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Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for Friday, October seven two. Coming up this hour,

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Speaker 1: we await US jobs data as stocks try to avoid

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Speaker 1: a three day slide. FED officials overwhelmingly pushed back against

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Speaker 1: the idea of cutting rates next year. The trial between

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Speaker 1: Elon Musk and Twitter gets delayed and helps the deal

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Speaker 1: will close. An oil poise for a big weekly rally

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Speaker 1: after Opex announced cutting. Judges ruling is a blow to

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Speaker 1: New York State's new gun law. Plus an n y

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Speaker 1: p D cruiser crashes onto a sidewalk injuring ten people

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Speaker 1: by Michael barn More ahead, I'm down Station where the

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Speaker 1: Colts beat the Broncos it over time. The medicine Padres

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Speaker 1: begin their wild Card playoff series tonight at City Field.

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Speaker 1: That's all s trendy head on Bloomberg day Break on

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Speaker 1: Bloomberg eleven three on New York, Bloomberg nine one, Washington

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties,

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Speaker 1: San Francisco, Sirius x M one nineteen and around the

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Speaker 1: world on Bloomberg Radio dot Com and via the Bloombird

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Speaker 1: Business app Good morning. I'm Nathan Hagar and I'm Karen

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Speaker 1: Moscow and US Dock Index futures are lower this morning.

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Speaker 1: We're coming up to five oh one on Wall Street,

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Speaker 1: and we checked the markets every fifteen minutes throughout the

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Speaker 1: trading day. On bloomberg S and P futures are down

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Speaker 1: about six points. Own futures are little change. Nowsday future

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Speaker 1: is down forty four. In the ten year treasury down

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Speaker 1: to thirty seconds. He had three point eight three for

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Speaker 1: sent Nathan Karen. Let's begin this morning with talk from

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Speaker 1: the FED. Central bankers are coming out in full force

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Speaker 1: to talk down expectations of a turn to more devilish policy.

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Speaker 1: We heard hawkish comments from no less than five officials yesterday,

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Speaker 1: including Minneapolis Fed President Neil cash Carry. Until I see

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Speaker 1: some evidence that underlying inflation has solidly peaked and there's

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Speaker 1: hopefully headed back down, I'm not ready to declare pause.

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Speaker 1: Minneapolis Fed President Neil cash Cary said he expects losses

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Speaker 1: and failures around the global economy as we transition to

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Speaker 1: a higher interest rate environment. Likewise, Fed Governor Christopher Waller

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Speaker 1: says he sees no signs of a FED pivot either.

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Speaker 1: This or next year. I anticipate additional rate hikes into

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Speaker 1: early next year, and I'll be watching the data carefully

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Speaker 1: to decide the appropriate pace of tightening as we continue

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Speaker 1: to move into more and more restrictive territory. FED Governor

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Speaker 1: Christopher Waller emphasized the need to fight inflation, and we

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Speaker 1: heard similar remarks yesterday from Cleveland FED Chief Or at Amester,

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Speaker 1: FED Governor Lisa Cook, and Chicago's Charles Evans. Well, let's

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Speaker 1: take a look at the markets now, nathan Us dot

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Speaker 1: Indix futures are mostly lower in that hawk ish FED

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Speaker 1: talk in some weak earning sham chipmakers are hitting sentiment.

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Speaker 1: Jessica Biemers, portfolio manager with Easterly Investment Partners. I think

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Speaker 1: we all have to understand that, um, we're only going

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Speaker 1: to get early hints of the FED full impact. A

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Speaker 1: lot of the efforts that they put out there obviously

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Speaker 1: huge increatures in the interest rate, but that takes time

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Speaker 1: to work its way through the economy and certainly on

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Speaker 1: the jobs numbers that we're going to see. Jessica b

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Speaker 1: with Easterly Investment Partner says FED policy could start hitting

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Speaker 1: earnings in the coming months. That job's report is the

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Speaker 1: key event on the agenda today, Karen, we get the

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Speaker 1: employment figures for September at eight thirty am Wall Street Time.

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Speaker 1: Here with a preview is Bloomberg Economics correspondent Michael McKee.

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Speaker 1: Employment is one of the Fed's two mandates, and this

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Speaker 1: job's report will be one of the key numbers as

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Speaker 1: policymakers decide on a rate hike next month. What they'd

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Speaker 1: like to see is job growth in the neighborhood of

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Speaker 1: the Bloomberg Consensus, which would suggest the economy is slowing

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Speaker 1: but not crashing. Unemployment is also key. No change is expected,

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Speaker 1: but historically a jump in the jobless is a sign

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Speaker 1: of recession ahead. Stronger job creation or lower unemployment would

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Speaker 1: suggest the Fed will push interest rates higher for longer,

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Speaker 1: disappointing investors. A consensus like report would turn attention to

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Speaker 1: next week's consumer price index, a final decision point for

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Speaker 1: the Fed. Michael McKey Bloomberg Daybreak, All right, Mike, thank you.

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Speaker 1: Sick with us all morning for live coverage of the

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Speaker 1: September jobs report, plus a conversation with Marty Walsh. We

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Speaker 1: speak with the US Labor Secretary. Coming up in the

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Speaker 1: nine am hour on Bloomberg Radio and Television. We'll turning

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Speaker 1: to oil now, Nathan. We're seeing crewde head for its

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Speaker 1: biggest weekly game since March. After sliding on concerns over

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Speaker 1: a global slowdown, oil has rallied since Opek announced plans

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Speaker 1: for a large production cut and checking prices now nine

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Speaker 1: x screwed oil is up half per cent, is at

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Speaker 1: eighty eight dollars ninety three cents. Of Barrel brand is

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Speaker 1: up about the same at ninety four dollars nine cents. Now,

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Speaker 1: let's get the latest on Elon Musk and Twitter, Karen,

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Speaker 1: there is uncertainty creeping into Musk's plans to buy the

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Speaker 1: company afterward his offers contingent on thirteen billion dollars in

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Speaker 1: debt financing, Bloomberg said. Ludlow has more. The concern is

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Speaker 1: that Musque has this twelve point five billion dollars of

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Speaker 1: debt split between a six point five billions dollar alone,

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Speaker 1: three billion of un secured, three billion of secured bonds.

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Speaker 1: There's also revolving credit line in their times have changed

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Speaker 1: since that deal in that package was agreed in April,

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Speaker 1: and so I guess the concern in the background is

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Speaker 1: the viability of that debt. Bloomberg's Had Ludlow reports to

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Speaker 1: judges halting the court case to allow the deal to close.

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Speaker 1: He says that the transaction isn't done by five pm October,

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Speaker 1: new trial dates will be set for November. Shares of

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Speaker 1: Twitter rose in late trading yesterday. Right now they are

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Speaker 1: little changed. I'll see hum incorporate news, Nathan. We're seeing

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Speaker 1: possible signs of a bigger downturn intech. Shipmakers are warning

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Speaker 1: of slowing demand. Samsung and a MD reported earnings within

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Speaker 1: hours of each other that widely missed estimates. The numbers

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Speaker 1: come after Micron Technology slash spending and output in hopes

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Speaker 1: of stabilizing plunging prices, and Amazon's abandoning its home delivery robot.

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Speaker 1: It just the latest cut to the company's experimental projects.

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Speaker 1: Bloomberg's Charlie Pellett has more on that story. It is

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Speaker 1: the latest sign that the e commerce giant is starting

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Speaker 1: to wind down experimental projects amidst slowing sales growth. According

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Speaker 1: to a source, work on Scout, an autonomous machine launched

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Speaker 1: about three years ago, has already been halted. An Amazon

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Speaker 1: spokesperson said the Scout team was being disbanded and would

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Speaker 1: be offered new jobs in the organization. A source says

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Speaker 1: about four hundred people were working on the project globally

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Speaker 1: in New York, Charlie Pelt Bloomberg Daybreak, All right, Charlie,

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Speaker 1: thank you, let's talk politics now. In the conflict in Ukraine,

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Speaker 1: President Biden weighing in on the war at a fundraiser

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Speaker 1: in New York, expressing concern of our Vladimir Putin's threats

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Speaker 1: to use nuclear weapons. Biden called the threats real and

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Speaker 1: says the US is trying to find an off ramp

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Speaker 1: for Putin. Biden warrant it if Putin deployed nuclear weapons,

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Speaker 1: it could lead to armageddon. At the same time, caring

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Speaker 1: the president's making announcements back here at home, he announced

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Speaker 1: the pardon for any American convicted of simple marijuana possession

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Speaker 1: under the law. Too many lives have been upended because

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Speaker 1: of our failed approach to marijuana. It's time that we

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Speaker 1: right these wrongs. President Biden's all surging governors to issue

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Speaker 1: similar partis for state offenses involving marijuana. And we are

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Speaker 1: just getting word that a lesbia Latsky of Belarus, known

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Speaker 1: for his work in civil rights, is the winner of

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Speaker 1: the Nobel Peace Prize again at just crossing the Bloomberg

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Speaker 1: SMP futures are now little change, so are Dow futures,

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Speaker 1: while Nousdack futures are moving low. Were this morning down

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Speaker 1: about thirty three points. Ten year treasury down to thirty seconds.

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Speaker 1: You had three point eight three percent and a yield

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Speaker 1: on the two year four point to five percent, and

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Speaker 1: I make screwed oil again up about half percent. Traight

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Speaker 1: ahead your latest local headlines plus a check of sports.

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Speaker 1: And this is Bloomberg the deparent. It's five oh seven

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Speaker 1: on Wall Street where at sixty one degrees in Central Park,

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Speaker 1: starting out with delays on path of signal issues between

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Speaker 1: Journal Square through thirty third Street. Details coming up in traffic.

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Speaker 1: First Michael Barr with what else is going on in

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Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.

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Speaker 1: Authorities in New York City say ten people were injured,

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Speaker 1: including two young children and win a police cruiser collided

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Speaker 1: with another vehicle and crashed onto a sidewalk. It happened

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Speaker 1: yesterday afternoon in the Bronx at Westchester and the Whole Avenues.

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Speaker 1: NYPD Chief of Patrol Jeffrey Madrey said The patrol car

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Speaker 1: was responding to a call and trying to get around

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Speaker 1: a vehicle at an inter side should when the crash happened.

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Speaker 1: The officers crossed over the double yellow line to go

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Speaker 1: around the vehicle, but the vehicle made a left hand term,

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Speaker 1: at which point the department vehicle and a civilian vehicle

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Speaker 1: they clicked each other. Police say there are no major injuries.

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Speaker 1: Officials in New York are looking at their next options

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Speaker 1: after a federal judge struck down the state's new law

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Speaker 1: banning guns in certain public areas. The law was created

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Speaker 1: in response to a Supreme Court ruling striking down another

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Speaker 1: New York law that restricted who could own a gun. Now,

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Speaker 1: officials are concerned about guns being carried into crowded areas

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Speaker 1: like Times Square. The judge issued a three days stay

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Speaker 1: on his own order, allowing the state to appeal it

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Speaker 1: in Governor HOCl vows to do just that. An extremist

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Speaker 1: group leader is now the first plead guilty to seditious

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Speaker 1: conspiracy in the January six attack. The senior member of

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Speaker 1: the Proud Boys admitted to planning of island assault on

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Speaker 1: the Capitol days before the January six insurrection. Jeremy Bertino

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Speaker 1: has agreed to cooperate with federal investigators. Gruesome crime on

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Speaker 1: the Las Vegas Strip, where police say eight people were stabbed.

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Speaker 1: At least two of the victims died. Las Vegas Metropolitan

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Speaker 1: and Police Deputy Chief James la Rochelle said the string

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Speaker 1: of attacks began with an apparently unprovoked attack. That stabbing

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Speaker 1: occurs quickly and in A suspect subsequently goes a self

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Speaker 1: bound on the sidewalk area and status additional victims UH.

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Speaker 1: Five victims there and um uh and there was an

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Speaker 1: additional victim on the south side of Sands. Also, Deputy

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Speaker 1: Chief Labrochelle says a suspect is in custody. Grieving relatives

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Speaker 1: are placing flowers at a day care center in rural

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Speaker 1: northeastern Thailand. A day earlier, a fired police officer killed

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Speaker 1: thirty six people, including children. Several media outlets are reporting

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Speaker 1: the FBI has gathered what it believes is enough evidence

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Speaker 1: to support charging President Biden's son Hunter with crimes related

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Speaker 1: to his taxes and a gun purchase. Global Need was

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Speaker 1: twenty four hours a day on a rand on Bloomberg Quicktake,

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Speaker 1: powered by more than the seven hundred journalists and analyst

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Speaker 1: world than a hundred twenty countries. Michael bar this is Bloomberg, Nathin.

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Speaker 1: Thank you, Michael. Almost five ten on Wall Street time

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Speaker 1: for the Bloomberg Sports Updated. Morney Johns, Good morning, Nathan.

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Speaker 1: It's the game the Mets did not want to play.

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Speaker 1: Did I think they were gonna have to play for

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Speaker 1: most of the season, but they finished tied for first

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Speaker 1: with Atlanta, who won the season series ten to nine.

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Speaker 1: That's the Braves sitting home today and the Mets getting

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Speaker 1: ready to play Game one of the best of three

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Speaker 1: wild Card series at Citi Field with San Diego and

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Speaker 1: Max sers Or will be on the mound for the Mets.

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Speaker 1: You're just anxious to get out there. You're anxious to

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Speaker 1: go out there and compete. Uh, you know everything's online,

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Speaker 1: win or go home. Um, you know that's the i

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Speaker 1: C you have to have. You have to win. I mean,

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Speaker 1: you get in the postseason and every day feels like

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Speaker 1: a must win that you know, must win the game. Um,

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Speaker 1: whether it's an elimination game or not. He always show

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Speaker 1: up the part like we got to win today. Hugh

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Speaker 1: Darvish starts to the Padres, who won the season series

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Speaker 1: with the Mets spoor to two. The game tonight comes

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Speaker 1: after three day games starting with Sam the Bay at Cleveland.

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Speaker 1: Whether that series then faces the Yankees, the Phillies playing St.

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Speaker 1: Louis c Attle. Seattle is in Toronto, NFL, and Denver

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Speaker 1: went to overtime. There were twelve Mounts, ten sacks, four

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Speaker 1: interceptions and no touchdowns. Indianapolis came four field goals. The

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Speaker 1: Broncos had three Indie one twelve to nine to get

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Speaker 1: at second one of the year. Denver drops to two

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Speaker 1: and three. Russell Wilson has struggled as his new team

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Speaker 1: landed Collins back with his old time team. Three time

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Speaker 1: Pro Bowl safety while with the Giants, he then signed

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Speaker 1: as a free agent with Washington. He was unsigned and

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Speaker 1: though Collins won't play Sunday, he did fly with his

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Speaker 1: new teammates to London for Sunday's game of Green Bay.

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Speaker 1: So in preseason last night, the Islanders beat the Devil's

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Speaker 1: five to two. NHL season begins next Tuesday, and at Barkley's,

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Speaker 1: the Net's blown out by the Heat Miami one by

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Speaker 1: twenty nine. Johns Dashward bloom Brook Sports Nick thank you,

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Speaker 1: John right now SMP futures are down one point down.

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Speaker 1: Futures are higher by thirty four points. Dan Stack futures

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Speaker 1: on the decline, down twenty nine points, about a quarter

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Speaker 1: of one percent. Ahead of September jobs will preview the

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Speaker 1: payroll data with Jennifer Lee of bemo Next Bloomberg eleven

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Speaker 1: three oh weather sunshine pleasant today with behind your seventy

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Speaker 1: five degrees. It's gonna be cooler this weekend though. Tomorrow's

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Speaker 1: high near sixty, low sixties and sunny for Sunday currently

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Speaker 1: sixty one in Central Park Markets. Headlines and breaking news

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Speaker 1: twenty four hours a day at Bloomberg dot Com, The

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Speaker 1: Bloomberg Business at and at Bloomberg Quick Take, This is

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Speaker 1: a Bloomberg business clash and I'm Karen Moscow. US dot

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Speaker 1: Index futures are little change this morning ahead of the

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Speaker 1: latest paved hours report, and investors will be looking for

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Speaker 1: clues on the path of monetary policy. European stocks also

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Speaker 1: a little change this morning, well now a little change

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Speaker 1: to higher and we checked the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg s andp futures little

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Speaker 1: change down. Futures of forty two and NAS day future

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Speaker 1: is down twenty four the decks in Germany's up a

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Speaker 1: tenth of a percent. Ten year treasury down to thirty seconds.

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Speaker 1: He'll three point three percent. They yield on the two

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Speaker 1: year four point to five percent. Ni Max Screwed oil

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Speaker 1: is up six ten percent or fifty one cents at

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Speaker 1: eighty eight dollars ninety nine cents a barrel. Comics schooled

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Speaker 1: the tenth of a percent of a dollar eighty at

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Speaker 1: seventeen twenty two sixty announce the euro point nine eight

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Speaker 1: o two against the dollar British found one point one

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Speaker 1: two oh six and a yen one forty four point

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Speaker 1: eight seven. And look at a bitcoin this morning, down

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Speaker 1: about two tens of a percent at twenty thousand dollars.

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Speaker 1: The sepembent jobs reported by the Way how at eight

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Speaker 1: thirty Wall Street Time, and that's a bloomberg business flash.

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Speaker 1: Now here's Michael Barr with more unless going on around

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Speaker 1: the world. Munchael, Good morning, Good morning, Karen. President Joe

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Speaker 1: Biden said the US is trying to find an off

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Speaker 1: ramp for Russian President Vladimir Putin vorious. His threats to

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Speaker 1: use tactical nuclear weapons are real and could lead to

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Speaker 1: Armageddoniden made his comments at a fundraiser in New York City.

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Speaker 1: This year's Nobel Peace Prize has been awarded to Al

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Speaker 1: Belarus Rites activists ales B. A. Leotsky, the Russian group Memorial,

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Speaker 1: and the Ukrainian Organization Center for Civil Liberties. In baseball,

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Speaker 1: the Matt Santa Padre started their wild Card playoff series

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Speaker 1: tonight Thursday Night Football. The Colts be the Broncos twelve

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Speaker 1: nine in a game where no touchdowns were scored. Global

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

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Speaker 1: Bloomberg Quicktake, powered by more than hundred journalists and analysts

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Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan.

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Speaker 1: Thank you, Michael. It's five nineteen on Wall Street Live

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Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak,

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Speaker 1: and we are indeed counting down to the release of

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Speaker 1: the September payrolls report at eight thirty am Wall Street time.

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Speaker 1: Ahead of that, it's time to talk with Jennifer Lee,

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Speaker 1: senior economist at BEMO Capital. Market's always great to speak

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Speaker 1: with you on a job's day, Jennifer. We have seen

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Speaker 1: signs of cooling in this jobs market. Do you think

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Speaker 1: they're gonna pan out when we get the actual data

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Speaker 1: later on this morning? Good morning, And I'm going to

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Speaker 1: say yes, I believe they will. Man. Of course we

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Speaker 1: said that last month and we had that big figure again.

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Speaker 1: But no, I think, well, we're roughly in line with expectations,

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Speaker 1: looking for about a two increase UH for September. Job

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Speaker 1: was right to stay steady, is shut around three point seven,

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Speaker 1: and earnings to continue to take a little bit higher,

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Speaker 1: which I think is probably the key number, um, just

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Speaker 1: because you would probably determine and you know how much stronger,

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Speaker 1: how much you know how much incomes workers are still getting,

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Speaker 1: and whether this is going to be a soft landing

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Speaker 1: or a hard landing, or if there's gonna be any

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Speaker 1: landing at all. Is that the key metric that the

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Speaker 1: FEDS looking at in terms of getting a handle on inflation.

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Speaker 1: What's behind that wage number? Call for you? So, I

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Speaker 1: mean again, just remains a very very tight labor market,

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Speaker 1: no matter what UM. It used to be tighter, but

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Speaker 1: still tight. And the tighter it is, the more employers

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Speaker 1: are gonna be half we're going to be forced to

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Speaker 1: pay out more are in wages and then that's going

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Speaker 1: to feel some inflation area theaters. So I think the

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Speaker 1: fetters gonna be looking at the entire report, but I

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Speaker 1: think the earnings number will be one of the ones

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Speaker 1: that they're play going to be zooming on a students

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Speaker 1: numbers are out. In terms of sectors, where are you

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Speaker 1: looking at the biggest signs of wage pressure in the

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Speaker 1: labor market, I'm going to see transportation um construction as well,

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Speaker 1: because those that's two areas that continues to continue to

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Speaker 1: have a very hard time finding skilled labor, qualified labor um.

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Speaker 1: You know, we've we've we've already been seeing come back

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Speaker 1: in in leisure and hospitality and in retail. But I

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Speaker 1: think transportation constructions are again to sectors that continue to

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Speaker 1: struggle to find workers, and because of that there are

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Speaker 1: going to be forced to pay out more in terms

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Speaker 1: of wages and for benefits to attract workers. Okay, so

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Speaker 1: transportations of one side, but we have seen a number

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Speaker 1: of reports from individual companies that they're beginning to think

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Speaker 1: think about layoffs again. Is that something that could pervade

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Speaker 1: into the broader report that we see later this morning. Um, possibly,

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Speaker 1: but I still think it might be a bit too early.

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Speaker 1: I mean, we we've already been seeing the headlines and

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Speaker 1: it was interesting actually that you know, the Challenger grant

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Speaker 1: Christmas layoffs ers don't get usually get too much airplay,

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Speaker 1: but they got a little bit more yesterday, just given

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Speaker 1: that there was a big over sixty sixty seven percent

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Speaker 1: jump yevery year and announced layoffs, but also the hiring

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Speaker 1: intentions robles also still people are still hiring, computers are

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Speaker 1: still hiring, for sure, but it's definitely at a floor

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Speaker 1: paste in what we've seen in the past. Where do

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Speaker 1: you see labor force participation at this point given the

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Speaker 1: dynamics that you're talking about in the labor market, there

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Speaker 1: has been there was a nice pick up last month,

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Speaker 1: and I think we should probably continue to see the

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Speaker 1: part rate tick hire. You know, when with prices on

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Speaker 1: the rise and station still you know, at at multi

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Speaker 1: decade highs, you know, people are gonna be coming off

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Speaker 1: of the sidelines, you know, and I say this month

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Speaker 1: after month, if you're entertaining you know a number of

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Speaker 1: job offerings, you know, to take one now because it's

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Speaker 1: not gonna last. So I think it's gonna all of

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Speaker 1: this is attracting people to come back onto into the workforce, um,

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Speaker 1: and that will help push the part ry a little

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Speaker 1: bit higher. Of course, we keep hearing from FED officials

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Speaker 1: that rates are going to keep staying higher for longer,

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Speaker 1: if not continuing to see outsized interest rate hikes in

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Speaker 1: the next couple of meetings. Here, what do you think

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Speaker 1: it's going to take in the labor market for the

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Speaker 1: FED to consider pulling back a bit on the aggressive

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Speaker 1: tightening stance it's taken, well, it's going to be more

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Speaker 1: than justice one report. It's going to be several reports.

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Speaker 1: It's going to be and it's not just the labor

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Speaker 1: market is going to be They're gonna be looking at everything.

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Speaker 1: And I think once they see inflation start buckling, um,

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Speaker 1: and it's going to take some time before that is,

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Speaker 1: before they start to pull back a little bit. I mean,

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Speaker 1: and we're we're we continually look for study increases with

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Speaker 1: other semi five basis points next one. But I think

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Speaker 1: and I don't think this report today is going to

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Speaker 1: change that view, but it's going to give a good

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Speaker 1: sign of how much further into that they're going to

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Speaker 1: continue hiking. I thought it was very interesting yesterday. I mean,

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Speaker 1: the messaging from the FEED officials quit consistent. But I

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Speaker 1: thought it was very interesting last night when Cleveland Side

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Speaker 1: Semester actually came out and said, you know, we are

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Speaker 1: not cutting rates next year, which was a pretty strong statement.

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Speaker 1: Um um. I don't think anyone's ever has been put

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Speaker 1: a timeline on rate cuts just you know, they've been

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Speaker 1: saying no, not yet, it's too soon. But the fact

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Speaker 1: that she actually said we're not doing it next year

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Speaker 1: was I thought quite telling. Yeah, very interesting to see

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Speaker 1: someone get on the record to that extent. It will

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Speaker 1: be interesting to watch whether other feed officials fall into

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Speaker 1: that line or sort of pushed back against it. Thanks

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Speaker 1: for this as always, gen great to get your thoughts.

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Speaker 1: Jennifer Lee, senior economist at BMO Capital Markets. As we

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Speaker 1: await the September payrolls reported eight thirty am Wall Street Time,

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Speaker 1: we will be breaking down the numbers for you live

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Speaker 1: here on Bloomberg Radio, and we will get reaction from

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Speaker 1: Labor Secretary Marty Walls. She joins us in the nine

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Speaker 1: am hour across Bloomberg Radio and television. You'll definitely want

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Speaker 1: to tune in for that. Ahead of all that, Futures

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Speaker 1: are trading mixed at the moment. You're listening to Bloomberg

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Speaker 1: Daybreak Bloomberg eleven three oh weather sunny and pleasant today

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Speaker 1: with a hind your seventy five degrees cooler tomorrow and

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Speaker 1: for the all weekend long hides in the low sixties.

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Speaker 1: But it's still gonna be sunny right now. Sixty one

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Speaker 1: in Central Park, Broadcasting live from the Bloomberg Interactive Broker

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Speaker 1: Studio in New York, Bloomberg E Living FREEO to Washington,

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Speaker 1: d C, Bloomberg nine to Boston, Bloomberg one O six

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Speaker 1: one to San Francisco, Bloomberg N sixty to the Country,

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Speaker 1: Sirius XM Chado one nine and around the globe the

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Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak.

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Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. We're just about four hours

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Speaker 1: away from the open of US trading. Let's get you

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Speaker 1: up to date on the news you need to know

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Speaker 1: at this hour. Beginning a talk from the Fed Central

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Speaker 1: bankers are coming out in full force. The talk down

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Speaker 1: expectations of a turn to more devilish policy. We heard

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Speaker 1: hawkish comments from no less than five officials yesterday, including

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Speaker 1: Minneapolis Fed President Neil cash Cary. I fully expect that

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Speaker 1: there are going to be some losses and they're going

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Speaker 1: to be some failures around the global economy as we

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Speaker 1: transition to a higher interest rate environment, and that's the

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Speaker 1: nature of capitalism. Minneapolis Fed President Neil cash Cary said

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Speaker 1: the Central Bank is quite a ways away from pausing

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Speaker 1: rate hikes. Likewise, Fed Governor Christopher Waller emphasized the need

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Speaker 1: to bring down inflation. I believe we have tools in

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Speaker 1: place to address any financial stability concerns, and we should

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Speaker 1: not be looking to monetary policy for this purpose. The

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Speaker 1: focus of monetary policy needs to be on one thing,

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Speaker 1: fighting inflation. Governor Chris Waller says the Fed needs to

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Speaker 1: continue to raise interest rates into next year. We also

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Speaker 1: heard hawkish remarks from Cleveland Fed Chief Ridemester that Governor

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Speaker 1: Lisa Cook and Chicago's Charles Evans taking a look at

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Speaker 1: markets now. Karen futures are mixed following those comments and

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Speaker 1: weak earnings from chip makers. Jessica Biemer's portfolio manager with

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Speaker 1: Easterly Investment Partners, Interest rates have really been a dominant

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Speaker 1: story since mid August, and it's created some panic and

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Speaker 1: equity markets is around housing m and a financing, you know,

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Speaker 1: rolling debt. I think people are really worried about kind

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Speaker 1: of how those rates are going to affect individual companies.

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Speaker 1: Jessica Biemer with Easterly Investment Partner, says we're only starting

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Speaker 1: to get hints of the full impact of rate hikes,

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Speaker 1: and one of those hints could come today. Nathan in

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Speaker 1: the September jobs are for do out of date thirty Am,

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Speaker 1: Wells Street Time, stick with us for live coverage All

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Speaker 1: Morning Plus will speak live with US Labor Secretary Murty

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Speaker 1: Walsh and the nine am hour on Bloomberg Radio and television.

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Speaker 1: We have an update on elon Musk and Twitter. Karen,

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Speaker 1: a Delaware judge has halted the mid October court case

431
00:22:53,119 --> 00:22:56,359
Speaker 1: against Musk to allow his deal to buy Twitter to close.

432
00:22:56,440 --> 00:22:58,560
Speaker 1: Right now, Twitter shares her up about two tenths per cent.

433
00:22:59,359 --> 00:23:02,720
Speaker 1: And we have three winners of this year's Nobel Priest Prize.

434
00:23:03,080 --> 00:23:07,639
Speaker 1: At Les Ballatsky from Belarus, a Russian human rights organization

435
00:23:07,720 --> 00:23:11,840
Speaker 1: called Memorial, and the Ukrainian human rights organization Center for

436
00:23:12,000 --> 00:23:15,080
Speaker 1: Civil Liberties have won the Nobel Peace Prize. The Nobel

437
00:23:15,119 --> 00:23:17,800
Speaker 1: Committee said they won for promoting the right to criticize

438
00:23:17,840 --> 00:23:22,560
Speaker 1: power and protect the fundamental rights of citizens. Futures this

439
00:23:22,600 --> 00:23:26,600
Speaker 1: morning are little changed. DAL features up forty seven, NASDAG

440
00:23:26,640 --> 00:23:29,920
Speaker 1: features down twenty eight and straight Ahead your latest local headlines,

441
00:23:30,040 --> 00:23:38,680
Speaker 1: plus a check of sports. And this is Bloomberg. Thanks

442
00:23:38,680 --> 00:23:41,640
Speaker 1: Tearing three on Wall Street sixty one degrees in Central Park.

443
00:23:41,720 --> 00:23:44,440
Speaker 1: We got a crash at the queensbound white Stone Bridge.

444
00:23:44,680 --> 00:23:46,760
Speaker 1: Tell you more in traffic First, Michael Bars here with

445
00:23:46,800 --> 00:23:48,359
Speaker 1: what else is going on in New York and around

446
00:23:48,400 --> 00:23:50,880
Speaker 1: the world. Michael, thank you very much, Nathan, and afternoon

447
00:23:50,920 --> 00:23:54,240
Speaker 1: in the Bronx turned into a horrific moment. Authorities in

448
00:23:54,240 --> 00:23:56,880
Speaker 1: New York Cities. The ten people were injured, including two

449
00:23:56,880 --> 00:24:00,000
Speaker 1: young children, when a police cruiser collided with another vehicle

450
00:24:00,520 --> 00:24:03,880
Speaker 1: and crashed onto a sidewalk in my p D. Chief

451
00:24:03,920 --> 00:24:07,320
Speaker 1: of Patrol Jeffrey Madre said the patrol car was responding

452
00:24:07,359 --> 00:24:09,840
Speaker 1: to a call and trying to get around a vehicle

453
00:24:10,040 --> 00:24:13,040
Speaker 1: at an intersection when the crash happened. Because there's an

454
00:24:13,080 --> 00:24:17,840
Speaker 1: investigation unit, it's conducted an investigation. They'll continue to talk

455
00:24:17,880 --> 00:24:22,240
Speaker 1: to witnesses, they'll continue to find video, and they'll continue

456
00:24:22,240 --> 00:24:25,560
Speaker 1: to piece together exactly what happened here. The NYPDS Jeffrey

457
00:24:25,560 --> 00:24:28,800
Speaker 1: Madre says there are no major injuries, though everyone involved

458
00:24:28,880 --> 00:24:31,880
Speaker 1: was taken to the hospital. A federal judge struck down

459
00:24:31,880 --> 00:24:35,200
Speaker 1: New York State's new law banning guns in certain places.

460
00:24:35,520 --> 00:24:38,000
Speaker 1: The law was created in response to a Supreme Court

461
00:24:38,119 --> 00:24:41,640
Speaker 1: ruling striking down another New York law that restricted who

462
00:24:41,640 --> 00:24:44,639
Speaker 1: could own a gun. Now, officials are concerned about guns

463
00:24:44,680 --> 00:24:48,919
Speaker 1: being carried into crowded areas like Times Square. Governor hocol

464
00:24:48,960 --> 00:24:52,520
Speaker 1: plans to appeal horrific scene on the Las Vegas Strip

465
00:24:52,600 --> 00:24:56,040
Speaker 1: where police say eight people were stabbed in a string

466
00:24:56,119 --> 00:24:59,720
Speaker 1: of allegedly unprovoked attacks. At least two of the victims

467
00:24:59,760 --> 00:25:03,040
Speaker 1: were kild and six wounded, including several in critical condition.

468
00:25:03,400 --> 00:25:07,480
Speaker 1: Las Vegas Metropolitan Police Deputy Chief James la Rochelle it's

469
00:25:07,520 --> 00:25:10,920
Speaker 1: just clearly a very tragic and hard to understand, hard

470
00:25:10,960 --> 00:25:16,880
Speaker 1: to comprehend murder investigation that deeply impacts our community. Deputy

471
00:25:16,920 --> 00:25:20,240
Speaker 1: Chief and La Rochelle says a large knife has been recovered.

472
00:25:20,440 --> 00:25:23,000
Speaker 1: A member of the Proud Boys has admitted his role

473
00:25:23,080 --> 00:25:27,280
Speaker 1: in the Capitol attack. Jeremy Bertino of North Carolina pleaded

474
00:25:27,359 --> 00:25:31,800
Speaker 1: guilty to seditious conspiracy. Bertino has also agreed to cooperate

475
00:25:31,840 --> 00:25:35,639
Speaker 1: and help federal agents with their investigation. Bertino becomes the

476
00:25:35,680 --> 00:25:38,680
Speaker 1: first defendant aligned with the Proud Boys to plead guilty

477
00:25:38,720 --> 00:25:41,800
Speaker 1: to the Church. Global News twenty four hours a day

478
00:25:41,960 --> 00:25:45,200
Speaker 1: on air and on Bloomberg Quicktake, powered by more than

479
00:25:45,240 --> 00:25:47,840
Speaker 1: twenty seven hundred journalists and analyst in more than one

480
00:25:48,200 --> 00:25:51,960
Speaker 1: twenty countries. Michael Barr and this is Bloomberg Nathan. Thanks

481
00:25:52,000 --> 00:25:59,600
Speaker 1: Michael on Wall Street. Time for the Bloomberg Sports Update.

482
00:25:59,600 --> 00:26:03,280
Speaker 1: Here's John intention aren Athan. Baseball postseason begins today, new

483
00:26:03,320 --> 00:26:05,800
Speaker 1: format making its debut. There used to be a single

484
00:26:05,920 --> 00:26:08,560
Speaker 1: wild card game in each league, and there are four

485
00:26:08,680 --> 00:26:11,399
Speaker 1: best of three wild cards series, including the Mets and

486
00:26:11,440 --> 00:26:14,080
Speaker 1: Padres at City Field, and Mets forced into this series

487
00:26:14,400 --> 00:26:16,520
Speaker 1: when they came up just shorter win the division. Pete

488
00:26:16,520 --> 00:26:19,520
Speaker 1: Alonzo was asked about last weekend when they got swept

489
00:26:19,560 --> 00:26:23,640
Speaker 1: in Atlanta. People look at the look at the Atlanta series, Uh,

490
00:26:23,720 --> 00:26:26,840
Speaker 1: and they think that's the that was the determining factor.

491
00:26:26,920 --> 00:26:30,399
Speaker 1: But to be honest with you, um, we got swept

492
00:26:30,400 --> 00:26:33,560
Speaker 1: by the Cubs like three weeks prior, so um, if

493
00:26:33,560 --> 00:26:35,639
Speaker 1: we didn't get swept if we had one more game,

494
00:26:35,760 --> 00:26:38,640
Speaker 1: or if you look at um, I don't know the

495
00:26:38,680 --> 00:26:42,000
Speaker 1: sixties some other games were it was closed Pitchers tonight,

496
00:26:42,080 --> 00:26:44,600
Speaker 1: Max Scherzer, you Darvis sounds like the Mets. If they

497
00:26:44,640 --> 00:26:47,919
Speaker 1: win tonight, we'll start Chris Bassett tomorrow. Then they'd have

498
00:26:48,040 --> 00:26:50,840
Speaker 1: Jacob de Ground for either Game three Sunday or Game

499
00:26:50,920 --> 00:26:53,000
Speaker 1: one next Tuesday in l a. If they lose tonight,

500
00:26:53,040 --> 00:26:56,000
Speaker 1: they'd start to grind tomorrow. Yankees had some decisions to

501
00:26:56,040 --> 00:26:58,040
Speaker 1: make under a roster for the a L d ess

502
00:26:58,040 --> 00:27:01,200
Speaker 1: against either Cleveland or Tampa Bay. Aaron Boone hinted that

503
00:27:01,280 --> 00:27:03,119
Speaker 1: Matt Carpenter, who has been out since he broke his

504
00:27:03,200 --> 00:27:05,399
Speaker 1: foot in early August, is ready to return, couldn't use

505
00:27:05,400 --> 00:27:07,880
Speaker 1: as a contitter off the betch. Week five. By the way,

506
00:27:07,920 --> 00:27:11,320
Speaker 1: Indianapolis won in Denver twelve to nine in overtime. Colts

507
00:27:11,359 --> 00:27:14,359
Speaker 1: QB Matt Ryan called it a slog of a game.

508
00:27:14,440 --> 00:27:18,719
Speaker 1: It was twelve punts, ten sacks, four interceptions, no touchdowns.

509
00:27:18,720 --> 00:27:20,439
Speaker 1: The Giants are in London getting ready to play the

510
00:27:20,440 --> 00:27:23,720
Speaker 1: Factors Sunday morning, New York Times. Giants just signed safety

511
00:27:23,840 --> 00:27:25,919
Speaker 1: land and Collins, who in his first stint with the

512
00:27:25,960 --> 00:27:29,080
Speaker 1: Giants was a three time pro bowler only preseason, but

513
00:27:29,119 --> 00:27:31,400
Speaker 1: the Nets loss at home to Miami by twenty nine.

514
00:27:31,840 --> 00:27:35,280
Speaker 1: Islanders beat the Devil's. New NHL season starts next week.

515
00:27:35,640 --> 00:27:39,360
Speaker 1: John Stasholler Bloomberg Sport Maybe thanks John seven on Wall

516
00:27:39,400 --> 00:27:42,160
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg

517
00:27:42,280 --> 00:27:45,960
Speaker 1: Scott Carr. Connecticut's Yale New Haven Health assigned agreements to

518
00:27:45,960 --> 00:27:50,080
Speaker 1: acquire two health systems from California based Prospect Medical Holdings,

519
00:27:50,200 --> 00:27:53,639
Speaker 1: including three hospitals. They include Waterbury Health and includes the

520
00:27:53,680 --> 00:27:57,560
Speaker 1: three hundred fifty seven bed Waterbury Hospital and Eastern Connecticut

521
00:27:57,560 --> 00:28:01,280
Speaker 1: Health Network, which includes Manchester Memorial Hospital. They both returned

522
00:28:01,320 --> 00:28:05,080
Speaker 1: to nonprofit status under the deal. Liquor Giant Beams Suntory

523
00:28:05,200 --> 00:28:08,200
Speaker 1: is opening new global headquarters in New York City this week,

524
00:28:08,480 --> 00:28:12,000
Speaker 1: relocating from Chicago. One fifty workers get a whole floor

525
00:28:12,040 --> 00:28:14,439
Speaker 1: to themselves at eleven of Medicine Avenue in the city's

526
00:28:14,480 --> 00:28:17,840
Speaker 1: Flat Iron District. New Jersey's announced a half million dollars

527
00:28:17,880 --> 00:28:21,040
Speaker 1: in funding that will be used to expand small business exporting.

528
00:28:21,280 --> 00:28:23,800
Speaker 1: The state's Business Action Center received funding for the New

529
00:28:23,880 --> 00:28:27,119
Speaker 1: Jersey Step program to support food and beverage manufacturers. And

530
00:28:27,280 --> 00:28:30,879
Speaker 1: underserved business communities that want to start selling internationally. The

531
00:28:30,920 --> 00:28:35,240
Speaker 1: program will provide export resources to minority LGBTQ women and

532
00:28:35,359 --> 00:28:38,760
Speaker 1: veteran owned businesses. That's the Bloomberg Tri State Business Report.

533
00:28:38,880 --> 00:28:42,080
Speaker 1: I'm Scott Carr. Thanks Scott eight on Wall Street. Bloomberg

534
00:28:42,160 --> 00:28:44,440
Speaker 1: Radio is on the air from San Francisco to New York,

535
00:28:44,480 --> 00:28:46,800
Speaker 1: London to Hong Kong. Let's check in with our global

536
00:28:46,840 --> 00:28:48,560
Speaker 1: news team for some of the top stories heard on

537
00:28:48,560 --> 00:28:54,520
Speaker 1: our three hundred affiliate radio stations around the world. I'm

538
00:28:54,560 --> 00:28:57,400
Speaker 1: Steve Polo, Scott ten ten Wins in New York. We're

539
00:28:57,440 --> 00:29:01,680
Speaker 1: talking about booming super yacht sale um Corney Donahoe on

540
00:29:01,800 --> 00:29:04,760
Speaker 1: KATR H in Houston. Amazon is shutting down tests of

541
00:29:04,840 --> 00:29:07,800
Speaker 1: its home delivery robot and its latest cost cut. I'm

542
00:29:07,880 --> 00:29:10,640
Speaker 1: Gina Servettian for w w b B. I'm in Chicago.

543
00:29:10,760 --> 00:29:13,960
Speaker 1: I'm reporting that a poll shows just over forty percent

544
00:29:14,200 --> 00:29:17,960
Speaker 1: of area households said they were very stressed by inflation.

545
00:29:18,320 --> 00:29:21,080
Speaker 1: I'm Stephen Carol and Bloomberg d A B Digital Radio

546
00:29:21,120 --> 00:29:24,440
Speaker 1: in London. We've been reporting on EU leaders discussing options

547
00:29:24,440 --> 00:29:27,680
Speaker 1: for capping natural gas prices as the continent races to

548
00:29:27,720 --> 00:29:31,240
Speaker 1: replace supply from Russia, and those are some of the

549
00:29:31,280 --> 00:29:34,360
Speaker 1: stories are twenty d Bloomberg journalists and analysts are working

550
00:29:34,400 --> 00:29:37,680
Speaker 1: on this morning around the world. It's nine on Wall Street.

551
00:29:37,920 --> 00:29:42,120
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial

552
00:29:42,320 --> 00:29:46,040
Speaker 1: was written by the Bloomberg Editorial Board. In recent weeks,

553
00:29:46,200 --> 00:29:49,880
Speaker 1: young female protesters in Iran have led the biggest show

554
00:29:49,920 --> 00:29:54,520
Speaker 1: of resistance to the country's theocratic government in years. As

555
00:29:54,560 --> 00:29:58,360
Speaker 1: the regime intensifies its brutal response, the U S should

556
00:29:58,360 --> 00:30:01,560
Speaker 1: do what it can to ensure of the movement survives.

557
00:30:01,960 --> 00:30:05,560
Speaker 1: That does not mean promising more direct aid to protesters

558
00:30:05,960 --> 00:30:09,880
Speaker 1: or calling for regime change, both of which would only

559
00:30:09,960 --> 00:30:13,880
Speaker 1: bolster Iran's efforts to discredit the movement. That the U

560
00:30:14,040 --> 00:30:17,480
Speaker 1: S could, for example, work with European governments the sanction

561
00:30:17,600 --> 00:30:23,200
Speaker 1: regime officials suspected of abuses against peaceful protesters. The emergence

562
00:30:23,200 --> 00:30:26,680
Speaker 1: of a democratic Iran would be an immensely positive development,

563
00:30:26,880 --> 00:30:31,200
Speaker 1: both for Iranians and the world. Ultimately, that's a change

564
00:30:31,240 --> 00:30:34,560
Speaker 1: only the Iranian people can bring about, but the US

565
00:30:34,600 --> 00:30:38,160
Speaker 1: should help them where it can. This editorial was written

566
00:30:38,160 --> 00:30:41,600
Speaker 1: by the Bloomberg Editorial Board for more Bloomberg opinion, Please

567
00:30:41,600 --> 00:30:44,960
Speaker 1: go to Bloomberg dot com, Slash opinion or OPI n

568
00:30:45,040 --> 00:30:48,760
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion.

569
00:30:48,840 --> 00:30:51,920
Speaker 1: Listen for Bloomberg opinion editorials every week. At this time,

570
00:30:52,040 --> 00:30:55,040
Speaker 1: terminal customers can read more at O P I n go.

571
00:30:55,840 --> 00:30:58,680
Speaker 1: SFP futures are higher by three points now so still

572
00:30:58,720 --> 00:31:01,800
Speaker 1: it'll change. Own futures up sixty six NASDAK future is

573
00:31:01,840 --> 00:31:04,760
Speaker 1: still a bit lower, down sixteen points. Tell your treasury

574
00:31:04,840 --> 00:31:07,600
Speaker 1: is down one thirty second you'll three point three percent.

575
00:31:08,080 --> 00:31:11,080
Speaker 1: Checking Twitter in the pre market up two tenths per

576
00:31:11,160 --> 00:31:14,719
Speaker 1: cent with the deal for Elon Musk to buy it.

577
00:31:15,400 --> 00:31:18,280
Speaker 1: Getting a little more time. Alex Webb of Bloomberg quick

578
00:31:18,320 --> 00:31:24,200
Speaker 1: Take joins us next Bloomberg eleven three oh weather sunshine

579
00:31:24,280 --> 00:31:26,840
Speaker 1: mid seventies to end the week. It's gonna be sunny

580
00:31:26,880 --> 00:31:30,880
Speaker 1: this weekend, but cooler only your sixty tomorrow low sixties

581
00:31:30,920 --> 00:31:33,760
Speaker 1: by Sunday right now sixty one and clear in Central

582
00:31:33,800 --> 00:31:40,520
Speaker 1: Park markets. Headlines and breaking news twenty four hours a

583
00:31:40,600 --> 00:31:43,560
Speaker 1: day at Bloomberg dot com, the Bloomberg Business at and

584
00:31:43,760 --> 00:31:53,280
Speaker 1: at Bloomberg quick Take. He's a Bloomberg Business flash, and

585
00:31:53,320 --> 00:31:56,080
Speaker 1: I'm Karen Moscow. US Dunk index futures are a little

586
00:31:56,160 --> 00:31:59,920
Speaker 1: change this morning as investors await the latest payrolls report

587
00:32:00,000 --> 00:32:02,880
Speaker 1: work for a cluise on the monetary policy path of

588
00:32:02,920 --> 00:32:05,480
Speaker 1: the Federal Reserve. We checked the markets every fifteen minutes

589
00:32:05,480 --> 00:32:08,520
Speaker 1: throughout the trading day on Bloomberg SP futures again little

590
00:32:08,600 --> 00:32:12,400
Speaker 1: change down futures up fifty one. NASDAG future is lower,

591
00:32:12,480 --> 00:32:14,960
Speaker 1: down twenty six. The decks in Germany is up about

592
00:32:14,960 --> 00:32:17,120
Speaker 1: a tenth of upper cent ten. Your treasury down one

593
00:32:17,160 --> 00:32:20,480
Speaker 1: thirty second, yell three point three percent. The yield on

594
00:32:20,560 --> 00:32:23,440
Speaker 1: the two year is four point to five percent. NIMEX

595
00:32:23,520 --> 00:32:25,800
Speaker 1: freuded oil up half percent, or forty four cents at

596
00:32:25,800 --> 00:32:27,960
Speaker 1: eighty eight dollars eighty nine cents of barrel. Fill my

597
00:32:28,080 --> 00:32:31,720
Speaker 1: school that will changed at seventeen, twenty twenty announced the

598
00:32:31,800 --> 00:32:34,880
Speaker 1: euro point nine eight against the dollar, the British found

599
00:32:34,920 --> 00:32:38,360
Speaker 1: one one and the yen one four point eight five.

600
00:32:38,800 --> 00:32:40,880
Speaker 1: And Bitcoin this morning is down four tens of a

601
00:32:41,000 --> 00:32:43,960
Speaker 1: percent and nineteen thousand, nine hundred dollars. And that's a

602
00:32:43,960 --> 00:32:46,640
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

603
00:32:46,760 --> 00:32:49,280
Speaker 1: what's going on around the World, Michael Karen, thank you

604
00:32:49,360 --> 00:32:52,160
Speaker 1: very much. President Joe Biden says the risk of nuclear

605
00:32:52,320 --> 00:32:55,440
Speaker 1: arma Gedton is at the highest level since the nineteen

606
00:32:55,480 --> 00:33:00,000
Speaker 1: sixty two Cuban missile prices. President Biden's comments come as

607
00:33:00,040 --> 00:33:03,760
Speaker 1: Russian officials speak of the possibility of using tactical nuclear

608
00:33:03,800 --> 00:33:07,600
Speaker 1: weapons in the eight month invasion of Ukraine. Biden said

609
00:33:07,680 --> 00:33:11,880
Speaker 1: Russian President Vladimir Putin was not joking. Jail Belarus and

610
00:33:12,000 --> 00:33:14,720
Speaker 1: human rights advocate won the Nobel Peace Prize this year,

611
00:33:14,960 --> 00:33:18,600
Speaker 1: along with two organizations that protects civil society in Russia

612
00:33:18,640 --> 00:33:24,240
Speaker 1: and Ukraine. Les Bio Latsky from Belarus, Memorial of Russia

613
00:33:24,360 --> 00:33:27,200
Speaker 1: and Ukraine Center for Civil Liberties were award at the

614
00:33:27,240 --> 00:33:30,560
Speaker 1: prize Today. In baseball, the met Santa Padres start their

615
00:33:30,560 --> 00:33:33,960
Speaker 1: wild Card playoff series tonight. Thursday Night Football, the Colts

616
00:33:34,000 --> 00:33:37,800
Speaker 1: beat the Broncos. Twelve nine. Global News twenty four hours

617
00:33:37,800 --> 00:33:40,880
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

618
00:33:40,880 --> 00:33:43,520
Speaker 1: more than twenty seven hundred journalists analyists more than a

619
00:33:43,560 --> 00:33:47,800
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg. Nahon. Okay, Michael, thanks,

620
00:33:47,880 --> 00:33:50,360
Speaker 1: It's just about five forty nine on Wall Street Life

621
00:33:50,360 --> 00:33:54,920
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.

622
00:33:54,960 --> 00:33:57,480
Speaker 1: We want to get to the latest on the buyout

623
00:33:57,560 --> 00:34:01,440
Speaker 1: drama between Twitter and Elon Musk, because, as it will continue,

624
00:34:01,600 --> 00:34:05,080
Speaker 1: the court case to force the forty four billion dollar

625
00:34:05,160 --> 00:34:08,879
Speaker 1: deal is on hold. The world's richest man is now

626
00:34:08,920 --> 00:34:11,759
Speaker 1: accusing the social network of refusing to take yes for

627
00:34:11,800 --> 00:34:14,759
Speaker 1: an answer. Let's get some insights now. Bloomberg Quick Take

628
00:34:14,760 --> 00:34:18,840
Speaker 1: correspondent Alex Webb joins me. He's been following this saga

629
00:34:19,120 --> 00:34:23,000
Speaker 1: very closely. Alex, good morning. What does this delay mean?

630
00:34:25,160 --> 00:34:28,640
Speaker 1: I guess well, there are two pieces here. It's firstly

631
00:34:29,160 --> 00:34:35,320
Speaker 1: whether he can secure the financing, and if he can't,

632
00:34:35,520 --> 00:34:37,680
Speaker 1: then it looks like the court case is back on.

633
00:34:38,120 --> 00:34:40,319
Speaker 1: If he can, and then he can close the deal

634
00:34:40,440 --> 00:34:46,000
Speaker 1: by October because the Delaware case has been paused until then,

635
00:34:46,800 --> 00:34:49,160
Speaker 1: then it seems like they call the whole thing off

636
00:34:49,200 --> 00:34:51,839
Speaker 1: in terms of the actual hearing and the deal goes through.

637
00:34:51,960 --> 00:34:55,680
Speaker 1: So those are the two phenomena we've seen over the

638
00:34:55,719 --> 00:34:58,319
Speaker 1: past twenty four hours of say, let's talk about the

639
00:34:58,360 --> 00:35:02,440
Speaker 1: first phenomenon, because Musk, according to the filings, is now

640
00:35:02,480 --> 00:35:05,719
Speaker 1: saying that the deal is contingent on him getting thirteen

641
00:35:05,760 --> 00:35:09,880
Speaker 1: billion dollars in debt financing. I guess that has Twitter

642
00:35:09,920 --> 00:35:13,320
Speaker 1: accusing him of changing the terms of the deal. Is

643
00:35:14,000 --> 00:35:17,800
Speaker 1: that fair to say that Musk is trying to play

644
00:35:17,840 --> 00:35:21,160
Speaker 1: things both ways here? I mean, just in a matter

645
00:35:21,200 --> 00:35:23,480
Speaker 1: of fact, he is literally changing the terms of the

646
00:35:23,480 --> 00:35:25,799
Speaker 1: deal because this is not in the original filing, it

647
00:35:25,920 --> 00:35:28,799
Speaker 1: is in the new filing. It is also presumably a

648
00:35:28,800 --> 00:35:32,440
Speaker 1: reflection of reality because the way these things work is

649
00:35:32,480 --> 00:35:35,920
Speaker 1: that the banks that had pledged thirteen billion dollars in financing,

650
00:35:36,360 --> 00:35:40,120
Speaker 1: they would then turn around to institutional investors and resell

651
00:35:40,239 --> 00:35:44,840
Speaker 1: that debt. Interest rates, as will be no surprise to anyone,

652
00:35:44,880 --> 00:35:49,160
Speaker 1: have increased significantly in the intervening months, so their ability

653
00:35:49,280 --> 00:35:53,040
Speaker 1: to to refinance that debt has perhaps diminished. Now the

654
00:35:53,080 --> 00:35:56,759
Speaker 1: big question here is whether the banks are willing to

655
00:35:57,200 --> 00:36:00,680
Speaker 1: would prefer to take a reputational hit I from backing

656
00:36:00,680 --> 00:36:03,759
Speaker 1: out of the financing, or take an actual financial hit.

657
00:36:03,800 --> 00:36:06,720
Speaker 1: And it may be different for different banks. So that's

658
00:36:06,719 --> 00:36:11,239
Speaker 1: the great imponderable right now, uh, and is what the

659
00:36:11,280 --> 00:36:14,880
Speaker 1: whole deal depends upon. This seems to raise the question

660
00:36:14,960 --> 00:36:19,800
Speaker 1: about whether Must maybe trying once again to back away

661
00:36:20,000 --> 00:36:22,640
Speaker 1: from this deal. Is that taking things too far to

662
00:36:22,760 --> 00:36:28,000
Speaker 1: say that I'm predicting or trying to read the sort

663
00:36:28,000 --> 00:36:32,320
Speaker 1: of inner workings of Ellen's mind is a challenging task

664
00:36:32,400 --> 00:36:35,680
Speaker 1: for anyone. But we've seen time and again how he

665
00:36:35,760 --> 00:36:40,399
Speaker 1: has renewed on pledges and promises, and I don't think

666
00:36:40,440 --> 00:36:42,480
Speaker 1: it would be sensible to rule anything out. There may

667
00:36:42,520 --> 00:36:45,680
Speaker 1: be a game of another game of three D chess

668
00:36:45,719 --> 00:36:48,600
Speaker 1: at play here, and there is some wily strategy to

669
00:36:48,680 --> 00:36:51,439
Speaker 1: try to, you know, finagle his way out of the deal.

670
00:36:51,600 --> 00:36:54,439
Speaker 1: So you know, I'm not saying that's definitely the case,

671
00:36:54,640 --> 00:36:57,239
Speaker 1: but I think it would be unwise to rule anything out.

672
00:36:57,760 --> 00:37:00,360
Speaker 1: And as far as what Twitter gets out of this,

673
00:37:00,440 --> 00:37:04,560
Speaker 1: what are you looking for there? Look, there are several

674
00:37:04,680 --> 00:37:07,439
Speaker 1: parts to the Twitter equation because on the one hand,

675
00:37:07,480 --> 00:37:12,000
Speaker 1: you have the Twitter investors. It looks like they would

676
00:37:12,040 --> 00:37:14,120
Speaker 1: love for this deal to go through, because it didn't

677
00:37:14,160 --> 00:37:16,840
Speaker 1: really seem like there was much path to reaching that

678
00:37:16,920 --> 00:37:20,960
Speaker 1: fifty four dollars twenty per share offer without the Elon bid.

679
00:37:20,960 --> 00:37:24,360
Speaker 1: The shares at one stage dip close to thirty dollars

680
00:37:24,400 --> 00:37:26,080
Speaker 1: when it looked very much as though the deal was

681
00:37:26,120 --> 00:37:29,080
Speaker 1: going to be off. They recovered a little bit since then, Uh,

682
00:37:29,400 --> 00:37:33,160
Speaker 1: then you have, of course the Twitter management. We saw

683
00:37:33,239 --> 00:37:36,680
Speaker 1: from some of the text messages that were released a

684
00:37:36,680 --> 00:37:40,280
Speaker 1: few days ago that Elon Musk's relationship with Paraga Aguad,

685
00:37:40,280 --> 00:37:43,440
Speaker 1: the CEO, deteriorated very quickly. It doesn't look like he

686
00:37:43,520 --> 00:37:46,440
Speaker 1: would be around for much longer if Elon came in.

687
00:37:46,760 --> 00:37:50,239
Speaker 1: And finally, the employee base as a whole, Uh, there

688
00:37:50,320 --> 00:37:53,160
Speaker 1: is a great deal of uncertainty about what happens to headcount,

689
00:37:53,520 --> 00:37:57,600
Speaker 1: which parts of the company would face slashing cuts because

690
00:37:58,040 --> 00:38:01,520
Speaker 1: you hear wide criticism until looking about the way Twitter

691
00:38:01,560 --> 00:38:03,480
Speaker 1: is staffed that maybe it's over staffed or it's not

692
00:38:03,680 --> 00:38:06,799
Speaker 1: often in the right areas, and so uh they you

693
00:38:06,840 --> 00:38:08,160
Speaker 1: feel you've got to feel a little bit for the

694
00:38:08,160 --> 00:38:11,960
Speaker 1: Twitter employees right now. Who I'm going a great deal uncertainty. Yeah,

695
00:38:12,040 --> 00:38:16,240
Speaker 1: we keep hearing reports and uh tales really of people

696
00:38:16,560 --> 00:38:21,239
Speaker 1: at the morale at Twitter at pretty significant lows here

697
00:38:21,280 --> 00:38:24,080
Speaker 1: as this saga goes on. Thanks for this, Alex, great

698
00:38:24,120 --> 00:38:26,880
Speaker 1: to talk with you as always. Bloomberg Quick Take correspondent

699
00:38:27,160 --> 00:38:29,800
Speaker 1: Alex Webb with us this morning and looking at Twitter

700
00:38:29,880 --> 00:38:33,719
Speaker 1: shares in the pre market there below fifty twenty but

701
00:38:34,360 --> 00:38:38,080
Speaker 1: little changed on the session trading at right now, Karen,

702
00:38:38,600 --> 00:38:40,800
Speaker 1: All right, Nathan, thank you, and it's five fifty three

703
00:38:41,000 --> 00:38:43,120
Speaker 1: on Wall Street at this time. Now for the Bloomberg

704
00:38:43,280 --> 00:38:46,000
Speaker 1: Law Report, Let's get to the legal stories we're watching

705
00:38:46,000 --> 00:38:52,200
Speaker 1: this morning with Bloomberg Jeff Bellinger. The Department of Labor

706
00:38:52,280 --> 00:38:56,000
Speaker 1: updated its regulations on the prevailing wages and minimum standards

707
00:38:56,000 --> 00:39:00,239
Speaker 1: for employment conditions for workers on agricultural guest worker v says.

708
00:39:00,320 --> 00:39:03,720
Speaker 1: A federal judicial panel says metal platforms and other social

709
00:39:03,760 --> 00:39:08,080
Speaker 1: media companies will face consolidated pre trial litigation in California

710
00:39:08,239 --> 00:39:11,440
Speaker 1: in his alleged that social media platforms cause addiction and

711
00:39:11,600 --> 00:39:15,560
Speaker 1: self destructive behavior in adolescents. On lawsuit accuses the New

712
00:39:15,600 --> 00:39:18,200
Speaker 1: England Patriots Hall of Fame of damaging a flag that

713
00:39:18,280 --> 00:39:20,799
Speaker 1: was autographed by Tom Brady. The flag was on loan

714
00:39:20,920 --> 00:39:24,759
Speaker 1: from a private collector. Bloomberg Law Everything you need on

715
00:39:24,760 --> 00:39:30,120
Speaker 1: one legal research platform, Amelysis and Bloomberg Market Intelligence. Find

716
00:39:30,120 --> 00:39:34,279
Speaker 1: out more at Bloomberg Law dot com. All right, Jeff,

717
00:39:34,320 --> 00:39:37,000
Speaker 1: thanks Now. Another legal story we're watching this week. A

718
00:39:37,080 --> 00:39:40,840
Speaker 1: former naval officer turned attorney made his Supreme Court debut,

719
00:39:41,080 --> 00:39:45,520
Speaker 1: arguing on behalf of a fellow veteran seeking retroactive disability benefits.

720
00:39:45,880 --> 00:39:48,440
Speaker 1: They're challenging a circuit court ruling that set a veteran

721
00:39:48,520 --> 00:39:51,680
Speaker 1: can't get around the deadline of one year after discharge

722
00:39:51,719 --> 00:39:55,600
Speaker 1: for filing service linked to retroactive benefits. James Barney argued

723
00:39:55,600 --> 00:39:59,320
Speaker 1: that his client, Adolpho Arellano, who suffers from mental illness

724
00:39:59,520 --> 00:40:03,560
Speaker 1: following deadly aircraft carrier collision, should have the same rights

725
00:40:03,640 --> 00:40:07,160
Speaker 1: as civil litigans. Climber June Grosso's face to Barney, a

726
00:40:07,280 --> 00:40:11,120
Speaker 1: partner at Finnegan, about the arguments the Circuit court ruled

727
00:40:11,160 --> 00:40:14,200
Speaker 1: against your client. Why do you think the Supreme Court

728
00:40:14,280 --> 00:40:17,000
Speaker 1: took your case? Is it a good sign that perhaps

729
00:40:17,000 --> 00:40:20,640
Speaker 1: they want to reverse the Circuit Court? Well, I think so.

730
00:40:21,480 --> 00:40:24,000
Speaker 1: I think they took the case because it's an important issue.

731
00:40:24,280 --> 00:40:26,520
Speaker 1: It really has to do with fairness. There was a

732
00:40:26,560 --> 00:40:29,520
Speaker 1: case about thirty years ago called Irwin, and what the

733
00:40:29,560 --> 00:40:32,719
Speaker 1: Irwin case held, this is a Supreme Court case, was

734
00:40:32,760 --> 00:40:36,560
Speaker 1: that people who have claims against the government, like benefits claims,

735
00:40:36,600 --> 00:40:40,480
Speaker 1: should be treated the same way as litigants in private litigation.

736
00:40:40,880 --> 00:40:43,680
Speaker 1: With respect of this issue of whether you can equitably

737
00:40:43,719 --> 00:40:47,040
Speaker 1: toll or in other words, forgive a missed deadline. Most

738
00:40:47,080 --> 00:40:49,880
Speaker 1: people in civil litigation who have a claim against the

739
00:40:49,920 --> 00:40:52,920
Speaker 1: private party, if they miss a deadline, they can actually

740
00:40:52,920 --> 00:40:55,960
Speaker 1: request it to be told under this doctrine called equitable tolling.

741
00:40:56,120 --> 00:40:58,600
Speaker 1: And what the Supreme Court said in Irwin was there

742
00:40:58,600 --> 00:41:01,640
Speaker 1: should be no difference between that and when a person

743
00:41:01,800 --> 00:41:04,680
Speaker 1: is suing the government or seeking a claim against the government.

744
00:41:04,760 --> 00:41:08,239
Speaker 1: And yet, despite that, the Federal Circuit had for many

745
00:41:08,400 --> 00:41:12,080
Speaker 1: years ruled that veterans simply are not able to take

746
00:41:12,120 --> 00:41:15,160
Speaker 1: advantage of that. They basically said, veterans are somehow different,

747
00:41:15,360 --> 00:41:17,600
Speaker 1: and we did not think that was fair, and so

748
00:41:17,800 --> 00:41:20,439
Speaker 1: we were asking the Federal Circuit to change that law.

749
00:41:20,760 --> 00:41:24,080
Speaker 1: The Chief Justice pointed out that this is an agency,

750
00:41:24,120 --> 00:41:27,600
Speaker 1: the Veterans Agency, that supports disabled veterans, and not an

751
00:41:27,640 --> 00:41:30,960
Speaker 1: agency with rigid rules like the i r S. Does

752
00:41:31,000 --> 00:41:33,040
Speaker 1: that give you hope? It does give me hope, And

753
00:41:33,040 --> 00:41:36,480
Speaker 1: the Chief Justice was exactly correct there. This doctrine of

754
00:41:36,520 --> 00:41:39,719
Speaker 1: equitable tolling, believe it or not, has actually been applied

755
00:41:39,840 --> 00:41:43,960
Speaker 1: to allow the i r S to benefit from this

756
00:41:44,040 --> 00:41:46,719
Speaker 1: doctrine of equitable tolling in order to extend or to

757
00:41:46,800 --> 00:41:49,440
Speaker 1: forgive deadlines that they missed. And it would be an

758
00:41:49,440 --> 00:41:51,759
Speaker 1: odd result to think that the i R s can

759
00:41:51,840 --> 00:41:55,920
Speaker 1: benefit from this equitable principle, and yet service disabled veterans cannot.

760
00:41:55,960 --> 00:41:58,280
Speaker 1: And I think that was the point that Justice Robins

761
00:41:58,480 --> 00:42:01,600
Speaker 1: was getting to. And James Barney, a partner at Finnigan,

762
00:42:01,680 --> 00:42:03,800
Speaker 1: speaking at Bloomberg Student Gross. So catch more of that

763
00:42:03,880 --> 00:42:06,960
Speaker 1: interview plus analysis of the latest legal news by subscribing

764
00:42:07,000 --> 00:42:09,759
Speaker 1: to the Bloomberg Law Podcast or downloading the show at

765
00:42:09,760 --> 00:42:13,680
Speaker 1: Bloomberg dot com Slash podcast. Attorneys can find exceptional legal

766
00:42:13,719 --> 00:42:17,000
Speaker 1: research and business development tools at Bloomberg Law dot com

767
00:42:17,040 --> 00:42:20,279
Speaker 1: and on the Bloomberg terminal at the Law Go and

768
00:42:20,440 --> 00:42:23,800
Speaker 1: futures this morning, they're little changed ahead of the Job's report,

769
00:42:24,120 --> 00:42:26,960
Speaker 1: S ANDP futures little change now Future is up fifty

770
00:42:27,040 --> 00:42:29,600
Speaker 1: nine and as day futures down twenty five, the ten

771
00:42:29,680 --> 00:42:32,240
Speaker 1: year treasury down two thirties seconds, you know, three point

772
00:42:32,239 --> 00:42:34,560
Speaker 1: eight three percent of the yield on the two year

773
00:42:34,640 --> 00:42:38,080
Speaker 1: four point to five percent, and NIMEX screwed oil is

774
00:42:38,160 --> 00:42:40,160
Speaker 1: up nine tenths of u per cent. Still ahead on

775
00:42:40,200 --> 00:42:42,920
Speaker 1: Bloomberg Daybreak and check on the business headlines and all

776
00:42:42,960 --> 00:42:45,480
Speaker 1: the news you need to start your day. And this

777
00:42:45,880 --> 00:42:46,560
Speaker 1: is Bloomberg