1 00:00:03,360 --> 00:00:06,960 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. Is Bloomberg day 2 00:00:06,960 --> 00:00:10,360 Speaker 1: Break for Tuesday, December thirteen, twenty twenty two. Coming up 3 00:00:10,400 --> 00:00:13,120 Speaker 1: this hour, the disgraced founder of f t X, Sam 4 00:00:13,160 --> 00:00:17,279 Speaker 1: Bankman Freed, is arrested. Team coverage straight ahead. Inflation isn't 5 00:00:17,320 --> 00:00:20,240 Speaker 1: focused as well. Street braces for the latest CPI reading. 6 00:00:20,480 --> 00:00:24,000 Speaker 1: Another big investor forecasts a recession for next year, and 7 00:00:24,120 --> 00:00:28,600 Speaker 1: Elon must SpaceX hits evaluation of one hundred forty billion dollars. 8 00:00:28,840 --> 00:00:31,880 Speaker 1: I'm anymore as New York's gunwall remains intact for now 9 00:00:32,120 --> 00:00:34,760 Speaker 1: and the city plans to honor the central Part five. 10 00:00:35,080 --> 00:00:37,440 Speaker 1: I'm John Stashnar and sports the Rangers with the Devils 11 00:00:37,440 --> 00:00:40,000 Speaker 1: in overtime. I win for the Nets. The Patriots one 12 00:00:40,040 --> 00:00:45,440 Speaker 1: in the World Cup semifinals begin today. That's all traded 13 00:00:45,440 --> 00:00:49,360 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, 14 00:00:49,560 --> 00:00:54,240 Speaker 1: Bloomberg nine one, Washington d C, Bloomberg one oh six one, Boston, 15 00:00:54,520 --> 00:00:58,680 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine 16 00:00:58,720 --> 00:01:01,640 Speaker 1: Team and around the world Old on Bloomberg Radio dot 17 00:01:01,640 --> 00:01:09,080 Speaker 1: Com and via The Bloomberg Business. Good Morning, I'm Nathan Hager, 18 00:01:09,720 --> 00:01:12,520 Speaker 1: and I'm Karen Moscow and US DOT index futures are 19 00:01:12,520 --> 00:01:15,280 Speaker 1: on the rise this morning six oh one on Wall Street, 20 00:01:15,319 --> 00:01:17,400 Speaker 1: and we check the markets all day long here at 21 00:01:17,440 --> 00:01:20,399 Speaker 1: Bloomberg s and P futures they're up four tents of 22 00:01:20,480 --> 00:01:23,280 Speaker 1: upper cents, so are Dow futures, with SMP futures up 23 00:01:23,280 --> 00:01:26,160 Speaker 1: about eighteen points and DOWN futures up one undred thirty nine. 24 00:01:26,440 --> 00:01:29,120 Speaker 1: NASDACK futures up half percent or fifty nine points. The 25 00:01:29,240 --> 00:01:31,840 Speaker 1: decks in Germany's up eight tens of upper cent ten 26 00:01:31,920 --> 00:01:34,000 Speaker 1: year treasury of six third day seconds, you know, three 27 00:01:34,000 --> 00:01:36,080 Speaker 1: point five eight percent they yield on the two year 28 00:01:36,160 --> 00:01:39,240 Speaker 1: four point three seven percent. Nine X screwed oil up 29 00:01:39,280 --> 00:01:41,679 Speaker 1: one point two percent of eighty seven cents at seventy 30 00:01:41,680 --> 00:01:44,280 Speaker 1: four dollars five cents of barrel comic schooled up a 31 00:01:44,319 --> 00:01:46,640 Speaker 1: third of upper cent or six dollars ten cents and 32 00:01:46,760 --> 00:01:50,280 Speaker 1: one thousand, seven hundred nine dollars forty cents an ounce. Nathan, 33 00:01:50,360 --> 00:01:52,480 Speaker 1: all right, Karen, We'll continue following the markets throughout the 34 00:01:52,520 --> 00:01:55,080 Speaker 1: day here on Bloomberg, But first we begin with the 35 00:01:55,160 --> 00:01:58,760 Speaker 1: arrest of disgraced f t X founder Sam Bankman Freed. 36 00:01:58,840 --> 00:02:02,040 Speaker 1: We get the latest live with Bloomberg's Steve Rappaport. Good morning, Steve, 37 00:02:02,120 --> 00:02:05,040 Speaker 1: Good morning, Nathan and Karen. Authorities in the Bahamas took 38 00:02:05,080 --> 00:02:08,800 Speaker 1: Bankman Freed into custody after the US government filed criminal charges. 39 00:02:08,960 --> 00:02:11,800 Speaker 1: Prosecutors planned to unseal their case against him this morning. 40 00:02:11,919 --> 00:02:14,400 Speaker 1: The New York Times reports charges will include wire fraud, 41 00:02:14,520 --> 00:02:18,440 Speaker 1: securities fraud, and money laundering. Ballet crypto founder and CEO 42 00:02:18,560 --> 00:02:21,080 Speaker 1: Bobby Lee Chunk tells US Bankman Freed's arrest is a 43 00:02:21,160 --> 00:02:23,760 Speaker 1: sigh of relief for the crypto business. There's your the 44 00:02:23,800 --> 00:02:28,639 Speaker 1: perspective that he's been successfully lobbying the governments, the politicians, 45 00:02:28,720 --> 00:02:32,720 Speaker 1: and he's been having good media treatment over the last 46 00:02:32,760 --> 00:02:35,040 Speaker 1: few weeks. So there's been a lot of hate and 47 00:02:35,120 --> 00:02:38,679 Speaker 1: anger that why aren't they arresting him sooner. Bankman Freed 48 00:02:38,760 --> 00:02:41,840 Speaker 1: was scheduled to testify remotely before the House Financial Services 49 00:02:41,840 --> 00:02:44,880 Speaker 1: Committee today. Instead, he's expected to appear in court as 50 00:02:44,919 --> 00:02:47,280 Speaker 1: the U S seeks his extradition. Live in New York, 51 00:02:47,280 --> 00:02:50,320 Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you. 52 00:02:50,320 --> 00:02:53,040 Speaker 1: A reaction is pouring in this morning to Sam Bankman 53 00:02:53,080 --> 00:02:57,600 Speaker 1: Freeds arrest. Token Bay Capital founder Lucy Gasmarrian says it's 54 00:02:57,639 --> 00:03:01,079 Speaker 1: good news for the crypto industry. Just this seems to be, 55 00:03:01,280 --> 00:03:03,880 Speaker 1: you know, in process, which I think is welcome by 56 00:03:03,919 --> 00:03:06,440 Speaker 1: those in the in the crypto industry. It's actually moved 57 00:03:06,560 --> 00:03:09,040 Speaker 1: very swiftly. I mean that this is actually all happening 58 00:03:09,040 --> 00:03:12,000 Speaker 1: in just over a month, so they've definitely moved very quickly. 59 00:03:12,560 --> 00:03:16,600 Speaker 1: And Lucy Yasmararian also says this case could define regulations 60 00:03:16,639 --> 00:03:19,680 Speaker 1: for crypto exchanges going forward. And we'll have much more 61 00:03:19,720 --> 00:03:21,800 Speaker 1: on the arrest of Sam Bankman Freed coming up in 62 00:03:21,840 --> 00:03:23,840 Speaker 1: just a few minutes here, But first we want to 63 00:03:23,880 --> 00:03:27,440 Speaker 1: turn to the economy and the inflation outlook. We are 64 00:03:27,480 --> 00:03:29,639 Speaker 1: just two and a half hours away from the week's 65 00:03:29,639 --> 00:03:33,040 Speaker 1: first important data point cp I for November, and it 66 00:03:33,080 --> 00:03:36,560 Speaker 1: comes just one day before the feds final policy decision 67 00:03:36,560 --> 00:03:39,720 Speaker 1: of the year. Bloomberg's Michael McKee begins our team coverage. 68 00:03:40,040 --> 00:03:43,119 Speaker 1: Inflation may have peaked, but November CPI report will show 69 00:03:43,120 --> 00:03:45,920 Speaker 1: it's still running about three times it's pre pandemic Pace 70 00:03:46,360 --> 00:03:49,280 Speaker 1: shelter the cost of housing will remain a big driver, 71 00:03:49,600 --> 00:03:52,800 Speaker 1: although private reports show rents and home prices declining. It 72 00:03:52,880 --> 00:03:55,040 Speaker 1: takes a long time for that to be reflected in 73 00:03:55,080 --> 00:03:58,920 Speaker 1: the CPI data. Service industries are still raising prices driven 74 00:03:58,920 --> 00:04:02,000 Speaker 1: by a shortage of works pushing up wages. Prices of 75 00:04:02,080 --> 00:04:05,440 Speaker 1: used cars and medical care services are expected to decline. 76 00:04:05,640 --> 00:04:08,640 Speaker 1: Apparel prices will also likely drop for a third month 77 00:04:08,680 --> 00:04:12,440 Speaker 1: amid high inventory at heavy discounting heading into the holiday season. 78 00:04:12,720 --> 00:04:15,480 Speaker 1: Anything short of a massive surprise will defect the FEDS 79 00:04:15,480 --> 00:04:19,159 Speaker 1: Wednesday decision on interest rates, but it will offer policymakers 80 00:04:19,279 --> 00:04:23,160 Speaker 1: clues to the trajectory of inflation next year. Michael McKee, 81 00:04:23,160 --> 00:04:26,600 Speaker 1: Bloomberg Daybreak. Thanks to Michael, If history is any indication, 82 00:04:26,640 --> 00:04:30,480 Speaker 1: today's CPI report will move markets, and we continue our 83 00:04:30,480 --> 00:04:34,640 Speaker 1: team carbage at Bloomberg Markets. Reporter Valerie title tiping Organistrating 84 00:04:34,760 --> 00:04:37,039 Speaker 1: US had a note saying they could see ten percent 85 00:04:37,160 --> 00:04:40,600 Speaker 1: SMP rally if the CPI comes in soft, and when 86 00:04:40,600 --> 00:04:42,240 Speaker 1: you look at that, you know that's not too surprising. 87 00:04:42,360 --> 00:04:45,400 Speaker 1: Last month's soft printsall five point five percent jump in 88 00:04:45,440 --> 00:04:48,400 Speaker 1: the SMP. The last six prints and cp I have 89 00:04:48,560 --> 00:04:51,520 Speaker 1: all had a three percent swing in the SMP index. 90 00:04:51,720 --> 00:04:54,560 Speaker 1: So the volatility around the data today it's huge, if 91 00:04:54,600 --> 00:04:57,599 Speaker 1: not maybe larger than the actual rate decision tomorrow, and 92 00:04:57,600 --> 00:05:00,720 Speaker 1: Bloomberry's Valery title says markets get you need to expect 93 00:05:00,720 --> 00:05:03,440 Speaker 1: a fifty basis point hike from the Fed tomorrow. Well, 94 00:05:03,480 --> 00:05:07,279 Speaker 1: many on the street expect a rally if inflation cools Karen, 95 00:05:07,320 --> 00:05:10,760 Speaker 1: but not. Jeffrey Gunlake, the Double Line Capital CEO, predicts 96 00:05:10,760 --> 00:05:13,440 Speaker 1: any rally likely won't last. We're probably going to see 97 00:05:13,440 --> 00:05:17,120 Speaker 1: a bounce in markets between now and maybe a month 98 00:05:17,160 --> 00:05:19,560 Speaker 1: from now as as money as rotated. There's been a 99 00:05:19,600 --> 00:05:24,279 Speaker 1: lot of tax loss selling that's going on in recent weeks, 100 00:05:24,480 --> 00:05:26,720 Speaker 1: and I think that may reverse, but I think that 101 00:05:26,720 --> 00:05:29,000 Speaker 1: that's going to be short lived. And then I think 102 00:05:29,000 --> 00:05:32,680 Speaker 1: we do see renewed bear market uh in at least 103 00:05:32,680 --> 00:05:35,200 Speaker 1: in risk asset's not so much in bonds. Double Line 104 00:05:35,279 --> 00:05:38,240 Speaker 1: CEO Jeffrey Gunlack says rate hikes from the Fed will 105 00:05:38,279 --> 00:05:42,080 Speaker 1: likely make a recessionary year. Well, we're watching shares of 106 00:05:42,120 --> 00:05:44,599 Speaker 1: Oracle this morning, Nathan. They're up more than two and 107 00:05:44,640 --> 00:05:47,560 Speaker 1: a half percent in early trading. The software company reporting 108 00:05:47,640 --> 00:05:51,680 Speaker 1: quarterly sales that top analysts estimates. The company's Cerner digital 109 00:05:51,720 --> 00:05:55,360 Speaker 1: health records unit outperformed, and that helped Oracle overcome softer 110 00:05:55,480 --> 00:05:59,440 Speaker 1: demand for its information technology services. And Speaking of technology, 111 00:05:59,520 --> 00:06:02,040 Speaker 1: Karen ELW. Musk is making news this morning with two 112 00:06:02,040 --> 00:06:04,880 Speaker 1: of his companies. The Washington Post is reporting that Twitter 113 00:06:04,960 --> 00:06:08,360 Speaker 1: has dissolved its Trust and Safety Council. Paper says Musks 114 00:06:08,400 --> 00:06:11,080 Speaker 1: have done years of investments interest in safety and Twitter 115 00:06:11,120 --> 00:06:13,560 Speaker 1: and the two months he's owned the company, and Bloomberg 116 00:06:13,560 --> 00:06:17,200 Speaker 1: News has learned Musk SpaceX is offering to sell insider 117 00:06:17,279 --> 00:06:19,880 Speaker 1: shares at a price that would raise the company's valuation 118 00:06:19,920 --> 00:06:23,240 Speaker 1: to about one hundred forty billion dollars. Space X, based 119 00:06:23,279 --> 00:06:27,360 Speaker 1: in California, currently dominates the market for commercial space launches, 120 00:06:27,600 --> 00:06:29,800 Speaker 1: and we haven't known from Asia this morning, Karen Hong 121 00:06:29,880 --> 00:06:33,320 Speaker 1: Kong is scrapping some of its final remaining COVID restrictions 122 00:06:33,400 --> 00:06:36,400 Speaker 1: that follows China's rapid shift away from a zero tolerance 123 00:06:36,400 --> 00:06:38,760 Speaker 1: approach to the virus. Hong Kong will lift a ban 124 00:06:38,880 --> 00:06:42,040 Speaker 1: on international arrivals going to bars or restaurants, and will 125 00:06:42,080 --> 00:06:45,040 Speaker 1: also stop requiring people to scan QR codes on their 126 00:06:45,080 --> 00:06:49,560 Speaker 1: phones to get into venues. SMP futures now up sixteen points, 127 00:06:49,560 --> 00:06:52,480 Speaker 1: STYLE futures up a hundred thirty two, and NASTAC futures 128 00:06:52,480 --> 00:06:56,239 Speaker 1: are higher by fifty five points straight ahead, your latest 129 00:06:56,279 --> 00:06:59,600 Speaker 1: local headlines, and a check of sports. This is Bloomberg 130 00:07:03,320 --> 00:07:06,120 Speaker 1: at six o seven on Wall Street. Twenty five degrees 131 00:07:06,360 --> 00:07:09,039 Speaker 1: in Central Park is gonna stay sunny, but Chili today 132 00:07:09,120 --> 00:07:11,800 Speaker 1: has only near forty degrees and getting back down to 133 00:07:11,840 --> 00:07:14,400 Speaker 1: the upper twenties tonight. Amy Morris is here with more 134 00:07:14,440 --> 00:07:16,280 Speaker 1: on what's going on in New York and around the world. 135 00:07:16,280 --> 00:07:19,280 Speaker 1: Good morning, Amy, Good morning Nathan. New York's gun law 136 00:07:19,360 --> 00:07:22,000 Speaker 1: remains intact for now. The New York Times Reports and 137 00:07:22,080 --> 00:07:25,320 Speaker 1: Appeals Court has temporarily halted a lower court's ruling that 138 00:07:25,440 --> 00:07:28,440 Speaker 1: blocked part of the law, which bands firearms and parks 139 00:07:28,480 --> 00:07:31,960 Speaker 1: public transit systems and on private property without the property 140 00:07:31,960 --> 00:07:35,200 Speaker 1: owner's permission. The stay is the third such order issued 141 00:07:35,240 --> 00:07:38,560 Speaker 1: this month, as the panel considers constitutional challenges to the law, 142 00:07:38,720 --> 00:07:41,239 Speaker 1: which New York enacted this year after the Supreme Court 143 00:07:41,280 --> 00:07:44,160 Speaker 1: struck down the state's limits on carrying handguns in public. 144 00:07:44,560 --> 00:07:47,720 Speaker 1: A Central Park entrance will be named next week for 145 00:07:47,800 --> 00:07:50,160 Speaker 1: the Central Park Five, in honor of five black and 146 00:07:50,240 --> 00:07:53,160 Speaker 1: Latino teenagers who were falsely convicted of the nineteen eight 147 00:07:53,320 --> 00:07:56,240 Speaker 1: nine rape an assault of a white female jogger, Sharon's 148 00:07:56,200 --> 00:07:58,840 Speaker 1: Salam is mother of Usef Salam, one of the five, 149 00:07:59,080 --> 00:08:02,000 Speaker 1: and tells ABC she wants to see her son's innocence 150 00:08:02,240 --> 00:08:05,120 Speaker 1: literally etched in stone. We went through a hell of 151 00:08:05,200 --> 00:08:10,400 Speaker 1: fi time and it wasn't very easy, you know. People 152 00:08:10,440 --> 00:08:15,280 Speaker 1: were spitting at us, calling us name, sending us threats. 153 00:08:15,480 --> 00:08:18,080 Speaker 1: The gate of the exonerated will be unveiled at the 154 00:08:18,080 --> 00:08:21,400 Speaker 1: park's northern edge. Another man confessed to that attack in 155 00:08:21,440 --> 00:08:24,280 Speaker 1: two thousand two. While the number of felony crimes on 156 00:08:24,320 --> 00:08:26,880 Speaker 1: the New York subway system is way up for the year, 157 00:08:27,280 --> 00:08:30,440 Speaker 1: the head of the New York City Transit Dave Richard Davy, 158 00:08:30,560 --> 00:08:33,520 Speaker 1: testified on a council hearing on public safety, saying that 159 00:08:33,600 --> 00:08:36,880 Speaker 1: transit crime is actually down more than the month of 160 00:08:36,920 --> 00:08:40,000 Speaker 1: November compared to November of last year. Way too early 161 00:08:40,040 --> 00:08:42,920 Speaker 1: to celebrate, but I believe there is real progress that 162 00:08:42,960 --> 00:08:44,960 Speaker 1: we can trace back to the actions by the mayor 163 00:08:44,960 --> 00:08:47,120 Speaker 1: and the governor now Richard Davy. They're referring to a 164 00:08:47,160 --> 00:08:50,120 Speaker 1: plan from late October that put a heavier police presence 165 00:08:50,160 --> 00:08:53,480 Speaker 1: in place in the subway system. Davy also testified transit 166 00:08:53,520 --> 00:08:56,360 Speaker 1: officials will be pushing for judges to ban people from 167 00:08:56,400 --> 00:08:59,960 Speaker 1: the transit system when they commit certain crimes. New Jersey 168 00:09:00,040 --> 00:09:03,439 Speaker 1: also allocating more than twenty four million dollars for improvements 169 00:09:03,480 --> 00:09:06,600 Speaker 1: in and around public transit. The Safe Streets to Transit 170 00:09:06,640 --> 00:09:10,080 Speaker 1: program and the Transit Village Program will help fund access 171 00:09:10,080 --> 00:09:13,640 Speaker 1: to public transportation, and the Local Bike Way Program will 172 00:09:13,640 --> 00:09:18,160 Speaker 1: help promote cycling as an alternative mode of transportation. Global 173 00:09:18,200 --> 00:09:20,360 Speaker 1: News twenty four hours a day on air and on 174 00:09:20,400 --> 00:09:24,200 Speaker 1: Bloomberg Quicktake, powered by more than twenty hundred journalists and 175 00:09:24,240 --> 00:09:27,640 Speaker 1: analysts in more than one d twenty countries. I'm anymore 176 00:09:27,760 --> 00:09:35,160 Speaker 1: is this is Bloomberg, Nathan? Thank you Amy six o 177 00:09:35,320 --> 00:09:37,480 Speaker 1: nine on Wall Street. Time for the Bloomberg Sports Update, 178 00:09:37,520 --> 00:09:39,160 Speaker 1: brought to you by twice stayed out and here against 179 00:09:39,200 --> 00:09:42,120 Speaker 1: John Stay shop all right, Nathan. It was October when 180 00:09:42,120 --> 00:09:44,240 Speaker 1: the Devils began their scenes with a loss in Philadelphia. 181 00:09:44,280 --> 00:09:46,959 Speaker 1: They had not lost a road game since in at 182 00:09:46,960 --> 00:09:49,360 Speaker 1: the Garden. They led the Rangers to nothing. Five minutes in, 183 00:09:49,720 --> 00:09:53,000 Speaker 1: they are up three way three one. Midway through Rangers rally. 184 00:09:53,080 --> 00:09:55,800 Speaker 1: The time the game went to overtime, down the right 185 00:09:55,840 --> 00:10:02,160 Speaker 1: shot for it shook meet all wait to them overtime 186 00:10:02,360 --> 00:10:07,240 Speaker 1: all the er. The shut up after a bit saved 187 00:10:07,360 --> 00:10:10,920 Speaker 1: by the Orses Perkin. The Rateers win at four to 188 00:10:11,040 --> 00:10:14,560 Speaker 1: three at overtime, and in the Devil's a Living Game 189 00:10:14,720 --> 00:10:17,719 Speaker 1: Road which streak, the Rates wait their fourth in the 190 00:10:17,840 --> 00:10:20,160 Speaker 1: role sp in New York. The Devils were coming off 191 00:10:20,160 --> 00:10:21,920 Speaker 1: a home loss to the Islanders, so this is their 192 00:10:21,960 --> 00:10:24,480 Speaker 1: first two game losing streak since they lost the first 193 00:10:24,480 --> 00:10:26,240 Speaker 1: two games of the season. The Nets made it four 194 00:10:26,320 --> 00:10:28,439 Speaker 1: strade wins, eight of the last nine, one twelve to 195 00:10:28,480 --> 00:10:30,920 Speaker 1: one hundred of Washington. Kevina rant back in his hometown, 196 00:10:31,280 --> 00:10:34,800 Speaker 1: scored thirty points Guary every Both had been given the 197 00:10:34,960 --> 00:10:37,840 Speaker 1: previous game on Why the Night Football so Arizona lose 198 00:10:37,920 --> 00:10:40,680 Speaker 1: star quarterback Kyler Murray to an apparent tourn a cl 199 00:10:41,040 --> 00:10:43,240 Speaker 1: on the third play of the game. New England scored 200 00:10:43,240 --> 00:10:45,960 Speaker 1: the last twenty points took the lead on a fumble return. 201 00:10:46,280 --> 00:10:49,560 Speaker 1: Patriots made the Cardinals twenty seven to thirteen, So the Pats, 202 00:10:49,640 --> 00:10:52,400 Speaker 1: the Jets of the Chargers are all seven and six, 203 00:10:52,480 --> 00:10:54,719 Speaker 1: a three way tie for the last a f C 204 00:10:54,840 --> 00:10:57,760 Speaker 1: playoff spot. Sixty one year old Mississippi State coach Mike 205 00:10:57,880 --> 00:11:00,800 Speaker 1: Leach is in critical condition that the suffering a massive 206 00:11:00,800 --> 00:11:04,680 Speaker 1: heart attack. Texas suspended its basketball coach Chris Beard after 207 00:11:04,760 --> 00:11:08,560 Speaker 1: his arrest for felony domestic violence. Chris Bassett, who pitched 208 00:11:08,640 --> 00:11:10,839 Speaker 1: this past season for the Mets, signed a three year 209 00:11:10,880 --> 00:11:14,680 Speaker 1: deal with Toronto. Argentina stuffered that shocking loss to Saudi 210 00:11:14,720 --> 00:11:16,679 Speaker 1: Arabia to kick off the World Cup. But there's one 211 00:11:16,720 --> 00:11:20,800 Speaker 1: four straight since today in Qatar. It's Argentina versus Croatia 212 00:11:21,160 --> 00:11:24,560 Speaker 1: in the World Cup semifinals. John Stashid Bloomberg Sports. David 213 00:11:24,720 --> 00:11:26,880 Speaker 1: all Right, John, Thanks, and Bloomberg Sports is brought to 214 00:11:26,920 --> 00:11:29,000 Speaker 1: you by Audie. Don't let someone else drive off in 215 00:11:29,040 --> 00:11:32,080 Speaker 1: the Audie model you've always wanted. Visit your local Tri 216 00:11:32,240 --> 00:11:34,880 Speaker 1: state Audie dealer to get behind the wheel of yours today, 217 00:11:35,040 --> 00:11:38,920 Speaker 1: or visit Autie Offers dot com for more information. Breaking 218 00:11:39,000 --> 00:11:41,920 Speaker 1: news just crossing the Bloomberg terminal. The Securities and Exchange 219 00:11:41,920 --> 00:11:45,320 Speaker 1: Commission has unsealed its charges against f t X founder 220 00:11:45,480 --> 00:11:49,880 Speaker 1: Sam bankman Fried, accusing him of defrauding investors uh TO 221 00:11:50,480 --> 00:11:54,079 Speaker 1: by concealing his diversion of customer funds to crypto trading 222 00:11:54,080 --> 00:11:57,160 Speaker 1: from alam To Research to the tune, allegedly of more 223 00:11:57,240 --> 00:12:03,080 Speaker 1: than one point eight billion dollars. It sounds six twelve 224 00:12:03,320 --> 00:12:06,719 Speaker 1: on Wall Street. This is Bloomberg Daybreak. We want to 225 00:12:06,760 --> 00:12:10,000 Speaker 1: get back to our top story this morning, the arrest 226 00:12:10,200 --> 00:12:13,480 Speaker 1: of f t X founder Sam Bankman Freed and the 227 00:12:13,640 --> 00:12:18,120 Speaker 1: charges just unsealed by the Securities and Exchange Commission. We 228 00:12:18,200 --> 00:12:21,760 Speaker 1: are joined live now by Bloomberg Cross Asset Market editor 229 00:12:22,040 --> 00:12:24,959 Speaker 1: Joanna Oustinger, who has been following this story from the 230 00:12:25,080 --> 00:12:29,319 Speaker 1: get go. Joanna, good morning. We're watching headlines across the 231 00:12:29,360 --> 00:12:33,520 Speaker 1: Bloomberg terminal as the Securities and Exchange Commission reveals the 232 00:12:33,600 --> 00:12:37,000 Speaker 1: accusations it is making against Sam Bankman Freed. What more 233 00:12:37,040 --> 00:12:41,679 Speaker 1: can you tell us? Well, Nathan, this is not too 234 00:12:41,800 --> 00:12:45,400 Speaker 1: much of a surprise really, because we always knew that 235 00:12:45,800 --> 00:12:48,240 Speaker 1: the f t X and el Amita relationship was being 236 00:12:48,320 --> 00:12:51,360 Speaker 1: looked at. There has been a lot of speculation about 237 00:12:51,480 --> 00:12:56,360 Speaker 1: exactly what the flows were between those organizations and what 238 00:12:56,720 --> 00:13:00,679 Speaker 1: might have um contravened securities law or anything like that. 239 00:13:00,880 --> 00:13:04,480 Speaker 1: So the sec of course is unveiling those We also, 240 00:13:04,600 --> 00:13:09,199 Speaker 1: of course are awaiting the criminal charges and um the 241 00:13:09,880 --> 00:13:12,760 Speaker 1: and what the federal prosecutors will do as they unseal 242 00:13:12,880 --> 00:13:16,800 Speaker 1: the case against him this morning also, so that's going 243 00:13:16,880 --> 00:13:19,240 Speaker 1: to be a pretty big deal as well. And then 244 00:13:19,320 --> 00:13:21,840 Speaker 1: of course there is the issue of he's being held 245 00:13:21,880 --> 00:13:26,319 Speaker 1: in custody in the Bahamas penning that extradition process. So 246 00:13:26,600 --> 00:13:29,480 Speaker 1: we'll have to see exactly what we'll go on with that. 247 00:13:29,800 --> 00:13:31,360 Speaker 1: Is it going to be fast? Is it going to 248 00:13:31,480 --> 00:13:34,520 Speaker 1: take weeks or months? Sometimes these things take years. This 249 00:13:34,679 --> 00:13:36,560 Speaker 1: one might not go on so long. But there are 250 00:13:36,960 --> 00:13:40,719 Speaker 1: so many different strands of this situation right now. And 251 00:13:41,000 --> 00:13:43,319 Speaker 1: just to quote from the news released from the Securities 252 00:13:43,320 --> 00:13:47,720 Speaker 1: and Exchange Commission UH quoting the chairman, Gary Gensler, saying, quote, 253 00:13:47,760 --> 00:13:49,920 Speaker 1: we allege that Sam Bankman Freed built a house of 254 00:13:50,040 --> 00:13:53,360 Speaker 1: cards on a foundation of deception while telling investors that 255 00:13:53,440 --> 00:13:56,120 Speaker 1: it was one of the safest buildings in crypto. Of course, 256 00:13:56,160 --> 00:13:59,920 Speaker 1: as you know, Joanna, Gary Gensler has been very critic 257 00:14:00,000 --> 00:14:02,800 Speaker 1: goal of the crypto space and f t X in particular. 258 00:14:02,920 --> 00:14:06,600 Speaker 1: What further color are you expecting when we get those 259 00:14:06,720 --> 00:14:12,280 Speaker 1: criminal charges unsealed by the district Are the federal prosecutors 260 00:14:12,640 --> 00:14:16,160 Speaker 1: in New York later today? Well, it'll be interesting to 261 00:14:16,240 --> 00:14:19,680 Speaker 1: see exactly what they're zeroing in on. And one thing 262 00:14:19,760 --> 00:14:23,000 Speaker 1: that's interesting, this case has proceeded quite quickly. It's been 263 00:14:23,080 --> 00:14:25,280 Speaker 1: only about a month, and so there have been a 264 00:14:25,360 --> 00:14:28,480 Speaker 1: lot of comments about they may feel like they have 265 00:14:28,680 --> 00:14:33,200 Speaker 1: very strong evidence if they're moving this fast, So it'll 266 00:14:33,200 --> 00:14:35,880 Speaker 1: be interesting to see exactly what they're looking at. Are 267 00:14:35,920 --> 00:14:38,480 Speaker 1: they looking at the same things as the sec Are 268 00:14:38,560 --> 00:14:42,240 Speaker 1: they looking at you know, international stuff, or exactly what 269 00:14:43,000 --> 00:14:46,840 Speaker 1: what different laws are they focusing on? And also is 270 00:14:46,880 --> 00:14:49,000 Speaker 1: it mostly about Sam bank Man Freed or are they 271 00:14:49,080 --> 00:14:51,720 Speaker 1: going to loop in other people? There are all sorts 272 00:14:51,760 --> 00:14:54,280 Speaker 1: of people who were involved in f t X and Alameda. 273 00:14:54,680 --> 00:14:56,880 Speaker 1: Some of them have been a lot quieter than others. 274 00:14:57,040 --> 00:14:58,920 Speaker 1: Sam bank Men Freed has been speaking a lot, so 275 00:14:59,440 --> 00:15:03,520 Speaker 1: we've he's been in focus, but other people may be 276 00:15:03,640 --> 00:15:07,480 Speaker 1: included as well. Yeah, to your point, Joanna, the speed 277 00:15:07,640 --> 00:15:11,960 Speaker 1: at which the bankruptcy of f t X to now 278 00:15:12,080 --> 00:15:16,520 Speaker 1: the arrest and charges being unsealed against the founder has 279 00:15:16,680 --> 00:15:20,000 Speaker 1: been nothing short of dramatic. What does that tell you 280 00:15:20,280 --> 00:15:24,680 Speaker 1: about potentially the kind of case, uh that prosecutors could 281 00:15:24,760 --> 00:15:30,840 Speaker 1: have against Sam Bankman Freed. Well, speculation is that they 282 00:15:30,960 --> 00:15:34,120 Speaker 1: may have something extremely strong if they're moving this fast, 283 00:15:34,160 --> 00:15:37,280 Speaker 1: if they're that confident about it, so we will have 284 00:15:37,400 --> 00:15:39,680 Speaker 1: to see what they have, But it is it does 285 00:15:39,760 --> 00:15:42,560 Speaker 1: seem like if they're moving this fast, you know, they 286 00:15:42,640 --> 00:15:45,480 Speaker 1: might think they have something that works really well, and 287 00:15:46,160 --> 00:15:49,000 Speaker 1: we'll have to see. They also may have been worried 288 00:15:49,120 --> 00:15:51,239 Speaker 1: that he would try to move to a different jurisdiction. 289 00:15:51,360 --> 00:15:55,160 Speaker 1: We have seen people in the crypto space, uh, moving 290 00:15:55,240 --> 00:15:59,120 Speaker 1: to different jurisdictions and even kind of going under the 291 00:15:59,240 --> 00:16:03,320 Speaker 1: radar with their locations. So there's that aspect as well. 292 00:16:03,960 --> 00:16:07,240 Speaker 1: But you know, it definitely seems like they wanted to 293 00:16:07,360 --> 00:16:09,960 Speaker 1: move fast, even before he could testify. He was due 294 00:16:10,000 --> 00:16:12,320 Speaker 1: to testify at the U. S House hearing today, the 295 00:16:12,400 --> 00:16:15,240 Speaker 1: Financial Services Committee didn't get to do that. They're still 296 00:16:15,320 --> 00:16:18,240 Speaker 1: having the hearing today, They're having the Senate hearing tomorrow, 297 00:16:18,720 --> 00:16:23,200 Speaker 1: but you know, without the one of the star players there. Yeah, 298 00:16:23,240 --> 00:16:25,560 Speaker 1: in our last minute here, the timing of this arrest, 299 00:16:25,680 --> 00:16:28,960 Speaker 1: coming just a day before the kickoff of these two 300 00:16:29,080 --> 00:16:32,400 Speaker 1: days of hearings is really interesting here. What does this 301 00:16:32,520 --> 00:16:35,240 Speaker 1: mean for what the hearings are going to do going forward? 302 00:16:35,280 --> 00:16:38,280 Speaker 1: I guess Sam Bankman Freed isn't going to be testifying now. 303 00:16:38,360 --> 00:16:40,240 Speaker 1: Does this just sort of put the whole proceeding in 304 00:16:40,320 --> 00:16:42,800 Speaker 1: Washington into a kind of a state of upheaval here. 305 00:16:44,640 --> 00:16:47,760 Speaker 1: It definitely takes away some of the drama. At the 306 00:16:47,840 --> 00:16:50,960 Speaker 1: same time, John Jay Ray, the third who's knew the 307 00:16:51,040 --> 00:16:54,680 Speaker 1: new CEO, is going to be testifying and he will 308 00:16:54,760 --> 00:16:56,600 Speaker 1: still be able to give a clearer sense of what 309 00:16:56,760 --> 00:16:59,640 Speaker 1: he's been able to figure out in the meantime and 310 00:17:00,160 --> 00:17:04,200 Speaker 1: exactly we have from f t X. And so there's 311 00:17:04,280 --> 00:17:06,879 Speaker 1: still a lot of information we can clean out of it, 312 00:17:06,920 --> 00:17:09,040 Speaker 1: and it'll still be interesting to see what the legislators 313 00:17:09,080 --> 00:17:12,560 Speaker 1: are focusing on. But definitely, uh, Sam Bankman Free's appearance 314 00:17:12,560 --> 00:17:14,560 Speaker 1: would have created a lot of drama and we won't 315 00:17:14,600 --> 00:17:19,119 Speaker 1: have some of that drama. Yeah, But lots more information 316 00:17:19,240 --> 00:17:21,399 Speaker 1: to come out, many more questions to be answered with 317 00:17:21,480 --> 00:17:25,720 Speaker 1: these multiple investigations swirling around Sam Bankman Freed. Joanna Oustinger 318 00:17:25,800 --> 00:17:28,280 Speaker 1: of Bloomberg News, thank you for keeping us up to 319 00:17:28,359 --> 00:17:31,159 Speaker 1: speed on what's happening here, including the breaking news from 320 00:17:31,160 --> 00:17:34,520 Speaker 1: the Securities and Exchange Commission charging f t X founder 321 00:17:34,600 --> 00:17:38,000 Speaker 1: Sam Bankman Freed with quote orchestrating a scheme to defraud 322 00:17:38,080 --> 00:17:42,119 Speaker 1: equity investors in f t X. We will continue following 323 00:17:42,160 --> 00:17:44,800 Speaker 1: the story, of course, throughout the day throughout the next 324 00:17:44,840 --> 00:17:47,840 Speaker 1: couple of days here on Bloomberg Radio, as we have 325 00:17:48,240 --> 00:17:50,280 Speaker 1: two days of hearings on Capitol Hill and of course, 326 00:17:50,680 --> 00:17:55,280 Speaker 1: the multiple charges now being unsealed against sam Bankman Freed. 327 00:17:55,359 --> 00:18:02,360 Speaker 1: Stay with us. You're listening to Bloomberg Day Right, Markets, 328 00:18:02,480 --> 00:18:05,520 Speaker 1: headlines and breaking news twenty four hours a day at 329 00:18:05,600 --> 00:18:09,560 Speaker 1: Bloomberg dot com, the Bloomberg Business and at Bloomberg Quicktape. 330 00:18:09,720 --> 00:18:18,719 Speaker 1: This He's a Bloomberg Business lash and I'm Karen Moscow 331 00:18:18,800 --> 00:18:21,800 Speaker 1: and again of our breaking news. The SEC charging Samuel 332 00:18:21,920 --> 00:18:26,320 Speaker 1: Bankman Freed with orchestrating a scheme to defraud equity investors 333 00:18:26,400 --> 00:18:29,479 Speaker 1: in ft X. According to the SEC's complaints, is at 334 00:18:29,560 --> 00:18:33,159 Speaker 1: least may ft X rays more than one point eight 335 00:18:33,280 --> 00:18:36,840 Speaker 1: billion dollars from equity investors, including about one point one 336 00:18:36,920 --> 00:18:40,960 Speaker 1: billion from approximately ninety US based investors. And this update 337 00:18:41,080 --> 00:18:43,080 Speaker 1: is brought to you by b n y Millons. Purshing 338 00:18:43,400 --> 00:18:46,280 Speaker 1: learned by the world's most sophisticated wealth management and institutional 339 00:18:46,359 --> 00:18:50,080 Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency, 340 00:18:50,160 --> 00:18:54,480 Speaker 1: attract talent, and manage risk. At Pershing dot Com. Futures 341 00:18:54,560 --> 00:18:57,040 Speaker 1: this morning are on the rise. S ANDP futures up 342 00:18:57,119 --> 00:18:59,760 Speaker 1: eighteen points, or about half percent out. Futures up for 343 00:19:00,080 --> 00:19:02,600 Speaker 1: ens per Center a hundred fifty one points, and ASDAC 344 00:19:02,720 --> 00:19:05,879 Speaker 1: futures up half percenter about sixty points, the Dacks in 345 00:19:05,920 --> 00:19:08,359 Speaker 1: Germany's up eight tens of a percent, and a tenure 346 00:19:08,400 --> 00:19:10,720 Speaker 1: treasury up six thirty seconds. He had three point five 347 00:19:10,760 --> 00:19:13,200 Speaker 1: eight percent. They yield on a two years at four 348 00:19:13,280 --> 00:19:16,359 Speaker 1: point three seven percent. Just looking at bitcoin this morning 349 00:19:16,400 --> 00:19:19,040 Speaker 1: of one and a half percent at about seventeen thousand, 350 00:19:19,119 --> 00:19:21,919 Speaker 1: four hundred dollars. And as a Bloomberg business flash, now 351 00:19:22,000 --> 00:19:25,080 Speaker 1: here's Amy Morris with Moore unless going on around the world. Amy, 352 00:19:25,680 --> 00:19:28,719 Speaker 1: Thank you, Karen. President Biden expected to sign their Respect 353 00:19:28,760 --> 00:19:31,600 Speaker 1: for a Marriage Act into law today. The bipartisan bill 354 00:19:31,640 --> 00:19:35,280 Speaker 1: aims to protect marriage for lgbt Q and interracial couples. 355 00:19:35,640 --> 00:19:37,879 Speaker 1: We await formal word of a major breakthrough and the 356 00:19:37,960 --> 00:19:41,000 Speaker 1: quest to harness fusion. That experiment marks the first time 357 00:19:41,040 --> 00:19:43,480 Speaker 1: scientists have been able to produce more energy from the 358 00:19:43,560 --> 00:19:46,560 Speaker 1: reaction that consumes. In sports, Monday night football in the 359 00:19:46,600 --> 00:19:49,560 Speaker 1: New England Patriots beat the Cardinals. In the NBA, the 360 00:19:49,640 --> 00:19:52,399 Speaker 1: Nets beat the Wizards, the Celtics win, and in hockey 361 00:19:52,560 --> 00:19:56,639 Speaker 1: the Rangers beat the Devil's World Cup semifinals get underway today. 362 00:19:56,760 --> 00:19:59,160 Speaker 1: Global News twenty four hours a day on airand Don 363 00:19:59,200 --> 00:20:01,960 Speaker 1: Bloomberg Quick to a powered by more than twenty seven 364 00:20:02,040 --> 00:20:05,280 Speaker 1: hundred journalists and analysts in more than one d twenty countries. 365 00:20:05,680 --> 00:20:08,680 Speaker 1: I'm Any Morris, This is Bloomberg, Nathan, Thanks Amy six 366 00:20:09,080 --> 00:20:11,680 Speaker 1: three on Wall Street. I'm Nathan Hagar. This is Bloomberg 367 00:20:11,800 --> 00:20:14,280 Speaker 1: Daybreak on a big day to day before the FEDS 368 00:20:14,480 --> 00:20:17,399 Speaker 1: final policy decision of the year coming up tomorrow. The 369 00:20:17,440 --> 00:20:20,480 Speaker 1: November Consumer Price Index is due out in just a 370 00:20:20,520 --> 00:20:23,040 Speaker 1: little more than two hours time. Someone will be watching 371 00:20:23,119 --> 00:20:26,280 Speaker 1: those numbers very closely for US. Bloomberg Global Economics and 372 00:20:26,359 --> 00:20:30,080 Speaker 1: Policy correspondent Michael McKee Mike joins US Live this morning 373 00:20:30,119 --> 00:20:34,560 Speaker 1: from our Bloomberg studios in Washington, d C. Mike, good morning. 374 00:20:34,600 --> 00:20:37,520 Speaker 1: What should we be looking for in the data today? Numbers? 375 00:20:38,400 --> 00:20:42,240 Speaker 1: Thank you, good talking to you. When do you see 376 00:20:42,240 --> 00:20:44,000 Speaker 1: all this stuff going on about crypto and do you 377 00:20:44,040 --> 00:20:47,960 Speaker 1: think this is CBI is just very numbers, but it is. 378 00:20:48,359 --> 00:20:54,320 Speaker 1: We are expecting a slowing of inflation. The headline rate 379 00:20:54,560 --> 00:20:57,639 Speaker 1: UH supposed to be up about three tenths for the 380 00:20:57,720 --> 00:21:00,520 Speaker 1: both and it was up four tenths last month. The 381 00:21:00,560 --> 00:21:02,760 Speaker 1: core is not gonna be changed three tents and three tents, 382 00:21:03,119 --> 00:21:05,119 Speaker 1: but both of those because of the base effects of 383 00:21:05,200 --> 00:21:08,159 Speaker 1: high inflation a year ago would bring down the h 384 00:21:08,800 --> 00:21:11,800 Speaker 1: the year over year numbers, the headline number down to 385 00:21:11,920 --> 00:21:14,560 Speaker 1: seven point three percent of the core six point one, 386 00:21:15,000 --> 00:21:16,720 Speaker 1: and those are the kind of things that the Fed 387 00:21:16,840 --> 00:21:21,320 Speaker 1: wants to see. Uh. Interestingly enough, Uh, you've got markets 388 00:21:21,400 --> 00:21:25,639 Speaker 1: now pricing in a drop, a very quick drop in 389 00:21:25,720 --> 00:21:29,640 Speaker 1: inflation next year, down to around three percent by May 390 00:21:29,840 --> 00:21:35,320 Speaker 1: according to inflation index swaps. So people are getting more optimistic. Yeah, 391 00:21:35,680 --> 00:21:39,680 Speaker 1: how much does this cp I print inform what we 392 00:21:39,840 --> 00:21:42,720 Speaker 1: could see from inflation over the next year. I mean, 393 00:21:42,760 --> 00:21:46,040 Speaker 1: the economists we've been speaking to this morning are pointing 394 00:21:46,080 --> 00:21:50,600 Speaker 1: out the fact, you know, most light uh appropriately that 395 00:21:51,480 --> 00:21:56,240 Speaker 1: CPI is a major lagging indicator. It is. But what's 396 00:21:56,280 --> 00:21:59,720 Speaker 1: happened is a number of the categories that people thought 397 00:21:59,760 --> 00:22:02,520 Speaker 1: would be transitory and warrant and now turning out to 398 00:22:02,560 --> 00:22:05,920 Speaker 1: be transitory. Just stretch the definition of how long that is. 399 00:22:06,480 --> 00:22:12,159 Speaker 1: And so we're seeing on the good side, goods disinflation. 400 00:22:12,320 --> 00:22:16,800 Speaker 1: It's not rising nearly as fast as it was. The 401 00:22:17,160 --> 00:22:21,280 Speaker 1: question then becomes what happens with services, and services are 402 00:22:21,320 --> 00:22:26,440 Speaker 1: still up because of retailers having to pay uh, employees 403 00:22:26,600 --> 00:22:30,160 Speaker 1: more to get workers because there aren't enough workers. Yeah, 404 00:22:30,160 --> 00:22:33,640 Speaker 1: and that puts attention on what the Fed does going 405 00:22:33,760 --> 00:22:36,320 Speaker 1: forward into the next year as well, whether they need 406 00:22:36,400 --> 00:22:38,960 Speaker 1: to keep rates higher for longer just to try to 407 00:22:39,040 --> 00:22:42,200 Speaker 1: get this tight labor market back under control. Well, it 408 00:22:42,359 --> 00:22:44,520 Speaker 1: is a coincidence of timing that we have the FED 409 00:22:44,600 --> 00:22:47,680 Speaker 1: meeting tomorrow and at that meeting they're going to offer 410 00:22:47,960 --> 00:22:52,000 Speaker 1: new economic forecasts, including for inflation. Now, this is the 411 00:22:52,080 --> 00:22:56,320 Speaker 1: CPI we're getting today. The Fed uses and forecasts the 412 00:22:56,480 --> 00:23:00,239 Speaker 1: PC index. Uh. CPI generally runs a point or two 413 00:23:00,320 --> 00:23:04,560 Speaker 1: above PC. So uh, while we the numbers won't match up, 414 00:23:04,680 --> 00:23:06,600 Speaker 1: we'll see if the trend is the same in the 415 00:23:06,680 --> 00:23:09,879 Speaker 1: FED forecast, if they see a fairly quick drop in 416 00:23:10,000 --> 00:23:14,600 Speaker 1: inflation for two thousand twenty three, and then that will 417 00:23:15,200 --> 00:23:18,800 Speaker 1: inform what they're thinking about in terms of how high 418 00:23:18,880 --> 00:23:22,040 Speaker 1: they have to raise interest rates and how how long 419 00:23:22,119 --> 00:23:23,800 Speaker 1: they have to keep them there. It's only going to 420 00:23:23,880 --> 00:23:27,880 Speaker 1: be a question of, uh, do they go too far, 421 00:23:28,400 --> 00:23:30,199 Speaker 1: And they don't want to do that, so they'll probably 422 00:23:30,240 --> 00:23:32,879 Speaker 1: tell us more. We'll see more slow down in the 423 00:23:33,000 --> 00:23:36,480 Speaker 1: pace of BRAID increases as inflation drops, and we get 424 00:23:36,520 --> 00:23:38,840 Speaker 1: those numbers. As we say, just a little more than 425 00:23:38,880 --> 00:23:42,280 Speaker 1: two hours time. November Consumer Price Index eight thirty am 426 00:23:42,359 --> 00:23:44,480 Speaker 1: Wall Street Time. You know you'll be back Mike to 427 00:23:44,560 --> 00:23:47,200 Speaker 1: break down the numbers live for us as they cross 428 00:23:47,280 --> 00:23:51,480 Speaker 1: the terminal. Bloomberg Global Economics and Policy correspondent Michael McKee 429 00:23:51,560 --> 00:23:55,399 Speaker 1: with us this morning from the nation's capital. Got your 430 00:23:55,480 --> 00:23:59,000 Speaker 1: top stories straight ahead, But first, Bloomberg Meteorologist Rob Carolin 431 00:23:59,119 --> 00:24:01,600 Speaker 1: with the weather fork with high pressure headed towards the 432 00:24:01,640 --> 00:24:04,760 Speaker 1: Tristate area. Will enjoy plenty of sunshine today, just won't 433 00:24:04,760 --> 00:24:07,040 Speaker 1: be very warm out high is only reaching forty later 434 00:24:07,160 --> 00:24:10,159 Speaker 1: this afternoon. Skies are generally clear. Tonight will drop to 435 00:24:10,840 --> 00:24:13,440 Speaker 1: thirty in the city. Suburbs are likely closer to twenty 436 00:24:13,480 --> 00:24:17,560 Speaker 1: overnight sunshine back to your forty tomorrow. Increasingly cloudy tomorrow night. 437 00:24:17,920 --> 00:24:20,440 Speaker 1: Rain develops on Thursday. It may start as some wet snow. 438 00:24:21,119 --> 00:24:23,960 Speaker 1: I'm Rob Carolyn with your three day forecast on Bloomberg 439 00:24:24,040 --> 00:24:30,320 Speaker 1: eleven three oh broadcasting live from the Bloomberg Interactive Broker's 440 00:24:30,320 --> 00:24:34,000 Speaker 1: studio in New York. Bloomberg Eving freed to Washington, d C. 441 00:24:34,200 --> 00:24:39,480 Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco. Bloomberg, 442 00:24:39,600 --> 00:24:43,119 Speaker 1: NIXT to the country, Sirius XM to one nine, and 443 00:24:43,200 --> 00:24:47,080 Speaker 1: around the globe, the Bloomberg Business and Bloomberg Radio dot com. 444 00:24:47,520 --> 00:24:57,359 Speaker 1: This is Bloomberg Daybreak on Wall Street. Good morning. I'm 445 00:24:57,440 --> 00:25:00,399 Speaker 1: Nathan Hagar and I'm Karen Moscow, and we are just 446 00:25:00,520 --> 00:25:02,919 Speaker 1: about three hours away from the open of US trading. 447 00:25:03,000 --> 00:25:04,600 Speaker 1: It's time for the five things that you need to 448 00:25:04,680 --> 00:25:08,040 Speaker 1: notice start your day. Brought to you by Interactive Broker's. 449 00:25:08,080 --> 00:25:10,680 Speaker 1: Interacted Broker's clients are an interest of up to three 450 00:25:10,720 --> 00:25:13,480 Speaker 1: point three three percent on the idle cash and their 451 00:25:13,520 --> 00:25:17,120 Speaker 1: brokerage accounts. Visit id k R dot com slash interest 452 00:25:17,240 --> 00:25:20,760 Speaker 1: rates to learn more. Up first, the arrest of Sam 453 00:25:20,840 --> 00:25:25,679 Speaker 1: Bankman Freed, the US government criminally indicting the disgraced FTX 454 00:25:25,800 --> 00:25:29,200 Speaker 1: co founder Bloomberg. Steve Rappaport joins US Live with the 455 00:25:29,440 --> 00:25:32,439 Speaker 1: very latest. Steve, Good morning, Good morning, Karen and Nathan. 456 00:25:32,480 --> 00:25:35,639 Speaker 1: While we wait for federal prosecutors to unbail criminal charges 457 00:25:35,640 --> 00:25:38,680 Speaker 1: against Bankman Freed, the SEC is charging him with the 458 00:25:38,760 --> 00:25:42,159 Speaker 1: frauding investors. Bankman Freed was supposed to testify before a 459 00:25:42,240 --> 00:25:45,560 Speaker 1: House committee about the stunning collapse of his crypto firm. Instead, 460 00:25:45,640 --> 00:25:48,480 Speaker 1: he will stand before a judge today as US prosecutors 461 00:25:48,560 --> 00:25:51,680 Speaker 1: begin efforts to have him extradited. Ballet Crypto founder and 462 00:25:51,760 --> 00:25:54,280 Speaker 1: CEO Bobby Lee Chunk tells us the arrest shows a 463 00:25:54,359 --> 00:25:57,159 Speaker 1: need for greater oversight of the industry. We need to 464 00:25:57,359 --> 00:26:02,399 Speaker 1: flesh off the bad actors, really need regulation and to 465 00:26:02,520 --> 00:26:04,920 Speaker 1: show that rule of law is important and that people 466 00:26:05,000 --> 00:26:07,560 Speaker 1: can't just do Willie Nilly. Bankman Freed admits he made 467 00:26:07,640 --> 00:26:10,400 Speaker 1: mistakes but denies committing fraud. Live in New York, I'm 468 00:26:10,400 --> 00:26:13,639 Speaker 1: Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks. Some reaction 469 00:26:13,800 --> 00:26:16,120 Speaker 1: is pouring in this morning to Sam Bankman Freed's arrest. 470 00:26:16,160 --> 00:26:19,520 Speaker 1: Bloomberg's Joanna Ostinger says senior leaders in crypto or wondering 471 00:26:19,600 --> 00:26:21,960 Speaker 1: what's next for the industry. There's still a lot of 472 00:26:22,040 --> 00:26:25,280 Speaker 1: nervousness and the attitude of if this can happen to 473 00:26:25,400 --> 00:26:28,280 Speaker 1: something like FTX that seems so solid. People are starting 474 00:26:28,320 --> 00:26:30,560 Speaker 1: to poke around and say, well, where else could there 475 00:26:30,640 --> 00:26:35,120 Speaker 1: be issues? Bloomberg's Joan Oustinger says crypto prices are still 476 00:26:35,280 --> 00:26:37,760 Speaker 1: stabilizing and taking a look at Bitcoin right now, it's 477 00:26:37,800 --> 00:26:40,200 Speaker 1: trading up nearly one and a half percent, right around 478 00:26:40,240 --> 00:26:43,919 Speaker 1: seventeen thousand, four hundred. Well, let's turn to the economy now, Nathan. 479 00:26:43,960 --> 00:26:47,120 Speaker 1: Traders have their eyes on the November consumer price indexes 480 00:26:47,200 --> 00:26:49,959 Speaker 1: do out at eight thirty am Wall Street Time. Jetted 481 00:26:50,040 --> 00:26:53,160 Speaker 1: mouey Had of market analysis with Brewin Dolphins says it's 482 00:26:53,280 --> 00:26:56,439 Speaker 1: not all about the headline number today. The important thing 483 00:26:56,600 --> 00:26:58,680 Speaker 1: is observing the trends. Also a lot of trim and 484 00:26:59,040 --> 00:27:02,080 Speaker 1: patting into the right action. In terms of the headline CPI. 485 00:27:02,400 --> 00:27:05,200 Speaker 1: Important will be the core data, of course, and that 486 00:27:05,359 --> 00:27:08,040 Speaker 1: could still be make a this decade, and Jenny Buie 487 00:27:08,119 --> 00:27:10,480 Speaker 1: with Bruin Dolphin believes it will take some time for 488 00:27:10,640 --> 00:27:14,120 Speaker 1: core CPI to come down, and today's inflation data comes 489 00:27:14,160 --> 00:27:17,879 Speaker 1: just one day before the feds next policy decision. Consensus 490 00:27:18,000 --> 00:27:20,320 Speaker 1: calls for the Central Bank to raise rates another fifty 491 00:27:20,359 --> 00:27:23,359 Speaker 1: basis points tomorrow, no matter what comes from the CPI. Print. 492 00:27:24,119 --> 00:27:26,800 Speaker 1: In Carporrate News this morning, Nathan Shares of Oracle are 493 00:27:26,880 --> 00:27:29,320 Speaker 1: on the rise this morning of two points seven percent. 494 00:27:29,440 --> 00:27:33,200 Speaker 1: The software company reporting quarterly sales that beat estimates thanks 495 00:27:33,240 --> 00:27:36,320 Speaker 1: to strong performance from its digital health records unit, and 496 00:27:36,440 --> 00:27:39,120 Speaker 1: to of Elon Musk's companies are making headlines this morning. 497 00:27:39,160 --> 00:27:42,040 Speaker 1: The Washington Post reports Twitter has dissolved its Trust and 498 00:27:42,119 --> 00:27:45,760 Speaker 1: Safety council, and SpaceX is offering to sell insider shares 499 00:27:45,800 --> 00:27:47,640 Speaker 1: at a price that would raise its valuation to about 500 00:27:47,640 --> 00:27:50,320 Speaker 1: a hundred forty billion dollars. That's the five things that 501 00:27:50,440 --> 00:27:52,399 Speaker 1: you need to notice start your day. Brought to you 502 00:27:52,560 --> 00:27:56,040 Speaker 1: by Interactive Brokers and straight Ahead, we have your latest 503 00:27:56,080 --> 00:27:58,960 Speaker 1: local headlines, plus a check a sports. This is Bloomberg 504 00:28:03,160 --> 00:28:05,919 Speaker 1: Excix one on Wall Street, and Amy Morris is here 505 00:28:05,960 --> 00:28:07,159 Speaker 1: with the look at what else is going on in 506 00:28:07,200 --> 00:28:10,520 Speaker 1: New York and around the world. Amy, Good morning, Good morning, Nathan. 507 00:28:10,560 --> 00:28:13,879 Speaker 1: New York City health officials are once again urging residents 508 00:28:13,920 --> 00:28:17,080 Speaker 1: to wear a mask. New York City's Health Commissioner, Dr 509 00:28:17,160 --> 00:28:21,159 Speaker 1: Ashwyn Vassan is warning there's currently a triedmic threat. We 510 00:28:21,280 --> 00:28:27,760 Speaker 1: are facing unprecedented levels of flu, We're facing unprecedented levels 511 00:28:27,840 --> 00:28:31,280 Speaker 1: of R s V, and we're seeing an increase in 512 00:28:31,800 --> 00:28:35,399 Speaker 1: COVID cases. Health officials recommend getting a flu shot, a booster, 513 00:28:35,600 --> 00:28:38,440 Speaker 1: and wearing a mask indoors in a crowded setting. To 514 00:28:38,520 --> 00:28:41,080 Speaker 1: find a COVID booster or flu vaccine, to go to 515 00:28:41,160 --> 00:28:45,520 Speaker 1: Vaccine finder dot NYC. Dot gov. Brooklyn hospitals still dealing 516 00:28:45,600 --> 00:28:47,920 Speaker 1: with the after effects of a cyber attack that hit 517 00:28:48,000 --> 00:28:51,120 Speaker 1: them last month. The New York Times reports one Brooklyn 518 00:28:51,240 --> 00:28:53,880 Speaker 1: Health continues to serve patients in some of New York's 519 00:28:53,920 --> 00:28:58,480 Speaker 1: poorest neighborhoods after a cyber attack forced some critical services offline. 520 00:28:58,760 --> 00:29:01,800 Speaker 1: Cyber security experts are working to get its three hospitals, 521 00:29:01,840 --> 00:29:06,240 Speaker 1: Interfaith Medical Center, Brookdale Hospital Medical Center, and Kingsbrook Jewish 522 00:29:06,320 --> 00:29:09,880 Speaker 1: Medical Center fully back online. Tomorrow marks a decade since 523 00:29:09,960 --> 00:29:12,800 Speaker 1: twenty children and six educators were shot dead at Sandy 524 00:29:12,840 --> 00:29:16,560 Speaker 1: Hook Elementary School. Connecticut Governor Ned Lamont says more needs 525 00:29:16,640 --> 00:29:19,400 Speaker 1: to be done on the state and federal level. Back 526 00:29:19,440 --> 00:29:21,840 Speaker 1: in October, the governor said he wants to see more 527 00:29:21,880 --> 00:29:25,520 Speaker 1: action there too many illegal guns. Lamont says he'll be 528 00:29:25,600 --> 00:29:28,920 Speaker 1: proposing measures to close the assault weapons ban loopholes and 529 00:29:29,040 --> 00:29:31,400 Speaker 1: helped take ghost guns off the street in the upcoming 530 00:29:31,440 --> 00:29:35,320 Speaker 1: state legislative session. New York transit officials told city lawmakers 531 00:29:35,360 --> 00:29:39,080 Speaker 1: they're about four hundred cameras operating now on subway cars 532 00:29:39,160 --> 00:29:41,360 Speaker 1: throughout the city. It's part of a push to increase 533 00:29:41,400 --> 00:29:45,560 Speaker 1: safety and ease passenger fears. The Metropolitan Transportation authority is 534 00:29:45,600 --> 00:29:48,960 Speaker 1: also paying a million dollars each month for private security 535 00:29:49,000 --> 00:29:51,920 Speaker 1: guards to Rome subway platforms, in addition to a thousand 536 00:29:52,000 --> 00:29:54,800 Speaker 1: more city police officers. Global News twenty four hours a 537 00:29:54,880 --> 00:29:57,280 Speaker 1: day on errand on Bloomberg, Quick Take, Power and Buy. 538 00:29:57,360 --> 00:30:00,280 Speaker 1: More than twenty seven hundred journalists and analysts said more 539 00:30:00,280 --> 00:30:03,920 Speaker 1: than one twenty countries. I'm Amy Morris, this is Bloomberg, Nathan. 540 00:30:04,080 --> 00:30:10,760 Speaker 1: Thanks Amy, six thirty three on Wall Street time for 541 00:30:10,760 --> 00:30:12,640 Speaker 1: the Bloomberg Sports up they brought to you by trying 542 00:30:12,720 --> 00:30:15,160 Speaker 1: stayed outing with John Stay Show. Thanks Nathan. Wins for 543 00:30:15,200 --> 00:30:17,600 Speaker 1: the Rangers and the Nets, and both have not won 544 00:30:17,680 --> 00:30:19,440 Speaker 1: four games in a row. At the Garden, thrilling win 545 00:30:19,520 --> 00:30:21,520 Speaker 1: for the Rangers. They trailed the Devil's do nothing early on, 546 00:30:21,600 --> 00:30:23,920 Speaker 1: they rallied to tie. They won four three on a 547 00:30:24,040 --> 00:30:26,760 Speaker 1: Phillip Heel goal at two fifteenth of overtime. That hands 548 00:30:26,760 --> 00:30:29,479 Speaker 1: the Devil's their first two game losing streaks since they 549 00:30:29,520 --> 00:30:31,640 Speaker 1: lost the first two games of the season. It ends 550 00:30:31,680 --> 00:30:34,840 Speaker 1: their eleven game road winning streets. And that's what At 551 00:30:34,880 --> 00:30:37,800 Speaker 1: Washington one twelve to one hundred for Kevin Durant thirty points, 552 00:30:38,120 --> 00:30:40,960 Speaker 1: nine rebounds, six assists, Monday Night football at Arizona. Third 553 00:30:41,040 --> 00:30:44,560 Speaker 1: play of the game, Cardinals quarterback Kyler Murray carted off 554 00:30:44,640 --> 00:30:47,840 Speaker 1: at apparent torn a c L. Patriots and Cardinals were tied. 555 00:30:48,160 --> 00:30:50,360 Speaker 1: Third quarter and the quarterbacks left like because he takes 556 00:30:50,360 --> 00:30:52,640 Speaker 1: the shot to staff, he dropped back. Mr Crows, John 557 00:30:53,160 --> 00:30:58,280 Speaker 1: hop Kids, crossing your side, Louis down the right side, 558 00:31:02,480 --> 00:31:07,680 Speaker 1: stupid sports Hub at the call. Pats went on to 559 00:31:07,760 --> 00:31:11,160 Speaker 1: wins to thirty and that's not the outcome the Jets wanted. 560 00:31:11,200 --> 00:31:13,480 Speaker 1: The Jets and Pats are both seven and six, but 561 00:31:13,680 --> 00:31:16,200 Speaker 1: New England has the tiebreaker. They beat the Jets twice. 562 00:31:16,280 --> 00:31:19,320 Speaker 1: The Chargers are also seven and six, three way tie 563 00:31:19,680 --> 00:31:22,240 Speaker 1: for the last a SC playoff spot. The Jets Sunday 564 00:31:22,280 --> 00:31:25,240 Speaker 1: host Red at Detroit. Sounds like Jets quarterback Mike White 565 00:31:25,600 --> 00:31:28,240 Speaker 1: will be able to play after tests on his injured ribs. 566 00:31:28,520 --> 00:31:31,080 Speaker 1: Ken Croatia pull out in another victory. They've only won 567 00:31:31,200 --> 00:31:33,920 Speaker 1: once in regulation with a couple of penalty kick victories. 568 00:31:34,280 --> 00:31:36,720 Speaker 1: Just like four years ago and today and Guitar. It's 569 00:31:36,800 --> 00:31:40,640 Speaker 1: Croatia against Argentina and the winner plays in Sunday's World 570 00:31:40,680 --> 00:31:44,000 Speaker 1: Cup finals. John Stash where Bloomberg Sports, Nathan Okay, John, 571 00:31:44,040 --> 00:31:46,000 Speaker 1: Thanks in Bloomberg Sports, Well, I was brought to you 572 00:31:46,160 --> 00:31:49,080 Speaker 1: by Audie. Don't let someone else drive off in the 573 00:31:49,160 --> 00:31:52,480 Speaker 1: Audi model you've always wanted. Visit your local Trice State 574 00:31:52,560 --> 00:31:55,320 Speaker 1: Audie dealer to get behind the wheel of yours today, 575 00:31:55,880 --> 00:32:01,280 Speaker 1: or visit Autie Offers dot com for more information. It's 576 00:32:01,320 --> 00:32:04,080 Speaker 1: six thirty five on Wall Street and Bloomberg Radio is 577 00:32:04,200 --> 00:32:07,160 Speaker 1: on the air from San Francisco to New York, London 578 00:32:07,280 --> 00:32:09,680 Speaker 1: to Hong Kong. Let's check in with our global news 579 00:32:09,760 --> 00:32:11,600 Speaker 1: team for some of the top stories heard on our 580 00:32:11,720 --> 00:32:18,719 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve Podas, 581 00:32:18,720 --> 00:32:21,280 Speaker 1: Scott k and X in Los Angeles. We're talking about 582 00:32:21,320 --> 00:32:25,520 Speaker 1: how and offering to sell insiders shares value zelon Musk's 583 00:32:25,640 --> 00:32:31,000 Speaker 1: SpaceX at one forty billion dollars. I'm Cornitnahoan k H 584 00:32:31,080 --> 00:32:34,480 Speaker 1: in Houston. Americans are cutting back on spending with inflation 585 00:32:34,640 --> 00:32:38,080 Speaker 1: hitting the holidays. I'm Gina Servetti and for w b B, 586 00:32:38,160 --> 00:32:41,200 Speaker 1: I'm in Chicago. I'm reporting that the branch of Sears 587 00:32:41,360 --> 00:32:45,040 Speaker 1: focused on selling appliances in hardware, has filed for bankruptcy. 588 00:32:45,280 --> 00:32:48,160 Speaker 1: I'm Stephen Carrol and Bloomberg d a B Radio in London. 589 00:32:48,240 --> 00:32:50,960 Speaker 1: We've been reporting on UK wages rising it close to 590 00:32:51,040 --> 00:32:54,320 Speaker 1: the fastest pace on record, maintaining pressure on the Bank 591 00:32:54,400 --> 00:32:58,000 Speaker 1: of England to hike rates. I'm Ed Corey on ww 592 00:32:58,320 --> 00:33:02,080 Speaker 1: J in Detroit. I'm a boarding General Motors in Stilantist 593 00:33:02,200 --> 00:33:05,840 Speaker 1: rank among the worst automakers, an average estimated real world 594 00:33:06,040 --> 00:33:09,680 Speaker 1: fuel economy, and those are some of the stories. Are 595 00:33:10,400 --> 00:33:13,040 Speaker 1: hundred Bloomberg journalists and analysts you're working on this morning 596 00:33:13,120 --> 00:33:16,080 Speaker 1: around the world. It is sixty six on Wall Street. 597 00:33:16,520 --> 00:33:20,480 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 598 00:33:20,640 --> 00:33:23,680 Speaker 1: was written by the Bloomberg Editorial Board. Have you heard 599 00:33:23,720 --> 00:33:28,680 Speaker 1: of chat GPT yet? It's a thrilling, fixing, ontologically mesmerizing 600 00:33:28,720 --> 00:33:32,920 Speaker 1: new technology created by the research group open Ai. In essence, 601 00:33:33,320 --> 00:33:37,000 Speaker 1: chat GPTs a bot trained to generate humanlike responses to 602 00:33:37,120 --> 00:33:40,840 Speaker 1: user inputs on request. It can produce basic software code, 603 00:33:41,120 --> 00:33:45,520 Speaker 1: rudimentary financial analysis, amusing poems and songs, and more. Chat 604 00:33:45,600 --> 00:33:50,040 Speaker 1: GPT exemplifies a widening array of artificial intelligence tools that 605 00:33:50,200 --> 00:33:54,880 Speaker 1: may soon transform entire industries. As yet, policymakers seem largely 606 00:33:54,920 --> 00:33:57,760 Speaker 1: unaware of this revolution. Let alone prepared for it. They 607 00:33:57,800 --> 00:34:00,360 Speaker 1: should greet it in a spirit of optimism, well being 608 00:34:00,400 --> 00:34:03,960 Speaker 1: attentive to its potential risks for better and worse. Chat 609 00:34:04,080 --> 00:34:07,200 Speaker 1: gpt heralds a very different world in the making. This 610 00:34:07,440 --> 00:34:10,359 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 611 00:34:10,400 --> 00:34:13,520 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion 612 00:34:13,760 --> 00:34:15,960 Speaker 1: or O P I n go on the Bloomberg terminal. 613 00:34:16,239 --> 00:34:19,160 Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg 614 00:34:19,160 --> 00:34:22,480 Speaker 1: opinion editorials every weekday at this time, and terminal customers 615 00:34:22,560 --> 00:34:25,320 Speaker 1: can read more at O P I n go. Another 616 00:34:25,400 --> 00:34:27,719 Speaker 1: story we're watching, United Airlines has agreed to buy a 617 00:34:27,840 --> 00:34:30,800 Speaker 1: hundred Boeing seven eight seven Dreamliners as part of a 618 00:34:30,960 --> 00:34:34,279 Speaker 1: multibillion dollar order for as many as three hundred of 619 00:34:34,400 --> 00:34:37,600 Speaker 1: the new aircraft. The companies say the deal includes a 620 00:34:37,680 --> 00:34:40,040 Speaker 1: hundred firm orders for the wide body model, along with 621 00:34:40,160 --> 00:34:44,000 Speaker 1: options to add another hundred. The airline expects to take 622 00:34:44,040 --> 00:34:49,440 Speaker 1: delivery starting in sixty eight. On Wall Street, straight Ahead, 623 00:34:49,640 --> 00:34:54,040 Speaker 1: charges unsealed against f t X founder Sam Bankman free 624 00:34:54,160 --> 00:34:57,520 Speaker 1: the latest from the nation's capital. Bloomberg Washington correspondent Joe 625 00:34:57,640 --> 00:35:04,640 Speaker 1: Matthew This is Bloomberg Markets headlines and breaking news twenty 626 00:35:04,680 --> 00:35:07,520 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 627 00:35:07,600 --> 00:35:11,120 Speaker 1: Business apt and at Bloomberg Quicktake. This is a Bloomberg 628 00:35:11,239 --> 00:35:19,800 Speaker 1: Business Flash and I'm Karen Moscow and future is on 629 00:35:19,840 --> 00:35:21,600 Speaker 1: the rise. This morning, we get at the First Word 630 00:35:21,680 --> 00:35:24,680 Speaker 1: Breaking news desk for today's morning call. And here's Bill Maloney. Bill, 631 00:35:24,719 --> 00:35:28,280 Speaker 1: good morning, Hey, Good morning, Karen. That's right. US futures 632 00:35:28,280 --> 00:35:30,360 Speaker 1: are adding to yesterday's games of down futures up a 633 00:35:30,440 --> 00:35:33,280 Speaker 1: hundred and seventy four points, SIPs Game twenty and NASDAIC 634 00:35:33,320 --> 00:35:37,080 Speaker 1: futures are higher by sixty three. The US ten yel 635 00:35:37,160 --> 00:35:39,520 Speaker 1: at three point five nine percent, Gold is up six, 636 00:35:39,600 --> 00:35:42,560 Speaker 1: oil is climbing, and bitcoin is trading higher by one 637 00:35:42,600 --> 00:35:46,080 Speaker 1: point four percent. Hong Kong rose point seven percent overnight, 638 00:35:46,120 --> 00:35:48,160 Speaker 1: while up markets are also trading in the green this 639 00:35:48,320 --> 00:35:51,160 Speaker 1: morning and back in the US on the Economic Frinday thirty, 640 00:35:51,400 --> 00:35:54,319 Speaker 1: the U s November cp I after the Bellis Night 641 00:35:54,400 --> 00:35:57,239 Speaker 1: Oracle revenues, hoped estimate shares her up three in the 642 00:35:57,320 --> 00:36:00,520 Speaker 1: pre market, and the crypto space Sam Bakeman Freed was 643 00:36:00,680 --> 00:36:04,120 Speaker 1: arrested in the Bahamas. In other news, United Airlines to 644 00:36:04,160 --> 00:36:07,160 Speaker 1: buy a hundred Bowing Dreamliners as well as fifty fifty 645 00:36:07,239 --> 00:36:10,719 Speaker 1: six max aircraft, Bowing trading higher by two percent in 646 00:36:10,760 --> 00:36:13,239 Speaker 1: the pre market, and wrapping things up, Philip Morris was 647 00:36:13,280 --> 00:36:15,760 Speaker 1: cut to neutral at City Group net Up, cut to underweighted, 648 00:36:15,800 --> 00:36:19,319 Speaker 1: Morgage Stanley and Newegian Cruise was cut to neutral. Right 649 00:36:19,440 --> 00:36:22,880 Speaker 1: Ubs live from the first to breaking news descom Bill Maloney, 650 00:36:22,960 --> 00:36:25,239 Speaker 1: care alright, Phil, thank you to hear live breaking news 651 00:36:25,280 --> 00:36:27,960 Speaker 1: of her Bloomberg type squawk on your terminal scue. You 652 00:36:28,200 --> 00:36:30,719 Speaker 1: a w K and that's a Bloomberg business flash. Now 653 00:36:30,800 --> 00:36:33,120 Speaker 1: here's Amy Morris with Moore on what's going on around 654 00:36:33,160 --> 00:36:36,239 Speaker 1: the world. Amy, thank you, Karen. President Biden forming an 655 00:36:36,280 --> 00:36:39,960 Speaker 1: inter agency group to fight anti Semitism and other discrimination. 656 00:36:40,120 --> 00:36:44,080 Speaker 1: The group will work to quote counter anti Semitism, Islamophobia, 657 00:36:44,160 --> 00:36:47,680 Speaker 1: and related forms of bias. Commuters are spending more time 658 00:36:47,800 --> 00:36:50,640 Speaker 1: in transit. Data from the research firm move It show 659 00:36:50,760 --> 00:36:54,280 Speaker 1: the average post pandemic commute has increased by four minutes 660 00:36:54,360 --> 00:36:57,680 Speaker 1: in New York City, Toronto and Milan. And sports Monday 661 00:36:57,760 --> 00:36:59,920 Speaker 1: Night football, the New England Patriots beat the card in 662 00:37:00,520 --> 00:37:03,640 Speaker 1: the NBA, the Nets beat the Wizards, the Celtics win, 663 00:37:04,000 --> 00:37:07,360 Speaker 1: and in hockey, the Rangers beat the Devil's World Cup Semifinals. 664 00:37:07,400 --> 00:37:10,320 Speaker 1: Getting underway, Litter Today, Global news twenty four hours a 665 00:37:10,400 --> 00:37:12,879 Speaker 1: day on air, end on Bloomberg Quick Take, bowered by 666 00:37:13,000 --> 00:37:15,640 Speaker 1: more than twenty seven hundred journalists and analysts and more 667 00:37:15,680 --> 00:37:19,320 Speaker 1: than one twenty countries. I'm Amy Moore, as this is Bloomberg, 668 00:37:19,400 --> 00:37:21,600 Speaker 1: Karen all right, Amy, thank you at A sixty two 669 00:37:21,680 --> 00:37:23,640 Speaker 1: on Wall Street, and we turned to news and science 670 00:37:23,680 --> 00:37:26,080 Speaker 1: and technology Now with a Bloomberg and j I T 671 00:37:26,280 --> 00:37:28,840 Speaker 1: STEM report. It is brought to you buy. New Jersey 672 00:37:28,920 --> 00:37:32,440 Speaker 1: Institute of Technology n j i T offers New Jersey's 673 00:37:32,560 --> 00:37:36,880 Speaker 1: first undergraduate degree in fintech tech driven finance focused What 674 00:37:36,960 --> 00:37:39,400 Speaker 1: will you make it? J I T. Learn more at 675 00:37:39,520 --> 00:37:42,640 Speaker 1: n j I T dot edu slash Fintech now Here's 676 00:37:42,640 --> 00:37:46,240 Speaker 1: It's making news and science, Technology, engineering and math. China's 677 00:37:46,280 --> 00:37:48,640 Speaker 1: warning that it faces a big jump in COVID cases. 678 00:37:48,719 --> 00:37:52,320 Speaker 1: The country is rapidly dismantling pandemic controls, and it's reopening 679 00:37:52,400 --> 00:37:56,040 Speaker 1: faster than some experts have anticipated. One of China's top 680 00:37:56,080 --> 00:37:59,000 Speaker 1: health advisors says, if the majority of people become infected 681 00:37:59,040 --> 00:38:01,720 Speaker 1: within just a few mon there will be a severe 682 00:38:01,800 --> 00:38:04,719 Speaker 1: strain on the medical system. In a bid to win 683 00:38:04,800 --> 00:38:07,880 Speaker 1: regulatory approval for a sixty nine billion dollar purchase of 684 00:38:07,920 --> 00:38:11,520 Speaker 1: Activision Blizzard, Microsoft has offered rivals Sony Group, they're right 685 00:38:11,560 --> 00:38:14,840 Speaker 1: to sell Activision Blockbuster call of Duty. It's part of 686 00:38:14,920 --> 00:38:18,360 Speaker 1: its gaming subscription service. Microsoft has publicly stated that it 687 00:38:18,400 --> 00:38:20,360 Speaker 1: offered Sony a ten year deal to make Call of 688 00:38:20,440 --> 00:38:24,600 Speaker 1: Duty available on the Japanese company's PlayStation console. Sony has 689 00:38:24,719 --> 00:38:28,000 Speaker 1: not accepted the proposal. And Sony led a big jump 690 00:38:28,040 --> 00:38:30,759 Speaker 1: in video game hardware sales in the US last month. 691 00:38:31,000 --> 00:38:33,560 Speaker 1: It's the latest sign that supplies at the PlayStation five 692 00:38:33,680 --> 00:38:38,000 Speaker 1: console are improving. Sony drove a jump in US games 693 00:38:38,040 --> 00:38:41,160 Speaker 1: hardware sales, and that's according to the NPD Group. Sony 694 00:38:41,280 --> 00:38:44,160 Speaker 1: has said that shortages of the PlayStation five are easing 695 00:38:44,520 --> 00:38:48,040 Speaker 1: as chip and logistics snarls end, and that's a bloomberg 696 00:38:48,200 --> 00:38:51,160 Speaker 1: n j I t STEM report. Nathan Okay, Karen, thank 697 00:38:51,200 --> 00:38:54,279 Speaker 1: you for coming up to six on Wall Street Time 698 00:38:54,320 --> 00:38:56,400 Speaker 1: now to check what's going on in DC. Some of 699 00:38:56,440 --> 00:38:58,839 Speaker 1: the top stories in our nation's capital include the White 700 00:38:58,880 --> 00:39:02,360 Speaker 1: House calling out elon attacks on Dr Anthony Faunci on Twitter. 701 00:39:02,640 --> 00:39:05,760 Speaker 1: President Biden to sign the marriage equality bill into law. Today, 702 00:39:06,120 --> 00:39:10,480 Speaker 1: ethics questions surrounding Justice bread Kavanaugh over his appearance at 703 00:39:10,520 --> 00:39:14,479 Speaker 1: a Conservatives holiday party. But we have breaking news, of course, 704 00:39:14,640 --> 00:39:18,720 Speaker 1: this morning the Securities and Exchange Commission unsealing charges against 705 00:39:18,880 --> 00:39:22,160 Speaker 1: Sam Bankman Freed, accusing him of defrauding investors in f 706 00:39:22,280 --> 00:39:25,719 Speaker 1: t X, following his arrest overnight in the Bahamas. Let's 707 00:39:25,719 --> 00:39:28,440 Speaker 1: bring in Joe Matthew for more of our Washington correspondent, 708 00:39:28,719 --> 00:39:31,959 Speaker 1: host of sound On on Bloomberg Radio. Joe, of course, 709 00:39:32,080 --> 00:39:36,439 Speaker 1: we got the unsealed indictment from the SEC just moments ago. 710 00:39:36,600 --> 00:39:38,560 Speaker 1: What more can you tell us, Well, you know this 711 00:39:38,760 --> 00:39:40,759 Speaker 1: is a charge, and we did see this coming. We 712 00:39:40,920 --> 00:39:44,200 Speaker 1: we expected charges to be announced this morning by the 713 00:39:44,360 --> 00:39:48,160 Speaker 1: SEC and separately by federal prosecutors in Manhattan. The SEC 714 00:39:48,400 --> 00:39:52,759 Speaker 1: charging SBF Samuel Bankman Freed with defrauding investors. That's not 715 00:39:52,880 --> 00:39:56,640 Speaker 1: a shock. Federal prosecutors in Manhattan at the same time 716 00:39:56,680 --> 00:39:59,040 Speaker 1: plan to unseal the case against him. Will have more 717 00:39:59,080 --> 00:40:01,799 Speaker 1: to say, according to the U S attorney, But he's 718 00:40:01,840 --> 00:40:04,480 Speaker 1: been arrested, and right now, this thirty year old man, 719 00:40:04,560 --> 00:40:08,280 Speaker 1: whose life has changed a lot since November, is sitting 720 00:40:08,360 --> 00:40:11,880 Speaker 1: in a police station in Cable Beach in the Bahamas. 721 00:40:12,440 --> 00:40:15,040 Speaker 1: He will be extradited too the US. And and it's 722 00:40:15,080 --> 00:40:18,279 Speaker 1: probably not a stretch for me to add to this 723 00:40:18,400 --> 00:40:20,320 Speaker 1: that he's not going to be testifying today in the 724 00:40:20,400 --> 00:40:23,160 Speaker 1: hearing on Capitol Hill. That many people had come to 725 00:40:23,239 --> 00:40:26,759 Speaker 1: Washington to cover, there were high stakes in this conversation 726 00:40:26,880 --> 00:40:29,759 Speaker 1: before the House Financial Services Committee, appears he will be 727 00:40:29,840 --> 00:40:33,160 Speaker 1: spending his day, Nathan, in a police station. Well, we 728 00:40:33,280 --> 00:40:36,160 Speaker 1: do know that this hearing is still happening, at least 729 00:40:36,239 --> 00:40:39,120 Speaker 1: for the House Financial Services Committee later on this morning. 730 00:40:39,200 --> 00:40:41,960 Speaker 1: What more are we expecting to get from the current 731 00:40:42,120 --> 00:40:44,799 Speaker 1: CEO at f t X. Well, that's exactly what we're 732 00:40:44,800 --> 00:40:46,880 Speaker 1: going to get, is the current CEO as opposed to 733 00:40:46,960 --> 00:40:50,520 Speaker 1: the former one. Maxine Waters, the chairwoman, telling reporters they 734 00:40:50,600 --> 00:40:52,360 Speaker 1: still plan to go through with this. It's supposed to 735 00:40:52,360 --> 00:40:55,080 Speaker 1: start at ten o'clock. It's it's important, she says, for 736 00:40:55,160 --> 00:40:58,840 Speaker 1: the American public to understand f t X exactly what 737 00:40:59,000 --> 00:41:01,239 Speaker 1: it is and what is going on. But of course 738 00:41:01,280 --> 00:41:02,920 Speaker 1: the key witness is not going to be there. And 739 00:41:02,960 --> 00:41:06,319 Speaker 1: I'll add to that, Nathan, there's a Senate committee hearing 740 00:41:06,480 --> 00:41:09,279 Speaker 1: tomorrow that he was invited to speak at and and 741 00:41:09,400 --> 00:41:11,200 Speaker 1: made some news over the weekend saying that he was 742 00:41:11,280 --> 00:41:14,040 Speaker 1: not scheduled to be there. Uh. There there there was 743 00:41:14,280 --> 00:41:16,840 Speaker 1: an ask that he appeared virtually, but now because of 744 00:41:16,920 --> 00:41:20,040 Speaker 1: the arrest, it is likely that he will appear in neither. Yeah, 745 00:41:20,120 --> 00:41:22,880 Speaker 1: it's interesting to get the timing of this arrest coming 746 00:41:23,160 --> 00:41:27,080 Speaker 1: just before Sam Bankman Freed was scheduled to give a hearing. 747 00:41:27,120 --> 00:41:30,200 Speaker 1: What is that timing tell you, Joe, Well, look, there 748 00:41:30,280 --> 00:41:32,560 Speaker 1: were a lot of questions about whether they had a 749 00:41:32,640 --> 00:41:34,840 Speaker 1: real case on him, and I think at least in 750 00:41:35,080 --> 00:41:39,279 Speaker 1: terms of of that perspective, this is seen as an 751 00:41:39,320 --> 00:41:42,600 Speaker 1: indication that they have overwhelming evidence that they didn't wait 752 00:41:42,680 --> 00:41:45,080 Speaker 1: more than a minute here essentially in terms of legal 753 00:41:45,600 --> 00:41:49,120 Speaker 1: uh terms here Nathan to announce this. Uh, they've got 754 00:41:49,239 --> 00:41:52,080 Speaker 1: the goods, they say on Sam Bankman Freed. He owes 755 00:41:52,360 --> 00:41:55,160 Speaker 1: three billion dollars and he is likely going to be 756 00:41:55,280 --> 00:41:57,600 Speaker 1: in a lot of trouble. And in terms of the 757 00:41:57,680 --> 00:42:01,960 Speaker 1: hearing itself, obviously hearings like this come a lot of 758 00:42:02,040 --> 00:42:04,440 Speaker 1: times with a lot of grandstanding from lawmakers. But one 759 00:42:04,440 --> 00:42:07,360 Speaker 1: are the chances that we could see uh, some actual 760 00:42:07,680 --> 00:42:12,279 Speaker 1: regulation coming around crypt those actual policy changes around this space. Well, look, 761 00:42:12,520 --> 00:42:15,520 Speaker 1: without being specific to this case, that it did start 762 00:42:15,640 --> 00:42:19,680 Speaker 1: a sort of renew an ongoing conversation about this. I'm 763 00:42:19,719 --> 00:42:22,080 Speaker 1: not sure that anyone really has the answer to that question. 764 00:42:22,160 --> 00:42:25,439 Speaker 1: The SEC has its own approach, the CFTC has its 765 00:42:25,680 --> 00:42:29,960 Speaker 1: lawmakers have theirs, And the more we hear these conversations, Nathan, 766 00:42:30,000 --> 00:42:33,320 Speaker 1: we're often reminded that lawmakers don't have a great understanding 767 00:42:33,320 --> 00:42:37,239 Speaker 1: of how blockchain technology works or exactly what is involved 768 00:42:37,440 --> 00:42:39,680 Speaker 1: in a company like f t X. A lot of 769 00:42:39,719 --> 00:42:41,880 Speaker 1: Americans don't understand it. And then you back off and 770 00:42:41,960 --> 00:42:45,480 Speaker 1: realize that somebody like Sam Bankman Freed was giving hundreds 771 00:42:45,560 --> 00:42:49,120 Speaker 1: of millions of dollars to lawmakers, to Democratic politicians over 772 00:42:49,160 --> 00:42:50,800 Speaker 1: the years. So there are a lot of questions about 773 00:42:51,120 --> 00:42:54,160 Speaker 1: how much is known and what exactly their incentives are. 774 00:42:54,239 --> 00:42:56,160 Speaker 1: But it's clear that in the new Congress there's going 775 00:42:56,239 --> 00:42:58,600 Speaker 1: to be a drive towards some level of regulation, just 776 00:42:59,120 --> 00:43:02,760 Speaker 1: just based on on the fact that so many individual investors, 777 00:43:02,840 --> 00:43:06,040 Speaker 1: retail investors have been burned on bitcoin and and other 778 00:43:06,120 --> 00:43:10,279 Speaker 1: crypto technologies. John Ray, the current CEO, who's he's a 779 00:43:10,360 --> 00:43:12,520 Speaker 1: restructuring expert. He's the one who came in and said, 780 00:43:12,520 --> 00:43:14,399 Speaker 1: you guys are gonna believe what's going on in here. 781 00:43:14,680 --> 00:43:16,880 Speaker 1: We'll likely shot a lot more light under what happened 782 00:43:16,920 --> 00:43:19,480 Speaker 1: inside that company, from the bankruptcy and beyond. Yea, And 783 00:43:19,560 --> 00:43:21,879 Speaker 1: obviously there's gonna be a lot of attention on these 784 00:43:21,920 --> 00:43:24,880 Speaker 1: next two days of hearings on ft X in Washington, 785 00:43:25,000 --> 00:43:27,080 Speaker 1: d C. But I'm sure President Biden is hoping for 786 00:43:27,080 --> 00:43:29,239 Speaker 1: a little bit of attention. On the other side of 787 00:43:29,320 --> 00:43:34,000 Speaker 1: Pennsylvania Avenue, he's signing some pretty landmark legislation on a 788 00:43:34,080 --> 00:43:37,120 Speaker 1: marriage equality today. We've only got about a minute left here, Joe. Yeah. 789 00:43:37,160 --> 00:43:38,840 Speaker 1: And that look, that was a big deal when that 790 00:43:38,920 --> 00:43:40,879 Speaker 1: happened last week, because we're living in a time where 791 00:43:40,920 --> 00:43:42,600 Speaker 1: there is so much news, Nathan, and so much of 792 00:43:42,640 --> 00:43:44,960 Speaker 1: it is bad news. If you if you go back 793 00:43:45,000 --> 00:43:47,920 Speaker 1: to where we were last week around that period of time, Uh, 794 00:43:48,000 --> 00:43:50,160 Speaker 1: there were a lot of headlines competing for attention. But 795 00:43:50,280 --> 00:43:52,640 Speaker 1: that bill came back to the Senate to codify same 796 00:43:52,680 --> 00:43:55,520 Speaker 1: sex and interracial marriage. It was passed in the House. 797 00:43:55,600 --> 00:43:57,719 Speaker 1: It was a big moment for Nancy Pelosi. They held 798 00:43:57,760 --> 00:44:01,080 Speaker 1: an enrollment ceremony. Even Barney Frank came back to town 799 00:44:01,160 --> 00:44:03,359 Speaker 1: for crying out loud. So look, this is a very 800 00:44:03,400 --> 00:44:06,920 Speaker 1: big deal. It is. It doesn't make same sex marriage 801 00:44:07,600 --> 00:44:10,080 Speaker 1: possible in every state, but every state must acknowledge it 802 00:44:10,160 --> 00:44:13,239 Speaker 1: in those that do conduct same sex marriage. And to 803 00:44:13,360 --> 00:44:16,879 Speaker 1: think that it's the first time ever that inwo we're 804 00:44:16,880 --> 00:44:19,440 Speaker 1: talking about this replacing the Defensive Marriage Acted is an 805 00:44:19,480 --> 00:44:23,160 Speaker 1: historic thing. Absolutely, Bloomberg Washington Correspondent Joe Matthew. Of course 806 00:44:23,200 --> 00:44:26,600 Speaker 1: you're gonna have a lot to talk about, interestingly during 807 00:44:26,600 --> 00:44:29,040 Speaker 1: a lame duck session on sound on which you can 808 00:44:29,120 --> 00:44:33,480 Speaker 1: hear every afternoon five pm Wall Street Time across Bloomberg Radio. 809 00:44:33,680 --> 00:44:35,480 Speaker 1: And you can read much more about these stories on 810 00:44:35,520 --> 00:44:38,520 Speaker 1: Bloomberg dot Com or on the Bloomberg terminal. When you're 811 00:44:38,520 --> 00:44:42,000 Speaker 1: in Washington, listen to Bloomberg and one oh five point 812 00:44:42,080 --> 00:44:45,400 Speaker 1: seven FM h D two and again, uh stay with 813 00:44:45,480 --> 00:44:49,160 Speaker 1: Bloomberg Radio for full coverage of the f t X 814 00:44:49,200 --> 00:44:53,080 Speaker 1: hearing at the House Financial Services Committee later on this morning. 815 00:44:53,760 --> 00:44:57,240 Speaker 1: Futures moving higher out of CPI data. Today in Washington, 816 00:44:57,320 --> 00:45:03,920 Speaker 1: you're listening to Bloomberg Day Right, markets headlines and breaking 817 00:45:03,960 --> 00:45:06,839 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 818 00:45:07,000 --> 00:45:10,000 Speaker 1: The Bloomberg Business at Land at Bloomberg quick take. This 819 00:45:10,480 --> 00:45:19,400 Speaker 1: is a Bloomberg business flash, and I'm Karen. Moscow futures 820 00:45:19,480 --> 00:45:22,600 Speaker 1: rising this morning, with SMP futures up twenty two points 821 00:45:22,680 --> 00:45:25,200 Speaker 1: or about six tenths of upper cent, and NASDAC and 822 00:45:25,280 --> 00:45:27,680 Speaker 1: Dow future is also up about six tenths of upper cent, 823 00:45:27,719 --> 00:45:29,960 Speaker 1: with Dow futures up two hundred fifteen points and NAS 824 00:45:30,040 --> 00:45:32,840 Speaker 1: day future is up sixties seven. The decks in Germany's 825 00:45:32,880 --> 00:45:35,360 Speaker 1: up nine tenths of upper cent. Ten year treasury up 826 00:45:35,400 --> 00:45:37,680 Speaker 1: seven thirty seconds, you know, three point five eight percent 827 00:45:37,760 --> 00:45:40,240 Speaker 1: they yield on the two year four point three six percent. 828 00:45:40,680 --> 00:45:42,879 Speaker 1: Nine X Screwed oil is up half percent or thirty 829 00:45:42,920 --> 00:45:45,120 Speaker 1: eight cents at seventy three dollars fifty five cents of 830 00:45:45,200 --> 00:45:48,000 Speaker 1: barrel comic schooled up four tens percent or six dollars 831 00:45:48,120 --> 00:45:51,799 Speaker 1: ninety cents at seventeen twenty announced. The euro one point 832 00:45:51,840 --> 00:45:54,239 Speaker 1: oh five four two against the dollar, British found one 833 00:45:54,280 --> 00:45:56,680 Speaker 1: point two two nine five he had one thirty seven 834 00:45:56,760 --> 00:45:59,239 Speaker 1: point five four and bitcoins up one and a half 835 00:45:59,280 --> 00:46:02,319 Speaker 1: percent at seven teen thousand, four hundred forty And it's 836 00:46:02,320 --> 00:46:05,200 Speaker 1: a Bloomberg business flash, Navin. All right, Karen, thank you 837 00:46:05,320 --> 00:46:08,360 Speaker 1: to six fifty six on Wall Street. Bloomberg Surveillance is 838 00:46:08,400 --> 00:46:09,880 Speaker 1: coming up next, but first we want to take a 839 00:46:09,920 --> 00:46:11,920 Speaker 1: look at some of the names moving in the pre 840 00:46:12,040 --> 00:46:15,720 Speaker 1: market with Bloomberg Radio and TV Markets correspondent Credy, Goofta 841 00:46:15,760 --> 00:46:18,440 Speaker 1: and Creed. We've been watching shares of Oracle all morning. 842 00:46:18,480 --> 00:46:21,719 Speaker 1: A pretty positive earning story from a tech company for 843 00:46:21,800 --> 00:46:24,840 Speaker 1: a change. Yeah, A one of the old guards I 844 00:46:24,960 --> 00:46:29,959 Speaker 1: might have of a tech company left to look at Amazon, Microsoft, Apple, etcetera, Oracle, HP, 845 00:46:30,239 --> 00:46:32,839 Speaker 1: Dell either as some of the old folks that kind 846 00:46:32,880 --> 00:46:36,279 Speaker 1: of haven't or just now diversifying, I would say, into 847 00:46:36,440 --> 00:46:38,759 Speaker 1: more and more member. Oracle specifically has been trying to 848 00:46:38,800 --> 00:46:41,640 Speaker 1: break into the cloud business, something that Microsoft and Amazon 849 00:46:41,719 --> 00:46:44,400 Speaker 1: Web Services and arguably Alphabet as well have kind of 850 00:46:44,480 --> 00:46:48,160 Speaker 1: the monopoly on. Nevertheless, Oracle rising quite a bit o 851 00:46:48,440 --> 00:46:50,439 Speaker 1: r c L as you're taker up about three point 852 00:46:50,520 --> 00:46:53,600 Speaker 1: one percent in the pre market. They did report revenue 853 00:46:53,640 --> 00:46:56,560 Speaker 1: that topped the estimates. A lot of this coming from Cerner. 854 00:46:56,680 --> 00:46:59,640 Speaker 1: This is the digital health records unit. It is really 855 00:46:59,719 --> 00:47:01,480 Speaker 1: interest thing because it comes at a time when you're 856 00:47:01,480 --> 00:47:04,120 Speaker 1: starting to see a lot of macroeconomic headwinds for a 857 00:47:04,200 --> 00:47:06,960 Speaker 1: lot of other tech companies. But this digital health record unit, 858 00:47:07,000 --> 00:47:09,719 Speaker 1: which by the way is a more recent acquisition that 859 00:47:10,719 --> 00:47:13,600 Speaker 1: Oracle has made, actually really helped them. Sales were up 860 00:47:13,800 --> 00:47:17,200 Speaker 1: eighteen percent in this last quarter. That is massive, And 861 00:47:17,239 --> 00:47:19,120 Speaker 1: of course we've got to talk about cloud revenue. This is, 862 00:47:19,160 --> 00:47:21,200 Speaker 1: like you said, one of the area's Oracles trying to 863 00:47:21,320 --> 00:47:25,160 Speaker 1: really expand in and claim market share in Rose about 864 00:47:25,239 --> 00:47:28,680 Speaker 1: forty three percent, so they are still growing quite a bit, Nathan, 865 00:47:29,000 --> 00:47:31,520 Speaker 1: trying to get back into a competition with some of 866 00:47:31,600 --> 00:47:34,760 Speaker 1: that new guard you mentioned. And we've got some pretty 867 00:47:34,840 --> 00:47:38,920 Speaker 1: interesting analyst recommendations on I guess you could call him 868 00:47:39,000 --> 00:47:41,600 Speaker 1: some newer guard tech names. Right, Yeah, let's talk about 869 00:47:41,640 --> 00:47:44,479 Speaker 1: social media. This is sure any newer guard than mass 870 00:47:44,640 --> 00:47:47,120 Speaker 1: p I n s as ere taker for pinterest shares 871 00:47:47,160 --> 00:47:50,000 Speaker 1: or at about three point eight percent in the pre market, 872 00:47:50,080 --> 00:47:52,960 Speaker 1: Piper Sandler upgrading the company on multiple tail winds. Now, 873 00:47:53,000 --> 00:47:55,600 Speaker 1: when we talk about upgrades, we trend to think that's 874 00:47:55,600 --> 00:47:58,479 Speaker 1: based on AD revenue or the future of the AD market, 875 00:47:58,560 --> 00:48:01,040 Speaker 1: which by the way, is a concept Quins again of 876 00:48:01,120 --> 00:48:04,719 Speaker 1: the macroeconomic story. This time around, they're saying, actually, we're 877 00:48:04,719 --> 00:48:07,200 Speaker 1: gonna upgrade them on some different reasons. They're doing it 878 00:48:07,280 --> 00:48:09,799 Speaker 1: to an overweight from a neutral, saying that there's gonna 879 00:48:09,800 --> 00:48:13,680 Speaker 1: be multiple tail winds heading into three. That does include 880 00:48:13,760 --> 00:48:17,360 Speaker 1: increased active users in the third quarter after five quarters 881 00:48:17,440 --> 00:48:18,920 Speaker 1: of decline, so they're saying it's going to be a 882 00:48:18,960 --> 00:48:21,880 Speaker 1: real shift in the trend. They also talk about greater 883 00:48:22,040 --> 00:48:24,640 Speaker 1: share in the ad markets, not the ad market specifically, 884 00:48:24,960 --> 00:48:27,480 Speaker 1: but just reclaiming some of that market share. And on 885 00:48:27,560 --> 00:48:30,680 Speaker 1: the other side, and on the other side, we have 886 00:48:30,760 --> 00:48:34,520 Speaker 1: to talk about net App. This is another big company 887 00:48:34,560 --> 00:48:36,440 Speaker 1: that you have to keep an eye on. And uh, 888 00:48:36,640 --> 00:48:38,320 Speaker 1: let me just look at this taker really quickly. This 889 00:48:38,360 --> 00:48:40,319 Speaker 1: there's a tricky one because net app does a lot 890 00:48:40,400 --> 00:48:42,360 Speaker 1: of different things. N t A p s your ticker. 891 00:48:42,400 --> 00:48:45,600 Speaker 1: It's down about just shy of four percent. So seeing 892 00:48:45,600 --> 00:48:47,560 Speaker 1: a little bit of pain in that stock this morning. 893 00:48:47,760 --> 00:48:50,839 Speaker 1: Morgan Stanley cutting it to underweight. The price target goes 894 00:48:50,880 --> 00:48:53,480 Speaker 1: to fifty dollars from sixty six. The shares of trading 895 00:48:53,520 --> 00:48:56,920 Speaker 1: on about sixty two right now, saying the backlog is 896 00:48:57,000 --> 00:49:00,320 Speaker 1: smaller and estimates more at risk. So nt A pete 897 00:49:00,360 --> 00:49:03,279 Speaker 1: down about three point six percent. All right. Bloomberg Radio 898 00:49:03,320 --> 00:49:06,400 Speaker 1: and TV Markets correspondent Creedy Coopta keeping US as always 899 00:49:06,920 --> 00:49:09,560 Speaker 1: on top of the action in the pre market trade 900 00:49:10,040 --> 00:49:12,680 Speaker 1: stocks as a whole, moving higher ahead of cp I 901 00:49:12,960 --> 00:49:14,719 Speaker 1: in just about an hour and a half. S and 902 00:49:14,760 --> 00:49:17,839 Speaker 1: P futures of twenty one point, staff futures of two one. 903 00:49:18,360 --> 00:49:22,200 Speaker 1: Nasdaq futures are higher by sixty points. Even listening to 904 00:49:22,239 --> 00:49:26,120 Speaker 1: Bloomberg Daybreak, I'm Nathan Hagar along with Karen Moscow. Bloomberg 905 00:49:26,360 --> 00:49:32,320 Speaker 1: surveillance starts well right now by from the financial capital 906 00:49:32,400 --> 00:49:35,680 Speaker 1: of the world, broadcasting across the globe. This is w 907 00:49:35,880 --> 00:49:38,560 Speaker 1: b b R New York Bloomberg. He lived in Trio. 908 00:49:44,760 --> 00:49:48,920 Speaker 1: I think is opening the door for recession. We're expecting 909 00:49:49,200 --> 00:49:50,200 Speaker 1: either flow growth or a