Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for a Monday, August twenty two two. Coming
Speaker 1: up this hour, stock futures fall ahead of the key
Speaker 1: FED symposium in Jackson Hall. Can your treasury yields approach
Speaker 1: three percent? As traders met? J? Powell and the Fed
Speaker 1: will continue their hawkish stance, and President Biden speaks with
Speaker 1: European leaders about reviving a nuclear deal with Iran. New
Speaker 1: York City confirms a case of monkey box and someone
Speaker 1: under the age of eighteen plus. A car bomb has
Speaker 1: killed the daughter of a prominent ally of Vladimir Putin.
Speaker 1: I'm Michael Barber. More ahead, I'm John Stam showering sports.
Speaker 1: An amazing win for the Mets, a much needed one
Speaker 1: for the Yankees. The Subway Series begins tonight. The Giants
Speaker 1: won their preseason game. That's all Train ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven three, on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business app. Good morning, I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: US DOT Index futures are lower this morning. We are
Speaker 1: coming up to five o one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg right now, S and P futures are
Speaker 1: down forty eight points down, futures down three hundred and
Speaker 1: nownsday futures down two hundred to the decks. In Germany
Speaker 1: is down about one point eight percent. Ten year treasury
Speaker 1: it'll change yeld two point nine seven percent, and the
Speaker 1: yield on the two year three point to eight percent.
Speaker 1: Nine x screwede oil is down one point seven percent, Nathan, Karen,
Speaker 1: It is all about the FED this week. The annual
Speaker 1: Jackson Hole Symposium begins on Thursday. FED Chair J Powell
Speaker 1: may use his speech on Friday to push back on
Speaker 1: speculation that interest rates will fall in three. Benchmark ten
Speaker 1: year treasury yields came within a whisk or three percent,
Speaker 1: with traders betting policymakers will double down on their hawk
Speaker 1: is stance still. Jablonski is co founder of Defiant c
Speaker 1: t FS. You know what I would expect is that
Speaker 1: you know, he'll kind of follows to what he's sort
Speaker 1: of been doing before, and you know, we'll probably hang
Speaker 1: on every word and trying to determine whether or not
Speaker 1: we thought he was he was devilish or whether he
Speaker 1: was he was hawkish. But you know, the message we've
Speaker 1: been getting is very much it depends on the data defiance.
Speaker 1: Ct F. Silvia Jablonski does not think the market will
Speaker 1: get a clear cut message from the Fed. We of course,
Speaker 1: will have complete coverage of the Jackson Hoole Symposium. Bloomberg's
Speaker 1: Surveillance will be there live beginning on Thursday, with Tom Keene,
Speaker 1: Lisa Ramo Witz, and Jonathan Farrell. Well Nathan, The FED
Speaker 1: is still on a collision course with financial markets. According
Speaker 1: to the latest m L I V. Paul survey, stunks
Speaker 1: and bonds are set to tumble once more, even though
Speaker 1: inflation has likely peaked. Eight four percent of respondents in
Speaker 1: the survey say it may take two years or longer
Speaker 1: for the Fed to bring inflation down to its official
Speaker 1: long term target of two Well. Wall Street's focus will
Speaker 1: be on the Fed this week. Karen will still get
Speaker 1: a number of earnings reports from tech companies, and we
Speaker 1: a preview from Bloomberg's Charlie Pellett. Those tech names this
Speaker 1: week will include Autodesk, Dell Into its sales force, Snowflake,
Speaker 1: and vm Ware. Questions abound about the outlook for corporate
Speaker 1: earnings given federal Reserve efforts to quell inflation with higher
Speaker 1: interest rates. Alan zafron Is co CEO at I e
Speaker 1: Q capital earnings aren't as bad as people fear. Inflation
Speaker 1: is starting to come down. You have a remarkably over
Speaker 1: sold short term technical condition and if you do read
Speaker 1: the chartists and technical analysts are out there, they'll tell
Speaker 1: you that the set up right now is for a
Speaker 1: continuation of this rally. Also reporting this week, Dollar General,
Speaker 1: Dollar Tree, and Zoom Video Communications in New York, Charlie Pellet,
Speaker 1: Bloomberg day Break Charlie Thanks. In Asia, Chinese banks have
Speaker 1: cut their loan of prim rates, and Bloomberg Daybreak Asia
Speaker 1: anchor Bryan Kurdish has more from Hong Kong. The one
Speaker 1: year rate was lowered just five basis points to three
Speaker 1: point six five percent. The five year rate reference for
Speaker 1: mortgages was cut fifteen basis points to four point three percent.
Speaker 1: The rate cuts follow news on Friday of additional financing
Speaker 1: to prop up the real estate sector. Chinese developer stocks
Speaker 1: jumped in Hong Kong. It comes as the economy faces
Speaker 1: pressure on a number of fronts. In the maintime, authorities
Speaker 1: have extended power cuts in Sichuan Province. They have activated
Speaker 1: the highest emergency response in Hong Kong. Brian Curtis Sloomberg
Speaker 1: gabriak Okay Brian, thank you. Oil is following this morning.
Speaker 1: West Texas Intermediates down one point seven percent to eighty
Speaker 1: nine dollars one cents of barrel. The move comes as
Speaker 1: negotiations move forward to revive a nuclear deal with Iran.
Speaker 1: Details from Amy Morris in our Bloomberg newsroom. In Washington,
Speaker 1: President Biden spoke with leaders from Germany, France, and the
Speaker 1: UK for of the original signatories of the Iran nuclear deal,
Speaker 1: which also include Russia and China. The four discussed ongoing negotiations.
Speaker 1: Iran has released its response to the latest framework earlier
Speaker 1: this month, and the US State tai lipped on its position.
Speaker 1: The EU took it as constructive. One advisor to Iran's
Speaker 1: nuclear negotiating team, says tron Once the US penalized if
Speaker 1: it backs out again. In Washington, I'm anymore as Bloomberg Daybreak,
Speaker 1: All right, Amy, thank you. Back in East Asia, the
Speaker 1: US and South Korea are planning their biggest drills since
Speaker 1: North Korean leader Kim Jonglen's summit with then President Donald Trump,
Speaker 1: and Bloomberg said Baxter has that story the biggest in
Speaker 1: about five years because the Trump Kim summit apparently did
Speaker 1: not work in enticing Kim Jongon to cut back on
Speaker 1: his nuclear programs. The drills are called Bullschief Freedom Shield
Speaker 1: and are expected to involve thousands of military personnel. The
Speaker 1: US and South Korea say they're defensive in nature and
Speaker 1: will coordinate forces to respond to the possible invasion by
Speaker 1: North Korea. An angry response from the Kim regime is expected.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak, all right,
Speaker 1: and thank you. In corporate news, the takeover battle for
Speaker 1: Signify Health is heating up. To get the latest on
Speaker 1: that live from Bloomberg, Jo need a Young, Good morning, Nita,
Speaker 1: good morning, Nathan. Sources say Amazon dot Com, United Health,
Speaker 1: CVS Health, and optioned care Health are all vying to
Speaker 1: acquire signify Health now. United Health submitted the highest bid
Speaker 1: at more than thirty dollars a share, while Amazon's offer
Speaker 1: is close behind. Signify closed above twenty one dollars on Friday,
Speaker 1: which values the company at nearly five billion dollars. None
Speaker 1: of the plans are finalized yet, and the bidders plans
Speaker 1: could still change. Also, Signify could always opt to remain independent.
Speaker 1: Sources tell Bloomberg that Signifies holding a board meeting today
Speaker 1: to discuss the bids. Live in New York. I'm real
Speaker 1: need a young Bloomberg dabreak. I re need to thank you.
Speaker 1: I get ready to pay more for Tesla's self driving system.
Speaker 1: CEO Elon must tweeted the price will rise three thousand
Speaker 1: dollars to fifteen thousand in North America. Ian grease will
Speaker 1: take effect on September five. It's a second price hike
Speaker 1: for Tesla's self driving this year. And finally, Karen was
Speaker 1: tough for some Gay the Thrones fans to enter the
Speaker 1: House of the Dragon through HBO Max. The Fantasy Prequels
Speaker 1: debut episode overwhelmed the streaming service last night. More than
Speaker 1: three thousand outages were reported as of nine pm Eastern.
Speaker 1: HBO's parent company says some viewers had trouble connecting through
Speaker 1: Amazon Fire TV devices. You're listening to Bloomberg Daybreak in
Speaker 1: South five oh seven on Wall Street where seventy three
Speaker 1: degrees in Central Park on an accident southbound West Side
Speaker 1: Highway by a hut. Saying more about that in traffic shortly. First,
Speaker 1: Michael Bars here with what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York has its first confirmed case of
Speaker 1: monkeypox in someone under the age of eighteen. Officials from
Speaker 1: the New York Department of Health say the virus was
Speaker 1: detected in a child or teenager living outside of New
Speaker 1: York City. The virus is primarily spread through skin to
Speaker 1: skin contact, and the majority of the cases have affected
Speaker 1: gay men, but it also has been detected into women
Speaker 1: outside of New York City and sixteen women living in
Speaker 1: the city. With the school year about to begin, New
Speaker 1: York City schools saying they have not yet received any
Speaker 1: official guidance about monkey pocks mean while starting today, an
Speaker 1: additional three sixty thousand vials of monkeypox vaccine will be
Speaker 1: available nationwide. That's potentially enough vaccine for one point eight
Speaker 1: million shots and arms using the Biden administration's new approach
Speaker 1: to stretch limited supplies. In Kansas City, Missouri, health official
Speaker 1: Scott Clarity is addressing privacy concerns. The city now has
Speaker 1: an online survey to help identify people who may qualify
Speaker 1: for the vaccine. If you're concerned that you may have
Speaker 1: been exposed to to to monkey pox, get online fill
Speaker 1: out that form. Health official Scott Clarity says, according to data,
Speaker 1: there are more than fourteen thousand monkey pox cases nationwide.
Speaker 1: Republican Congresswoman Liz Cheney says that her focused al is
Speaker 1: keeping former President Trump out of the White House. Following
Speaker 1: her election loss, Cheney said that President Joe Biden Phoneder
Speaker 1: and they had a very good talk. Cheney spoke to
Speaker 1: ABC just days after her primary loss in Wyoming. No regrets, UM,
Speaker 1: you know, I I feel. I feel sad about where
Speaker 1: my party is. I feel sad about the way that
Speaker 1: UM too many of my colleagues have responded to what
Speaker 1: I think is a great moral test and challenge of
Speaker 1: our time. Liz Cheney spoke on ABC's This Week, which
Speaker 1: can be heard Sundays on Bloomberg. Ukrainian officials are denying
Speaker 1: the country's Russian allegations that they were behind the car
Speaker 1: bomb attack that killed the daughter of a prominent Vladimir
Speaker 1: putin Alle in Russia. Daria Dugina, the daughter of a
Speaker 1: staunch supporter of the war, killed by a car barb
Speaker 1: near Moscow. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than journalists,
Speaker 1: an analyists, more than entrees. Michael barn This is Bloomberg, Nathan, Michael,
Speaker 1: Thank you Almost five ten on Wall Street time for
Speaker 1: the Bloomberg Sports updates. Good morning, John stanshown All, Good morning, Nathan.
Speaker 1: Subway series tonight. The Mets won both games last month
Speaker 1: at Citi Field. Now they played two in the Bronx
Speaker 1: and no question who the hotter team is coming in.
Speaker 1: The Yankees did win yesterday. It was just their fifth
Speaker 1: win in the month of Angus. While the Mets, who
Speaker 1: did lose three of four in Atlanta, one three or
Speaker 1: four in Philadelphia and yesterday's win was amazing. They had
Speaker 1: to start a rookie Jose Buddha. He served up two
Speaker 1: three run homers with the Phillies Alec Bone and the
Speaker 1: Mets traield for nothing and later seven to four Mark
Speaker 1: Kenna to the rescue game time, three run omer seventh inning.
Speaker 1: And then Canada came up in the night with the
Speaker 1: Mets trailing by iron. Robertson delivers swinging and Crill left
Speaker 1: Doc don't pay to leave this, and again they take
Speaker 1: the lead. Mark Hanna with his arm, He's going to
Speaker 1: his head between Harston second as he rounds the pass
Speaker 1: to call them AT's one, ten to nine. Yankees been
Speaker 1: while finally beat Toronto at the Stadium four to two
Speaker 1: to avoid a Blue Jay's four games swing. Finally a
Speaker 1: clutch hit. It came from Andrew Benn and Tandy has
Speaker 1: been quiet since his arrival from Kansas City. His first
Speaker 1: Yankee home run game winning two run shot seventh to
Speaker 1: name the win to Lou Trevino. Another recent pickup he
Speaker 1: got the last seven out Subway Series pitching matchups favorite
Speaker 1: the Mets, Max Cheryser Ghost tonight, Mac Jacob to Graham
Speaker 1: Tomorrow it MetLife. The Giants third string quarterback Davis Webb
Speaker 1: rallied Big Blue two preseason win over Cincinnati, Webb through
Speaker 1: to fourth quarter touchdown passes and another game that met
Speaker 1: life Tonight, It's the Jets in the Atlanta Falcons, John
Speaker 1: stash Were Bloomberg Sports Nathan Okay, John Thanks. Futures moving
Speaker 1: lower to start the week. SMP futures down forty eight points,
Speaker 1: STOUT futures down two undred ninety six. Nasdaq futures leading
Speaker 1: the declines this morning, down two undred points. That is
Speaker 1: a drop of one and a half percent. We check
Speaker 1: in live next with recalvasin ahead of US equity strategy
Speaker 1: at RBC Capital. This is Bloomberg Bloomberg eleven three oh weather.
Speaker 1: Lots of cloud, scattered showers and storms today with a
Speaker 1: high in your seventy five degrees. A few more scattered
Speaker 1: showers and storms tomorrow with a high your eighty five,
Speaker 1: sunny near ninety for Wednesday right now seventy three in
Speaker 1: Central Park Markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business Allan
Speaker 1: at Bloomberg Quick Take. This is a Bloomberg Business flash
Speaker 1: and I'm Karen Moscow. Stops in Europe are treating along
Speaker 1: with US stock index futures is the Federal reserves commitment
Speaker 1: to tighter monetary settings and worries about the effect on
Speaker 1: economic growth way on investor sentiment. We check the markets
Speaker 1: every fifteen minutes throughout the trading day. On bloomberg S
Speaker 1: and P futures down forty eight points down, futures down
Speaker 1: two four, NASTAG futures down one six and the decks
Speaker 1: in Germany is down one point eight percent. The ten
Speaker 1: year treasury that'll change you'ld two point nine seven percent
Speaker 1: yield on the two year three point to eight percent
Speaker 1: nine max Screwed oil is down one point seven percent
Speaker 1: on a dollar fifty six at eighty nine dollars, twenty
Speaker 1: one cents of barrel comics goll down nine tenth per
Speaker 1: cent or sixteen dollars fifty cents at seventeen forty six
Speaker 1: fifty an ounce. The Euro is at one point zero
Speaker 1: zero one zero against the dollar, the N one thirty
Speaker 1: six point eight U and Bitcoin is up a tenth
Speaker 1: of uper It's well, actually it's down down one and
Speaker 1: a half percent at twenty one thousand, one d sixty dollars.
Speaker 1: Game Stop and had Beth and Beyond are leading to
Speaker 1: clines and meme stocks is the latest frenzy and the
Speaker 1: shares loses. Steam, Ben, Beth and Beyond is down nine
Speaker 1: percent this morning. Game Stop is down five and a
Speaker 1: half percent, and AMC Entertainment is falling down thirty five
Speaker 1: p and as a Bloomberg Business Flash, now here's Michael
Speaker 1: Barr with more on what's going on around the world. Minchael,
Speaker 1: good morning, Good morning Karen. The White Owls saying during
Speaker 1: a joint phone call the leaders so the U S, UK,
Speaker 1: France and Germany the Sky how to revive the around
Speaker 1: nuclear deal. Previously, Tehran had curbed its nuclear program in
Speaker 1: exchange for relief from economic sunctions. Ukrainian officials are the
Speaker 1: nine Russian allegations that they were behind the car bomb
Speaker 1: attack that killed the daughter of a prominent Vladimir Putin. Ally.
Speaker 1: In baseball, the Yankees beat the Blue Jays four to
Speaker 1: The Mets beat the Phillies ten nine, The Orioles beat
Speaker 1: the Red Sox five three, The Nationals lost, The A's
Speaker 1: beat the Mariners five three, the Giants one. NFL preseason yesterday,
Speaker 1: the Giants and Ravens won global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than hundred journalists and antilists and more than a
Speaker 1: hundred twenty countries. How Michael bar this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: thank you. It is coming up to five twenty on
Speaker 1: Wall Street Live from the Bloomberg Interactive Brokers studios. This
Speaker 1: is Bloomberg Daybreak as we get a new trading week
Speaker 1: started with a focus on the FED. We are joined
Speaker 1: this morning by Lori Calvacina, ahead of US Equity Strategy
Speaker 1: at RBC Capital Markets. LORI great to speak with you
Speaker 1: as always, So we are seeing a pretty strong dip
Speaker 1: in futures contracts. Is this the case of a market
Speaker 1: no longer fighting the Fed? As we get ready for
Speaker 1: Jackson Hole, Well, thanks for having me as always, it's
Speaker 1: always great to be here. Look, as I was talking
Speaker 1: to investors last week, um, I was hearing less about
Speaker 1: the FED, frankly, and I was hearing more about simply
Speaker 1: the state of valuations, with investors telling me they simply thought,
Speaker 1: if you if markets look cheap back in June's that
Speaker 1: they were no longer looking cheap today and really questioning
Speaker 1: whether or not for the uh challenging economic backdrop was
Speaker 1: still baked into share prices at current level. So I
Speaker 1: think the FED is always a source of volatility for markets,
Speaker 1: but I think valuation is really what was concerning investors
Speaker 1: as last week came to an end, Well, where do
Speaker 1: you see valuations at this point? Looking at the SNP
Speaker 1: right now, it's pretty close to your target around right.
Speaker 1: We've gone a little bit above our target recently, and
Speaker 1: you know our view, and remember we are trying to
Speaker 1: guess where the market is going to be on December thirty. First,
Speaker 1: we're not, you know, sort of marking the entry year,
Speaker 1: you know, sort of ups and downs with that number. UM.
Speaker 1: But what we found is that if you look at valuations,
Speaker 1: there's still a tremendous amount of uncertainty around the earnings outlooks.
Speaker 1: That makes it tricky to peg valuations UM. But we
Speaker 1: do think things are getting close to around twenty times
Speaker 1: around nineteen eight, nineteen nine, nineteen point nine, depending on
Speaker 1: whether or not you're looking at our two or three
Speaker 1: EPs forecasts. And while that is rich and that is
Speaker 1: above average and definitely a big, you know, sort of
Speaker 1: move off the recent loath, importantly, it's not back to
Speaker 1: the peaks that we've seen over the last four or
Speaker 1: five years. So I think if you're trying to use
Speaker 1: valuation as a reason to say this value rally has
Speaker 1: to end now, I really don't think that's sufficient evidence.
Speaker 1: The concerning data point. Yes, um, sort of a silver
Speaker 1: bullet for turning more bearish in the short term. Now
Speaker 1: we're getting close to the end of earning season here,
Speaker 1: where do you see earnings going at this point? Our
Speaker 1: revision is going to need to keep being lowered. The
Speaker 1: great question. It was something that was definitely coming up
Speaker 1: a lot in our meetings last week, and we did
Speaker 1: actually over the weekend just go back and do an
Speaker 1: analysis and look at where major bottoms have happened in
Speaker 1: big crises like the tech bubble, they een sell off,
Speaker 1: the pandemic industrial recession, and we actually found that markets
Speaker 1: tend to bottom well before earnings estimates start turning back
Speaker 1: up again. Um. Usually there's the lead time varies, but
Speaker 1: usually by a number of months. So you know, we
Speaker 1: are concerns that earnings expectations will need to come down.
Speaker 1: We are concerned it could be a source of volatility
Speaker 1: for stocks in the months ahead, but we don't think
Speaker 1: it necessarily precludes the idea that we saw the lows
Speaker 1: back in June. Does that have you looking at different
Speaker 1: styles of looking closer to small cap versus large cap?
Speaker 1: You know that actually earning stack DRAFF is one of
Speaker 1: the reasons why we like small over large. We do
Speaker 1: think small caps have really baked in a short, shallow,
Speaker 1: mild recession and perhaps something even more extreme than that. UM.
Speaker 1: But we've also found that if you look at earning
Speaker 1: sentiment recently, we're not getting as big a downgrades in
Speaker 1: the small cap space as we are the large cap space. UM.
Speaker 1: I think that really because small caps didn't enjoy the
Speaker 1: same kind of melt up in expectations for large subsidity
Speaker 1: and this last year early this year, but certainly in
Speaker 1: an indirect way, it is a tail went for small
Speaker 1: caps at the moment. Is that because you're thinking that
Speaker 1: the there's a prospect of an economic slowdown providing more
Speaker 1: of a lift for small caps. What's the impact potentially
Speaker 1: of slow down in the economy on stocks more generally, Well,
Speaker 1: I think that a lot of it is baked in
Speaker 1: at this point in time. I mean, again, assuming that
Speaker 1: it's something that plays out largely this year and is
Speaker 1: of the short, shallow type variety. We've actually compared SMP
Speaker 1: five hundred pricing and RUSTLE two thousand pricing against moves
Speaker 1: and jobless claims, and they're already baking. They actually tend
Speaker 1: to trend together pretty closely on your re year basis,
Speaker 1: and they're already baking in a rather significant spike and
Speaker 1: jobless claims when to go forward basis beyond what we've
Speaker 1: already seen. Um So, what I've been telling investors is,
Speaker 1: if you think this recession is going to happen largely
Speaker 1: next year or the middle of or end this next year,
Speaker 1: that's probably not in the market right now. But if
Speaker 1: we really expect this downturn to play out in coming
Speaker 1: months and quarders, we probably did pay for the price
Speaker 1: for that back in June. Just thirty seconds left here, Lauria,
Speaker 1: what kind of clarity are you expecting clarity from Chairman
Speaker 1: Powell when it comes to rates or the path of
Speaker 1: the economy when he speaks on Friday. Probably not the
Speaker 1: kind of clarity that would allow me to just sort
Speaker 1: of take next week off and really enjoy the end
Speaker 1: of the summer. Um. I think there's always the potential
Speaker 1: for the Fed to add to volatility and stocks. I
Speaker 1: think markets have been trading up on the idea that
Speaker 1: we've seen the peak and inflation and the FED can
Speaker 1: start to ease up or move to the pause. Uh,
Speaker 1: you know, sometime in the force sable future, and when
Speaker 1: that's a consensus argument, that's always sort of room for
Speaker 1: markets to just, you know, kind of move away from
Speaker 1: that view and add from volatility. But we'll see what
Speaker 1: he has to say. And indeed on Friday, coming up
Speaker 1: here Lori Calvasin ahead of US Equity RBC Capital Markets
Speaker 1: always great to get your thoughts. SP futures right now
Speaker 1: down forty eight points. Staff futures down thereunder one Nastack
Speaker 1: future is lower by one hundred ninety nine points your list.
Speaker 1: Think to Bloomberg Daybreak, Good morning, Bloomberg eleven three oh weather.
Speaker 1: Lots of clouds today, scattered showers and storms of the
Speaker 1: high near seventy five, will get up to the mid
Speaker 1: eighties tomorrow, with a few scattered showers and storms possible
Speaker 1: by Wednesday. Sunshine at the high in your ninety right
Speaker 1: now seventy three in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York, Bloomberg in Living
Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one to San Francisco, Bloomberg nine sixteen to
Speaker 1: the country, Sirius XM Chad A one nineteen and around
Speaker 1: the 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: U West Trading. Let's get you up to date on
Speaker 1: the news you need to know at this sohour. It's
Speaker 1: all about the FED. This week the annual Jackson Hole
Speaker 1: Symposium against Thursday, and we'll hear from FED share J
Speaker 1: Powell in a speech there on Friday. Bloomberg's Vinnie down
Speaker 1: Judas has a preview the FED chairs battling inflation after
Speaker 1: the central bank fumbled at the onset of the worst
Speaker 1: price surgeon decades bloombrig Economics as Powell attempt to steady
Speaker 1: the message on interest rates and his talk at Jackson
Speaker 1: Hall and dissuade Wall Street that the FED is made
Speaker 1: of devish pivot by signaling the central Bank is far
Speaker 1: from done in this year's tightening campaign. So far, the
Speaker 1: Fed is lifted its benchmark rate from near zero to
Speaker 1: two point five percent. Bene dryl Judais Bloomberg day Break.
Speaker 1: Al right, Bennie, thank you, and we'll have complete coverage
Speaker 1: of the Jackson Hole sympose on Bloomberg. Surveillance will be
Speaker 1: there live well with Wall Street focus on the Fed
Speaker 1: this week, Karen, we're also getting more earnings reports. Dell,
Speaker 1: Salesforce and Zoom are among notable tech names reporting. We
Speaker 1: also hear from Peloton later this week. Well overseas, Nathan,
Speaker 1: Shinese banks have cut their loane prime rates as Beijing
Speaker 1: pledges to offer developers more financing. Hid Chen is head
Speaker 1: of investment strategy at Hi Tong International. I think we've
Speaker 1: already reached a point that the central government really need
Speaker 1: to step in and announcement over the weekend on the
Speaker 1: potest things. This executive good star. I think that really
Speaker 1: need to provide a backstop. And Hi Chan with High
Speaker 1: Tong International says markets want to see how the Chinese
Speaker 1: government will prop up it's struggling property space. Geopolitical note
Speaker 1: in Asia as well this morning, Karen, the US and
Speaker 1: South Korea are planning military drills, their biggest since North
Speaker 1: Korean leader Kim Jong An's summit with then President Donald Trump.
Speaker 1: Well incorporate news now, Nathan, The takeover battle for Signify
Speaker 1: Health is heating up, and we get the latest life
Speaker 1: from Bloomberg Shore. I need a young Good morning, Nina,
Speaker 1: Good morning, Karen. Sources say Amazon dot Com, United Health,
Speaker 1: CVS Health, and option Care Health are all vying to
Speaker 1: acquire Signify Health. United submitted the highest bid at more
Speaker 1: than thirty dollars a share, while Amazon's offer is closed behind.
Speaker 1: Signify closed above twenty one dollars on Friday, valuing the
Speaker 1: company at nearly five billion dollars. Now, no plans are
Speaker 1: finalized yet, and the bidders plans could still change it.
Speaker 1: Signified could always opt to remain independent. Sources till Bloomberg
Speaker 1: that Signify is holding a board meeting today to discuss
Speaker 1: the bids live in New York. I'm gonna need a
Speaker 1: young Bloomberg day break, all right, we need to thanks
Speaker 1: Oils following this morning, down nine tenths percent of barrel
Speaker 1: as negotiations move forward to revive a nuclear deal with Iran,
Speaker 1: and again futures are lower. S ANDP futures down fifty
Speaker 1: two points down. Futures down three hundred twenty six, nasday
Speaker 1: futures down two hundred ten straight A hand your latest
Speaker 1: local headlines, and this is Bloomberg. Karen, thanks thirty three
Speaker 1: on Wall Street, seventy three degrees in Central Park. Still
Speaker 1: got that accident south found West Side Highway A hundred
Speaker 1: fifty eight. Michael Bars here with Moar on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much. Nathan. New York City schools say they
Speaker 1: have not yet received any official guidance about monkey Box.
Speaker 1: It comes as New York has its first confirmed case
Speaker 1: of monkey box and someone under the age of eighteen.
Speaker 1: The New York Department of Health says the virus was
Speaker 1: detected and a child or teenager living outside in New
Speaker 1: York City. The virus is primarily spread through skin to
Speaker 1: skin contact. Ukrainian officials are denying the Russian allegations that
Speaker 1: they were behind the car bomb attack that killed the
Speaker 1: daughter of prominent Vladimir Putin ally Alexander Duggan Verriot. Do
Speaker 1: Gina's family said she borrowed her father's car, suggesting he
Speaker 1: was the target. House January six, Committee Vice chair List
Speaker 1: Cheney has said she thinks former Vice President Mike Fence
Speaker 1: should testify before the committee. Just days after her Republican
Speaker 1: primary loss in Wyoming, Cheney says that her focus now
Speaker 1: is keeping former President Trump out of the White House.
Speaker 1: Our party has abandoned principle and abandoned value, and abandoned
Speaker 1: fundamental fidelity to the Constitution in order to embrace a
Speaker 1: cult of personality, and I think that's really dangerous for
Speaker 1: a whole bunch of reasons. Liszt. Cheney spoke on ABC
Speaker 1: This Week, which can be heard Sundays on Bloomberg Parental
Speaker 1: Rights Front and Center in Florida as Republican governor around
Speaker 1: the Santis campaign in Durrell, supporting school board candidates who
Speaker 1: back his controversial educational agenda. We are not going to
Speaker 1: surrender to woke. We are gonna prevail, and Florida is
Speaker 1: the state where woke goes to die. Meanwhile, tomorrow is
Speaker 1: Florida's primary. Former GOP Governor Charlie Christ is now running
Speaker 1: as a Democrat for his old seat. My party left me.
Speaker 1: I didn't leave. It started with the Tea Party and
Speaker 1: it's only metastasized now. I'm very comfortable being a proud
Speaker 1: Florida Democratic. It's where I should have been a long
Speaker 1: time ago. I'm glad to be here now and thank
Speaker 1: God for it all. Chris spoke to ABC Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists
Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg NACOLN. Thank you, Michael on Wall Street.
Speaker 1: Time for the Bloomberg Sports seven Day with John Sepshaw.
Speaker 1: All right, Nathan, much needed win for the Yankees and
Speaker 1: an amazing win for the Mets, and have the two
Speaker 1: teams meet tonight in the Bronx star of the two
Speaker 1: game Subway series. The Yankees came into Paul O'Neill Day
Speaker 1: at the Stadium of the worst record in the month
Speaker 1: of August of any team in the Major's four and
Speaker 1: fourteen a shirt of losing a sixth series in a
Speaker 1: row for the first time in twenty seven years, just
Speaker 1: trying to avoid getting swept Yanks in Blue Jays two
Speaker 1: to seventh inning, and Andrew Bennett tendee at the plate.
Speaker 1: Here's the oh one, it's going on. There comes keep
Speaker 1: riding is hot? Fuck good? He hit his first home
Speaker 1: Ronson Nick Putton have cut it up better. Time Benny
Speaker 1: Bennett and the right deal scene and Yanks one for
Speaker 1: to two Mets. Meanwhile one in Philadelphia ten to nine.
Speaker 1: They trailed forward nothing later seven four. Mark Kenna had
Speaker 1: a game time three run homer in the seventh, Then
Speaker 1: of the ninth Canada again two run shot to put
Speaker 1: the Mets ahead. And now the Mets come at the
Speaker 1: Yankees with their one two punch match sers around the
Speaker 1: Mount tonight. Jacob to Grom tomorrow, So what it's worth?
Speaker 1: Giants or two and all the preseason to meet Cincinnati
Speaker 1: at MetLife twenty two, a game with three fourth quarter
Speaker 1: league changes. Davis Webb led the Giants to victory after
Speaker 1: Daniel Jones started and looked good going sixteen of eighteen.
Speaker 1: Rookie edge Russia Cavon Thibodeaux left with the knee injury
Speaker 1: that did not appear to be serious. The Jets hos
Speaker 1: the Falcons tonight. Patrick Cantley won the BMW Golf in Delaware.
Speaker 1: Tom Weiskoff has died at seventy nine. He won sixteen
Speaker 1: PGA events Between the British Open. He was the runner
Speaker 1: up at the Masters four times. John stash Award Bloomberg
Speaker 1: Sports NAPI okay, John, thank you. It's five thirty seven
Speaker 1: on Wall Street. Time for the Trice State Business Report.
Speaker 1: Here's Bloomberg's when Diy Gillette, It's dogg eat dog. In
Speaker 1: the New York City apartment and rental world these days,
Speaker 1: brokers tell The Guardian they're working insane hours to keep
Speaker 1: up with the incredible demand. Many apartments rent site unseen.
Speaker 1: The average price had a record high last month, five
Speaker 1: thousand dollars, up twenty nine percent over last year. The
Speaker 1: vacancy rate in Manhattan is just one nine percent, down
Speaker 1: a staggering forty six percent from one. Virtual. Public hearing
Speaker 1: start Thursday on the m t a's proposed congestion pricing program.
Speaker 1: Six hearings will be held through September nine. The first
Speaker 1: meeting runs from five to eight p m. Inflation and
Speaker 1: gas prices are not keeping tourists away from the Jersey
Speaker 1: Shore this summer. Many towns and cities tell NJ Spotlight
Speaker 1: News this season is meeting or beating expectations. And in
Speaker 1: Atlantic City casinos wins are up sixteen percent this here
Speaker 1: in eight percent last month, in indication gamblers are spending money.
Speaker 1: That's the Bloomberg Tri State Business Report. I'm Wendy to Let,
Speaker 1: Thanks Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories here in our three hundred affiliate radio
Speaker 1: stations around the world. I Steve Potos got on ten
Speaker 1: ten Wins in New York. We're talking about what could
Speaker 1: be a tough day for that bath and beyond shares,
Speaker 1: as some suppliers called shipments. I'm John Donnager telling k
Speaker 1: f AV listeners in Ovaha Warren Buffett probably wollted for
Speaker 1: control of Occidental Petroleum. I'm Jina Serbetti and for w
Speaker 1: c c O in Minneapolis. I'm talking about United Health,
Speaker 1: which is said to have submitted the highest bid among
Speaker 1: companies buying to acquire Signify Health Frinley Simteo. And on
Speaker 1: KYW and Philadelphia, I'll be reporting on how much more
Speaker 1: you'll have to pay for Tesla's autopilot systems. I'm Jeff
Speaker 1: Bullinger and on w y O D in Miami, I'm
Speaker 1: reporting some Miami McDonald's will be serving the Chicken Big
Speaker 1: Mac starting later this month. I'm Wendy to let on
Speaker 1: w w J and Detroit. I'm reporting on Ford's intention
Speaker 1: to appeal of billion dollars civil verdict against the auto company,
Speaker 1: and those are some of the stories our twenty seven
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. Editorial was
Speaker 1: written by the Bloomberg Editorial Board. Liz Trusts, who looks
Speaker 1: likely to become the UK's new Prime Minister, has stirred
Speaker 1: controversy with recent statements on the Bank of England. To
Speaker 1: gather support in the Conservative Party's leadership contest. She's proposing
Speaker 1: a departure from business as usual economic strategy and wants
Speaker 1: to review the central banks mandate. Nobody would claim all's
Speaker 1: well with Britain's military policy, but calling the bank's independence
Speaker 1: into question will only dig the economy into a deeper hole.
Speaker 1: Undermining its credibility is also likely to backfire politically. The
Speaker 1: Bank of England is not above criticism. It was too
Speaker 1: slow to raise interest rates and should learn from its mistakes,
Speaker 1: but it has also been faced with enormous economic shocks
Speaker 1: that have made its job exceptionally difficult. Trusts should not
Speaker 1: make its job even harder by interfering with its independence.
Speaker 1: This sedatorial was written by the Bloomberg editorial board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: Opinion or opie I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion. You can hear Bloomberg opinion
Speaker 1: editorials every weekday at this time. Terminal customers can read
Speaker 1: more at opie I n Go Bloomberg. Eleven three oh
Speaker 1: weather lots of cloud, scattered showers and storms behind her
Speaker 1: seventy five today, mid eighties tomorrow with a few scattered showers, thundershowers,
Speaker 1: sunshine near ninety by Wednesday. We're now seventy three in
Speaker 1: Central Park markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, blo Bloomberg Business at
Speaker 1: and at Bloomberg Quicktape. This is your Bloomberg Business Flash
Speaker 1: and I'm Karen Moscow. Stocks in Europe are retreading along
Speaker 1: with US stock index futures is the Federal reserves commitment
Speaker 1: to tighter monetary settings and worries about the effect on
Speaker 1: economic growth. Way on investors sentiment. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg right now,
Speaker 1: S ANDP futures are down fifty four points and DOWN
Speaker 1: futures down three hundred thirty nine and NASDAG futures down
Speaker 1: two hundred eleven. The decks in Germany's down one point
Speaker 1: nine percent. The ten year treasury of three thirties seconds
Speaker 1: yield two point nine six percent yield on a two
Speaker 1: year three point to seven percent. Nive X screwed oil
Speaker 1: is down one point one percent on a dollar one
Speaker 1: at eighty nine dollars seventy six cents a barrel. Comex
Speaker 1: school down nine ten percent, or fifteen dollars seventy cents
Speaker 1: is seventeen forty seven twenty announced. The euro is at
Speaker 1: one point zero zero seven against the dollar, British found
Speaker 1: one point one eight oh four, the n one thirty
Speaker 1: six point eight four, and bitcoin is down what and
Speaker 1: a half percent at twenty one thousand, one hundred forty dollars.
Speaker 1: For watching theme socks this morning, Bed Bath and Beyond
Speaker 1: is down about ten percent, an AMC entertainment falling down
Speaker 1: thirty three percent ahead of the debut of its ape shares.
Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. President Joe Biden spoke yesterday with
Speaker 1: fellow Western leaders looking to revive a nuclear deal with Ron.
Speaker 1: Biden spoke with his counterparts in Germany, France, and the UK.
Speaker 1: Basketball Hall of Famer Dennis Rodman says he intends to
Speaker 1: visit Russia to try to help w n b A
Speaker 1: star Britney Griner get back home. Brinder was sentenced to
Speaker 1: nine years following her conviction on drug charges earlier this month.
Speaker 1: In baseball, the Yankees beat the Blue Jays four two,
Speaker 1: The Mets beat the Phillies ten nine, The Orioles beat
Speaker 1: the Red Sox five three, The Nationals lost, The A's
Speaker 1: beat the Mariners five three, the Giants one. In NFL
Speaker 1: preseason yesterday, the Giants and Ravens one. Global news twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than hundred journalists analysts more than a
Speaker 1: hundred twenty countries. Michael Barr, and this is Bloomberg, Nathan.
Speaker 1: Thanks Michael, It's five forty nine on Wall Street Live
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Breaking.
Speaker 1: We're watching oil prices this morning, moving lower, as Karen mentioned,
Speaker 1: down one point one percent on the prospect of potentially
Speaker 1: more Iranian crude entering the market if that nuclear deal
Speaker 1: with the West comes back to life. Joining us now
Speaker 1: for more Bloomberg News Oil strategist Julian Lee. Julian, as
Speaker 1: we heard, we did get that conversation over the weekend
Speaker 1: between President Biden and the leaders of Germany, France and
Speaker 1: the UK. But I mean the idea of a new
Speaker 1: nuclear agreement is still very much up in the air,
Speaker 1: isn't it? Yes, it is. I mean, there seems to
Speaker 1: have been some progress. There was what the European Union
Speaker 1: build as a final um proposal that they put to
Speaker 1: everybody involved. The Iranians have responded to that. Their response
Speaker 1: has been constructive, but we know very little more than
Speaker 1: that about it. Um. It's being looked at by the
Speaker 1: US and other parties to this this deal UM and
Speaker 1: we're waiting for their response, and it seems as though
Speaker 1: the way they could continue. I mean, I saw a
Speaker 1: headline that Iran is accusing the US of stalling on
Speaker 1: its response. So is this a matter of the market
Speaker 1: sort of getting ahead of where negotiations are right now
Speaker 1: given that we are seeing this, Uh, there's so much
Speaker 1: significant driven oil risers this morning. Yeah, I mean, I'm
Speaker 1: not sure how much that is due to hopes or
Speaker 1: or fears, depending on which side of this you're on,
Speaker 1: of a resumption of the deal, and how much it's
Speaker 1: due to other things that the market is looking at.
Speaker 1: Particularly I think a piece of news out of China
Speaker 1: that they have have gone back from drawing oil stock
Speaker 1: piles to rebuilding them. There are still very serious concerns
Speaker 1: about demanding China going forwards, as there are about demanding
Speaker 1: in Europe and some other parts of the world. And
Speaker 1: it may be that, as much as um any sort
Speaker 1: of perception of progress around the Iranian nuclear deal, that's
Speaker 1: actually driving prices at the moment. All Right, an interesting
Speaker 1: point there, But if we do see Iranian oil return
Speaker 1: to the market, as we say, it is a pretty
Speaker 1: big if. Is there going to be enough of a
Speaker 1: backstop for the European market given all the Russian oil
Speaker 1: that's been taken out? I think it would certainly help.
Speaker 1: I mean, I I've wrote a column about this that
Speaker 1: was published on Sunday, looking back at what Iran did
Speaker 1: during that that period when this nuclear deal was in
Speaker 1: operation before President Trump effectively tore it up. They were
Speaker 1: sending at that time somewhere in the region of six
Speaker 1: hundred thousand barrels a day of crude to European markets,
Speaker 1: predominantly the Mediterranean. I think if if Iranian production comes back,
Speaker 1: we can see or expect to see at least that
Speaker 1: amount heading westwards to to Europe. They are going to
Speaker 1: have to fight harder, I think to secure markets in
Speaker 1: some of them more traditional um Asian customers. I mean,
Speaker 1: they would be competing with subsidized Russian crewed in India,
Speaker 1: um and perhaps in China as well. That may well
Speaker 1: end up seeing more Iranian oil going westwards. If this
Speaker 1: deal is revived, would it be able to get back
Speaker 1: on the market in time for the European winter? I mean,
Speaker 1: is that something that's even possible for for that amount
Speaker 1: of Iranian crew to get back into the market. I
Speaker 1: think it's certainly possible. UM much will depend on on
Speaker 1: what kind of delays are built into any agreement. There's
Speaker 1: been some suggestion that there would be a sort of, um,
Speaker 1: a sort of proof of good intent period if you like,
Speaker 1: where Iran is required to do certain things around it's
Speaker 1: it's nuclear program before the sanctions on on oil exports
Speaker 1: are fully lifted. But the estimate is that they have
Speaker 1: somewhere in the region of a hundred million barrels of
Speaker 1: oil already pumped out of the ground and in storage.
Speaker 1: Some of that in in tanks on land, a lot
Speaker 1: of it in in tankers off the Iranian coast. That
Speaker 1: could move very very quickly. Um. And if you look
Speaker 1: back at the last time that that Iran was sort
Speaker 1: of freed from the shackles of sanctions, their production came
Speaker 1: back much much more quickly than people had anticipated. UM.
Speaker 1: They they'd added close to a million barrels a day
Speaker 1: within twelve months, UM, and a good half of that
Speaker 1: within six. Thanks for this, Julian, great having on with
Speaker 1: us this morning. Bloomberg News oil strategist Julian Lee, Karen Pathan.
Speaker 1: It is five ft three on Wall Street. It's time
Speaker 1: for our Bloomberg lag rapport. Let's get to the legal
Speaker 1: stories we are watching this morning. From Bloomberg's Jeff Bellinger
Speaker 1: proposed class action filed in federal court in California accused
Speaker 1: of Twitter of inducing users to disclose personal information under
Speaker 1: the pretext of securing their accounts. The suit charges the
Speaker 1: information was sold to marketers. State Farm will pay one
Speaker 1: hundred million dollars to settle a suit that accused the
Speaker 1: company of improperly submitting claims for flood damage to FEMA
Speaker 1: following Hurricane Katrina. Federal court records in Louisiana show the
Speaker 1: Postal Service and a black letter carrier reached a settlement.
Speaker 1: The letter carrier accused her supervisors of racial harassment. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks now
Speaker 1: another legal story we're watching the John you approved the
Speaker 1: unprecedented search of former President Donald Trump. Samarra Lago Estate
Speaker 1: has decided that he will release portions of the sealed
Speaker 1: FBI off A David used to secure the search. Warrant
Speaker 1: has given the Justice Department until noon on Thursday to
Speaker 1: propose what information in the affidavit should be kept secret.
Speaker 1: For more, Bloomberg jun Grass Space to former federal prosecutor
Speaker 1: Jennifer Rogers of Columbia Law School. The Justice Department argued
Speaker 1: that releasing this information could jeopardize not only the investigation,
Speaker 1: but FBI agents and witnesses. So what do you think
Speaker 1: the redactions will look like? And that's why it's so
Speaker 1: critical what the judge does with the request for redaction,
Speaker 1: because you know, there's really no point in releasing a
Speaker 1: document if virtually everything in it is redacted and you
Speaker 1: can't learn anything. I mean, that doesn't assist the public
Speaker 1: and this matter of great importance, as the judge has determined.
Speaker 1: On the other hand, I think the judge should take
Speaker 1: seriously the Justice departments concerns about its investigation and the
Speaker 1: integrity of the investigation, and of course the safety of
Speaker 1: most primarily witnesses, not just their safety, but that they
Speaker 1: should not be tampered with, of course. So you know,
Speaker 1: weighing all of that, the question is how extensive will
Speaker 1: the redactions speak. You know, there's some information in the
Speaker 1: public already about these negotiations between Trump's team and the
Speaker 1: National Archives and then eventually the SBI. Some of that
Speaker 1: seems like it could come out and not be redacted.
Speaker 1: That would be safe. You know, the things I expect
Speaker 1: to be redacted are whatever source information they received that
Speaker 1: these documents are still at Moral Lago and exactly where
Speaker 1: they are. That's the sort of information you would think
Speaker 1: would be redacted. And then of course anything else sensitive
Speaker 1: that they think would jeffordize the ongoing nature of the
Speaker 1: investigation will likely be redacted to But I expect they
Speaker 1: can release some of this, particularly about the back and
Speaker 1: forth with Team Trump and his lawyers and the National
Speaker 1: Archives and FBI. I think we'll see some of that now.
Speaker 1: He said he'd allow the government time to appeal his ruling.
Speaker 1: Is that something you think the Justice Department might actually
Speaker 1: do appeal? I think they might appeal if in the
Speaker 1: end they feel that the judges ruling releases too much information.
Speaker 1: So we'll we'll have to wait and see what the
Speaker 1: outcome of that is. But yet, certainly, if they think
Speaker 1: that their investigation is uppardies or certainly any classified material
Speaker 1: is jeopardized by what the judge wants to be released,
Speaker 1: I think they will appeal. And as former federal prosecutor
Speaker 1: Jennifer Rogers speaking at the Bloomberg Student Grosso catch more
Speaker 1: in that interview plus analysis of the latest legal news
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this
Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg law
Speaker 1: dot com and on the Bloomberg terminal at b law Go.
Speaker 1: And futures this morning are on the decline, moving lower.
Speaker 1: Tenure treasury is up three thirty seconds, the yel two
Speaker 1: point nine five and the yield on the two year
Speaker 1: three point to seven per cent. And we have our
Speaker 1: top stories straight ahead as Bloomberg Daybreak continues. And this
Speaker 1: is Bloomberg