Speaker 1: My from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Wednesday, January nineteen two. Coming up this hour,
Speaker 1: Stocks Paris sell off in the wake of a surgeon,
Speaker 1: Treasury Yields, Bank of America, and Morgan Stanley prepared to
Speaker 1: report earnings. The five G rollout disrupts flights around the world,
Speaker 1: and the White House looks to reign in the nation's
Speaker 1: biggest tech companies. Rudy Giuliani is among other Trump lawyers
Speaker 1: subpoena and in the Capitol Riot broad plus COVID cases
Speaker 1: are falling in New Jersey. I'm Michael varn More Ahead,
Speaker 1: I'm John stash Our in sports, Second day of the
Speaker 1: Row and Nick's old Last Minnesota one by two the
Speaker 1: Islanders one in a shootout. That's all straight ahead on
Speaker 1: Bloomberg day Break 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, San Francisco, Sirius x M one nineteen
Speaker 1: and around the world. Don Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business Stor. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow and US futures are higher, rebounding
Speaker 1: from a sharp sell off over night. We're coming up
Speaker 1: to five oh one on Wall Street, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: SNP Future is up seven points at owth Future is
Speaker 1: up twenty nine. Nasday futures up fifty two. The decks
Speaker 1: in Germany's up about two tenths of uppercent ten year
Speaker 1: Treasury down three thirties seconds, yield one point eight eight percent.
Speaker 1: That yield on the two year one point oh five percent.
Speaker 1: Nine X Screwed oil is at one point three percent,
Speaker 1: up a dollar twelve at eighty six dollars fifty five
Speaker 1: cents of barrel, and bitcoin this morning at forty one thousand,
Speaker 1: six hundred dollars. Nathan, Well, Karen, it is all about
Speaker 1: the markets this morning. As you said, stock futures did
Speaker 1: fall sharply overnight, but they are rebounding. Let's get the
Speaker 1: very latest live with Bloomberg's John Tucker. Good morning, John,
Speaker 1: and good morning Nathan Nassey. Futures fella as much as
Speaker 1: one percent will rend right now. There are up three
Speaker 1: tenths of a percent for investors fed rate hikes baked
Speaker 1: into the cakes starting in March, and now there speculation
Speaker 1: the Central Bank will deliver more than a quarter percentage
Speaker 1: point hike at that meeting. A more hawk is fed
Speaker 1: wing on stocks, especially tach shares lately. But as ZAC
Speaker 1: one hundred sank two point six percent yesterday from its
Speaker 1: November peak, the tech heavy nastack has fallen nine point
Speaker 1: six percent. That is just shy of the correction. Live
Speaker 1: to New York on John Tucker Bloomberg Daybreak. All right, John,
Speaker 1: thank you what we saw the US sell off spread
Speaker 1: to Asia over a night, and we get the recap
Speaker 1: from Bloomberg's Juliette Sally and Singapore. Good morning, Juliette, Good morning, Karen.
Speaker 1: The MSCI Asia Pacific Index fell for a fifth session,
Speaker 1: as longest losing streaks since March. Japanese equities led the
Speaker 1: decline as the topics closed lower by almost three percent.
Speaker 1: Sony shares fell the most since October two thousand and
Speaker 1: eight after news that its rival Microsoft plans to buy
Speaker 1: Activision Blizzard for sixty eight point seven billion dollars. Shares
Speaker 1: of some other Asian game related stokes climbed amid speculation further.
Speaker 1: Industry m and a Chinese developers also rose in Hong
Speaker 1: Kong after the PBOC pledge to use more monetary policy
Speaker 1: tools to aid the economy and ease credit stress, and
Speaker 1: bonds in New Zealand and Australia joined the global route
Speaker 1: in Singapore. Julie at Sally Bloomberg Daybreak. All right, Juliette,
Speaker 1: thank you. It is a different picture in Europe this morning,
Speaker 1: where early losses have flipped agains. Let's go to London
Speaker 1: get the latest live from Bloomberg's You Win, Parts, You
Speaker 1: and what's the latest. Good morning, Nathan and Karen. Stocks
Speaker 1: in Europe pairing a set off this morning with two
Speaker 1: hours into the trading session and retailers helping to propel
Speaker 1: markets higher. There's a luxury theme to the gainers today
Speaker 1: after Richmond and Burbery Group both beats expectations. Montclair and
Speaker 1: Gucci owner Caring gaining today up more than three percent.
Speaker 1: Your stocky hundred currently three tenths of one percent higher.
Speaker 1: Live in London, I'm your part, Splomberg Daybreak, You and
Speaker 1: thank you. Inflation and also a front end center in Europe.
Speaker 1: Prices in the UK unexpectedly searched at the fastest piece
Speaker 1: in thirty years. Consumer prices rose at an annual rate
Speaker 1: of five point four percent in December. That asked pressure
Speaker 1: to the Bank of England to raise interest rates again
Speaker 1: next month. When it comes to the pandemic in the UK, Karen,
Speaker 1: it looks like COVID restrictions could be lifted soon. Prime
Speaker 1: Minister Boris Johnson will reportedly announce the lifting of rules
Speaker 1: in England today. It's according to the Financial Times, which
Speaker 1: says work from home guidance and the use of COVID
Speaker 1: passes are expected to end well. Back here in the US,
Speaker 1: Nathan Bank earnings continue to roll in. Bank of America
Speaker 1: and Morgan Stanley reporting results this morning, and we get
Speaker 1: a preview from Bloomberg the global finance corresponding Shannali Bask.
Speaker 1: Most of the big banks have reported earnings, and what
Speaker 1: it's shown is that trading is falling below expectations and
Speaker 1: the consumer is not jumping back as fast as expected.
Speaker 1: We'll look for both of those figures today when Morgan Stanley,
Speaker 1: the biggest stock trading shop on Wall Street, reports earnings
Speaker 1: at a tough time for equities trading, and Bank of
Speaker 1: America reports earnings with a consumer in mind. Um Shnelly
Speaker 1: Bassk Bloomberg Daybreak, All right, Shanali Banks outside of Wall Street.
Speaker 1: Airlines are in focus this morning. The rollout of five
Speaker 1: G wireless service in the US is disrupting flight schedules
Speaker 1: around the world. Let's get the latest live from Bloomberg.
Speaker 1: Junita Young. Good morning, Granita, Good morning, Nathan. Airlines fear
Speaker 1: if five V services are too close to airports they
Speaker 1: could interfere with key safety systems, so they're adjusting their schedules.
Speaker 1: British Airways has canceled a handful of full of flights
Speaker 1: to the US. Dubais Immorans is suspending routes to several
Speaker 1: US cities, including Chicago, Newark, and San Francisco, and Japanese
Speaker 1: carriers are also dropping routes and will not fly some
Speaker 1: jets to and from the US. Mainland. Airlines are concerned
Speaker 1: about possible interference with navigation equipment that's used during landings
Speaker 1: in poor weather. Live in New York, I'm Reneda Young,
Speaker 1: Bloomberg Daybreak, Nita, thank you. At the White House. This week,
Speaker 1: big tech is in focus that Biden administration is looking
Speaker 1: at how to reign in the nation's biggest tech companies
Speaker 1: through by partisan legislation. Amy Morris has details from our
Speaker 1: Bloomberg newsroom in Washington. Sources tell Bloomberg News the White
Speaker 1: Houses plan in a meeting this week to discuss curbing
Speaker 1: the dominance of Apple, Amazon, Alphabet, and Meta. Critics of
Speaker 1: the tech giants, along with representatives of smaller digital firms,
Speaker 1: will be there as the White House gauges support for
Speaker 1: this antitrust measure sponsored by Senators Amy Klobucher and Chuck Grassley.
Speaker 1: But the big tech companies say that could harm their
Speaker 1: products that are popular with consumers. The bill could go
Speaker 1: before the Senate Judiciary Committee as early as tomorrow in Washington.
Speaker 1: I maybe more as Bloomberg Day Break. All right, Amy,
Speaker 1: thanks on Capitol Hill. Right now, it's all about voting rights.
Speaker 1: Senate Democrats have taken up the legislation, but Republicans are
Speaker 1: expected to block a final vote. It's all about politics
Speaker 1: and that needs to change. According to Democratic Congresswoman Hailey Stevens,
Speaker 1: we need seriousness stats in the halls of Washington. We
Speaker 1: need connectivity to the people we represent, the issues that
Speaker 1: are important to them, and solution making politics. Congresswoman Haley
Speaker 1: Stevens of Michigan spoke with our Washington correspondent Joe Matthew
Speaker 1: on Bloomberg Sound On. You can catch the program we
Speaker 1: days at five pm Eastern on Bloomberg Radio. Ahead of that,
Speaker 1: a rare news conference from President Biden is coming up
Speaker 1: this afternoon. We'll have that for you live later today
Speaker 1: on Bloomberg Radio. Right now, SMP futures are up seven points,
Speaker 1: SECT futures up forty four. Straight ahead, your latest local
Speaker 1: headlines and a check of sports. This is Bloomberg. It's
Speaker 1: now five oh seven on Wall Street where thirty one
Speaker 1: degrees in Central Park. We got fifteen minute delays on
Speaker 1: the Metro North Harlem line because track work will get
Speaker 1: the details in traffic shortly. First Michael Barr with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. The January sixth House
Speaker 1: Committee has moved its investigation process to Trump supporters who
Speaker 1: tried to undo the election. Bloomberg's Aad Baxter reports it
Speaker 1: has now chapoenaed attorney's Rudy Giuliani, Sidney Powell, and Jenna Ellis.
Speaker 1: They were the main focus of the legal teams trying
Speaker 1: to get the election overturned in Giuliani's case, urging state
Speaker 1: legislators to over turn voting results and spreading misinformation regarding
Speaker 1: the election results themselves, then leading to the January six
Speaker 1: insurrection attempt. Committee chair Benny Thompson says, in the efforts
Speaker 1: to subvert the system, they were in direct contact with
Speaker 1: Donald Trump in San Francisco. I'm at Baxter Bloomberg Daybreak.
Speaker 1: New York's Attorney General last a judge to order Donald
Speaker 1: Trump and two of his adult children to testify under
Speaker 1: oath as part of the state civil probe into the
Speaker 1: family real estate business. A g Letitia James has investigators
Speaker 1: have already uncovered a pattern of potential fraudulent asset valuations.
Speaker 1: A New York City Police officer was wounded in the
Speaker 1: Bronx last night while apprehending a sixteen year old suspect
Speaker 1: with a gun. Police say there was a scuffle over
Speaker 1: the gun it went off in Both the officer and
Speaker 1: the suspect was shot in the leg. Both have nonline
Speaker 1: threatening injuries and were brought to the hospital. Mayor Eric
Speaker 1: Adams at the hospital commented on a surge of gun
Speaker 1: violence in the city. One officers shot is one officer
Speaker 1: too many. One civilious shot is one civilian too many.
Speaker 1: Our city must be safe. That's the promise I'm made,
Speaker 1: and that's the promise I'm going to keep. Meanwhile, Mayor
Speaker 1: Adams admits even he doesn't feel safe on the city
Speaker 1: subway system. Adam's comments come after a woman was pushed
Speaker 1: to her death in front of a New York City
Speaker 1: subway train at Times Square over the weekend. The victim,
Speaker 1: forty year old Michelle Go, did volunteer work for the
Speaker 1: homeless Go add Ties to the San Francisco area. The
Speaker 1: vigil was held for her there last night. The statements
Speaker 1: are read from ghos family. We hope Michelle will be
Speaker 1: remembered for how she lived and not just how she died.
Speaker 1: She was a beautiful, brilliant, kind and intelligent woman who
Speaker 1: loved her family and friends, love to travel the world
Speaker 1: and to help others. The NYPD says the man accused
Speaker 1: of push and Go is homeless. New Jersey is now
Speaker 1: seeing a decline in COVID case rates and te neck
Speaker 1: They're seeing hospitalizations drop. Global News twenty four hours a
Speaker 1: day on the air and on blue Very Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists, analysts more
Speaker 1: than a hundred, twenty countries. Michael Barr, this is Bloomberg, Nathan,
Speaker 1: all right, Michael, thanks almost five ten on Mall Street.
Speaker 1: Time for the Bloomberg sports up take. Good morning, John
Speaker 1: Stan Showering alright, Good morning, Nathan. Good game at the
Speaker 1: guard and the Knicks trail deptimber Wolves by twelve and
Speaker 1: the first half, but a big forty point third quarter
Speaker 1: led by Having Fournier, Knicks went up by nine. Minnesota
Speaker 1: then trailed by one. In the final minute, Town ten
Speaker 1: bounce past Towns, top of the key. A guess, Julius
Speaker 1: Raidel takes the triple left painted town The laid up
Speaker 1: off last counted for two Towns Puts the Wolves up
Speaker 1: one ten, one oh nine. What's twenty nine? Point three
Speaker 1: seconds left? Little Radio Fournier and Alley Firks miss shots
Speaker 1: on the Knicks final possession and Minnesota won one twelve
Speaker 1: to one. Ten so to home losses in two days,
Speaker 1: and it drops the Knicks back under five, scoring twenty
Speaker 1: seven points. Julius Randel had twenty one with nine rebounds,
Speaker 1: nine assists, four block shots. Kemba Walker with earned after
Speaker 1: missing the last nine games with a knee injury. He
Speaker 1: got hot in the fourth quarter finish with nineteen. It
Speaker 1: was not the best of game for r J. Barrett.
Speaker 1: He had seven turnovers. The Islanders won only five of
Speaker 1: their first twenty games. They are hot now. They reached
Speaker 1: five hundred for the fourth three win at Philadelphia to
Speaker 1: sweep the Home at home. That's the Flyers ninth loss
Speaker 1: in a row. This game went to a shootout. There
Speaker 1: were seventeen consecutive misses before Oliver Walstrom in the ninth
Speaker 1: round finally scored the game winner for the Islanders. The
Speaker 1: Rangers back home tonight to play Toronto. Makes Advantage. Had
Speaker 1: won the fan vote to get to play in the
Speaker 1: All Star Game, except he has decided not to play
Speaker 1: personal reasons. College roops Duke lost in overtime at Florida
Speaker 1: State locally Iona one in overtime at Mandeth now fifteen,
Speaker 1: and three losses for Fordham in Manhattan. Raphaela dal on
Speaker 1: his second round match at the Australian Open, so did
Speaker 1: the women's top seed Ash Party John Stash Howard Bloomberg
Speaker 1: Sports Right, John, thank you, SMP futures now up six point.
Speaker 1: Stout futures up three nests at futures leading the games
Speaker 1: now after yesterday's declines, they're up thirty nine points. Patrick
Speaker 1: Armstrong of Plurimi Wealth is with us next. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather mix of sun and
Speaker 1: clouds today with behind your forty five degrees rain and
Speaker 1: snow showers develop overnight accumulations under an inch. Temperatures will
Speaker 1: fall through the day tomorrow. By Friday will be only
Speaker 1: in the low twenties. Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape. This is a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow stocks pairing a
Speaker 1: global sell off as earnings optimism begins to offset concern
Speaker 1: about rising VON yields. US futures reversed earlier losses and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Guess and P Futures up about five
Speaker 1: points now, futures of fifteen as deck features at thirty.
Speaker 1: The decks in Germany's up a tenth of a percent.
Speaker 1: Can your treasury down four thirty? Can see at one
Speaker 1: point eight eight percent. They yield on the two year
Speaker 1: one point oh five percent. Nimex Scrude oil is a
Speaker 1: one point two percent of a dollar three at eighty
Speaker 1: six dollars forty six cents of barrel comic schooled up
Speaker 1: a quarter percent or four dollar sixty cents. At eighteen seventeen,
Speaker 1: An ounced the euro one point one three four two
Speaker 1: against the dollar, British pound one point three six one
Speaker 1: five and the ends at one fourteen point five one
Speaker 1: and bitcoin this morning at forty one thousand, four hundred
Speaker 1: fifty dollars. That's down about two percent today. We are
Speaker 1: watching for reports on housing starts and building permits out
Speaker 1: at day thirty Wall Street Time. Morgan Stanley and Bank
Speaker 1: of America among companies schedule to report earnings today. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore
Speaker 1: on most going all around the world. Michael, good morning,
Speaker 1: Good morning, Karen. The House Committee Investigating the US Capital,
Speaker 1: Ryan Espina At, Rudy Giuliani, and other members of Donald
Speaker 1: Trump's legal team who filed legal challenges to the twenty
Speaker 1: twenty election. The list includes Giuliani, Jenna Ellis, and Sydney Powell.
Speaker 1: Secretary of State Anthony Lincoln will meet with this Russian
Speaker 1: counterpart in Switzerland this week as tensions between the US
Speaker 1: and Russia escalate over a possible Russian invasion of Ukraine.
Speaker 1: Lincoln arrived in Kiev today to meet with President Volodimir Zelenski.
Speaker 1: In the NBA, the next lost the Warriors one. In
Speaker 1: the NHL, the Islanders won in a shootout against the
Speaker 1: Flyers for or three the Capitol's one. The Bruins lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quittank, powered by more than twenty seven under
Speaker 1: journalist and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan. Hi, Michael. Thanks, It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. As we continue to watch the
Speaker 1: gyrations in markets this morning, We're joined by Patrick Armstrong,
Speaker 1: chief investment officer at Klaimi Wealth. Patrick, Good morning, seeing
Speaker 1: a little bit of recovery in the futures contracts after
Speaker 1: yesterday sell off. Have we found a support level here?
Speaker 1: I think earnings probably will end up being a support
Speaker 1: for markets as we get in the reporting season. We've
Speaker 1: seen some good results out of some luxury companies, and
Speaker 1: it's I don't think a market where you have to
Speaker 1: be too fearful of the FED. I think that's really
Speaker 1: what's spooking everyone right now that the FED is going
Speaker 1: to be hiking twenty five basis points in March. There's
Speaker 1: small fears of fifty basis points in March, which I
Speaker 1: don't think are going to happen. And historically, at the
Speaker 1: beginning of a hiking cycle, that's not the time to worry. UM.
Speaker 1: FED hikes at the beginning of the cycle because the
Speaker 1: economy is strong, there's economic growth, there's earnings growth, and equities.
Speaker 1: It's at the end of this hiking cycle generally where
Speaker 1: they make the mistakes and they probably hike one or
Speaker 1: two more times when they should historically, And it's still
Speaker 1: a question if they'll do that. But the beginning of
Speaker 1: a hiking cycle is usually a reasonable period for risk assets.
Speaker 1: So what is your expectation of what the market should
Speaker 1: be pricing in from the FED? What's your view on
Speaker 1: where the Fed's gonna go with policy tightening. So they're
Speaker 1: going to hike in March. I think it'll be twenty
Speaker 1: five basis points. I don't think they want to lose
Speaker 1: credibility by going to fifty, because at the narrative they've
Speaker 1: been building is twenty five basis points is coming in
Speaker 1: March now, and I think fifty may be viewed as
Speaker 1: a little bit of a knee jerk reaction, which you
Speaker 1: wouldn't want from a central bank. We've probably got another
Speaker 1: three hikes after that, unless the economy is really strong,
Speaker 1: and then maybe you get another four hikes after March,
Speaker 1: even if the economy continues to be very strong. So
Speaker 1: it's it's going to be data dependent as we get
Speaker 1: through the summer. I think we've probably got three hikes
Speaker 1: in by the time we get to September, for sure,
Speaker 1: and if the economy is stronger than consensus, it might
Speaker 1: even be more. But you don't mind owning risk assets
Speaker 1: when the economy is strong generally, But that kind of
Speaker 1: hiking schedule. What's your view on where treasury yields could
Speaker 1: go from here? They are starting to move up pretty significantly.
Speaker 1: You don't want to own duration um, so you want
Speaker 1: to be underweight duration. You don't want to own treasuries
Speaker 1: you don't want to own duration and your equities, which
Speaker 1: means the highest multiple companies that don't have earnings yet
Speaker 1: and aren't going to have earned for years to come.
Speaker 1: I think that's the one pocket that's probably continuing to
Speaker 1: be at risk. UM. I think treasury yields moved past
Speaker 1: two percent, and as the FED funds futures start to
Speaker 1: price for two percent in three I think you're going
Speaker 1: to have a steeper yield curve than what the markets
Speaker 1: pricing in right now. And inflation at seven percent, that's
Speaker 1: going to come down. But I think we have years
Speaker 1: in front of us where inflation remains above the FED
Speaker 1: target rates. So I think two year ten year yields
Speaker 1: moving above two and the continuing slow grind higher as
Speaker 1: the FED ones down its balance sheet. So with the
Speaker 1: steepening yield curve that you're looking for here, you're not
Speaker 1: looking for the possibility of recession coming out of this recovery,
Speaker 1: are you. I don't think we should be worried about
Speaker 1: recession right now. We're still in above normal growth. I
Speaker 1: think the US economy is probably going to grow about
Speaker 1: four and a half percent this year. UM. The Fed
Speaker 1: inevitably has caused almost all the previous recessions. Um Powell
Speaker 1: talked about this, and I think they're aware of that,
Speaker 1: and they're letting the economy run hot. They did that
Speaker 1: all last year and now we're seeing this what happens
Speaker 1: from that. But I think they won't hike too far
Speaker 1: this time. Those may be famous last words because central
Speaker 1: banks always hiked too much towards the end. But policymakers
Speaker 1: know the consequences of their actions and previous recessions. I
Speaker 1: think they're well equipped to make sure they can manage
Speaker 1: it and maybe smooth out, slowdown rather than provoke a recession.
Speaker 1: So in our last minute here, Patrick, where are you
Speaker 1: looking for opportunity? As we've continue to game out what
Speaker 1: the Fed's gonna do. I think you want to be
Speaker 1: in value inequities. Cyclical value still make sense to me. Um.
Speaker 1: A lot of value companies are trading at six to
Speaker 1: ten times earnings. We haven't bought them yet. I'll wait
Speaker 1: for the Morgan Stanley results, but I think the banks
Speaker 1: are looking really cheap. JP Morgan, Goldman, Sachs really sold
Speaker 1: off on their trading revenues, and that's always a while card.
Speaker 1: I think once we get through reporting season. If those
Speaker 1: banks stay at current levels, I think those will be
Speaker 1: good opportunities um and should be beneficiaries of their steepening
Speaker 1: yielder that I expect. All right, thanks for this, Patrick.
Speaker 1: Of course, we will be getting those final bank results
Speaker 1: from Bank of America and Morgan Stanley just a couple
Speaker 1: hours here. Patrick Armstrong, chief investment officer at Plurimi Wealth
Speaker 1: with us this morning as we continue to track the
Speaker 1: recovery we're seeing in futures contracts after yesterday's sell off.
Speaker 1: Right now, SMP futures are up seven points, STAFF futures
Speaker 1: up thirty six, and NASDAC futures leading the games. Right now,
Speaker 1: they're higher by forty seven points ten. Your treasury now
Speaker 1: down three thirty seconds, the yield at one point eight percent,
Speaker 1: in the yield on the two year right now, one
Speaker 1: point zero five percent Bitcoin right around forty dollars. Just ahead,
Speaker 1: we'll have more on the markets, fed, beets and airlines.
Speaker 1: Grapple with the five G rollout as we check your
Speaker 1: top stories of the morning right here on Bloomberg Daybreak.
Speaker 1: Good morning, Bloomberg, eleven three oh weather, mix of sun
Speaker 1: and clouds and a high here forty five degrees today,
Speaker 1: rainage snow showers overnight. Temperatures will fall through tomorrow. By
Speaker 1: Friday will only be in the low twenties. Currently thirty
Speaker 1: one degrees in Central Park. Broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living for
Speaker 1: you to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one does San Francisco, Bloomberg nine six to
Speaker 1: the country, Sirius XM Channel one nine and around the globe,
Speaker 1: the Bloomberg Business and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hager and I'm camerin Moscow and we're just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news. You
Speaker 1: need to know what this hour, and it's all about
Speaker 1: the markets this morning. Stock future has fell sharply overnight,
Speaker 1: but are now rebounding. We get the very latest live
Speaker 1: with the Bloomberg's John Tucker. John, Good morning, Good morning,
Speaker 1: Karen bench Whore. Treasury yields look poised to surge past
Speaker 1: two percent now. Traders are bidding the Federal Reserve could
Speaker 1: go for a supersized rate hike. In March, higher yields
Speaker 1: were weighing on equities, especially tech stocks, but as that
Speaker 1: down almost ten percent from its November high, that would
Speaker 1: be a correction. Investors wondering if the sell off has
Speaker 1: gone too far. This morning, overnight NASDEK futures fell as
Speaker 1: much as one percent, and now they are up thirty
Speaker 1: nine points. Live in New York. I'm John Tucker Bloomberg Daybreak,
Speaker 1: and John. Investors are also gonna be paying close attention
Speaker 1: today to bank earnings. Morgan Stanley and Bank of America
Speaker 1: report before the opening bell. That's after disappointing trading results
Speaker 1: from Goldman Sax yesterday. Well Nathan looking to disguise now.
Speaker 1: The rollout of five G wireless service in the US
Speaker 1: is disrupting airline flight schedules around the world. We get
Speaker 1: the latest Law five from Bloomberg's Ranita Young. Good morning, Nida,
Speaker 1: Good morning Karen. Airlines fere if five G services are
Speaker 1: too close to airports, they could interfere with key safety systems,
Speaker 1: so they're adjusting their schedules. British Airways has canceled a
Speaker 1: handful of flights to the US. Dubai zimmer It's is
Speaker 1: suspending routes to several US cities, including Chicago, New York,
Speaker 1: and San Francisco, and Japanese carriers are also dropping routes
Speaker 1: and will not fly some jets to and from the
Speaker 1: US mainland. Live in New York. I'm Ranita Young, Bloomberg
Speaker 1: Day Break Now, Nita, thank you. Some news out of
Speaker 1: Washington this morning. The Biden administrations exploring ways to reign
Speaker 1: in the nation's biggest tech companies, possibly through antitrust legislation.
Speaker 1: Bloomberg News has learned the White House will meet this
Speaker 1: week with critics of big tech. A bill in the
Speaker 1: Senate could limit the dominance of companies like Google, Apple, Amazon,
Speaker 1: and Meta and on Capitol Hill, Nathan Senate to Democrats
Speaker 1: are poised a hand Resident Biden another defeat. Lawmakers have
Speaker 1: taken up voting rights legislation that has very long odds.
Speaker 1: Republicans are opposed to a measure and expected are expected
Speaker 1: to block a final vote on it. Futures this morning
Speaker 1: are higher. SNP futures up seven points. Dal Future is
Speaker 1: up thirty four nasdag Future is up thirty seven. The
Speaker 1: decks in Germany's up at tenth of a percent. The
Speaker 1: ten year treasury down three thirty seconds had one point
Speaker 1: eight eight percent. They yield on the two year one
Speaker 1: point oh five percent. Nimax screwed oils up one and
Speaker 1: a half percent of a dollar twenty seven at eighty
Speaker 1: six dollars seventy cents of barrel Bitcoin this morning at
Speaker 1: forty one thousand, five hundred dollars. Straight ahead your latest
Speaker 1: local headlines plus a check of sports. This is Bloomberg,
Speaker 1: Thanks Perien. It's five thirty three on Wall Street. We're
Speaker 1: thirty two degrees in Central Park and still the only
Speaker 1: with fifteen to twenty minute delays on the Harlem Line.
Speaker 1: Metro North. Details and traffic shortly. First Michael Barr with
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Michael, thank you very much. Nathan and New
Speaker 1: York City police officer was injured in the Bronx last
Speaker 1: night while apprehending a sixteen year old suspect with a
Speaker 1: gun after a scuffold and went off. Both the officer
Speaker 1: and the suspect were shot in the leg and we
Speaker 1: will recover. Mayor Eric Adams rushed to the hospital, who
Speaker 1: thank police officers for the arrest. Adams called for reforming
Speaker 1: laws involving gun crimes. Anytime there's a gun involved, we
Speaker 1: have to look at that in a serious fashion, and
Speaker 1: now we're not doing that. Meanwhile, Mayor Adams admits even
Speaker 1: he doesn't feel safe on the city's subway system. Over
Speaker 1: the weekend, a woman was pushed to her death in
Speaker 1: front of a New York City subway train beneath Times Square.
Speaker 1: Even before the killing, Adams administration and announced plans to
Speaker 1: boost the presidents of police officers in the subway. The
Speaker 1: House Committee investigating the US Capitol Ryot sapoena and Rudy
Speaker 1: Giuliani and other members of Donald Trump's legal team who
Speaker 1: filed legal challenges to the election. The panel is demanding
Speaker 1: information and testimony from Giuliani, Jenna Ellis, and Sidney Powell.
Speaker 1: The New York Attorney General's office has hit civil investigation
Speaker 1: has uncovered evidence former President Donald Trump's company use fraudulent
Speaker 1: or misleading asset valuations to get loans and tax benefits.
Speaker 1: Attorney General Letitia James's office made the filing last night.
Speaker 1: Later today, Senate Democrats were trying to vote on changing
Speaker 1: the filibuster rule to pass two voting rights bills. The
Speaker 1: filibuster change will almost certainly fail, but it is not
Speaker 1: stopping Senate Majority Leader Chuck Schumer from forcing to vote
Speaker 1: on something as important as voting rights. If Senate Republicans
Speaker 1: are going to oppose it, they should not be allowed
Speaker 1: to sit in their office. They got to come down
Speaker 1: on the floor and defend their opposition. Republicans insist there
Speaker 1: is nothing to fix. Despite GOP states passing new voting laws,
Speaker 1: New Jersey is now seeing a decline in COVID case
Speaker 1: rates in t Neck. They're saying hospitalizations drop. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg. Nathan alright, Michael, Thanks on Wall Street.
Speaker 1: Here's John stash Are at the Bloomberg Sports Update. Thanks
Speaker 1: Nathan Nixon. Timberwolves at the guard and Alec Burke's took
Speaker 1: a three point shot. The ball was in the air
Speaker 1: as the final buzzer sounded, It missed, and Minnesota in
Speaker 1: a wild game one twelve to one ten. The t
Speaker 1: Wolves were up twelve in the first half. Knicks then
Speaker 1: led by nine. Carl Anthony Town's three point play with
Speaker 1: twenty nine seconds left proved to be the game winner.
Speaker 1: From Minnesota. Evan four Y led the next with twenty
Speaker 1: seven points. Julius Randall had twenty one kemba Walker nineteen
Speaker 1: in his return from a knee injury. But this homestand
Speaker 1: has started with two losses in two days. The Knicks
Speaker 1: are back under five hundred. Islanders and Flyers captain a
Speaker 1: home and home in Philly. The game was tied a one,
Speaker 1: then two, then three at CAZy Kazki's tie and goal
Speaker 1: for the Islands of four and a half minutes left.
Speaker 1: They went to overtime and then the shootout, where neither
Speaker 1: team could score. Seventeen consecutive misses. In the ninth round,
Speaker 1: it was time for the Islanders Oliver Walstrom Walstro Alona
Speaker 1: Carter hut Flows it down only as the winner in
Speaker 1: the bottom of the night set. The Flyers won the
Speaker 1: final store for the three okay heavy EPN I also
Speaker 1: want five or six to reach five hundred. The Flyers
Speaker 1: now last nine in a row. Rangers first home game
Speaker 1: in over two weeks Tonight against Toronto Australian Open, second
Speaker 1: round victories for Raphael In the Dallash Party and Naomi Osaca.
Speaker 1: The Giants have begun a second round of interviews for
Speaker 1: the general manager's job. These being conducted in person. First yesterday,
Speaker 1: Buffalo assistant g M Joe shown John Stash that we're
Speaker 1: Bloomberg Sports name. All right, John, thank you. It's five
Speaker 1: thirty seven on Wall Street. Time for the tri State
Speaker 1: business for fort Here's Bloomberg's head Cory. New York City's
Speaker 1: factoring in an eight point to percent increase in property
Speaker 1: values for next fiscal year thanks to demand for a
Speaker 1: single family homes, co ops and congos. The city said
Speaker 1: a value of about one point four trillion dollars for
Speaker 1: it's more than one million properties for the fiscal year
Speaker 1: beginning in July. A gauge of New York state manufacturing
Speaker 1: slumped in January. Measures of orders and shipments retreated sharply,
Speaker 1: suggesting the omicron variant caused a poolback in activity. The
Speaker 1: Federal Reserve Bank of New York's General Business Conditions Index
Speaker 1: Felder minus point seven from thirty one point nine a
Speaker 1: year earlier. New Jersey businesses can now expect improve perks
Speaker 1: on a tax break. To help ease the pain of
Speaker 1: a camp on individual deductions for state and local taxes.
Speaker 1: A new law allows pass through entities, partnerships, limited liability companies,
Speaker 1: and s corporations additional tax relief that you Bloomberg try
Speaker 1: State Business Report. I'm Ed Corey, all right, thanks, It's
Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. UM Cornaho on
Speaker 1: KTRH in Houston, the International Energy Agency. He says global
Speaker 1: whale markets look tighter than previously thought. I'm Steve kotas
Speaker 1: Can on w f L A Tampa Bay. We're talking
Speaker 1: about the Oprah backed True Food Kitchen chain of health
Speaker 1: food restaurants opening its first location in Tampa. I'm Gina
Speaker 1: Servetti and for w c CEO in Minneapolis, we're watching
Speaker 1: for earnings from United Health. I'm Klin headed Blueback DAV
Speaker 1: Digital Radio in London. We're reporting on a government on edge.
Speaker 1: Will bois Johnson face and o'confidence vote or can angry
Speaker 1: MPs remained in I'm it Corey on w w J
Speaker 1: in Detroit. I'm reporting ford An A d T prefasting
Speaker 1: in a new joint venture. And those are some of
Speaker 1: the stories are twenty dred Bloomberg journalists and analysts you're
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. The recent hostage crisis at a Texas synagogue
Speaker 1: is a reminder that anti Semitism is a growing threat.
Speaker 1: The idea that lawmakers would block any efforts to fight
Speaker 1: it is shameful if that's arguably what Senate Republicans are doing.
Speaker 1: In July, Joe Biden nominated the renowned Holocaust scholar Debrah
Speaker 1: Lipstadt to holm the State Department's office for combating anti Semitism.
Speaker 1: Her nomination has remained stalled ever since. Republicans on the
Speaker 1: Foreign Relations Committee appear piqued by a tweet Lipstat wrote
Speaker 1: in March criticizing a senator in their party. But Lipstat
Speaker 1: is no mere partisan, having tried to lawmakers on the
Speaker 1: left as well as the right, and no one doubts
Speaker 1: her qualifications. An author of six books on anti Semitism
Speaker 1: and the Holocaust, she would bring unparalleled expertise and gravitas
Speaker 1: to the position. Republicans have delayed long enough. They should
Speaker 1: let Lipstat's nomination move to a vote. This editorial was
Speaker 1: written by the Bloomberg Opinion Editorial Board. I'm David Shipley.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or OPA and go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. You can hear Bloomberg opinion
Speaker 1: editorials every weekday. At this time, terminal customers can read
Speaker 1: more at O, P I, n GO. SMP future is
Speaker 1: now up almost eight points. Staff futures of forty two.
Speaker 1: Nastack futures are highed by thirty seven points. The tenure
Speaker 1: Treasury is down three thirty seconds. The yield one point
Speaker 1: eight eight percent. Big bank stocks moving lower in the
Speaker 1: pre market as Bank of America and Morgan Stanley gets
Speaker 1: set to wrap up Wall Street Bank earnings. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather mix of sun and
Speaker 1: clouds today with a high your forty five rain and
Speaker 1: snow showers, overnight temperatures falling through tomorrow by Friday highs
Speaker 1: in the low twenties currently thirty two degrees. Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quicktape.
Speaker 1: He's a Bloomberg Business lash, but I'm pared. Moscow stocks
Speaker 1: pairing a global sell office. Earnings optimism offsets concerns about
Speaker 1: rising VON yields, US futures are reversing earlier losses, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg s and P futures now up seven
Speaker 1: points down features of twenty eight NASDAK futures up forty one.
Speaker 1: The decks in Germany's up about two tenths of upper
Speaker 1: cent ten year treasury down two to two thirty seconds,
Speaker 1: the yield one point eight eight percent yield on a
Speaker 1: two year one point oh five percent NIMEX Screwed oil
Speaker 1: is up one point six percent, up a dollar at
Speaker 1: thirty four at eighty six dollars seventy seven cents of
Speaker 1: barrel comic schooled up a third of upper cent or
Speaker 1: six dollars forty cents at eighteen eighteen eighty announced, the
Speaker 1: euro one point one three four seven against the dollar,
Speaker 1: British found one point three six two five, the yen
Speaker 1: is at one fourteen point five zero, and Bitcoin this
Speaker 1: morning moving lower at forty one thousand and three hundred
Speaker 1: fifty dollars. That's a Bloomberg business flash. Now here's Michel
Speaker 1: bar with more on what's going on around the world,
Speaker 1: Uncle Karen, thank you very much. Rudy Giuliani and two
Speaker 1: of the lawyers who helped former President Donald Trump advanced
Speaker 1: baseless claims of fraud in the twenty election have been
Speaker 1: subpoena by the House committee investigating the January six riot
Speaker 1: at the US Capitol. Along with Giuliani, Sydney Powell and
Speaker 1: Jenna Ellis were part of a legal team that spearheaded
Speaker 1: an attempt to overturn the election results. Airlines around the
Speaker 1: world are adjusting their schedules and aircraft deployments for flights
Speaker 1: to the US over fears that a five G rollout
Speaker 1: by a T and T and Verizon near American airports
Speaker 1: could interfere with key safety systems in the NBA. The
Speaker 1: next loss the Warriors won in the NHL the Islanders
Speaker 1: won in a shootout against the Flyers for three, the
Speaker 1: Capitol's one, the Bruins lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Tank, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. I'm Michael Barr. This is Bloomberg.
Speaker 1: Nathan Okay, Michael, thank you. It's five forty nine on
Speaker 1: Wall Street Live from the Bloomberg Interact and Brokers Studios.
Speaker 1: This is Bloomberg Daybreak. As we get set to wrap
Speaker 1: up bank earning season this morning. Bank of America and
Speaker 1: Morgan Stanley are the final two of the Big Wall
Speaker 1: Street six. So about their fourth quarterbooks. They will do
Speaker 1: that before the opening bell. Ahead of that, we're joined
Speaker 1: by Ken Leon, director of Equity Research at c f R.
Speaker 1: A Ken good morning, taking a look at shares of
Speaker 1: Bank America and Morgan Stanley. They're both lower ahead of
Speaker 1: earnings this morning. Is that sort of a residual effect
Speaker 1: of what we saw from Goldman Sachs yesterday. Well, it's
Speaker 1: also about the market and the it's really the macro
Speaker 1: risk and we've gone from a bowl to a bear case.
Speaker 1: All of a sudden, the banks were down, probably because
Speaker 1: maybe the bears think the best results happened in one
Speaker 1: uh COVID might stay around longer in two, which could
Speaker 1: hurt bank earnings and rates. Rising rates help banks and
Speaker 1: uh JP Morgan Friday said, well, maybe it doesn't help
Speaker 1: us on that interest earnings until later this year. I'll
Speaker 1: stay with the bowl case, which is we still have
Speaker 1: a strong US economy that's gonna spur loan growth. And
Speaker 1: also capital markets aren't going to repeat a record year
Speaker 1: in one, but it's going to remain very active with
Speaker 1: a strong pipeline. And I think finally a rate rise
Speaker 1: from the Fed called three or four times this year
Speaker 1: and maybe into next year, is a strong earnings engine
Speaker 1: fueling that interesting come for the banks. UM. Banks are
Speaker 1: over capitalized, investors are going to get return of capital
Speaker 1: at dividends and buy backs. UM so, But right now,
Speaker 1: you know the bears are there. You know the outlook
Speaker 1: is cloudy, particularly on macro and UM you know policy
Speaker 1: and regulations. The last point here, that's another day less
Speaker 1: with earnings, but with the appointees from President Biden's administration,
Speaker 1: you have more of a consumers uh staff thing. If
Speaker 1: you will of key positions at the f D I C,
Speaker 1: the O c C, and and others. How does that
Speaker 1: bookcase supply to Bank of America when they report later
Speaker 1: this morning, I would expect that consumer loan growth has
Speaker 1: got to be a big part of their story. Will
Speaker 1: the consumer be there for Bank of America? The consumer
Speaker 1: will be there, but it's going to be more looking
Speaker 1: ahead to the first quarter in two. What we'll see
Speaker 1: in the fourth quarter results again is that consumers have
Speaker 1: really healthy balance sheets where they haven't really seen any
Speaker 1: delays and paying off credit balances. So from Bank of America,
Speaker 1: they're large card businesses. The loan volumes of spending. Obviously
Speaker 1: it's the holiday season in there was exceptionally high double
Speaker 1: digit in terms of growth year over year, But consumers
Speaker 1: are paying off their balances and banks make money on
Speaker 1: service charges when you have loan balances. UM, we think
Speaker 1: it'll get back to normalized levels, perhaps by the second
Speaker 1: quarter of two. If you look at this from the FED,
Speaker 1: the personal saving rate during the pandemic got as high
Speaker 1: as eighteen and in November we were back to the
Speaker 1: normalized historic levels of seven percent. What about the cost
Speaker 1: picture for these banks? We just heard this morning that
Speaker 1: JP Morgan Chase is raising pay for junior bankers again
Speaker 1: for a second time. Is that going to be repeated
Speaker 1: across the sector? Well, there are three factors. One, you know,
Speaker 1: particularly for investment bankers, is trying to keep talent. Second
Speaker 1: is there's a labor shortage. So even at the bank branches,
Speaker 1: we saw a Wells Fargo increase the minimum wage from
Speaker 1: increased it from eighteen to twenty two. And the last
Speaker 1: part of expects, which is up is that the banks
Speaker 1: have to invest in technology to be competitive today, but
Speaker 1: really for tomorrow, you know, with all the disruptors from
Speaker 1: fintech companies. So um, yeah, we're gonna live with higher expense.
Speaker 1: But again, um, we think right now the market's gloomy
Speaker 1: on the revenue picture for banks, and we think it's
Speaker 1: gonna be another good year. You know, the last thirty
Speaker 1: seconds here, what about for Morgan Stanley, Will the boom
Speaker 1: in deal making in one make a difference for them?
Speaker 1: Only about thirty seconds left. So Morgan Stanley, like Golden Sax,
Speaker 1: gonna you know, ranked number one or two in most
Speaker 1: of the areas of the kapital markets. It's gonna have
Speaker 1: another really strong year for underwriting and I P O
Speaker 1: S and but gold I'm sorry. Morgan Stanley has the
Speaker 1: largest wealth business, which gives them a little bit more
Speaker 1: of a predictable recurring revenue. So I think we're going
Speaker 1: to finish up with Morgan Stanley a little more sanguine
Speaker 1: than the Bears view that we saw yesterday. All Right, Ken,
Speaker 1: thanks for this. Ken Ley on his director of equity
Speaker 1: research at CFR. A we hear from Bank of America
Speaker 1: right around sixty five Wall Street Time. Then Morgan Stanley
Speaker 1: reports at seven thirty. Will have complete coverage here on
Speaker 1: Bloomberg Radio. Karen Nathan is four on Wall Street Time
Speaker 1: for the Bloomberg Law Report. Let's get to the legal
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. The
Speaker 1: National Labor Relations Board will reconsider a Trump you re
Speaker 1: precedent allowing workplace arbitration agreements to include clauses requiring workers
Speaker 1: to keep the proceedings confidential. Federal court records in New
Speaker 1: York indicate canterfits Gerald and a former vice president who
Speaker 1: said she was fired for rejecting her boss's sexual advances,
Speaker 1: agreed to end her job discrimination lawsuit. The Southern District
Speaker 1: of New York rule, the Key Bank must face trial
Speaker 1: on claims by two former employees who claimed they were
Speaker 1: fired in retaliation for opposing a sexually hostile environment. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. Jeff, thank you now. Another
Speaker 1: legal story where Wa Shing brings us to religious rights
Speaker 1: At the Supreme Court, justices have agreed to hear a
Speaker 1: case from a football coach who lost his job at
Speaker 1: a public high school after repeatedly praying with his players
Speaker 1: on the fifty yard line after games. It's the second
Speaker 1: time the cases come to the Supreme Court, giving the
Speaker 1: courts conservative majority a new chance to bolster individual religious
Speaker 1: rights and relax the separation of church and state. For
Speaker 1: We're in the case, Bloomberg's June Grasso speaks to Caroline
Speaker 1: Mala Corbin, a professor at the University of Miami School
Speaker 1: of Law. So tell us what the Ninth Circuits said
Speaker 1: and turning down his appeal. So he argued that being
Speaker 1: denied the opportunity pray in front of the students, in
Speaker 1: front of the crowds violated both his speech rights and
Speaker 1: religious rights, and the Ninth Circuit rejected that based on
Speaker 1: the Establishment Clause. The Establishment Clause required some separation between
Speaker 1: church and state. And one arena where it's still pretty
Speaker 1: vital is in the public schools, to make sure that
Speaker 1: the state, the school, or people who work for the
Speaker 1: school don't force students into uncomfortable religious exercises. And the
Speaker 1: school said, and the court agreed, if we allowed you
Speaker 1: to continue these prayers, you would be basically violating the
Speaker 1: Establishment Clause. And so that is a compelling reason for
Speaker 1: the government to limit your own free exercise. This means
Speaker 1: that four justices want to hear this case, perhaps more.
Speaker 1: Does it seem like they would only be taking this
Speaker 1: case in order to reverse the Ninth Circuit. I fear
Speaker 1: that might be the case. This Supreme Court has been
Speaker 1: steadily eroding, if not eviscerrating, Establishment Clause protections. The one
Speaker 1: area where they still survived was in the school context.
Speaker 1: Under existing law, this should have been a very easy
Speaker 1: case and he should lose, which he did in the
Speaker 1: Ninth Circuit Court of Appeals. And I fear they took
Speaker 1: this case as a vehicle for eliminating those strong Establishment
Speaker 1: Clause protections in public schools, as well as University of
Speaker 1: Miami law Professor Caroline Mala Corbin speaking at the Bloomberg
Speaker 1: Student Grosso. Catch more of that interview, plus analysis of
Speaker 1: the latest legal news by listening to the Bloomberg Law
Speaker 1: Show at ten pm Eastern Time or subscribing to the
Speaker 1: Bloomberg Law Podcast, and attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com. Future
Speaker 1: is moving higher this morning, S and P futures up
Speaker 1: seven points and still ahead on Bloomberg Daybreak at check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg