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Speaker 1: Live from the Bloomberg Interacted Brooker Studios. Is his Bloomberg

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Speaker 1: Daybreak for a Monday, December twelve coming up this hour.

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Speaker 1: A huge week for central banks, with the Fed, ECB

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Speaker 1: and Bank of England all making policy decisions. Treasury Secretary

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Speaker 1: Janet Yellen says inflation will be much lower by the

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Speaker 1: end of next year. Am JEN makes its biggest acquisition ever,

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Speaker 1: and the January six Committee gets a step closer to

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Speaker 1: its final report. I'm Amy Morris. New York subway officials

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Speaker 1: are looking at hiking fairs, and the area is bracing

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Speaker 1: for its first major snow event this season. I'm John

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Speaker 1: Stash Howard Sports. The Giants got blown out by Philadelphia,

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Speaker 1: the Jets lost in Buffalo, the Nicks beat Sacramento. That's

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Speaker 1: all s traded ahead on Bloomberg Daybreak on Bloomberg eleven three,

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Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one

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Speaker 1: oh six one, Boston, Bloomberg nine sixties, and Francisco Sirius

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Speaker 1: x M one nine team and around the world Old

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Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business App.

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Speaker 1: Good morning, I'm Nathan Hagar, and I'm Karen, Moscow and

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Speaker 1: US do index futures around the rise this morning six

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

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Speaker 1: all day long here at Bloomberg, with SMP futures up

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Speaker 1: nine points or a quarter percent, AL futures up sixty

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Speaker 1: two points or two tents of uppercent, and nasday futures

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Speaker 1: are up three tents of uppercent or thirty six points.

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Speaker 1: The decks in Germany is down about two tents of uppercent. Ten.

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Speaker 1: Your treasury of fourteen thirty seconds, you know, three point

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Speaker 1: five two percent, and the yield on the two year

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Speaker 1: four point three each two percent. Nathan Karen, we begin

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Speaker 1: with a big week for central bank decisions, both here

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Speaker 1: and abroad. We get the preview this morning from Bloomberg

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Speaker 1: Smichael McKee. Are you ready for risk? We have a

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Speaker 1: host of major market moving events this week. Tuesday, usc

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Speaker 1: P I will weigh on investors views of what the

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Speaker 1: Fed will and has to do. Wednesday, the Fed will

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Speaker 1: tell us not just a rate move, but new economic

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Speaker 1: forecasts and a new dot plot. How high do they

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Speaker 1: think US interest rates have to go? How high will

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Speaker 1: they have to go in Europe? Well, Thursday, all eyes

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Speaker 1: turned to the ECB which will also be moving rates

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Speaker 1: up and offering new forecasts. What kind of recession will

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Speaker 1: they see? The Bank of England has already forecast contraction,

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Speaker 1: but with inflation high, they are expected to raise rates

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Speaker 1: again on Thursday. The question on thread Needle Street, when

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Speaker 1: do they stop? Michael McKie, Bluemberg daybreak Right, Mike, thanks well.

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Speaker 1: So far the juries out on whether central banks are

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Speaker 1: winning the war on inflation, but Treasury Secretary Jennet Yellen

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Speaker 1: is optimistic. She says prices should be much lower by

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Speaker 1: the end of next year. As long as there aren't

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Speaker 1: any unexpected shocks to the economy, I believe inflation will

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Speaker 1: be lower. Um. I am very hopeful that the labor

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Speaker 1: market will remain quite healthy so that people who feel

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Speaker 1: good about their finances. In an interview as CBS is

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Speaker 1: sixty minutes, Secretary Yellen said ending Russia's war in Ukraine

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Speaker 1: would be the single best thing for the global economy.

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Speaker 1: She says US support for Ukraine will continue, quote as

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Speaker 1: long as it takes. We're doing everything we can to

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Speaker 1: bring this war to a conclusion. Of course, we're providing

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Speaker 1: considerable help um to Ukraine, both military and economic, and

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Speaker 1: listeners in Washington get here sixty minutes from CBS Sunday

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Speaker 1: nights at ten on Bloomberg. Support for Ukraine will be

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Speaker 1: high on the agenda, Karin, when Group of seven leaders

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Speaker 1: meet virtually today. The White House says President Biden spoke

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Speaker 1: with Ukrainian President vladimir's Lensky last night to underscore his support.

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Speaker 1: The US has promised thirty eight billion dollars in military

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Speaker 1: aid and delivered thirteen billion in direct aid to Ukraine

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Speaker 1: so far. Meantime, Nathan, the US will send a delegation

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Speaker 1: at China on the coming days. The move follows up

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Speaker 1: on President Biden's meeting with Shandy's President she Jan Paying

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Speaker 1: last month to g Tway. The two countries have plenty

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Speaker 1: of disagreements, including over Taiwan and US move to limit

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Speaker 1: China's economic and technological influence. Oh Yeah, moves on Capitol

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Speaker 1: Hills response to last year's insurrection, Karen. The January six

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Speaker 1: Committee has taken another step on its way to producing

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Speaker 1: its final report with a new subcommittee meeting, Bloomberg said.

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Speaker 1: Baxter reports. The stated purpose of the meeting possible prosecution

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Speaker 1: on criminal charges coming out of the insurrection. Congressman Adam

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Speaker 1: Schiff on CBS has heard here on Bloomberg. I think

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Speaker 1: we're all certainly an agreement that there is evidence of

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Speaker 1: criminality here shifts as a committee has been able to

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Speaker 1: provide very important information to the d o J. But

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Speaker 1: just as important, I think it makes an important statement,

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Speaker 1: not a political one, but a statement about the evidence

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Speaker 1: of an attack on the institutions for a democracy and

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Speaker 1: the peaceful transfer of power. Less than two weeks until

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Speaker 1: the curtain comes down in San Francisco, I'm at Baxter

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Speaker 1: Bloomberg day Break, Thanks and turning to the markets. Now,

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Speaker 1: we have a couple of deals to kick off the week,

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Speaker 1: including breaking news in the biotech industry. We get the

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Speaker 1: latest live with Bloomberg. Steve A. Rappaport. Good morning, Steve,

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Speaker 1: Good morning Karen and Nathan. What a difference in our makes.

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Speaker 1: It is now a deal. Mgen will buy Horizon Therapeutics

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Speaker 1: at a hundred sixteen dollars and fifty cents per share cash.

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Speaker 1: That is the largest acquisition for the company to date,

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Speaker 1: and it is almost twenty dollars higher per share than

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Speaker 1: Horizon Therapeutics closing price on Friday. Once again, it is

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Speaker 1: now official and Jen will buy Horizon Therapeutics in what

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Speaker 1: will be the company's largest acquisition to date. Live in

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Speaker 1: New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve,

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Speaker 1: thank you. We also have an acquisition involving Microsoft. That

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Speaker 1: company has agreed to buy a stake in the London

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Speaker 1: Stock Exchange Group. The deal gives Microsoft a four equity

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Speaker 1: holding as part of a new long term strategic partnership,

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Speaker 1: part of a broader ten year agreement to help the

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Speaker 1: London Stock Exchange owner developed data, analytics and cloud infrastructure

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Speaker 1: using Microsoft products. Well staying in London, now, Nathan, we

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Speaker 1: have a couple of major stories this morning centered on

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Speaker 1: the UK economy. There's fresh growth data from the UK

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Speaker 1: as the country rapples with widespread strikes, and we go

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Speaker 1: to London and get the latest live at the Bloomberg's

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Speaker 1: James to Wilcock, Good Mornings, James, Good morning from a

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Speaker 1: frosty UK. Karen. The economy here expanded nor point five

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Speaker 1: percent in October as business would covered output loft in

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Speaker 1: public holidays after the death of the Queen, but with

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Speaker 1: strikes across the country affecting health, transport and education, the

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Speaker 1: outlook is much grimmer. You can already see that in hospitality,

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Speaker 1: with pubs and restaurants saying Christmas party bookings are as

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Speaker 1: bad as they were during COVID as people cancel due

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Speaker 1: to rail strikes. The UK government is meeting this morning

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Speaker 1: to discuss sending in the army to fill in for

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Speaker 1: workers walking out in London. James Wilcock bloom Bag daybreak,

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Speaker 1: All right, James, thank you. And in banking news this morning,

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Speaker 1: Reuter's is reporting Morgan Stanley plans to cut investment bankers

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Speaker 1: annual bonuses in Asia by as much as fifty percent

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Speaker 1: this year. According to the report, the scale of those

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Speaker 1: cuts in the Asia business could possibly be replicated in

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Speaker 1: the US and Europe. Sub futures of eight points, Stafle

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Speaker 1: futures of fifty two, Nastack futures higher by thirty two points.

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Speaker 1: Straight ahead, your latest local headlines and a check of sports.

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Speaker 1: This is Bloomberg Sounds six oh seven on Wall Street.

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Speaker 1: One degrees in Central Park, sunny but chilly today. High

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Speaker 1: is only near forty degrees getting down to the upper

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Speaker 1: twenties tonight. And Amy Morris is here now with more

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Speaker 1: on what's going on in New York and around the

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Speaker 1: world on this chilly morning, Thank you Nathan. More than

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Speaker 1: thirty years after the bombing of pan amp Like one

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Speaker 1: oh three over Lockerbee, Scotland that killed two hundred seventy people,

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Speaker 1: including thirty eight New Jersey residents, suspect is now in

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Speaker 1: US custody. Bert Ammerman's brother Tom from New Jersey, says

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Speaker 1: there is no closure. Two daughters at the time, six

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Speaker 1: and four, a wife. He was thirty six young. He

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Speaker 1: didn't get to live his life. The suspect is expected

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Speaker 1: to make a court appearance in Washington, d c. On

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Speaker 1: criminal federal charges. New York subway officials are looking to

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Speaker 1: avoid a budget disaster. The Metropolitan Transportation Authority says it

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Speaker 1: could face a budget gap of nearly three billion dollars

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Speaker 1: by The New York Times reports they are considering raising

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Speaker 1: the transit system's base fair a couple of times by

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Speaker 1: to just over three dollars. It would be the first

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Speaker 1: time they've talked about raising fair since the pandemic begin.

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Speaker 1: Safety upgrades are coming to railroad crossings in the Hudson Valley.

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Speaker 1: Senator Chuck Schumer has unveiled new plans to spend more

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Speaker 1: than one hundred million dollars on those improvements. Schumer also

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Speaker 1: wants to invest money in Newcastle to build a bridge.

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Speaker 1: It is the largest oil spill in Keystone pipeline history,

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Speaker 1: more than five eight thousand gallons of crude. Officials say

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Speaker 1: they've got to contain for now. Warren Martin is executive

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Speaker 1: director of Kansas Strong, a nonprofit organization that educates people

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Speaker 1: about the oil and gas industry. This oil spill is

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Speaker 1: a little bit different than some of the past pipeline

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Speaker 1: spills because it involves a body of water, and so

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Speaker 1: it's not real certain how the e p A Is

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Speaker 1: going to respond to that. They have to approve starting

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Speaker 1: back up the pipeline, and so there's a remediation process

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Speaker 1: that takes place to clean up all the oil to

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Speaker 1: analyze a pipeline. Industry insiders believe the pipeline will be

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Speaker 1: up and running again around December twenty NASA's Oriyan spacecraft

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Speaker 1: splashed down on the Pacific off the coast of Mexico yesterday,

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Speaker 1: bringing a successful end to a twenty five day test

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Speaker 1: flight that sent an unscrewed vehicle around the Moon and

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Speaker 1: back to Earth. Artemis one helps paved the way for

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Speaker 1: NASA's program to return humans to the surface of the Moon.

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

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Speaker 1: Don Bloomberg Quick Take, powered by more than twenty journalists

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Speaker 1: and analysts in more than one twenty countries. I'm Amy Morris.

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Speaker 1: This is Bloomberg, Nathan. Thank you, Amy. Six o nine

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Speaker 1: on Wall Street. Time for the Bloomberg Sports Update, brought

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Speaker 1: to you by Trice stayed out he Here's John stash Our.

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Speaker 1: Thanks DAF and everyone knows. Gonna be a tough Sunday

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Speaker 1: for the Jets and Giants. Showing enough, both teams lost.

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Speaker 1: Jets were in it in Buffalo. Their defense again played well,

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Speaker 1: but for the second straight week, the offense produced only

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Speaker 1: one touchdown the Bills on twelve Mike White in defeat

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Speaker 1: twenty seven of forty four. He took a beating sat

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Speaker 1: four times twice he had to leave the game, and

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Speaker 1: after the game, White went to the hospital with injured ribs,

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Speaker 1: a precautionary measure. A Jet bright spot was rookie running

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Speaker 1: back Zonovan Whitey games seventy one yards scored the Jets

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Speaker 1: and only touchdown. As for the Giants, never in it

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Speaker 1: at met Live Philadelphia score touchdowns on the first three

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Speaker 1: possessions of Giants illegal punt didn't help matters. The final

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Speaker 1: is forty eight to twenty two, most points. The Eagles

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Speaker 1: have scored in a road game with the Giants since

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Speaker 1: nineteen seventy one, and Philly's already in the playoffs in

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Speaker 1: NFL Best twelve and won six and oh on the road.

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Speaker 1: Bryan day Boles Giants winless in the last four games

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Speaker 1: winning it's when you're losing this humbling. Um Love was

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Speaker 1: like this, you own it. It'll make any excuses. They

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Speaker 1: played well. Um, when we get to you know, have

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Speaker 1: an opportunity to get ready and and play a big

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Speaker 1: game on on Sunday night. Yeah, that's the game in Washington,

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Speaker 1: moved to prime time. The two teams had the same record.

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Speaker 1: The winner will own the tiebreaker. They're in a battle

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Speaker 1: with Seattle, three teams buying for two playoff spots. Giants

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Speaker 1: got some help yesterday when the Seahawks lost at home

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Speaker 1: to Carolina. Next day hot their fourth trade win. They

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Speaker 1: played great defense in all four at the Garden beat Sacramento.

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Speaker 1: Who's a good team this year? One twelve ninety nine.

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Speaker 1: R J Barrett, Julius Randall both with twenty seven points

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Speaker 1: all twenty seven for randall come in the first half.

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Speaker 1: Third quarter we got ejected, picking up two technicals. Low

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Speaker 1: scoring Battle of New Jersey Seaton Hall forty five Rutgers

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Speaker 1: forty three. No one scored more than ten points. Both

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Speaker 1: teams were six and four. Paul Silas has passed away

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Speaker 1: at seventy nine, played sixteen seasons for five NBA team.

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Speaker 1: up sixty eight. NAS deck futures are higher by thirty

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Speaker 1: eight points ten. Your treasury is up fifteen thirty seconds.

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Speaker 1: The yield on the benchmark three point five two percent

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Speaker 1: six twelve on Wall Street. This is Bloomberg Daybreak on

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Speaker 1: a week that is going to be focused on central

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Speaker 1: banks here and around the world. It's bringing David Rosenberg

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Speaker 1: ahead of all these decisions. The founder in chief economist

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Speaker 1: and strategists at Rosenberg Research. David, it's good as always

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Speaker 1: to speak with you. Give us your expectations on what

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Speaker 1: we could see first off from the Federal Reserve on Wednesday. Well,

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Speaker 1: I think that the Fed is a pretty easy call

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Speaker 1: in terms of what they're gonna do on rates. Fifty

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Speaker 1: basis points is baked in the cake. I think the

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Speaker 1: only issue is going to be the tone of the

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Speaker 1: press statement, the cadence at the post meeting press conference

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Speaker 1: by Powell, and of course the markets will be fixated

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Speaker 1: on the dot plots. But I'd say that now that

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Speaker 1: the futures markets already priced for the terminal rate at

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Speaker 1: five percent, which is what the Fed's are already signaled. Uh.

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Speaker 1: I don't really know what the potential is going to

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Speaker 1: be for any big surprise. We have heard a pretty

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Speaker 1: strong drumbeat, particularly from FED Chairman Powell, the latest from

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Speaker 1: the Brookings Institution speech about the need to keep rates

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Speaker 1: higher for longer. Do you think the market has gotten

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Speaker 1: that message? Well, I guess it's like the debate about

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Speaker 1: transitory What does for longer really mean? I think people

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Speaker 1: tend to think that once the Fed pauses, uh, the

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Speaker 1: the pivot or the rate cut happens like the next month.

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Speaker 1: It rarely, if ever, happens that smoothly. Usually the lag

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Speaker 1: is about six months, And interestingly enough, the markets are

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Speaker 1: priced for the fit to be done at five by May,

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Speaker 1: and the futures markets pricing in two rate cuts by

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Speaker 1: the end of the year, which by and large would

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Speaker 1: follow the historical script. So I don't think that longer

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Speaker 1: necessarily has to mean the Fed is going to be

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Speaker 1: keeping rates of five percent for twelve or twenty four months.

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Speaker 1: To be hired for longer will mean getting the five

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Speaker 1: percent if they get there, and in keeping it there

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Speaker 1: for a couple of quarters as they assess how the

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Speaker 1: economy and the inflation backdrop is performing. Let's just say

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Speaker 1: one thing, Okay, we heard from Janna Yellen in the

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Speaker 1: past few days, not just once, but twice in the

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Speaker 1: course in sixty minutes, where she's coming out and saying

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Speaker 1: that she doesn't expect inflation just be lower. She's saying

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Speaker 1: it's going to be much lower. And I don't think that,

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Speaker 1: you know, she meets with Powell frequently. I don't think

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Speaker 1: she'd be going out with comments like this without his

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Speaker 1: not of approval. So I think that really points towards

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Speaker 1: a less hawkish bias out of the FED online day

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Speaker 1: in my opinion, interesting, do you think the FED has

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Speaker 1: gone far enough with the fight against inflation? Do you

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Speaker 1: think it's gone too far? Well? I think that the

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Speaker 1: truth is always in the yield curve, always the much

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Speaker 1: maligned yield curve. You know, it's interesting that all the

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Speaker 1: economists of the analysts and strategists never have a problem

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Speaker 1: with the yield curve. When the FET is easing into

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Speaker 1: a steep yeel curve, of course, that just paves the

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Speaker 1: way for unrelenting positive economic growth and reflation. But all

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Speaker 1: of a sudden, you know, when the FETE starts to

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Speaker 1: tighten in versus the yel curve, we have this big

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Speaker 1: debate about the veracity of the yeld curve. It's used

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Speaker 1: to only work for most ball Street strategists in one direction.

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Speaker 1: But the fat is tightening, has been tightening into an

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Speaker 1: inverted yeel curve at the extent that we hadn't seen

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Speaker 1: since Paul Bulker uh in, and we already know what

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Speaker 1: happened in two Okay, we had a steep recession, uh

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Speaker 1: and we had inflation melt. So I think that's going

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Speaker 1: to be the prognosis. So you're gonna ask me to

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Speaker 1: the FED overdo it. Well, Look, if their goal along

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Speaker 1: was to cause the conditions for a contraction and aggurate

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Speaker 1: demand to cure the inflation battle, well this is exactly

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Speaker 1: we're going to be getting. So I'm not going to

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Speaker 1: say that the FETE has overdone it. This is probably

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Speaker 1: what their goal was, tightened aggressively into an inverted yel curve.

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Speaker 1: The ball market hasn't screaming uncle for months now, and

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Speaker 1: we're going to get the recess and inflation in every recession,

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Speaker 1: even in those god awful staturation periods of the nine seventies.

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Speaker 1: In recessions, demand destruction overtakes. Whatever an elastic supply we

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Speaker 1: have an inflation melts. And that's the story for now.

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Speaker 1: The other story that we heard from Treasury Secretary Yelling

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Speaker 1: in that interview last night was that she doesn't think

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Speaker 1: necessarily that there has to be a recession for the

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Speaker 1: FED to get the fight done against inflation. Of course,

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Speaker 1: the yield curve is as adverted as it's been since

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Speaker 1: the early eighties. So who's getting it wrong, David, Well,

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Speaker 1: she didn't say, Well, she actually said that inflace that

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Speaker 1: recession is still a risk. But I mean, what do

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Speaker 1: you want, really, she's a politician, Uh, she works for

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Speaker 1: the administration. You really expect her to come out and say, oh,

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Speaker 1: we're going to have recession for sure in the coming year.

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Speaker 1: To me, actually, the fact that she even said that

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Speaker 1: there is a risk that we have recession, that was

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Speaker 1: what was important. But you can't expect a cabinet remember

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Speaker 1: to come up and say we're going to have recession

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Speaker 1: for sure next year. Who does that? Um? But the

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Speaker 1: reality is that if we emerge without a recession, given

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Speaker 1: the message from the bond market, the extent of the

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Speaker 1: inversion of the bond market, whatever part of the curve

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Speaker 1: you want to look at, if we escape lit to recession,

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Speaker 1: it will be the first time that's ever happened. And

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Speaker 1: tell me how well the refrain of it will be

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Speaker 1: different this time? How well has that worked more investors

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Speaker 1: in the past. All right, we're gonna go too. Well, right, Well,

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Speaker 1: we're going to continue this conversation in the next few

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Speaker 1: minutes here with David Rosenberg, founder and chief economist at

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Speaker 1: Rosenberg Research. Want to get your thoughts, David as well

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Speaker 1: on what we could get from the final inflation print

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Speaker 1: before that FED decision on Wednesday, and as well as

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Speaker 1: the other central banks coming out with policy decisions of

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Speaker 1: their own. So stay with us here on Bloomberg day

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Speaker 1: Break because we keep the conversation going here with David Rosenberg,

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Speaker 1: the founder in chief economist at Rosenberg Research. This is

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Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a

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Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business Flash, and

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Speaker 1: U stock index futures on the rise this morning, and

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Speaker 1: we check the markets all day long here at Bloomberg

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Speaker 1: with SNP Future is up about twelve points or three

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Speaker 1: tens of a percent down. Future is up sixty six

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Speaker 1: or two tents of up percent, and NASTAG futures up

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Speaker 1: thirty nine or a third of uppercent. The tenure Treasury

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Speaker 1: up sixteen thirty seconds L three point five one percent

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Speaker 1: at a yield on the two year four point three

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Speaker 1: one percent. Nimex screwed oil is down seven tenths per

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Speaker 1: cent or forty seven cents at seventy dollars fifty six

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Speaker 1: cents of barrel Comex golled down three tenths per cent

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Speaker 1: or found dollars twenty cents at eighteen oh five fifty

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Speaker 1: announced for watching shares of Horizon Therapeutics this this morning

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Speaker 1: at more than fourteen percent in early training. As we've

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Speaker 1: been reporting, it's being purchased by am Gen and a

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Speaker 1: cash deal worth almost twenty eight billion dollars. That's a

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Speaker 1: Bloomberg business flash. Now here's Amy Morrish with more on

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Speaker 1: what's going on around the world. Amy Karen Olivian. Man

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Speaker 1: suspected in the night eight bombing of pan amp Like

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Speaker 1: one oh three over Scotland is in US cost to

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Speaker 1: the Department of Justice. Spokesman says the alleged operative expected

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Speaker 1: to make an initial appearance in the U S. District

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Speaker 1: Courts Court for the District of Columbia. A US helicopter

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Speaker 1: rate has killed two Islamic state officials in Syria. U

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Speaker 1: S Central Command says one of the people killed in

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Speaker 1: yesterday's raid was a provincial official in Eastern Syria who

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Speaker 1: was involved in plotting and carrying out the terrorist groups operations.

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Speaker 1: In sports, in the NFL, the Bills beat the Jets,

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Speaker 1: the Giants lost to the Eagles, Ravens and forty Niners win.

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Speaker 1: In hockey, the Caps and Bruins win, And in the NBA,

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Speaker 1: the Nicks beat The King's Global News twenty four hours

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Speaker 1: a day on aeron on Bloomberg Quick Take, powered by

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Speaker 1: more than journalists and analysts in more than one twenty countries.

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Speaker 1: I'm anymore as and this is Bloomberg. Nathan all right, Amy,

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Speaker 1: thank you to six three on Wall Street. I'm Nathan Hagar.

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Speaker 1: This is Bloomberg day Break, brought to you by ancient

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Speaker 1: dot com slash v i P. And we're back with

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Speaker 1: David Rosenberg, now founder, chief economist and strategists at Rosenberg Research,

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Speaker 1: as we look ahead to the FED decision and all

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Speaker 1: the other central banks later on this week. Ahead of that,

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Speaker 1: David of course, we get one last read on inflation

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Speaker 1: in tomorrow's Consumer Price Index. We had producer prices come

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Speaker 1: in a little bit hotter than expected last week, though

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Speaker 1: still trending lower. Does that inform what we could see

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Speaker 1: from the consumer data tomorrow, Well, I don't think so.

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Speaker 1: I know that a lot of shall we say, pundits

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Speaker 1: we're pointing to the outsized pp I number on Friday,

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Speaker 1: but the entire delta between the actual and the expected

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Speaker 1: on the p p I and the core came from

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Speaker 1: this bizarre four seasonally adjusted surge in financial sector fees.

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Speaker 1: Outside of that, the headline and core pp I word

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Speaker 1: inline with consensus estimates, the consensus for this week headline

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Speaker 1: and core plus point three seems uh. Seems right for me.

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Speaker 1: But I would say that what's more important is the

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Speaker 1: outlook for inflation and the big break we've been seeing

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Speaker 1: in the past several months. Finally, is the deflation we're

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Speaker 1: now seeing in rental rates in real time uh, and

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Speaker 1: that will morph into a real significant slowing in. It

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Speaker 1: will fill bottleneck for the CPI data, which is the

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Speaker 1: o E R and the rental rents um To me,

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Speaker 1: that's going to be more important for this week's number

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Speaker 1: on the c P. I I think plus point three

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Speaker 1: is probably about right. I don't think it's going to

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Speaker 1: have a big market impact. So does that have any

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Speaker 1: impact then on the rate trajectory for the Fed heading

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Speaker 1: into twenty three, Well, I think that you know what's

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Speaker 1: at play here isn't so much the near term. The

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Speaker 1: Feds laid down its cards. They need to see multi

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Speaker 1: month um slowing in inflation, core inflation. So as risk managers,

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Speaker 1: they're probably going to continue to raise rates into the

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Speaker 1: early part of next year. I think they'll pause. The

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Speaker 1: only debate, the only debate. The debate isn't five percent

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Speaker 1: terminal that's in the market. The debate is what or

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Speaker 1: not the Fed is going to after pauses, which is

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Speaker 1: inevitable after a tightening cycle, especially one as precious like this.

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Speaker 1: Is when do they start to cut rates. And you'll

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Speaker 1: start to cut rates once they start to see inflation

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Speaker 1: go down significantly over a multi month period and when

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Speaker 1: they start to see get employment rate begin to hook up.

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Speaker 1: And I think that will be the story in the

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Speaker 1: second happen next year. And I said before the markets

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Speaker 1: are priced the two rate cuts by the end of

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Speaker 1: next year, that's where the debate. The debate is really

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Speaker 1: at this point, when does the FED start the eventual

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Speaker 1: easing cycle and by how much. My sense is that

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Speaker 1: just like in the aftermath of every easing cycle, tightening cycle,

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Speaker 1: just like when we just saw the rate cut cycle

430
00:23:24,280 --> 00:23:27,720
Speaker 1: is probably gonna come a little earlier. And as they say,

431
00:23:27,800 --> 00:23:29,080
Speaker 1: you know, the harder they go to the heart of

432
00:23:29,119 --> 00:23:31,639
Speaker 1: they fall. I know you can't convince anybody today that

433
00:23:31,720 --> 00:23:34,280
Speaker 1: the Fed is going to be easy policy aggressively in

434
00:23:34,320 --> 00:23:36,240
Speaker 1: the second happen next year, but I think that is

435
00:23:36,240 --> 00:23:38,800
Speaker 1: a very good chance that it will. It's gonna be

436
00:23:38,920 --> 00:23:42,120
Speaker 1: very interesting to see what, if any clarity we get

437
00:23:42,119 --> 00:23:44,639
Speaker 1: from the Fed when the decision comes on Wednesday, and

438
00:23:44,680 --> 00:23:47,960
Speaker 1: of course the news conference from Chairman Powell Wednesday afternoon.

439
00:23:48,040 --> 00:23:51,240
Speaker 1: David Rosenberg of Rosenberg Research, thanks for your insights ahead

440
00:23:51,240 --> 00:23:53,280
Speaker 1: of all that this morning. Great having you on with us.

441
00:23:53,640 --> 00:23:56,000
Speaker 1: Got your morning stop stories just ahead, plus the check

442
00:23:56,040 --> 00:23:59,880
Speaker 1: of markets. First. Bloomberg Meteorologist robbed Carolyn with your forecast,

443
00:24:00,240 --> 00:24:02,720
Speaker 1: Clouds give way to sunshine today is slow pressure. Heads

444
00:24:02,720 --> 00:24:05,160
Speaker 1: out to see the weather improves across the Tristate area.

445
00:24:05,200 --> 00:24:08,880
Speaker 1: Temperatures today up close to forty degrees clear tonight thirty.

446
00:24:08,920 --> 00:24:10,960
Speaker 1: It's gonna be colder in the suburbs. I press you

447
00:24:11,160 --> 00:24:13,760
Speaker 1: linger across the area. Marble have more sunshine, heights near

448
00:24:13,840 --> 00:24:18,119
Speaker 1: forty clear tomorrownight to thirty, sunny skies for Wednesday with

449
00:24:18,240 --> 00:24:21,320
Speaker 1: temperatures close to forty. I'm Rob Caroline with your three

450
00:24:21,400 --> 00:24:28,480
Speaker 1: day forecast on Bloomberg eleven three oh broadcasting live from

451
00:24:28,520 --> 00:24:32,560
Speaker 1: the Bloomberg Interactive Broker's studio in New York, Bloomberg elov

452
00:24:32,600 --> 00:24:37,080
Speaker 1: In Freedom to Washington, d C, Bloomberg to Boston, Bloomberg

453
00:24:37,119 --> 00:24:40,240
Speaker 1: one O six one does San Francisco, Bloomberg N sixty

454
00:24:40,400 --> 00:24:43,200
Speaker 1: to the country, Sirius XM to A one nine, and

455
00:24:43,280 --> 00:24:47,200
Speaker 1: around the globe the Bloomberg Business and Bloomberg Radio dot Com.

456
00:24:47,600 --> 00:24:56,920
Speaker 1: This is Bloomberg Daybreak. It's six Wall Speak. Good morning.

457
00:24:56,920 --> 00:24:59,840
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're nearly

458
00:25:00,040 --> 00:25:02,560
Speaker 1: three hours away from the open of US trading. It's

459
00:25:02,600 --> 00:25:04,440
Speaker 1: time for the five things that you need to notice

460
00:25:04,480 --> 00:25:07,200
Speaker 1: start your day. Brought to you by I B k R.

461
00:25:07,600 --> 00:25:11,240
Speaker 1: Investment Advisers switched to Interactive Brokers for lowest cost global

462
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Speaker 1: trading and turnkey custody solutions, no ticket charges, and no

463
00:25:14,840 --> 00:25:17,760
Speaker 1: conflicts of your interests at ibk r dot com slash

464
00:25:18,000 --> 00:25:21,679
Speaker 1: r i a first. US futures are higher this morning

465
00:25:21,680 --> 00:25:24,680
Speaker 1: as we enter a big week for central banks. The FED,

466
00:25:24,760 --> 00:25:27,879
Speaker 1: ECB and Bank Aving letters said to make policy decisions

467
00:25:27,920 --> 00:25:30,480
Speaker 1: Wednesday and Thursday, and when it comes to the FED,

468
00:25:30,520 --> 00:25:33,159
Speaker 1: the Central Bank could be poised to shift gears at

469
00:25:33,240 --> 00:25:37,080
Speaker 1: least a little. Bloomberg's Finnydale Judais reports the Fed has

470
00:25:37,080 --> 00:25:39,160
Speaker 1: been tightening in a big way, winding up the last

471
00:25:39,160 --> 00:25:42,440
Speaker 1: four meetings with jumbo seventy basis point rate hikes to

472
00:25:42,480 --> 00:25:46,520
Speaker 1: fight inflation. Higher rates risk of recession, though, and economists

473
00:25:46,520 --> 00:25:49,600
Speaker 1: see the Fed opting for smaller half point hikes, mindful

474
00:25:49,640 --> 00:25:52,040
Speaker 1: that efforts to steer the US economy could drive it

475
00:25:52,080 --> 00:25:54,880
Speaker 1: off the road. There's room for the Fed to keep tightening.

476
00:25:55,119 --> 00:25:59,520
Speaker 1: Data Friday Show November's Producer price and Bick Top forecast. Moreover,

477
00:26:00,040 --> 00:26:03,240
Speaker 1: Street anticipates this week's date on US consumer prices will

478
00:26:03,240 --> 00:26:06,520
Speaker 1: show no significant let up any TERRYL. Judaicce Bloomberg Daybreak,

479
00:26:06,560 --> 00:26:08,520
Speaker 1: All right, Vinny, thank you, And the Treasury is weighing

480
00:26:08,520 --> 00:26:11,800
Speaker 1: in on the inflation fight. Secretary Janet Yellen is cautiously

481
00:26:11,880 --> 00:26:15,320
Speaker 1: optimistic that the FED can win its battle against high prices.

482
00:26:16,119 --> 00:26:18,240
Speaker 1: I believed by the end of next year, you will

483
00:26:18,280 --> 00:26:23,560
Speaker 1: seem which lower inflation if there's not an anticipated suck.

484
00:26:24,000 --> 00:26:26,880
Speaker 1: Secretary yell until sixty minutes on CBS that she's seen

485
00:26:27,000 --> 00:26:30,280
Speaker 1: positive signs, including lower shipping costs and reduced lag times

486
00:26:30,320 --> 00:26:33,480
Speaker 1: for deliveries. Our listeners in Washington can hear sixty minutes

487
00:26:33,520 --> 00:26:37,240
Speaker 1: Sunday nights at ten on Bloomberg, Well and Deale News.

488
00:26:37,359 --> 00:26:40,720
Speaker 1: This morning, Nathan, we had breaking news within this half hour,

489
00:26:40,920 --> 00:26:43,760
Speaker 1: am Jen announcing his biggest acquisition ever, and we get

490
00:26:43,800 --> 00:26:46,840
Speaker 1: the latest live with Bloomberg. Steve Rappaport, Good morning, Steve,

491
00:26:47,000 --> 00:26:49,560
Speaker 1: Good morning. That's right, Karen and Nathan, it's official. The

492
00:26:49,640 --> 00:26:53,560
Speaker 1: biotech giant is buying Horizon Therapeutics for sixteen dollars in

493
00:26:53,720 --> 00:26:57,119
Speaker 1: fifteen cents per share in cash. That offering about twenty

494
00:26:57,560 --> 00:27:00,280
Speaker 1: higher than the closing price of Horizon stock on f Day.

495
00:27:00,480 --> 00:27:03,159
Speaker 1: The deal values Horizon at about twenty seven point eight

496
00:27:03,240 --> 00:27:06,320
Speaker 1: billion dollars on a fully diluted basis. Pre Market movement

497
00:27:06,440 --> 00:27:09,560
Speaker 1: is mixed following the announcement, with Horizon up about fourteen percent,

498
00:27:09,640 --> 00:27:12,159
Speaker 1: while Mgen is down more than two percent. Live in

499
00:27:12,240 --> 00:27:15,280
Speaker 1: New York. I'm Steve Rappaport, Bloomberg Daybreak. Alright, Steve, thank you.

500
00:27:15,400 --> 00:27:18,200
Speaker 1: We also have an acquisition involving Microsoft. The companies agreed

501
00:27:18,240 --> 00:27:20,320
Speaker 1: to buy a stake in the London Stock Exchange Group.

502
00:27:20,359 --> 00:27:23,080
Speaker 1: The deal gives Microsoft a four percent equity holding, is

503
00:27:23,119 --> 00:27:26,280
Speaker 1: part of a new long term strategic partnership between the firms.

504
00:27:26,640 --> 00:27:28,960
Speaker 1: And in Geo Political News, Nathan the US will send

505
00:27:29,000 --> 00:27:31,400
Speaker 1: a delegation at China on the coming days. The move

506
00:27:31,440 --> 00:27:34,960
Speaker 1: follows up on President Biden's meeting with Chinese President Sheijin

507
00:27:35,040 --> 00:27:37,840
Speaker 1: Paining last month at the G twenty. And that's the

508
00:27:37,920 --> 00:27:40,160
Speaker 1: five things you need to know to start your day,

509
00:27:40,200 --> 00:27:44,000
Speaker 1: brought to you by Interactive Brokers. Futures this morning are

510
00:27:44,080 --> 00:27:47,200
Speaker 1: on the rise. SNP futures they're up about twelve points,

511
00:27:47,280 --> 00:27:49,960
Speaker 1: are up three tens of uppercent. Down futures up sixty

512
00:27:50,040 --> 00:27:52,600
Speaker 1: six points or two tents of upper cent and as

513
00:27:52,680 --> 00:27:55,200
Speaker 1: DEEG futures up a third of upper cents. Straight ahead

514
00:27:55,200 --> 00:27:57,879
Speaker 1: your latest local headlines, plus a check of sports. And

515
00:27:58,080 --> 00:28:05,040
Speaker 1: this is Bloomberg. Thanks Karen sixty one on Wall Street

516
00:28:05,040 --> 00:28:06,760
Speaker 1: and Amy Morris has more on what's going on in

517
00:28:06,840 --> 00:28:09,080
Speaker 1: New York and around the world. Good morning, Amy, Good

518
00:28:09,200 --> 00:28:12,639
Speaker 1: morning Nathan. President Biden and Treasury Secretary Janet Gallen affirmed

519
00:28:12,760 --> 00:28:15,840
Speaker 1: US support for Ukraine yell and telling CBS IS sixty

520
00:28:15,880 --> 00:28:19,119
Speaker 1: minutes that American support will continue quote as long as

521
00:28:19,160 --> 00:28:22,280
Speaker 1: it takes. We're doing everything we can to bring this ward.

522
00:28:22,400 --> 00:28:29,720
Speaker 1: With conclusion, of course, we're providing considerable help um to Ukraine,

523
00:28:29,880 --> 00:28:33,760
Speaker 1: both military and economic. The US has promised thirty eight

524
00:28:33,840 --> 00:28:37,000
Speaker 1: billion dollars in military aid and delivered thirteen billion dollars

525
00:28:37,040 --> 00:28:39,920
Speaker 1: in direct aid to Ukraine. Already, New York officials a

526
00:28:40,000 --> 00:28:42,360
Speaker 1: broken ground on a new Metro North Line, but some

527
00:28:42,480 --> 00:28:45,960
Speaker 1: are making way for other projects. After announcing Penn Station

528
00:28:46,040 --> 00:28:48,960
Speaker 1: Access will provide direct train service from the Bronx to

529
00:28:49,040 --> 00:28:52,880
Speaker 1: Manhattan's West Side, Senator Chuck Schumer says he'll be fighting

530
00:28:52,960 --> 00:28:57,880
Speaker 1: to fund other major infrastructure initiatives. New York is building

531
00:28:57,960 --> 00:29:01,280
Speaker 1: the next generation of our public brands, its system that

532
00:29:01,440 --> 00:29:03,920
Speaker 1: is going to help keep our city growing, which includes

533
00:29:03,960 --> 00:29:06,400
Speaker 1: the second phase of the Second Avenue subway line to

534
00:29:06,480 --> 00:29:09,880
Speaker 1: extend into Harlem, and the Gateway Project, which connects underground

535
00:29:10,160 --> 00:29:13,640
Speaker 1: rail tunnels between New York and New Jersey. New Haven's

536
00:29:13,680 --> 00:29:17,760
Speaker 1: first adult used recreational marijuana store is scheduled to open January.

537
00:29:18,640 --> 00:29:22,400
Speaker 1: Affinity Health and Wellness already operates a medical marijuana shop

538
00:29:22,480 --> 00:29:26,400
Speaker 1: in Amity. The first majority of customers are expected to

539
00:29:26,560 --> 00:29:29,600
Speaker 1: pre order those products, then pick up those orders as

540
00:29:29,680 --> 00:29:32,880
Speaker 1: they would in any pharmacy. Members of the Marine Mammal

541
00:29:33,000 --> 00:29:36,160
Speaker 1: Stranding Center yesterday buried the carcass of a thirty foot

542
00:29:36,240 --> 00:29:39,520
Speaker 1: humpback whale that washed ashore on a New Jersey beach

543
00:29:39,600 --> 00:29:42,239
Speaker 1: over the weekend. Because of the state of decomposition, they

544
00:29:42,280 --> 00:29:44,280
Speaker 1: were not able to determine the cause of death. It

545
00:29:44,440 --> 00:29:46,960
Speaker 1: was believed to have been younger than ten years old.

546
00:29:47,440 --> 00:29:49,720
Speaker 1: Global News twenty four hours a day on airand on

547
00:29:49,800 --> 00:29:52,880
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

548
00:29:52,960 --> 00:29:56,160
Speaker 1: journalists and analysts in more than one hundred twenty countries.

549
00:29:56,560 --> 00:29:59,880
Speaker 1: I'm Amy Morris. This is Bloomberg, Nathan. Thank you, Amy.

550
00:30:04,960 --> 00:30:06,880
Speaker 1: Six thirty three on Wall Street, Time for the Bloomberg

551
00:30:06,960 --> 00:30:08,840
Speaker 1: Sports Update, brought to you by Trice Stayed out of

552
00:30:08,840 --> 00:30:11,360
Speaker 1: here again. It's John stash Out, Okay, Nathan. Jets and

553
00:30:11,400 --> 00:30:14,720
Speaker 1: Giants pretty much in the same boat. Exceeded expectations for

554
00:30:14,840 --> 00:30:17,440
Speaker 1: much of the season, but both struggling the past month,

555
00:30:17,840 --> 00:30:20,560
Speaker 1: stuck on seven wins, both very much in battles for

556
00:30:20,640 --> 00:30:23,280
Speaker 1: wild card playoff spots. Jets in Buffalo trying to beat

557
00:30:23,320 --> 00:30:25,680
Speaker 1: the Bills for the second time. They won the Stacks

558
00:30:25,760 --> 00:30:29,320
Speaker 1: more first downs, more possession time, They gained eighty seven

559
00:30:29,360 --> 00:30:31,440
Speaker 1: more yards for the Bills won the game, which one

560
00:30:31,600 --> 00:30:35,040
Speaker 1: to twelve to costly second half bumbles for Robert Sala's team.

561
00:30:35,240 --> 00:30:38,360
Speaker 1: Thought defensider a really nice job in both situations minimizing

562
00:30:38,400 --> 00:30:44,000
Speaker 1: the damage. But two turnovers are always gonna When you

563
00:30:44,040 --> 00:30:46,240
Speaker 1: lose turnover bell, you're you're you're not giving yourself a

564
00:30:46,320 --> 00:30:48,080
Speaker 1: chance to one. The ball Jets have lost three the

565
00:30:48,160 --> 00:30:50,040
Speaker 1: last four, all on the road. The next two games

566
00:30:50,080 --> 00:30:53,120
Speaker 1: are against Detroit and Jacksonville. Those teams were much improved.

567
00:30:53,160 --> 00:30:55,960
Speaker 1: The Lions just beat the Vikings, Detroits won five the

568
00:30:56,040 --> 00:30:58,840
Speaker 1: last six, and the Jaguars just won at Tennessee by

569
00:30:58,880 --> 00:31:01,560
Speaker 1: two touchdowns. The John Giances next game next Sunday night

570
00:31:01,680 --> 00:31:04,200
Speaker 1: in Washington. That game will go a long way in

571
00:31:04,320 --> 00:31:06,520
Speaker 1: determining whether they make the playoffs. The Giants winless in

572
00:31:06,560 --> 00:31:10,200
Speaker 1: their last four, crushed at MetLife by legaland in Philadelphia

573
00:31:10,320 --> 00:31:13,840
Speaker 1: forty eight to two. Eagles scored six touchdowns, three in

574
00:31:13,920 --> 00:31:17,040
Speaker 1: each half. Big days we built Jalen Arts and Miles Sanders,

575
00:31:17,080 --> 00:31:19,240
Speaker 1: and the Eagles already in the playoffs. They're twelve and one.

576
00:31:19,280 --> 00:31:22,040
Speaker 1: The Cowboys are ten and three. Nearly lost, but would

577
00:31:22,040 --> 00:31:24,080
Speaker 1: have been a massive upset, but Dallas scored late to

578
00:31:24,120 --> 00:31:26,920
Speaker 1: beat Houston forty nine. Ers stay hot one by four

579
00:31:27,040 --> 00:31:30,560
Speaker 1: touchdowns over now under five hundred Tampa Bay. Tom Brady

580
00:31:30,640 --> 00:31:33,560
Speaker 1: beaten by Brock Purdy, who was making his first NFL

581
00:31:33,640 --> 00:31:35,920
Speaker 1: started the garden next one or fourth row one twelve

582
00:31:36,320 --> 00:31:40,760
Speaker 1: ninety nine over Sacramento. John Stashillard Bloomberg Sports na Okay, John,

583
00:31:40,760 --> 00:31:43,160
Speaker 1: thanks for Bloomberg Sports Fronts. You buy Audie, don't let

584
00:31:43,240 --> 00:31:45,760
Speaker 1: someone else drive off in the outie model you've always wanted.

585
00:31:45,840 --> 00:31:48,600
Speaker 1: Visit your local Tri state autie dealer to get behind

586
00:31:48,600 --> 00:31:51,360
Speaker 1: the wheel of yours today, or visit autie Offers dot

587
00:31:51,440 --> 00:31:55,120
Speaker 1: com for more information. SMP features now up eleven points,

588
00:31:55,120 --> 00:31:57,840
Speaker 1: staff futures are higher by fifty eight and NAZAC futures

589
00:31:57,880 --> 00:32:02,720
Speaker 1: on the rise by thirty seven points six thirty five

590
00:32:02,760 --> 00:32:04,680
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

591
00:32:04,720 --> 00:32:07,800
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

592
00:32:07,880 --> 00:32:09,680
Speaker 1: check in with our global news team for some of

593
00:32:09,720 --> 00:32:12,560
Speaker 1: the top stories heard on our three hundred affiliate radio

594
00:32:12,640 --> 00:32:19,040
Speaker 1: stations around the world. I'm Steve potoskan K and X

595
00:32:19,160 --> 00:32:22,960
Speaker 1: in Los Angeles. We're talking about Rivians rapping plans to

596
00:32:23,120 --> 00:32:27,080
Speaker 1: team with Mercedes to build electric vans in Europe. Um Corney,

597
00:32:27,120 --> 00:32:30,240
Speaker 1: Danaho on k Fabian Omaha. There's no timeline for the

598
00:32:30,320 --> 00:32:33,800
Speaker 1: restart of the Keystone pipeline in Nebraska. I'm Kimberly Adams

599
00:32:33,840 --> 00:32:35,840
Speaker 1: and on w b Z in Boston. I'll be reporting

600
00:32:35,880 --> 00:32:38,959
Speaker 1: on Twitter once again attempting to launch its premium service.

601
00:32:39,440 --> 00:32:42,440
Speaker 1: I'm Stephen Carol and Bloomberg DAB Radio in London. We've

602
00:32:42,480 --> 00:32:45,040
Speaker 1: been reporting on the UK preparing to top its co

603
00:32:45,400 --> 00:32:49,240
Speaker 1: reserves as cold weather pushes power prices to a record high.

604
00:32:49,720 --> 00:32:52,680
Speaker 1: I'm Ed Corey on w w J in Detroit. I'm

605
00:32:52,760 --> 00:32:57,320
Speaker 1: reporting auto books who's announced layoffs. Those are some of

606
00:32:57,400 --> 00:33:01,080
Speaker 1: the stories our twenty hundred Bloomberg journ list analysts working

607
00:33:01,160 --> 00:33:04,080
Speaker 1: on this morning around the world. It's sixty six on

608
00:33:04,160 --> 00:33:09,360
Speaker 1: Wall Street. The following commentary is from Bloomberg Opinion how

609
00:33:09,480 --> 00:33:13,400
Speaker 1: Republicans lost their House edge in mid terms. I'm Justin Fox,

610
00:33:13,760 --> 00:33:17,680
Speaker 1: the columnist for Bloomberg Opinion. Republican candidates got about fifty

611
00:33:17,760 --> 00:33:19,720
Speaker 1: one percent of the votes cast for the House of

612
00:33:19,800 --> 00:33:22,920
Speaker 1: Representatives in November and ended up with about fifty one

613
00:33:23,000 --> 00:33:26,280
Speaker 1: percent of House seats. Seems fair, No, this is not

614
00:33:26,440 --> 00:33:29,640
Speaker 1: how things worked from two thousand ten through two thousand sixteen,

615
00:33:30,080 --> 00:33:33,680
Speaker 1: when Republicans won much larger shares of House seats than votes.

616
00:33:34,280 --> 00:33:37,320
Speaker 1: The disconnect was most pronounced in two thousand twelve, when

617
00:33:37,400 --> 00:33:41,840
Speaker 1: democrats one point one percentage point winning vote margin resulted

618
00:33:41,880 --> 00:33:45,560
Speaker 1: in a seven point six point loss in terms of seats.

619
00:33:46,400 --> 00:33:49,440
Speaker 1: Jerrymandering after the two thousand ten census played a role

620
00:33:49,520 --> 00:33:52,959
Speaker 1: in this, but political scientists pointed out that Democrats were

621
00:33:53,000 --> 00:33:57,840
Speaker 1: also just inefficiently distributed, dominant in big cities but present

622
00:33:57,960 --> 00:34:00,760
Speaker 1: in large if ultimately losing minorities and much of the

623
00:34:00,800 --> 00:34:04,320
Speaker 1: rest of the country. Since Donald Trump was elected president

624
00:34:04,360 --> 00:34:07,960
Speaker 1: in two thousand and sixteen, this distribution has shifted and

625
00:34:08,080 --> 00:34:12,600
Speaker 1: the Republican edge has dwindled. I'm Justin Fox. For more opinion,

626
00:34:12,680 --> 00:34:15,719
Speaker 1: please go to Bloomberg dot Com, Slash Opinion or O

627
00:34:15,880 --> 00:34:18,759
Speaker 1: P I. N. Go on the Bloomberg Terminal. This has

628
00:34:18,840 --> 00:34:22,879
Speaker 1: been Bloomberg Opinion, and you can hear Bloomberg Opinion commentaries

629
00:34:22,920 --> 00:34:25,960
Speaker 1: every weekday. At this time, terminal customers can read more

630
00:34:26,440 --> 00:34:29,800
Speaker 1: at O P I n GO. SMP futures up eleven points.

631
00:34:29,840 --> 00:34:32,040
Speaker 1: That's a gain of three tenths percent. Dow futures up

632
00:34:32,080 --> 00:34:34,720
Speaker 1: fifty eight or two tenths percent rise in the Nasdaq

633
00:34:34,800 --> 00:34:37,600
Speaker 1: futures are hired by a third percent, or thirty eight

634
00:34:37,680 --> 00:34:40,279
Speaker 1: points ten. Your treasury is up sixteen thirty seconds the

635
00:34:40,360 --> 00:34:42,920
Speaker 1: old three point five one percent yield on the two

636
00:34:43,000 --> 00:34:46,040
Speaker 1: year four point three one percent six thirty eight on

637
00:34:46,080 --> 00:34:48,719
Speaker 1: Wall Street straight Ahead on daybreak, the latest from the

638
00:34:48,840 --> 00:34:52,680
Speaker 1: nation's capital continued US support for Ukraine and will the

639
00:34:52,800 --> 00:34:56,880
Speaker 1: January six committee bring out criminal referrals. Bloomberg Government Congressional

640
00:34:56,920 --> 00:35:04,160
Speaker 1: Reporter Jack Fitzpatrick joins US Next Markets Headlines and breaking

641
00:35:04,239 --> 00:35:07,040
Speaker 1: news twenty four hours a day at Bloomberg dot Com

642
00:35:07,200 --> 00:35:10,759
Speaker 1: for Bloomberg Business Out and at Bloomberg Quicktake. This is

643
00:35:10,800 --> 00:35:19,680
Speaker 1: a Bloomberg Business Flash, and I'm Karen Moscow. This update

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00:35:19,719 --> 00:35:22,160
Speaker 1: brought to you by the Donors faund open your free

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00:35:22,239 --> 00:35:26,240
Speaker 1: giving account in minutes and instantly qualified for a tax deduction,

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Speaker 1: then choose from one point four million charitable organizations at

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Speaker 1: any time. Visit the donors found dot org today and

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Speaker 1: get your twenty two tax deduction. Futures this morning are

649
00:35:36,560 --> 00:35:38,400
Speaker 1: on the rise. We get to the first word breaking

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00:35:38,480 --> 00:35:41,319
Speaker 1: news desk for today's morning call, and here's Bill Maloney. Bill,

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00:35:41,360 --> 00:35:44,640
Speaker 1: good morning, and good morning, Karen. That's right. US futures

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00:35:44,680 --> 00:35:46,640
Speaker 1: with a bid right now at death futures up sixty

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00:35:46,680 --> 00:35:49,200
Speaker 1: two points. Sesame is game twelve and as that futures

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00:35:49,200 --> 00:35:52,640
Speaker 1: are higher by forty four. The US ten yel at

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00:35:52,680 --> 00:35:55,440
Speaker 1: three point five two percent, Gold is down three, oil

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00:35:55,560 --> 00:35:58,040
Speaker 1: is in the red, and bitcoin is trading lower by

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00:35:58,120 --> 00:36:01,400
Speaker 1: point percent. Hong Kong l two point two percent overnight,

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00:36:01,440 --> 00:36:04,120
Speaker 1: while your PM markets are posting modest losses this morning.

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00:36:04,400 --> 00:36:06,239
Speaker 1: And back in the US on the economic front, at

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00:36:06,239 --> 00:36:09,560
Speaker 1: two o'clock, the monthly budget statement in deal news, people

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00:36:09,600 --> 00:36:12,040
Speaker 1: familiar so that am Jine will buy Horizon Therapeutics for

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00:36:12,040 --> 00:36:15,160
Speaker 1: about twenty six billion and Microsoft will purchase a four

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00:36:15,239 --> 00:36:18,759
Speaker 1: percent steak in the LC group. In the news, ribbing

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00:36:18,800 --> 00:36:21,040
Speaker 1: and scrapping plans to make a lecture vans in Europe

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00:36:21,120 --> 00:36:24,279
Speaker 1: with Mercedes and wrapping things up. Best Buy was raised

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00:36:24,400 --> 00:36:26,839
Speaker 1: neutral at Goldman Sachs, Curtis Wright cut the equal weight

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00:36:26,880 --> 00:36:29,319
Speaker 1: up Morgan Stanley, and under Armour was raised to buy

668
00:36:29,800 --> 00:36:32,920
Speaker 1: over at Stephle Live from the first breaking news scam,

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Speaker 1: Bill Maloney care Herery Bill, thank you and to hear

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00:36:35,280 --> 00:36:38,120
Speaker 1: live breaking news of your Bloomberg time squawk on your

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00:36:38,239 --> 00:36:41,520
Speaker 1: terminalscue you a w K and that's a Bloomberg business flash.

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00:36:41,600 --> 00:36:43,680
Speaker 1: Now here's Amy Morris with Moore on what's going on

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00:36:43,840 --> 00:36:47,600
Speaker 1: around the world, Amy Karen. Florida Governor Rhnda Santis has

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00:36:47,680 --> 00:36:50,440
Speaker 1: thanked his South Florida donors. It was a closed door

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00:36:50,560 --> 00:36:54,320
Speaker 1: meeting in Miami yesterday, we're sources tell Bloomberg News. Santis

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00:36:54,440 --> 00:36:57,120
Speaker 1: noted how his victory in Florida could be a blueprint

677
00:36:57,160 --> 00:37:00,879
Speaker 1: for Republicans in the future. Georgia Congresswoman Arjorie Taylor Green

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00:37:01,000 --> 00:37:03,640
Speaker 1: told the New York Young Republicans Club over the weekend

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00:37:03,920 --> 00:37:06,480
Speaker 1: that the January six attack on the U. S. Capitol

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00:37:06,600 --> 00:37:09,560
Speaker 1: quote would have been armed if she informer Trump adviser

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00:37:09,760 --> 00:37:12,520
Speaker 1: Steve Bennett had planned it. Green appears to be pushing

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00:37:12,560 --> 00:37:15,000
Speaker 1: back against claims that she was involved in that plan

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00:37:15,440 --> 00:37:18,240
Speaker 1: and sports in the NFL, the Bills beat the Jets,

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00:37:18,320 --> 00:37:20,919
Speaker 1: the Giants lost to the Eagles. The Ravens and forty

685
00:37:20,960 --> 00:37:23,920
Speaker 1: Niners both win. In hockey, the Caps and Bruins win,

686
00:37:24,040 --> 00:37:27,520
Speaker 1: and in the NBA, the Knicks beat The King's Global

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00:37:27,560 --> 00:37:29,359
Speaker 1: News twenty four hours a day on air, and Don

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00:37:29,440 --> 00:37:32,080
Speaker 1: Bloomberg quit take We're out powered by more than twenty

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00:37:32,120 --> 00:37:34,719
Speaker 1: seven hundred journalists and analysts in more than one d

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00:37:34,880 --> 00:37:38,040
Speaker 1: twenty countries. Karen all right, Amy, thank you at A

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00:37:38,120 --> 00:37:40,319
Speaker 1: six two on Wall Street, and we turned to news

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00:37:40,400 --> 00:37:43,400
Speaker 1: and science and technology now at the Bloomberg and j I. T.

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00:37:43,560 --> 00:37:46,240
Speaker 1: Stammer Report, it has brought to you buy New Jersey

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00:37:46,320 --> 00:37:49,680
Speaker 1: Institute of Technology and j I T offers New Jersey's

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00:37:49,719 --> 00:37:53,840
Speaker 1: first undergraduate degree in fintech tank driven finance focused What

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Speaker 1: will you make at n j I T. Learn more

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00:37:56,360 --> 00:37:58,520
Speaker 1: at n j I T dot E d U slash

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00:37:58,719 --> 00:38:02,320
Speaker 1: Fintech Now. Here's is making news and science, technology, engineering,

699
00:38:02,400 --> 00:38:05,880
Speaker 1: and math. And China COVID is rapidly spreading through households

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00:38:05,880 --> 00:38:09,239
Speaker 1: and offices after the country's pandemic rules were eased. That's

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00:38:09,320 --> 00:38:12,880
Speaker 1: led to turmoil and poorly prepared hospitals. Some facilities are

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00:38:12,880 --> 00:38:15,600
Speaker 1: struggling to find enough staff, and others are suspending non

703
00:38:15,719 --> 00:38:19,279
Speaker 1: COVID treatments. Scientists in California have made a breakthrough a

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00:38:19,360 --> 00:38:22,800
Speaker 1: nuclear fusion technology, producing more energy than consumed in a

705
00:38:22,920 --> 00:38:25,840
Speaker 1: reaction for the first time. Bloomberg News has learned. The

706
00:38:25,880 --> 00:38:28,840
Speaker 1: achievement was made at the Department of Energies Lawrence Livermore

707
00:38:28,960 --> 00:38:32,880
Speaker 1: National Laboratory near San Francisco. Lasers were used to bombard

708
00:38:33,000 --> 00:38:36,960
Speaker 1: hydrogen isotopes held in a superheated plasma state in order

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00:38:37,040 --> 00:38:40,360
Speaker 1: to fuse them into helium, releasing a neutron and carbon

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00:38:40,480 --> 00:38:44,200
Speaker 1: free clean energy in the process. Scientists have been experimenting

711
00:38:44,200 --> 00:38:46,600
Speaker 1: with the technology for decades, but getting the process to

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00:38:46,640 --> 00:38:50,000
Speaker 1: produce more energy than it consumes has been elusive. And

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00:38:50,080 --> 00:38:52,879
Speaker 1: as you've been reporting, Van Automotive is walking away from

714
00:38:52,920 --> 00:38:56,320
Speaker 1: plans to jointly build electric vans in Europe with Mercedes Benz.

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00:38:56,719 --> 00:38:59,560
Speaker 1: Van will no longer pursue the memorandum of understanding signed

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00:38:59,600 --> 00:39:02,480
Speaker 1: with the German an automaker in September, which includes plans

717
00:39:02,520 --> 00:39:06,240
Speaker 1: to invest in and jointly operate an existing Mercedes Van's plant.

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00:39:06,680 --> 00:39:09,480
Speaker 1: And that's to Bloomberg and j I t Stem report

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00:39:09,640 --> 00:39:11,960
Speaker 1: Nathan Okay, Karen, thank you. At a six forty four

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00:39:12,040 --> 00:39:13,719
Speaker 1: on Wall Street Time Now to check what's going on

721
00:39:13,800 --> 00:39:15,680
Speaker 1: in d C. Some of the top stories in our

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00:39:15,719 --> 00:39:19,680
Speaker 1: nation's capital include Treasury Secretary Janet Yellen predicting lower inflation

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00:39:19,800 --> 00:39:23,080
Speaker 1: next year and continued US support for Ukraine. In an

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00:39:23,120 --> 00:39:28,080
Speaker 1: interview with CBS IS sixty minutes, we're providing considerable help

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00:39:28,760 --> 00:39:33,480
Speaker 1: um to Ukraine, both military and economic, and Secretary Yellen

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00:39:33,520 --> 00:39:36,200
Speaker 1: says that support for Ukraine will continue quote as long

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00:39:36,280 --> 00:39:38,440
Speaker 1: as it takes Meantime, the White House says it will

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00:39:38,520 --> 00:39:41,880
Speaker 1: keep negotiating to free retired Marine Paul Wheeland from Russia

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00:39:41,960 --> 00:39:45,520
Speaker 1: after securing the release of basketball star Britney Griner. Spokesman

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00:39:45,600 --> 00:39:48,200
Speaker 1: John Kirby was on ABC's This Week. There was a

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00:39:48,440 --> 00:39:52,000
Speaker 1: very serious, specific proposal made to the Russians to try

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00:39:52,040 --> 00:39:53,759
Speaker 1: to get both of them out together, and it just

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00:39:54,160 --> 00:39:56,480
Speaker 1: didn't land anywhere. Didn't go anywhere with the Russians. But

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00:39:56,600 --> 00:39:59,560
Speaker 1: former Secretary of State Mike Pompeo tells Fox News Sunday

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00:39:59,600 --> 00:40:02,080
Speaker 1: the prison your swamp for arms dealer Victor boot may

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00:40:02,160 --> 00:40:05,440
Speaker 1: have played into Russia's hands. There is no doubt that today,

737
00:40:05,520 --> 00:40:08,440
Speaker 1: not just Vladimir puttin but all the bad guys, the Iranians. Uh,

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00:40:08,480 --> 00:40:11,040
Speaker 1: there's who hold Americans and detenency that if you take

739
00:40:11,080 --> 00:40:13,359
Speaker 1: a celebrity, the chance of getting one of your bad

740
00:40:13,440 --> 00:40:16,359
Speaker 1: guys back out of American control is greater. Also making

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00:40:16,440 --> 00:40:19,920
Speaker 1: news the January six committee considering criminal referrals over the

742
00:40:20,000 --> 00:40:23,400
Speaker 1: attack at the Capitol Committee Democrat Adam Schiff was on CBS,

743
00:40:23,520 --> 00:40:25,480
Speaker 1: is Face the Nation if we do make referrals, who

744
00:40:25,520 --> 00:40:28,399
Speaker 1: want to be very careful about how we do them. Um,

745
00:40:28,640 --> 00:40:31,080
Speaker 1: but I think we're all certainly an agreement that there

746
00:40:31,200 --> 00:40:34,560
Speaker 1: is evidence of criminality here and we want to make

747
00:40:34,560 --> 00:40:36,239
Speaker 1: sure that the Justice Department is aware of that. And

748
00:40:36,360 --> 00:40:39,520
Speaker 1: JP Morgan Chase CEO Jamie Diamond is weighing in on

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00:40:39,600 --> 00:40:42,719
Speaker 1: the chance for cooperation in Washington with the return of

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00:40:42,800 --> 00:40:45,759
Speaker 1: divided governments. Diamond was also on Face the Nation on

751
00:40:45,920 --> 00:40:49,080
Speaker 1: both parties the kind of the wing nuts didn't get

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00:40:49,120 --> 00:40:52,440
Speaker 1: elected and there are so the rational thing in cos

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00:40:52,480 --> 00:40:55,160
Speaker 1: I was gratified by the thought they want to make

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00:40:55,200 --> 00:40:58,279
Speaker 1: progress and I think they can make progress. Face the Nation,

755
00:40:58,400 --> 00:41:00,000
Speaker 1: Fox News Sunday and this week and all be heard

756
00:41:00,080 --> 00:41:03,040
Speaker 1: every Sunday on Bloomberg Radio and our listeners in Washington.

757
00:41:03,120 --> 00:41:06,840
Speaker 1: Can here sixty minutes from CBS every Sunday night on Bloomberg.

758
00:41:07,960 --> 00:41:10,680
Speaker 1: Let's bring in Bloomberg Government Congression reporter Jack Fitzpatrick for

759
00:41:10,760 --> 00:41:14,000
Speaker 1: more on some of these stories, including some interesting comments

760
00:41:14,040 --> 00:41:16,719
Speaker 1: there from a Treasury secretary yelling on sixty minutes not

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00:41:16,840 --> 00:41:20,200
Speaker 1: just on Ukraine support but her thoughts on inflation. Very

762
00:41:20,239 --> 00:41:23,439
Speaker 1: interesting to get that ahead of the FED meeting this week, Jack, Yeah,

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00:41:23,560 --> 00:41:27,080
Speaker 1: it's notable, not only because she said she expects inflation

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00:41:27,160 --> 00:41:29,680
Speaker 1: to be lower by the end of three but also

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00:41:29,760 --> 00:41:32,960
Speaker 1: made a point of saying she does not think that

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Speaker 1: a recession would be necessary to sort of break the

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00:41:37,560 --> 00:41:41,400
Speaker 1: cycle of inflation. So obviously she's not on the FED board.

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00:41:41,440 --> 00:41:44,920
Speaker 1: But to hear the Treasury Secretary I say something that

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00:41:45,120 --> 00:41:50,200
Speaker 1: is very clearly not in the Paul Vulker inspired line

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00:41:50,200 --> 00:41:53,879
Speaker 1: of thinking is a pretty significant thing. And a lot

771
00:41:53,920 --> 00:41:56,360
Speaker 1: of the inflation outlook, I have to imagine depends on

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00:41:56,440 --> 00:41:59,680
Speaker 1: what happens in the war in Ukraine, and the Secretary

773
00:41:59,800 --> 00:42:02,440
Speaker 1: was asked about that as well, saying support will continue

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00:42:02,520 --> 00:42:04,880
Speaker 1: quote as long as it takes. I wonder how much

775
00:42:04,920 --> 00:42:07,719
Speaker 1: of that's going to play into this G seven virtual meeting.

776
00:42:07,760 --> 00:42:11,160
Speaker 1: That's happening today as well. Yes, that that does seem

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00:42:11,200 --> 00:42:14,600
Speaker 1: to be the relevant timing, and it's also worth noting

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00:42:14,760 --> 00:42:18,839
Speaker 1: she said her expectations on inflation UH slowing down are

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00:42:19,080 --> 00:42:22,040
Speaker 1: in the context of if there are no other major

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00:42:22,160 --> 00:42:25,920
Speaker 1: supply shocks, and obviously the war in Ukraine is something

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00:42:26,000 --> 00:42:30,640
Speaker 1: that made this all a tougher situation with inflation. But yes,

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00:42:31,239 --> 00:42:36,000
Speaker 1: with the G seven meeting, there clearly is another push

783
00:42:36,239 --> 00:42:40,239
Speaker 1: by the US just to reiterate that the support is there,

784
00:42:40,440 --> 00:42:43,200
Speaker 1: more support is coming. I would note that, you know,

785
00:42:43,280 --> 00:42:46,680
Speaker 1: the president, President Biden has asked Congress for another thirty

786
00:42:46,760 --> 00:42:50,279
Speaker 1: eight billion dollars or so to be attached to a

787
00:42:50,400 --> 00:42:54,600
Speaker 1: year end government funding bill that's all Ukraine aid related.

788
00:42:55,200 --> 00:42:59,719
Speaker 1: He's gotten pretty good feedback from leadership in both parties UH,

789
00:42:59,800 --> 00:43:02,920
Speaker 1: and obviously in the early days of trying to institute

790
00:43:03,000 --> 00:43:06,040
Speaker 1: this price cap with G seven countries in the EU

791
00:43:06,560 --> 00:43:10,440
Speaker 1: on Russian oil purchases, UH, they seem to have thought it.

792
00:43:10,520 --> 00:43:15,120
Speaker 1: It's it's necessary to reiterate the support and emphasize the

793
00:43:15,239 --> 00:43:19,319
Speaker 1: consistency of support for Ukraine. I want to turn to UH,

794
00:43:19,640 --> 00:43:23,160
Speaker 1: what's happening on Capitol Hill More domestically, we're getting close

795
00:43:23,239 --> 00:43:26,320
Speaker 1: to the end game for the House January six committee,

796
00:43:26,320 --> 00:43:28,000
Speaker 1: and there seems to be a lot more talk about

797
00:43:28,040 --> 00:43:30,759
Speaker 1: whether they're going to be criminal referrals coming out of

798
00:43:30,800 --> 00:43:35,440
Speaker 1: the committee's report. How much does that matter? It definitely matters,

799
00:43:35,600 --> 00:43:38,560
Speaker 1: the members have said that's an important thing. A couple

800
00:43:38,640 --> 00:43:42,480
Speaker 1: of our colleagues reported that there was a discussion on

801
00:43:42,840 --> 00:43:45,759
Speaker 1: Sunday among members of the panel in which there were

802
00:43:45,840 --> 00:43:51,919
Speaker 1: presentations made four referrals. Uh, this could list. This could

803
00:43:52,000 --> 00:43:54,920
Speaker 1: be a list of people, including the former president Donald

804
00:43:54,920 --> 00:43:59,880
Speaker 1: Trump and other top associates of his who maybe refer

805
00:44:00,160 --> 00:44:04,040
Speaker 1: for criminal prosecution to the Justice Department. It's not binding,

806
00:44:04,440 --> 00:44:08,440
Speaker 1: It's not something where the Panel tells the Justice Department

807
00:44:08,640 --> 00:44:11,840
Speaker 1: what to do and makes demands. But at the very least,

808
00:44:12,239 --> 00:44:15,680
Speaker 1: regardless of what the Justice Department ends up deciding to do,

809
00:44:16,320 --> 00:44:19,760
Speaker 1: it would be a very powerful message, depending on exactly

810
00:44:19,960 --> 00:44:22,759
Speaker 1: what message they sent to you know, especially if they

811
00:44:22,800 --> 00:44:26,600
Speaker 1: were to uh present a referral for prosecution of a

812
00:44:26,719 --> 00:44:30,440
Speaker 1: former president in particular. Indeed, alright, as always, thanks for this,

813
00:44:30,600 --> 00:44:34,200
Speaker 1: Jack Bloomberg. Government Congressional reporter Jack Fitzpatrick with us from

814
00:44:34,239 --> 00:44:37,160
Speaker 1: the nation's capital. Read more about these stories on bloomberg

815
00:44:37,239 --> 00:44:39,760
Speaker 1: dot com. Or on the Bloomberg terminal, and a reminder

816
00:44:39,800 --> 00:44:42,320
Speaker 1: you can follow all the latest on Bloomberg Radio in Washington,

817
00:44:42,360 --> 00:44:46,560
Speaker 1: Bloomberg and one oh five point seven FM HD two

818
00:44:47,160 --> 00:44:49,880
Speaker 1: STP Futures hire by nine points right now, Down futures

819
00:44:49,880 --> 00:44:53,120
Speaker 1: of forty three dancet at futures higher by thirty six points.

820
00:44:53,200 --> 00:44:56,120
Speaker 1: Tenure Treasury is up sixteen thirty seconds, the yield close

821
00:44:56,200 --> 00:45:03,360
Speaker 1: to three point five. This is Bloomberg Markets, headlines and

822
00:45:03,520 --> 00:45:06,759
Speaker 1: breaking news twenty four hours a day, at Bloomberg dot com,

823
00:45:06,920 --> 00:45:09,920
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape. This

824
00:45:10,400 --> 00:45:19,000
Speaker 1: is a Bloomberg Business Lash and I'm Karen Moscow. This

825
00:45:19,120 --> 00:45:21,960
Speaker 1: update brought to you by SEI. Asset managers don't get

826
00:45:22,000 --> 00:45:24,040
Speaker 1: results that are off the charts when their solutions are

827
00:45:24,040 --> 00:45:26,719
Speaker 1: off the shelf. Learn how sci is operating platform can

828
00:45:26,800 --> 00:45:30,879
Speaker 1: turn infrastructure into a competitive advantage At sc sc dot com,

829
00:45:31,040 --> 00:45:34,600
Speaker 1: slash tech and futures are higher this morning. We check

830
00:45:34,640 --> 00:45:36,799
Speaker 1: the markets all day long here at Bloomberg, with SMP

831
00:45:36,960 --> 00:45:39,600
Speaker 1: futures up about eleven points or three tents of uppercent.

832
00:45:39,920 --> 00:45:42,399
Speaker 1: Down futures are up fifty one points, almost two tenths

833
00:45:42,440 --> 00:45:45,200
Speaker 1: of up percent, and Nowasdack futures up thirty eight or

834
00:45:45,280 --> 00:45:48,040
Speaker 1: about a third of uppercent, the decks in Germany's down

835
00:45:48,080 --> 00:45:50,520
Speaker 1: two tenths of uppercent. The tend your treasury of fourteen

836
00:45:50,560 --> 00:45:53,120
Speaker 1: thirty seconds yield three point five two percent, and the

837
00:45:53,239 --> 00:45:55,400
Speaker 1: yield on the two year four point three two percent.

838
00:45:55,760 --> 00:45:58,000
Speaker 1: Nim Ex Screude oil is down nine tents of upper

839
00:45:58,040 --> 00:46:00,359
Speaker 1: cent or sixty two cents at seventy dollars four cents

840
00:46:00,400 --> 00:46:02,560
Speaker 1: in barrel called my school down a quarter percent or

841
00:46:02,560 --> 00:46:05,120
Speaker 1: four dollars ten cents at eighteen o six sixty. Announced

842
00:46:05,440 --> 00:46:08,160
Speaker 1: the euro one point oh five six seven against the dollar,

843
00:46:08,200 --> 00:46:11,200
Speaker 1: British found one point to q and again one thirty

844
00:46:11,280 --> 00:46:14,400
Speaker 1: six point seven eight. And as a Bloomberg business flash,

845
00:46:14,560 --> 00:46:17,520
Speaker 1: Nathan Karen, thank you to six fifty six on Wall Street.

846
00:46:17,520 --> 00:46:19,719
Speaker 1: Bloomberg Surveillance is up next, but first you bring in

847
00:46:19,719 --> 00:46:22,680
Speaker 1: Bloomberg Radio and TV markets correspondent Crety grouped to take

848
00:46:22,680 --> 00:46:24,640
Speaker 1: a look at some of the names moving in the

849
00:46:24,760 --> 00:46:27,960
Speaker 1: pre market on a merger Monday, and what a merger

850
00:46:28,239 --> 00:46:31,719
Speaker 1: I'm a Monday it is in the healthcare space, particularly

851
00:46:31,800 --> 00:46:35,080
Speaker 1: creating a massive merger Monday. Let's start with Horizon Therapeutics

852
00:46:35,120 --> 00:46:37,399
Speaker 1: looks like am Gen is saying it's agreeing to buy

853
00:46:37,440 --> 00:46:40,440
Speaker 1: the company for about twenty seven point eight billion dollars

854
00:46:40,880 --> 00:46:43,440
Speaker 1: done share price a hundred and sixteen dollars and fifty

855
00:46:43,480 --> 00:46:45,960
Speaker 1: cents per share in cash, Nathan, that is a forty

856
00:46:46,000 --> 00:46:48,680
Speaker 1: eight percent premium to where they were trading when the

857
00:46:48,760 --> 00:46:52,320
Speaker 1: deal was closed. Though, massive news for Horizon Therapeutics hz

858
00:46:52,680 --> 00:46:54,800
Speaker 1: n P is your taker there, and of course for

859
00:46:54,840 --> 00:46:57,200
Speaker 1: am Jen. You gotta watch those shares a mg N

860
00:46:57,440 --> 00:47:00,600
Speaker 1: so Horizon rallying about fourteen percent this morning, quite hitting

861
00:47:00,640 --> 00:47:03,680
Speaker 1: that one and sixteen fifty mark, so really keep an

862
00:47:03,719 --> 00:47:05,440
Speaker 1: eye for the arbitrage there, but you also want to

863
00:47:05,520 --> 00:47:07,600
Speaker 1: keep an eye on am Gen once again. A mg

864
00:47:07,880 --> 00:47:10,920
Speaker 1: N is your taker classically, as it's kind of the

865
00:47:11,160 --> 00:47:13,839
Speaker 1: acquisition or if you will, is down about three point

866
00:47:13,920 --> 00:47:16,120
Speaker 1: one percent. Remember this is the biggest ever acquisition for

867
00:47:16,200 --> 00:47:19,640
Speaker 1: am Gen. They have beat out Santa Fee and Johnson

868
00:47:19,680 --> 00:47:22,800
Speaker 1: and Johnson, which we're both actually bidding. Remember, Horizon is

869
00:47:22,840 --> 00:47:26,000
Speaker 1: a company that gets a lot of its revenue from Tempeza,

870
00:47:26,280 --> 00:47:29,919
Speaker 1: which is basically treatment for painful autoimmune conditions. This isn't

871
00:47:29,960 --> 00:47:32,360
Speaker 1: an era where a lot of people are looking to

872
00:47:32,760 --> 00:47:34,759
Speaker 1: evolve past COVID and say, you know what, we need

873
00:47:34,840 --> 00:47:37,840
Speaker 1: to really be investing in therapies at address cancer that

874
00:47:38,040 --> 00:47:41,680
Speaker 1: address other rare diseases, and Amgen really getting ahead of

875
00:47:41,800 --> 00:47:45,280
Speaker 1: that move and we could be getting closer to another

876
00:47:45,840 --> 00:47:48,239
Speaker 1: m and a deal in the tech space as well.

877
00:47:48,400 --> 00:47:50,880
Speaker 1: We are it Rude really is a merger Monday a

878
00:47:51,000 --> 00:47:52,640
Speaker 1: kupa software that when you want to keep an eye

879
00:47:52,680 --> 00:47:55,480
Speaker 1: on CEO up is your taker there. The shares are

880
00:47:55,520 --> 00:47:57,960
Speaker 1: up about twenty two percent in the pre markets. Comes

881
00:47:58,000 --> 00:48:00,719
Speaker 1: after Bloomberg News reported that tom A Bravo is an

882
00:48:00,760 --> 00:48:04,480
Speaker 1: advanced talks to acquire the company after outbidding Vista Equity Partners.

883
00:48:04,640 --> 00:48:06,279
Speaker 1: For those of you who don't know what Koopa software is,

884
00:48:06,360 --> 00:48:10,359
Speaker 1: it basically provides business spend management software helps companies track

885
00:48:10,480 --> 00:48:12,920
Speaker 1: manage the purchasing of goods and services. So some of

886
00:48:13,000 --> 00:48:17,200
Speaker 1: their customers include Nestlee, a group On, among others. We're

887
00:48:17,239 --> 00:48:19,320
Speaker 1: still waiting on what the actual share price might be,

888
00:48:19,719 --> 00:48:21,960
Speaker 1: but one of the top shareholders in Kopa right now,

889
00:48:22,200 --> 00:48:24,640
Speaker 1: HMI Capital, is very vocal and so this should be

890
00:48:24,920 --> 00:48:27,319
Speaker 1: about nine five dollars a share. Will actually see if

891
00:48:27,360 --> 00:48:29,520
Speaker 1: that deal gets there. For now, shares of training. Like

892
00:48:29,560 --> 00:48:32,440
Speaker 1: I said about around the seventy five dollar mark, so

893
00:48:32,640 --> 00:48:34,200
Speaker 1: something to keep an eye on. It sounds like it's

894
00:48:34,200 --> 00:48:36,360
Speaker 1: going to keep you busy throughout this m and a Monday.

895
00:48:36,440 --> 00:48:40,000
Speaker 1: We've also got some new analyst recommendations to talk about

896
00:48:40,000 --> 00:48:42,160
Speaker 1: as well. We do very quickly call calm here c

897
00:48:42,480 --> 00:48:45,280
Speaker 1: Q or Q C O M excuse me. Shares actually

898
00:48:45,280 --> 00:48:47,799
Speaker 1: down two point four percent. Wells Fargo really the cause

899
00:48:47,840 --> 00:48:50,919
Speaker 1: behind this, giving the stock it's only negative analyst rating,

900
00:48:51,120 --> 00:48:54,200
Speaker 1: saying that they expect continued under performance for smartphone names.

901
00:48:54,280 --> 00:48:56,640
Speaker 1: Not exactly a vote of confidence you want on a

902
00:48:56,680 --> 00:48:59,960
Speaker 1: merger Monday, Yeah, certainly not. Thanks as always and welcome back,

903
00:49:00,000 --> 00:49:03,319
Speaker 1: Bloomberg Radio and TV Markets correspondent. Pretty good keeping an

904
00:49:03,360 --> 00:49:06,160
Speaker 1: eye on the movers in the pre market. Stocks as

905
00:49:06,200 --> 00:49:10,600
Speaker 1: a whole moving higher as investors wait a slew of

906
00:49:10,760 --> 00:49:13,520
Speaker 1: central bank decisions. This week. We have SMP futures up

907
00:49:13,560 --> 00:49:17,160
Speaker 1: ten points, staff futures of Nasdaq futures are higher by

908
00:49:17,440 --> 00:49:21,480
Speaker 1: thirty five points. You've been listening to Bloomberg Daybreak. I'm

909
00:49:21,560 --> 00:49:26,320
Speaker 1: Nathan Hager alongside Karen Moscow six fifty nine on Wall Street.

910
00:49:26,360 --> 00:49:32,240
Speaker 1: Bloomberg Surveillance starts right now live from the financial capital

911
00:49:32,320 --> 00:49:35,600
Speaker 1: of the world, broadcasting across the globe. This is w

912
00:49:35,800 --> 00:49:47,279
Speaker 1: BBR New York Bloomberg, even tho the Fed doesn't want

913
00:49:47,360 --> 00:49:50,400
Speaker 1: to actually grasp the nettle and tighten finally,