WEBVTT - Bloomberg Daybreak: January 17, 2023

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<v Speaker 1>Buy from the Bloomberg interactor Berger's studios. This is Bloomberg

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<v Speaker 1>day Break for Tuesday, January seventeenth. Coming up this hour,

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<v Speaker 1>the world's biggest names in business are at the World

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<v Speaker 1>Economic Forum in Davos. We are there with the latest

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<v Speaker 1>Big Bang earnings continue with Goldman Sachs and Morgan Stanley.

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<v Speaker 1>Trade between the US and China is on track to

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<v Speaker 1>break records, and China's population shrinks for the first time

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<v Speaker 1>since the sixties. I'll speaker McCarthy admits he always had

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<v Speaker 1>questions about Congressman Santos's resume, and plus, Ukrainian civilians are

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<v Speaker 1>dead after Russia bombs apartments. Michael lare More ahead, Don

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<v Speaker 1>stansdown sports and overtime loss, but makes the Rangers and

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<v Speaker 1>Devils won, the Islanders lost, NFL plays the Cowboys beat

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<v Speaker 1>the Buck. That's All's training ahead on Bloomberg day Break

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<v Speaker 1>on Bloomberg eleven three, on New York, Bloomberg one, Washington,

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<v Speaker 1>d C, Bloomberg one oh six one, Boston, Bloomberg nine

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<v Speaker 1>sixties and Francisco Sirius Exam one nine team, and around

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<v Speaker 1>the world on Bloomberg Radio dot Com and via the

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<v Speaker 1>Bloomberg Business app Good morning. I'm Nathan Hagar and I'm

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<v Speaker 1>Cameron Moscow. Here are the stories we're following today. Members

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<v Speaker 1>of the global elite are back in Davos, Switzerland, in

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<v Speaker 1>their regular January slot after a three year hiatus due

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<v Speaker 1>to the pandemic. They are there for the World Economic Forum.

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<v Speaker 1>So is Bloomberg Surveillance anchor Lisa abrambo wits. She is

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<v Speaker 1>covering the event for Bloomberg Radio and Television. It's amazing

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<v Speaker 1>to be on the ground talking with people ahead of

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<v Speaker 1>one of the most uncertain years that I can remember

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<v Speaker 1>talking to people about. I mean in terms of the

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<v Speaker 1>parameters of outcomes with respect to recession, not recession, inflation

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<v Speaker 1>declining or even picking back up. I've never seen such dispersions.

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<v Speaker 1>So to hear from the business leaders and the central

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<v Speaker 1>bankers and the heads of state from around the world

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<v Speaker 1>will be incredibly instructive. Bloomberg Surveillance anchor Lisa abramowits in

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<v Speaker 1>Davos forest this morning. You can catch more from Lisa

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<v Speaker 1>live at seven am Wall Street Time on Bloomberg Radio.

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<v Speaker 1>Stick with us throughout the day and the week as

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<v Speaker 1>we bring you conversations and events around the World Economic Forum. Well,

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<v Speaker 1>another major story we're following this morning, Nathan is big

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<v Speaker 1>bank earnings. They continue today with both Goldman Sax and

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<v Speaker 1>Morgan Stanley reporting, and we get a preview from Bloomberg

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<v Speaker 1>Intelligence senior analyst Alison Williams. We're going to be looking

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<v Speaker 1>at trading. How are these banks holding up in terms

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<v Speaker 1>of market share after we had a little bit mixed

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<v Speaker 1>results last week's versus expectations, we do expect strength and

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<v Speaker 1>fixed dicom trading equities perhaps flatish and a sharp slide

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<v Speaker 1>in banking fees. How are these banks doing versus their competitors?

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<v Speaker 1>And then for Goldman Sachs, perhaps a little bit more strategic.

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<v Speaker 1>What can we learn about their strategy. Morgan Stanley will

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<v Speaker 1>get an update. We think it'll be tough for them

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<v Speaker 1>to achieve their targets in a difficult market. Bloomberg Intelligence

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<v Speaker 1>Senior analyst Ellison Williams says both Morgan Stanley and Goldman

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<v Speaker 1>Sachs planned to report results around seven thirty am. Wall

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<v Speaker 1>Street Time. Turning to geopolitics now, Karen, it looks like

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<v Speaker 1>trade between the world's two largest economies is on track

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<v Speaker 1>to break records. Let's get the latest from Bloomberg Steve Rappaport,

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<v Speaker 1>Good morning, Steve, Good morning Nathan and Karen. Despite the

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<v Speaker 1>tough rhetoric, trade between the US and China is strong.

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<v Speaker 1>US government data indicates imports and exports last year will

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<v Speaker 1>add up to an all time high or close to it.

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<v Speaker 1>Beijing also appears optimistic, with figures pointing to record trade

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<v Speaker 1>of around seven hundred sixty billion dollars in twenty two.

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<v Speaker 1>The numbers are welcome news for investors amid heated talk

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<v Speaker 1>of national security in Washington and concerns about the two

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<v Speaker 1>economic superpowers decoupling, though the data isn't adjusted for inflation,

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<v Speaker 1>meaning higher dollar amounts do not necessarily translate to more goods.

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<v Speaker 1>Shipped Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you.

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<v Speaker 1>Trade with Beijing is sent to pick up China's economy

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<v Speaker 1>is coming off a rather soft year. We're learning the

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<v Speaker 1>economy grew at the second slowest pace since the nineties seventies.

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<v Speaker 1>And Bloomberg Daybreak Asia anchor Brian Curtis has more from

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<v Speaker 1>Hong Kong. China is facing a challenging recovery. GDP rose

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<v Speaker 1>three percent, higher than the estimate of two point seven percent.

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<v Speaker 1>In December, Industrial output rose one point three percent from

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<v Speaker 1>a year ago, higher than forecast. Retail sales contracting one

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<v Speaker 1>point eight percent versus a predicted fall of nine percent.

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<v Speaker 1>Consumer confidences near record lows, and COVID infections continue to run.

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<v Speaker 1>But the economy is reopening big time, and that puts

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<v Speaker 1>this data very much in the rear view mirror in

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<v Speaker 1>Hong Kong. Brian Curtis, Bloomberg daybreak. All right, Brian, thanks

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<v Speaker 1>to one other day to point out of China this morning.

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<v Speaker 1>For the first time in six decades, the population is shrinking.

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<v Speaker 1>It's the latest milestone in a worsening demographic crisis for

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<v Speaker 1>the world's second largest economy. The government said at the

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<v Speaker 1>end of last year, China had one point four one

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<v Speaker 1>billion people. That's eight hundred fifty thousand fewer than the

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<v Speaker 1>year before. The number of births in China was the

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<v Speaker 1>lowest since at least ninety Meantime, in Europe, Nathan inflation

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<v Speaker 1>remains front and center. UK wages are rising at a

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<v Speaker 1>nearly unprecedented pace. Sanfradge annual earnings excluding bonuses were six

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<v Speaker 1>point four percent higher in the three months through November

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<v Speaker 1>begin More from Bloomberry's Lizzie Burden in London. What we've

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<v Speaker 1>learned this morning is that wage growth was the highest

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<v Speaker 1>on record outside the pandemic period in the three months

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<v Speaker 1>to November, even though the inactivity rate on the number

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<v Speaker 1>of vacancies fell and the unemployment rate held study. So

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<v Speaker 1>what this suggests is that the jobs markets too tight

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<v Speaker 1>for comfort for the Bank of England. Bloomberry's Lizzie Burden says,

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<v Speaker 1>the Bank of England is under increasing pressure to deliver

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<v Speaker 1>a tenth consecutive interest rate increase next month. Back here

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<v Speaker 1>in the US, here in the next chapter in the

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<v Speaker 1>drama surrounding Elon Musk starts playing out today in San

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<v Speaker 1>Francisco Federal Court. Ed Baxter has the story from our

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<v Speaker 1>Bloomberg nine sixty newsroom in San Francisco. The issue was

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<v Speaker 1>a number of tweets in eighteen saying that he had

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<v Speaker 1>lined up the financing to pay for a seventy two

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<v Speaker 1>billion dollar buy out of Tesla. He then followed up

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<v Speaker 1>making its ount as if the transaction would be imminent.

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<v Speaker 1>It fueled a stock rally, which abruptly ended a week

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<v Speaker 1>later and culminated in a forty million dollar settlement with

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<v Speaker 1>the sec The trial will make him explain his actions

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<v Speaker 1>and intentions under oath. In San Francisco, I'm at Baxter

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<v Speaker 1>Bloomberg Daybreak, thank you. In another corporate note this morning,

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<v Speaker 1>Bloomberg News has learned that Emerson Electric is planning to

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<v Speaker 1>reveal a takeover offer for National Instruments. The offer would

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<v Speaker 1>value the maker of measurements systems at around seven billion dollars,

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<v Speaker 1>and sources say Emerson is set to go public with

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<v Speaker 1>its bit of about fifty three dollars per share as

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<v Speaker 1>soon as today. And this is Bloomberg thank you, caring

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<v Speaker 1>its thirty five degrees in Central Park. It's gonna be

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<v Speaker 1>cloudy today. Might see a few showers this afternoon on

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<v Speaker 1>our way in near forty five degrees, and he showers

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<v Speaker 1>end this evening as he head down near forty. Now,

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<v Speaker 1>let's take a look at some of the other stories

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<v Speaker 1>making news in New York and around the world with

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<v Speaker 1>Bloomberg's Michael bar Good morning, Michael, Good morning, Nathan how

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<v Speaker 1>Speaker Kevin McCarry the told reporters he had his own

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<v Speaker 1>doubts on the qualifications of newly elected Republican representative George Santos,

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<v Speaker 1>who has been accused of fabricating key details of his

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<v Speaker 1>work history, schooling, and personal background during his campaign. I

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<v Speaker 1>never know about his resume or not, but I always

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<v Speaker 1>had a few questions about it. The speaker, while heading

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<v Speaker 1>to a GOP steering committee, also says he talked to

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<v Speaker 1>the Long Island congressman about reportedly being pretending to be

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<v Speaker 1>part of his chief of staff for McCarthy. McCarthy says

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<v Speaker 1>he did not know about the staff's claims at the time.

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<v Speaker 1>A special council is expected to begin its investigation this

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<v Speaker 1>week and to classify documents found at President Biden's Delaware

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<v Speaker 1>home and at a Washington office he used. The documents

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<v Speaker 1>date back to Biden's time as Vice president during the

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<v Speaker 1>Obama presidency. Ukrainian President Voladimir Zelensky says Russia's recent attack

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<v Speaker 1>on an apartment building in the central city of Dnipro

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<v Speaker 1>is a war crime. The death toll from the missile

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<v Speaker 1>strike is at least forty. Russia denies intentionally targeting civilians.

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<v Speaker 1>In Albuquerque, New Mexico, a former Republican candidate who lost

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<v Speaker 1>his election for a state seat in November has been

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<v Speaker 1>arrested police A thirty nine year old Solomon Penya is

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<v Speaker 1>accused of conspiring to shoot at four Democratic lawmakers homes

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<v Speaker 1>Albuquerque Police Deputy Commander Kyle Hartstock after the election of November,

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<v Speaker 1>Solomon Penya reached out and contracted someone for a amount

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<v Speaker 1>of cash money to commit at least two of these shootings.

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<v Speaker 1>Commander hat Socks says that they have evidence that Penya

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<v Speaker 1>himself shot at a house. An event at the National

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<v Speaker 1>Action Network in Harlem honored Martin Luther King Junior Day.

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<v Speaker 1>New York Governor Kathy Hokel was at the event. How

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<v Speaker 1>do you live the lessons, the teachings, the inspiration of

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<v Speaker 1>Dr King every single day. New York Mayor Eric Adams

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<v Speaker 1>and Senate Democratic Leader Chuck Schumer of New York also spoke. Meanwhile,

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<v Speaker 1>in Fort Pierce, Florida, shooting on MLK Day left at

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<v Speaker 1>least eight people wounded. Global News twenty four hours a

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<v Speaker 1>day on here and on Bloomberg Quittank, powered by more

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<v Speaker 1>than journalists and analysts more than a hundred twenty countries.

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<v Speaker 1>Michael Barr and this is Bloomberg, Nathan. Thanks Michael. Time

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<v Speaker 1>now for our Bloomberg Sports update, brought to you by

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<v Speaker 1>try stayed out here Good morning, John Stenshown, Good morning

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<v Speaker 1>the fire pretty amazing. They had been thirty years since

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<v Speaker 1>the Dallas Cowboys had won a playoff game on the road.

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<v Speaker 1>They played last night at Tampa Bay. They're gonna run

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<v Speaker 1>a play fourth and four back to throw it out

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<v Speaker 1>to the left all alone, caught at the two and

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<v Speaker 1>I'll walk in touchdown for Cede Love. How did you

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<v Speaker 1>not cover the second team All Pro? How Boys Radio?

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<v Speaker 1>That's the way the night went for the Bucks. Dallas

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<v Speaker 1>won thirty one to fourteen. That touchdown fast by Dak

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<v Speaker 1>Press got his fourth of the game. He also ran

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<v Speaker 1>for a score. The only negative for the Cowboys was

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<v Speaker 1>their here Bretton Maher. He made dubious NFL history by

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<v Speaker 1>missing four extra points. With Tampa Bay season over, now

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<v Speaker 1>begainst the questions about Tom Brady's future. Cowboys that move on.

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<v Speaker 1>They'll play Sunday night in San Francisco Giants and Eagles

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<v Speaker 1>Saturday night in Philly. Three of the four NFC teams

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<v Speaker 1>left are from the NFC East. M l k DA

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<v Speaker 1>Mattee at the Garden went over time thanks to a

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<v Speaker 1>thunderous game time dunked by r. J. Barrett with less

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<v Speaker 1>of the second ago but Toronto one an ote Jalen

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<v Speaker 1>Brunson just named Eastern Conference Player of the Week, but

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<v Speaker 1>in this one Brunson missed eighteen shots, including what would

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<v Speaker 1>have been a game winning three at the end. Rangers

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<v Speaker 1>won three one. At Columbus Devils won four three and

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<v Speaker 1>a shootout. At San Jose bad loss to the Islanders.

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<v Speaker 1>They led Washington three nothing midway through the second period,

0:10:43.640 --> 0:10:46.439
<v Speaker 1>the Capitals came back and one four three and overtime.

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<v Speaker 1>Year ago, Novak Djokovic went to Australia, was not allowed

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<v Speaker 1>to play. Still unvaccinated, but he's getting ready to play

0:10:51.920 --> 0:10:54.880
<v Speaker 1>his first round match. There was an epic match. Andy

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<v Speaker 1>Murray upset Matteo Barrett tiny seven six in the fifth.

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<v Speaker 1>John Stash Howard blue Burg Sports Okay, John, thank you.

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<v Speaker 1>Bloomberg Sports was brought to you by Audie. Don't let

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<v Speaker 1>someone else drive off in the Outie model you've always wanted.

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<v Speaker 1>the wheel of yours today, or visit Outie Offers dot

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<v Speaker 1>com for more information. We'll get the trading week started

0:11:17.000 --> 0:11:19.920
<v Speaker 1>next with Dennis Gartman, former publisher of the Gartment Letter.

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<v Speaker 1>First we look at futures and they're pointing to a

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<v Speaker 1>lower open. To start this holiday short and week, SMP

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<v Speaker 1>futures are down fourteen points, Dow futures down ninety three,

0:11:28.360 --> 0:11:30.960
<v Speaker 1>NASDAC futures are lower by fifty eight points ten. Your

0:11:31.000 --> 0:11:34.079
<v Speaker 1>treasuries down fourteen thirty seconds, the yield at three point

0:11:34.160 --> 0:11:38.360
<v Speaker 1>five nimex crudes down a third of one percent at

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<v Speaker 1>Barrel live from coast to coast, from New York to

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<v Speaker 1>San Francisco, Boston to Washington, d C. Nationwide on sirius xamp,

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<v Speaker 1>the Bloomberg Business app, and Bloomberg dot Com. This is

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<v Speaker 1>Bloomberg Daybreak. Good morning, I'm Nathan Hager, as we get

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<v Speaker 1>you set for a holiday shortened trading week with stocks

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<v Speaker 1>on the back foot this morning signs that central banks

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<v Speaker 1>could turn more hawkish and attention on bank earnings as well.

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<v Speaker 1>Let's bring in Dennis Gartman, the chairman of the University

0:12:08.800 --> 0:12:11.439
<v Speaker 1>of Akron Endowment Investment Committee and the former publisher of

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<v Speaker 1>the Gartment Letter, to get his outlook for the weeks

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<v Speaker 1>and months to come. Dennis, Good morning. Of course, we

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<v Speaker 1>got the first couple of weeks of started with games

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<v Speaker 1>for stocks. Now we have a bit of a pullback

0:12:23.800 --> 0:12:26.320
<v Speaker 1>in the futures this morning. Is this just a breather

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<v Speaker 1>or is this a sign of worse things to come?

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<v Speaker 1>For the first time in almost a year, I actually

0:12:31.520 --> 0:12:35.280
<v Speaker 1>turned from being overtly bearish. I turned barrish January fifth

0:12:35.320 --> 0:12:37.599
<v Speaker 1>of last year, and beginning about a week and a

0:12:37.640 --> 0:12:40.600
<v Speaker 1>half ago, I actually turned neutral to the market neutral

0:12:40.600 --> 0:12:43.360
<v Speaker 1>to slightly bullish. Let's see what happens. But the fact

0:12:43.360 --> 0:12:46.199
<v Speaker 1>that the market did not go down on the employment

0:12:46.520 --> 0:12:49.079
<v Speaker 1>numbers that came up two weeks ago, to me was

0:12:49.160 --> 0:12:52.960
<v Speaker 1>rather impressive. And I tend to follow technical circumstances UH

0:12:53.640 --> 0:12:56.560
<v Speaker 1>early on and and I saw that the nasdak on

0:12:56.559 --> 0:12:59.199
<v Speaker 1>on that day of the employment report had an outside

0:12:59.200 --> 0:13:01.800
<v Speaker 1>reversal day, a new low and then a close higher

0:13:01.800 --> 0:13:03.400
<v Speaker 1>on the day, which I've always sound to be very

0:13:03.400 --> 0:13:07.000
<v Speaker 1>impressive and something to be to pay attention to. We

0:13:07.000 --> 0:13:11.120
<v Speaker 1>we tended to to continue to trade quietly higher. H.

0:13:11.240 --> 0:13:13.360
<v Speaker 1>As I said, I've turned from being overtly bearished to

0:13:13.440 --> 0:13:16.600
<v Speaker 1>being neutral to even modestly bullish. Let's see what We'll

0:13:16.600 --> 0:13:18.920
<v Speaker 1>see what happens. But the fact that we closed higher

0:13:18.920 --> 0:13:22.880
<v Speaker 1>on on on Friday, which is archly typical, UH, that

0:13:22.880 --> 0:13:25.680
<v Speaker 1>that tends to happen before holidays, and the day after

0:13:25.760 --> 0:13:28.400
<v Speaker 1>holiday we tended to trade a tad lower. The market

0:13:28.520 --> 0:13:32.040
<v Speaker 1>is very quietly lower this morning, and if I had

0:13:32.040 --> 0:13:33.920
<v Speaker 1>to do anything today, I'd be a buyer rather than

0:13:33.960 --> 0:13:36.760
<v Speaker 1>a seller. But not not manifestly so, not hugely so,

0:13:36.880 --> 0:13:39.960
<v Speaker 1>just quietly. So what would it take to get you

0:13:40.000 --> 0:13:45.520
<v Speaker 1>to be hugely a buyer in this market? Dennis uh More,

0:13:45.520 --> 0:13:48.040
<v Speaker 1>More activity in the market, better volume coming in on

0:13:48.080 --> 0:13:50.720
<v Speaker 1>the upside, the lesser volume coming in on the downside,

0:13:50.720 --> 0:13:52.400
<v Speaker 1>which is not something that we've seen for a while.

0:13:53.080 --> 0:13:55.320
<v Speaker 1>I'd like to see them the market trade better on

0:13:55.400 --> 0:13:58.000
<v Speaker 1>bad news and and and not go down on bad news.

0:13:58.000 --> 0:13:59.640
<v Speaker 1>I'd like to see the market trade well on on

0:13:59.720 --> 0:14:02.280
<v Speaker 1>good news, which we have not seen happened too often

0:14:02.320 --> 0:14:05.520
<v Speaker 1>in the past several months. So a number of technical circumstances,

0:14:05.559 --> 0:14:09.240
<v Speaker 1>a number of fundamental circumstances, and then probably some acknowledging,

0:14:09.600 --> 0:14:12.400
<v Speaker 1>acknowledgement from the Federal Reserve Bank that they're not going

0:14:12.440 --> 0:14:15.360
<v Speaker 1>to be as as manifestly overtly tight as I thought

0:14:15.360 --> 0:14:18.320
<v Speaker 1>that they would be, perhaps not taking the overnight said

0:14:18.320 --> 0:14:21.640
<v Speaker 1>funds right beyond five h to think that the feder

0:14:21.640 --> 0:14:25.000
<v Speaker 1>will be kind of will will turn to being overtly easier.

0:14:25.800 --> 0:14:28.520
<v Speaker 1>That's that's months, if not a year, into the future.

0:14:28.960 --> 0:14:31.480
<v Speaker 1>But let's just see if the market can can trade

0:14:31.480 --> 0:14:34.280
<v Speaker 1>better on good volume trade and not go down on

0:14:34.280 --> 0:14:37.000
<v Speaker 1>on high volume. That will be impressive to me. Another

0:14:37.080 --> 0:14:40.880
<v Speaker 1>prominent bear in this market, Mike Wilson of Morgan Stanley,

0:14:40.960 --> 0:14:43.480
<v Speaker 1>just came out with a note this morning saying that

0:14:44.440 --> 0:14:47.840
<v Speaker 1>earnings could bring a draw down in stocks that most

0:14:47.880 --> 0:14:52.320
<v Speaker 1>investors are unprepared for. Is there further earnings downside in

0:14:52.360 --> 0:14:55.360
<v Speaker 1>this market? Do you think? I think? I think the

0:14:55.400 --> 0:14:58.400
<v Speaker 1>average investor has now been from has now begun to

0:14:58.440 --> 0:15:01.560
<v Speaker 1>believe that in earnings will be tear double uh, perhaps

0:15:01.560 --> 0:15:05.200
<v Speaker 1>not terrible, but certainly less than optimistic, less than optimal.

0:15:05.640 --> 0:15:07.960
<v Speaker 1>And that's I think a general consensus at this point.

0:15:08.000 --> 0:15:10.880
<v Speaker 1>I don't think that. I I think that earnings will

0:15:10.920 --> 0:15:13.200
<v Speaker 1>probably not surprise us on the downside, and may even

0:15:13.240 --> 0:15:16.080
<v Speaker 1>surprise us quietly on the upside. Time shall tell. But

0:15:16.240 --> 0:15:20.600
<v Speaker 1>the I think the market has digested, has has fully

0:15:20.640 --> 0:15:24.280
<v Speaker 1>discounted overtly bad earnings going forward for the rest of

0:15:24.320 --> 0:15:27.760
<v Speaker 1>the year. What does China's reopening and do for your

0:15:27.760 --> 0:15:31.480
<v Speaker 1>investment outlook? How does that affect how things could go

0:15:31.680 --> 0:15:34.240
<v Speaker 1>for the balance of the year. There's no question a

0:15:34.560 --> 0:15:38.280
<v Speaker 1>stronger opening in China would be manifestly bullish for for

0:15:38.360 --> 0:15:41.720
<v Speaker 1>equities across around the world, no question about that. We'll

0:15:41.760 --> 0:15:45.280
<v Speaker 1>see if that actually does happen. Thus far, the news

0:15:45.280 --> 0:15:47.880
<v Speaker 1>out of China is that the the opening has been

0:15:47.960 --> 0:15:51.520
<v Speaker 1>faster than anticipated, better than anticipated. The problem that China

0:15:51.560 --> 0:15:54.560
<v Speaker 1>has over the long term, however, is demographics are so

0:15:54.600 --> 0:15:58.520
<v Speaker 1>awful for China. It's a country whose population is already

0:15:58.520 --> 0:16:02.560
<v Speaker 1>beginning to decline that in the long run that's deleterious

0:16:02.600 --> 0:16:06.520
<v Speaker 1>to a bullish uh an optimistic perspective as far as

0:16:06.600 --> 0:16:10.160
<v Speaker 1>the global investment is concerned. So right now, you have

0:16:10.480 --> 0:16:12.920
<v Speaker 1>in the short term, for the next five, six six months,

0:16:13.000 --> 0:16:17.560
<v Speaker 1>a half a year, a year or so beneficial circumstances

0:16:17.880 --> 0:16:19.720
<v Speaker 1>developing in China. But over the course of the next

0:16:19.760 --> 0:16:22.040
<v Speaker 1>five years, ten years, China, I think it's going to

0:16:22.080 --> 0:16:28.119
<v Speaker 1>be a demonstrably less important, far less serious investment opportunity.

0:16:28.160 --> 0:16:30.720
<v Speaker 1>Demographics or something that do not turn around in the

0:16:30.760 --> 0:16:32.920
<v Speaker 1>short term, they turn around over a long twenty year

0:16:33.000 --> 0:16:35.920
<v Speaker 1>period of time, and China's demographics are deleterious for the

0:16:35.960 --> 0:16:38.560
<v Speaker 1>long term. Only about thirty seconds left, Dennis. But if

0:16:38.600 --> 0:16:41.200
<v Speaker 1>you're turning a neutral to bullish on stocks, does that

0:16:41.240 --> 0:16:44.920
<v Speaker 1>mean you're turning neutral to bearish on gold. No. I

0:16:44.960 --> 0:16:47.200
<v Speaker 1>think that the gold market continues to move from the

0:16:47.200 --> 0:16:48.960
<v Speaker 1>lower left to the upper right. Then I think that

0:16:49.000 --> 0:16:52.080
<v Speaker 1>the goal has has done well even when the news

0:16:52.120 --> 0:16:56.400
<v Speaker 1>has been manifestly bearished. For commodities, and take a look

0:16:56.400 --> 0:16:58.480
<v Speaker 1>at what's happened to wheat prices. They've gone down by half,

0:16:58.520 --> 0:17:01.040
<v Speaker 1>corn prices have fallen by a third. A live stock

0:17:01.080 --> 0:17:05.119
<v Speaker 1>prices are down, Shipping prices are down, Coude oil prices

0:17:05.119 --> 0:17:07.520
<v Speaker 1>of move sideways, natural gas prices that move downy had

0:17:07.560 --> 0:17:09.240
<v Speaker 1>gold continues to move from the lower left to the

0:17:09.320 --> 0:17:12.040
<v Speaker 1>upper right. So I've continue to be bullish of the

0:17:12.040 --> 0:17:13.640
<v Speaker 1>gold market, have been for a year and a half,

0:17:13.640 --> 0:17:17.160
<v Speaker 1>and continue to be that way. This is Bloomberg day

0:17:17.160 --> 0:17:20.120
<v Speaker 1>Break Today, your morning brief on the stories making news

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