 Speaker 1: held up well this year, so you know, the staples 640 00:36:05,480 --> 00:36:08,719 Speaker 1: things like McDonald's, etcetera. UM, and those those that still 641 00:36:08,760 --> 00:36:11,240 Speaker 1: continuing to print pretty good numbers, but certainly the valuations 642 00:36:11,320 --> 00:36:13,320 Speaker 1: looking a little stretched there. So for US, it's probably 643 00:36:13,920 --> 00:36:16,040 Speaker 1: more some of the health care names that we think 644 00:36:16,080 --> 00:36:19,040 Speaker 1: look pretty interesting and certainly you know, reasonably immune from 645 00:36:19,080 --> 00:36:21,880 Speaker 1: what's going on within the economy. UM. And then there 646 00:36:21,920 --> 00:36:23,880 Speaker 1: are parts of tech that are looking more interesting when 647 00:36:23,920 --> 00:36:27,239 Speaker 1: the semiconductor etcetera. Has had a dreadful year. So you know, 648 00:36:27,320 --> 00:36:29,719 Speaker 1: companies like in Video for example, are beginning to look 649 00:36:29,760 --> 00:36:32,360 Speaker 1: more interesting, possibly slightly two earlier the numbers yet, but 650 00:36:33,160 --> 00:36:35,719 Speaker 1: you know, there are opportunities emerging in that kind of ever, 651 00:36:35,840 --> 00:36:39,240 Speaker 1: things like Adobe as well. Ei there anything any places 652 00:36:39,280 --> 00:36:42,640 Speaker 1: we should avoid? Um? I think we need to be 653 00:36:42,680 --> 00:36:44,520 Speaker 1: really careful about anything that's got a leverage on its 654 00:36:44,520 --> 00:36:47,399 Speaker 1: balance sheet. UM. Clearly with rates for the much higher 655 00:36:47,400 --> 00:36:49,680 Speaker 1: trajectory that's that's not gonna be helpful. And we still 656 00:36:49,719 --> 00:36:53,799 Speaker 1: be reasonably cautious on the consumer and consumer discretionary UM. 657 00:36:54,280 --> 00:36:56,920 Speaker 1: And uh, you know, I think we probably you know, 658 00:36:56,960 --> 00:36:59,919 Speaker 1: we've had a great year from oil. I'm not sure 659 00:37:00,120 --> 00:37:01,399 Speaker 1: that that's going to be a great year for Royal 660 00:37:01,600 --> 00:37:03,279 Speaker 1: next year because I think you know, you've had that 661 00:37:03,440 --> 00:37:06,120 Speaker 1: rebound from the pandemic blows and if you're into a 662 00:37:06,160 --> 00:37:08,040 Speaker 1: slow record of environment that tends to be not great 663 00:37:08,040 --> 00:37:10,319 Speaker 1: for world one. Go about a minute here, what about 664 00:37:10,320 --> 00:37:15,440 Speaker 1: geopolitical risks, how's that factor in? Uh, Well, I mean 665 00:37:15,480 --> 00:37:16,960 Speaker 1: it's obviously been a big year for that as well, 666 00:37:17,000 --> 00:37:21,120 Speaker 1: hasn't it. Um So, I mean Ukraine continues to rumble on. 667 00:37:21,760 --> 00:37:24,120 Speaker 1: It doesn't seem to be escalating, which is thankful to Spike, 668 00:37:24,200 --> 00:37:26,120 Speaker 1: you know that sort of the straight bombs going in 669 00:37:26,120 --> 00:37:29,680 Speaker 1: to Poland. But you know, China US continues to be 670 00:37:29,920 --> 00:37:32,840 Speaker 1: you know, the big issue. Um clearly sort of Biden 671 00:37:33,480 --> 00:37:35,640 Speaker 1: as you having talked this this week has been being 672 00:37:35,680 --> 00:37:37,680 Speaker 1: helpful or calming a little bit of those tensions, but 673 00:37:37,760 --> 00:37:40,160 Speaker 1: that that remains sort of the big issue. And I 674 00:37:40,239 --> 00:37:42,640 Speaker 1: think that's going to be particularly like the semi conductor 675 00:37:42,680 --> 00:37:45,239 Speaker 1: of complex, you know, that reliance that the West has 676 00:37:45,800 --> 00:37:48,359 Speaker 1: on places like Taiwan, which is potentially vulnerable. I think 677 00:37:48,400 --> 00:37:50,080 Speaker 1: that's going to continue to sort of drive people to 678 00:37:50,160 --> 00:37:52,879 Speaker 1: sort of bring some of that key technology back home 679 00:37:52,920 --> 00:37:55,640 Speaker 1: and back into a friend your nations right. Clearly, still 680 00:37:55,719 --> 00:37:57,759 Speaker 1: some uncertainty out there. We're going to be watching it 681 00:37:57,840 --> 00:37:59,640 Speaker 1: with you. Charlotte. Thank you so much for taking the 682 00:37:59,680 --> 00:38:02,640 Speaker 1: time this this morning. Charlotte Ryland is go ahead of 683 00:38:02,719 --> 00:38:06,200 Speaker 1: investments at c c l A Investment Management. Nathan Okay 684 00:38:06,200 --> 00:38:08,840 Speaker 1: Ay Thank you. It's five fifty three on Wall Street. 685 00:38:08,960 --> 00:38:11,160 Speaker 1: It's time for the Bloomberg Law Report for to you 686 00:38:11,280 --> 00:38:15,680 Speaker 1: buy American Arbitration Association Business disputes are inevitable result faster 687 00:38:15,840 --> 00:38:19,120 Speaker 1: with the American Arbitration Association, the global leader in alternative 688 00:38:19,160 --> 00:38:22,200 Speaker 1: dispute resolution for over ninety years. More at a d 689 00:38:22,480 --> 00:38:24,800 Speaker 1: R dot org. Now, let's get to the legal stories 690 00:38:24,840 --> 00:38:31,399 Speaker 1: we're watching this morning with Bloomberg's Jeff Pellinger. The State 691 00:38:31,480 --> 00:38:35,520 Speaker 1: Department announced that most US consulates and embassies overseas have 692 00:38:35,680 --> 00:38:40,080 Speaker 1: returned to normal operations after local pandemic restrictions were lifted. 693 00:38:40,600 --> 00:38:44,719 Speaker 1: California's Workplace Safety Agency did not include a paid sick 694 00:38:44,840 --> 00:38:49,440 Speaker 1: time provision in the states permanent COVID nineteen worker protection rules. 695 00:38:50,080 --> 00:38:54,880 Speaker 1: Proposed class action accuses Loureal USA and related companies of 696 00:38:55,000 --> 00:38:59,239 Speaker 1: failing to disclose the presence of toxic chemicals in hair relaxers. 697 00:38:59,400 --> 00:39:05,480 Speaker 1: Bloomberg Law everything you need on one legal research platform, Guidance, Amelitis, 698 00:39:05,680 --> 00:39:09,480 Speaker 1: and Bloomberg Market Intelligence. Find out more at Bloomberg Law 699 00:39:09,640 --> 00:39:14,640 Speaker 1: dot com. Now, another legal story we're watching a Tesla 700 00:39:14,760 --> 00:39:17,719 Speaker 1: shareholders waging a long shot battle for Elon must have 701 00:39:17,880 --> 00:39:21,640 Speaker 1: returned stock options granted as part of his unprecedented fifty 702 00:39:21,719 --> 00:39:24,759 Speaker 1: five billion dollar pay package. This week, must took the 703 00:39:24,880 --> 00:39:28,160 Speaker 1: stand at Delaware Chancery Court defending his pay package that 704 00:39:28,200 --> 00:39:31,640 Speaker 1: helped make him the world's richest man. For more, Bloomberg's 705 00:39:31,680 --> 00:39:34,640 Speaker 1: June Grosso speaks with Eric Tally, a professor at Columbia 706 00:39:34,719 --> 00:39:39,760 Speaker 1: Law School, in defending the compensation plan. Current and former 707 00:39:40,120 --> 00:39:43,839 Speaker 1: Tesla directors have testified that it was important to keep 708 00:39:43,960 --> 00:39:49,000 Speaker 1: Musk focused on and engaged in running Tesla, but he's 709 00:39:49,040 --> 00:39:52,319 Speaker 1: basically a part time CEO. Musk agreed with the shareholders 710 00:39:52,400 --> 00:39:54,640 Speaker 1: lawyer that at the time of this pay deal he 711 00:39:54,800 --> 00:39:59,400 Speaker 1: was spending about fifty of his time at Tesla, at 712 00:39:59,440 --> 00:40:04,920 Speaker 1: Space on Open Ai, boring, and Neuralalink, and now he 713 00:40:05,080 --> 00:40:09,600 Speaker 1: testified that he's spending almost all his time reorganizing Twitter. 714 00:40:10,040 --> 00:40:13,440 Speaker 1: This makes this case one of the most unprecedented executive 715 00:40:13,480 --> 00:40:18,239 Speaker 1: compensation cases that we've ever seen. Quite frankly, most CEOs 716 00:40:18,400 --> 00:40:21,399 Speaker 1: don't work part time at their companies. They are full 717 00:40:21,480 --> 00:40:25,160 Speaker 1: time employees, and their employees who are paid well to 718 00:40:25,400 --> 00:40:29,080 Speaker 1: basically put every bit of their effort and attention into 719 00:40:29,160 --> 00:40:32,400 Speaker 1: the welfare of the company. Musk has always been a 720 00:40:32,440 --> 00:40:35,759 Speaker 1: little bit mercurial in his habits, and in fact, they 721 00:40:35,840 --> 00:40:37,840 Speaker 1: kind of knew that at the time, right, This was 722 00:40:37,920 --> 00:40:40,040 Speaker 1: not one of these things where, you know, some of 723 00:40:40,080 --> 00:40:43,040 Speaker 1: these other sideline ventures came up after the fact other 724 00:40:43,120 --> 00:40:45,080 Speaker 1: than Twitter, so you know, there was a sense in 725 00:40:45,160 --> 00:40:47,759 Speaker 1: which they sort of knew they were getting a guy 726 00:40:47,880 --> 00:40:51,759 Speaker 1: who had divided attentions. What are the questions that the 727 00:40:51,960 --> 00:40:54,960 Speaker 1: judge has to answer to come to her decision. The 728 00:40:55,040 --> 00:40:57,000 Speaker 1: two things that are going to be really important to 729 00:40:57,120 --> 00:41:00,880 Speaker 1: understand is what was the content x by which the 730 00:41:01,000 --> 00:41:06,240 Speaker 1: shareholders of Tesla approved this compensation package, Because it turns 731 00:41:06,280 --> 00:41:08,920 Speaker 1: out that getting a shareholder vote, as long as it's 732 00:41:08,960 --> 00:41:12,839 Speaker 1: a fully informed vote to approve a pay package, does 733 00:41:12,880 --> 00:41:15,120 Speaker 1: a lot. It buys you a lot of real estate 734 00:41:15,160 --> 00:41:17,400 Speaker 1: if you're trying to defend that pay package. But it's 735 00:41:17,440 --> 00:41:19,440 Speaker 1: got to be kind of a by the book vote. 736 00:41:19,440 --> 00:41:23,360 Speaker 1: And a secondarily important issue is to what extent was 737 00:41:23,480 --> 00:41:27,720 Speaker 1: the anticipated size of this compensation package within the realm 738 00:41:27,840 --> 00:41:30,440 Speaker 1: of you know, kind of a reasonable amount, something that 739 00:41:30,520 --> 00:41:33,560 Speaker 1: would be fair to the other shareholders of Tesla, who, 740 00:41:33,600 --> 00:41:36,640 Speaker 1: after all, we're basically going to be diluting themselves a lot. 741 00:41:36,920 --> 00:41:39,920 Speaker 1: As these benchmarks got met and a bunch of these 742 00:41:40,000 --> 00:41:42,680 Speaker 1: options got cast out, so that part is really going 743 00:41:42,760 --> 00:41:45,320 Speaker 1: to turn on you know, how hard was it to 744 00:41:45,520 --> 00:41:48,239 Speaker 1: meet these benchmarks? And so it turns out that the 745 00:41:48,400 --> 00:41:51,839 Speaker 1: more likely it is that the shareholders actually they knew 746 00:41:51,880 --> 00:41:54,120 Speaker 1: what they were voting on, they voted with their highs 747 00:41:54,200 --> 00:41:56,960 Speaker 1: wide open, the more deference the judge is going to 748 00:41:57,040 --> 00:41:59,400 Speaker 1: give to the pay package. On the other hand, if 749 00:41:59,400 --> 00:42:02,879 Speaker 1: the shareholders kind of didn't know everything or felt sort 750 00:42:02,920 --> 00:42:05,680 Speaker 1: of bullied or forced into this vote, then that pay 751 00:42:05,760 --> 00:42:08,360 Speaker 1: package and its bareness is going to get more scrutiny 752 00:42:08,360 --> 00:42:11,920 Speaker 1: in court. That's Eric Tally, Professor Columbia Law School, speaking 753 00:42:11,920 --> 00:42:14,520 Speaker 1: with Bloomberg's June Grosso. Catch more of that interview, plus 754 00:42:14,560 --> 00:42:17,279 Speaker 1: analysis of the latest legal news, by subscribing to the 755 00:42:17,320 --> 00:42:20,680 Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot 756 00:42:20,760 --> 00:42:24,480 Speaker 1: com slash podcast. Attorneys can find exceptional legal research and 757 00:42:24,600 --> 00:42:27,800 Speaker 1: business development tools at Bloomberg Law dot com and on 758 00:42:27,840 --> 00:42:31,839 Speaker 1: the Bloomberg terminal at b Law Go. Futures pointing higher 759 00:42:31,920 --> 00:42:34,359 Speaker 1: this morning. SMP futures are up twenty six points down, 760 00:42:34,400 --> 00:42:37,280 Speaker 1: futures up a hundred fifty four. Nasdaq futures are higher 761 00:42:37,600 --> 00:42:40,080 Speaker 1: by a hundred points. The tenure Treasury is down to 762 00:42:40,160 --> 00:42:43,799 Speaker 1: six thirty seconds yield three point yield on the two 763 00:42:43,880 --> 00:42:47,759 Speaker 1: year four point four seven percent. Bloomberg day break continues. 764 00:42:47,920 --> 00:42:49,279 Speaker 1: This is Bloomberg