Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: The rise in futures comes after a deal was reached
Speaker 1: over the weekend to avert a government shutdown. Bloomberg Market's
Speaker 1: reporter Valerie Titel says, we're also continuing to see moves
Speaker 1: in the treasury market.
Speaker 3: The sell off in the treasury market is continuing. Kind
Speaker 3: of Perversely, if we did get a government shut down,
Speaker 3: it would cause a maybe a bid into bonds and
Speaker 3: end this treasury sell off for now, but it looking
Speaker 3: like we're not getting that. And remember last week, this
Speaker 3: rise in treasury yields was the really big driver of
Speaker 3: why equities traded so weak. So perhaps this bounce in
Speaker 3: equity markets could be a bit short lived if the
Speaker 3: market does glance over to what's going on in the
Speaker 3: treasury market.
Speaker 1: Bloomberg's Valerie Titel says the next big event for both
Speaker 1: the treasury and stock markets will be Friday's jobs report.
Speaker 2: Well, Nathan, the stock gap spending bill keeps the government
Speaker 2: opens through November seventeenth, but it does not include six
Speaker 2: billion dollars in a to Ukraine that President Biden had
Speaker 2: been pushing for now, the President deserting House Speaker Kevin
Speaker 2: McCarthy to act quickly on that funding. I fully expect
Speaker 2: the Speaker to keep his commitments for secure the passage
Speaker 2: and support needed to help Ukraine as they defend themselves
Speaker 2: against aggression and brutality. President Biden says he can assure
Speaker 2: Ukrainian President Vladimir Zelenski that the AID will get done,
Speaker 2: but McCarthy says he won't do it without new security
Speaker 2: proposals at the US Mexico border.
Speaker 4: The priority for me is America and our borders.
Speaker 5: Now.
Speaker 4: I support being able to make sure Ukraine has the
Speaker 4: weapons that they need, but I firmly support the border first.
Speaker 2: And Speaker McCarthy made those comments on CBS's Face the Nation,
Speaker 2: which you can hear every Sunday on Bloomberg Radio.
Speaker 1: Well, Karen has McCarthy struck that bipartisan deal to a
Speaker 1: vertic government shut down. The question going forward will be
Speaker 1: will he remain as House Speaker. McCarthy angered many on
Speaker 1: the far right, including Florida Republican Matt Gates.
Speaker 6: If at this time next week, Kevin McCarthy is still
Speaker 6: Speaker of the House, it will because the Democrats bailed
Speaker 6: him out, and he can be their speaker, not mine.
Speaker 1: Florida's Matt Gates told ABC's This Week, which can be
Speaker 1: heard Sundays on Bloomberg Radio, that he'll file emotion to
Speaker 1: vacate the chair this week. McCarthy shot back at Gates.
Speaker 4: He's more interested in securing TV interviews than doing something.
Speaker 4: He wanted to push us into a shutdown, even threatening
Speaker 4: his own district with all the military people there who
Speaker 4: would not be paid, only because he wants to take
Speaker 4: this motion, So be it. Bring it on, Let's get
Speaker 4: over with it, and let's start governing.
Speaker 1: Speaker McCarthy needs only a simple majority of House members
Speaker 1: to stop the effort to remove him. Republicans hold a
Speaker 1: slim majority, just five could join unified Democrats to bounce
Speaker 1: McCarthy from the Speaker's office.
Speaker 2: Well Nathan. Another political news this morning, Florida Governor Ronda
Speaker 2: Santis says he would not accept any offer to be
Speaker 2: Donald Trump's twenty twenty four running mate.
Speaker 6: Now I'm running for president. We need somebody that can
Speaker 6: serve two terms. We need somebody that can win states
Speaker 6: like Georgia and Arizona, which President Trump cannot do, or
Speaker 6: did not do, even though candidates like McCain and Romney
Speaker 6: had no problem winning those states.
Speaker 2: Governor DeSantis made the comments on Fox News after Trump
Speaker 2: told striking auto workers in Detroit that he's competing against
Speaker 2: job candidates in the GOP field and did not see
Speaker 2: a potential vice president in any of them.
Speaker 1: And staying with politics, Karen, California Governor Gavin Newsom will
Speaker 1: appoint Emily's List President Lafonza Butler to fill the remainder
Speaker 1: of the late Senator Dianne Feinstein's term. Butler will be
Speaker 1: the only black woman in the current Senate and just
Speaker 1: the third in history. Feinstein died last week at age ninety,
Speaker 1: following months of poor health.
Speaker 2: When we turn to the economy now, Nathan, While many
Speaker 2: on Wall Street expect a softer landing, Bloomberg Economics sees
Speaker 2: a recession more likely. Our economists see many risks ahead
Speaker 2: from strikes to higher rates and oil prices.
Speaker 7: Now.
Speaker 1: Despite the recent oil surge, Karen City Group predicts Brent
Speaker 1: crude will collapse to the low seventies per barrel next year.
Speaker 1: Strategist Ed Moore says the global market will swing back
Speaker 1: to a surplus, checking Brent right now, it's hire by
Speaker 1: four tenths of one percent at ninety two sixty one
Speaker 1: per barrel.
Speaker 4: Well.
Speaker 2: In corporate news, Nathan x may mark this spot for
Speaker 2: investor Bill Ackman. The Wall Street Journal is reporting the
Speaker 2: billionaire investor is interested in pursuing a deal with Elon
Speaker 2: Musk's ex Corporation as part of a new investment vehicle.
Speaker 2: Acman's investment fund, Pershing Square, is regulatory approval for a
Speaker 2: new vehicle to target private companies seeking to raise one
Speaker 2: and a half billion dollars or more. He told the
Speaker 2: journal that X is absolutely one of the options he's considering.
Speaker 1: And sticking with. The tech space care and the head
Speaker 1: of Microsoft will testify later today in Google's antitrust trial.
Speaker 1: More on that from Bloomberg's Doug Krisner.
Speaker 8: The DOJ has accused Google of paying ten billion dollars
Speaker 8: a year to rivals, as well as smartphone manufacturers and
Speaker 8: wireless carriers to make Google Search the default option. Prosecutors
Speaker 8: hope to use the testimony of Microsoft CEO Satnia and
Speaker 8: Adella to show how his company couldn't unlock google hold
Speaker 8: on the search market. Last week, a Microsoft executive said
Speaker 8: the company failed to secure a deal to put its
Speaker 8: bing search app on Apple's products, even though Microsoft was
Speaker 8: willing to offer far better terms. Nadella was personally involved
Speaker 8: and spoke with Google CEO Sundar Pachai. Nadella will probably
Speaker 8: be asked about those conversations in New York. I'm Doug
Speaker 8: Prisoner Bloomberg Radio.
Speaker 2: All right, Doug, thanks in More trouble maybe ahead for
Speaker 2: the commercial real estate market. Investors in Bloomberg's latest Markets
Speaker 2: Live Pulse survey predict office prices in the US or
Speaker 2: due for a crash, and the commercial real estate market
Speaker 2: faces at least another nine months of declines. About two
Speaker 2: thirds of the more than nine hundred respond in surveyed
Speaker 2: by Bloomberg believe that the US office market will only
Speaker 2: rebound after a severe collapse.
Speaker 1: It's time now to take a look at some of
Speaker 1: the other stories making news in New York and around
Speaker 1: the world, and for that were joined by Bloomberg's Michael LaVar.
Speaker 7: Good morning, Michael, Good morning, Nathan. Former President Donald Trump
Speaker 7: confirmed on his social media post that he will be
Speaker 7: in and your court room today for the start of
Speaker 7: his fraud trial. Details from Bloomberg's Dan Schwartzman.
Speaker 9: Donald Trump is expected to attend the opening of his
Speaker 9: New York civil trial today. Trump is accused of committing
Speaker 9: fraud by inflating his net worth by billions of dollars
Speaker 9: in financial transactions. The Republican front runner for the twenty
Speaker 9: twenty four presidential nomination is in jeopardy of losing control
Speaker 9: of his real estate empire after a judge authorized New
Speaker 9: York's Attorney General, Letitia James to cancel certificates for companies
Speaker 9: that hold the assets. Trump's presidence at the civil trial
Speaker 9: is not mandatory. The trial is just one of six
Speaker 9: the former president is facing, including four unrelated criminal cases.
Speaker 9: According to a witness list filed with the court, Trump
Speaker 9: is expected to testify in person later in the trial,
Speaker 9: along with his two sons. In New York Dan Schwartzman
Speaker 9: Bloomberg Radio.
Speaker 7: A massive search is underway for a nine year old
Speaker 7: girl who went missing over the weekend while on a
Speaker 7: family camping trip in upstate New York. More than one
Speaker 7: hundred searchers, including police and residents, are combing Moroe Lake
Speaker 7: State Park of Albany after Charlotte Senna disappeared while riding
Speaker 7: her bike in the park Saturday evening. Yesterday, authorities issued
Speaker 7: in Amberger believing that Charlotte had been abducted. Governor Kathy
Speaker 7: Okeletow reporters the fourth grader was biking with others before
Speaker 7: it got dark.
Speaker 1: She said, she's wanting to go around one more time
Speaker 1: by herself.
Speaker 9: Do that figure, I'll do it by herself.
Speaker 1: Literally fifteen minutes later.
Speaker 5: She hadn't come back yet, and that's really when the
Speaker 5: nightmare begins.
Speaker 7: The child was last scene wearing an orange tie dyed
Speaker 7: Pokemon shirt. Student loan repayments have resumed. About twenty eight
Speaker 7: million borrowers have to start repaying their federal student loan payments.
Speaker 7: This is after a more than three year repayment pause.
Speaker 7: Global News twenty four hours a day, powered by more
Speaker 7: than twenty seven hundred journalists and analysts in over one
Speaker 7: hundred twenty countries. I'm Michael Barr, and this is Bloomberg.
Speaker 7: Hey you you know where you are.
Speaker 1: Hi, Nathanay, Michael, thank you so much. Now we'll be
Speaker 1: sure to check back with you in the minutes ahead.
Speaker 1: As of course, we do bring you the news throughout
Speaker 1: the day here on Bloomberg Radio. But now wherever you
Speaker 1: are you can get the latest news. On demand whenever
Speaker 1: you want it. Subscribe to Bloomberg News Now get the
Speaker 1: latest headlines at the click of a button so you
Speaker 1: can be informed on your schedule. Listen and subscribe to
Speaker 1: Bloomberg News Now on the Bloomberg Business app, Bloomberg dot
Speaker 1: com plus Apple, Spotify, and anywhere else you get your podcasts.
Speaker 1: Time now for the Bloomberg Sports Update, brought to you
Speaker 1: by Tri State out E. He's John Stashauer.
Speaker 10: All right, Nathan, much closer game than expected in med Live,
Speaker 10: especially since Kansas City LEDs seventeen and nothing in the
Speaker 10: first quarter. You figured to be one of those nights
Speaker 10: for the Jets. It was not. They rallied, tied the
Speaker 10: game with the Chiefs won twenty three to twenty two.
Speaker 10: Plays cost the Jets in the fourth quarter of Zach
Speaker 10: Wilson fumble at midfield and three minutes later a holding
Speaker 10: that nellified would have been the jets third intercept for
Speaker 10: the Patrick Mahomes. Wilson was asked if he thinks the
Speaker 10: Jets would have scored.
Speaker 11: They're going to. We just we needed we needed some
Speaker 11: time and saw on the defense. So I mean we
Speaker 11: had the ball with six minutes, five minutes or whatever
Speaker 11: it was left and we're at midfield and you know
Speaker 11: we had a chance right there. So I need to be.
Speaker 10: Better despite the loss, far and away the best game
Speaker 10: that Wilson has played. Two teams at four and oh,
Speaker 10: the Eagles and forty nine Ers. Miami's first loss was
Speaker 10: by four touchdowns in Buffalo. Another game at Met Life tonight.
Speaker 10: It's the Giants and Seahawks, and we'll see how the
Speaker 10: Giants do in the first half. Through three games, they've
Speaker 10: been outscored in the first half sixty three to six.
Speaker 10: Baseball regular season is over, playoffs beiging tomorrow. Before Yesterday's
Speaker 10: Mets finale at Cityfield came the news that Bucks Showalter
Speaker 10: will not be back as manager. Not all that surprising
Speaker 10: with the season the Mets just hand. With David Stearns
Speaker 10: taking over as the new Met boss. Showalter becomes the
Speaker 10: third Mets manager in a row to last only two seasons.
Speaker 10: Very sad news out of Boston the death of former
Speaker 10: Red Sox pitcher To Wakefield. He was fifty seven. NBA
Speaker 10: trade Portland go Drew Holliday from Milwaukee and the Damian
Speaker 10: Lillard deal now Holiday Delta the Boston Celtics in Rome.
Speaker 10: You're Upunon won the Ryder Cup the US, the seventh
Speaker 10: loss in a row away from Home WNBA. The Liberty
Speaker 10: beat the Sun. They'll play Las Vegas for the championship.
Speaker 10: John stash Eller Bloomberg.
Speaker 12: Sports from coast to coast, from New York to San Francisco,
Speaker 12: Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg
Speaker 12: Business app in Bloomberg dot Com.
Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. It
Speaker 1: is a crisis averted for now. November seventeenth is the
Speaker 1: new deadline for Congress to come up with a long
Speaker 1: term spending deal. But the forty five day stopgap that
Speaker 1: President Biden signed really at the last minute, does not
Speaker 1: include aid to Ukraine, and the deal is threatening to
Speaker 1: cost House Speaker Kevin McCarthy his job with Florida Republican
Speaker 1: Matt Gates vowing to push for his ouster. So let's
Speaker 1: look to what comes next as spending fights continue in Washington.
Speaker 1: Greg Valier is with US NOW Chief US Policy Strategistic
Speaker 1: AGF Investments. Greg, Before we get to the fights to come,
Speaker 1: i'd love to get your reaction to how this deal
Speaker 1: got done really at the last minute, following a closed
Speaker 1: door meeting with Speaker McCarthy and his fellow Republicans over
Speaker 1: the weekend.
Speaker 13: Well, I think a precedent, Nathan has been set, and
Speaker 13: that precedent is that enough Democrats will vote for with
Speaker 13: McCarthy for a budget for maybe to keep McCarthy a speaker.
Speaker 13: It's a risky move, and some Democrats are saying, you know,
Speaker 13: why should we do this. He favors impeaching Biden. He
Speaker 13: renegged on the deal we got on the debt ceiling.
Speaker 13: But I think that you'll only need a handful of votes,
Speaker 13: and I think that McCarthy got that handful on Saturday.
Speaker 1: He renegged on the deal for spending. Conservatives like Matt
Speaker 1: Gates say he renegged on deals on their side as well.
Speaker 1: A big question I have to imagine in Washington, d C.
Speaker 1: Is how trustworthy is Speaker McCarthy at this point.
Speaker 13: That's a valid question, and nobody's perfect. I think you
Speaker 13: could probably say that he was a pragmatist. He did
Speaker 13: what he had to do. But you're right, I think
Speaker 13: many of his own members and most of the Democrats
Speaker 13: don't trust him. What he trusts are the votes and
Speaker 13: he got the votes.
Speaker 1: And the trust issue. I bring it up because President
Speaker 1: Biden is now, even hours after signing the bill, coming
Speaker 1: out calling on Speaker McCarthy and Republicans to make good
Speaker 1: on Ukraine aid that was left out of this deal.
Speaker 1: Is Ukraine Aid in jeopardy now?
Speaker 13: I don't think so. I would concede to Nathan that
Speaker 13: the signals this weekend were quite alarming to Western Europe
Speaker 13: in general and to Ukraine in particular. But I do
Speaker 13: think the votes are certainly there in the Senate with
Speaker 13: Mitch McConnell, who did so for an embarrassment on Saturday,
Speaker 13: coming back to getting of Ukraine aid, and I think
Speaker 13: Kevin McCarthy also will go along with it.
Speaker 1: Are the votes there for border security because we did
Speaker 1: hear the Speaker over the weekend on CBS saying that
Speaker 1: he wants to get border security done first. Is that
Speaker 1: something that Democrats in the House can get behind.
Speaker 13: Yes. I think there are two or three things you've
Speaker 13: got to get done. One is border security and others
Speaker 13: we've discussed as Ukraine, and the other is getting individual
Speaker 13: appropriation bills done. There are twelve. The House is about
Speaker 13: there on four. The Senate has done none, So between
Speaker 13: now and November seventeenth, you've got to make progress on
Speaker 13: all three. I'm not sure there's a deal by November seventeenth,
Speaker 13: and maybe just December seventeenth or January seventeenth. But I
Speaker 13: think after what happened this weekend, it's just a matter
Speaker 13: of when, not whether.
Speaker 1: So when you say that there's not going to be
Speaker 1: a deal till maybe December or January, are you talking
Speaker 1: specifically about border security? Are you're talking about appropriations bills?
Speaker 1: What could this look like if the can continues to
Speaker 1: get kicked further?
Speaker 13: Eventually there will be a deal on the total budget.
Speaker 13: Maybe it'll be the twelve appropriation bills and you add
Speaker 13: them all up and you've got the budget. But I
Speaker 13: do think you will get that. And if McCarthy is out,
Speaker 13: and that's something you can't totally dismiss. I don't see
Speaker 13: anyone succeeding him who would be more dynamic or more
Speaker 13: successful in getting a bill done.
Speaker 1: Well, let's get to that question, because that is obviously
Speaker 1: getting a lot of attention now with Congressman Gates saying
Speaker 1: that he's going to file motions to vacate as soon
Speaker 1: as this week, how do you see this playing out.
Speaker 1: Is it going to be another replay of the fight
Speaker 1: over just installing Speaker McCarthy.
Speaker 13: It could be, And you can't overstate the level of
Speaker 13: antipathy toward Gates among both parties, especially Republicans. A vast
Speaker 13: majority of Republicans detest him and are hoping that he
Speaker 13: fails this week with McCarthy. But this could drag on
Speaker 13: for quite some time.
Speaker 1: To your point, if there were a successful motion to
Speaker 1: vacate Speaker McCarthy, who succeeds him?
Speaker 13: Who wants this job's that's the key point. And I
Speaker 13: think what he has going for in more than anything else,
Speaker 13: is no logical successor. In a year or so ago,
Speaker 13: I would have said Steve Scalise, but he's suffering from
Speaker 13: a serious illness. But right now, no, I don't see
Speaker 13: anyone who you could say, oh, yeah, that's a logical pick,
Speaker 13: and that is a great asset for Kevin McCarthy.
Speaker 1: Finally, Greg, I have to ask you, after this protracted fight,
Speaker 1: these weeks of wrangling over whether the government was going
Speaker 1: to stay open, who's empowered after all this? Which wing
Speaker 1: of the Congress can say that they notched a win?
Speaker 13: There's a new player in town, a big player, and
Speaker 13: that's Hakeem Jeffries, the House Minority leader, who will call
Speaker 13: the shots and tell his members in the next few
Speaker 13: days vote for McCarthy, don't vote for him. I think
Speaker 13: he'll have a lot of influence. But it's a valid
Speaker 13: issue that it's a very weak leadership. The markets and
Speaker 13: the credit rating agencies must not be pleased with what
Speaker 13: they're seeing. But final point, I think a headwind for
Speaker 13: the overall economy has been avoided.
Speaker 1: Really appreciate your insights this morning after the morning after
Speaker 1: the deal to get the government continued to stay open. Here,
Speaker 1: Thank you so much, Greg Valiere, chief US policy strategist
Speaker 1: at AGF Investments. And with that allusion to the market reaction,
Speaker 1: the sigh of relief, I think we can say for investors,
Speaker 1: let's get more on how this market is reacting. We're
Speaker 1: joined now by Laurie Calvacina, head of US equity strategy
Speaker 1: at RBC Capital Markets. We are seeing a lift to
Speaker 1: futures this morning, LORI, is this about the government staying
Speaker 1: open or is this about the losses that we saw
Speaker 1: in September and maybe a little bit of buying there.
Speaker 5: Well, thanks for having me as always, and I think
Speaker 5: it's a combination of both. You know, September certainly lived
Speaker 5: up to its reputation as being a week seasonal month.
Speaker 5: October trends aren't always fantastic, but you know, on average,
Speaker 5: tend to be a little bit better. And I think
Speaker 5: also we did see, finally, you know, the market start
Speaker 5: to pay attention to the government shut down last week.
Speaker 5: So I do think there's a bit of a sigh
Speaker 5: of relief here today. I think, you know, we expect
Speaker 5: to see green on the screen at the end of
Speaker 5: the day, but when we step back, we have to
Speaker 5: take stock of the fact that last last week, yes
Speaker 5: there was concern, but there wasn't panic. And you know,
Speaker 5: and while we never like to see panic in the
Speaker 5: US equity market, do we think the sentiment got so
Speaker 5: bad that it can be a springboard to push things
Speaker 5: hire through the end of the year. I don't think
Speaker 5: we're at that place. I think we're getting close, but
Speaker 5: I don't think we quite got there last week.
Speaker 1: Should there be concerned in the market that this is
Speaker 1: going to potentially continue this fight over spending about six
Speaker 1: and a half weeks from now, when the November seventeenth,
Speaker 1: deadline comes around.
Speaker 5: Well, well, I'll tell you that was my instant reaction.
Speaker 5: And I've seen some some emails floating around some the
Speaker 5: trading community this morning also, you know, sort of alluding to, Okay,
Speaker 5: we are we just going to have to do this again,
Speaker 5: or you know, we just setting up for another showdown
Speaker 5: in six weeks. And I think, you know, on the
Speaker 5: one hand, I am, you know, feeling a little bit
Speaker 5: better that there was an adult in the room. This speaker,
Speaker 5: McCarthy said that, you know, managed to get things done,
Speaker 5: but there are some still some really big fights yet
Speaker 5: to be fought. And remember, the government shut down was
Speaker 5: never something that we, you know, on our on its own,
Speaker 5: you know, thought was this massive negative for the equity market.
Speaker 5: Most Americans do assume that they will eventually, you know,
Speaker 5: come to a come to an agreement. But there are
Speaker 5: a lot of little things that have been hitting the market,
Speaker 5: and I would put this in that category of maybe
Speaker 5: a medium sized one. We've also got ongoing concern about
Speaker 5: the strikes. We've got concern about the student lending payments restarting,
Speaker 5: we've got a big earning season coming up, and none
Speaker 5: of those other things that investors were worried about last
Speaker 5: week in addition to the shutdown, have suddenly been washed
Speaker 5: away with this deal either.
Speaker 1: Yeah, you mentioned some of those potential catalysts from the
Speaker 1: ongoing strikes to the start of another earning season. What's
Speaker 1: the biggest risk that you see for markets as we
Speaker 1: get this fourth quarter started?
Speaker 5: Excuse me? So, I think that the biggest problem that
Speaker 5: I see. And here, you know, we've heard a lot
Speaker 5: about sort of tax off selling over the past month.
Speaker 5: Strange things tend to happen at the end of the year,
Speaker 5: especially ball attle years, and I don't really get the
Speaker 5: impression that investors feel like they're getting a whole lot
Speaker 5: of information coming from Corporate America at this point in time.
Speaker 5: So I think there's a lot kind of writing on
Speaker 5: this earning season that's coming up, you know. I think
Speaker 5: invest I heard frankly from some people who went through
Speaker 5: the last last amount of conferences and didn't feel like
Speaker 5: they heard all that much information. I don't feel like
Speaker 5: we got a ton of information about twenty twenty four
Speaker 5: in the last recording season. So I think investors are
Speaker 5: looking for clues on how the next year is going
Speaker 5: to enfold, so they can really inform their valuation discussions,
Speaker 5: and I think for me personally, the biggest concern is
Speaker 5: we go through another reporting season and just don't get
Speaker 5: a lot of guidance from companies that's going to make
Speaker 5: investors feel enthoosed to buy the marketing here.
Speaker 1: We have seen some pretty gloomy investor sentiment in recent weeks.
Speaker 1: Has I gotten overdone?
Speaker 10: Do you think?
Speaker 1: Or could sentiment erode even further?
Speaker 5: Well, if you go purely by the numbers, there's absolutely
Speaker 5: some room for it to a road at. So we
Speaker 5: watched the AAII Net Goal Bear survey very very closely,
Speaker 5: and we watched the four week average because the data
Speaker 5: points can be quite volatile from week to week. And
Speaker 5: what we saw last week was that the four week
Speaker 5: average gap between the bulls and the bears was basically,
Speaker 5: you know, sort of sitting around flat. That data point
Speaker 5: did deteriorate last week about minus thirteen percent, but if
Speaker 5: you go back to four weeks ago, it had been
Speaker 5: positive thirteen percent. And when we look at, you know,
Speaker 5: sort of where we were last October, I think we
Speaker 5: were down around like minus twenty five percent or so,
Speaker 5: you know, it's there is still a lot of room,
Speaker 5: you know, for sentiment to get worse from where it's been. Frankly,
Speaker 5: and you know, I look back at my conversations on
Speaker 5: the shutdown last week. Yes there was concern, but there
Speaker 5: was never panic, not not anything you know, sort of
Speaker 5: close to what we had seen around kind of SVB
Speaker 5: or even the October levels of last year.
Speaker 1: So in our last thirty seconds, what where do you
Speaker 1: see the momentum going this week?
Speaker 5: So I think in terms of this week, you know,
Speaker 5: I do think we're going to have probably a good
Speaker 5: day to day. I think people are going to be released,
Speaker 5: that we're going to have some actual economic data to
Speaker 5: look through at the end of this week, and we
Speaker 5: can kind of get back to business. So I would
Speaker 5: expect things to be a little bit steady. I do
Speaker 5: think we're going to be in a little bit of
Speaker 5: a lull here before earning season picks up later this month.
Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the
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