Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Day Bright for a Monday, August one. Coming up this shower,
Speaker 1: Traders begin a new month with a slew of earnings
Speaker 1: in focus. One Fed president said there's a long way
Speaker 1: to go to hit two percent inflation. Concern in China
Speaker 1: grows amid worse than expected economic data, and Senator Joe
Speaker 1: Manchin makes his pitch in favor of the climate tax
Speaker 1: film speeding cameras in New York City to gain operating
Speaker 1: two seven starting today blast the death toll rises from
Speaker 1: last week's flooding in Kentucky. I'm Michael barn a half,
Speaker 1: I'm John Stashower and fourth sixth straight win for the Mets.
Speaker 1: The Yankees lost to the ninth inning and widespread reaction
Speaker 1: of the passing of the NBA legend Bill Russell. That's
Speaker 1: all straight ahead on Bloomberg Day Break on Bloomberg eleven
Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one six one, Boston, Bloomberg nine sixties, San Francisco, Syrius
Speaker 1: x M one nineteen and around the world on Bloomberg
Speaker 1: Video dot Com and via the Bloomberg Business app. Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow and US DOT
Speaker 1: Index futures are lower this morning. We are coming up
Speaker 1: de Figo one on Wall Street, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: S and P futures down fifteen points down, futures down
Speaker 1: seventy nine at ASDAG futures down fifty one. Ten year
Speaker 1: treasury down five thirty seconds, yield two point six six percent,
Speaker 1: and a yield on the two year two point nine
Speaker 1: one percent. Nine X screwed oil is down two point
Speaker 1: two percent, down two dollars seventeen cents at ninety six
Speaker 1: cents of barrel, Nathan. Well, as you mentioned, Karen, futures
Speaker 1: are on the decline this morning as we kick off
Speaker 1: a new month, looking ahead to Friday's jobs report, and
Speaker 1: the debate continues on the health of the US economy.
Speaker 1: Regid Atlantic Capital Chief investment Officer Andy Kapern says the
Speaker 1: environment is uncertain, but he is still sticking with value.
Speaker 1: You should continue to stick with what is we're for
Speaker 1: you so far this year, and that is precisely thinking
Speaker 1: with value, which is heavy on energy, heavy on materials
Speaker 1: and industrials. The underlying price of those commodities, they're fundamentally undersupplied.
Speaker 1: Andy Kapin with Region Atlantic Capital says focusing on value
Speaker 1: and quality can still generate returns in a volatile market. Hello.
Speaker 1: Over the weekend, Nathan, we got more comments on FED policy.
Speaker 1: Minneapolis Fed President Neil cash Cary said he's not worried
Speaker 1: about whether the US is in a technical recession. He
Speaker 1: said the central bank is focused squarely on inflation. We're
Speaker 1: gonna do everything we can to try to avoid a recession,
Speaker 1: but we are committed to bringing inflation down and we're
Speaker 1: going to do what we need to do, and we
Speaker 1: are a long way away from achieving an economy that
Speaker 1: is back at two percent inflation, and that's where we
Speaker 1: need to get to. Neil cash Cary said he does
Speaker 1: not see evidence of a US wage price spiral. He
Speaker 1: made the comments on CBSS Face the Nation heard some
Speaker 1: days on Bloomberg Radio. Well, stocks are coming off a
Speaker 1: banner month, Karen, but that trend may not continue. That's
Speaker 1: according to two high profile analysts. Let's get more in
Speaker 1: this live report from Bloomberg's John Tuck. Good morning, John,
Speaker 1: Good morning, Nathan. Earnings results are holding up better than feared.
Speaker 1: Of the fifty of the SMP five hundred companies that
Speaker 1: have reported more than half of beaten estimates. Still, Goldman
Speaker 1: Sacks strategist David Constance is the rate of earning speeds
Speaker 1: is trailing the average pace set in the last five quarters,
Speaker 1: and Morgan Stanley's Mike Wilson says the rebounded stocks likely
Speaker 1: to be short lived as estimates are cut further and
Speaker 1: the economy heads into contraction. And a note this morning,
Speaker 1: Wilson also says the bomb market is assuming the Fed
Speaker 1: will get inflation under control, which is good for fixed
Speaker 1: income but not stocks. Live in New York. I'm John Tucker,
Speaker 1: Bloomberg Daybreak. All right, John, thank you all. Another big
Speaker 1: week on Wall Street with economic data and earning set
Speaker 1: to be the main drivers again. And we get more
Speaker 1: from Bloomberg's Charlie Pillett. While investors keep an eye on
Speaker 1: the economic data, including a Job's report, they're also focused
Speaker 1: on what corporations are saying about the second half. Solita
Speaker 1: Marcelli is chief investment officer for the America's at UBS
Speaker 1: Global Wealth Management. This earning season, we heard a lot
Speaker 1: of talk of recession, but we haven't seen any indication.
Speaker 1: And the results Lots of earnings this week across a
Speaker 1: broad swath of industries. Amongst some of the names A
Speaker 1: M D, Airbnb, Caterpillar, Lift, Uber, Marriott, Occidental, Petroleum, Starbucks,
Speaker 1: and Young Brands in New York. Charlie Pellett bloom Bird
Speaker 1: Day Break, Charlie, Thank you. US shale drillers are expected
Speaker 1: to post record profits this week, and after a decade
Speaker 1: of steep losses, looks like shale is finally blossoming. Bloomberg's
Speaker 1: Grinita Young joins US Live with that Good morning, Grinina,
Speaker 1: Good morning Nathan. Estimate is compiled by Bloomberg Show. The
Speaker 1: top twenty eight publicly traded US independent oil producers generated
Speaker 1: twenty five point five billion dollars in free cash flow
Speaker 1: in the second quarter. That's about a quarter of what
Speaker 1: they lost over the past decade. Fracking revolutionized global energy
Speaker 1: markets by enabling American drillers to harvest shale resources that
Speaker 1: had previously been untouchable. In just over ten years, the
Speaker 1: US went from a de climbing crude producer to the
Speaker 1: world's dominant oil and gas source. But at an astronomical cost.
Speaker 1: The twenty eight companies lost about a hundred fifteen billion
Speaker 1: dollars in the decade leading up to the COVID nineteen pandemic.
Speaker 1: Live in New York. I'm really need a Young Bloomberg daybreak,
Speaker 1: all right, we need a thank you about turning overseas now.
Speaker 1: HSBC shares are up five point eight percent in London
Speaker 1: after the bank turned at US strong earning sir for
Speaker 1: it IP profit estimates, bound to restore quarterly dividends, and
Speaker 1: fended off a call to split up. HSBC CFO You
Speaker 1: and Stevenson spoke to Bloomberg from Hong Kong, rising rights
Speaker 1: is certainly beneficial to us. Interesting come was up twenty
Speaker 1: Q two on G two. Revenues were up twelve for
Speaker 1: sant overall, we also kept cost flat, so we had
Speaker 1: an enormous amount of operating leverage. We also had a
Speaker 1: one off tax benefit too, so we're very pleased with
Speaker 1: these results. Chief financial Officer You and Stevenson says HSBC
Speaker 1: is paying close attention to its China real estate exposure.
Speaker 1: Let's say the Europe now, Karen, where the economic folk
Speaker 1: us this week is on the Bank of England Bloomberg
Speaker 1: Daybreak europpost. Stephen Carroll joins us live from London with details.
Speaker 1: Good morning, Stephen, Good morning Nathan and Karen. The Bank
Speaker 1: of England was the first of the major central banks
Speaker 1: to high crates after the pandemic, but now it's playing
Speaker 1: catch up. Governor Andrew Bailey has promised to act forcefully
Speaker 1: to tackle inflation that's running at a forty year high
Speaker 1: in the UK. Markets now see a seventy chance of
Speaker 1: a fifty basis point hike on Thursday. That would be
Speaker 1: the largest by the Bank in twenty seven years. This
Speaker 1: as it's warning that inflation cut it eleven percent this year.
Speaker 1: Live in London, I'm Stephen Carroll, Bloomberg Daybreak, Right, Stephen,
Speaker 1: Thank you all. Beck you're in the US. We're focused
Speaker 1: on politics. After doing a one A D on supporting
Speaker 1: a climate text bill last week, Senator Joe Manchin is
Speaker 1: now out pitching the measure, Bloomberg said, Baxter has that story.
Speaker 1: Senator Mansion says it all just makes sense. We've taken
Speaker 1: three point five troyon of spending down to four million
Speaker 1: of investing without raising any taxes whatsoever. And he says
Speaker 1: he doesn't know now what all the dramas about, and
Speaker 1: know if we could get a deal. I did not
Speaker 1: know if we could come to an agreement, So why
Speaker 1: would I put people through this all this drama? And
Speaker 1: he's also making a public pitch to get Senator Kirsten's
Speaker 1: cinema on board. The vote expected this week in San Francisco.
Speaker 1: I'm at Baxter Bloomberg daybreak. All right, ed, thanks straight ahead,
Speaker 1: your latest local headlines and the check of sports. This
Speaker 1: is Bloomberg and it's not five oh seven on Wall Street,
Speaker 1: sixty nine degrees in Central Park. Got slippery roads this morning,
Speaker 1: already an accident on the Connecticut Turnpike southbound your eggs
Speaker 1: at eighteen. We'll get to the details in traffic shortly,
Speaker 1: but first Michael Barr with another reason why you might
Speaker 1: want to take it easy on the roads this morning.
Speaker 1: Good morning, Michael, Good morning, Nathan Smile. You're on traffic camera.
Speaker 1: Starting today, about two thousand speed cameras begin running twenty
Speaker 1: four hours a day every day across New York City.
Speaker 1: If you crossed speeding by the camera, you'll get a
Speaker 1: fifty dollar fine in the mail. However, experts say it
Speaker 1: usually will not result with points on your license. Kentucky
Speaker 1: Governor Andy Bisher says housing, water, and cell phone service
Speaker 1: are among the priorities the state is focused on bringing
Speaker 1: back to people who have lost everything in last week's
Speaker 1: deadly flooding in eastern Kentucky. Are confirmed count of Kentuckians
Speaker 1: we've lost is now reached twenty eight and we expect
Speaker 1: that there will be more and that that number will grow.
Speaker 1: Governor Bisher says about a hundred travel trailers are coming
Speaker 1: in to help people displaced by the disaster in Perry,
Speaker 1: Elector and Not counties. There are stepped up efforts to
Speaker 1: slow the spread of the monkeypox virus in the US
Speaker 1: to spite rise in case numbers and limited vaccine supplies.
Speaker 1: The first known depths from the global outbreak have been
Speaker 1: reported in Europe and Brazil over the weekend. There are
Speaker 1: now more than five thousand confirmed cases of monkeypox across
Speaker 1: the US. Officials say cases are concentrated among men who
Speaker 1: have sex with other men, but because monkeypox is spread
Speaker 1: by skin to skin contact, Dr Alock Patel says an
Speaker 1: one could catch it individuals who are in an at
Speaker 1: risk community. We'll have come in contact with others who
Speaker 1: have symptoms of monkey pots are encouraged to go get
Speaker 1: a vaccine, but right now we're seeing long lines in
Speaker 1: order to get the vaccine. Dr Pertell spoke to ABC.
Speaker 1: It comes as the New York City Health Department declared
Speaker 1: monkey potts at public health emergency over the weekend. Earlier,
Speaker 1: New York Governor Kathy hulk Will declared a disaster emergency
Speaker 1: in the state. We've lost some greats. NBA fans are
Speaker 1: remembering Celtics legend Bill Russell, who died at eighty eight.
Speaker 1: More in sports shortly star track actress Michelle Nichols, who
Speaker 1: broke ground for blacks playing Lieutenant O'Hara, has died at
Speaker 1: age eighty nine. And Pat Carroll, the voice of Ursula
Speaker 1: in the Disney classic The Little Mermaid, has died at
Speaker 1: age nine. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. I'm Michael bar this is Bloomberg. Nathan Greats
Speaker 1: just scratches the surface and all three of them. Thank you, Michael.
Speaker 1: Coming up to five ten on Wall Street, time for
Speaker 1: the Bloomberg Sports Uptake and Morning Johns. Alright, your morning,
Speaker 1: Nathan and his regious heard of course NBA legend Bill
Speaker 1: Russell dying yesterday at his home at the age of
Speaker 1: eighty eight. And you can argue where Russell ranks among
Speaker 1: the greatest players in NBA history. Certainly in the conversation
Speaker 1: from a defensive standpoint, he may well have been the best.
Speaker 1: As a rebounder, he averaged twenty three rebounds a game,
Speaker 1: he once had fifty one. And what is not up
Speaker 1: for debate is it was the greatest winner in league history.
Speaker 1: Russell won eleven championships in thirteen years with the Celtics,
Speaker 1: eight in a row. In the last two. He not
Speaker 1: only played, he was the head coach. He played in
Speaker 1: ten game seven's. He won all ten during his career
Speaker 1: and after Russell, often a voice against racial and social injustice,
Speaker 1: Billie Jane King called him a once in a generation
Speaker 1: activist athlete. Barack Obama statement yesterday read as tall as
Speaker 1: Russell stood, his legacy as a player in person rises higher.
Speaker 1: At stadium, Yankees trailed the Royals for nothing, then led
Speaker 1: six four after a d J le Mayhew two run
Speaker 1: homer and Anthony Rizzo three runs Chavo with two outs
Speaker 1: in the ninth, the three run homer by Kansas City
Speaker 1: Salvador Pereza play Homes, who had not given up a
Speaker 1: homer all year. The Royals beat the Yanks eight to
Speaker 1: six in Miami season nine nineteen hits for the Mets,
Speaker 1: three each for Jeff McNeil, Marc Canne, Francince Gilden Door
Speaker 1: a nine to three route. So after a two game
Speaker 1: swee for the Yankees, a three game swee with the Marlins,
Speaker 1: Mets manager was Buck show Walter, how hard it is
Speaker 1: to win three games in a row on the road
Speaker 1: and Slaine Ballpark in the Major League. That's suppressive. Our
Speaker 1: guys came out without talk with intensity. You need to
Speaker 1: facing a Lopez, Uh, you know it's you know, he
Speaker 1: faces some good pitching here. I'm speaking a good pitching
Speaker 1: metser in Washington, Max schers Or tonight against his old team,
Speaker 1: and then tomorrow the season's debut of Jacob deGrom, John
Speaker 1: Stashower Bloomberg Sports, Nathan Alright, John thanks SMP futures down
Speaker 1: thirteen points, Staff features down sixty four, Nastack Futures down
Speaker 1: forty four points, ahead of the start of a new
Speaker 1: trading month, we bring in Dennis Carr, been the former
Speaker 1: publisher of the Gartment letter. Next, this is Bloomberg Bloomberg
Speaker 1: eleven three oh weather mostly cloudy today with highs and
Speaker 1: your eighty degrees will bring back the chance of showers
Speaker 1: and storms tomorrow with a high near ninety, sunny and
Speaker 1: hot ninety for Wednesday. Right now sixty nine in Central
Speaker 1: Park Markets, headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot com. The Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape is a Bloomberg Business lash and
Speaker 1: I'm Karen Moscow and Europeans stocks are taking higher as
Speaker 1: corporate earnings continue to deliver upside surprises. Will investor's assess
Speaker 1: or marks from central bankers at higher interest rates you're
Speaker 1: needed to bring inflation under control. Futures are lower. Last week.
Speaker 1: What's the best for the US stock market in more
Speaker 1: than two years. It is the first trading day of
Speaker 1: the month. Last month, the S and P five gained
Speaker 1: about nine point two percent, growth stocks beating value stocks.
Speaker 1: There We check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg Right now S and P futures
Speaker 1: down about twelve points and down futures down fifty six.
Speaker 1: NASDACK futures down thirty nine. The decks in Germany is
Speaker 1: at a third of a percent. Ten year treasury down
Speaker 1: five thirday seconds, yield two point six six percent. The
Speaker 1: yield on the two year two point nine percent. Nim
Speaker 1: excrude oil is down two percent, down two dollars one
Speaker 1: cent and ninety six dollars sixty one cents a barrel.
Speaker 1: Comics called middle Change is eighty announce the Euro one
Speaker 1: point two five four against the dollar, British pound one
Speaker 1: point two to three eight and the end one thirty
Speaker 1: two point three nine. And looking at bitcoin, it's down
Speaker 1: two percent. It's at twenty three thousand, three hundred twenty dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Varr with
Speaker 1: Moore on what's going on around the world. Uncael, good morning,
Speaker 1: good morning here in the first ship carrying Ukrainian grain
Speaker 1: has said all from the port of Odessa. The park
Speaker 1: departure of the ship laden with corn follows an internationally
Speaker 1: broker deal to ease of growing hunger crisis, and Rick
Speaker 1: Stenson took home four million dollars from winning the controversial
Speaker 1: Live Golf's Bedminster Invitational. The Saudi Arabian funded league has
Speaker 1: drawn criticism. Tickets at former President Trump's Bedminster course we're
Speaker 1: being sold for as little as a dollar among like crowds.
Speaker 1: In baseball, the Yankees lost to the Royals eight six.
Speaker 1: The Mats won their sixth right beating the Marlins. The
Speaker 1: Red Sox down the Brewers, the Cardinals shut out the Nationals.
Speaker 1: The Reds beat the Orioles, the White Sox beat the A's,
Speaker 1: the Giants down the Cubs. Bill Russell, who was the
Speaker 1: cornerstone of the Boston Celtics basketball dynasty in the fifties
Speaker 1: and sixties, has died. He was eight global news twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Michael,
Speaker 1: thank you. It's almost five twenty on Wall Street Life
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: and as we kick off this new trading month, we
Speaker 1: are very pleased to be joined this morning by Dennis Gartman,
Speaker 1: chairman of the University of Akron Endowment Investment Committee, of
Speaker 1: course former publisher of the Gartment Letter. Always great to
Speaker 1: speak with you, Dennis, And as we heard from Karen
Speaker 1: Moscow just a moment ago, we are coming off the
Speaker 1: best month for U S stocks in about a year
Speaker 1: and a half. Here where do you see the momentum
Speaker 1: for risk assets as we head into August? Well, May
Speaker 1: than I've embarrassed since the January five this year, and
Speaker 1: as the chairman of the University of Ackman's Endowment, I
Speaker 1: got the endowment to move about twelve of our portfolio
Speaker 1: out of stocks and thus far than fortunately correct. But
Speaker 1: I have to admit something that seems to be changing
Speaker 1: psychologically in the market. I had been paying attention to
Speaker 1: the fact of the late last year and through most
Speaker 1: of this year that the rallies have occurred on the
Speaker 1: on declining volume and the breaks had come in on
Speaker 1: increasing volume. And as a technician, first of all, technicals
Speaker 1: always tend to leave the fundamentals in stock markets. They
Speaker 1: tend to leave the psychology in the stock market. And
Speaker 1: the fact that Marcus would going down on big volume
Speaker 1: and rising on lesser volume was bearish, but in the
Speaker 1: course of the past month and a half or so,
Speaker 1: we've actually begun to see that shift. So I've changed
Speaker 1: my my perspective from being overtly barished being at least
Speaker 1: neutral in the stock market. I must admit I was
Speaker 1: rather surprised by a nine percent gain in in in
Speaker 1: growth stocks last month, and I was a little surprised
Speaker 1: to see growth stocks advanced demonstrably stronger than the value stocks.
Speaker 1: So I have to admit that I'm I'm changing my
Speaker 1: my my terminology and my investment philosophy from being overly
Speaker 1: barished to being at least neutral. We're a little over
Speaker 1: bought in the short term. We may have a little
Speaker 1: bit of a correction, but today is the first day
Speaker 1: of the month, and we're probably gonna see the stock
Speaker 1: market trade higher today just because the first and second
Speaker 1: days of the month always see inflows of capital into
Speaker 1: retirement accounts. So we're in go ahead. What are the
Speaker 1: technicals you're looking at that it made you change your view, Dennis.
Speaker 1: The fact that we're going up now, at least in
Speaker 1: the past month and a month or so, we're going
Speaker 1: up on better volume and going down on lesser all
Speaker 1: which is a change in attitude and changing in philosophy,
Speaker 1: a change in style and changing demeanor. So that's the
Speaker 1: first thing I watch volume more than anything else. In
Speaker 1: the volume seems to be coming in on the upside.
Speaker 1: That's a good sign in terms of FED policy. Do
Speaker 1: you think that momentum can continue if we have if
Speaker 1: we see a tighter FED. We did hear from a
Speaker 1: number of FED policymakers saying that they've got a long
Speaker 1: ways to go before they can reach that two percent
Speaker 1: inflation target, and I could potentially mean yet more rate hikes.
Speaker 1: There's no question there'll be more rate hikes, at least
Speaker 1: seventy five basis points in September and maybe fifty basis
Speaker 1: points in the November meeting. No question they have to
Speaker 1: they have to follow through and what they said they
Speaker 1: were going to do in order to regain credibility, which
Speaker 1: they've lost with the idea of transitory inflation that was
Speaker 1: incumbent in their in their commentaries for the course of
Speaker 1: the past year or so. So there's no question rates
Speaker 1: are gonna go higher. But Marcuston Marcus have gone up
Speaker 1: on higher rates in the past, and and the races
Speaker 1: have tended to be a lagging indicator. So the fact
Speaker 1: that the FED is going to continue to tie and
Speaker 1: take nine billion dollars per month out of its basic
Speaker 1: out of its assets it's balance sheet tells you that
Speaker 1: the fuel that had supplied the stock market is being
Speaker 1: taken away. But that's already understood and has been well
Speaker 1: stated by the Fed. So rates are gonna go higher,
Speaker 1: no question. It's just amoutter of time. Seventy five basis
Speaker 1: points in September and another fifty basis points in November.
Speaker 1: We'll see what happens after that. What's your outlook on earnings?
Speaker 1: In our last minute here? Can companies continue to power
Speaker 1: through the headwinds that that have been out there? The
Speaker 1: manufacturing industries can? Banks will have a hard time to
Speaker 1: inverted eel curve, And the eel curve is now inverted
Speaker 1: and probably going to get more inverted before the end
Speaker 1: of the year. Bank arning has made the under pressure,
Speaker 1: but manufacturing earnings going to probably continue to do quite well,
Speaker 1: to be quite honest. Dennis Gartman, former publisher of the
Speaker 1: Gartment Letter, now the chairman of the University of Akron
Speaker 1: Endowment Investment Committee, with us this morning as we get
Speaker 1: ready to kick off this new trading month of August,
Speaker 1: shifting his perspective going neutral on stocks now, Dennis, as always,
Speaker 1: thanks for your time, really appreciate it. Looking ahead to
Speaker 1: the market open this morning, we have futures moving a
Speaker 1: touch lower. SMP futures right now down eleven points down,
Speaker 1: futures down fifty two. NASDAC futures are lower by thirty
Speaker 1: six points. Germany's decks the CAC in Paris both higher
Speaker 1: by three tents of one percent. Ten Your treasury right
Speaker 1: now down five thirty seconds. The yield two point six
Speaker 1: six percent on the tenure note and the yield on
Speaker 1: the two year right now UH two point nine one percent.
Speaker 1: Nimex screwed moving lower by one point nine percent, down
Speaker 1: to dollar ninety six dollars seventy one cents a barrel.
Speaker 1: Comix Gold little changed up ten cents at nine announce UH.
Speaker 1: The euro right now one point zero two five five
Speaker 1: against the dollar, British pound one point two to three nine,
Speaker 1: the yen is at one thirty two point three three,
Speaker 1: and Bitcoin down one point nine percent on the session
Speaker 1: at twenty three thousand, three hundred dollars just to head.
Speaker 1: More on recession risk in this market and is boom
Speaker 1: time back in the shail patch. That's your top stories
Speaker 1: of the morning. Just ahead on Bloomberg Daybreak, Bloomberg eleven
Speaker 1: three oh weather morning showers and turning mostly cloudy today
Speaker 1: with the high your eighty degrees will be near ninety
Speaker 1: tomorrow with the chance for an afternoon shower, thundershower, sunny
Speaker 1: and hot Wednesday high near ninety right now sixty nine
Speaker 1: in Central Park. Broadcasting live from the Bloomberg Interactive Broker's
Speaker 1: studio in New York, Bloomberg E living free to Washington,
Speaker 1: d C, Bloomberg nine one to Boston, Bloomberg one O
Speaker 1: six one to San Francisco, Bloomberg nine sixty to the country,
Speaker 1: Sirius XM to the one nine team, and around the
Speaker 1: globe the Bloomberg Business app in Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at this hour. US futures
Speaker 1: are lower this morning as we kick off a new month.
Speaker 1: Looking ahead to Friday's jobs report, to Bay continues on
Speaker 1: the health of the US economy. Region Atlantic Capital chief
Speaker 1: investment officer Andy Kappern says there are still returns to
Speaker 1: be had, focusing on companies that are good at generating
Speaker 1: free cash flow and have the financial discipline to be
Speaker 1: able to deliver on it. But seven of the market
Speaker 1: that stands up the best here is dived impairs, and
Speaker 1: Andy Kappern with Region Atlantic Capital says he's not only
Speaker 1: sticking with quality stocks, but also value well. Over the weekend, Karen,
Speaker 1: we got more comments on FED policy. Minneapolis President Neil
Speaker 1: cash Car. He said he's not worried about whether the
Speaker 1: US is in a technical recession, but we are committed
Speaker 1: to bringing inflation down and we're going to do what
Speaker 1: we need to do, and we are a long way
Speaker 1: away from achieving an economy that is back at two
Speaker 1: percent inflation. Neil cash Car he was a guest on
Speaker 1: CBSS Face the Nation heard Sundays on Bloomberg Radio. Meantime,
Speaker 1: Nathan to Notable equity strategists say recession fears make camp
Speaker 1: further gay since stocks more in this live report from
Speaker 1: Bloomberg's John Tucker John Kareny. In a note to clients
Speaker 1: this morning, Morgan Stanley's Mike Wilson warrens the US economy
Speaker 1: could be headed for a recession. He says risk reward
Speaker 1: is poor after the recent rally. As strategists at Goldman
Speaker 1: Sachs said, the rate of earnings beats is trailing the
Speaker 1: stent average pace that was set in the last five quarters.
Speaker 1: They suggest that stocks are not out of the woods yet,
Speaker 1: inter posting their strongest months since November of twenty twenty.
Speaker 1: Live in New York, I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks,
Speaker 1: turning to big oil. Now, after a decade of steep blosses,
Speaker 1: it looks like shale is blossoming again, Bloomberg. Johneda Young
Speaker 1: joins US Live with that Good morning, Good morning Nathan.
Speaker 1: Several shale companies are set to report earnings this week.
Speaker 1: Estimates compiled by Bloomberg show the top twenty eight publicly
Speaker 1: traded US independent oil producers generated twenty five point five
Speaker 1: billion dollars in free cash flow in the second quarter.
Speaker 1: Compare that to the last ten to fifteen years, when
Speaker 1: the companies lost about a hundred fifteen billion dollars leading
Speaker 1: up to the COVID nineteen pandemic. Live in New York.
Speaker 1: I'm renned a young Bloomberg day break all right, rened
Speaker 1: to thank you, and a brief earnings note. HSBC shares
Speaker 1: are at five points seven per cent in London. If
Speaker 1: the bank turned in a strong earnings report. HSBC beat
Speaker 1: profit estimates, bound to restore quarterly dividends and fended off
Speaker 1: a call to split up. And futures are lower this morning.
Speaker 1: SMP futures down ten points, now futures down forty two.
Speaker 1: NAS day futures down thirty five. Straight ahead your latest
Speaker 1: local headlines, plus a check of sports, and this is Bloomberg.
Speaker 1: Thanks on Wall Street, got some rain and sixty nine
Speaker 1: degrees in Central Park. We're still dealing with that crash
Speaker 1: southbound Connecticut Turnpike near Eggs at eighteen. Michael Barr is
Speaker 1: here with more on what's going on in New York
Speaker 1: and around the world. Michael, thank you very much. Nathan
Speaker 1: drivers slow your role in New York City. About two
Speaker 1: thousand speed cameras now operating twenty four hours a day,
Speaker 1: seven days a week across the city, and he want
Speaker 1: to run up speeding by the camera can expect a
Speaker 1: fifty dollar ticket in the mail. Until now, the cameras
Speaker 1: were only running between six am and ten pm. However,
Speaker 1: experts say more than half of traffic depths happen overnight.
Speaker 1: Rescue crews continued to dig through piles of debris from
Speaker 1: deadly flooding last week in Kentucky. At least twenty eight
Speaker 1: people are dead. Kentucky Governor Andy but Sheer warns they
Speaker 1: expect to find more bodies and the weeks ahead. Every day,
Speaker 1: every week, every month, and every year it takes to rebuild.
Speaker 1: We are committed to the people of eastern Kentucky. Governor
Speaker 1: Basher says search dogs are being used. No public events
Speaker 1: on President Biden's schedule today. He remains in isolation following
Speaker 1: his rebound with COVID nineteen after treatment with an anti
Speaker 1: viral drug. Medical experts say pax Lovit is still preventing
Speaker 1: severe disease and deaths even when there's a rebound case.
Speaker 1: In Washington today, a judge can hand down the longest
Speaker 1: prison term so far. In the January sixth Capital riot case,
Speaker 1: secutors said Guy Refit of Texas carried a gun on
Speaker 1: his waist while confronting police had the Capitol. His own
Speaker 1: son testified against him. Prosecutors are seeking fifteen years in prison.
Speaker 1: The very lucky winner of Friday's Mega Millions drawing as
Speaker 1: yet to claim the one point thirty four billion dollar prize,
Speaker 1: the third largest jackpot in US history. The winning tickets
Speaker 1: sold at a Speedway gas station in Illinois, near Chicago.
Speaker 1: Once the winner does come forward, financial expert Carter Cofield
Speaker 1: recommends saving some of the cash for tax payments. One
Speaker 1: average of people that win the lattery are broke within
Speaker 1: the threes of five years. Seventy of people are broke
Speaker 1: with the three day five years, and of those people
Speaker 1: say if their life is actually worse at the one
Speaker 1: in the lottery, Reach financial expert Carter Coalfield. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: in more than a hundred twenty countries. I'm Michael Barre.
Speaker 1: This is Bloomberg. Thanks Michael. Five on Wall Street Time
Speaker 1: for the Bloomberg Sports Update with John stesh Alright, Nathan
Speaker 1: Bill Russell of course, NBA Legend, Boston's sports icon. He
Speaker 1: passed away yesterday at the age of eighty eight. Russell
Speaker 1: arrived in Boston in nineteen fifty six immediately began leading
Speaker 1: the Celtics to NBA championships. By the time he was finished,
Speaker 1: he had more championship rings than fingers to wear them
Speaker 1: on eleven and all. This came after two n C
Speaker 1: Double A Championships the University of San Francisco, or he
Speaker 1: once won fifty five games in a row, also to
Speaker 1: California high school state titles and Olympic gold medal. In
Speaker 1: arguably the greatest winner in team sports history was NBA
Speaker 1: Commissioner Adam Silver said yesterday, Russell stood for something more
Speaker 1: than sports. There's a tireless activist against racial and social injustice.
Speaker 1: At the stadium, Yankees trailed the Royals for nothing, then
Speaker 1: led six four d j Lemeo a two run homer,
Speaker 1: Anthony Rizzo three run shot at twenty fifth. Kansas City
Speaker 1: got a run in the eighth ning of Rob Marinaccio,
Speaker 1: who had been unhittable against and then we're one out
Speaker 1: in the ninth. A swing at a drive to center
Speaker 1: field and that ball is gonna be carrying, and it
Speaker 1: is out of here. Home run Salvador Perez. He puts
Speaker 1: the Royals in the lead in the top of the ninth.
Speaker 1: How about that a c SP of the call three
Speaker 1: run shout the homer the first that Clay Holmes had
Speaker 1: allowed case one eighth and sixty. Yanks had been six
Speaker 1: and oh against the Royals. They host Seattle Tonight Metro
Speaker 1: in Washington. It's Max Jerzy Tonight, Jacob to Graham Tomorrow.
Speaker 1: That's have won six in a row. They beat the
Speaker 1: Marlins nine to three with a nineteen hit attack. They
Speaker 1: remained three games ahead of Atlanta on the PGA Tour.
Speaker 1: Second straight win for Tony finale in Detroit under far
Speaker 1: In New Jersey the Live Tour winner Hendrick Stinson, John
Speaker 1: Stashward Bloomberg Sports Nathan Okay. John thanks five thirty seven
Speaker 1: on Wall Street Time for the Tri State Business Report.
Speaker 1: Here's Bloomberg's d cory the nation's highest RAN's art in
Speaker 1: New York. According to a report from rent dot Com.
Speaker 1: It says Jersey City actually has the highest rant of
Speaker 1: the US for the average monthly rant, skyrocketing from thirty
Speaker 1: three hundred bucks in one to an eye watering fifty
Speaker 1: five hundred dollars in two cell phone services coming to
Speaker 1: New York's subway tunnels. The project comes at no public cost,
Speaker 1: but will take ten years to finish. The six hundred
Speaker 1: million dollar project will be paid for and built by
Speaker 1: Transit Wireless, which already provides access to cell phone and
Speaker 1: WiFi service and all of the city's two hundred eighty
Speaker 1: one underground subway stations. GE Appliances has opened to micro
Speaker 1: factory in Connecticut. The manufacturing plant will anchor a facility
Speaker 1: known as co Create Stamford, which company officials also see
Speaker 1: as a hub for collaboration with colleges and universities. That's
Speaker 1: your Bloomberg Trying State business Report. I'm in Corey, Thanks
Speaker 1: at eight on Wall Street. Bloomberg Radio is on the
Speaker 1: air from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred of
Speaker 1: the at radio stations around the world. I'm Steve Podas,
Speaker 1: got on ten ten Wins in New York. We're talking
Speaker 1: about Heineken saying rising prices haven't hurt beer sales yet.
Speaker 1: Tom Corny, donahoan ktr H in Houston, firm shelve over
Speaker 1: two hundred fifty billion dollars in financing plans this year.
Speaker 1: I'm John Donnegret telling KMOX listeners in St. Louis about
Speaker 1: a double dose of good news for bowling. I'm Stephen
Speaker 1: Carroll on Bloomberg d a B Digical Radio in London.
Speaker 1: We've been reporting on England's victory and the Women's Euros
Speaker 1: football and what it means for the future of the sports.
Speaker 1: I'm at Gory on w p A M in Cleveland.
Speaker 1: I'm reporting a real estate broker has purchased the landmark
Speaker 1: Nowcazar apartments of Cleveland Pikes. And those are some of
Speaker 1: the stories our twenty seven hundred Bloomberg journalists and analysts
Speaker 1: are working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. Russian President Vladimir Putin is weaponizing energy exports
Speaker 1: to undermine Europe's support for Ukraine. But while the European
Speaker 1: Union faces the prospect of a long winter without Russian gas,
Speaker 1: its emergency proposals are nowhere near adequate for a start,
Speaker 1: the EU should call a heads of State summit to
Speaker 1: negotiate a new near term strategy. Governments will need to
Speaker 1: help vulnerable households make it through the winter, think creatively
Speaker 1: about how best to manage demand and effectively communicate the
Speaker 1: stakes to the public. Importantly, the EU must also intensify
Speaker 1: its efforts to permanently free itself of Russian energy. Its
Speaker 1: twenty thirty goal is too far away. In all likelihood,
Speaker 1: the coming winter will severely test European resolve. Only adequate
Speaker 1: preparation can forestall the worst. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, Splash Opinion or ope I N
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion man.
Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this
Speaker 1: time terminal customers can read more an O, P I
Speaker 1: N go, and we'll bring in Bloomberg's William Wilkes and
Speaker 1: the Bloomberg Big Take story this morning on Germany scrambling
Speaker 1: to deal with that gas shut off. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather morning showers to give away
Speaker 1: to most of the clotty skies and a high near
Speaker 1: eighty today. We'll be back near ninety tomorrow, though with
Speaker 1: another chance crafted in showers and hutter showers, sunny and
Speaker 1: hot for Wednesday. Right now sixty nine in Central Park Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg
Speaker 1: Quick Take. He's a Bloomberg Business flash put on Karen.
Speaker 1: Moscow and European stocks are are taking higher this morning.
Speaker 1: US stock index futures are lower. They're coming off the
Speaker 1: best week for the US stock market in more than
Speaker 1: two years, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg SMP Future is down
Speaker 1: about nine points right now. Down Future is down twenty eight.
Speaker 1: Nasdack futures down twenty eight as well. The decks in
Speaker 1: Germany's out the third of upper set ten year treasury
Speaker 1: down three thirty seconds, held two point six six percent.
Speaker 1: The yield on the two year two point nine zero percent.
Speaker 1: Nine X screwed oil is down one point seven percent
Speaker 1: out of dollars seventy at ninety six dollars ninety one
Speaker 1: cents of barrel comic schooled up three ten percent or
Speaker 1: five dollars forty cents at seventeen eighty seven ten an ounce,
Speaker 1: the Euro one point two six six against the dollar,
Speaker 1: British found one point two two five four, the yen
Speaker 1: at one thirty one point nine four, and bitcoin is
Speaker 1: down one point nine percent at twenty three thousand, three
Speaker 1: hundred fifty dollars because of Bloomberg Business Flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Unfael Darren, thank you very much. How Speaker Nancy Pelosi
Speaker 1: is in Singapore kicking off for Asian tour ask questions
Speaker 1: swirled over a possible stop in Taiwan at his fuel
Speaker 1: tension with Beijing. A Foreign Ministry spokesperson said Pelosi will
Speaker 1: call on Singapore's President and Prime Minister. Bill Russell, who
Speaker 1: was the cornerstone of the Boston Celtics basketball dynasty in
Speaker 1: the nineteen fifties and sixties, has died. He was eight
Speaker 1: and Vic Stenson won the controversial Saudi Back Lived Golf's
Speaker 1: Bedminster Invitational at former President Trump's golf course. In baseball,
Speaker 1: the Yankees lost to the Royals eight six. The Mets
Speaker 1: won their sixth raight, beating the Marlins nine three. The
Speaker 1: Red Sox down the Brewers, the Cardinals shut out the
Speaker 1: Nationals five zip. The Red Sox beat the Orioles, the
Speaker 1: White Sox beat the A's, and the Giants down the Cups.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quickday, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg. This is the Big Take,
Speaker 1: the best of Bloomberg's in depth, original reporting from around
Speaker 1: the globe. Really fast moving story that's caused a lot
Speaker 1: of outrage among investors. This is so fascinating. The market
Speaker 1: shutdown in a way it's never done before. That's gonna
Speaker 1: have consequences for years to come. The Big Take on
Speaker 1: Bloomberg Radio. It is five forty nine on Wall Street
Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak,
Speaker 1: and our big take this morning is on the scramble
Speaker 1: underway in Europe to avert a heating crisis as the
Speaker 1: war in Ukraine grinds on and it may hit hardest
Speaker 1: of all in Europe's economic engine Germany. For more, we're
Speaker 1: joined by Bloomberg Global Business reporter William Wilkes. William, good morning,
Speaker 1: And I guess this is because Germany has more exposure
Speaker 1: to the natural gas that Russia has already begun cutting
Speaker 1: off to Europe. Is that right, Good morning, Nathan, Yeah,
Speaker 1: that that's that's kind of mainly the reason it's Germany
Speaker 1: isn't the most exposed country, but Jimny does have a
Speaker 1: lot of kind of gas intensive material industries like chemicals
Speaker 1: still ill aluminium, copper and similar and that's why Germany
Speaker 1: is particularly exposed. So what is being done at this
Speaker 1: point to try to alleviate the crisis that is likely
Speaker 1: coming now that the flows have already begun to slow
Speaker 1: and so actually the first sign of defenses cutting energy
Speaker 1: usage wherever they can, which is what are big take,
Speaker 1: contains lots of details about kind of municipal governments cutting
Speaker 1: back on things like swimming pools and lighting buildings at
Speaker 1: night and kind of turning the firmer start and the
Speaker 1: heat done on those buildings. Companies are also doing a
Speaker 1: similar thing that you know, trying to wherever they can
Speaker 1: cut gas, like superfluous gas out of production. And in
Speaker 1: addition to that, there's a lot of crisis planning going
Speaker 1: on at the moment, Like a lot of companies are
Speaker 1: looking at exactly what what they can do without. And
Speaker 1: it's kind of trying to model, particularly like gas shocks,
Speaker 1: like saying, you know, if gas, if we get zero
Speaker 1: gas in a particular cal day, would that mean for
Speaker 1: our production? What do we have to shut down? You know,
Speaker 1: what kind of stockpiling of finished products do we have
Speaker 1: to do to to kind of offset that. Yeah, for
Speaker 1: people with long memories here in the US, it might
Speaker 1: bring back recollections of what happened in the nineties seventies
Speaker 1: during the Arab oil embargo when Americans were asked to
Speaker 1: cut on their energy use as well lead the long
Speaker 1: gas lines, that sort of thing. And that raises the
Speaker 1: question of a potential political component here for Germans as
Speaker 1: they deal with what could be coming. Uh, this could
Speaker 1: put some pressure on Chancellor Schultz's government, couldn't it. Indeed,
Speaker 1: that's gonna be really interesting to see what happens that. Um. Yeah,
Speaker 1: Germans going to see the energy bills go up. Some
Speaker 1: of them might see, um, their companies swinking or cute
Speaker 1: jobs and the political implications of that, I think, I
Speaker 1: think what will be really fascinating to see. Um, whether
Speaker 1: it will bring Germans out on the street, we'll have
Speaker 1: to see, or whether or fuel support are kind of
Speaker 1: some of the more extreme and less than right right
Speaker 1: parties and destabilize the coalition of kind of mainly centrist
Speaker 1: parties in the government. Um. Yeah, we're not sure what's
Speaker 1: going to happen with that. And and it's also possible
Speaker 1: the Germans, you know, are very it's a very orderly
Speaker 1: society where people don't typically take the tape to the
Speaker 1: streets to riot. Um, it could be the you know,
Speaker 1: people back to the government measures and realize that this
Speaker 1: is you know, an external driver distance Russians doing it
Speaker 1: to us. But we'll have to see, well what alternatives
Speaker 1: in our last minute here Williams, does Germany have to
Speaker 1: Russian gas? Is there any way that they can backfill
Speaker 1: the cut off from nord Stream one and they can
Speaker 1: get gaffs from kind of other European UH sources. There's
Speaker 1: like Norwegian pipeline gases and gas pipelines in the Netherlands. Netherlands. Unfortunately,
Speaker 1: Germany doesn't have a working at ellen g Terminal, So
Speaker 1: the it's planning to have them as soon as possible,
Speaker 1: but they're not going to really help in this early
Speaker 1: winter period um, so it's less kind of Germans looking
Speaker 1: at alternative fuels for certain things, one being bringing back
Speaker 1: multiples cold plants to generate electricity that will help save
Speaker 1: on gas. The other potential alternative is whether it Germany
Speaker 1: lets some of its nuclear plants, which were all going
Speaker 1: to close by the end of this year, which is
Speaker 1: a reaction to the Fukushima disaster. Chancellor and former Chancellor
Speaker 1: Meracle want you know, ordered the closure of those nuclear
Speaker 1: plants and could they let those run until That would
Speaker 1: be controversial here, but it would free up some gas
Speaker 1: for use elsewhere. Thanks for this, William, really appreciate your
Speaker 1: giving us more on this Big Take story and I
Speaker 1: Big Take go on the Bloomberg terminal to get more.
Speaker 1: That's Bloomberg Global Business reporter William Wilkes, Karen, Sorry, Nathan,
Speaker 1: thank you at It's five fifty four on Wall Street
Speaker 1: and it's time now for the daily of Bloomberg Law Brief,
Speaker 1: exploring legal issues in the news, and today we're looking
Speaker 1: at a milestone for a key legal issue in response
Speaker 1: to several corporate and accounting scandals. Congress past the Sarbanes
Speaker 1: Oxley Act in two thousand two. If by purtising congressional support,
Speaker 1: Sarbanes Oxley is celebrating its platinum anniversary, but how effective
Speaker 1: has it been for more Bloomberg's doing. Grosso speaks to
Speaker 1: securities law expert James Park, A professor at u c
Speaker 1: l A Law School, tell us about the reasons for
Speaker 1: the law. Why it was passed. The law was the
Speaker 1: culmination of years of security spraud cases that the sec
Speaker 1: basically pursued. Basically towards the end of the ninety nineties,
Speaker 1: there was significant ussure on public companies to deliver quarterly
Speaker 1: results to meet analysts projections of their revenue and earnings,
Speaker 1: and many of them were cheating. They were cheating by
Speaker 1: violating accounting rules so that they could report revenue that
Speaker 1: was a little bit higher profits that were a little
Speaker 1: bit higher. And this structural pressure to maintain your evaluation,
Speaker 1: in my view, was the main reason for the law,
Speaker 1: the best justifications for the law. And then this is
Speaker 1: the time when security fraud was national news. It was
Speaker 1: really one of the major national concerns you have the
Speaker 1: December two thousand and one bankruptcy filing of Enron, and
Speaker 1: then the next month Global crossing files for bankruptcy that spring.
Speaker 1: In April two thousand and two, Elliott Sitser bring major
Speaker 1: case against Merrill Lynch for issuing false research recommendations with
Speaker 1: respect to stocks that it was promoting as part of
Speaker 1: its investment banking business. June two thousand and two, Adelphia
Speaker 1: f file for bankruptcy. And then what really prompted the
Speaker 1: passage of the law is July two thousand into Worlds
Speaker 1: files for bankruptcy. So you have a string of major
Speaker 1: public company bankruptcy, so that really pushes Congress to act,
Speaker 1: and the law was passed virtually with unanimous approval. Do
Speaker 1: you think it's worked? Has it been successful? I think
Speaker 1: it has been successful. It is a tough law, though
Speaker 1: to gauge with expect to how well it is working. UM,
Speaker 1: it's very hard to really measure exactly what the impact
Speaker 1: of the law has been. But we do have anecdotal
Speaker 1: evidence where public company managers report that they are more careful,
Speaker 1: more systematic about investing in internal controls to prevent securities frauds.
Speaker 1: So we have that sort of qualitative evidence that would
Speaker 1: support the idea that the law is working. We also
Speaker 1: have evidence from accounting WE stayatement. WE statements are basically
Speaker 1: when a company acknowledges that there's a material misrepresentation in
Speaker 1: its financial statements, and we see accounting WE statements of
Speaker 1: sec filing company steadily declining. I'm over the last fifteen,
Speaker 1: twenty year and that may indicate that internal controls are
Speaker 1: catching some of these mistakes. Earlyear and at James Parker,
Speaker 1: professor at u c l A Law School, speaking at
Speaker 1: the Bloomberg John Grasso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast. Are downloading the show at Bloomberg dot com,
Speaker 1: Slash Podcast, Attorney's Confound, Exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com, and on the Bloomberg
Speaker 1: terminal at black Go top Stories, straight Ahead. This is
Speaker 1: Bloomberg