1 00:00:02,240 --> 00:00:05,519 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,559 --> 00:00:09,240 Speaker 1: day Break for Wednesday, November nine two. Coming up this hour, 3 00:00:09,560 --> 00:00:12,640 Speaker 1: a mixed mid term verdict from voters. Republicans head toward 4 00:00:12,680 --> 00:00:16,400 Speaker 1: a slimmer House majority than expected. John Fetterman beats Mentalls 5 00:00:16,480 --> 00:00:19,720 Speaker 1: in the key Pennsylvania Senate race. Georgia maybe headed for 6 00:00:19,760 --> 00:00:23,000 Speaker 1: a Senate runoff between Raphael Warnock and herschel Walker. And 7 00:00:23,040 --> 00:00:25,599 Speaker 1: in New York, Kathy Hukel defeats Lee Zelden, and the 8 00:00:25,720 --> 00:00:28,880 Speaker 1: race for governor closer. Look at the local election results 9 00:00:28,880 --> 00:00:31,560 Speaker 1: in the Tri state area, plus North Korea has fired 10 00:00:31,560 --> 00:00:34,960 Speaker 1: a suspected ballistic missile. I'm Michael Blar more ahead, I'm 11 00:00:35,040 --> 00:00:37,879 Speaker 1: John Stashtower and swards a third period rally for the Islanders, 12 00:00:37,880 --> 00:00:40,840 Speaker 1: debat the Rangers, The Devil's One Again, and Nicks play 13 00:00:40,880 --> 00:00:45,000 Speaker 1: the Nets Tonight. That's all straight Ahead on Bloomberg day 14 00:00:45,040 --> 00:00:50,000 Speaker 1: Break on Bloomberg, he Living TREEO New York, Bloomberg one, Washington, 15 00:00:50,080 --> 00:00:54,120 Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine sixty, 16 00:00:54,200 --> 00:00:58,080 Speaker 1: San Francisco, Sirius x M one nine Team, and around 17 00:00:58,120 --> 00:01:01,000 Speaker 1: the world on Bloomberg Radio Dot come and via the 18 00:01:01,080 --> 00:01:09,679 Speaker 1: Bloomberg Business. Good morning, I'm Nathan Hagar and I'm Kared 19 00:01:09,760 --> 00:01:13,400 Speaker 1: Moscow and US futures are lower on this day after 20 00:01:13,440 --> 00:01:15,280 Speaker 1: the mid terms. It is coming up to five out 21 00:01:15,319 --> 00:01:17,800 Speaker 1: one on Wall Street and SMP futures are down about 22 00:01:17,840 --> 00:01:20,160 Speaker 1: nineteen points down. Futures down a hundred fifty six and 23 00:01:20,240 --> 00:01:24,000 Speaker 1: NASDAK futures down one. Tenure Treasury down five thirty seconds. 24 00:01:24,040 --> 00:01:27,120 Speaker 1: Yelled four point one four per cent Nathan Karen this morning. 25 00:01:27,120 --> 00:01:29,000 Speaker 1: It is all about the mid term elections. While the 26 00:01:29,080 --> 00:01:31,920 Speaker 1: GOP has made gains in the House, control of the 27 00:01:31,959 --> 00:01:35,240 Speaker 1: Senate hangs in the ballance. Amy Morris begins our team 28 00:01:35,280 --> 00:01:39,559 Speaker 1: coverage from the Bloomberg newsroom in Washington. Democrats are keeping 29 00:01:39,560 --> 00:01:42,240 Speaker 1: the balance of power in the House closer than anticipated. 30 00:01:42,400 --> 00:01:44,640 Speaker 1: As for the Senate, it might be a while longer 31 00:01:44,680 --> 00:01:47,600 Speaker 1: before the results are clear. We do know Democrat John 32 00:01:47,640 --> 00:01:50,240 Speaker 1: Fetterman defeated Trump backed mem At Oz for the Senate 33 00:01:50,280 --> 00:01:53,440 Speaker 1: seat from Pennsylvania with fifty percent of the vote. Oz 34 00:01:53,480 --> 00:01:56,400 Speaker 1: got forty seven point six percent. I never expected that 35 00:01:56,440 --> 00:01:59,200 Speaker 1: we were going to turn these red counties blue, but 36 00:01:59,320 --> 00:02:02,200 Speaker 1: we did. We needed to do. Georgia maybe headed for 37 00:02:02,280 --> 00:02:05,560 Speaker 1: a runoff Democrat Raphael Warnock with a slight edge over 38 00:02:05,600 --> 00:02:09,040 Speaker 1: Trump backed Herssel Walker forty nine point four percent forty 39 00:02:09,040 --> 00:02:11,440 Speaker 1: eight point six percent, and the count was delayed in 40 00:02:11,480 --> 00:02:15,640 Speaker 1: Arizona after tabulation machines went down. Democrat Mark Kelly currently 41 00:02:15,680 --> 00:02:19,400 Speaker 1: holds a lead over Republican Blake Masters fifty sixty one percent, 42 00:02:19,639 --> 00:02:22,320 Speaker 1: and Nevada is expected to go uncalled until later in 43 00:02:22,360 --> 00:02:25,559 Speaker 1: the week because of delays from counting mail in ballots 44 00:02:25,600 --> 00:02:28,480 Speaker 1: in Washington. I'm any Morris Bloomberg, daybreak, All right, Amy, 45 00:02:28,560 --> 00:02:30,560 Speaker 1: thank you. While taking a look at some other key 46 00:02:30,680 --> 00:02:34,799 Speaker 1: Senate races, Trump back Republican j D. Fans defeated Democrat 47 00:02:34,880 --> 00:02:38,000 Speaker 1: Tim Ryan for Ohio Senate. He won with fifty three 48 00:02:38,040 --> 00:02:41,040 Speaker 1: percent of the vote. New Hampshire Democrat Maggie Hasson beat 49 00:02:41,040 --> 00:02:44,200 Speaker 1: the Republican Don Valdock for the state's open Senate seed 50 00:02:44,240 --> 00:02:47,240 Speaker 1: with fifty four percent of the vote. Colorado Democrat Michael 51 00:02:47,280 --> 00:02:49,560 Speaker 1: Bennett got fifty five percent of the vote to keep 52 00:02:49,639 --> 00:02:53,720 Speaker 1: his Senate seat over Republican Joe o'della, and North Carolina 53 00:02:53,760 --> 00:02:57,640 Speaker 1: Republican Ted Bud edged out Cherry Beasley with nearly fifty 54 00:02:57,639 --> 00:03:00,679 Speaker 1: one percent of votes. Meantime and was in the race 55 00:03:00,840 --> 00:03:03,679 Speaker 1: too close to call. Republican Senator Ron Johnson leads to 56 00:03:03,680 --> 00:03:08,519 Speaker 1: Democrat Mandela Barnes fifty point six percent to that's what 57 00:03:08,680 --> 00:03:12,040 Speaker 1: just under of the vote counted, and we have results 58 00:03:12,080 --> 00:03:14,640 Speaker 1: from a handful of racist for Governor Karen. Let's begin 59 00:03:14,720 --> 00:03:18,840 Speaker 1: in New York, where Democrat Kathy Hokel has defeated Republican Leeselden. 60 00:03:19,040 --> 00:03:22,560 Speaker 1: Bloomberg's Michael Barr continues our election team coverage live in 61 00:03:22,600 --> 00:03:25,760 Speaker 1: New York. Michael Nathan, thank you very much. Democrat Kathy 62 00:03:25,800 --> 00:03:29,200 Speaker 1: Hokel has become the first woman elected New York governor, 63 00:03:29,240 --> 00:03:33,240 Speaker 1: winning the office outright. Hokel took over in one when 64 00:03:33,240 --> 00:03:37,080 Speaker 1: former Governor Andrew Cuomo resigned. HOCl defeated lez Elden, who 65 00:03:37,160 --> 00:03:40,760 Speaker 1: ran a campaign focused on fear of violent crime. She 66 00:03:40,960 --> 00:03:43,680 Speaker 1: thanks supporters last night. I want to speak directly to 67 00:03:43,760 --> 00:03:49,320 Speaker 1: New Yorker's tonight, you major voices heard loud and clear. 68 00:03:51,360 --> 00:03:55,160 Speaker 1: Pokel got nearly fifty three percent, with Zelden receiving just 69 00:03:55,280 --> 00:03:58,840 Speaker 1: over forty seven percent. However, Zelden is not conceding in 70 00:03:58,920 --> 00:04:01,400 Speaker 1: other races, called I a p for the U. S. 71 00:04:01,400 --> 00:04:07,640 Speaker 1: Senate Charles Schumer beat Republican challenger Joe Pinion, and Connecticut 72 00:04:07,680 --> 00:04:12,080 Speaker 1: incumbent Democratic governor Ed Lamott beat Republican challenger Robert Stefanowski 73 00:04:13,880 --> 00:04:17,440 Speaker 1: percent U S. Senator Richard bloom won his reelection over 74 00:04:17,480 --> 00:04:21,919 Speaker 1: Republican Leora Leaving with fift in New York. Michael Barr 75 00:04:21,920 --> 00:04:25,200 Speaker 1: Bloomberg Daybreak, Karen Nathan all right, Michael, thank you will 76 00:04:25,240 --> 00:04:27,080 Speaker 1: a pair of governors who have eyes on the White 77 00:04:27,120 --> 00:04:30,440 Speaker 1: House for victorious last night. Republican Rhonda Santis in Florida 78 00:04:30,480 --> 00:04:34,480 Speaker 1: and Democrat Gavin Newsom in California both handily won re election. 79 00:04:34,760 --> 00:04:38,200 Speaker 1: De Santis be to Democratic challenger at Charlie christ garnering 80 00:04:38,960 --> 00:04:41,719 Speaker 1: of the vote in Florida. I believe the survival of 81 00:04:41,720 --> 00:04:47,280 Speaker 1: the American experiment requires a revival of true American principles. 82 00:04:47,640 --> 00:04:52,120 Speaker 1: Florida has proved that it can be done. That victory 83 00:04:52,200 --> 00:04:55,200 Speaker 1: speech from De Santis did not mention Donald Trump or 84 00:04:55,279 --> 00:04:58,799 Speaker 1: speculation that he will run for president. In California, Newsom 85 00:04:58,880 --> 00:05:02,800 Speaker 1: easily defeated his Republican challenger, Brian Daley, with almost sixty 86 00:05:02,839 --> 00:05:05,080 Speaker 1: percent of the vote. Overall, care and there were thirty 87 00:05:05,160 --> 00:05:07,960 Speaker 1: six races for governor across the country. Let's get more 88 00:05:08,000 --> 00:05:11,080 Speaker 1: on those highlights now live with Bloomberg's John Tucker, Good 89 00:05:11,080 --> 00:05:13,680 Speaker 1: Morning John, and Nathan. Democrats pulled out wins in some 90 00:05:13,800 --> 00:05:17,679 Speaker 1: key states. In Michigan, Democrat Gretchen Whitmer defeated Republican Tudor 91 00:05:17,720 --> 00:05:21,000 Speaker 1: Dixon with fifty three percent of the vote. Democrat Josh 92 00:05:21,000 --> 00:05:25,359 Speaker 1: Shapiro one in Pennsylvania, beating Republican Doug master Riano with 93 00:05:25,520 --> 00:05:29,640 Speaker 1: fifty percent of the vote. Wisconsin incumbent Democratic Governor Tony 94 00:05:29,720 --> 00:05:32,120 Speaker 1: Evers got fifty one percent of votes to win over 95 00:05:32,360 --> 00:05:37,640 Speaker 1: Republican Tim Michaels. Colorado's Democratic governor Jared Paulis gonnered fifty 96 00:05:37,680 --> 00:05:40,920 Speaker 1: seven percent of the vote to eat the Republican Heidi Ganel. 97 00:05:41,400 --> 00:05:44,920 Speaker 1: In New Mexico, Democrat Michelle le John Grisham beat Republican 98 00:05:45,120 --> 00:05:49,040 Speaker 1: Mark Ronchetti with fifty two percent of votes. Illinois Governor J. B. 99 00:05:49,200 --> 00:05:52,880 Speaker 1: Prisker defeated trump back Republican Darren Bailey with fifty four 100 00:05:52,920 --> 00:05:55,920 Speaker 1: percent of the vote. And in Georgia, Republican Governor Brian 101 00:05:56,040 --> 00:05:58,520 Speaker 1: Kemp got fifty three percent of the vote to beat 102 00:05:58,520 --> 00:06:02,400 Speaker 1: Democrats Stacy Abram. Finally a key governor's race yet to 103 00:06:02,400 --> 00:06:06,560 Speaker 1: be decided in Arizona. Democrat Kitty Hobbs currently leads Trump 104 00:06:06,600 --> 00:06:10,800 Speaker 1: back Republican carry Lake fifty one percent to forty eight 105 00:06:10,800 --> 00:06:13,920 Speaker 1: point seven percent. Just under sixty one percent of votes 106 00:06:13,960 --> 00:06:17,320 Speaker 1: have been counted so far. Karen and Nathan, Sorry, John, 107 00:06:17,360 --> 00:06:19,680 Speaker 1: thanks well. Overall, it was a historic night at the polls. 108 00:06:19,760 --> 00:06:22,120 Speaker 1: More women than ever ran for governor, more black women 109 00:06:22,160 --> 00:06:25,039 Speaker 1: ran for Congress, and more LGBTQ people vied for a 110 00:06:25,120 --> 00:06:27,440 Speaker 1: spot in the House or Senate. As you mentioned before, 111 00:06:27,520 --> 00:06:30,040 Speaker 1: Cappy Hokel became the first woman elected governor in New 112 00:06:30,120 --> 00:06:32,680 Speaker 1: York and Massachusetts. Maurri Halley will be the first woman 113 00:06:32,680 --> 00:06:35,680 Speaker 1: elected to serve as the state's governor. Democrat Westmore will 114 00:06:35,680 --> 00:06:39,320 Speaker 1: be Maryland's first black governor, and Republicans Sarah Huggabee Sanders 115 00:06:39,320 --> 00:06:41,640 Speaker 1: has become the first woman elected to serve as governor 116 00:06:41,640 --> 00:06:45,400 Speaker 1: of Arkansas. Now for more reaction, Karen Bloomberg Politics contributor 117 00:06:45,440 --> 00:06:47,840 Speaker 1: Jeannie she and Zano says this was not the red 118 00:06:47,839 --> 00:06:50,479 Speaker 1: wave many pundits were predicting. What we're gonna have to 119 00:06:50,480 --> 00:06:52,760 Speaker 1: go back and think about is what do we attribute 120 00:06:52,760 --> 00:06:55,359 Speaker 1: that to? Do we attribute it to candidates? Some of 121 00:06:55,360 --> 00:06:57,839 Speaker 1: these Magga candidates. Do we attribute it to issues like 122 00:06:57,960 --> 00:07:01,920 Speaker 1: Dobbs What is sort of been the Democrat's ability if 123 00:07:01,960 --> 00:07:04,800 Speaker 1: it holds up to defy at least a little bit 124 00:07:04,839 --> 00:07:07,400 Speaker 1: of some of that gravity. As we go forward on 125 00:07:07,520 --> 00:07:10,360 Speaker 1: the collegist Jeannie Sheanzano. And in the interests of transparency, 126 00:07:10,360 --> 00:07:12,679 Speaker 1: we should note that Michael Bloomberg, majority owner of Bloomberg 127 00:07:12,760 --> 00:07:15,960 Speaker 1: Radio parent Bloomberg LP, was a major donor to Democratic 128 00:07:16,000 --> 00:07:23,720 Speaker 1: candidates this election cycle. This is Bloomberg. That's sound five 129 00:07:23,720 --> 00:07:25,680 Speaker 1: oh seven on Wall Street, word forty one degrees in 130 00:07:25,720 --> 00:07:29,720 Speaker 1: Central Park and we've got an overturned vehicle westbound Bruckner Expressway. 131 00:07:30,120 --> 00:07:32,440 Speaker 1: Tell you more in traffic. First, Michael bars back with 132 00:07:32,680 --> 00:07:34,880 Speaker 1: what else is happening in New York and around the world. 133 00:07:35,080 --> 00:07:37,880 Speaker 1: Once again, Good morning Michael, Good morning Nathan. Taking a 134 00:07:37,920 --> 00:07:41,840 Speaker 1: look at other local races and the results. Republican Town 135 00:07:41,920 --> 00:07:46,320 Speaker 1: Kane won the House race in New Jersey seventh Congressional district, 136 00:07:46,680 --> 00:07:52,280 Speaker 1: beating Democratic incumbent Tom Malianowski. The Kane got fifty two 137 00:07:52,280 --> 00:07:55,720 Speaker 1: percent of the vote. Kane, a former state senator, narrowly 138 00:07:55,800 --> 00:08:01,760 Speaker 1: lost to Malanowski in a house race. Democrat Mikey Sheryl 139 00:08:01,880 --> 00:08:03,960 Speaker 1: won another term in the U. S. House, beating the 140 00:08:04,000 --> 00:08:08,040 Speaker 1: GOP s Tom the Groot Cheryl received fifty eight percent. 141 00:08:08,600 --> 00:08:14,920 Speaker 1: Democratic Representative Josh Gotdheimer beat Republican challenger Frank Polatta. Goddheimer 142 00:08:14,960 --> 00:08:17,720 Speaker 1: received more than fifty four percent of the vote. Taking 143 00:08:17,760 --> 00:08:21,040 Speaker 1: a look now at more races in New York, Republican 144 00:08:21,160 --> 00:08:24,200 Speaker 1: Nicole mal Atakas has one re election to the US 145 00:08:24,280 --> 00:08:29,040 Speaker 1: House in New York's eleventh congressional district, after defeating Max Rose. 146 00:08:29,440 --> 00:08:32,040 Speaker 1: She gave a victory speech to her supporters last night, 147 00:08:33,200 --> 00:08:45,400 Speaker 1: amazing amazing. Malatakis got sixty two percent of the vote. 148 00:08:45,679 --> 00:08:50,560 Speaker 1: Democrat Alexandria Occassio Cortez has one another U. S. House term, 149 00:08:50,640 --> 00:08:54,600 Speaker 1: easily beating her Republican opponent, Tina Forte with more than 150 00:08:54,760 --> 00:08:58,960 Speaker 1: seventy of the vote. North Korea fired a short range 151 00:08:58,960 --> 00:09:02,480 Speaker 1: ballistic missile toward the waters off its east coast today. 152 00:09:02,960 --> 00:09:07,760 Speaker 1: According to Japan, the missile flew about two hundred fifty kilometers. 153 00:09:08,320 --> 00:09:12,280 Speaker 1: It apparently landed outside of Japan's Exclusive economic zone, and 154 00:09:12,320 --> 00:09:16,199 Speaker 1: there have been no reports of damage. Florida's coastline prepares 155 00:09:16,240 --> 00:09:18,880 Speaker 1: for another tropical storm in the coming days, as Nicole 156 00:09:19,000 --> 00:09:22,400 Speaker 1: takes aim for the mainland. It's expected to make landfall 157 00:09:22,520 --> 00:09:25,360 Speaker 1: sometime early tomorrow. The cold is going to take a 158 00:09:25,400 --> 00:09:29,439 Speaker 1: sharp turn to Georgia and eventually South and North Carolina 159 00:09:29,480 --> 00:09:32,520 Speaker 1: and up the East coast. In Palm Beach County, Florida, 160 00:09:32,679 --> 00:09:36,359 Speaker 1: local emergency was declared and several areas were given evacuation 161 00:09:36,520 --> 00:09:40,520 Speaker 1: orders ahead of the storm's landfall. Mayor Robert Winroth on 162 00:09:40,640 --> 00:09:45,719 Speaker 1: Beach County is announcing evacuations for Zone A and B. 163 00:09:46,720 --> 00:09:51,920 Speaker 1: This includes mobile homes, barrier islands, and low lying areas. 164 00:09:52,800 --> 00:09:56,839 Speaker 1: Mayor Winroth says heavy rainfall is very possible, with urban 165 00:09:56,880 --> 00:10:01,559 Speaker 1: flooding possible as well. President Joe Biden heading to international 166 00:10:01,600 --> 00:10:04,840 Speaker 1: climate talks in Egypt for the message that historic American 167 00:10:04,880 --> 00:10:09,040 Speaker 1: action to fight climate change won't shift into reverse. Global 168 00:10:09,040 --> 00:10:11,360 Speaker 1: News twenty four hours a day on air and on 169 00:10:11,400 --> 00:10:14,680 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists 170 00:10:14,679 --> 00:10:17,600 Speaker 1: and analysts more than a hundred twenty countries. Michael Barren, 171 00:10:17,720 --> 00:10:24,920 Speaker 1: this is Bloomberg ain't Thanks Michael five ten on Wall 172 00:10:24,960 --> 00:10:26,679 Speaker 1: Street Time for the Bloomberg Sports Update, brought to you 173 00:10:26,720 --> 00:10:29,320 Speaker 1: by try State Auti Gimrty, Johns Teshire, good Morty, Nathan 174 00:10:29,360 --> 00:10:32,040 Speaker 1: There are three New York Area hockey teams. Two are hot, 175 00:10:32,080 --> 00:10:34,280 Speaker 1: the Rangers are not. Blue Sturts lost their third in 176 00:10:34,320 --> 00:10:37,040 Speaker 1: a row at the Garden. The Islanders rallied for three 177 00:10:37,080 --> 00:10:39,040 Speaker 1: third period goals to win four to three, and they've 178 00:10:39,120 --> 00:10:41,680 Speaker 1: got won seven of their last eight. The Devils have 179 00:10:41,840 --> 00:10:44,319 Speaker 1: won all of their last seven. First place at ten 180 00:10:44,360 --> 00:10:46,240 Speaker 1: and three with a three to home win over Calgary. 181 00:10:46,280 --> 00:10:49,720 Speaker 1: The Devil's doing this without goalie Mackenzie Blackwood. He's gonna 182 00:10:49,720 --> 00:10:52,000 Speaker 1: miss three to six weeks knee injury, and the Devil's 183 00:10:52,000 --> 00:10:55,120 Speaker 1: big offseason pick up, Andre Polott is gonna be out 184 00:10:55,120 --> 00:10:58,240 Speaker 1: eight to ten weeks with injured Growing Nixon Nets. Tonight, 185 00:10:58,280 --> 00:11:01,200 Speaker 1: at Barkley's first meeting of the season, Justice Jacob Degrant 186 00:11:01,200 --> 00:11:04,320 Speaker 1: made his free agency official. Metro said to a gun 187 00:11:04,360 --> 00:11:07,600 Speaker 1: talks with his agent, Anthony Rizzo, may stick with the Yankees. 188 00:11:07,640 --> 00:11:10,720 Speaker 1: They tendered him a qualifying offer so he can stay 189 00:11:11,200 --> 00:11:13,280 Speaker 1: make about nineteen and a half million dollars. If he 190 00:11:13,360 --> 00:11:15,880 Speaker 1: leaves as a free agent, Yanks would get a draft 191 00:11:15,920 --> 00:11:20,120 Speaker 1: pick compensation. College football playoff committees top four this week 192 00:11:20,640 --> 00:11:24,280 Speaker 1: George OLIFINNY National Champs, then Ohio State, then Michigan those 193 00:11:24,280 --> 00:11:26,959 Speaker 1: two played a couple of weeks and TCU is number four, 194 00:11:27,000 --> 00:11:30,120 Speaker 1: All four nine and Oh Tennessee fell from first down 195 00:11:30,120 --> 00:11:33,800 Speaker 1: to fifth. Alabama's now ninth. Clemson his tent John Dash 196 00:11:33,880 --> 00:11:38,080 Speaker 1: Award Bloomberg Sports. Thank you, John. Futures are turning lower 197 00:11:38,120 --> 00:11:40,280 Speaker 1: this morning after the election right now. S and P 198 00:11:40,440 --> 00:11:43,040 Speaker 1: futures are down twenty points. Staff futures down a hundred 199 00:11:43,080 --> 00:11:46,720 Speaker 1: seventy seven, NASDAC futures are lower by sixty two points. 200 00:11:46,760 --> 00:11:49,400 Speaker 1: That's a drop of about a half percent across the board. 201 00:11:49,720 --> 00:11:52,520 Speaker 1: Ten Your treasuries down five thirty seconds yield four point 202 00:11:52,520 --> 00:11:54,959 Speaker 1: one four percent yield on the two year four point 203 00:11:55,000 --> 00:11:58,360 Speaker 1: six seven. More reaction and analysis to the mid term results. 204 00:11:58,520 --> 00:12:01,240 Speaker 1: Greg Vali, Chief US Paul he strategist that a GF 205 00:12:01,360 --> 00:12:08,120 Speaker 1: Investments joins us. Next to this is Bloomberg. Bloomberg Sports 206 00:12:08,160 --> 00:12:09,880 Speaker 1: was brought to you by Audie. Don't let someone else 207 00:12:09,960 --> 00:12:12,240 Speaker 1: drive off in the Audi model you've always wanted. Visit 208 00:12:12,280 --> 00:12:14,520 Speaker 1: your local price state Autie dealer to get behind the 209 00:12:14,520 --> 00:12:17,320 Speaker 1: wheel of yours today, or visit Autie Offers dot com 210 00:12:17,320 --> 00:12:25,400 Speaker 1: for more information, markets, headlines and breaking news twenty four 211 00:12:25,440 --> 00:12:28,480 Speaker 1: hours a day at Bloomberg dot Com and Bloomberg Business 212 00:12:28,480 --> 00:12:38,040 Speaker 1: at and at Bloomberg Quicktake, He's a Bloomberg Business Flash 213 00:12:38,640 --> 00:12:41,720 Speaker 1: and I'm camerin Moscow. US Dot Index futures are falling 214 00:12:41,960 --> 00:12:44,760 Speaker 1: as the mid term elections throw up a mixed verdict. 215 00:12:44,840 --> 00:12:47,120 Speaker 1: We checked the markets every fifteen minutes throughout the trading 216 00:12:47,200 --> 00:12:49,600 Speaker 1: day on Bloomberg U S and P futures down twenty 217 00:12:49,600 --> 00:12:52,520 Speaker 1: one points down, futures down a hundred eighty two Nasdack 218 00:12:52,600 --> 00:12:55,200 Speaker 1: future is down sixty three. The ten year treasury down 219 00:12:55,200 --> 00:12:57,640 Speaker 1: four thirty seconds. He held four point one four percent, 220 00:12:58,000 --> 00:13:00,400 Speaker 1: held on the two year four point six six per cent. 221 00:13:00,720 --> 00:13:02,800 Speaker 1: Nine Make Screwed Oil down six tenths per cent or 222 00:13:02,840 --> 00:13:05,200 Speaker 1: fifty four cents at eighty eight dollars thirty seven cents 223 00:13:05,200 --> 00:13:07,600 Speaker 1: of Barrel Co Makes Goal down half percent or eight 224 00:13:07,600 --> 00:13:10,640 Speaker 1: dollars thirty cents at seventeen o seven seventy announced the 225 00:13:10,760 --> 00:13:13,320 Speaker 1: euro one point zero zero four nine against the dollar, 226 00:13:13,360 --> 00:13:15,679 Speaker 1: British found one point one four four one, and the 227 00:13:15,880 --> 00:13:18,600 Speaker 1: N one forty five point seven six. Watching Disney this 228 00:13:18,640 --> 00:13:22,040 Speaker 1: morning down almost eight percent. The company evaluating its costs 229 00:13:22,040 --> 00:13:26,160 Speaker 1: and seeking meaningful efficiencies after reporting results fl short of 230 00:13:26,160 --> 00:13:29,559 Speaker 1: analysts expectations and Elon Muski has sold more than three 231 00:13:29,600 --> 00:13:32,600 Speaker 1: point nine billion dollars of shares of Tesla just days 232 00:13:32,640 --> 00:13:35,440 Speaker 1: after closing his buyout of Twitter is now unloaded about 233 00:13:35,480 --> 00:13:37,960 Speaker 1: thirty six billion dollars worth of shares in the company 234 00:13:37,960 --> 00:13:41,120 Speaker 1: in the last year. Tesla shares are higher in early training, 235 00:13:41,160 --> 00:13:43,599 Speaker 1: up about seven tenths of upper cent. And that's a 236 00:13:43,640 --> 00:13:46,480 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 237 00:13:46,559 --> 00:13:49,000 Speaker 1: what's going on around the world. Michael, good morning, Good 238 00:13:49,040 --> 00:13:52,079 Speaker 1: morning Karen. Many votes are still being counted from Tuesday's 239 00:13:52,080 --> 00:13:55,520 Speaker 1: midterm elections, but Republicans are still favorites to take back 240 00:13:55,559 --> 00:13:59,600 Speaker 1: the House. Speaking at an election night event in Washington, 241 00:13:59,679 --> 00:14:03,840 Speaker 1: D's House minority Leader Kevin McCarthy was very confident, Thank 242 00:14:03,920 --> 00:14:08,559 Speaker 1: you to everyone who voted Republican for the very first time. 243 00:14:10,679 --> 00:14:14,559 Speaker 1: Democrat John Fetterman will be the next Senator from Pennsylvania, 244 00:14:14,640 --> 00:14:19,320 Speaker 1: beating his Republican opponent, Dr. Memidaz Feederman addressed supporters in 245 00:14:19,360 --> 00:14:23,880 Speaker 1: Pittsburgh overnight, describing as campaign six months after he suffered 246 00:14:23,880 --> 00:14:26,720 Speaker 1: a stroke. This campaign has always been about fighting for 247 00:14:26,760 --> 00:14:30,120 Speaker 1: everyone who's ever been got knocked down, that ever got 248 00:14:30,160 --> 00:14:33,840 Speaker 1: back up. Democrat Kathy Hokel has become the first woman 249 00:14:33,960 --> 00:14:37,960 Speaker 1: elected New York governor, winning the office outright. Hokel took 250 00:14:38,000 --> 00:14:42,240 Speaker 1: over in one when former Governor Andrew Cuomo resigned. Hocle 251 00:14:42,400 --> 00:14:46,240 Speaker 1: defeated Republican Congressman Lee Zelden, who ran a campaign focused 252 00:14:46,360 --> 00:14:49,840 Speaker 1: on fear of violent crime. In Texas, Governor Greg Abbott 253 00:14:49,880 --> 00:14:54,080 Speaker 1: fended off a challenge from Democrat Beto O'Rourke. Governor Abbott 254 00:14:54,480 --> 00:14:57,240 Speaker 1: says border security was one of the main issues driving 255 00:14:57,320 --> 00:15:00,360 Speaker 1: votes in his state. Abbot also says we must never 256 00:15:00,400 --> 00:15:05,920 Speaker 1: forget our schools are education not indoctor Nation Global News 257 00:15:06,000 --> 00:15:08,560 Speaker 1: twenty four hours a day on air and on Bloomberg 258 00:15:08,640 --> 00:15:11,560 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 259 00:15:11,560 --> 00:15:14,200 Speaker 1: and analysts more than a hundred twenty countries. Michael barn 260 00:15:14,280 --> 00:15:16,520 Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. It's five twenty 261 00:15:16,520 --> 00:15:19,240 Speaker 1: on Wall Street Life from the Bloomberg Interactive Broker Studios. 262 00:15:19,240 --> 00:15:22,520 Speaker 1: This is Bloomberg Daybreak. Let's get more post election analysis 263 00:15:22,560 --> 00:15:24,600 Speaker 1: now as the votes continue to be counted. We're joined 264 00:15:24,640 --> 00:15:28,040 Speaker 1: by Greg Valiard this morning, chief US policy strategist at 265 00:15:28,080 --> 00:15:31,160 Speaker 1: a GF Investments. Greg, good morning. If this had been 266 00:15:31,200 --> 00:15:33,360 Speaker 1: a red wave. I think we would have been able 267 00:15:33,400 --> 00:15:36,920 Speaker 1: to call the Republican majority in the House by now, 268 00:15:36,960 --> 00:15:40,600 Speaker 1: but this morning there's still about seven or nineteen seats 269 00:15:40,720 --> 00:15:44,200 Speaker 1: shy of a majority in the House. Your thoughts on 270 00:15:44,240 --> 00:15:47,560 Speaker 1: this election, Well, what a night, Nathan. Great to be 271 00:15:47,680 --> 00:15:50,320 Speaker 1: with you. I think there are two big takeaways. Number One, 272 00:15:51,040 --> 00:15:53,840 Speaker 1: gridlock is good. The markets are going to be looking 273 00:15:53,880 --> 00:16:01,040 Speaker 1: at two years of gridlock with the Republicans early taking 274 00:16:01,080 --> 00:16:04,240 Speaker 1: the House and maybe the Democrats keeping a tie in 275 00:16:04,320 --> 00:16:07,120 Speaker 1: the Senate, which would give them control. The other big 276 00:16:07,120 --> 00:16:10,360 Speaker 1: implication of my opinion is that all of this fear 277 00:16:10,680 --> 00:16:16,160 Speaker 1: about more voting irregularities, social unrest, etcetera may subside. There 278 00:16:16,200 --> 00:16:21,160 Speaker 1: were no dramatic irregularities last night. Okay. Now we are 279 00:16:21,200 --> 00:16:24,000 Speaker 1: seeing a pretty interesting market reaction, though, with a bit 280 00:16:24,000 --> 00:16:26,320 Speaker 1: of a sell off in the futures this morning, a 281 00:16:26,320 --> 00:16:30,000 Speaker 1: half percent decline across the board. What should market participants 282 00:16:30,000 --> 00:16:32,840 Speaker 1: be pricing in when it comes to how things are 283 00:16:32,840 --> 00:16:38,400 Speaker 1: going to look in Washington once the dust finally settles completely. Yeah, again, 284 00:16:38,480 --> 00:16:41,960 Speaker 1: I think the markets will have to price in gridlock. 285 00:16:42,840 --> 00:16:46,520 Speaker 1: If you worry about tax increases, are more spending. I 286 00:16:46,560 --> 00:16:49,920 Speaker 1: think that the new House will reject that. At the 287 00:16:49,960 --> 00:16:54,160 Speaker 1: same time, Biden has a veto power. If Republicans try 288 00:16:54,200 --> 00:16:57,640 Speaker 1: to pass something radical, he would Vieto in. And I've 289 00:16:57,760 --> 00:17:01,120 Speaker 1: said from my entire career the redlock is good because 290 00:17:01,160 --> 00:17:05,240 Speaker 1: it means they do less harm. What does a slimmer 291 00:17:05,359 --> 00:17:10,760 Speaker 1: Republican majority mean for policy going forward here in terms 292 00:17:11,000 --> 00:17:13,760 Speaker 1: of what the leadership is going to look like in 293 00:17:13,840 --> 00:17:17,919 Speaker 1: the House. Is a future speaker McCarthy still in the 294 00:17:18,000 --> 00:17:22,000 Speaker 1: cards here? I think so, Nathan, But it's a good question. 295 00:17:22,160 --> 00:17:25,359 Speaker 1: I think that he since he will have a very 296 00:17:25,359 --> 00:17:29,200 Speaker 1: small majority, Uh, he may have to cut deals with 297 00:17:30,080 --> 00:17:33,600 Speaker 1: the far right people like Marjorie Taylor Green. Uh, he 298 00:17:33,760 --> 00:17:37,080 Speaker 1: may have to go to them and make some concessions. 299 00:17:37,119 --> 00:17:41,199 Speaker 1: I think McCarthy was hoping for twenty five or thirty seats, 300 00:17:41,200 --> 00:17:44,560 Speaker 1: and he certainly didn't get that kind of majority. What's 301 00:17:44,560 --> 00:17:47,440 Speaker 1: the mandate do you think from an election like this 302 00:17:47,680 --> 00:17:51,359 Speaker 1: when Democrats had I think it's safe to say a 303 00:17:51,480 --> 00:17:55,960 Speaker 1: much better night than a lot of pundits were predicting. Yeah, 304 00:17:56,000 --> 00:17:58,720 Speaker 1: And I am part of the group who thought that 305 00:17:58,760 --> 00:18:01,160 Speaker 1: there could have been a read wave, and there certainly 306 00:18:01,240 --> 00:18:05,040 Speaker 1: was not. I think a couple of big takeaways. Number One, uh, 307 00:18:05,520 --> 00:18:10,960 Speaker 1: candidates who keep talking incessantly about the election being stolen 308 00:18:11,040 --> 00:18:13,879 Speaker 1: or rigged, I didn't do well. I think the voters 309 00:18:13,880 --> 00:18:16,159 Speaker 1: are sick of that, they want to move on. And 310 00:18:16,200 --> 00:18:20,600 Speaker 1: I think secondly, more moderate candidates did quite well. Look 311 00:18:20,600 --> 00:18:23,439 Speaker 1: at New Hampshire for example. So to me, it was 312 00:18:23,480 --> 00:18:26,240 Speaker 1: an encouraging result to see the country moved to a 313 00:18:26,280 --> 00:18:32,000 Speaker 1: more moderate, less conspiratorial climate. Of course, the biggest potential 314 00:18:32,040 --> 00:18:36,280 Speaker 1: candidate who's been talking about the election being rigged is 315 00:18:36,800 --> 00:18:40,240 Speaker 1: former President Donald Trump, who was already teased an announcement 316 00:18:40,359 --> 00:18:44,520 Speaker 1: next week. What's your take on that? Where are we 317 00:18:44,560 --> 00:18:48,920 Speaker 1: going when it comes to presidential race? I think we're 318 00:18:48,920 --> 00:18:51,040 Speaker 1: going to look back on this election a year or 319 00:18:51,080 --> 00:18:54,120 Speaker 1: two from now and recognized that this was a real 320 00:18:54,200 --> 00:18:58,320 Speaker 1: turning point for both Trump and Biden. For Biden, many 321 00:18:58,359 --> 00:19:01,800 Speaker 1: Democrats won this it uhim not because of him. Many 322 00:19:01,840 --> 00:19:06,199 Speaker 1: Democrats won by running away from Biden. For Trump, I 323 00:19:06,240 --> 00:19:11,120 Speaker 1: think this sort of solidifies his image within the Republican 324 00:19:11,160 --> 00:19:14,760 Speaker 1: Party that he could be an albatross. He could be 325 00:19:14,800 --> 00:19:18,400 Speaker 1: a noisy distraction for Republicans who would like to move 326 00:19:18,480 --> 00:19:22,640 Speaker 1: on to New Canadas. Like Rondo Santis real quick sat 327 00:19:22,680 --> 00:19:25,120 Speaker 1: in seconds here do you think Trump still announces next week. 328 00:19:26,040 --> 00:19:27,840 Speaker 1: I think so, but it's now up in the air. 329 00:19:28,359 --> 00:19:30,760 Speaker 1: If he announces, I think the country and the party 330 00:19:30,760 --> 00:19:33,040 Speaker 1: could get sick of him by the end of the winter. 331 00:19:33,920 --> 00:19:36,080 Speaker 1: So great to get your thoughts this morning after Greg, 332 00:19:36,080 --> 00:19:38,919 Speaker 1: thanks for this. Gregg Value, your chief US policy strategist 333 00:19:39,040 --> 00:19:42,760 Speaker 1: at a GF Investments. Looking ahead to the market, open 334 00:19:43,200 --> 00:19:46,240 Speaker 1: futures are pointed lower now, S ANDP futures down eighteen 335 00:19:46,280 --> 00:19:49,479 Speaker 1: points down, futures down a hundred sixty nine. Nastack futures 336 00:19:49,480 --> 00:19:52,280 Speaker 1: are lower by fifty three points, still losses of a 337 00:19:52,280 --> 00:19:55,240 Speaker 1: half percent across the board. The futures contracts ten your 338 00:19:55,280 --> 00:19:57,680 Speaker 1: treasury down four thirty seconds for a yield of four 339 00:19:57,720 --> 00:20:02,040 Speaker 1: point one four percent. Much more our post election analysis 340 00:20:02,080 --> 00:20:08,280 Speaker 1: and reaction straight ahead on Bloomberg Daybreak, Bloomberg eleventh, three 341 00:20:08,320 --> 00:20:11,320 Speaker 1: oh Weather sunny, silly today, mid fifties for highs. Will 342 00:20:11,320 --> 00:20:13,880 Speaker 1: be milder tomorrow, though with a high near sixty five. 343 00:20:14,440 --> 00:20:18,240 Speaker 1: Rain for veterans day high near seventy. Our current temperature 344 00:20:18,320 --> 00:20:25,439 Speaker 1: forty one degrees. Cridcasting live from the Bloomberg Interactive Broker 345 00:20:25,560 --> 00:20:29,240 Speaker 1: Studio in New York. Bloomberg Living Freedom to Washington, d C. 346 00:20:29,440 --> 00:20:33,160 Speaker 1: Bloomberg nine one to Boston, Bloomberg one oh six one 347 00:20:33,240 --> 00:20:36,720 Speaker 1: to San Francisco, Bloomberg nine sixty to the country, Sirius 348 00:20:36,840 --> 00:20:39,479 Speaker 1: XM Chanel one nine team and around the globe the 349 00:20:39,480 --> 00:20:43,359 Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is 350 00:20:43,400 --> 00:20:51,720 Speaker 1: Bloomberg Daybreak and it's five thirty on Wall Street. Good morning. 351 00:20:51,760 --> 00:20:54,960 Speaker 1: I'm Nathan Hacker and I'm Karen Moscow. We are about 352 00:20:55,040 --> 00:20:57,640 Speaker 1: four hours away from the open of US trading. Let's 353 00:20:57,680 --> 00:20:59,040 Speaker 1: get you up to date on the news you need 354 00:20:59,080 --> 00:21:01,679 Speaker 1: to know at this hour. Were Republicans made gains in 355 00:21:01,720 --> 00:21:04,720 Speaker 1: the House this midterm election cycle, but it wasn't the 356 00:21:04,760 --> 00:21:07,600 Speaker 1: red wave that some had predicted. Control of the Senate 357 00:21:07,640 --> 00:21:10,720 Speaker 1: still hangs in the ballast. Democrats flipped a key Senate 358 00:21:10,840 --> 00:21:15,800 Speaker 1: race in Pennsylvania, but Democrat John Fetterman defeating Republican Mendos 359 00:21:15,800 --> 00:21:19,399 Speaker 1: has always been about fighting for everyone who's ever been lockdown, 360 00:21:22,720 --> 00:21:25,520 Speaker 1: and Democrat John Fetterman, who has been recovering from a stroke, 361 00:21:25,600 --> 00:21:28,119 Speaker 1: one with fifty point one percent of the vote. In Ohio, 362 00:21:28,200 --> 00:21:31,359 Speaker 1: Karen Republican j d Vance defeated Democrat Tim Ryan for 363 00:21:31,359 --> 00:21:33,720 Speaker 1: a Senate seat garnering fifty three percent of the vote. 364 00:21:33,800 --> 00:21:36,600 Speaker 1: Democrat Maggie Hassan got fifty four percent to win New 365 00:21:36,640 --> 00:21:40,280 Speaker 1: Hampshire Senate seat over Republican Don bal Duke. Meanwhile, Wisconsin 366 00:21:40,440 --> 00:21:43,280 Speaker 1: is still too close to call. Republican Senator Ron Johnson 367 00:21:43,359 --> 00:21:46,480 Speaker 1: leads Democratic challenger man Della Barnes with fifty point six 368 00:21:46,520 --> 00:21:48,920 Speaker 1: percent of the vote. Well in New York, Nathan a 369 00:21:49,000 --> 00:21:51,800 Speaker 1: Democrat Cathy Hokel won a tied race for governor, but 370 00:21:51,960 --> 00:21:54,720 Speaker 1: just under fifty three percent of votes. You made me 371 00:21:55,680 --> 00:21:58,119 Speaker 1: the third woman ever elected to be the governor of 372 00:21:58,119 --> 00:22:01,000 Speaker 1: the state of New York, and he York Democrat at 373 00:22:01,000 --> 00:22:04,200 Speaker 1: the Vocal defeated Republican Lee Zelden, who has so far 374 00:22:04,400 --> 00:22:07,880 Speaker 1: not conceded the race. In Connecticut, Karen Democratic Governor Ned 375 00:22:07,920 --> 00:22:10,360 Speaker 1: Lamont won fifty five percent of votes to beat Republican 376 00:22:10,359 --> 00:22:14,280 Speaker 1: Bob Stefanowski. US Democratic Senator Richard Blumenthal beat Republican le 377 00:22:14,440 --> 00:22:16,840 Speaker 1: Or Levy with fifty six percent of votes, and a 378 00:22:16,960 --> 00:22:19,240 Speaker 1: parent governors who have eyes on the White House were 379 00:22:19,320 --> 00:22:23,439 Speaker 1: victorious last night. Nathan Republican Rhonda Santis defeated Democrat Charlie 380 00:22:23,520 --> 00:22:27,280 Speaker 1: christ In Florida, I am honored by your support and 381 00:22:27,359 --> 00:22:30,920 Speaker 1: I look forward to the road ahead. Florida Governor Rhonda 382 00:22:31,000 --> 00:22:34,680 Speaker 1: Santis one after securing sixty percent of votes. Meantime, in California, 383 00:22:34,760 --> 00:22:38,639 Speaker 1: Governor Gavin Newsom handily beat Republican challenger Brian and Dolly 384 00:22:38,920 --> 00:22:41,920 Speaker 1: garnering fifty eight percent of votes. Democrats pulled out wins 385 00:22:41,920 --> 00:22:44,520 Speaker 1: in some other races. For governor Karen Democrat Greshen Whitmer 386 00:22:44,600 --> 00:22:47,760 Speaker 1: defeated Republican Tutor Dixon in Michigan with fifty three percent 387 00:22:47,760 --> 00:22:51,320 Speaker 1: of votes. In Pennsylvania, Democrat Josh Shapiro beat Republican Doug 388 00:22:51,359 --> 00:22:55,200 Speaker 1: Maastriana with fifty five percent, and Wisconsin Democratic Governor Tony 389 00:22:55,240 --> 00:22:59,040 Speaker 1: Evers won over Republican Tim Michael's garneringcent of the vote. 390 00:22:59,280 --> 00:23:02,080 Speaker 1: And again, governors races yet to be decided In Arizona 391 00:23:02,200 --> 00:23:05,040 Speaker 1: Nathan Democrat Katie Hobbs so far ley it's Trump back 392 00:23:05,080 --> 00:23:08,640 Speaker 1: Republican Kerry Lake. The tally there is fifty one percent 393 00:23:08,720 --> 00:23:11,320 Speaker 1: to forty eight point seven, and in the interest of 394 00:23:11,320 --> 00:23:14,480 Speaker 1: transparency caring, we should not. Michael R. Bloomberg, majority owner 395 00:23:14,480 --> 00:23:17,520 Speaker 1: of Bloomberg Radio parent company Bloomberg LP, was a major 396 00:23:17,600 --> 00:23:21,399 Speaker 1: donor to democratic candidates this election cycle, and Future is 397 00:23:21,440 --> 00:23:25,040 Speaker 1: this morning lower s andp. Future is down seventeen points down, 398 00:23:25,040 --> 00:23:28,440 Speaker 1: Futures down a hundred sixty three. NASDAG features down fifty 399 00:23:28,480 --> 00:23:32,000 Speaker 1: straight ahead, your latest local headlines, plus a check of sports, 400 00:23:32,080 --> 00:23:39,239 Speaker 1: and this is Bloomberg, Thanks Caring. It's five thirty three 401 00:23:39,240 --> 00:23:41,960 Speaker 1: on Wall Street. Temperatures are lower to forty degrees in 402 00:23:42,080 --> 00:23:45,440 Speaker 1: Central Park. Still dealing with that overturned vehicle westbound Bruckner 403 00:23:45,440 --> 00:23:48,600 Speaker 1: around hundred forty nine Street. Michael Barr is here now 404 00:23:48,640 --> 00:23:50,240 Speaker 1: with more on what's going on in New York and 405 00:23:50,280 --> 00:23:52,960 Speaker 1: around the world. Company Mike Call. Good morning, Nathan. Taking 406 00:23:53,000 --> 00:23:55,879 Speaker 1: a look at other local races and the results. In 407 00:23:55,880 --> 00:23:59,800 Speaker 1: New Jersey, Republican Tom Came won the House race in 408 00:24:00,080 --> 00:24:05,720 Speaker 1: States seventh congressional district, beating Democratic incumbent Tom Malanowski. Kine 409 00:24:05,720 --> 00:24:08,119 Speaker 1: got fifty two percent of the vote. Kane, a former 410 00:24:08,160 --> 00:24:10,960 Speaker 1: state senator and near really lost to Melanowski in a 411 00:24:11,840 --> 00:24:16,040 Speaker 1: House race. Democrat Mikey Sheryl won another term in the House, 412 00:24:16,119 --> 00:24:20,320 Speaker 1: beating the GOP's Tom the Groot. Cheryl received fifty eight percent. 413 00:24:20,920 --> 00:24:27,040 Speaker 1: Democratic Representative Josh Gottheimer beat Republican challenger Frank Polata Godheimer 414 00:24:27,119 --> 00:24:30,199 Speaker 1: received more than fifty four percent of the vote. Taking 415 00:24:30,200 --> 00:24:33,359 Speaker 1: a look now at more races in New York, Republican 416 00:24:33,480 --> 00:24:36,800 Speaker 1: Nicole Maliatakas has one re election to the House in 417 00:24:36,880 --> 00:24:40,520 Speaker 1: New York's eleventh Congressional district after defeating Max Rose. She 418 00:24:40,600 --> 00:24:54,320 Speaker 1: gave a victory speech to her supporters last night. Maliatakas 419 00:24:54,320 --> 00:24:58,480 Speaker 1: got sixty two percent of the vote. Democrat Alexandria Ocassio 420 00:24:58,600 --> 00:25:03,560 Speaker 1: Cortez one another House term, easily beating a Republican opponent, 421 00:25:03,600 --> 00:25:06,520 Speaker 1: Tina Forte, with more than seventy of the vote. Some 422 00:25:06,600 --> 00:25:08,720 Speaker 1: House races in New York are too close to call. 423 00:25:09,119 --> 00:25:13,080 Speaker 1: Republican Marcus Mulinaro and Democrat Josh Riley are in a 424 00:25:13,119 --> 00:25:17,520 Speaker 1: tight race for New York's nineteenth district, separated by just 425 00:25:17,920 --> 00:25:22,359 Speaker 1: one point two percent. Republican Michael Lawler and Democrats Sean 426 00:25:22,359 --> 00:25:25,199 Speaker 1: Patrick Maloney are in an even tighter race for the 427 00:25:25,320 --> 00:25:29,080 Speaker 1: seventeenth district. They are separated by less than one percent. 428 00:25:29,520 --> 00:25:31,800 Speaker 1: In Connecticut, it is too close to call for the 429 00:25:31,840 --> 00:25:35,639 Speaker 1: House heat between Democratic incumbent to Hannah Hayes and Republican 430 00:25:35,680 --> 00:25:40,159 Speaker 1: George Logan, with nine counted. In other news outside of 431 00:25:40,160 --> 00:25:43,679 Speaker 1: the election, South Korea's military says North Korea fired a 432 00:25:43,720 --> 00:25:47,280 Speaker 1: short range ballistic missile toward waters off its east coast today. 433 00:25:47,680 --> 00:25:50,760 Speaker 1: According to Japan's Defense minister, the missile flew about a 434 00:25:50,800 --> 00:25:54,960 Speaker 1: hundred fifty five miles apparently landed outside of Japan's Exclusive 435 00:25:54,960 --> 00:25:57,880 Speaker 1: economic zone, and there have been no reports of damage. 436 00:25:58,160 --> 00:26:00,920 Speaker 1: Tropical Storm the Coal appears to be strengthening and could 437 00:26:01,000 --> 00:26:03,960 Speaker 1: be near hurricane strength when he makes landfall in Florida 438 00:26:04,119 --> 00:26:08,439 Speaker 1: sometime early tomorrow. Any towns and communities along the state's 439 00:26:08,480 --> 00:26:13,240 Speaker 1: eastern coasts are scrambling to prepare for Nicole's possible impact. 440 00:26:13,680 --> 00:26:17,120 Speaker 1: In Palm Beach County, a local emergency was declared and 441 00:26:17,240 --> 00:26:21,040 Speaker 1: several areas were given evacuation orders ahead of the storm's landfall. 442 00:26:21,359 --> 00:26:25,760 Speaker 1: Mayor Robert win Rocks Palm Beach Carrant County is currently 443 00:26:25,920 --> 00:26:30,760 Speaker 1: under a hurricane warning. This means that the hurricane conditions 444 00:26:30,800 --> 00:26:35,280 Speaker 1: are expected somewhere within our area within the next thirty 445 00:26:35,359 --> 00:26:38,840 Speaker 1: six sturies. Mayor win Roth says heavy rainfall is very possible, 446 00:26:38,880 --> 00:26:41,399 Speaker 1: but there have been flooding possible as well. It's a 447 00:26:41,440 --> 00:26:44,320 Speaker 1: two billion dollar jackpot kind of day for one lucky 448 00:26:44,359 --> 00:26:48,159 Speaker 1: powerball winner. The winning ticket was sold near Los Angeles, California. 449 00:26:48,600 --> 00:26:51,280 Speaker 1: Global News twenty four hours a day on air and 450 00:26:51,520 --> 00:26:55,080 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 451 00:26:55,119 --> 00:26:57,520 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 452 00:26:57,520 --> 00:27:00,040 Speaker 1: Michael Barr, and this is Bloomberg Nathan to make some 453 00:27:00,160 --> 00:27:07,040 Speaker 1: friends in l A thank you, Michael six on Wall 454 00:27:07,080 --> 00:27:09,000 Speaker 1: Street time for the Bloomberg Sports undate. Bart you by 455 00:27:09,000 --> 00:27:11,800 Speaker 1: twice state out he hears John Sesshover Thanks Nathan Nixon. 456 00:27:11,840 --> 00:27:14,960 Speaker 1: Nets tonight at Barclay's Nicks coming five and five. Nets 457 00:27:14,960 --> 00:27:17,280 Speaker 1: are four and seven two and one. Since the Kyrie 458 00:27:17,320 --> 00:27:20,840 Speaker 1: Irving suspension that has at least two two more games ago, 459 00:27:20,920 --> 00:27:24,640 Speaker 1: maybe longer, since the Nets laid down those six requirements 460 00:27:24,640 --> 00:27:27,080 Speaker 1: that Irving must meet before the suspension has lifted all 461 00:27:27,119 --> 00:27:29,119 Speaker 1: of the Celtics. Jalen Brown, who was the VP of 462 00:27:29,119 --> 00:27:32,439 Speaker 1: the Players Association, said the union will appeal what the 463 00:27:32,520 --> 00:27:35,680 Speaker 1: Nets are doing. Irving did meet yesterday for the NBA 464 00:27:35,840 --> 00:27:38,800 Speaker 1: Richard or Adam Silver. It was termed a productive meeting 465 00:27:38,840 --> 00:27:41,040 Speaker 1: at the Garden third period rally by the Islanders. They 466 00:27:41,040 --> 00:27:43,480 Speaker 1: beat the Rangers four to three. Rock Nelson the tying 467 00:27:43,520 --> 00:27:45,280 Speaker 1: goal and Honers leave the go ahead goal in the 468 00:27:45,280 --> 00:27:47,879 Speaker 1: islands of now one seven or last eight Devils have 469 00:27:48,000 --> 00:27:50,720 Speaker 1: won seven or oh and Nico Hechler goal third period 470 00:27:50,760 --> 00:27:54,000 Speaker 1: to beat Calgary three to too. The Indianapolis Colts just 471 00:27:54,119 --> 00:27:57,760 Speaker 1: fired coach Frank Wright made the surprising decision have placed 472 00:27:57,800 --> 00:28:00,280 Speaker 1: him with former Colts lineman Jeff Saturday, who is no 473 00:28:00,400 --> 00:28:03,080 Speaker 1: coaching experience, And now the Colts say their play caller 474 00:28:03,160 --> 00:28:06,760 Speaker 1: on Sunday will be thirty year old Parks Fraser, who 475 00:28:06,880 --> 00:28:11,080 Speaker 1: was the assistant QB coach, has never before called plays Georgia, 476 00:28:11,160 --> 00:28:13,920 Speaker 1: last year's national champs, a college football number one in 477 00:28:14,000 --> 00:28:16,560 Speaker 1: this week's rankings from the Playoff Committee. And then comes 478 00:28:16,560 --> 00:28:20,320 Speaker 1: Ohio State and Michigan they played two weeks. TCU is 479 00:28:20,359 --> 00:28:23,840 Speaker 1: now fourth as a tough game Saturday at Texas. Johns 480 00:28:23,880 --> 00:28:26,399 Speaker 1: fash Our, Bloomberg Sports Nathan, Thanks John. Coming up to 481 00:28:26,560 --> 00:28:28,560 Speaker 1: five thirty eight on Wall Street time for the Tri 482 00:28:28,680 --> 00:28:32,280 Speaker 1: State Business Report. Here's Bloomberg Ston East Pellegrini. Another wave 483 00:28:32,320 --> 00:28:35,080 Speaker 1: of job cuts in finance. This time we're hearing City 484 00:28:35,119 --> 00:28:39,080 Speaker 1: Group and Barclays have started cutting investment banking operations. The 485 00:28:39,120 --> 00:28:41,640 Speaker 1: source of say City Group has cut dozens of positions 486 00:28:41,640 --> 00:28:43,920 Speaker 1: in New York this week, and it's a big reversal 487 00:28:44,000 --> 00:28:46,840 Speaker 1: for a city it's been adding talent lately, especially in 488 00:28:46,880 --> 00:28:50,200 Speaker 1: healthcare and technology. Set fast Track proving to be a 489 00:28:50,200 --> 00:28:53,880 Speaker 1: boon for local businesses. In Connecticut, Hartford Business says the 490 00:28:53,880 --> 00:28:57,080 Speaker 1: bus way and related funding is sparking economic development in 491 00:28:57,120 --> 00:29:00,240 Speaker 1: the town's on the route. Panero opening its first urban 492 00:29:00,320 --> 00:29:03,360 Speaker 1: store format in New York City. The fast casual restaurant 493 00:29:03,400 --> 00:29:05,800 Speaker 1: in Hearst Tower is about half the size of a 494 00:29:05,840 --> 00:29:09,680 Speaker 1: typical Panera restaurant, and Verdict Food Service says it features 495 00:29:09,760 --> 00:29:13,960 Speaker 1: kiosks and a digitized menu as Panera targets densely populated 496 00:29:14,000 --> 00:29:17,960 Speaker 1: areas and while while bringing back free coffee Tuesday's Rewards, 497 00:29:18,000 --> 00:29:20,640 Speaker 1: members in Jersey and elsewhere can redeem the offer designed 498 00:29:20,680 --> 00:29:24,040 Speaker 1: to boost foot traffic and customer loyalty at the convenience 499 00:29:24,040 --> 00:29:27,440 Speaker 1: store chain with the Tri State Business Report. I'm Denis Pellegrini. 500 00:29:27,640 --> 00:29:30,320 Speaker 1: Thank you, Denise. It's almost five thirty nine on Wall Street. 501 00:29:30,440 --> 00:29:33,200 Speaker 1: Bloomberg Radio is on the air from San Francisco to 502 00:29:33,240 --> 00:29:35,960 Speaker 1: New York, London to Hong Kong. Let's check in with 503 00:29:36,000 --> 00:29:38,160 Speaker 1: our global news team for some of the top stories 504 00:29:38,200 --> 00:29:41,719 Speaker 1: heard on our three hundred affiliate radio stations around the world. 505 00:29:44,840 --> 00:29:47,520 Speaker 1: I'm Steve Podas, Scott K and X to Los Angeles. 506 00:29:47,600 --> 00:29:51,680 Speaker 1: We're talking about rising streaming costs and falling and sales 507 00:29:51,760 --> 00:29:55,000 Speaker 1: at Disney, um Corney Donahoe on w h S and 508 00:29:55,120 --> 00:29:58,360 Speaker 1: Louisville grocer Albertson's when the ruling that allows it to 509 00:29:58,360 --> 00:30:01,400 Speaker 1: pay a four billion dollar divit in I'm Gina Servetti 510 00:30:01,520 --> 00:30:04,280 Speaker 1: and for k CBS in San Francisco, I'm reporting that 511 00:30:04,400 --> 00:30:08,440 Speaker 1: salesforces among the latest big tech companies to cut jobs. 512 00:30:08,880 --> 00:30:11,920 Speaker 1: I'm Caroline head Killed Blue Bake DAB Digital Radio in London. 513 00:30:11,960 --> 00:30:14,400 Speaker 1: We've been reporting on the crypto coms he melted down 514 00:30:14,400 --> 00:30:17,360 Speaker 1: as the Exchange Finance makes a bid to buy its 515 00:30:17,480 --> 00:30:21,280 Speaker 1: rival FTX dot Com. I'm Denise Pellegrini and I'm w 516 00:30:21,440 --> 00:30:23,840 Speaker 1: j L in Detroit. I'm reporting on how Elon Musk 517 00:30:23,960 --> 00:30:27,000 Speaker 1: is selling billions of dollars of Tesla stock, and those 518 00:30:27,000 --> 00:30:29,240 Speaker 1: are some of the stories are twenty seven hundred Bloomberg 519 00:30:29,320 --> 00:30:31,760 Speaker 1: journalists and analysts are working on this morning around the world. 520 00:30:31,960 --> 00:30:34,520 Speaker 1: We are watching shares of Disney in the pre market. 521 00:30:34,520 --> 00:30:36,800 Speaker 1: They're down more than seven and a half percent in 522 00:30:36,880 --> 00:30:39,800 Speaker 1: early trading. The entertainment giant reported sales and profit below 523 00:30:40,120 --> 00:30:43,840 Speaker 1: Wall Street estimates. Disney was hurt by weakness and AD revenue, 524 00:30:43,880 --> 00:30:47,800 Speaker 1: and hired than expected losses in streaming TV. Denise mentioned 525 00:30:47,800 --> 00:30:50,520 Speaker 1: the sell off in shares of a Tesla by the 526 00:30:50,800 --> 00:30:54,800 Speaker 1: CEO Elon Musko, more than three point nine billion dollars 527 00:30:54,840 --> 00:30:57,520 Speaker 1: of shares of the electric vehicle maker. He sold them 528 00:30:57,560 --> 00:31:00,320 Speaker 1: just days after closing his buyout of Twitter, and has 529 00:31:00,400 --> 00:31:04,080 Speaker 1: unloaded about thirty six billion dollars in shares of the 530 00:31:04,120 --> 00:31:08,200 Speaker 1: company that he leads since or in this last year. 531 00:31:08,880 --> 00:31:11,000 Speaker 1: Sp Future is Right Now are down eleven points, Staff 532 00:31:11,000 --> 00:31:14,320 Speaker 1: futures down a hundred nineteen and NASTAC futures down thirty points. 533 00:31:15,080 --> 00:31:22,760 Speaker 1: Stay with us, you're listening to Bloomberg day Break. The 534 00:31:22,800 --> 00:31:25,080 Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't 535 00:31:25,120 --> 00:31:27,040 Speaker 1: let someone else drive off in the Autie Model. You've 536 00:31:27,040 --> 00:31:29,320 Speaker 1: always wanted to visit your local price State Audie Dealer 537 00:31:29,360 --> 00:31:31,240 Speaker 1: to get behind the wheel of yours today, or visit 538 00:31:31,280 --> 00:31:38,520 Speaker 1: Autie Offers dot com for more information, markets, headlines and 539 00:31:38,680 --> 00:31:41,920 Speaker 1: breaking news twenty four hours a day at Bloomberg dot com. 540 00:31:42,000 --> 00:31:45,680 Speaker 1: Bl Bloomberg Business and at Bloomberg Quick Tape, He's a 541 00:31:45,720 --> 00:31:54,840 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. This updates brought 542 00:31:54,880 --> 00:31:57,600 Speaker 1: to you by sei I said. Managers don't get results 543 00:31:57,600 --> 00:31:59,480 Speaker 1: that are off the charts when their solutions are off 544 00:31:59,480 --> 00:32:02,440 Speaker 1: the shelf. Learn how sci is operating platform can turn 545 00:32:02,480 --> 00:32:06,400 Speaker 1: infrastructure into a competitive advantage at se i C dot com. 546 00:32:06,400 --> 00:32:10,680 Speaker 1: Slash Tech futures this morning are moving lower following the 547 00:32:10,720 --> 00:32:13,120 Speaker 1: mid terms. We checked the markets every fifteen minutes throughout 548 00:32:13,120 --> 00:32:16,640 Speaker 1: the trading day. On Bloomberg SMP futures down nine points, 549 00:32:16,640 --> 00:32:19,040 Speaker 1: STOW futures down a hundred six and as Deck futures 550 00:32:19,040 --> 00:32:22,000 Speaker 1: down twenty three. The decks in Germany's down six tenths 551 00:32:22,000 --> 00:32:24,920 Speaker 1: of upper set ten. Your treasury down four thirty seconds 552 00:32:24,960 --> 00:32:27,080 Speaker 1: yield four point one four percent, and they yield them 553 00:32:27,080 --> 00:32:30,200 Speaker 1: a two year four point six six percent. Ninemex screwed 554 00:32:30,200 --> 00:32:33,080 Speaker 1: oil is down seven tenths per cent or sixty seven 555 00:32:33,080 --> 00:32:35,360 Speaker 1: cents at eighty eight dollars. Twenty three cents of barrel 556 00:32:35,560 --> 00:32:37,960 Speaker 1: comes called down three tenths per cent or five dollars 557 00:32:37,960 --> 00:32:41,160 Speaker 1: at seventeen eleven. Announced euro is at one point zero 558 00:32:41,240 --> 00:32:44,480 Speaker 1: zero four three against the dollar. That's a Bloomberg business flash. 559 00:32:44,480 --> 00:32:46,760 Speaker 1: Now we're Smuchael bar with Moore on what's going on 560 00:32:46,840 --> 00:32:49,920 Speaker 1: around the world. Michael, thank you very much, Karen. Control 561 00:32:49,960 --> 00:32:52,880 Speaker 1: of Congress hangs in the balance, as Democrats have shown 562 00:32:52,920 --> 00:32:57,080 Speaker 1: surprising strength, defeating Republicans in a series of competitive races 563 00:32:57,280 --> 00:33:00,760 Speaker 1: and defying expectations that high and flay Asian and President 564 00:33:00,840 --> 00:33:03,520 Speaker 1: Joe Biden's lower approval ratings would drag the party down. 565 00:33:04,320 --> 00:33:08,320 Speaker 1: Democrat John Fetterman flipped a Republican controlled Senate seat that 566 00:33:08,520 --> 00:33:11,040 Speaker 1: is key to the party's hopes of maintaining control of 567 00:33:11,080 --> 00:33:14,360 Speaker 1: the chamber. It is too early to call critical Senate 568 00:33:14,440 --> 00:33:19,000 Speaker 1: races in Wisconsin, Nevada, Georgia, and Arizona, which could determine 569 00:33:19,000 --> 00:33:23,160 Speaker 1: the majority in the House. Democrats kept seats and districts 570 00:33:23,160 --> 00:33:26,760 Speaker 1: from Virginia to Kansas to Rhode Island. However, House Minority 571 00:33:26,840 --> 00:33:31,120 Speaker 1: Leader Kevin McCarthy believes the GOP will take control. In Texas, 572 00:33:31,160 --> 00:33:33,840 Speaker 1: Governor Greg Abbott of fended off a challenge from Democrat 573 00:33:33,920 --> 00:33:38,320 Speaker 1: Beata Rourke. Governor Rabbit address supporters pointing to border security 574 00:33:38,600 --> 00:33:41,200 Speaker 1: as one of the main issues driving votes in his state, 575 00:33:41,800 --> 00:33:45,920 Speaker 1: where ay f Congress fall short Texas must continue our 576 00:33:46,040 --> 00:33:50,920 Speaker 1: unprecedented efforts to secure our border. Abbott also says we 577 00:33:51,000 --> 00:33:55,280 Speaker 1: must never forget our schools are for education, not indoctrination. 578 00:33:55,880 --> 00:33:59,520 Speaker 1: Voters in battleground Michigan aving shrined abortion rights in the state, 579 00:33:59,560 --> 00:34:04,000 Speaker 1: Constant Tusian, joining Democratic California and Vermont. On election night, 580 00:34:04,400 --> 00:34:06,800 Speaker 1: Global Dooms twenty four hours a day on air and 581 00:34:07,000 --> 00:34:11,360 Speaker 1: on Bloomberg Quicktake, powered by more than hundred journalists analysts 582 00:34:11,400 --> 00:34:15,120 Speaker 1: more than a hundred twenty countries. Michael Barn this is Bloomberg, Nathan, 583 00:34:15,160 --> 00:34:17,359 Speaker 1: Thanks Michael. It's five forty nine on Wall Street line 584 00:34:17,360 --> 00:34:20,720 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 585 00:34:20,760 --> 00:34:23,919 Speaker 1: And all three dozen governors races run the ballot this year, 586 00:34:23,960 --> 00:34:28,880 Speaker 1: besides the closely watched ones in Texas, Florida, and Arizona. 587 00:34:28,960 --> 00:34:31,600 Speaker 1: We're also, keeping, of course, a very close eye on 588 00:34:31,640 --> 00:34:35,440 Speaker 1: the New York governor's race. Democrat Kathy Hokel has made 589 00:34:35,600 --> 00:34:39,480 Speaker 1: history as the first woman elected to the Empire state's 590 00:34:39,520 --> 00:34:42,719 Speaker 1: highest office, but as of this morning, Republican Lee z 591 00:34:42,760 --> 00:34:45,680 Speaker 1: Elden has yet to concede. Let's bring in Shelley Banjo. 592 00:34:45,760 --> 00:34:48,440 Speaker 1: Now our New York bureau chief for Bloomberg News, Shelley. 593 00:34:48,440 --> 00:34:50,759 Speaker 1: As we've been talking about for the last few weeks here, 594 00:34:50,800 --> 00:34:54,880 Speaker 1: this was a much more competitive race, particularly in the 595 00:34:54,960 --> 00:34:57,600 Speaker 1: late going, than many people expected. So how did Governor 596 00:34:57,640 --> 00:35:01,080 Speaker 1: Hoco pulled us off? Absolute? Really, it was definitely more 597 00:35:01,080 --> 00:35:03,759 Speaker 1: competitive than I think people had realized, you know a 598 00:35:03,840 --> 00:35:07,319 Speaker 1: number of weeks ago. Um. However, you know she did, 599 00:35:07,680 --> 00:35:10,440 Speaker 1: she did pull it off, and she did win. The 600 00:35:10,680 --> 00:35:16,320 Speaker 1: AP called the race for her last night of the votes. Um. However, 601 00:35:16,400 --> 00:35:20,160 Speaker 1: as you mentioned, the her opponent, LEAs Aldon, has not 602 00:35:20,239 --> 00:35:24,120 Speaker 1: yet conceded. He took the stage after midnight last night saying, 603 00:35:24,400 --> 00:35:27,040 Speaker 1: you know, things are too close to call. Uh, you know, 604 00:35:27,200 --> 00:35:29,319 Speaker 1: go get go, grab a drink from the open bar, 605 00:35:29,440 --> 00:35:33,399 Speaker 1: and get ready to watch the is more results come in? Yeah, 606 00:35:33,440 --> 00:35:35,360 Speaker 1: I think he'd mentioned that there were about one point 607 00:35:35,360 --> 00:35:38,960 Speaker 1: two million election day votes to be counted there with 608 00:35:39,000 --> 00:35:40,759 Speaker 1: the lack of a concession, does he have a leg 609 00:35:40,800 --> 00:35:43,399 Speaker 1: to stand on in terms of the margin. Can he 610 00:35:44,080 --> 00:35:45,919 Speaker 1: pull off an upset here with the votes that still 611 00:35:45,960 --> 00:35:49,040 Speaker 1: have yet to be counted? You know, it's it would 612 00:35:49,080 --> 00:35:54,000 Speaker 1: be extremely um, extremely hard, I think, given given the 613 00:35:54,040 --> 00:35:58,640 Speaker 1: demographic trends, especially how much Kathy Hoko got in New 614 00:35:58,719 --> 00:36:01,600 Speaker 1: York City, which is home to about UM, is the 615 00:36:01,640 --> 00:36:04,440 Speaker 1: most populous city in New York and also home to 616 00:36:04,680 --> 00:36:09,759 Speaker 1: about UM. The majority of the Democrats in in New 617 00:36:09,840 --> 00:36:12,720 Speaker 1: York And so you know, Hoco had a good showing 618 00:36:12,719 --> 00:36:14,840 Speaker 1: in New York City where she did spend the bulk 619 00:36:14,880 --> 00:36:16,960 Speaker 1: of her campaigning. And so it is it is showing 620 00:36:16,960 --> 00:36:20,480 Speaker 1: that at least that part of her campaign uh election 621 00:36:20,600 --> 00:36:22,920 Speaker 1: campaigning paid off, that all the time she did spend 622 00:36:23,320 --> 00:36:25,920 Speaker 1: down in New York City actually turned out to to 623 00:36:26,360 --> 00:36:28,439 Speaker 1: work and to help her in her favor. Yeah, it's 624 00:36:28,520 --> 00:36:30,960 Speaker 1: interesting to see that given that in the last few 625 00:36:31,040 --> 00:36:33,960 Speaker 1: days Lee Zelden had been campaigning in New York with 626 00:36:34,040 --> 00:36:37,000 Speaker 1: his focus on the crime issue in the city. He 627 00:36:37,160 --> 00:36:40,439 Speaker 1: made that a major talking point. Now it's something that 628 00:36:40,719 --> 00:36:43,440 Speaker 1: Governor HOCl is going to have to address. How do 629 00:36:43,480 --> 00:36:46,760 Speaker 1: you expect her to do that? Yeah, in her speech 630 00:36:46,840 --> 00:36:49,240 Speaker 1: last night, she did talk about, you know, making making 631 00:36:49,400 --> 00:36:52,240 Speaker 1: the streets and making the subway safer for you, uh, 632 00:36:52,320 --> 00:36:54,319 Speaker 1: for you and I to to walk on. And so 633 00:36:54,480 --> 00:36:57,480 Speaker 1: I think that's something that voters clearly said to her, 634 00:36:57,680 --> 00:37:00,279 Speaker 1: this is this is a problem. You're not doing enough 635 00:37:00,320 --> 00:37:04,279 Speaker 1: about it, not necessarily only just the numbers, but also 636 00:37:04,360 --> 00:37:07,759 Speaker 1: the feeling and the perception of handling of what it's 637 00:37:07,760 --> 00:37:09,239 Speaker 1: like to walk in the streets and what it's like 638 00:37:09,400 --> 00:37:11,600 Speaker 1: to go on the subways. And so I think she 639 00:37:11,680 --> 00:37:14,400 Speaker 1: got a clear message in her face saying, look, it's 640 00:37:14,440 --> 00:37:17,480 Speaker 1: not just things like gun laws, and it's not just 641 00:37:17,640 --> 00:37:22,320 Speaker 1: things like abortion. It's also this very very basic thing 642 00:37:22,520 --> 00:37:24,640 Speaker 1: of is it does it feel safe to be on 643 00:37:24,719 --> 00:37:27,160 Speaker 1: the streets? You know? Can I afford dinner at home? 644 00:37:27,280 --> 00:37:30,240 Speaker 1: You know? With the economic issues and inflation and whatnot, 645 00:37:30,320 --> 00:37:32,000 Speaker 1: And so, you know, I think she will have to 646 00:37:32,080 --> 00:37:35,360 Speaker 1: rethink some of that based on the feedback that she 647 00:37:35,440 --> 00:37:37,839 Speaker 1: did get from voters, and just based on the fact 648 00:37:37,840 --> 00:37:39,920 Speaker 1: that so many people did come out and vote for 649 00:37:40,040 --> 00:37:42,719 Speaker 1: Lee Selden on that message alone, and it is a 650 00:37:42,800 --> 00:37:46,279 Speaker 1: key hold for Democrats at the state level. On this 651 00:37:46,600 --> 00:37:49,680 Speaker 1: morning after the midterm election, Shelley Banjo, thanks for this. 652 00:37:49,840 --> 00:37:53,359 Speaker 1: Shelley Banjo is New York bureau chief for Bloomberg News 653 00:37:54,640 --> 00:37:56,719 Speaker 1: on Wall Street. Now, let's take a look at the 654 00:37:56,800 --> 00:37:59,799 Speaker 1: market reaction to these election results as we continue to 655 00:37:59,800 --> 00:38:02,600 Speaker 1: watch charge screens. For that were joined by Andrew Sheets, 656 00:38:02,880 --> 00:38:06,640 Speaker 1: chief cross assets strategist at Morgan Stanley, uh andrew a 657 00:38:06,680 --> 00:38:09,640 Speaker 1: little bit of a sell off in the futures contracts, 658 00:38:09,640 --> 00:38:13,040 Speaker 1: though not as deep as it was you know, earlier 659 00:38:13,040 --> 00:38:15,480 Speaker 1: in the session. What do you make of the market 660 00:38:15,480 --> 00:38:18,839 Speaker 1: action we're seeing this morning? Well, thanks, good morning, it's 661 00:38:18,880 --> 00:38:21,160 Speaker 1: great to be here. I think we have a legitimate 662 00:38:21,200 --> 00:38:24,080 Speaker 1: surprise in the U S election results. I think it's 663 00:38:24,120 --> 00:38:28,919 Speaker 1: a much closer outcome than than many investors, uh many 664 00:38:29,040 --> 00:38:31,480 Speaker 1: were expecting, and I think as such, the market is 665 00:38:31,520 --> 00:38:34,279 Speaker 1: digesting some of that uncertainty. So I think we're seeing 666 00:38:34,280 --> 00:38:36,880 Speaker 1: a reversal of some of the price action we saw yesterday, 667 00:38:36,920 --> 00:38:41,120 Speaker 1: when I think markets were more confident in a Republican 668 00:38:41,160 --> 00:38:44,120 Speaker 1: control of both the House and the Senate type of outcome. Obviously, 669 00:38:44,120 --> 00:38:45,920 Speaker 1: there's still a lot of results to come in, but 670 00:38:46,320 --> 00:38:47,840 Speaker 1: you know, I do think the markets are now going 671 00:38:47,880 --> 00:38:49,560 Speaker 1: to take a little bit more time to digest the 672 00:38:49,640 --> 00:38:53,200 Speaker 1: uncertainty of what was clearly an unexpected outcome. So what 673 00:38:53,239 --> 00:38:56,280 Speaker 1: do you see as the trajectory for markets from here? 674 00:38:56,440 --> 00:38:58,880 Speaker 1: Is it going to be choppy going forward? Could we 675 00:38:58,920 --> 00:39:02,040 Speaker 1: see a leg lower for stocks given where things are 676 00:39:02,040 --> 00:39:05,600 Speaker 1: going right now? Well, I do think ultimately that the 677 00:39:05,680 --> 00:39:08,640 Speaker 1: likely outcomes coming from the mid terms all still cluster 678 00:39:09,480 --> 00:39:12,960 Speaker 1: around divided government. I think even in the unlikely scenario 679 00:39:13,040 --> 00:39:16,479 Speaker 1: where Democrats are able to maintain control of the House, 680 00:39:16,520 --> 00:39:18,920 Speaker 1: it would be by the narrowest of majority. So I 681 00:39:18,920 --> 00:39:21,680 Speaker 1: do think the markets will ultimately settle on a narrative 682 00:39:21,800 --> 00:39:25,440 Speaker 1: of of less kind of policy action going forward. I 683 00:39:25,440 --> 00:39:27,239 Speaker 1: think then the markets are going to focus on the 684 00:39:27,280 --> 00:39:30,600 Speaker 1: inflation data that we get tomorrow, and ultimately I do 685 00:39:30,680 --> 00:39:33,160 Speaker 1: think we have, you know, a narrative shaping up where 686 00:39:33,200 --> 00:39:35,839 Speaker 1: markets I think we'll start to feel a little bit 687 00:39:35,840 --> 00:39:38,919 Speaker 1: more relaxed about the inflation backdrop. I think can start 688 00:39:38,960 --> 00:39:41,480 Speaker 1: to feel a little bit more comfortable that it's that 689 00:39:41,520 --> 00:39:45,040 Speaker 1: it's moderating. And so we're still tactically constructive on the 690 00:39:45,080 --> 00:39:48,440 Speaker 1: US equity market kind of into the four thousand, but 691 00:39:48,760 --> 00:39:51,080 Speaker 1: you know, I think that is dependent on you know, 692 00:39:51,120 --> 00:39:54,239 Speaker 1: the inflation outlook maybe cooling off a little bit, and 693 00:39:54,280 --> 00:39:57,560 Speaker 1: we're still into the early part of next year, concern 694 00:39:57,600 --> 00:39:59,600 Speaker 1: that earnings estimates still have some work to come down, 695 00:40:00,000 --> 00:40:04,279 Speaker 1: and we are at around on the SMP five for 696 00:40:04,280 --> 00:40:06,839 Speaker 1: those keeping score, Well, let's get a little bit more 697 00:40:06,960 --> 00:40:09,640 Speaker 1: on your view on the inflation outlook here. What are 698 00:40:09,680 --> 00:40:12,640 Speaker 1: you expecting from tomorrow's cp I print. What could that 699 00:40:12,719 --> 00:40:17,080 Speaker 1: tell us about the path for inflation going forward. Yes, 700 00:40:17,160 --> 00:40:20,400 Speaker 1: so we're expecting inflation to come in roughly uh, in 701 00:40:20,560 --> 00:40:22,719 Speaker 1: line at the core level, maybe a little bit above 702 00:40:22,719 --> 00:40:25,000 Speaker 1: where the consensus is at the headline level. But I 703 00:40:25,000 --> 00:40:28,080 Speaker 1: think the underline components here are going to be really important. 704 00:40:28,120 --> 00:40:30,320 Speaker 1: You know, there there's a lot of uncertainty around the 705 00:40:30,360 --> 00:40:34,640 Speaker 1: trajectory for used car prices, where I think some industry 706 00:40:34,719 --> 00:40:38,279 Speaker 1: data suggests after a very large run up over the 707 00:40:38,320 --> 00:40:40,440 Speaker 1: last two years, you could start to see some some 708 00:40:40,560 --> 00:40:43,759 Speaker 1: real cooling. We think there's some special factors in medical 709 00:40:43,840 --> 00:40:47,040 Speaker 1: care that could start to release some pressure on on 710 00:40:47,200 --> 00:40:50,600 Speaker 1: core inflation. And then what's happening in shelter is going 711 00:40:50,640 --> 00:40:53,239 Speaker 1: to be very important. You know. That's of course c 712 00:40:53,400 --> 00:40:55,320 Speaker 1: p I are close to it. And I think you 713 00:40:55,400 --> 00:40:58,520 Speaker 1: have some tension between kind of lagging renewal rates in 714 00:40:58,920 --> 00:41:01,000 Speaker 1: in rents, which which are still so what high, with 715 00:41:01,360 --> 00:41:04,000 Speaker 1: you know, data coming out from publicly traded companies which 716 00:41:04,040 --> 00:41:06,920 Speaker 1: is saying they're seeing a real deceleration in rental growth 717 00:41:06,920 --> 00:41:09,560 Speaker 1: and expect that deceleration to continue into next year. So 718 00:41:09,800 --> 00:41:12,080 Speaker 1: I think that's gonna be a really important story. To follow. 719 00:41:12,120 --> 00:41:14,880 Speaker 1: Given how large of a weight within core CPI rents 720 00:41:15,000 --> 00:41:17,759 Speaker 1: is and how important that is to the story, can 721 00:41:17,760 --> 00:41:20,279 Speaker 1: we look at this as a pivot toward a deceleration 722 00:41:20,360 --> 00:41:22,080 Speaker 1: for FED rate hikes. I mean, we're going to have 723 00:41:22,120 --> 00:41:25,440 Speaker 1: a couple of inflation prints before the FEDS next decision. 724 00:41:25,520 --> 00:41:28,759 Speaker 1: How important is this one going to be for the 725 00:41:28,760 --> 00:41:33,200 Speaker 1: FEDS strategy against inflation? Yeah? I think it's incredibly important. 726 00:41:33,200 --> 00:41:34,759 Speaker 1: You know, this is a key point that our interest 727 00:41:34,880 --> 00:41:37,280 Speaker 1: rate strategist at Morgan Stanley had been making that the market, 728 00:41:37,360 --> 00:41:40,600 Speaker 1: you know, read the last FOMC press conference is quite 729 00:41:40,600 --> 00:41:43,279 Speaker 1: hawkish from share Powell. But you know, we do think 730 00:41:43,280 --> 00:41:45,879 Speaker 1: what Powell was was saying was that they are data 731 00:41:45,920 --> 00:41:49,640 Speaker 1: dependent and they've seen some incoming data that has been hot, 732 00:41:49,680 --> 00:41:52,360 Speaker 1: but there is still more data to get, um, you know, 733 00:41:52,400 --> 00:41:54,839 Speaker 1: before they make their next interest rate decision. And so 734 00:41:54,880 --> 00:41:59,399 Speaker 1: the last uh several CPI numbers have come in above expectations. 735 00:41:59,400 --> 00:42:02,600 Speaker 1: But this is another important data point that will matter 736 00:42:03,160 --> 00:42:05,840 Speaker 1: for that for that December rate decision. So you know, 737 00:42:05,880 --> 00:42:08,800 Speaker 1: it does matter, and if we do see some softening 738 00:42:08,800 --> 00:42:11,600 Speaker 1: in this or other data, then that could maybe take 739 00:42:11,960 --> 00:42:14,400 Speaker 1: some of the pressure off of market expectations. That the 740 00:42:14,400 --> 00:42:17,120 Speaker 1: said would have to move even more aggressively in December 741 00:42:17,120 --> 00:42:19,960 Speaker 1: and January. Appreciate this, Andrew Great having gone with us 742 00:42:20,000 --> 00:42:24,480 Speaker 1: this morning. Andrew Sheets, chief cross assets strategist at Morgan Stanley. 743 00:42:24,520 --> 00:42:27,759 Speaker 1: Coming off an election tomorrow, we already get consumer price data. 744 00:42:27,840 --> 00:42:32,239 Speaker 1: The focus will turn back to the economy for investors 745 00:42:32,360 --> 00:42:36,040 Speaker 1: going forward. Here right now, SMP futures are trimming their 746 00:42:36,080 --> 00:42:38,680 Speaker 1: declines down eight points now a drop of two tenths 747 00:42:38,680 --> 00:42:42,360 Speaker 1: per cent, Dow futures down a hundred one and NASTAC 748 00:42:42,400 --> 00:42:46,279 Speaker 1: futures are lower right now by twenty one points. You're 749 00:42:46,320 --> 00:42:47,480 Speaker 1: listening to Bloomberg David