1 00:00:01,880 --> 00:00:05,279 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:05,360 --> 00:00:09,000 Speaker 1: Daybreak from Monday, October thirty one two. Coming up this hour, 3 00:00:10,119 --> 00:00:13,440 Speaker 1: d Enters the last trading day of October, up almost 4 00:00:13,520 --> 00:00:16,160 Speaker 1: nine percent for the month. Investors await this week's meet 5 00:00:16,239 --> 00:00:20,119 Speaker 1: decision and jobs reports. Barklay's trading revenue tops estimates. We'll 6 00:00:20,120 --> 00:00:23,400 Speaker 1: speak with the banks CEO. And in Brazil, Luisa Nacio 7 00:00:23,480 --> 00:00:26,640 Speaker 1: Lula da Silva wins the presidential election. The man accused 8 00:00:26,640 --> 00:00:29,000 Speaker 1: of attacking the husband of House Speaker Pelosi will be 9 00:00:29,080 --> 00:00:32,000 Speaker 1: charged today. Plus South three of mourns after a crowd 10 00:00:32,040 --> 00:00:34,560 Speaker 1: crush kills more than a hundred fifty people. I Michael 11 00:00:34,560 --> 00:00:37,000 Speaker 1: blarn more than head. I'm John stas Shower and sports. 12 00:00:37,040 --> 00:00:39,560 Speaker 1: The Jets and Giants four game win streaks both came 13 00:00:39,600 --> 00:00:41,800 Speaker 1: to an end and NIX lost. The Rangers and Devils 14 00:00:41,840 --> 00:00:47,040 Speaker 1: both won. That's all straight Ahead on Bloomberg Daybreak on 15 00:00:47,159 --> 00:00:51,519 Speaker 1: Bloomberg eleven, Freeo, New York, Bloomberg one, Washington, d C, 16 00:00:51,920 --> 00:00:55,960 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, 17 00:00:56,400 --> 00:00:59,320 Speaker 1: Sirius x M one nineteen and around the world on 18 00:00:59,440 --> 00:01:02,600 Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business. A 19 00:01:07,680 --> 00:01:10,760 Speaker 1: good Monday morning. I'm Amy Morris and M. Nathan Hagar. 20 00:01:10,840 --> 00:01:13,759 Speaker 1: Futures are moving lower as we start a busy week 21 00:01:13,800 --> 00:01:15,720 Speaker 1: for markets. Were coming up to five oh one on 22 00:01:15,720 --> 00:01:17,800 Speaker 1: Wall Street. We checked the markets for you every fifteen 23 00:01:17,840 --> 00:01:20,760 Speaker 1: minutes during the trading day on Bloomberg SMP futures right 24 00:01:20,800 --> 00:01:23,240 Speaker 1: now down twenty two points. Staff futures down a hundred 25 00:01:23,280 --> 00:01:26,759 Speaker 1: sixty one. Nastack futures are lower by eighty nine points. 26 00:01:27,040 --> 00:01:29,920 Speaker 1: Tenure Treasury is down ten thirty seconds. The yield four 27 00:01:29,959 --> 00:01:32,600 Speaker 1: point zero five percent yield on the two year four 28 00:01:32,640 --> 00:01:35,640 Speaker 1: point four eight percent. Nim X screwed is down seven 29 00:01:35,640 --> 00:01:38,240 Speaker 1: tenths per center sixty three cents at eighty seven dollars 30 00:01:38,240 --> 00:01:41,080 Speaker 1: twenty nine cents of Barrel and Comics Gold right now 31 00:01:41,200 --> 00:01:44,200 Speaker 1: is down three tenths percent at sixteen thirty nine seventy 32 00:01:44,200 --> 00:01:47,280 Speaker 1: an ounce. Amy Nathan Stock Center, the last day of 33 00:01:47,319 --> 00:01:49,640 Speaker 1: the trading month. In rally mode, d S and P 34 00:01:49,760 --> 00:01:52,680 Speaker 1: five hundred has gained almost nine percent in October. The 35 00:01:52,800 --> 00:01:56,279 Speaker 1: Dow Jones Industrial Average has surged more than fourteen percent. 36 00:01:56,640 --> 00:01:59,520 Speaker 1: Michael Sheldon as chief investment Officer at High Tower r 37 00:01:59,600 --> 00:02:02,480 Speaker 1: d M Financial Group. The Dow is the first of 38 00:02:02,560 --> 00:02:05,240 Speaker 1: the major indices to move back above their key two 39 00:02:05,560 --> 00:02:08,840 Speaker 1: day moving averages, So that's something a lot of investors watched, 40 00:02:08,880 --> 00:02:12,000 Speaker 1: separating a longer term rally versus a short term rally. 41 00:02:12,480 --> 00:02:14,200 Speaker 1: None of the other major markets have done that, but 42 00:02:14,280 --> 00:02:17,680 Speaker 1: that's certainly something to the monitor going forward. Hi Tower 43 00:02:17,800 --> 00:02:20,560 Speaker 1: r DM Financial Group Michael Sheldon notes the s and 44 00:02:21,360 --> 00:02:24,760 Speaker 1: is on its longest weekly rising streaks since August. Blamy 45 00:02:24,840 --> 00:02:27,959 Speaker 1: investors have to potential market moving events this week. The 46 00:02:28,080 --> 00:02:30,959 Speaker 1: FED makes an interest rate decision on Wednesday, and the 47 00:02:31,040 --> 00:02:35,040 Speaker 1: government issues its monthly employment report on Friday. Bloomberg'sviny Del 48 00:02:35,120 --> 00:02:39,240 Speaker 1: Judas reports economists se another jumbo US rate hike seventy 49 00:02:39,280 --> 00:02:44,000 Speaker 1: five basis points to stop red hot inflation. Consumer psychology 50 00:02:44,120 --> 00:02:47,200 Speaker 1: a key to snapping a price breakout, suggest the Fed. 51 00:02:47,280 --> 00:02:49,919 Speaker 1: As its work cut out, Americans see the cost of 52 00:02:50,040 --> 00:02:52,919 Speaker 1: living rising five percent over the next year, based on 53 00:02:53,120 --> 00:02:58,160 Speaker 1: University of Michigan data. Turning to America's labor market, economists 54 00:02:58,160 --> 00:03:01,960 Speaker 1: anticipate in October payroll game but not as robust to September. 55 00:03:02,240 --> 00:03:06,000 Speaker 1: The unemployment rate will probably remain low amid historic labor 56 00:03:06,040 --> 00:03:10,960 Speaker 1: shortages in many industries. Fini Deal, Judae, Bloomberg Daybreak, Thanks Vinnie. 57 00:03:10,960 --> 00:03:14,160 Speaker 1: The latest of Bloomberg m Live Pulse survey suggests if 58 00:03:14,280 --> 00:03:17,560 Speaker 1: the Fed shair Jerome Powell gives any dubbish signals during 59 00:03:17,600 --> 00:03:21,040 Speaker 1: this week's press conference, he might send investors scrambling. Almost 60 00:03:21,080 --> 00:03:23,600 Speaker 1: half of two hundred fifty respondents polled last week said 61 00:03:23,800 --> 00:03:25,880 Speaker 1: they were buying the dollar ahead of the decision. In 62 00:03:25,919 --> 00:03:29,480 Speaker 1: about seventy eight percent expected two year treasury yields to 63 00:03:29,639 --> 00:03:32,360 Speaker 1: go up. No, it's gonna be another busy week for earnings. Amy. 64 00:03:32,440 --> 00:03:34,720 Speaker 1: More than a third of the companies in the SMP 65 00:03:34,880 --> 00:03:37,040 Speaker 1: five report this week, and we get the story from 66 00:03:37,080 --> 00:03:41,120 Speaker 1: Bloomberg's Charlie Pellett. With more than two hundred sixty SMP 67 00:03:41,280 --> 00:03:46,160 Speaker 1: companies reporting so far, about seventy one have delivered positive 68 00:03:46,240 --> 00:03:51,080 Speaker 1: earning surprises despite some notable technology. Mrs Emily Hill is 69 00:03:51,160 --> 00:03:54,760 Speaker 1: founding partner at Bowersock Capital Partners. You know, yes, some 70 00:03:55,000 --> 00:03:59,760 Speaker 1: earnings are exceeding this reasonably low bar, but overall we 71 00:04:00,000 --> 00:04:02,200 Speaker 1: of slowing growth and I think what we're going to 72 00:04:02,320 --> 00:04:04,800 Speaker 1: see is more of what we just saw from big 73 00:04:04,920 --> 00:04:07,320 Speaker 1: tech and in the first quarter of next year, we're 74 00:04:07,320 --> 00:04:10,440 Speaker 1: going to see the impact of the strong dollar rising 75 00:04:10,520 --> 00:04:13,560 Speaker 1: interest rates even more than we have now. In addition 76 00:04:13,600 --> 00:04:16,000 Speaker 1: to the healthcare giants, this week we will hear from 77 00:04:16,120 --> 00:04:21,679 Speaker 1: A m D, Airbnb, Conuco, Phillips, Starbucks, Uber and Young Brands. 78 00:04:22,240 --> 00:04:26,360 Speaker 1: In New York, Charlie Pellock Bloomberg Daybreak, all right, thank you, Charlie. 79 00:04:26,400 --> 00:04:29,279 Speaker 1: And in Europe, chairs of barclayser up a half percent. 80 00:04:29,440 --> 00:04:33,760 Speaker 1: Trading revenue rose greater than expected this game, driven by 81 00:04:33,839 --> 00:04:38,400 Speaker 1: fixed income, commodities and currencies. Trading exclude some hedging losses 82 00:04:38,440 --> 00:04:41,880 Speaker 1: tied to its mistakenly issued securities earlier this year. And 83 00:04:41,960 --> 00:04:45,320 Speaker 1: his first TV interview since taking the top job, Chief 84 00:04:45,440 --> 00:04:48,520 Speaker 1: Executive Officer C. S Venkate Christian And spoke about the 85 00:04:48,640 --> 00:04:52,120 Speaker 1: UK economy with Bloomberg's Franci and Lakwa. What I'm hoping 86 00:04:52,200 --> 00:04:55,480 Speaker 1: you see is what people will call a soft landing 87 00:04:55,560 --> 00:04:59,400 Speaker 1: and shallow recession, helped by the initial conditions. Uh and 88 00:05:00,000 --> 00:05:02,920 Speaker 1: and so what you might see as an increase in unemployment, 89 00:05:03,400 --> 00:05:07,360 Speaker 1: you might see some credit weakness among among customers, but 90 00:05:07,520 --> 00:05:10,200 Speaker 1: it won't be so bad that you see distress in society. 91 00:05:11,120 --> 00:05:13,080 Speaker 1: We're going to bring you more of our conversation with 92 00:05:13,200 --> 00:05:16,040 Speaker 1: Chief executive officers c As vin Cate Christian. It's a 93 00:05:16,080 --> 00:05:18,400 Speaker 1: little later in the program. Well, another major story we're 94 00:05:18,400 --> 00:05:21,040 Speaker 1: following this morning, Amy takes us to Brazil and a 95 00:05:21,200 --> 00:05:25,120 Speaker 1: dramatic comeback for former president Louise and Nacio Lula da Silva, 96 00:05:25,360 --> 00:05:28,719 Speaker 1: the left wing politician has won the presidential election, narrowly 97 00:05:28,800 --> 00:05:32,400 Speaker 1: defeating incumbent Gyre ball Cinaro. Three years ago, Lula was 98 00:05:32,440 --> 00:05:36,120 Speaker 1: in a jail cell on corruption charges. Juan Pablo Spinetto 99 00:05:36,240 --> 00:05:39,560 Speaker 1: is Bloomberg's managing editor for Economy and Government in Latin America. 100 00:05:40,600 --> 00:05:43,119 Speaker 1: Less than three years ago, he was still in jail. 101 00:05:43,240 --> 00:05:47,920 Speaker 1: So if we talk about perspective um, this is probably 102 00:05:47,960 --> 00:05:50,679 Speaker 1: one of the greatest political combat sides in my life. 103 00:05:50,960 --> 00:05:54,160 Speaker 1: Lula was president for eight years at the beginning of 104 00:05:54,279 --> 00:05:57,240 Speaker 1: the century. He was one of the most popular politicians 105 00:05:57,600 --> 00:06:00,960 Speaker 1: on Earth. At some point when Barack Obama president, he 106 00:06:01,120 --> 00:06:03,920 Speaker 1: called he in the guy right, the most important and 107 00:06:04,080 --> 00:06:08,000 Speaker 1: most popular president. Bloomberg Managing editor Juan Pablo Spinetto says 108 00:06:08,040 --> 00:06:11,719 Speaker 1: Bolsonaro has neither conceded the race nor commented on the results. 109 00:06:12,440 --> 00:06:15,400 Speaker 1: And in other political news this morning, Chinese Foreign Minister 110 00:06:15,520 --> 00:06:18,760 Speaker 1: Wang Ye criticized US export curbs in a cult with 111 00:06:18,800 --> 00:06:23,000 Speaker 1: Secretary of State Anthony Blinken Wins. Comments about export controls 112 00:06:23,080 --> 00:06:25,920 Speaker 1: were an apparent reference to Washington's move earlier this month 113 00:06:26,200 --> 00:06:29,920 Speaker 1: to restrict Chinese access to chip making technology. On the 114 00:06:29,960 --> 00:06:33,440 Speaker 1: economic front in Asia, Amy China's factory and services activity 115 00:06:33,520 --> 00:06:36,839 Speaker 1: contracted in October. Bloomberg day Break Asia anchor Bryan Curtis 116 00:06:36,920 --> 00:06:39,800 Speaker 1: has more from Hong Kong. The downshift suggests the COVID 117 00:06:39,920 --> 00:06:42,880 Speaker 1: curbs and the property cristis are taking a toll. The 118 00:06:42,960 --> 00:06:45,680 Speaker 1: official pm I felt a forty nine point two from 119 00:06:45,800 --> 00:06:49,320 Speaker 1: fifty point one in September and below estimates. The non 120 00:06:49,400 --> 00:06:52,240 Speaker 1: manufacturing pm I dropped to forty eight point seven from 121 00:06:52,360 --> 00:06:56,880 Speaker 1: fifty point six and also below estimates. Bloomberg Economics says, 122 00:06:56,880 --> 00:07:00,280 Speaker 1: as bad as these numbers are, they probably understand the 123 00:07:00,400 --> 00:07:03,640 Speaker 1: true weakness. New export orders slumped all the way to 124 00:07:03,760 --> 00:07:07,640 Speaker 1: forty seven point six and non manufacturing employment dropped to 125 00:07:07,720 --> 00:07:11,200 Speaker 1: forty six point one in Hong Kong. Brian Curtis Bloomberg 126 00:07:11,280 --> 00:07:14,120 Speaker 1: day Break, Okay, Brian, thank you, futures are moving lower 127 00:07:14,200 --> 00:07:16,920 Speaker 1: this Monday morning, straight ahead your latest local headlines in 128 00:07:16,960 --> 00:07:23,720 Speaker 1: the check of Sports. This is Bloomberg. Thank you, Nathan. 129 00:07:23,760 --> 00:07:25,760 Speaker 1: It's five oh seven on Wall three. Let's bring in 130 00:07:25,840 --> 00:07:27,880 Speaker 1: Michael bar with more on what else is going on 131 00:07:28,080 --> 00:07:30,679 Speaker 1: in New York and around the world. Good morning Michael, 132 00:07:30,800 --> 00:07:33,680 Speaker 1: Good morning Amy. We're learning more information about the attack 133 00:07:33,800 --> 00:07:37,559 Speaker 1: on Paul Pelosi, husband of our speaker Nancy Pelosi. It sat. 134 00:07:37,640 --> 00:07:40,520 Speaker 1: The suspect allegedly had a bag full of zip ties 135 00:07:40,600 --> 00:07:44,440 Speaker 1: along with a hammery he brought to pelosi San Francisco home. 136 00:07:44,920 --> 00:07:48,960 Speaker 1: The suspect, David pop will officially be charged today and 137 00:07:49,080 --> 00:07:52,760 Speaker 1: arraigned tomorrow. Pelosi is the latest in a growing wave 138 00:07:52,880 --> 00:07:56,679 Speaker 1: of threats and plots against elected officials on Face the Nation. 139 00:07:56,800 --> 00:08:00,200 Speaker 1: Margaret Brennan asked Tom emer, Congressman and chair end of 140 00:08:00,240 --> 00:08:03,720 Speaker 1: the National Republican Congressional Committee, about a tween he posted 141 00:08:03,800 --> 00:08:07,320 Speaker 1: several days ago of him touting the Second Amendment firing 142 00:08:07,400 --> 00:08:11,280 Speaker 1: a gun with a hashtag fire Pelosi. Why is there 143 00:08:11,400 --> 00:08:14,000 Speaker 1: a gun in a political add at all? Well, now, 144 00:08:14,480 --> 00:08:17,360 Speaker 1: pink slip be more fitting if it's about firing her 145 00:08:17,600 --> 00:08:21,280 Speaker 1: exercising our Second Amendment rights. Heaven at the Second Amendment 146 00:08:21,880 --> 00:08:25,600 Speaker 1: has been about Second Amment hashtag Pelosi. Yes, Emers said 147 00:08:25,680 --> 00:08:28,760 Speaker 1: there is no place for violence in our society. Face 148 00:08:28,840 --> 00:08:31,960 Speaker 1: the nation can be heard Sundays on Bloomberg Radio. At 149 00:08:32,040 --> 00:08:34,640 Speaker 1: least a hundred fifty three people were killed and dozens 150 00:08:34,679 --> 00:08:39,040 Speaker 1: injured following a crowd crush during Halloween celebrations, and Soul, 151 00:08:39,160 --> 00:08:42,760 Speaker 1: marking one of the deadliest incidents in South Korea in years. 152 00:08:43,040 --> 00:08:45,719 Speaker 1: Bloomberg so he Kim has more from Soul. Most of 153 00:08:45,800 --> 00:08:48,280 Speaker 1: the victims were young people, those who are in their 154 00:08:48,320 --> 00:08:51,360 Speaker 1: twenties and women who couldn't endure the pressure they got 155 00:08:51,440 --> 00:08:54,720 Speaker 1: from the crowd crush. Bloomberg so he Kim from Seoul, 156 00:08:55,080 --> 00:08:58,640 Speaker 1: President Yun Sakyol declared a period of national mourning and 157 00:08:58,760 --> 00:09:03,199 Speaker 1: vowed to carry out a thorough investigation. Republican Governor Brian 158 00:09:03,320 --> 00:09:06,679 Speaker 1: Kemp and Democrats Stacy Abrams squared off Sunday night in 159 00:09:06,800 --> 00:09:12,680 Speaker 1: Georgia's governor race. The governor praised the state's economy thankfully 160 00:09:12,760 --> 00:09:15,760 Speaker 1: in Georgia because we were open even when Miss Abrams 161 00:09:15,840 --> 00:09:19,440 Speaker 1: didn't want us to be. Our economy has been incredibly resilient. 162 00:09:19,679 --> 00:09:24,199 Speaker 1: We've had two record years for economic development. Meanwhile, Abrams 163 00:09:24,280 --> 00:09:27,240 Speaker 1: during the debate promised voters she will not reduce taxes 164 00:09:27,360 --> 00:09:30,520 Speaker 1: for the rich. As governor, I will not only lower costs, 165 00:09:30,720 --> 00:09:32,960 Speaker 1: I will put more money into the pockets of working 166 00:09:33,000 --> 00:09:35,679 Speaker 1: Georgians of middle class origins. But what I will not 167 00:09:35,840 --> 00:09:38,560 Speaker 1: do is give tax cuts to the wealthy and the powerful. 168 00:09:39,000 --> 00:09:43,240 Speaker 1: The Abram's Kemp Debate aired on WSB. Drivers, look out 169 00:09:43,320 --> 00:09:45,240 Speaker 1: for a little trick or treater. It isn't the Tri 170 00:09:45,400 --> 00:09:48,959 Speaker 1: State area. It's Halloween. Meanwhile, for the adults, the annual 171 00:09:49,080 --> 00:09:52,920 Speaker 1: Halloween Parade returns to Greenwich Village Tonight. Global News twenty 172 00:09:52,960 --> 00:09:55,480 Speaker 1: four hours a day on air and on Bloomberg Quick 173 00:09:55,520 --> 00:09:58,680 Speaker 1: Take Power by more than twenty hundred journalists and analysts 174 00:09:58,720 --> 00:10:01,360 Speaker 1: more than a hundred twenty country Michael Barr and this 175 00:10:01,880 --> 00:10:06,679 Speaker 1: is Bloomberg Gaming. All right, thank you, Michael, five o 176 00:10:06,800 --> 00:10:09,240 Speaker 1: nine on Wall Street Time. Now for the sports report, 177 00:10:09,320 --> 00:10:11,520 Speaker 1: brought to you by Try State Audi. Here's john S 178 00:10:11,559 --> 00:10:13,520 Speaker 1: dash Our thanks seeing me. It was an awfully nice 179 00:10:13,559 --> 00:10:16,280 Speaker 1: month of October for the Jets and Giants both. We're 180 00:10:16,320 --> 00:10:18,080 Speaker 1: hoping to cap it with a fifth winning a row 181 00:10:18,200 --> 00:10:20,160 Speaker 1: boat saw other winning streaks come to an end. Jets 182 00:10:20,240 --> 00:10:23,080 Speaker 1: lead the Patriots at halftime with the fat scored nineteen 183 00:10:23,160 --> 00:10:25,520 Speaker 1: points in the row beat. The Jets for the thirteen, 184 00:10:25,640 --> 00:10:28,439 Speaker 1: king second of time, twenty to the seventeen and MetLife. 185 00:10:28,520 --> 00:10:31,120 Speaker 1: Not a good day for Zach Wilson. Between a couple 186 00:10:31,160 --> 00:10:34,000 Speaker 1: of touchdown passes, he threw three interceptions. One was a 187 00:10:34,000 --> 00:10:36,199 Speaker 1: pass he was just trying to throw away. There was 188 00:10:36,240 --> 00:10:38,559 Speaker 1: a costly Jet penalty in the first half of roughing 189 00:10:38,559 --> 00:10:41,080 Speaker 1: the pastor that wiped out in eighty yard pick six. 190 00:10:41,559 --> 00:10:43,640 Speaker 1: Jets fall to five and three the Giants in Seattle. 191 00:10:43,720 --> 00:10:46,800 Speaker 1: The game was tied at seven, then ten, then thirteen. 192 00:10:46,880 --> 00:10:49,760 Speaker 1: In the fourth quarter, You're gonna throw again. On first down, 193 00:10:49,840 --> 00:10:56,200 Speaker 1: pumping got him out of the corn down straight home. 194 00:10:58,640 --> 00:11:05,000 Speaker 1: What a drive done. Tyler Loker was not gonna left 195 00:11:05,040 --> 00:11:07,400 Speaker 1: this one get away. Tyro had they called Tyler Locket 196 00:11:07,480 --> 00:11:10,160 Speaker 1: had dropped the TV pass earlier. Also had a fumble 197 00:11:10,200 --> 00:11:12,040 Speaker 1: that led to a Giants t V to Seattle scored 198 00:11:12,040 --> 00:11:16,199 Speaker 1: again four minutes later. Seahawks won seven to thirteen. Richie 199 00:11:16,400 --> 00:11:20,040 Speaker 1: James was a Giant's goat. He fumbled punts in both halves, 200 00:11:20,120 --> 00:11:22,199 Speaker 1: both led to Seattle scores. Giants for six and two 201 00:11:22,240 --> 00:11:24,480 Speaker 1: and off next week. Nick's got a good look at 202 00:11:24,480 --> 00:11:26,600 Speaker 1: the guy they were trying to acquire the off season. 203 00:11:26,679 --> 00:11:29,480 Speaker 1: In Cleveland, Donovan Mitchell scored thirty eight points. He made 204 00:11:29,559 --> 00:11:32,719 Speaker 1: eight three pointers. He had twelve assists. Calves rally to 205 00:11:32,760 --> 00:11:35,080 Speaker 1: win one oh eight. Rangers on me because the Banta 206 00:11:35,160 --> 00:11:37,920 Speaker 1: Jet power play goal was seven minutes left, won three two. 207 00:11:37,960 --> 00:11:40,679 Speaker 1: At Arizona, the Devil's routed Columbus seven to one. The 208 00:11:40,760 --> 00:11:44,360 Speaker 1: World Series is in Philadelphia, Astros who Phillies are one 209 00:11:44,480 --> 00:11:47,760 Speaker 1: one going to tonight's game. Three down statue were Bloombrook 210 00:11:47,760 --> 00:11:51,600 Speaker 1: Sports Tea all right, thank you John checking futures now 211 00:11:51,800 --> 00:11:55,000 Speaker 1: s and P futures down twenty points, DAAL futures down 212 00:11:55,040 --> 00:11:58,640 Speaker 1: on seventy two, nastec features down at nineties six, much 213 00:11:58,679 --> 00:12:01,160 Speaker 1: more still to come on Bloomberg dayper This is Bloomberg. 214 00:12:07,360 --> 00:12:09,680 Speaker 1: The Bloomberg Sports Report was brought to you by Autie. 215 00:12:09,720 --> 00:12:11,920 Speaker 1: Don't let someone else drive off in the outie model 216 00:12:11,960 --> 00:12:14,840 Speaker 1: you've always wanted. Visit your local tri state outie dealer 217 00:12:15,000 --> 00:12:16,920 Speaker 1: to get behind the wheel of yours today, or visit 218 00:12:16,960 --> 00:12:23,360 Speaker 1: out he Offers dot com for more information, markets, headlines 219 00:12:23,400 --> 00:12:26,360 Speaker 1: and breaking news twenty four hours a day at Bloomberg 220 00:12:26,440 --> 00:12:29,840 Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick tape. 221 00:12:30,400 --> 00:12:39,640 Speaker 1: He's a Bloomberg business lash. I'm Nathan Hager. European stocks 222 00:12:39,679 --> 00:12:42,640 Speaker 1: of erased early games. US equity futures are slipping at 223 00:12:42,640 --> 00:12:44,960 Speaker 1: the start of another busy week of earnings and key 224 00:12:45,120 --> 00:12:48,319 Speaker 1: central bank decisions, including the Federal Reserve. We checked the 225 00:12:48,360 --> 00:12:50,679 Speaker 1: markets for you every fifteen minutes during the trading day 226 00:12:50,800 --> 00:12:53,559 Speaker 1: on Bloomberg SMP futures right now are down twenty five 227 00:12:53,640 --> 00:12:57,240 Speaker 1: points down, futures down a d seventy NASTAC futures down 228 00:12:57,440 --> 00:13:00,480 Speaker 1: ninety two points. The decks in Germany's trading will change 229 00:13:00,559 --> 00:13:04,040 Speaker 1: tack in Paris down three tenths per cent. The tenure 230 00:13:04,080 --> 00:13:06,720 Speaker 1: Treasury is down twelve thirty seconds yield four point zero 231 00:13:06,760 --> 00:13:08,880 Speaker 1: six percent yield on the two year four point four 232 00:13:09,000 --> 00:13:11,400 Speaker 1: nine nim X screwed is down a half percent, or 233 00:13:11,480 --> 00:13:14,120 Speaker 1: forty five cents at eighty seven dollars forty five cents 234 00:13:14,160 --> 00:13:16,560 Speaker 1: a barrel. Comic gold is down three tenths per cent 235 00:13:16,640 --> 00:13:19,920 Speaker 1: or five dollars in six eighty announced the euro point 236 00:13:20,040 --> 00:13:22,880 Speaker 1: nine five against the dollar British pound one point one 237 00:13:23,040 --> 00:13:25,840 Speaker 1: five five five. The end is at one eight point 238 00:13:25,920 --> 00:13:28,560 Speaker 1: to seven. Looking at Bitcoin, it's down nine tenths per 239 00:13:28,600 --> 00:13:31,640 Speaker 1: cent at twenty thousand, five hundred dollars. That's a Bloomberg 240 00:13:31,640 --> 00:13:34,080 Speaker 1: Business Flash, Now and burn. What's going on around the world. 241 00:13:34,120 --> 00:13:37,640 Speaker 1: Here's Michael bar Good morning, Michael, Good morning, Nathan. Brazilians 242 00:13:37,679 --> 00:13:41,160 Speaker 1: have delivered a very tight victory to Luis Ignatio Lola 243 00:13:41,200 --> 00:13:44,800 Speaker 1: da Silva in their presidential election. It gives the leftist 244 00:13:44,840 --> 00:13:48,120 Speaker 1: former president another shot at power in a rejection of 245 00:13:48,200 --> 00:13:52,559 Speaker 1: incumbent Gayer Bosonaro's far right politics. At least two Americans 246 00:13:52,640 --> 00:13:55,079 Speaker 1: are among the more than a hundred fifty people killed 247 00:13:55,520 --> 00:13:59,240 Speaker 1: in a crowd surge in Seoul, South Korea. Mourners left 248 00:13:59,360 --> 00:14:02,760 Speaker 1: flowers pay tribute to the victims near the site. Military 249 00:14:02,840 --> 00:14:05,480 Speaker 1: teams are searching for people missing after a century old 250 00:14:05,520 --> 00:14:09,560 Speaker 1: pedestrian bridge collapsed into a river in western India last night, 251 00:14:09,679 --> 00:14:12,720 Speaker 1: killing at least a hundred thirty two people. In the NFL, 252 00:14:12,840 --> 00:14:16,559 Speaker 1: the Giants lost, the Patriots beat the Jets, seventeen the 253 00:14:16,640 --> 00:14:20,600 Speaker 1: Commanders and one. In the NBA, the next lost. The 254 00:14:20,680 --> 00:14:25,200 Speaker 1: Celtics beat the Wizards one four. The Warriors lost. In hockey, 255 00:14:25,280 --> 00:14:28,640 Speaker 1: The Devils and Rangers won. Global News twenty four hours 256 00:14:28,720 --> 00:14:31,640 Speaker 1: a day on air and on Bloomberg Quicktake powered by 257 00:14:31,760 --> 00:14:34,720 Speaker 1: more than twenty hundred journalists and analysts in more than 258 00:14:34,760 --> 00:14:37,960 Speaker 1: a hundred twenty countries. Michael Bard, this is Bloomberg Gaming 259 00:14:38,600 --> 00:14:40,960 Speaker 1: all right, Thank you, Michael. It is five twenty now 260 00:14:41,080 --> 00:14:44,040 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 261 00:14:44,120 --> 00:14:46,320 Speaker 1: This is Bloomberg Daybreak and we are joined now by 262 00:14:46,400 --> 00:14:51,000 Speaker 1: Lorie Calvacina, Head of US Equity Strategy, RBC Capital Markets. Laurie, 263 00:14:51,040 --> 00:14:53,520 Speaker 1: good morning, Thanks for taking the time with us. Stocks 264 00:14:53,520 --> 00:14:55,480 Speaker 1: are entering the last day of the trading month in 265 00:14:55,600 --> 00:14:58,400 Speaker 1: rally mode. S and P five hundred gaining almost nine 266 00:14:58,440 --> 00:15:02,920 Speaker 1: percent in October, dal Joan industrial averages searched more. Have 267 00:15:03,200 --> 00:15:05,520 Speaker 1: we found the bottom? Is this a bear market rally? 268 00:15:05,560 --> 00:15:08,160 Speaker 1: Where are we? All? Right? Well, thanks for having me 269 00:15:08,280 --> 00:15:10,320 Speaker 1: as always, you know, look, we think that the equity 270 00:15:10,400 --> 00:15:13,800 Speaker 1: market is in the middle of this sort of longer extended, 271 00:15:13,880 --> 00:15:16,240 Speaker 1: messier bottoming process, and I do think we'll see some 272 00:15:16,360 --> 00:15:19,080 Speaker 1: volatility for the next a few months or so, you know, 273 00:15:19,160 --> 00:15:21,440 Speaker 1: kind of well in the early part of next year. Um, 274 00:15:21,480 --> 00:15:23,720 Speaker 1: but I do think it is possible that equities have 275 00:15:23,920 --> 00:15:25,960 Speaker 1: put in that low and one thing we tend to 276 00:15:26,040 --> 00:15:27,760 Speaker 1: see is that if you go back over time and 277 00:15:27,800 --> 00:15:30,200 Speaker 1: look in big crises. Um, what you tend to see 278 00:15:30,320 --> 00:15:34,000 Speaker 1: is that equities of SMP five hundred rather makes it's low. 279 00:15:34,080 --> 00:15:37,200 Speaker 1: About three to six months before earning, gustment revisions stopped 280 00:15:37,200 --> 00:15:39,080 Speaker 1: going down. So if we think that sort of you know, 281 00:15:39,640 --> 00:15:41,600 Speaker 1: April May is the time frame when we'll be done 282 00:15:41,640 --> 00:15:43,760 Speaker 1: with those downward revisions. Now is about the time you 283 00:15:43,840 --> 00:15:46,400 Speaker 1: want to be looking for a bottom. Now. We saw 284 00:15:46,480 --> 00:15:51,000 Speaker 1: the tech heavyweights Microsoft, Amazon, Alphabet Meta plunge after earnings, 285 00:15:51,680 --> 00:15:54,600 Speaker 1: but the overall market was resilient, and that seems to 286 00:15:54,680 --> 00:15:58,200 Speaker 1: be the key word, resiliency. What does it tell you? So? 287 00:15:58,360 --> 00:16:01,400 Speaker 1: I thought it was really interesting price action. Um, and 288 00:16:01,520 --> 00:16:03,760 Speaker 1: I do think that we're seeing, you know, some rational 289 00:16:03,880 --> 00:16:06,280 Speaker 1: moves so far in this reporting season. If you look 290 00:16:06,320 --> 00:16:09,440 Speaker 1: at how companies are reacting to their beats and misses, 291 00:16:09,520 --> 00:16:12,520 Speaker 1: we're seeing energy companies are doing quite well in regards 292 00:16:12,560 --> 00:16:14,360 Speaker 1: to the beats, but some of those broader T I M. 293 00:16:14,440 --> 00:16:17,800 Speaker 1: T spaces are doing pretty poorly in regards to the misses. UM, 294 00:16:17,880 --> 00:16:19,520 Speaker 1: and I think you do have to have a shorter 295 00:16:19,680 --> 00:16:22,400 Speaker 1: term crowd that's playing that ladder area. One of the 296 00:16:22,480 --> 00:16:24,360 Speaker 1: things we talked about in our weekly this morning, Amy 297 00:16:24,440 --> 00:16:25,920 Speaker 1: is that if you look at positioning on the c 298 00:16:26,120 --> 00:16:29,880 Speaker 1: STC data for asset managers, specifically on US equity futures, 299 00:16:29,960 --> 00:16:32,720 Speaker 1: it's pretty washed out across the broader US equity market, 300 00:16:32,760 --> 00:16:35,560 Speaker 1: but it's been really washed out. I eat the low 301 00:16:35,680 --> 00:16:38,400 Speaker 1: financial crisis type lows for areas like small caps in 302 00:16:38,440 --> 00:16:41,000 Speaker 1: the Dow UM. So while the growth trade has been 303 00:16:41,040 --> 00:16:43,440 Speaker 1: looking pretty washed out, it's been looking even more washed 304 00:16:43,440 --> 00:16:45,560 Speaker 1: out in the cyclicals, the small cats, and the old 305 00:16:45,600 --> 00:16:49,520 Speaker 1: economy stacks. So as you're seeing those third quarter reports, 306 00:16:50,080 --> 00:16:52,640 Speaker 1: what is your takeaway from these companies? Is it all 307 00:16:52,640 --> 00:16:56,200 Speaker 1: about the resiliency? So I think you're seeing you know, 308 00:16:56,240 --> 00:16:58,120 Speaker 1: we're still in the middle of it, so this story 309 00:16:58,160 --> 00:17:00,480 Speaker 1: is still being written. But I do think that companies 310 00:17:00,520 --> 00:17:03,280 Speaker 1: that are executing well, that are having you know, sort 311 00:17:03,320 --> 00:17:07,600 Speaker 1: of more resilient business models, more brilliant product lines, management 312 00:17:07,640 --> 00:17:09,920 Speaker 1: teams who are frankly able to navigate the macro a 313 00:17:10,000 --> 00:17:12,560 Speaker 1: bit better, they are coming through a bit better than 314 00:17:12,680 --> 00:17:15,440 Speaker 1: companies UM that we're really, you know, just sort of 315 00:17:15,520 --> 00:17:18,359 Speaker 1: sailing on the pale winds of the recovery off the 316 00:17:18,440 --> 00:17:22,000 Speaker 1: COVID lows. UM. So, I do think that we're we're 317 00:17:22,080 --> 00:17:24,040 Speaker 1: starting to see you know, sort of a MESSI or 318 00:17:24,119 --> 00:17:26,280 Speaker 1: take on demand. Now that we're hearing from more sectors, 319 00:17:26,320 --> 00:17:29,520 Speaker 1: more industries, more companies. Um, we're hearing you know, kind 320 00:17:29,520 --> 00:17:32,080 Speaker 1: of more concern about labor and more kind of softening 321 00:17:32,119 --> 00:17:35,080 Speaker 1: than a labor backsdrop. Very very messy so far. But 322 00:17:35,200 --> 00:17:37,360 Speaker 1: in general, I think we've got a mix of resiliency 323 00:17:37,520 --> 00:17:40,080 Speaker 1: and in a mix of that weakness that investors have 324 00:17:40,200 --> 00:17:43,040 Speaker 1: long been looking for finally starting to take shape. So 325 00:17:43,160 --> 00:17:45,119 Speaker 1: do you think this week's FED meeting then could be 326 00:17:45,200 --> 00:17:48,200 Speaker 1: potentially market moving? You know, as much as I wish 327 00:17:48,240 --> 00:17:49,800 Speaker 1: that it was, And I think the FED always ends 328 00:17:49,840 --> 00:17:52,280 Speaker 1: ulpting market moving when we feel like it shouldn't be. 329 00:17:52,480 --> 00:17:54,840 Speaker 1: And you know, I starre looking at my Bloomberg this morning. 330 00:17:54,840 --> 00:17:56,919 Speaker 1: We're at thirty nine hundred on the SMP. How are 331 00:17:56,960 --> 00:17:58,960 Speaker 1: we there? I mean, despite all the volatility that we 332 00:17:59,080 --> 00:18:02,639 Speaker 1: had last week, fields almost unbelievable. Um. But but I 333 00:18:02,720 --> 00:18:04,800 Speaker 1: do think, you know, as I talked to investors, there 334 00:18:04,800 --> 00:18:06,600 Speaker 1: are many that are still sort of looking for that 335 00:18:06,720 --> 00:18:09,520 Speaker 1: kind of peaking inflation, making the case that inflation is 336 00:18:09,600 --> 00:18:11,800 Speaker 1: set to moderate, that the set should be you know, 337 00:18:12,000 --> 00:18:14,600 Speaker 1: pausing or pivoting a bit next year. So I do 338 00:18:14,680 --> 00:18:16,560 Speaker 1: think those hopes are alive and well, and some of 339 00:18:16,640 --> 00:18:19,159 Speaker 1: that's probably embedded in the thirty nine hundred price right now. 340 00:18:19,560 --> 00:18:21,520 Speaker 1: You know, Laurie, I'm sort of a political news girl. 341 00:18:21,600 --> 00:18:24,639 Speaker 1: How are the mid terms impacting your strategy? This is 342 00:18:24,800 --> 00:18:28,440 Speaker 1: the most untalked about story I think in US equity markets. 343 00:18:28,480 --> 00:18:30,680 Speaker 1: I know the political news crowd is certainly talking about 344 00:18:30,680 --> 00:18:32,720 Speaker 1: it a lot, but you know, you do tend to 345 00:18:32,800 --> 00:18:36,600 Speaker 1: see equity markets bottom a few weeks before the mid terms. 346 00:18:36,640 --> 00:18:38,600 Speaker 1: In the mid term election years, on average, we have 347 00:18:38,640 --> 00:18:40,639 Speaker 1: about a seven percent moving the year in. If you 348 00:18:40,680 --> 00:18:42,200 Speaker 1: look at it your like o to it was even 349 00:18:42,280 --> 00:18:44,720 Speaker 1: stronger at together a twenty one percent rally off belows 350 00:18:44,760 --> 00:18:47,200 Speaker 1: into the year in ties. Um. So, I think that 351 00:18:47,280 --> 00:18:49,760 Speaker 1: the fact that the Republicans are doing better in things 352 00:18:49,840 --> 00:18:53,720 Speaker 1: like the betting markets, the generic congressional ballot um as 353 00:18:54,000 --> 00:18:56,119 Speaker 1: as you know, kind of Biden schwartzunes have fallen a 354 00:18:56,160 --> 00:18:59,359 Speaker 1: little bit. I think that's healthy equity markets, um And 355 00:19:00,160 --> 00:19:02,520 Speaker 1: I think that you know, we'll we'll see what happens 356 00:19:02,560 --> 00:19:04,960 Speaker 1: after the midterms themselves, but I think that's when it's 357 00:19:04,960 --> 00:19:06,680 Speaker 1: been one of the big reasons for this move back 358 00:19:06,720 --> 00:19:09,800 Speaker 1: to thirty nine hundreds. That we've seen and thirty seconds, 359 00:19:09,920 --> 00:19:12,080 Speaker 1: just thirty seconds here, Laura, what's your look ahead? What 360 00:19:12,119 --> 00:19:15,520 Speaker 1: are you watching for? So that we're obviously watching the 361 00:19:15,600 --> 00:19:17,680 Speaker 1: feed this week and the reaction to it. You know, 362 00:19:17,760 --> 00:19:20,159 Speaker 1: I'm interested to see more consumer companies come in and 363 00:19:20,280 --> 00:19:22,960 Speaker 1: report late in reporting season. That's probably the biggest thing 364 00:19:23,000 --> 00:19:24,760 Speaker 1: I'm going to be paying attention to the next couple 365 00:19:24,800 --> 00:19:28,440 Speaker 1: of weeks. Alright, Lori Calvacina, head of US Equity Strategy 366 00:19:28,480 --> 00:19:31,200 Speaker 1: at RBC Capital Markets. It is always a pleasure. Thank 367 00:19:31,240 --> 00:19:33,280 Speaker 1: you so much for your insights in your time this morning. 368 00:19:34,520 --> 00:19:37,480 Speaker 1: As in d Future is now down twenty one points down, 369 00:19:37,560 --> 00:19:41,600 Speaker 1: futures down one dred and fifty three NASDAG features down 370 00:19:41,880 --> 00:19:44,800 Speaker 1: seventy nine points, the ten year priced or rather the 371 00:19:44,880 --> 00:19:48,200 Speaker 1: ten your treasury down twelve thirty seconds, the tenure yield 372 00:19:48,400 --> 00:19:51,480 Speaker 1: at four point oh six percent, two year yield at 373 00:19:51,560 --> 00:19:53,919 Speaker 1: four point to four nine percent. We have much more 374 00:19:54,000 --> 00:19:56,520 Speaker 1: still to come. On this Monday morning edition of Bloomberg 375 00:19:56,600 --> 00:19:58,320 Speaker 1: day Break, We're gonna check the markets, bring you the 376 00:19:58,400 --> 00:20:02,040 Speaker 1: latest news in business, etan mix and finance. This is 377 00:20:02,080 --> 00:20:07,960 Speaker 1: Bloomberg all right, Amy, Thanks day, and brought to you 378 00:20:08,040 --> 00:20:10,199 Speaker 1: by the New York Community Trust. Your name will live 379 00:20:10,280 --> 00:20:12,240 Speaker 1: on as champion of the causes you care about for 380 00:20:12,359 --> 00:20:14,479 Speaker 1: years to come through a charitable request of the New 381 00:20:14,520 --> 00:20:23,440 Speaker 1: York Community Trust. Learn more at Philanthropist dot NYC. Broadcasting 382 00:20:23,560 --> 00:20:27,240 Speaker 1: live from the Bloomberg Interacted Broker's studio in New York, 383 00:20:27,400 --> 00:20:32,000 Speaker 1: Bloomberg eleving for you to Washington, d C, Bloomberg to Boston, 384 00:20:32,160 --> 00:20:35,560 Speaker 1: Bloomberg one O six one does San Francisco, Bloomberg nine 385 00:20:35,640 --> 00:20:38,720 Speaker 1: sixty to the country, Sirius XM Chad A one nine team, 386 00:20:38,840 --> 00:20:42,320 Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio 387 00:20:42,440 --> 00:20:51,600 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 388 00:20:51,680 --> 00:20:54,240 Speaker 1: Wall Street. Good Monday morning. I'm anymore Is and I'm 389 00:20:54,320 --> 00:20:56,520 Speaker 1: Nathan Hager. We're about four hours away from the open 390 00:20:56,560 --> 00:20:58,399 Speaker 1: of US training. Let's getch you up to date on 391 00:20:58,480 --> 00:21:00,480 Speaker 1: the news you need to know at this hour. US 392 00:21:00,560 --> 00:21:03,080 Speaker 1: futures are lower to start the morning, but still stocks 393 00:21:03,160 --> 00:21:05,440 Speaker 1: under the last day of the trading month in rally 394 00:21:05,480 --> 00:21:08,359 Speaker 1: mode from the SMP five hundreds gained almost nine percent 395 00:21:08,440 --> 00:21:11,399 Speaker 1: in October, while the Dow has surged more than fourteen percent. 396 00:21:11,840 --> 00:21:15,320 Speaker 1: Phil Orlando, chief ecuty strategist with Federated Hermes thinks we're 397 00:21:15,359 --> 00:21:17,920 Speaker 1: still in for a bumpy road ahead. There's been this 398 00:21:18,520 --> 00:21:21,320 Speaker 1: perception among the market. We've seen this from that big 399 00:21:21,440 --> 00:21:23,840 Speaker 1: rally mid June and mid August and then this rally 400 00:21:23,880 --> 00:21:26,399 Speaker 1: over the last couple of weeks, This perception that there 401 00:21:26,400 --> 00:21:29,720 Speaker 1: will be this immaculate decline in inflation which is going 402 00:21:29,800 --> 00:21:32,760 Speaker 1: to allow the Federal Reserve to stop hiking interest rates 403 00:21:32,800 --> 00:21:35,280 Speaker 1: and turn around and start cutting interest rates. We are 404 00:21:35,359 --> 00:21:37,879 Speaker 1: not that sanguine. It's going to be a problem longer 405 00:21:38,000 --> 00:21:42,560 Speaker 1: than the market thinks. Phililando with Federated Hermes is still 406 00:21:42,600 --> 00:21:46,320 Speaker 1: positioning defensively as the FED continues to tighten monetary policy, 407 00:21:46,720 --> 00:21:49,040 Speaker 1: and we're watching a couple of key events this week. 408 00:21:49,119 --> 00:21:51,920 Speaker 1: The FED makes an interest rate decision on Wednesday, and 409 00:21:52,400 --> 00:21:56,440 Speaker 1: the government issues its monthly employment report on Friday. Katrina 410 00:21:56,600 --> 00:21:59,440 Speaker 1: l Is a senior economist with Moody's Analytics. We have 411 00:21:59,600 --> 00:22:02,639 Speaker 1: seen US economy is still kind of, you know, roaring ahead, 412 00:22:02,720 --> 00:22:05,159 Speaker 1: but momentum has definitely slowed, and I think what the 413 00:22:05,200 --> 00:22:08,080 Speaker 1: Fed is really going to continue to focus on is 414 00:22:08,160 --> 00:22:10,560 Speaker 1: that the strength of the labor market. And while we 415 00:22:10,720 --> 00:22:13,960 Speaker 1: have seen some softening in the labor market, it's still 416 00:22:14,240 --> 00:22:17,760 Speaker 1: type beyond comfort levels between a l with Moody says 417 00:22:17,800 --> 00:22:20,160 Speaker 1: she expects the FED to raise rates another seventy five 418 00:22:20,200 --> 00:22:22,960 Speaker 1: basis points this week before easing in the coming months. 419 00:22:23,440 --> 00:22:25,560 Speaker 1: Stick with us all week for the latest FED coverage. 420 00:22:25,560 --> 00:22:28,200 Speaker 1: We'll bring you to her j Pale's full comments live 421 00:22:28,320 --> 00:22:31,520 Speaker 1: Wednesday on Bloomberg Radio and Television. Well over in Europe, 422 00:22:31,520 --> 00:22:34,879 Speaker 1: Amy shares of barclayser up one point one percent. Trading 423 00:22:34,920 --> 00:22:38,000 Speaker 1: revenue rose more than expected thanks to fixed income, commodities 424 00:22:38,000 --> 00:22:41,120 Speaker 1: and currencies trading. In his first broadcast interview since taking 425 00:22:41,160 --> 00:22:43,600 Speaker 1: on the top job, CEO cs vent at a Christian 426 00:22:43,680 --> 00:22:46,680 Speaker 1: and spoke about the UK economy with Bloomberg's Feriencing Laqua. 427 00:22:47,080 --> 00:22:50,159 Speaker 1: What you might see as an increase in unemployment, you 428 00:22:50,320 --> 00:22:54,280 Speaker 1: might see some credit weakness among among customers, but it 429 00:22:54,320 --> 00:22:57,840 Speaker 1: won't be so bad that you see distress in society. However, 430 00:22:58,480 --> 00:23:00,840 Speaker 1: it has to be managed to get lee and it 431 00:23:00,960 --> 00:23:04,119 Speaker 1: has to be managed aggressively through the balancing of the budget. 432 00:23:04,200 --> 00:23:05,879 Speaker 1: And that's what the Prime Minister has said in the 433 00:23:05,960 --> 00:23:07,399 Speaker 1: last couple of days. And we'll bring you more of 434 00:23:07,480 --> 00:23:10,480 Speaker 1: our conversation with Barclays CEO coming up later on Bloomberg 435 00:23:10,560 --> 00:23:13,040 Speaker 1: day Break in Brazil, it's a dramatic comeback for former 436 00:23:13,080 --> 00:23:16,080 Speaker 1: president Louise and Assasio lu La da Silva, the left 437 00:23:16,119 --> 00:23:20,240 Speaker 1: wing politician winning the presidential election, narrowly defeating incumbent Jayre 438 00:23:20,320 --> 00:23:23,120 Speaker 1: boss Narro. Three years ago, Lulu was in a jail 439 00:23:23,160 --> 00:23:26,200 Speaker 1: cell on corruption charges. Balson Naro has neither conceded the 440 00:23:26,280 --> 00:23:29,000 Speaker 1: race nor come on commented on the results. Now features 441 00:23:29,040 --> 00:23:31,240 Speaker 1: are moving lower this morning, straight Ahead, your latest local 442 00:23:31,240 --> 00:23:38,520 Speaker 1: headlines in the check of sports. This is Bloomberg. I 443 00:23:38,600 --> 00:23:40,840 Speaker 1: think you Nathan five. Three on Wall Street, we bring 444 00:23:40,920 --> 00:23:42,840 Speaker 1: in Michael Barr with more on what else is going 445 00:23:42,920 --> 00:23:45,399 Speaker 1: on in New York and around the world. Good morning Michael, 446 00:23:45,480 --> 00:23:48,480 Speaker 1: Good morning Amy. The man accused of attacking Paul Pelosi, 447 00:23:48,640 --> 00:23:51,800 Speaker 1: the husband of Speaker of the House Nancy Pelosi, is 448 00:23:51,880 --> 00:23:55,159 Speaker 1: expected in court today to face attempted murder and other charges. 449 00:23:55,600 --> 00:23:58,760 Speaker 1: Investigators are examining forty two year old David du pop 450 00:23:58,960 --> 00:24:03,560 Speaker 1: social media pages, which allegedly include false conspiracy theories about 451 00:24:03,600 --> 00:24:07,879 Speaker 1: the election. There's words Pop had zip ties and duct 452 00:24:07,880 --> 00:24:11,600 Speaker 1: tate in his bags Friday when he allegedly broke into 453 00:24:12,000 --> 00:24:16,480 Speaker 1: the Pelosi's San Francisco home. South Korean President Un Suck 454 00:24:16,520 --> 00:24:19,880 Speaker 1: yol has promised a full investigation and support for those 455 00:24:19,960 --> 00:24:23,399 Speaker 1: affected after a crowd crushed in Soul killed more than 456 00:24:23,440 --> 00:24:26,920 Speaker 1: a hundred fifty people. Bloomberg's so he Kim reports from Soul, 457 00:24:27,320 --> 00:24:29,920 Speaker 1: there were tens of thousands of people packed in a 458 00:24:30,040 --> 00:24:33,720 Speaker 1: narrow alley on a hill, and suddenly it went out 459 00:24:33,760 --> 00:24:37,959 Speaker 1: of control, as people described as they were falling like dominoes. 460 00:24:39,119 --> 00:24:42,840 Speaker 1: Bloomberg's so he Kim. In Soul, there are calls this 461 00:24:43,040 --> 00:24:45,639 Speaker 1: morning for the United Nations to broker the resumption of 462 00:24:45,760 --> 00:24:49,200 Speaker 1: weed exports from Ukraine. Bloomberg's Ad Baxter as the story. 463 00:24:49,680 --> 00:24:52,359 Speaker 1: Russia is blocking the departure of any ships carrying wheat 464 00:24:52,400 --> 00:24:55,840 Speaker 1: out of Ukraine, saying that drone strikes are originating off 465 00:24:55,880 --> 00:24:59,880 Speaker 1: the ships. President Joe Biden says, very concerning, truly outraged. 466 00:25:00,000 --> 00:25:03,239 Speaker 1: This is from increased starvation. There's no reason for them 467 00:25:03,280 --> 00:25:05,760 Speaker 1: to do that, and but they're always looking for some 468 00:25:06,040 --> 00:25:09,080 Speaker 1: rationale to be able to say greening they're doing something 469 00:25:09,160 --> 00:25:12,679 Speaker 1: outrageous is because the West made them do it. Ukraine 470 00:25:12,720 --> 00:25:16,000 Speaker 1: says two D eighteen ships in total have been blocked 471 00:25:16,480 --> 00:25:19,399 Speaker 1: in San Francisco. I'm at Baxter Bloomberg Gay Break. Donald 472 00:25:19,400 --> 00:25:22,760 Speaker 1: Trump's company, the Trump Organization, is on trial this week 473 00:25:22,840 --> 00:25:26,680 Speaker 1: for criminal tax fraud. Opening statements and the first witnesses 474 00:25:26,720 --> 00:25:30,360 Speaker 1: are expected today in New York. Among the key prosecution 475 00:25:30,440 --> 00:25:35,280 Speaker 1: witnesses Trump's longtime finance chief Alan Weisselberg, who pleaded guilty 476 00:25:35,520 --> 00:25:38,840 Speaker 1: and has agreed to testify against the company in exchange 477 00:25:38,960 --> 00:25:42,520 Speaker 1: for a five month jail sentence. Global News twenty four 478 00:25:42,600 --> 00:25:45,520 Speaker 1: hours a day on air and on Bloomberg Quick Take, 479 00:25:45,840 --> 00:25:49,000 Speaker 1: powered by more than twenty seven hundred journalists and analysts 480 00:25:49,200 --> 00:25:51,560 Speaker 1: in more than a hundred twenty countries. How Michael bar 481 00:25:51,840 --> 00:25:54,840 Speaker 1: and this is Bloomberg. Amy, all right, thank you, Michael. 482 00:25:57,640 --> 00:26:00,080 Speaker 1: It's five than five on Wall Street. Time. Now the 483 00:26:00,119 --> 00:26:02,800 Speaker 1: Sports Report, brought to you by Try State Audi. Here's 484 00:26:02,840 --> 00:26:05,879 Speaker 1: John Stasher, alright, Amy Gino Smith was a high draft 485 00:26:05,920 --> 00:26:08,520 Speaker 1: pick of the Jet spent one year with the Giants. 486 00:26:08,640 --> 00:26:11,600 Speaker 1: Mostly it's a backup quarterback. That's been his role almost 487 00:26:11,680 --> 00:26:14,960 Speaker 1: his entire career, but Seattle traded the unhappy Russell Wilson 488 00:26:15,080 --> 00:26:17,920 Speaker 1: gave the job to Smith. He's been sensational let the 489 00:26:17,960 --> 00:26:21,040 Speaker 1: Seahawks seven and thirteen win of the Giant. Smith was 490 00:26:21,080 --> 00:26:23,960 Speaker 1: asked about beating his old teams and one year with 491 00:26:24,000 --> 00:26:26,760 Speaker 1: the Giants, and so that year to me was like 492 00:26:26,840 --> 00:26:29,320 Speaker 1: a blur, and uh, you know, my life has moved 493 00:26:29,320 --> 00:26:32,760 Speaker 1: on from then. I don't have any remorse towards anyone there. Uh. 494 00:26:32,800 --> 00:26:34,840 Speaker 1: In fact, you know this, to me, this game was 495 00:26:35,320 --> 00:26:37,560 Speaker 1: MC doing Jerry Reece. They believed in me, and so 496 00:26:38,080 --> 00:26:39,760 Speaker 1: as far as you know any other thing, I don't 497 00:26:39,800 --> 00:26:41,399 Speaker 1: really care for it. Um, you know, I'm happy to 498 00:26:41,440 --> 00:26:44,080 Speaker 1: be here in Seattle and Reese with the Giants. Coach 499 00:26:44,160 --> 00:26:46,159 Speaker 1: in GM back in two PHAs and seventeen, Smith's got 500 00:26:46,200 --> 00:26:49,680 Speaker 1: the highest completion percentage in the NFL. Seattle's in first place. 501 00:26:49,720 --> 00:26:52,920 Speaker 1: The Giants offense struggled only touchdown due to a Seattle 502 00:26:52,960 --> 00:26:54,879 Speaker 1: fumble of their two yard line. Quiet day for Sa 503 00:26:55,040 --> 00:26:58,040 Speaker 1: Kwan Barkley season low sixty two yards from scrimmin The 504 00:26:58,040 --> 00:27:00,920 Speaker 1: Giants board game wins weekends. There's six and two, tied 505 00:27:01,000 --> 00:27:03,960 Speaker 1: for second with Dallas Philadelphia one again. Eagles are seven 506 00:27:04,000 --> 00:27:06,439 Speaker 1: and oh. Jets also had their four game win stry game. 507 00:27:06,480 --> 00:27:10,320 Speaker 1: They're losing streak versus New England grew the thirteen Patriots 508 00:27:10,359 --> 00:27:12,480 Speaker 1: when it met life twenty two to seven team. They 509 00:27:12,520 --> 00:27:15,720 Speaker 1: intercepted Zach Wilson three times. Bill Belichick is now the 510 00:27:15,840 --> 00:27:19,280 Speaker 1: second winning just coach in NFL history, trailing only Don Shulo. 511 00:27:19,359 --> 00:27:21,720 Speaker 1: Last night, Buffalo sent Green Bay to a fourth loss 512 00:27:21,760 --> 00:27:24,360 Speaker 1: in a row. Knicks blew Alide lost at Cleveland one 513 00:27:25,080 --> 00:27:27,719 Speaker 1: to one. Oh A. Donovan Mitchell scored thirty eight against 514 00:27:27,760 --> 00:27:30,640 Speaker 1: the Knicks, who tried to acquire him throughout the offseason. 515 00:27:30,720 --> 00:27:33,600 Speaker 1: Rangers one three two at Arizona, Devils all over Columbus 516 00:27:33,680 --> 00:27:36,679 Speaker 1: seven to one, Astros and Fillies tied to one. They 517 00:27:36,720 --> 00:27:38,920 Speaker 1: played Game three of the World Series tonight in Killer 518 00:27:39,240 --> 00:27:42,560 Speaker 1: John Stashwar Bloomberg Sports. All right, thank you John. It's 519 00:27:42,600 --> 00:27:44,760 Speaker 1: five thirty seven on Wall Street Time. Now for the 520 00:27:44,800 --> 00:27:48,240 Speaker 1: Tri State Business reports. Here with that is Bloomberg's Wendy Gilette. 521 00:27:48,520 --> 00:27:50,760 Speaker 1: Two New Jersey candy companies are leading the way and 522 00:27:50,840 --> 00:27:54,480 Speaker 1: how the confectionery industry helps consumers manage sugar intake. N 523 00:27:54,560 --> 00:27:57,320 Speaker 1: J Biz reports Mars Wrigley, based in Newark and Hacketts 524 00:27:57,359 --> 00:28:00,360 Speaker 1: Town and Ferrairo USA in Persippany team to with other 525 00:28:00,520 --> 00:28:03,240 Speaker 1: large candy companies in the industry to increase the number 526 00:28:03,280 --> 00:28:07,280 Speaker 1: of products that list calorie content and offer smaller sizes. 527 00:28:07,640 --> 00:28:11,480 Speaker 1: Half of individually wrapped products made by the participating companies 528 00:28:11,720 --> 00:28:14,800 Speaker 1: are now available in sizes that contain two hundred calories 529 00:28:14,880 --> 00:28:18,760 Speaker 1: or less per pack. Planet Fitness is opening another location 530 00:28:18,880 --> 00:28:21,000 Speaker 1: in New Jersey. You'll soon be able to flex your 531 00:28:21,000 --> 00:28:24,840 Speaker 1: biceps at Hawthorne in Passaic County. It's the twelfth Planet 532 00:28:24,880 --> 00:28:27,359 Speaker 1: Fitness club in northern New Jersey and the seventh in 533 00:28:27,440 --> 00:28:30,920 Speaker 1: Passaic County. The opening date is slated for December. A 534 00:28:31,000 --> 00:28:33,880 Speaker 1: Morgan Stanley strategist is weighing in on how the FED 535 00:28:33,960 --> 00:28:37,399 Speaker 1: will handle interest rates. Michael Wilson, a strategist with the 536 00:28:37,440 --> 00:28:40,320 Speaker 1: New York City based Investment Bank, predicts the end of 537 00:28:40,400 --> 00:28:43,600 Speaker 1: the FEDS campaign to raise rates is coming soon. That's 538 00:28:43,640 --> 00:28:45,959 Speaker 1: the Bloomberg Tri State Business Report. I'm windy to let 539 00:28:46,760 --> 00:28:49,520 Speaker 1: all right, thank you Andy. It's on Wall Street. Bloomberg 540 00:28:49,600 --> 00:28:51,920 Speaker 1: Radio is on the air from San Francisco to New York, 541 00:28:52,040 --> 00:28:54,440 Speaker 1: London to Hong Kong. Let's check in with our global 542 00:28:54,560 --> 00:28:56,680 Speaker 1: news team for some of the top stories are on 543 00:28:56,760 --> 00:29:02,800 Speaker 1: our three hundred affiliate radio stations around the world. I'm 544 00:29:02,880 --> 00:29:06,840 Speaker 1: Steve potiscon wfl A, Tampa Bay. We're talking about the 545 00:29:06,880 --> 00:29:09,960 Speaker 1: Florida Chick fil A finding success with a three day 546 00:29:10,000 --> 00:29:13,400 Speaker 1: work week of thirteen to fourteen hour shifts. I'm joan 547 00:29:13,480 --> 00:29:17,080 Speaker 1: donager telling w h A S listeners in Louisville. Macy's 548 00:29:17,160 --> 00:29:21,040 Speaker 1: has updated job listings to include pay ranges. I'm Gina 549 00:29:21,200 --> 00:29:23,920 Speaker 1: Servetti in for w b B M in Chicago. I'm 550 00:29:23,960 --> 00:29:27,240 Speaker 1: reporting that the Walgreens controlled Village m D is looking 551 00:29:27,280 --> 00:29:29,840 Speaker 1: at picking up sum At Health, the healthcare network that 552 00:29:29,920 --> 00:29:33,880 Speaker 1: has almost four hundred locations. I'm Caroline had Complimpeg Dave 553 00:29:34,120 --> 00:29:37,280 Speaker 1: Digitalato London. We're recording on the Prime Minister's first full 554 00:29:37,320 --> 00:29:40,160 Speaker 1: week in the job as business confidence hits the lowest 555 00:29:40,440 --> 00:29:45,280 Speaker 1: since Mars one. And those are some of the stories 556 00:29:45,280 --> 00:29:48,160 Speaker 1: our twenty seven hundred Bloomberg journalists and analysts are working 557 00:29:48,320 --> 00:29:51,040 Speaker 1: on this morning around the world. It is five thirty 558 00:29:51,080 --> 00:29:54,160 Speaker 1: nine on Wall Street. The following is an editorial from 559 00:29:54,280 --> 00:29:59,560 Speaker 1: Bloomberg Opinion. This sedatorial was written by the Bloomberg Editorial Board. 560 00:30:00,080 --> 00:30:04,080 Speaker 1: Ukraine's government has received more than sixty billion dollars in 561 00:30:04,200 --> 00:30:07,600 Speaker 1: assistance from the U S since the Russian invasion. Now 562 00:30:07,880 --> 00:30:11,960 Speaker 1: some Republican leaders want to toughen oversight over how those 563 00:30:12,080 --> 00:30:15,800 Speaker 1: funds are being spent. Their right to do so. Washington 564 00:30:15,920 --> 00:30:20,440 Speaker 1: has accounted for two thirds of all military and humanitarian 565 00:30:20,520 --> 00:30:23,720 Speaker 1: assistants offered to Ukraine since the start of the war. 566 00:30:24,280 --> 00:30:28,960 Speaker 1: Supplies of American made weaponry have enabled Ukraine to withstand 567 00:30:29,160 --> 00:30:33,720 Speaker 1: Russia's initial onslaught. It's imperative that the US ensure the 568 00:30:33,760 --> 00:30:37,600 Speaker 1: money is being properly spent. With government spending already a 569 00:30:37,720 --> 00:30:41,520 Speaker 1: campaign issue ahead of the midterms, it's inevitable that lawmakers, 570 00:30:41,640 --> 00:30:46,080 Speaker 1: including some Democrats, will insist on greater transparency as a 571 00:30:46,160 --> 00:30:50,680 Speaker 1: condition for more aid. The bipartisan supporting Congress for assisting 572 00:30:50,840 --> 00:30:55,000 Speaker 1: Ukraine has been indispensable to the country's survival in the 573 00:30:55,160 --> 00:30:59,560 Speaker 1: face of Vladimir Putin's assault. Greater transparency over the flow 574 00:30:59,680 --> 00:31:03,920 Speaker 1: of US aid will help to ensure it lasts. This 575 00:31:04,240 --> 00:31:07,520 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 576 00:31:07,560 --> 00:31:11,320 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion 577 00:31:11,560 --> 00:31:15,160 Speaker 1: or ope I n go on the Bloomberg terminal. This 578 00:31:15,440 --> 00:31:22,400 Speaker 1: has been Bloomberg opinion, and this is Bloomberg. The Bloomberg 579 00:31:22,440 --> 00:31:24,440 Speaker 1: Sports Report was brought to you by Audie. Don't let 580 00:31:24,520 --> 00:31:26,880 Speaker 1: someone else drive off of the autie model You've always 581 00:31:26,960 --> 00:31:29,200 Speaker 1: wanted Visit your local Triic state out and dealer to 582 00:31:29,280 --> 00:31:31,400 Speaker 1: get behind the wheel of yours today, or visit autie 583 00:31:31,440 --> 00:31:39,040 Speaker 1: offers dot com for more information, markets, headlines and breaking 584 00:31:39,120 --> 00:31:41,960 Speaker 1: news twenty four hours a day at Bloomberg dot com, 585 00:31:42,120 --> 00:31:45,640 Speaker 1: the Bloomberg Business apt and at Bloomberg Cricktape. This is 586 00:31:45,680 --> 00:31:54,600 Speaker 1: a Bloomberg Business Flash Nathan Hager. This update is brought 587 00:31:54,600 --> 00:31:57,240 Speaker 1: to you by SEI, built on advanced technologies in fifty 588 00:31:57,320 --> 00:32:00,520 Speaker 1: years of innovation. SEI offers Asset Managers, a prehensive and 589 00:32:00,600 --> 00:32:03,720 Speaker 1: flexible operations outsourcing platform. Go to s E I C 590 00:32:03,960 --> 00:32:07,719 Speaker 1: dot com slash Managers. European stocks are trading mix now. 591 00:32:07,840 --> 00:32:11,000 Speaker 1: Futures in Wall Street moving lower at the start of 592 00:32:11,040 --> 00:32:15,240 Speaker 1: another busy week for earnings and a key federal reserve decision. 593 00:32:15,280 --> 00:32:17,719 Speaker 1: We check the markets every fifteen minutes during the trading day. 594 00:32:17,760 --> 00:32:21,160 Speaker 1: On Bloomberg, sup futures are down sixteen point, Stown futures 595 00:32:21,200 --> 00:32:24,080 Speaker 1: down a hundred eleven, Nastack futures are lower by sixty 596 00:32:24,160 --> 00:32:26,880 Speaker 1: seven points. The NACKS in Germany is up a tenth percent, 597 00:32:26,920 --> 00:32:29,160 Speaker 1: while the CAT in Paris is down about a ten 598 00:32:29,320 --> 00:32:32,400 Speaker 1: percent ten Your treasury is down eleven thirty seconds. Yield 599 00:32:32,480 --> 00:32:34,920 Speaker 1: four point zero six percent yield on the two year 600 00:32:35,000 --> 00:32:38,080 Speaker 1: four point four eight percent. Nime X screws moving lower 601 00:32:38,120 --> 00:32:40,480 Speaker 1: down eight tenths percent or seventy three cents at eighty 602 00:32:40,560 --> 00:32:43,400 Speaker 1: seven dollar. Seventeen cents of barrel Comics gold is down 603 00:32:43,440 --> 00:32:45,440 Speaker 1: a tenth percent now or two dollars thirty cents at 604 00:32:45,520 --> 00:32:49,480 Speaker 1: sixteen forty two fifty announced. The euro point seven against 605 00:32:49,480 --> 00:32:52,040 Speaker 1: the dollar, British pound one point one five six six. 606 00:32:52,440 --> 00:32:54,800 Speaker 1: The en is at one forty eight point to five. 607 00:32:55,080 --> 00:32:57,560 Speaker 1: That's a Bloomberg business slash. And now here's Michael Barr 608 00:32:57,640 --> 00:32:59,840 Speaker 1: with more on what's going on around the world. My 609 00:33:00,480 --> 00:33:02,600 Speaker 1: thank you very much, Nathan. More than a hundred fifty 610 00:33:02,640 --> 00:33:06,000 Speaker 1: people were killed in a crowd surge in Soul, South Korea. 611 00:33:06,480 --> 00:33:09,880 Speaker 1: Mourners left flowers to pay tribute to the victims near 612 00:33:09,960 --> 00:33:13,800 Speaker 1: the site. The Supreme Court revisits the issue of affirmative 613 00:33:13,840 --> 00:33:16,720 Speaker 1: action today. The case before the Court will focus on 614 00:33:16,840 --> 00:33:20,680 Speaker 1: admission policies at the University of North Carolina and at Harvard. 615 00:33:21,120 --> 00:33:23,600 Speaker 1: In the NFL, the Giants lost, the Patriots beat the 616 00:33:23,680 --> 00:33:28,560 Speaker 1: jet seventeen the Commanders and one. In the NBA, the 617 00:33:28,640 --> 00:33:32,840 Speaker 1: Knicks lost, the Celtics beat the Wizards. The Warriors lost 618 00:33:33,080 --> 00:33:35,960 Speaker 1: in hockey, the Devils and Rangers won. Game three of 619 00:33:36,040 --> 00:33:39,360 Speaker 1: the World Series. Is tonighted in Philadelphia the Astros and 620 00:33:39,520 --> 00:33:42,400 Speaker 1: Phillies so far or even at a game of piece. 621 00:33:42,800 --> 00:33:45,360 Speaker 1: Global News twenty four hours a day on air and 622 00:33:45,560 --> 00:33:48,840 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 623 00:33:48,920 --> 00:33:51,960 Speaker 1: journalist and analysts more than a hundred twenty countries. Michael 624 00:33:52,000 --> 00:33:54,920 Speaker 1: bar this is Bloomberg Gaming. All right, Thank you, Michael. 625 00:33:54,960 --> 00:33:57,840 Speaker 1: It is Night on Wall Street, Live from the Bloomberg 626 00:33:57,960 --> 00:34:02,200 Speaker 1: Interactive Broker Studios. This is bloom Daybreak. Brazilian President elector 627 00:34:02,400 --> 00:34:05,360 Speaker 1: Louise in Ico Lula da Silva, calling for peace and 628 00:34:05,480 --> 00:34:09,640 Speaker 1: unity for narrowly winning a divisive runoff election defeating far 629 00:34:09,800 --> 00:34:13,640 Speaker 1: right incombat JR. Ball Sanero, who has yet to accept defeat. 630 00:34:13,920 --> 00:34:16,959 Speaker 1: We are joined now live by Bloomberg Spanish bureau chief 631 00:34:17,000 --> 00:34:21,239 Speaker 1: and former Brazilka respondent Rodrigo Ariella. All Rodrigo, thank you 632 00:34:21,320 --> 00:34:23,960 Speaker 1: for taking the time with us this morning. As I said, 633 00:34:24,000 --> 00:34:27,320 Speaker 1: Balsonnarro hasn't conceded yet. Is that a surprise to you 634 00:34:27,520 --> 00:34:31,399 Speaker 1: or a concern at all? Hi High, I mean, I'm 635 00:34:31,520 --> 00:34:33,759 Speaker 1: not sure it's a surprise that. I think it is 636 00:34:33,840 --> 00:34:37,200 Speaker 1: definitely a concern for a lot of people. He has 637 00:34:37,640 --> 00:34:40,560 Speaker 1: he has always portrayed himself a bit as an anti 638 00:34:40,680 --> 00:34:44,160 Speaker 1: establishment person, even though he's been in politives for forty years, 639 00:34:44,680 --> 00:34:49,880 Speaker 1: and he has been attacking and criticizing institutions such as 640 00:34:49,960 --> 00:34:53,680 Speaker 1: the electro board for quite some time. So there is 641 00:34:53,800 --> 00:34:58,239 Speaker 1: a lot of questions and uncertainty about what he could 642 00:34:58,320 --> 00:35:01,160 Speaker 1: do or what he could say to um if if 643 00:35:01,200 --> 00:35:03,960 Speaker 1: he decides not to concede the victory right and he 644 00:35:04,160 --> 00:35:07,160 Speaker 1: and he has a lot of supporters who are also 645 00:35:07,400 --> 00:35:10,719 Speaker 1: very very anti Lula, so it is it is not 646 00:35:11,640 --> 00:35:15,960 Speaker 1: something to be relaxed about if he doesn't concede. Okay, 647 00:35:16,000 --> 00:35:17,480 Speaker 1: so then what are you going to be watching for 648 00:35:17,680 --> 00:35:21,279 Speaker 1: what happens now? Well as far as him conceding, you know, 649 00:35:21,320 --> 00:35:23,360 Speaker 1: it's a question of him coming out and saying something 650 00:35:23,480 --> 00:35:26,359 Speaker 1: because so far he has been pretty much locked up 651 00:35:26,440 --> 00:35:30,560 Speaker 1: with his closest close as collaborators. He apparently hasn't even 652 00:35:30,600 --> 00:35:33,560 Speaker 1: communicated with some of his ministers and lawmakers, so he's 653 00:35:33,560 --> 00:35:35,880 Speaker 1: probably only locked up with these his sons who are 654 00:35:36,239 --> 00:35:39,000 Speaker 1: who are his closest allies. So that's the first point 655 00:35:39,040 --> 00:35:42,200 Speaker 1: to see what he does, But also it's I think 656 00:35:42,239 --> 00:35:45,640 Speaker 1: it's important to see who does come out and concede 657 00:35:45,760 --> 00:35:49,279 Speaker 1: victory um. For example, one of the leaders of the 658 00:35:49,600 --> 00:35:54,799 Speaker 1: Bosonaro camp roughly in Congress has already conceded. So if 659 00:35:54,880 --> 00:35:58,400 Speaker 1: more people who are close to the Bosonaro's fair do 660 00:35:58,600 --> 00:36:03,160 Speaker 1: do that, it may also weaken any attempts not to concede. 661 00:36:04,040 --> 00:36:09,560 Speaker 1: What would a little disover administration look like. Well, first 662 00:36:09,560 --> 00:36:15,160 Speaker 1: of all, Lula built his campaign on a wide number 663 00:36:15,239 --> 00:36:18,720 Speaker 1: of supporters who are not his traditional supporters. His current 664 00:36:19,040 --> 00:36:23,120 Speaker 1: Vice President, Gerald L. Kim was actually his main contender 665 00:36:23,239 --> 00:36:25,680 Speaker 1: in one of the previous elections. So he's he's a 666 00:36:25,760 --> 00:36:28,200 Speaker 1: real it's a bit like a Democrat taking a leading 667 00:36:28,239 --> 00:36:32,239 Speaker 1: Republican on his tickets, and and so he he really 668 00:36:32,320 --> 00:36:35,360 Speaker 1: made an attempt to try to amplify the size of 669 00:36:35,520 --> 00:36:38,319 Speaker 1: his of his support base. So another question is once 670 00:36:38,520 --> 00:36:41,040 Speaker 1: he is in government, will he continued to do that? 671 00:36:41,280 --> 00:36:43,799 Speaker 1: Will he still rely on all these people who are 672 00:36:43,840 --> 00:36:47,239 Speaker 1: not really his party base. That's point number one. Point 673 00:36:47,320 --> 00:36:51,440 Speaker 1: number two is he has spoken a lot about investing 674 00:36:51,840 --> 00:36:55,960 Speaker 1: or spending on social programs and social plans, social benefits 675 00:36:56,160 --> 00:36:58,640 Speaker 1: for the poor, and pulling out hundreds of millions of 676 00:36:58,719 --> 00:37:01,840 Speaker 1: people out of poverty. And he has also spoken about 677 00:37:02,160 --> 00:37:06,040 Speaker 1: the importance of environmental policies and protecting the Amazon um 678 00:37:06,320 --> 00:37:10,640 Speaker 1: which Waltonaro did nothing to do and did none of 679 00:37:10,760 --> 00:37:13,719 Speaker 1: that in in in his years and government. So there 680 00:37:13,760 --> 00:37:16,879 Speaker 1: will clearly be a lot of public spending a top 681 00:37:17,080 --> 00:37:20,560 Speaker 1: of Lula's agenda. Um, So that's a big question as well. 682 00:37:21,080 --> 00:37:22,880 Speaker 1: All right, and we got about thirty seconds here. What 683 00:37:22,960 --> 00:37:26,520 Speaker 1: other reactions are you hearing with this, Well, so far 684 00:37:26,600 --> 00:37:29,600 Speaker 1: there have been a lot of support from a foreign 685 00:37:29,840 --> 00:37:34,520 Speaker 1: from dignitaries including the President Biden, who were really quick 686 00:37:34,560 --> 00:37:36,120 Speaker 1: out of the out of the gate to come and 687 00:37:36,160 --> 00:37:38,640 Speaker 1: show the support and can see that Lula had one. 688 00:37:39,680 --> 00:37:42,879 Speaker 1: All right, thank you so much, Bloomberg's Rodrigo Ariella, thank 689 00:37:42,920 --> 00:37:44,960 Speaker 1: you for joining us. We really appreciate you taking the 690 00:37:45,040 --> 00:37:46,879 Speaker 1: time with us this morning, and we're going to watch 691 00:37:46,960 --> 00:37:49,839 Speaker 1: the developments in Brazil with you. Nathan. All right, Amy, 692 00:37:49,880 --> 00:37:52,040 Speaker 1: thank you. It's down five fifty three on Wall Street. 693 00:37:52,200 --> 00:37:54,040 Speaker 1: It's time for a Bloomberg Law Report, brought to you 694 00:37:54,120 --> 00:37:58,200 Speaker 1: by American Arbitration Association. Business disputes are inevitable resolve faster 695 00:37:58,360 --> 00:38:01,279 Speaker 1: with the American Arbitration Associate Ation the global leader in 696 00:38:01,280 --> 00:38:04,480 Speaker 1: alternative dispute resolution for over ninety years. More at a 697 00:38:04,640 --> 00:38:06,799 Speaker 1: d R dot org. Now let's get to the legal 698 00:38:06,840 --> 00:38:13,160 Speaker 1: stories we're watching this morning with Bloomberg Jeff Ellinger, The 699 00:38:13,239 --> 00:38:17,080 Speaker 1: Internal Revenue Service estimates the tax gap, the difference between 700 00:38:17,160 --> 00:38:20,720 Speaker 1: taxes ode and taxes paid has grown to four hundred 701 00:38:20,840 --> 00:38:24,800 Speaker 1: ninety six billion dollars. I Robot investors who sought to 702 00:38:24,840 --> 00:38:28,759 Speaker 1: block the buyout by Amazon dot Com have withdrawn their lawsuits, 703 00:38:28,800 --> 00:38:31,800 Speaker 1: but they left the door open to refiling their claims. 704 00:38:32,360 --> 00:38:35,960 Speaker 1: The Ninth Circuit rejected a proposal by the city of Reno, Nevada, 705 00:38:36,239 --> 00:38:40,279 Speaker 1: to tax streaming services such as Netflix and Hooli. Bloomberg 706 00:38:40,400 --> 00:38:44,480 Speaker 1: Law everything you need, all on one legal research platform, 707 00:38:44,680 --> 00:38:49,279 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 708 00:38:49,360 --> 00:38:55,319 Speaker 1: at Bloomberg Law dot com. Now to another legal story 709 00:38:55,360 --> 00:38:57,680 Speaker 1: we're watching. New York City will join a growing list 710 00:38:57,760 --> 00:39:00,440 Speaker 1: of cities and states across the country when it's pay 711 00:39:00,560 --> 00:39:04,200 Speaker 1: transparency law takes effect tomorrow. It requires most New York 712 00:39:04,239 --> 00:39:07,800 Speaker 1: City employers to disclose the minimum and maximum annual salary 713 00:39:07,960 --> 00:39:11,440 Speaker 1: or hourly wage in job postings. A statewide bill proposing 714 00:39:11,480 --> 00:39:13,799 Speaker 1: a similar pay transparency law was passed by the New 715 00:39:13,880 --> 00:39:17,080 Speaker 1: York State legislature in June and is awaiting the governor's signature. 716 00:39:17,280 --> 00:39:20,320 Speaker 1: For more Bloomberg's June Grosso speaks to and Dana, a 717 00:39:20,400 --> 00:39:23,000 Speaker 1: partner at King in Spaulding. I take it the point 718 00:39:23,040 --> 00:39:25,680 Speaker 1: of this is not just to make life easier for 719 00:39:26,239 --> 00:39:29,719 Speaker 1: job seekers, that there is also a hope that it 720 00:39:29,800 --> 00:39:34,000 Speaker 1: will promote pay equity. Yes, I think proponents of pay 721 00:39:34,080 --> 00:39:37,480 Speaker 1: disclosure laws do argue that these types of laws will 722 00:39:37,560 --> 00:39:41,120 Speaker 1: help close the wage gap for women and minorities. You know, 723 00:39:41,239 --> 00:39:43,840 Speaker 1: While it remains to be seen if this becomes a 724 00:39:43,920 --> 00:39:46,880 Speaker 1: reality as these laws get passed, I think there's no 725 00:39:47,120 --> 00:39:50,799 Speaker 1: doubt that these laws provide more pay information to applicants 726 00:39:50,920 --> 00:39:54,319 Speaker 1: and to employees, and I think that we do anticipate 727 00:39:54,400 --> 00:39:58,560 Speaker 1: that we're going to see that impact in the workplace, particularly, 728 00:39:58,640 --> 00:40:03,440 Speaker 1: you know, I think some commentators are predicting that companies 729 00:40:03,480 --> 00:40:05,560 Speaker 1: are going to be able to see what salary ranges 730 00:40:05,600 --> 00:40:09,279 Speaker 1: their competitors are offering, and therefore kind of match what 731 00:40:09,440 --> 00:40:13,080 Speaker 1: competitors are paying, which could actually alter some of the 732 00:40:13,160 --> 00:40:16,839 Speaker 1: recruiting methods that are going on right now. I think 733 00:40:16,960 --> 00:40:19,919 Speaker 1: other people are also anticipating that this may give rise 734 00:40:20,000 --> 00:40:23,399 Speaker 1: to more pay equity litigation. Do you see this as 735 00:40:23,440 --> 00:40:27,280 Speaker 1: a trend that's going to spread these pay transparency laws. 736 00:40:27,880 --> 00:40:30,680 Speaker 1: I think that there's a real hunger right now from 737 00:40:30,760 --> 00:40:34,520 Speaker 1: employees for access to more information about pay and I 738 00:40:34,680 --> 00:40:37,800 Speaker 1: think that there's a trend with employers really looking to 739 00:40:38,480 --> 00:40:42,239 Speaker 1: ensure they have employee trust and pay disclosures one of 740 00:40:42,280 --> 00:40:45,040 Speaker 1: the ways to do that. In the past few years, 741 00:40:45,360 --> 00:40:48,800 Speaker 1: we've seen a real proliferation of these types of laws, 742 00:40:49,040 --> 00:40:51,719 Speaker 1: and that trend is expected to continue, and I think 743 00:40:51,760 --> 00:40:54,879 Speaker 1: it's important to understand that context in order to see 744 00:40:54,960 --> 00:40:57,440 Speaker 1: how New York City is kind of at the forefront 745 00:40:57,680 --> 00:41:00,120 Speaker 1: of some of the changes in these laws. So one 746 00:41:00,160 --> 00:41:03,200 Speaker 1: of the key differences that we've really been seeing in 747 00:41:03,360 --> 00:41:07,000 Speaker 1: the passage of these laws is that originally the laws 748 00:41:07,040 --> 00:41:11,080 Speaker 1: were really focused on being reactive, and they were only 749 00:41:11,239 --> 00:41:16,759 Speaker 1: requiring pay disclosure when somebody asked for salary information, whether 750 00:41:16,800 --> 00:41:19,120 Speaker 1: it was an applicant or when they were given a 751 00:41:19,160 --> 00:41:22,360 Speaker 1: conditional offer. And now what we're seeing is a shift 752 00:41:22,440 --> 00:41:25,879 Speaker 1: in the laws, and the laws are becoming more proactive, 753 00:41:26,120 --> 00:41:30,319 Speaker 1: with states and cities amending these pay disclosure laws requiring 754 00:41:30,480 --> 00:41:36,280 Speaker 1: employers to provide proactively salary ranges up front with posting 755 00:41:37,040 --> 00:41:40,759 Speaker 1: of job advertisements. That's and Dana, a partner at King 756 00:41:40,840 --> 00:41:44,000 Speaker 1: and Spaulding, speaking with Bloomberg's Ken Grosso. Catch more of 757 00:41:44,080 --> 00:41:47,359 Speaker 1: that interview, plus analysis of the latest legal news by 758 00:41:47,400 --> 00:41:50,560 Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show 759 00:41:50,680 --> 00:41:54,640 Speaker 1: at Bloomberg dot com. Slash podcasts and attorneys can find 760 00:41:54,680 --> 00:41:58,759 Speaker 1: exceptional legal research and business development tools at Bloomberg Law 761 00:41:58,920 --> 00:42:02,520 Speaker 1: dot com and on the Bloomberg terminal at b law Go. 762 00:42:03,440 --> 00:42:06,640 Speaker 1: Futures are moving lower and of a very busy week 763 00:42:06,719 --> 00:42:10,480 Speaker 1: for earnings and a key FED decision on Wednesday. Right now, 764 00:42:10,680 --> 00:42:13,840 Speaker 1: SMP futures are down twenty points down, futures down a 765 00:42:13,920 --> 00:42:17,360 Speaker 1: hundred thirty nine, and nastac features are lower by seventy 766 00:42:17,400 --> 00:42:20,120 Speaker 1: eight points. Germany's dacks is up a tenth percent, the 767 00:42:20,160 --> 00:42:22,640 Speaker 1: cat in Paris is down two tenths percent, while the 768 00:42:22,640 --> 00:42:25,160 Speaker 1: foot scene in London is up two tenths of one percent. 769 00:42:25,520 --> 00:42:27,919 Speaker 1: Ten Your treasury is down twelve thirty seconds. The yield 770 00:42:27,960 --> 00:42:30,239 Speaker 1: four point zero six percent yield on the two year 771 00:42:30,560 --> 00:42:33,560 Speaker 1: four point four eight percent nime X screwed is now 772 00:42:33,640 --> 00:42:35,839 Speaker 1: down one percent or eighty eight cents at eighty seven 773 00:42:35,880 --> 00:42:38,879 Speaker 1: dollars two cents of barol comes. Gold down two tenths 774 00:42:38,960 --> 00:42:42,160 Speaker 1: percent at sixty one ninety an ounce, and the euro 775 00:42:42,360 --> 00:42:45,160 Speaker 1: is trading at point nine nine four one against the dollar. 776 00:42:45,440 --> 00:42:48,600 Speaker 1: Bloomberg daybreak continues. This is Bloomberg