1 00:00:01,400 --> 00:00:04,720 Speaker 1: By from the Bloomberg Interactive Brooker Studios. Is is is Bloomberg 2 00:00:04,800 --> 00:00:08,600 Speaker 1: day Break for Monday, November fourteen two. Coming up this shower, 3 00:00:08,800 --> 00:00:12,000 Speaker 1: President Biden meets with China's Shi Jin paying has tensions 4 00:00:12,039 --> 00:00:14,560 Speaker 1: between the two countries simmer. A win for Democrats is 5 00:00:14,600 --> 00:00:17,480 Speaker 1: the party cements control of the Senate. Stocks start the 6 00:00:17,560 --> 00:00:20,000 Speaker 1: day coming off their best week since June, and a 7 00:00:20,079 --> 00:00:23,080 Speaker 1: top beneficial says there's still a ways to go before 8 00:00:23,239 --> 00:00:26,560 Speaker 1: stopping interest rate. Heiightst Sandy Hook Memorial for the twenty 9 00:00:26,600 --> 00:00:28,920 Speaker 1: six people killed opens to the public. Plus the t 10 00:00:29,120 --> 00:00:31,720 Speaker 1: s A is investigating cowl Man gone on off Frontier 11 00:00:31,720 --> 00:00:35,159 Speaker 1: Airlines flight with two box cutters. I'm Michael bar More, 12 00:00:35,520 --> 00:00:37,800 Speaker 1: I'm John stash Our on Sports EIK one Barkley of 13 00:00:37,880 --> 00:00:40,880 Speaker 1: the Giants, the victory over uston the Nixon Nets, lost 14 00:00:40,960 --> 00:00:45,800 Speaker 1: to win for the Rangers. That's All's training head on 15 00:00:45,920 --> 00:00:49,280 Speaker 1: Bloomberg day Break on Bloomberg eleven three on New York 16 00:00:49,479 --> 00:00:54,160 Speaker 1: Bloomberg nine one, Washington, d C, Bloomberg one oh six one, Boston, 17 00:00:54,440 --> 00:00:58,920 Speaker 1: Bloomberg nine sixties and Francisco Sirius Exam one nine team 18 00:00:59,120 --> 00:01:02,000 Speaker 1: and around the world on Bloomberg Radio dot Com. And 19 00:01:02,160 --> 00:01:08,760 Speaker 1: via the Bloomberg business side. Good morning, I'm Nathan Hagar 20 00:01:09,040 --> 00:01:12,080 Speaker 1: and I'm Karen Moscow. US DOT Index futures are lower 21 00:01:12,160 --> 00:01:14,240 Speaker 1: this morning. We are coming up to six oh one 22 00:01:14,280 --> 00:01:16,280 Speaker 1: on Wall Street, and we check the markets every fifteen 23 00:01:16,280 --> 00:01:18,760 Speaker 1: minutes throughout the trading day. On Bloomberg Ues and P 24 00:01:19,000 --> 00:01:21,399 Speaker 1: Future is down seventeen points and down Future is down 25 00:01:21,480 --> 00:01:24,240 Speaker 1: ninety nine and NAS day futures down a d T 26 00:01:24,560 --> 00:01:27,440 Speaker 1: the ten year treasury down eighteen thirty seconds you three 27 00:01:27,440 --> 00:01:30,120 Speaker 1: point eight eight percent, and a yield on the two 28 00:01:30,200 --> 00:01:33,200 Speaker 1: year four point three seven percent, and nine night screwed 29 00:01:33,240 --> 00:01:36,119 Speaker 1: oil is down seven tenths of a percent. Nathan, Karen, 30 00:01:36,160 --> 00:01:38,400 Speaker 1: we begin with a high powered meeting between the leaders 31 00:01:38,440 --> 00:01:41,960 Speaker 1: of the US and China. Discussions are underway between Presidents 32 00:01:42,000 --> 00:01:45,039 Speaker 1: Joe Biden and she Jin Ping in Bali, Indonesia, on 33 00:01:45,120 --> 00:01:48,360 Speaker 1: the sidelines of the G twenty summit. Bloomberg Stephen Angel 34 00:01:48,480 --> 00:01:51,480 Speaker 1: is there and has the very latest. They're high stakes. Obviously, 35 00:01:51,600 --> 00:01:53,639 Speaker 1: is the first face to face meeting since Joe Biden 36 00:01:53,640 --> 00:01:57,000 Speaker 1: became president between himself and Sejon Thing. They've met many 37 00:01:57,000 --> 00:01:59,880 Speaker 1: times before. They've had five conversations over the phone or 38 00:02:00,040 --> 00:02:03,680 Speaker 1: duke conference since he became president. They've accumulated some sixty 39 00:02:03,800 --> 00:02:06,680 Speaker 1: seven hours face to face over the years. Of course, 40 00:02:06,720 --> 00:02:09,840 Speaker 1: as Joe Biden was vice president under Obama, so they 41 00:02:09,880 --> 00:02:12,320 Speaker 1: know each other. But there are so many sticking issues 42 00:02:12,360 --> 00:02:15,440 Speaker 1: as the relationship between China and the United States has 43 00:02:15,440 --> 00:02:18,639 Speaker 1: in many accounts deteriorated to the point where they've cut 44 00:02:18,639 --> 00:02:21,800 Speaker 1: off military to military dialogue. They've cut off some climate 45 00:02:21,880 --> 00:02:25,880 Speaker 1: change cooperation. Following the controversial visit by the House Speaker 46 00:02:26,000 --> 00:02:29,440 Speaker 1: Nancy Pelosi to Taiwan, Bloomberg, Stephen angel and Balli says 47 00:02:29,440 --> 00:02:33,000 Speaker 1: the Biden administrations played down expectations for this meeting, casting 48 00:02:33,000 --> 00:02:36,359 Speaker 1: it as a first step rather than a decisive showdown. Still, 49 00:02:36,480 --> 00:02:39,280 Speaker 1: Nathan President Biden says he's coming into this meeting with 50 00:02:39,360 --> 00:02:42,280 Speaker 1: President She in a strong position after a better than 51 00:02:42,320 --> 00:02:46,560 Speaker 1: expected mid term election. Democrats have retained control of the Senate. 52 00:02:46,600 --> 00:02:50,399 Speaker 1: After word that Catherine Cortes Masta one re election in Nevada, 53 00:02:50,720 --> 00:02:53,440 Speaker 1: the red Way for Republicans did not come to pass, 54 00:02:53,480 --> 00:02:56,560 Speaker 1: and we get more from Bloomberg, said Baxter. There's growing 55 00:02:56,600 --> 00:03:01,120 Speaker 1: thought that it was voters repudiating extremism and election deniers. 56 00:03:01,480 --> 00:03:04,760 Speaker 1: Republican Governor Chris Sanunu on ABC says the party needs 57 00:03:04,800 --> 00:03:07,080 Speaker 1: to stand up and take notice. There's a sense of 58 00:03:07,120 --> 00:03:09,560 Speaker 1: extremism that I think a lot of Republicans were painted with, 59 00:03:09,680 --> 00:03:12,519 Speaker 1: rightfully or not, and senna majority of Leader Chuck Schumer, 60 00:03:12,639 --> 00:03:17,560 Speaker 1: many Republican leaders actually encouraged the threats of violence, the violence, 61 00:03:17,600 --> 00:03:20,000 Speaker 1: the denial of an election. The House is still in 62 00:03:20,040 --> 00:03:22,480 Speaker 1: the balance, but Democrats pretty much need to run the 63 00:03:22,520 --> 00:03:26,080 Speaker 1: table to win the House. In San Francisco. I'm at 64 00:03:26,120 --> 00:03:29,280 Speaker 1: Baxter Bloomberg Daybreak thanks to ED. Turning to markets now, 65 00:03:29,360 --> 00:03:32,120 Speaker 1: stocks are coming off their best week since June. Tech 66 00:03:32,240 --> 00:03:34,840 Speaker 1: was the big winner following last week's inflation report. The 67 00:03:34,960 --> 00:03:37,920 Speaker 1: NASTAC one hundred climb nine point four percent on Thursday 68 00:03:37,960 --> 00:03:40,080 Speaker 1: and Friday for its best two day games since two 69 00:03:40,120 --> 00:03:43,400 Speaker 1: thousand eight. Ryan Dietrich is chief market strategist at the 70 00:03:43,440 --> 00:03:47,000 Speaker 1: Carson Grove. But we are optimistic. We made another major 71 00:03:47,120 --> 00:03:50,880 Speaker 1: market low in October six to the last seventeen bear 72 00:03:50,960 --> 00:03:54,920 Speaker 1: markets ended in October. This could be another one, and 73 00:03:54,960 --> 00:03:58,400 Speaker 1: again expectations are so low that any good news can 74 00:03:58,480 --> 00:04:01,720 Speaker 1: continue to kind of push this ball higher. Carson Groups. 75 00:04:01,800 --> 00:04:04,480 Speaker 1: Ryan Dietrich says the SMP five is up eleven per 76 00:04:04,520 --> 00:04:07,040 Speaker 1: cent since the end of September. At the same time, 77 00:04:07,120 --> 00:04:10,840 Speaker 1: Nathan stocks are likely to end next year almost unchanged 78 00:04:10,880 --> 00:04:14,040 Speaker 1: from their current level. That's according to Morgan Stanley's Michael Wilson, 79 00:04:14,320 --> 00:04:16,840 Speaker 1: the top rated strategist, sees a volatile path to get 80 00:04:16,920 --> 00:04:20,960 Speaker 1: to his twenty three year end SMP target of thirty points. 81 00:04:21,279 --> 00:04:24,120 Speaker 1: That's about two percent below where stocks closed on Friday. 82 00:04:24,320 --> 00:04:27,640 Speaker 1: Wilson expects equities to fall as earning's estimates come down, 83 00:04:27,680 --> 00:04:30,400 Speaker 1: before rebounding in the second half of next year. So 84 00:04:30,480 --> 00:04:32,640 Speaker 1: many strategist care and say the key for markets will 85 00:04:32,640 --> 00:04:35,120 Speaker 1: be the FED pivoting from its rate hike cycle, but 86 00:04:35,200 --> 00:04:37,640 Speaker 1: FED Governor Christopher Waller says there's still a ways to 87 00:04:37,680 --> 00:04:40,200 Speaker 1: go before they stop raising interest rates. He told the 88 00:04:40,200 --> 00:04:42,880 Speaker 1: conference in Sydney this morning. Rates will stay high for 89 00:04:42,960 --> 00:04:45,760 Speaker 1: a while until inflation gets closer to the Fed's target. 90 00:04:46,160 --> 00:04:49,880 Speaker 1: Uncleman Sax sees its significant decline in inflation and next year, 91 00:04:49,880 --> 00:04:52,400 Speaker 1: and Nathan the firm expects the core PCE measure to 92 00:04:52,440 --> 00:04:55,599 Speaker 1: decline to two point nine percent by December of three. 93 00:04:56,080 --> 00:04:58,960 Speaker 1: It's currently at five point one percent. Goldman points to 94 00:04:59,080 --> 00:05:02,560 Speaker 1: softening supplied change problems, a peak and shelter inflation and 95 00:05:02,640 --> 00:05:04,920 Speaker 1: slower wage growth. Now we want to bring up to 96 00:05:05,000 --> 00:05:08,240 Speaker 1: date on the latest developments involving ft X. Authorities in 97 00:05:08,279 --> 00:05:11,560 Speaker 1: the Bahamas are investigating whether there was criminal misconduct in 98 00:05:11,560 --> 00:05:15,000 Speaker 1: the collapse of the crypto exchange. Police and regulators interviewed 99 00:05:15,040 --> 00:05:18,480 Speaker 1: co founder Sam bankban Freed on Saturday. They're growing signs 100 00:05:18,520 --> 00:05:21,800 Speaker 1: ft X customers have little chance of recovering their deposits. 101 00:05:22,000 --> 00:05:24,960 Speaker 1: The head of rival exchange Finance cz JAO says the 102 00:05:25,040 --> 00:05:28,400 Speaker 1: industry can't leave it to regulators to police wrongdoing. No 103 00:05:28,440 --> 00:05:30,839 Speaker 1: one can protect a back player. To be very frank, 104 00:05:30,960 --> 00:05:33,360 Speaker 1: if a guy is very good at lying and it's 105 00:05:33,480 --> 00:05:35,480 Speaker 1: very good at just pretending to be well, he's not. 106 00:05:35,640 --> 00:05:37,640 Speaker 1: Somebody wants a wide level law. The law is not 107 00:05:37,680 --> 00:05:40,839 Speaker 1: going to prevent that. The law can help to reduce 108 00:05:40,880 --> 00:05:42,960 Speaker 1: that um. As the industry players, we should be more 109 00:05:43,040 --> 00:05:45,359 Speaker 1: vocal about it, which is that very strong standards for 110 00:05:45,400 --> 00:05:48,880 Speaker 1: the industry finances. CZAO was involved in a public feud 111 00:05:48,880 --> 00:05:51,200 Speaker 1: with Sam bankban Freed's f t X, a dispute that 112 00:05:51,200 --> 00:05:52,920 Speaker 1: played out as part of the collapse of f t 113 00:05:53,120 --> 00:05:55,520 Speaker 1: X last week. And let's turn our attention now to 114 00:05:55,600 --> 00:05:58,640 Speaker 1: Elon Musk. Nathan, the world's richest man, says he has 115 00:05:58,680 --> 00:06:01,640 Speaker 1: too much work on his plate. He's currently the CEO 116 00:06:01,720 --> 00:06:05,200 Speaker 1: of Twitter, Tesla and Spacexclause a few other ventures, and 117 00:06:05,240 --> 00:06:08,640 Speaker 1: speaking at a business conference running alongside the must said, 118 00:06:08,640 --> 00:06:11,560 Speaker 1: the amount that he tortures himself is quote next level. 119 00:06:11,880 --> 00:06:14,680 Speaker 1: I mean, I'm really working at the absolute most amount 120 00:06:14,680 --> 00:06:18,120 Speaker 1: that I can work from morningful ninth, seven days a week. Um, 121 00:06:18,680 --> 00:06:25,000 Speaker 1: so there's not something I'd recommend, frankly, Um, yeah. Moscow 122 00:06:25,040 --> 00:06:28,000 Speaker 1: took over Twitter earlier this month, has already fired around 123 00:06:28,000 --> 00:06:30,280 Speaker 1: half the firm's staff and ended the company's work from 124 00:06:30,320 --> 00:06:33,840 Speaker 1: home policy. Another corporate story we're watching this morning, Karen 125 00:06:34,000 --> 00:06:38,080 Speaker 1: roach It says long awaited experimental drug for Alzheimer's disease 126 00:06:38,440 --> 00:06:40,760 Speaker 1: failed in a pair of large studies. It is another 127 00:06:40,800 --> 00:06:43,520 Speaker 1: disappointment at a research field that's been marred with failures. 128 00:06:43,760 --> 00:06:46,120 Speaker 1: Right now, Row shares are down more than four and 129 00:06:46,160 --> 00:06:49,120 Speaker 1: a half percent in Europe, and finally, Nathan London has 130 00:06:49,160 --> 00:06:51,880 Speaker 1: lost its crown as Europe's biggest stock market. It's now 131 00:06:51,920 --> 00:06:56,240 Speaker 1: behind Parish as economic growth concerns away on UK assets. Meantime, 132 00:06:56,360 --> 00:06:59,960 Speaker 1: China's relaxation of COVID rules is boosting French luxury share. 133 00:07:00,560 --> 00:07:03,640 Speaker 1: Currency movements have also been an advantage for Parish. As 134 00:07:03,680 --> 00:07:07,000 Speaker 1: the pound has weakened against the dollar this year, the 135 00:07:07,040 --> 00:07:11,280 Speaker 1: euro has fared slightly better, weakening around nine futures this 136 00:07:11,320 --> 00:07:14,480 Speaker 1: morning are moving lower and as straight ahead, we have 137 00:07:14,640 --> 00:07:17,720 Speaker 1: your latest local headlines, plus a check of sports, and 138 00:07:17,880 --> 00:07:24,680 Speaker 1: this is Bloomberg. We started six or seven on Wall 139 00:07:24,680 --> 00:07:27,040 Speaker 1: Street where thirty nine degrees in Central Park heads of 140 00:07:27,080 --> 00:07:30,200 Speaker 1: the upper forties today and Michael bars here with more 141 00:07:30,240 --> 00:07:32,200 Speaker 1: on what's going on in New York and around the world. 142 00:07:32,200 --> 00:07:35,160 Speaker 1: Good morning, Michael, Good morning Nathan. The long awaited memorial 143 00:07:35,240 --> 00:07:38,360 Speaker 1: to the victims of the Sandy Hook Elementary School shooting 144 00:07:38,720 --> 00:07:42,000 Speaker 1: officially open to the public yesterday and drawing visitors steadily 145 00:07:42,000 --> 00:07:45,480 Speaker 1: throughout the day. A circular memorial pools to it in 146 00:07:45,560 --> 00:07:49,240 Speaker 1: front of the engraved names of the first graders, twenty 147 00:07:49,280 --> 00:07:53,120 Speaker 1: of them and six educators killed a short distance away 148 00:07:53,440 --> 00:07:56,680 Speaker 1: from the school nearly ten years ago. There's no ceremony, 149 00:07:56,800 --> 00:07:59,840 Speaker 1: and keeping with New Towns tradition of marking out of 150 00:08:00,160 --> 00:08:03,480 Speaker 1: threes and other remembrances of the shooting with quiet reflection. 151 00:08:03,960 --> 00:08:06,840 Speaker 1: Just what Jenny Hubbard and others Sandy Hook parents and 152 00:08:06,880 --> 00:08:10,160 Speaker 1: families were hoping for. When you have a tragedy like 153 00:08:10,760 --> 00:08:15,240 Speaker 1: Sandy Hook or any other tragedy that rocks any community, 154 00:08:15,360 --> 00:08:18,080 Speaker 1: it's nice to have a place that marks that moment. 155 00:08:18,600 --> 00:08:21,559 Speaker 1: It will be ten years next month that Jenny's daughter, 156 00:08:21,800 --> 00:08:25,600 Speaker 1: Katherine Hubbard, just six, was killed in the Sandy Hook shooting. 157 00:08:26,000 --> 00:08:29,080 Speaker 1: Former Vice President Mike Pence is talking about what happened 158 00:08:29,160 --> 00:08:32,680 Speaker 1: during the January six attack ahead of his new book release. 159 00:08:32,800 --> 00:08:37,240 Speaker 1: Pence on ABC condemned then President Trump's actions that day, 160 00:08:37,640 --> 00:08:40,520 Speaker 1: saying he endangered his family and everyone in the Capitol. 161 00:08:40,800 --> 00:08:44,120 Speaker 1: He says the president's words were reckless and it was 162 00:08:44,200 --> 00:08:46,720 Speaker 1: clear he decided to be part of the problem. But 163 00:08:46,800 --> 00:08:50,040 Speaker 1: I turned to my daughter, who was standing nearby, and 164 00:08:50,160 --> 00:08:52,080 Speaker 1: I said, it doesn't take courage to break the law, 165 00:08:53,080 --> 00:08:56,760 Speaker 1: takes courage to uphold the law. Mike Pence's new book, 166 00:08:56,840 --> 00:09:00,800 Speaker 1: entitled So Help Me God, comes out tomorrow. Our hospitals 167 00:09:00,880 --> 00:09:04,360 Speaker 1: report a surge of patients young and old with RSV 168 00:09:04,559 --> 00:09:08,439 Speaker 1: and the flu, the most and earliest in years. Connecticut 169 00:09:08,520 --> 00:09:13,120 Speaker 1: hospitals are considering asking for National Guard help. Dr Ian Michelo, 170 00:09:13,240 --> 00:09:17,000 Speaker 1: Connecticut Children's med Center in Hartford says there e er 171 00:09:17,200 --> 00:09:21,120 Speaker 1: is full and have longer wait times. Some people are 172 00:09:21,120 --> 00:09:24,160 Speaker 1: putting a twin dammic the younger children unfortunately the sixth 173 00:09:24,400 --> 00:09:26,439 Speaker 1: of some more airways, so they can't deal with the 174 00:09:27,000 --> 00:09:30,079 Speaker 1: secretions as easily as older children. So as it tends 175 00:09:30,080 --> 00:09:33,160 Speaker 1: to be the sick of children. Dr Michaelo says older 176 00:09:33,200 --> 00:09:37,320 Speaker 1: patients potentially getting pneumonia is also a concern. There are 177 00:09:37,400 --> 00:09:40,760 Speaker 1: new concerns about airport security after what happened on a 178 00:09:40,840 --> 00:09:44,120 Speaker 1: Frontier Airlines plane late last week. The t s A 179 00:09:44,200 --> 00:09:46,600 Speaker 1: A sending some agents back to training after a man 180 00:09:46,640 --> 00:09:50,080 Speaker 1: boarded a Frontier Airlines flight in northern Kentucky with two 181 00:09:50,120 --> 00:09:54,800 Speaker 1: box cutters and reportedly threatened to harm other passengers. Global 182 00:09:54,840 --> 00:09:57,400 Speaker 1: News twenty four hours a day on air and on 183 00:09:57,440 --> 00:10:01,040 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists 184 00:10:01,040 --> 00:10:03,679 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr, 185 00:10:03,760 --> 00:10:10,800 Speaker 1: this is Bloomberg NA. Thanks Michael, almost six cent. I'm 186 00:10:10,840 --> 00:10:12,679 Speaker 1: all street time for the Bloomberg Sports update, brought to 187 00:10:12,679 --> 00:10:14,679 Speaker 1: you by tri State. Out of Here's John stash Out 188 00:10:14,760 --> 00:10:16,560 Speaker 1: All right, Nathan. The day began with a report that 189 00:10:16,640 --> 00:10:19,360 Speaker 1: during the bye week, the Giants held contract talks with 190 00:10:19,360 --> 00:10:21,440 Speaker 1: say Kawan Barkley. The two sides are far apart and 191 00:10:21,440 --> 00:10:24,360 Speaker 1: won't talk again until after the season. Barkley is having 192 00:10:24,400 --> 00:10:28,040 Speaker 1: a terrific season. Yesterday he was busy thirty five carries 193 00:10:28,040 --> 00:10:30,120 Speaker 1: a hundred and fifty two yards and the Giants went 194 00:10:30,160 --> 00:10:34,000 Speaker 1: to him late and again Jones now over center, hand off, 195 00:10:34,000 --> 00:10:37,680 Speaker 1: Barkley runs right to again Jon touchdown. Giants sick kwon 196 00:10:37,760 --> 00:10:43,840 Speaker 1: Barkley from two yards out his sixth, sixth rushing touchdown 197 00:10:43,880 --> 00:10:47,199 Speaker 1: of the season. Have the Giants answer Houston with seven 198 00:10:47,240 --> 00:10:50,640 Speaker 1: of their own with one to go to call Barkley. 199 00:10:50,640 --> 00:10:52,880 Speaker 1: That leads the NFL and rushing big reason why the 200 00:10:52,920 --> 00:10:55,319 Speaker 1: Giants are seven and two. They meet Houston, the met 201 00:10:55,360 --> 00:10:58,040 Speaker 1: life twenty four to sixteen couple of Daniel Jones TD 202 00:10:58,160 --> 00:11:01,640 Speaker 1: passes and the Giants defense only allowed one TV Another 203 00:11:01,679 --> 00:11:04,040 Speaker 1: winnable game for Big Blue this Sunday at home against 204 00:11:04,080 --> 00:11:07,920 Speaker 1: Detroit Giantstow sole possession of second place NFC East as 205 00:11:08,040 --> 00:11:10,439 Speaker 1: Dallas lost in overtime at green Bay. The Packers into 206 00:11:10,440 --> 00:11:12,200 Speaker 1: five game Moving Street. The game of the day maybe 207 00:11:12,240 --> 00:11:15,600 Speaker 1: the season was in Buffalo. Bills led Minnesota by seventeen 208 00:11:15,600 --> 00:11:18,720 Speaker 1: of the second half. The game appeared over when up four, 209 00:11:18,760 --> 00:11:21,400 Speaker 1: they stopped the Vikings the one yard line, but Josh 210 00:11:21,440 --> 00:11:24,160 Speaker 1: Allen fumbled a snap. The Vikes recovered for a go 211 00:11:24,240 --> 00:11:26,560 Speaker 1: ahead touchdown. Bill still tied the game to Minnesota one 212 00:11:26,640 --> 00:11:29,199 Speaker 1: thirty three thirty in overtime. Of The Vikes are eight 213 00:11:29,320 --> 00:11:32,160 Speaker 1: one two games at the Garden. First, the next they 214 00:11:32,160 --> 00:11:35,160 Speaker 1: got outscored by Oklahoma City one forty five to one 215 00:11:35,280 --> 00:11:38,440 Speaker 1: thirty five, the thundershot sixty three percent. The Rangers then 216 00:11:38,480 --> 00:11:41,040 Speaker 1: beat Arizona four to one. The Nets a second straight 217 00:11:41,080 --> 00:11:43,640 Speaker 1: game at the Staples Center. After a win over the Clippers, 218 00:11:43,640 --> 00:11:46,040 Speaker 1: they lost to the Lakers, who played without Lebron James 219 00:11:46,040 --> 00:11:49,360 Speaker 1: Anthony Davis fort thirty seven. The Lakers won one sixteen 220 00:11:49,360 --> 00:11:51,840 Speaker 1: one oh three. Kevin rants Worth thirty one for Brooklyn, 221 00:11:52,120 --> 00:11:55,520 Speaker 1: johns Dashwer Bloomberg Sports, Nathan Okay, John Thanks Sesson p 222 00:11:55,679 --> 00:11:58,520 Speaker 1: Futures down down seventeen points down, futures down a hundred 223 00:11:58,600 --> 00:12:02,320 Speaker 1: five Nastack futures are low by eighty six points. This 224 00:12:02,559 --> 00:12:09,080 Speaker 1: is Bloomberg. Bloomberg Sports was brought to you by Audie. 225 00:12:09,080 --> 00:12:11,120 Speaker 1: Don't let someone else drive off in the outie model. 226 00:12:11,200 --> 00:12:13,800 Speaker 1: You've always wanted visit your local tri state autie dealer 227 00:12:13,800 --> 00:12:16,200 Speaker 1: to get behind the wheel of yours today, or visit 228 00:12:16,200 --> 00:12:23,280 Speaker 1: outie Offers dot com for more information, markets, headlines and 229 00:12:23,400 --> 00:12:26,440 Speaker 1: breaking news twenty four hours a day at Bloomberg dot 230 00:12:26,440 --> 00:12:30,319 Speaker 1: com the Bloomberg Business Outland at Bloomberg Quicktake, this is 231 00:12:30,360 --> 00:12:39,440 Speaker 1: a Bloomberg Business flash and I'm caring Moscow. You ust 232 00:12:39,480 --> 00:12:42,400 Speaker 1: not getting next. Futures are following this morning while European 233 00:12:42,440 --> 00:12:45,199 Speaker 1: benchmark takes higher. We checked the markets every fifteen minutes 234 00:12:45,200 --> 00:12:48,600 Speaker 1: throughout the trading day on Bloomberg. SNP Future is down 235 00:12:48,640 --> 00:12:51,679 Speaker 1: about seventeen points this morning. Down Future is down ninety two, 236 00:12:52,080 --> 00:12:55,280 Speaker 1: Nastack futures down eighty two. The decks in Germany is 237 00:12:55,320 --> 00:12:57,360 Speaker 1: at a third of upper seth ten. Your treasury down 238 00:12:57,400 --> 00:13:00,640 Speaker 1: twenty one thirty seconds. You're three nine per cent yield 239 00:13:00,640 --> 00:13:03,240 Speaker 1: on the two year four point three eight percent nine 240 00:13:03,400 --> 00:13:05,440 Speaker 1: x Screwed oil is down seven tenths per cent or 241 00:13:05,440 --> 00:13:07,680 Speaker 1: sixty three cents and eighty eight dollars thirty one cents, 242 00:13:07,720 --> 00:13:10,480 Speaker 1: and barrel come Scholl down seven tenths percent or twelve 243 00:13:10,520 --> 00:13:13,760 Speaker 1: dollars ten cents at seventeen fifty seven twenty announced the 244 00:13:13,800 --> 00:13:16,800 Speaker 1: euro one eight five against the dollar British found one 245 00:13:16,800 --> 00:13:19,400 Speaker 1: point one seven six one and the end one forty 246 00:13:19,480 --> 00:13:22,160 Speaker 1: point seven five and bitcoin this morning at two point 247 00:13:22,200 --> 00:13:25,400 Speaker 1: eight percent at sixteen thousand, eight hundred dollars. And that's 248 00:13:25,400 --> 00:13:28,120 Speaker 1: a Bloomberg business flash. Now here smuckle bar with more 249 00:13:28,200 --> 00:13:30,640 Speaker 1: on what's going on around the world. Michael Karen, Thank 250 00:13:30,679 --> 00:13:33,240 Speaker 1: you very much, President Joe Biden. It's talking right now 251 00:13:33,280 --> 00:13:36,000 Speaker 1: with the Chinese president shi Jing Ping for their first 252 00:13:36,040 --> 00:13:39,280 Speaker 1: in person meeting since the US president took office nearly 253 00:13:39,280 --> 00:13:42,000 Speaker 1: two years ago. They're meeting on the sidelines of the 254 00:13:42,080 --> 00:13:45,800 Speaker 1: G twenty summit in Indonesia. The world's richest man is 255 00:13:45,800 --> 00:13:48,760 Speaker 1: trading barbs with the U S senator on Twitter. Senator 256 00:13:48,880 --> 00:13:52,679 Speaker 1: Ed Markey went after Elon Musk over the new verification 257 00:13:52,760 --> 00:13:56,720 Speaker 1: process on Twitter that led the CEO to criticize market, 258 00:13:56,840 --> 00:14:00,280 Speaker 1: saying his Twitter account sounds like a parody too. Have 259 00:14:00,400 --> 00:14:03,360 Speaker 1: gone back and forth, culminating in a tweet from Marquis saying, 260 00:14:03,400 --> 00:14:07,440 Speaker 1: quote fix your companies or Congress will In the NFL, 261 00:14:07,520 --> 00:14:11,760 Speaker 1: the Giants one were also winners. In the NBA, the Knicks, Nets, 262 00:14:11,760 --> 00:14:14,680 Speaker 1: and Warriors lost the Wizards one. In hockey, the Rangers 263 00:14:14,720 --> 00:14:17,719 Speaker 1: and Ruins one the capital's lost global news twenty four 264 00:14:17,760 --> 00:14:21,320 Speaker 1: hours a day on air and on Bloomberg Quickday, powered 265 00:14:21,320 --> 00:14:25,480 Speaker 1: by more than seven journalists and analyist in more than countries. 266 00:14:25,520 --> 00:14:28,160 Speaker 1: I'm Michael barn This is Bloomberg Naked. Thanks Michael, six 267 00:14:28,280 --> 00:14:31,560 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 268 00:14:31,560 --> 00:14:33,560 Speaker 1: This is Bloomberg day Break and with us now live 269 00:14:33,680 --> 00:14:37,240 Speaker 1: from Bali, Indonesia at the G twenty summit, is Bloomberg 270 00:14:37,240 --> 00:14:41,320 Speaker 1: News Executive Editor for International Government Rosalind Mathieson Ros It's 271 00:14:41,320 --> 00:14:43,120 Speaker 1: great to speak with you this morning. Of course, what 272 00:14:43,240 --> 00:14:45,880 Speaker 1: we're really focused on right now is what's happening on 273 00:14:45,920 --> 00:14:48,080 Speaker 1: the sidelines of the G twenty and this face to 274 00:14:48,120 --> 00:14:52,000 Speaker 1: face gathering between Presidents Biden and She of China. We've 275 00:14:52,000 --> 00:14:55,480 Speaker 1: gotten the handshake, We've gotten the introductory comments. The President 276 00:14:55,520 --> 00:14:58,960 Speaker 1: says the United States stands ready to work with China 277 00:14:59,360 --> 00:15:02,800 Speaker 1: if that's what they desire. What stands out to you 278 00:15:02,920 --> 00:15:07,080 Speaker 1: so far, well, it's interesting to have seen the body 279 00:15:07,160 --> 00:15:09,360 Speaker 1: language and and the handshake and the comments at the 280 00:15:09,400 --> 00:15:10,920 Speaker 1: top of the meeting, because they're no a lot to 281 00:15:10,920 --> 00:15:14,160 Speaker 1: wear in a room for at least several hours. We're expecting, 282 00:15:14,200 --> 00:15:17,440 Speaker 1: but certainly you can see from the language and their 283 00:15:17,440 --> 00:15:20,040 Speaker 1: interactions that there seems to be a desire to at 284 00:15:20,120 --> 00:15:23,680 Speaker 1: least stop the relationship from getting worse, because it's really 285 00:15:23,720 --> 00:15:26,560 Speaker 1: been in the downward spiral for a matter of years 286 00:15:26,600 --> 00:15:31,880 Speaker 1: between these countries, disputes over market access, over technology, over Taiwan, 287 00:15:32,080 --> 00:15:34,760 Speaker 1: over Hong Kong, and a bunch of different things, and 288 00:15:34,800 --> 00:15:38,000 Speaker 1: so perhaps just a recognition that for each of them 289 00:15:38,040 --> 00:15:40,960 Speaker 1: there's a vested interest here in finding some kind of 290 00:15:41,040 --> 00:15:43,600 Speaker 1: flaw in the relationship, and that's just a sort of 291 00:15:43,640 --> 00:15:47,080 Speaker 1: set some new guard rails really around their relationships. But 292 00:15:47,120 --> 00:15:49,200 Speaker 1: it also allows each of them to set up really 293 00:15:49,240 --> 00:15:51,800 Speaker 1: what's important and what their red lines are, and so 294 00:15:51,960 --> 00:15:54,160 Speaker 1: seeing Paying and Joe Butten will both be doing that 295 00:15:54,240 --> 00:15:57,320 Speaker 1: in the conversation. So we're not looking for major, major 296 00:15:57,400 --> 00:16:01,040 Speaker 1: new developments or new announcements for how so resume some 297 00:16:01,520 --> 00:16:05,560 Speaker 1: dialogue on issues around climate change and other common matters. 298 00:16:05,960 --> 00:16:07,760 Speaker 1: But at least the fact that they're agreeing to see 299 00:16:07,760 --> 00:16:10,360 Speaker 1: each other sit face to face and possibly talk for 300 00:16:10,400 --> 00:16:13,480 Speaker 1: several hours has to be taken as a positive sign. 301 00:16:14,520 --> 00:16:17,280 Speaker 1: Ahead of this meeting, we heard from the President saying 302 00:16:17,280 --> 00:16:20,040 Speaker 1: that he feels as though he came into this encounter 303 00:16:20,200 --> 00:16:23,200 Speaker 1: with President She from a position of strength given the 304 00:16:23,280 --> 00:16:26,720 Speaker 1: results of the mid term elections last week. How could 305 00:16:26,760 --> 00:16:30,760 Speaker 1: domestic US politics play into what comes out of this 306 00:16:30,880 --> 00:16:35,040 Speaker 1: by lad and once it gets finished, well finite least 307 00:16:35,080 --> 00:16:37,080 Speaker 1: for Biden, it does allow him to come into this 308 00:16:37,160 --> 00:16:41,120 Speaker 1: meeting feeling like he's had a fairly okay result of late. 309 00:16:41,160 --> 00:16:43,480 Speaker 1: Obviously the Democrats not doing nearly as badly in the 310 00:16:43,520 --> 00:16:46,560 Speaker 1: midterm elections as had been expected. If if that had 311 00:16:46,560 --> 00:16:48,280 Speaker 1: been the case, it really would have put him on 312 00:16:48,280 --> 00:16:52,440 Speaker 1: the back foot into that conversation. It probably won't substantially 313 00:16:52,520 --> 00:16:55,960 Speaker 1: change the narrative inside the room, because either way, we're 314 00:16:55,960 --> 00:16:58,000 Speaker 1: looking at two years really of quite a lot of 315 00:16:58,040 --> 00:17:02,200 Speaker 1: difficulty in Congress in terms of policymaking and developments, and 316 00:17:02,400 --> 00:17:05,800 Speaker 1: in the run up to the election, you can expect 317 00:17:05,800 --> 00:17:08,960 Speaker 1: both Democrats and Republicans to push for a harder line 318 00:17:09,000 --> 00:17:12,480 Speaker 1: really on China overall in the longer term, and that'll 319 00:17:12,480 --> 00:17:15,480 Speaker 1: probably boxed Biden in a little bit. But at least 320 00:17:15,480 --> 00:17:18,119 Speaker 1: this way, if they've begun a proper face to face 321 00:17:18,720 --> 00:17:21,879 Speaker 1: dialogue and they can continue that at further meetings in 322 00:17:21,920 --> 00:17:24,919 Speaker 1: the rest of Biden's first term, as president. Then that 323 00:17:24,960 --> 00:17:27,320 Speaker 1: at least allows them to have a direct relationship to 324 00:17:27,359 --> 00:17:30,560 Speaker 1: sort things out, because we saw that be fairly successful 325 00:17:31,080 --> 00:17:33,919 Speaker 1: at some points, at least between c J. Ping and 326 00:17:33,920 --> 00:17:36,760 Speaker 1: the former US President Donald Trump, they at least managed 327 00:17:36,800 --> 00:17:39,200 Speaker 1: to have a rapport and they could speak pretty honestly 328 00:17:39,280 --> 00:17:41,639 Speaker 1: with each other. We've heard a lot about what the 329 00:17:41,760 --> 00:17:45,880 Speaker 1: US red lines are and where the president thinks that 330 00:17:46,040 --> 00:17:48,760 Speaker 1: the US and China can sort of work together. You 331 00:17:48,840 --> 00:17:51,960 Speaker 1: mentioned that the climate change issue in particular from the 332 00:17:52,080 --> 00:17:57,359 Speaker 1: Chinese side. What's your idea of what President she is 333 00:17:57,359 --> 00:17:59,760 Speaker 1: hoping to get out of this meeting with President Biden. 334 00:18:01,320 --> 00:18:02,959 Speaker 1: We can imagine that there will be at least some 335 00:18:03,000 --> 00:18:07,760 Speaker 1: conversation around Taiwan, because China has watched with what they 336 00:18:07,760 --> 00:18:10,680 Speaker 1: would think of as alarm, some of them increasingly hawkish 337 00:18:10,680 --> 00:18:14,040 Speaker 1: statements from the US in terms of supporting Taiwan, which 338 00:18:14,080 --> 00:18:17,840 Speaker 1: is the democratically ruled island that China in turn sees 339 00:18:17,880 --> 00:18:20,800 Speaker 1: as part of its territory. And of course the visit 340 00:18:21,240 --> 00:18:24,159 Speaker 1: by the the US House Speaker outgoing how speak and 341 00:18:24,240 --> 00:18:28,479 Speaker 1: Nancy Pelosi really sort of saw attentions between the countries escalate. 342 00:18:28,560 --> 00:18:30,800 Speaker 1: So you can imagine the CG people want to use 343 00:18:30,840 --> 00:18:33,120 Speaker 1: some of this time at least to layout why for him, 344 00:18:33,840 --> 00:18:36,879 Speaker 1: Taiwan is is sort of non negotiable and any effort 345 00:18:36,920 --> 00:18:39,880 Speaker 1: to really sort of step things up there militarily could 346 00:18:39,920 --> 00:18:42,920 Speaker 1: could end in the kind of sort of catastrophic incident 347 00:18:43,000 --> 00:18:45,920 Speaker 1: between their militaries that probably both sides want to avoid. 348 00:18:46,320 --> 00:18:48,240 Speaker 1: And in our last thirty seconds here, rise are we 349 00:18:48,320 --> 00:18:51,280 Speaker 1: expecting this bioland to have any impact on the overall 350 00:18:51,400 --> 00:18:54,479 Speaker 1: jach one He Obviously much of the focus is on 351 00:18:54,520 --> 00:18:57,120 Speaker 1: the war in Ukraine, and of course China and Russia 352 00:18:57,359 --> 00:19:01,439 Speaker 1: have a very close relationship, although China has been somewhat 353 00:19:01,480 --> 00:19:06,560 Speaker 1: skittish around the potential use of nuclear weapons in Ukraine. Well, 354 00:19:06,560 --> 00:19:08,480 Speaker 1: certainly the one thing that that there could be some 355 00:19:08,600 --> 00:19:11,240 Speaker 1: tension on from this is the feeling that China is 356 00:19:11,240 --> 00:19:13,800 Speaker 1: going to refuse to sign up to particularly strong language 357 00:19:13,800 --> 00:19:16,840 Speaker 1: in the G twenty communicate that condemns Russia and about 358 00:19:16,840 --> 00:19:19,879 Speaker 1: its war in Ukraine, and China will be uneasy about that. 359 00:19:19,880 --> 00:19:21,840 Speaker 1: We're hearing that from our sources and a story we 360 00:19:21,960 --> 00:19:24,600 Speaker 1: just published recently that that's the case, and so you 361 00:19:24,600 --> 00:19:27,320 Speaker 1: can imagine that the US will be cross with China 362 00:19:27,440 --> 00:19:29,879 Speaker 1: for doing so. That's making the negotiations here in that 363 00:19:29,920 --> 00:19:33,520 Speaker 1: communicate particularly awkward. All right, ros as always great to 364 00:19:33,520 --> 00:19:36,359 Speaker 1: have you on with us. Rosalind mathis and executive editor 365 00:19:36,359 --> 00:19:39,120 Speaker 1: for International Government for Bloomberg News with Us live this 366 00:19:39,160 --> 00:19:43,760 Speaker 1: morning from Bali, Indonesia, awaiting the conclusion of the Biden 367 00:19:43,840 --> 00:19:48,240 Speaker 1: she Vio Lad. We're expecting comments from President Biden. Once 368 00:19:48,280 --> 00:19:51,399 Speaker 1: the talks with President she conclude, we will bring you 369 00:19:51,440 --> 00:19:55,080 Speaker 1: the President's remarks live here on Bloomberg Radio. Head of 370 00:19:55,080 --> 00:19:57,960 Speaker 1: the market open. SMP futures are down sixteen points down, 371 00:19:57,960 --> 00:20:01,200 Speaker 1: futures down ninety and NOWS Tech futures are lower by 372 00:20:01,280 --> 00:20:08,320 Speaker 1: eighty five points. This is Bloomberg. Bloomberg day Break is 373 00:20:08,320 --> 00:20:10,480 Speaker 1: brought to you by Jewish Communal Fund. For fifty years, 374 00:20:10,520 --> 00:20:13,120 Speaker 1: philanthropists at all levels have turned to j CFS donor 375 00:20:13,160 --> 00:20:16,040 Speaker 1: advised funds to streamline their charitable giving. Visit j c 376 00:20:16,280 --> 00:20:24,280 Speaker 1: F and y Dot Organ Broadcasting live from the Bloomberg 377 00:20:24,320 --> 00:20:27,880 Speaker 1: Interacted Broker's studio in New York, Bloomberg E living free 378 00:20:28,160 --> 00:20:32,240 Speaker 1: to Washington, d C Bloomberg On to Boston, Bloomberg one 379 00:20:32,480 --> 00:20:36,000 Speaker 1: six one to San Francisco, Bloomberg Name sixty to the country. 380 00:20:36,080 --> 00:20:39,280 Speaker 1: Sirius XM Gentle one nine and around the globe the 381 00:20:39,320 --> 00:20:42,800 Speaker 1: Bloomberg Business app and Bloomberg Radio dot com. Or this 382 00:20:43,119 --> 00:20:51,640 Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning. 383 00:20:51,640 --> 00:20:54,399 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just 384 00:20:54,480 --> 00:20:57,240 Speaker 1: about three hours away from the open of US training. 385 00:20:57,320 --> 00:20:59,440 Speaker 1: It's time for the five things that you need to notice. 386 00:20:59,440 --> 00:21:03,480 Speaker 1: Start your a brought to you by Interactive Brokers. Interactive 387 00:21:03,480 --> 00:21:05,720 Speaker 1: Broker's clients are an interest of up to three point 388 00:21:05,800 --> 00:21:09,440 Speaker 1: three on the idle cash and their brokerage accounts. Visit 389 00:21:09,480 --> 00:21:11,919 Speaker 1: i v k R dot com slash interest rates to 390 00:21:12,040 --> 00:21:15,760 Speaker 1: learn more at first U Stock Index futures are lower. 391 00:21:15,840 --> 00:21:19,439 Speaker 1: As US President Joe Biden and Chinese President Shijun Paying 392 00:21:19,480 --> 00:21:22,080 Speaker 1: meet face to face. That two shook hands and are 393 00:21:22,119 --> 00:21:25,520 Speaker 1: speaking in Bali, Indonesia, the G twenty summit. Both called 394 00:21:25,560 --> 00:21:29,320 Speaker 1: for reduced tensions between the world's largest economies. As the 395 00:21:29,400 --> 00:21:33,560 Speaker 1: leaders of our two nations, we share responsibility, in my view, 396 00:21:34,119 --> 00:21:37,440 Speaker 1: to show that China and the United States can manage 397 00:21:37,440 --> 00:21:43,400 Speaker 1: our differences prevent competition from becoming anything every near conflict, 398 00:21:43,840 --> 00:21:46,680 Speaker 1: and President Biden's administration is casting the meeting as a 399 00:21:46,720 --> 00:21:49,760 Speaker 1: first step rather than a decisive showdown like here in 400 00:21:49,800 --> 00:21:52,280 Speaker 1: the US. Karen stocks are coming off their best week 401 00:21:52,359 --> 00:21:55,760 Speaker 1: since June, but last week's inflation print is unlikely to 402 00:21:55,800 --> 00:21:58,520 Speaker 1: carry this rally for much longer. That's according to UBS 403 00:21:58,560 --> 00:22:01,560 Speaker 1: Senior vice president Brenda Connor Wanas, you need to see 404 00:22:01,560 --> 00:22:04,960 Speaker 1: a lot of other conditions here before we are believers 405 00:22:05,000 --> 00:22:07,040 Speaker 1: of this market bottom. Things like we need to see 406 00:22:07,040 --> 00:22:09,000 Speaker 1: that two year come out in a little bit and 407 00:22:09,040 --> 00:22:12,480 Speaker 1: a legitimate bottoming, and things like housing or I S M. 408 00:22:12,520 --> 00:22:14,760 Speaker 1: And so I'm telling my families to expect to go 409 00:22:14,800 --> 00:22:17,600 Speaker 1: down from here. Brand O'Connor Wannas with UVS, says an 410 00:22:17,680 --> 00:22:21,639 Speaker 1: unsustainable labor market is keeping inflation high well. Nathan Morgan 411 00:22:21,720 --> 00:22:25,359 Speaker 1: Stanley's Mike Wilson shares that barish sentiment. He says stocks 412 00:22:25,359 --> 00:22:28,640 Speaker 1: will end next year almost unchanged from their current level. 413 00:22:28,920 --> 00:22:31,920 Speaker 1: Wilson expects stocks and earning's estimates to fall before we 414 00:22:31,960 --> 00:22:35,200 Speaker 1: abounding in the second half of three. At the same time, 415 00:22:35,240 --> 00:22:38,720 Speaker 1: Karen Goldman Sachs forecasts a significant drop in inflation coming 416 00:22:38,760 --> 00:22:41,440 Speaker 1: next year. The firm seas supply chains easing a peak 417 00:22:41,480 --> 00:22:44,560 Speaker 1: and shelter inflation and slower wage growth, but that does 418 00:22:44,600 --> 00:22:47,359 Speaker 1: not mean the Federal Reserve pivots from its rate hike cycle, 419 00:22:47,400 --> 00:22:50,760 Speaker 1: despite calls along those lines that Governor Christopher Waller says 420 00:22:50,800 --> 00:22:53,959 Speaker 1: there's still a ways to go before they stop hiking rates. Well. 421 00:22:54,040 --> 00:22:57,800 Speaker 1: Turning to crypto now, Nathan authorities and the Bahamas are 422 00:22:57,840 --> 00:23:00,760 Speaker 1: investigating whether there was criminal miskn ducked in the collapse 423 00:23:00,800 --> 00:23:03,480 Speaker 1: of the crypto exchange f t x now, the head 424 00:23:03,480 --> 00:23:06,960 Speaker 1: of rival exchange Buyinance cz Jaw, says the industry can't 425 00:23:07,040 --> 00:23:09,880 Speaker 1: leave it to regulators to police wrongdoing. There is quite 426 00:23:09,880 --> 00:23:11,760 Speaker 1: a lot of players in in our space that try 427 00:23:11,800 --> 00:23:14,680 Speaker 1: to cut corners to grow quickly, and that actually destroys 428 00:23:14,720 --> 00:23:17,239 Speaker 1: costumer trust. When they don't trust them, they come, they 429 00:23:17,240 --> 00:23:18,760 Speaker 1: don't go to them, they actually go to the platform 430 00:23:18,760 --> 00:23:21,680 Speaker 1: they trust finances. C z Jaw was involved in a 431 00:23:21,720 --> 00:23:25,000 Speaker 1: public feud with Sam Bankman Freed's fd X ahead of 432 00:23:25,000 --> 00:23:29,560 Speaker 1: the firm's rapid collapse, and futures this morning are lower. 433 00:23:29,600 --> 00:23:31,320 Speaker 1: That's the five things that you need to notice start 434 00:23:31,359 --> 00:23:38,720 Speaker 1: your day. Brought to you by Interactive Brokers. I think 435 00:23:38,760 --> 00:23:41,480 Speaker 1: you Cardan is sixty three on Wall Street where thirty 436 00:23:41,560 --> 00:23:44,760 Speaker 1: nine degrees in Central Park, and we are dealing with 437 00:23:44,800 --> 00:23:47,280 Speaker 1: thirty minute delays in the inbound Lincoln Tunnel. We'll tell 438 00:23:47,280 --> 00:23:49,800 Speaker 1: you why in Traffic First. Michael Barr has more on 439 00:23:49,840 --> 00:23:51,600 Speaker 1: what's going on in New York and around the world. 440 00:23:51,680 --> 00:23:54,760 Speaker 1: Good morning, Michael, Good morning Nathan. The long awaited memorial 441 00:23:54,800 --> 00:23:57,520 Speaker 1: to the victims of the Sandy Hook Elementary School shooting 442 00:23:57,520 --> 00:24:00,720 Speaker 1: in Connecticut officially open to the public US today. There 443 00:24:00,760 --> 00:24:03,840 Speaker 1: was no ceremony, in keeping with the New Towns tradition 444 00:24:04,200 --> 00:24:07,199 Speaker 1: of marking anniversaries and other remembrances of the shooting with 445 00:24:07,359 --> 00:24:11,280 Speaker 1: quiet reflection. Twenty children and six educators were killed ten 446 00:24:11,359 --> 00:24:14,320 Speaker 1: years ago. Next month, ahead of his new book released, 447 00:24:14,359 --> 00:24:18,160 Speaker 1: former Vice President Mike Penn's condemned then President Trump's actions 448 00:24:18,440 --> 00:24:22,679 Speaker 1: on January six, Pence, speaking with a d C, says, 449 00:24:22,720 --> 00:24:26,520 Speaker 1: the president's words that day at the rally endangered me 450 00:24:26,720 --> 00:24:30,119 Speaker 1: and my family and everyone at the Capitol building. It 451 00:24:30,359 --> 00:24:33,840 Speaker 1: angered me. But I turned to my daughter, who was 452 00:24:33,880 --> 00:24:37,200 Speaker 1: standing nearby, and I said, it doesn't take courage to 453 00:24:37,240 --> 00:24:40,359 Speaker 1: break the law. Takes courage to the poll the law. 454 00:24:41,080 --> 00:24:44,280 Speaker 1: I mean. The present's words were reckless. It was clear 455 00:24:44,320 --> 00:24:46,760 Speaker 1: he decided to be part of the problem. Pence's book, 456 00:24:46,800 --> 00:24:49,800 Speaker 1: So Help Me God comes out tomorrow a new turning 457 00:24:49,800 --> 00:24:52,639 Speaker 1: point in the war in Ukraine. Russian forces were driven 458 00:24:52,680 --> 00:24:56,639 Speaker 1: out of Curson. Now Ukraine says it has recaptured another 459 00:24:56,720 --> 00:25:00,720 Speaker 1: village in the eastern Dundas region. Turkeys into area Ministry 460 00:25:00,760 --> 00:25:03,680 Speaker 1: says police have detained a suspect who is believed to 461 00:25:03,800 --> 00:25:06,679 Speaker 1: have planted a bomb that exploded on a bustling pedestrian 462 00:25:06,680 --> 00:25:10,280 Speaker 1: avenue in Istanbul. He said today that the initial findings 463 00:25:10,280 --> 00:25:13,720 Speaker 1: indicate that Kurtish militants were responsible for the attack that 464 00:25:13,920 --> 00:25:17,560 Speaker 1: killed six people and wounded dozens. Officials are in Dallas 465 00:25:17,600 --> 00:25:20,160 Speaker 1: to try to figure out what caused to historic military 466 00:25:20,240 --> 00:25:23,439 Speaker 1: planes to collide at the weekend air show, killing six people. 467 00:25:23,760 --> 00:25:28,119 Speaker 1: Michael Graham's with the NTSB ran analyzing radar and video 468 00:25:28,160 --> 00:25:31,640 Speaker 1: footage to pinpoint the exact location of where the mid 469 00:25:31,640 --> 00:25:35,440 Speaker 1: air occurred. The NTSBS Michael Graham says it will probably 470 00:25:35,480 --> 00:25:38,280 Speaker 1: take four to six weeks to reach a preliminary finding. 471 00:25:38,680 --> 00:25:41,720 Speaker 1: A man isn't custody after a scare aboard a Frontier 472 00:25:41,760 --> 00:25:46,879 Speaker 1: Airlines flight. It departed Cincinnati Northern Kentucky International Airport on 473 00:25:46,880 --> 00:25:50,560 Speaker 1: Friday for Tampa, but diverted to Atlanta, where police arrested 474 00:25:50,560 --> 00:25:54,960 Speaker 1: a passenger allegedly discovered with a box cutter. This man 475 00:25:55,119 --> 00:25:58,000 Speaker 1: was on that flight, saying the passenger began attracting attention 476 00:25:58,040 --> 00:26:00,240 Speaker 1: even while boarding. I talked to the gentleman who was 477 00:26:00,280 --> 00:26:03,280 Speaker 1: actually sitting next to him, and he said he flashed 478 00:26:03,320 --> 00:26:05,720 Speaker 1: eight box knife at me and said, I want to 479 00:26:05,800 --> 00:26:08,160 Speaker 1: kill a girl. I want to stab people. The thirties 480 00:26:08,160 --> 00:26:10,800 Speaker 1: say they found a second box cutter, and the passengers 481 00:26:10,840 --> 00:26:13,760 Speaker 1: carry on global news twenty four hours a day on 482 00:26:13,960 --> 00:26:17,000 Speaker 1: air and on Bloomberg Quick Take, powered by more than 483 00:26:17,080 --> 00:26:19,359 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 484 00:26:19,400 --> 00:26:23,520 Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan. Thanks Michael, 485 00:26:28,000 --> 00:26:30,400 Speaker 1: going out to sixty six on Wall Street and John 486 00:26:30,400 --> 00:26:32,480 Speaker 1: stashires the Bloomberg Sports out they brought to you by 487 00:26:32,760 --> 00:26:35,280 Speaker 1: Price Stay Downey, Tarry, Nathan. Another one for the Giants 488 00:26:35,280 --> 00:26:37,800 Speaker 1: now seven and two, but this win unlike the others. 489 00:26:37,840 --> 00:26:40,240 Speaker 1: Giants five times this year have rallied in the fourth quarter. 490 00:26:40,280 --> 00:26:42,680 Speaker 1: This time they never trailed against Euston has got the 491 00:26:42,760 --> 00:26:45,640 Speaker 1: NFL's worst record. Giants want twenty four to sixteen couple 492 00:26:45,640 --> 00:26:49,080 Speaker 1: of Daniel Jones t D passes a Quon Barkley also scored. 493 00:26:49,080 --> 00:26:51,280 Speaker 1: He had thirty five carries for a hundred and fifty 494 00:26:51,280 --> 00:26:53,360 Speaker 1: two yards, But after the game, a lot of attention 495 00:26:53,400 --> 00:26:56,000 Speaker 1: paid to a report that they were recently contract talks 496 00:26:56,359 --> 00:26:58,560 Speaker 1: and the two sides for far apart. It is what 497 00:26:58,720 --> 00:27:01,120 Speaker 1: is happened. UH is happy that were able to tell 498 00:27:01,160 --> 00:27:05,360 Speaker 1: Lease have conversations. UM. I know how they say about me. Um, 499 00:27:05,600 --> 00:27:08,080 Speaker 1: they scored very high on me. But like I said, 500 00:27:08,119 --> 00:27:11,680 Speaker 1: we were good, get anything done going to bye weekend. 501 00:27:12,000 --> 00:27:14,080 Speaker 1: I agree with Joe just you know, lock it up 502 00:27:14,080 --> 00:27:16,240 Speaker 1: and for the rest of season and make sure distract 503 00:27:16,280 --> 00:27:18,200 Speaker 1: and come out of it the g M. Barkley could 504 00:27:18,240 --> 00:27:20,399 Speaker 1: say he wants to be a Giant for like Minnesota 505 00:27:20,440 --> 00:27:23,040 Speaker 1: now eight and won a wild overtime win at Buffalo. 506 00:27:23,160 --> 00:27:25,640 Speaker 1: Josh Allen on the fourth quarter and the ot had 507 00:27:25,640 --> 00:27:28,040 Speaker 1: three turnovers. He fumbled a snap at the one yard 508 00:27:28,080 --> 00:27:31,200 Speaker 1: line that was recovered for a Viking's touchdown. Miami aleds 509 00:27:31,240 --> 00:27:33,439 Speaker 1: the a f C East is The Dolphins blew out Cleveland. 510 00:27:33,520 --> 00:27:36,000 Speaker 1: Kansas City is an a f C best seven and 511 00:27:36,080 --> 00:27:38,760 Speaker 1: two with the win over Jacksonville. Four TV passes for 512 00:27:38,960 --> 00:27:41,600 Speaker 1: Patrick Mahomes, three for Aaron Judge and Green Bay ended 513 00:27:41,600 --> 00:27:44,040 Speaker 1: the five game losions fig beating Dallas and overtime they 514 00:27:44,119 --> 00:27:46,520 Speaker 1: beat their former coach Mike McCarthy. The first ever game 515 00:27:46,560 --> 00:27:50,600 Speaker 1: in Germany won by Tampa Bay over Seattle. Indianapolis's first 516 00:27:50,600 --> 00:27:53,600 Speaker 1: game for new coach Jeff Saturday when at Las Vegas, 517 00:27:53,640 --> 00:27:55,880 Speaker 1: the l A RAMS Super Bowl champs a year ago, 518 00:27:55,960 --> 00:27:58,800 Speaker 1: now three and six after a loss to Arizona last night, 519 00:27:58,840 --> 00:28:01,240 Speaker 1: the forty nine Ers rallied half the charter two to 520 00:28:01,359 --> 00:28:04,000 Speaker 1: sixteen no defense. By the next they lost to Oklahoma 521 00:28:04,000 --> 00:28:07,359 Speaker 1: City at the Garden one one thirty five. Nets lost 522 00:28:07,400 --> 00:28:09,200 Speaker 1: to the Lakers in l A one sixteen one h 523 00:28:09,240 --> 00:28:13,320 Speaker 1: three Rangers beat Arizona fordable actually our bluebird sports team, 524 00:28:13,800 --> 00:28:16,200 Speaker 1: Thank you John. It is six thirty seven on Wall Street. 525 00:28:16,280 --> 00:28:17,720 Speaker 1: Time to take a look at stocks, some of the 526 00:28:17,800 --> 00:28:20,719 Speaker 1: names moving in the pre market, and as the leaders 527 00:28:20,720 --> 00:28:23,240 Speaker 1: of the US and China meet in Bali, Indonesia, I 528 00:28:23,280 --> 00:28:25,840 Speaker 1: guess it makes sense that Bloomberg Radio and TV Markets 529 00:28:25,840 --> 00:28:29,280 Speaker 1: correspondent Creating Gufta is keeping an eye on US listed 530 00:28:29,640 --> 00:28:32,359 Speaker 1: Chinese stocks. Good morning, Creating Good Morning is certainly something 531 00:28:32,359 --> 00:28:33,880 Speaker 1: to keep an eye on. To remember. At the same 532 00:28:33,920 --> 00:28:36,240 Speaker 1: time of that meeting, is on the books. You also 533 00:28:36,280 --> 00:28:40,280 Speaker 1: have China actually issuing a sixteen point plan to financial 534 00:28:40,280 --> 00:28:42,200 Speaker 1: firms to boost the real estate market. We know the 535 00:28:42,240 --> 00:28:45,240 Speaker 1: property sector has been a real hot point for commodities 536 00:28:45,240 --> 00:28:47,520 Speaker 1: and for the global economy in China. The idea here 537 00:28:47,560 --> 00:28:51,200 Speaker 1: simply being that perhaps it got grew too fast, too quickly, uh, 538 00:28:51,280 --> 00:28:53,479 Speaker 1: and therefore is on the verge of some sort of bubble. 539 00:28:53,760 --> 00:28:56,240 Speaker 1: But nevertheless, this is a point that really talks about 540 00:28:56,240 --> 00:29:00,000 Speaker 1: how they can re vigor for lack of a better term, 541 00:29:00,000 --> 00:29:02,040 Speaker 1: the real estate market, and then doing so, they're talking 542 00:29:02,040 --> 00:29:05,280 Speaker 1: about things like liquidity, things like loosening down payment requirements. 543 00:29:05,440 --> 00:29:06,960 Speaker 1: This is all going to bode well, not just for 544 00:29:07,000 --> 00:29:09,360 Speaker 1: the real estate sector, but for the Chinese economy broadly. 545 00:29:09,400 --> 00:29:12,680 Speaker 1: So as an international investory, we love to look at 546 00:29:12,680 --> 00:29:14,240 Speaker 1: our Chinese A d R is kind of that poster 547 00:29:14,400 --> 00:29:16,920 Speaker 1: child for the China story. Ali Baba is our go 548 00:29:17,040 --> 00:29:19,120 Speaker 1: to be a b A shares up about one point 549 00:29:19,160 --> 00:29:21,840 Speaker 1: eight percent in the pre market. Not far behind it 550 00:29:21,920 --> 00:29:24,720 Speaker 1: is j D dot Com those shares up about just 551 00:29:24,800 --> 00:29:27,000 Speaker 1: shy of four percent. J D is also the ticker 552 00:29:27,040 --> 00:29:28,880 Speaker 1: as well as the name of the company. But Nathan, 553 00:29:28,960 --> 00:29:31,160 Speaker 1: it's not the only company that I have my eye 554 00:29:31,160 --> 00:29:33,440 Speaker 1: on this morning. When we talk about China, we got 555 00:29:33,440 --> 00:29:35,520 Speaker 1: to talk about chips as well, and a m D 556 00:29:36,120 --> 00:29:39,640 Speaker 1: is absolutely on my radar. Advanced micro Devices A m 557 00:29:39,760 --> 00:29:41,760 Speaker 1: D is the ticker up about two point eight percent 558 00:29:42,120 --> 00:29:45,560 Speaker 1: in the free markets. Comes after Ubs and Baird upgraded 559 00:29:45,600 --> 00:29:48,760 Speaker 1: the chip maker to buy and outperform, respectively. Remember back 560 00:29:48,800 --> 00:29:51,360 Speaker 1: on Friday we got news that they were looking to 561 00:29:51,480 --> 00:29:54,960 Speaker 1: really diversify into the server space and actually have really 562 00:29:55,000 --> 00:29:57,440 Speaker 1: realisted some of the confidence from analysts that they're able 563 00:29:57,480 --> 00:30:00,160 Speaker 1: to re take a lot of the intel markets share, 564 00:30:00,160 --> 00:30:01,840 Speaker 1: which has really been a neck and neck race so far. 565 00:30:02,120 --> 00:30:05,000 Speaker 1: Now we've been watching ROAs shares as well, created dropping 566 00:30:05,160 --> 00:30:09,320 Speaker 1: on word that it's Alzheimer's drug failed in tests. What's 567 00:30:09,360 --> 00:30:12,120 Speaker 1: that doing in the overall health space. Well, it's really 568 00:30:12,160 --> 00:30:14,400 Speaker 1: helping one of the big players, which is Biogen and 569 00:30:14,480 --> 00:30:17,280 Speaker 1: b I I B is your taker and those shares 570 00:30:17,320 --> 00:30:19,720 Speaker 1: are a five percent in the pre market. Now. The 571 00:30:19,800 --> 00:30:22,320 Speaker 1: context is everything here because remember Biogen has been dealing 572 00:30:22,320 --> 00:30:25,520 Speaker 1: with their own kind of regulation and regulatory issues not 573 00:30:25,600 --> 00:30:27,840 Speaker 1: just in the United States but in Japan specifically for 574 00:30:27,920 --> 00:30:30,840 Speaker 1: their Alzheimer's drugs. So to see that potential competitor come 575 00:30:30,840 --> 00:30:33,240 Speaker 1: out of roach. They fail a pair of large studies. 576 00:30:33,280 --> 00:30:36,360 Speaker 1: That does bode well for the success of Biogen's own trials, 577 00:30:36,360 --> 00:30:38,600 Speaker 1: so certainly keep an eye on that one as well. Nathan, 578 00:30:38,600 --> 00:30:40,720 Speaker 1: I want to give you two last ones, which really 579 00:30:40,840 --> 00:30:43,040 Speaker 1: to do more with the labor story. Disney very quickly 580 00:30:43,120 --> 00:30:45,440 Speaker 1: d I s about five tenths of one percent and 581 00:30:45,640 --> 00:30:48,760 Speaker 1: f d X for fed X down about four tenths 582 00:30:48,760 --> 00:30:51,840 Speaker 1: of one percent, both dealing with reports on potential layoffs 583 00:30:51,840 --> 00:30:53,880 Speaker 1: in the fourth quarter. All right, Bloomberg Radio on TV 584 00:30:53,960 --> 00:30:56,240 Speaker 1: markets corresponding Crety Group to keeping an eye on the 585 00:30:56,280 --> 00:30:59,000 Speaker 1: pre market action this morning. Want to pass along this 586 00:30:59,080 --> 00:31:01,960 Speaker 1: red headline that just across the Bloomberg terminal, CNN is 587 00:31:01,960 --> 00:31:04,840 Speaker 1: reporting Amazon founder Jeff Bezos plans to give away the 588 00:31:04,880 --> 00:31:08,600 Speaker 1: majority of his money during his lifetime, planning to give 589 00:31:08,640 --> 00:31:13,440 Speaker 1: most of his wealth to fighting climate change. Futures moving 590 00:31:13,520 --> 00:31:17,800 Speaker 1: lower ahead of the market open. You're listening to Bloomberg 591 00:31:17,880 --> 00:31:24,040 Speaker 1: Day Break. Good morning, Bloomberg Sports was brought to you 592 00:31:24,080 --> 00:31:26,040 Speaker 1: by Audie. Don't let someone else drive off in the 593 00:31:26,080 --> 00:31:28,440 Speaker 1: Outie model. You've always wanted to visit your local try 594 00:31:28,480 --> 00:31:30,640 Speaker 1: state Autie Deally to get behind the wheel of yours today, 595 00:31:30,720 --> 00:31:37,440 Speaker 1: or visit autie Offers dot com for more information, markets, 596 00:31:37,520 --> 00:31:40,600 Speaker 1: headlines and breaking news twenty four hours a day. At 597 00:31:40,640 --> 00:31:44,600 Speaker 1: Bloomberg dot com bloo Bloomberg Business and at Bloomberg Quick Tape, 598 00:31:45,160 --> 00:31:54,920 Speaker 1: He's a Bloomberg Business lash and I'm camerin Moscow. Futures 599 00:31:54,920 --> 00:31:56,880 Speaker 1: are lower this morning. We go to the First Word 600 00:31:56,880 --> 00:31:59,880 Speaker 1: Breaking newsdesk for today's morning call, and here's Bill Maloney 601 00:32:00,120 --> 00:32:02,800 Speaker 1: l good morning and good morning, Karen. That's right. US 602 00:32:02,840 --> 00:32:04,760 Speaker 1: features are in the red right now, a death futures 603 00:32:04,800 --> 00:32:07,720 Speaker 1: down sixty five points, SP drop thirteen and as the 604 00:32:07,800 --> 00:32:11,440 Speaker 1: futures are lower by seventy two. The US ten year 605 00:32:11,560 --> 00:32:14,160 Speaker 1: at three point eight nine percent, Gold is down sixteen. 606 00:32:14,200 --> 00:32:16,880 Speaker 1: Oil is in the red, but bitcoin is trading higher 607 00:32:16,920 --> 00:32:20,360 Speaker 1: by two point three percent. Japan fell one percent overnight, 608 00:32:20,360 --> 00:32:22,760 Speaker 1: while Europa markets are trading in the green this morning, 609 00:32:23,000 --> 00:32:25,160 Speaker 1: and back in the US, nothing to report on the 610 00:32:25,200 --> 00:32:28,760 Speaker 1: economic front. In other news, Goldman sacks he's a significant 611 00:32:28,760 --> 00:32:32,000 Speaker 1: decline in US inflation next year. And in the biotech space, 612 00:32:32,120 --> 00:32:36,000 Speaker 1: Biogen is climbing pre market after Roche's Alzheimer's drug failed 613 00:32:36,040 --> 00:32:39,000 Speaker 1: in a pair of large studies. Wrapping things up Bank 614 00:32:39,040 --> 00:32:41,040 Speaker 1: of America is cut to neutral at City Group, Dominion 615 00:32:41,120 --> 00:32:43,360 Speaker 1: Energy raised to neutral, Goldman Sacks and a M D 616 00:32:43,920 --> 00:32:47,280 Speaker 1: was raised to buy over at ubs Live from the 617 00:32:47,280 --> 00:32:50,040 Speaker 1: first to Breaking News scon Bill Maloney, Karen, all right, Bill, 618 00:32:50,080 --> 00:32:52,120 Speaker 1: thank you to hear live breaking news over your Bloomberg 619 00:32:52,160 --> 00:32:54,800 Speaker 1: Times squawk on your terminal SCU A w U K 620 00:32:54,920 --> 00:32:57,239 Speaker 1: and that's a Bloomberg business flash. Now here's Michael bar 621 00:32:57,480 --> 00:32:59,680 Speaker 1: with Moore on what's going on around the world. Michael, 622 00:33:00,080 --> 00:33:02,280 Speaker 1: and thank you very much. President Joe Biden has begun 623 00:33:02,280 --> 00:33:05,440 Speaker 1: his meeting with his Chinese counterpart, President chi Jing Ping, 624 00:33:05,520 --> 00:33:08,480 Speaker 1: on the sidelines of the G twenty summit in Indonesia. 625 00:33:08,840 --> 00:33:12,400 Speaker 1: Senator Ed Markey and Elon Musk aren't BFFs. On Twitter. 626 00:33:12,520 --> 00:33:15,880 Speaker 1: Marky went after Musk over the new verification process on 627 00:33:15,920 --> 00:33:18,880 Speaker 1: Twitter that led the CEO to criticize Markis, saying his 628 00:33:18,960 --> 00:33:21,960 Speaker 1: Twitter account sounds like a parody. The two have gone 629 00:33:21,960 --> 00:33:24,360 Speaker 1: back and forth, culminating in a tweet from Markis saying, 630 00:33:24,400 --> 00:33:27,960 Speaker 1: quote fixed chicomoties or Congress will. In the NFL, the 631 00:33:28,000 --> 00:33:31,480 Speaker 1: Giants wonte Is also winners. In the NBA, the Knicks, 632 00:33:31,600 --> 00:33:34,800 Speaker 1: Nets and Warriors lost the Wizards, one in hockey, The 633 00:33:34,880 --> 00:33:38,120 Speaker 1: Rangers and Bruins one The Capital's Lost Global News twenty 634 00:33:38,120 --> 00:33:40,920 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 635 00:33:41,120 --> 00:33:43,920 Speaker 1: powered by more than twenty seven hundred journalists antalyist more 636 00:33:43,960 --> 00:33:47,080 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. 637 00:33:47,520 --> 00:33:52,040 Speaker 1: The following commentary is from Bloomberg Opinion. The reason You're 638 00:33:52,080 --> 00:33:55,360 Speaker 1: still waiting to order a meal, I'm justin Fox, a 639 00:33:55,400 --> 00:33:59,959 Speaker 1: columnist for Bloomberg Opinion. Even after adjusting for inflation, consumers 640 00:34:00,040 --> 00:34:02,520 Speaker 1: bending at restaurants and bars is up more than seven 641 00:34:02,560 --> 00:34:06,400 Speaker 1: percent from before the pandemic. Employment at such establishments is 642 00:34:06,440 --> 00:34:09,800 Speaker 1: down more than four percent. That can be irritating for diners. 643 00:34:10,080 --> 00:34:14,279 Speaker 1: It's also economic progress. In the two thousand tens, restaurants 644 00:34:14,280 --> 00:34:16,960 Speaker 1: were among the country's main job creators, but pay was 645 00:34:17,040 --> 00:34:21,040 Speaker 1: low and productivity growth almost non existent. A dining out 646 00:34:21,080 --> 00:34:23,280 Speaker 1: boom is fun, but it's not something you can build 647 00:34:23,280 --> 00:34:27,160 Speaker 1: a prosperous economy around. Then came the pandemic. It was 648 00:34:27,200 --> 00:34:30,759 Speaker 1: initially a disaster for restaurants, but as they revived, some 649 00:34:30,840 --> 00:34:35,720 Speaker 1: remarkable things happen. Food services output per hour work productivity 650 00:34:35,960 --> 00:34:38,200 Speaker 1: grew more last year than it had in the previous 651 00:34:38,280 --> 00:34:42,400 Speaker 1: three decades. Wages for restaurant workers rose quickly as well, 652 00:34:42,640 --> 00:34:45,640 Speaker 1: and unlike in other sectors, have held their ground against inflation. 653 00:34:46,239 --> 00:34:49,640 Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg 654 00:34:49,680 --> 00:34:52,160 Speaker 1: dot com, Slash Opinion or O P I n go 655 00:34:52,360 --> 00:34:56,120 Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion. At 656 00:34:56,120 --> 00:34:59,439 Speaker 1: Bloomberg Opinion, commentaries can be heard every weekday at this time, 657 00:34:59,440 --> 00:35:02,040 Speaker 1: and terminal customers can read more at O P I 658 00:35:02,320 --> 00:35:05,600 Speaker 1: n go. It is currently six fifty on Wall Street. 659 00:35:05,600 --> 00:35:08,080 Speaker 1: When we turn to news and science and technology now 660 00:35:08,080 --> 00:35:11,080 Speaker 1: with the Bloomberg n j I T STEM Report. It 661 00:35:11,239 --> 00:35:14,759 Speaker 1: is brought to you by New Jersey Institute of Technology 662 00:35:14,960 --> 00:35:17,560 Speaker 1: and j I T has joined with mckensey and Company 663 00:35:17,600 --> 00:35:21,680 Speaker 1: to to establish a Mackenzie Digital Capability Center specializing in 664 00:35:21,760 --> 00:35:25,720 Speaker 1: biopharma manufacturing. Learn more at n j I T dot 665 00:35:25,800 --> 00:35:28,960 Speaker 1: E d U and Here's what's making news and science, Technology, 666 00:35:29,000 --> 00:35:32,640 Speaker 1: Engineering and math. ROACH says a long awaited experimental drug 667 00:35:32,719 --> 00:35:35,880 Speaker 1: for Alzheimer's disease failed, and a pair of large studies 668 00:35:36,120 --> 00:35:39,000 Speaker 1: the drug did not slow clinical decline in people with 669 00:35:39,040 --> 00:35:42,880 Speaker 1: early Alzheimer's. It's another disappointment in a research field that 670 00:35:42,920 --> 00:35:46,240 Speaker 1: has been marred with failures. A UK study has found 671 00:35:46,239 --> 00:35:50,799 Speaker 1: fluoridating water leads to a modest reduction in children's tooth decay, 672 00:35:50,880 --> 00:35:53,720 Speaker 1: but remains a cost effective way to prevent dental disease. 673 00:35:54,040 --> 00:35:56,720 Speaker 1: According to our report in the Public Health Research Journal, 674 00:35:56,719 --> 00:35:58,839 Speaker 1: the rate of children with cavities fell as much as 675 00:35:58,880 --> 00:36:02,800 Speaker 1: four percentage points in areas with fluoridated water, far smaller 676 00:36:02,840 --> 00:36:05,719 Speaker 1: gains and those seen in earlier studies that established the 677 00:36:05,719 --> 00:36:09,640 Speaker 1: effectiveness of the intervention. However, the costs of children's treatment 678 00:36:09,920 --> 00:36:12,319 Speaker 1: are as much as ten times greater than those of 679 00:36:12,320 --> 00:36:16,440 Speaker 1: floridation and Elon Musk says he's overworked the man who 680 00:36:16,480 --> 00:36:18,960 Speaker 1: runs Twitter tesla and stays the extral of the business 681 00:36:18,960 --> 00:36:22,919 Speaker 1: conference in Indonesia that he's working morning tonight, seven days 682 00:36:22,960 --> 00:36:25,640 Speaker 1: a week. He says it's not something he would recommend. 683 00:36:26,040 --> 00:36:29,000 Speaker 1: Must just scrap Twitter's work from home policies. He's been 684 00:36:29,000 --> 00:36:32,000 Speaker 1: known to sleep at work, sometimes on the factory floor. 685 00:36:32,400 --> 00:36:35,280 Speaker 1: That's a Bloomberg n j I t Stem report. Nathan 686 00:36:35,480 --> 00:36:38,320 Speaker 1: Okay Karen thanks rely from the Bloomberg Interactive Broker Studios, 687 00:36:38,360 --> 00:36:40,520 Speaker 1: where it's almost six fifty two on Wall Street time 688 00:36:40,520 --> 00:36:42,480 Speaker 1: not to check what's going on in VC or. Some 689 00:36:42,520 --> 00:36:45,520 Speaker 1: of the top stories include Democrats holding off the predicted 690 00:36:45,640 --> 00:36:49,400 Speaker 1: red wave in the November midterms. The president, we have 691 00:36:49,480 --> 00:36:52,000 Speaker 1: the White House, we have the Senate, and we're going 692 00:36:52,080 --> 00:36:54,480 Speaker 1: to have a big, strong vote in the House, a 693 00:36:54,600 --> 00:36:57,840 Speaker 1: very different outcome than some would have predicted. And on 694 00:36:57,880 --> 00:37:00,799 Speaker 1: the heels of that outcome, how Speaker Nancy Pelosi tells 695 00:37:00,800 --> 00:37:03,880 Speaker 1: ABC's This Week President Biden should run for re election 696 00:37:03,880 --> 00:37:08,560 Speaker 1: in put money in people's pockets, vaccines in their arms, 697 00:37:08,800 --> 00:37:12,239 Speaker 1: children back to school, people back to work, creating ten 698 00:37:12,680 --> 00:37:15,800 Speaker 1: million John President Biden isn't planning to announce for several 699 00:37:15,840 --> 00:37:18,759 Speaker 1: more weeks, but we do expect an announcement tomorrow night 700 00:37:18,840 --> 00:37:22,919 Speaker 1: from former President Donald Trump. Republican Senator Bill Cassidy tells 701 00:37:23,000 --> 00:37:25,440 Speaker 1: NBC's Meet the Press his party needs to look to 702 00:37:25,480 --> 00:37:28,080 Speaker 1: the future. The Republican Party should be the party of 703 00:37:28,120 --> 00:37:31,080 Speaker 1: ideas and principles. I think I have attempted to live 704 00:37:31,200 --> 00:37:34,680 Speaker 1: my political life that way. But before the next campaign cycle, 705 00:37:34,800 --> 00:37:37,440 Speaker 1: Congress still has a lame duck session and a debate 706 00:37:37,520 --> 00:37:40,759 Speaker 1: over raising the debt ceiling. Democratic Senator Elizabeth Warren tells 707 00:37:40,800 --> 00:37:42,600 Speaker 1: Meet the Press they should just get rid of it. 708 00:37:42,600 --> 00:37:47,240 Speaker 1: It serves no function except to create leverage for people 709 00:37:47,280 --> 00:37:51,399 Speaker 1: who are willing to blow up the economy. Also making news, 710 00:37:51,480 --> 00:37:54,440 Speaker 1: President Biden's first face to face meeting with Chinese President 711 00:37:54,480 --> 00:37:57,240 Speaker 1: shi Jinping the head of it, Republican Senator Tom Cotton 712 00:37:57,320 --> 00:37:59,920 Speaker 1: told CBSS Face the Nation, the President needs to be 713 00:38:00,080 --> 00:38:02,480 Speaker 1: firm on America's red lines. We don't want to see 714 00:38:02,480 --> 00:38:04,719 Speaker 1: a repeat of what happened last summer in Russia when 715 00:38:04,760 --> 00:38:08,200 Speaker 1: Vladimir Putin walked away from their summit in Europe attempted 716 00:38:08,239 --> 00:38:10,720 Speaker 1: to go for the jugular in Ukraine. Face the Nation, 717 00:38:10,800 --> 00:38:12,680 Speaker 1: Meet the Press, and this week can be heard every 718 00:38:12,719 --> 00:38:15,440 Speaker 1: Sunday right here on Bloomberg Radio. Let's get more now 719 00:38:15,480 --> 00:38:18,920 Speaker 1: from Bloomberg Government reporter Emily Wilkins joining us live from 720 00:38:18,920 --> 00:38:21,399 Speaker 1: the nation's capital. And Emily, let's start off with that 721 00:38:21,440 --> 00:38:25,040 Speaker 1: Biden she meeting still under way. What should we be 722 00:38:25,160 --> 00:38:28,440 Speaker 1: looking for coming out of it? So, I think what 723 00:38:28,640 --> 00:38:31,440 Speaker 1: the goal for Biden entering this meeting was was to 724 00:38:31,480 --> 00:38:34,839 Speaker 1: really lower the temperature between the two countries. He's been 725 00:38:34,880 --> 00:38:37,880 Speaker 1: working with allies who have that goal. And what Biden 726 00:38:37,920 --> 00:38:39,440 Speaker 1: said before he went in is that you know, he 727 00:38:39,480 --> 00:38:42,040 Speaker 1: wanted to see where the kind of the red lines 728 00:38:42,080 --> 00:38:44,680 Speaker 1: were between the US and China. That he said that 729 00:38:44,719 --> 00:38:47,680 Speaker 1: there wasn't much understanding between him and President Ching and 730 00:38:47,760 --> 00:38:50,080 Speaker 1: ping Um, and it was just deserved a matter of 731 00:38:50,120 --> 00:38:52,600 Speaker 1: figuring out, you know, sort of where where the country's 732 00:38:52,640 --> 00:38:55,600 Speaker 1: you know, we'll see each other. Is going too far, certainly, 733 00:38:55,680 --> 00:38:58,399 Speaker 1: the US has continued to hold strong um on its 734 00:38:58,400 --> 00:39:01,840 Speaker 1: current stance on Taype one, but there's been tension there after. 735 00:39:01,880 --> 00:39:06,200 Speaker 1: How Speaker Nancy Pelosi had her major visits several months ago, uh, 736 00:39:06,239 --> 00:39:08,440 Speaker 1: and I think there's just a couple of questions, you know, 737 00:39:08,480 --> 00:39:11,680 Speaker 1: as far as diplomatic relations, uh, and sort of how 738 00:39:11,840 --> 00:39:14,200 Speaker 1: the other countries are looking at each other. This of 739 00:39:14,239 --> 00:39:16,799 Speaker 1: course is a huge meeting. Uh. It's the first time 740 00:39:16,880 --> 00:39:19,240 Speaker 1: that that Biden and she are meeting face to face. 741 00:39:19,239 --> 00:39:22,040 Speaker 1: They've done virtual meetings of course before, but due to 742 00:39:22,080 --> 00:39:25,760 Speaker 1: COVID precautions and lockdowns, she hasn't been out of China 743 00:39:25,840 --> 00:39:28,640 Speaker 1: too much. And so I think we're really going to 744 00:39:28,640 --> 00:39:31,120 Speaker 1: be looking very closely at the statements that come out 745 00:39:31,200 --> 00:39:35,000 Speaker 1: after these meetings for what unity or what differences are 746 00:39:35,040 --> 00:39:37,440 Speaker 1: going to be there, uh, And certainly going to be 747 00:39:37,520 --> 00:39:40,640 Speaker 1: taking a close look at that relationship going forward. Um. 748 00:39:40,719 --> 00:39:42,719 Speaker 1: You know, going into it, both seemed to sort of 749 00:39:42,719 --> 00:39:46,200 Speaker 1: set the tone of having a productive conversation. But we 750 00:39:46,239 --> 00:39:49,280 Speaker 1: also expect this to be a very highly scripted one. 751 00:39:49,800 --> 00:39:52,680 Speaker 1: Um and and I'll believe be paying very close attention, 752 00:39:52,719 --> 00:39:54,920 Speaker 1: of course, to whatever the result of this meeting is. 753 00:39:55,200 --> 00:39:57,880 Speaker 1: And this meeting is coming after a stronger than expected 754 00:39:57,920 --> 00:40:01,719 Speaker 1: showing in last week's mid terms for Democrats, with a 755 00:40:01,840 --> 00:40:06,759 Speaker 1: thinner than expected majority still I guess expected for Republicans 756 00:40:06,760 --> 00:40:09,280 Speaker 1: in the House. What's this gonna mean for policy making 757 00:40:09,600 --> 00:40:13,160 Speaker 1: in the lame duck and for the next two years. Well, 758 00:40:13,280 --> 00:40:15,600 Speaker 1: Democrats found up having a much better night than they 759 00:40:15,640 --> 00:40:19,879 Speaker 1: expected last Tuesday, and that really helps Biden's strength. He's 760 00:40:19,920 --> 00:40:22,560 Speaker 1: able to go into this meeting with President Jijing Ping 761 00:40:22,920 --> 00:40:25,440 Speaker 1: knowing that next year he will have the Senate on 762 00:40:25,560 --> 00:40:27,800 Speaker 1: his side. We know that Democrats had at least fifty 763 00:40:27,880 --> 00:40:30,120 Speaker 1: votes in the Senate. That's what they need for control. 764 00:40:30,440 --> 00:40:33,399 Speaker 1: That's going to mean that Biden's administration, he's not gonna 765 00:40:33,400 --> 00:40:36,040 Speaker 1: be handcuffed when he needs to say a point, new 766 00:40:36,080 --> 00:40:40,040 Speaker 1: nominees or do things that require only Senate control. So 767 00:40:40,120 --> 00:40:41,840 Speaker 1: that kind of gives him a bit of a boost 768 00:40:41,880 --> 00:40:44,920 Speaker 1: going into this meeting to show that a lot of Americans, 769 00:40:45,000 --> 00:40:47,839 Speaker 1: or at least more than we're expected, are behind him 770 00:40:47,920 --> 00:40:51,320 Speaker 1: and his agenda and his party. So that's certainly something 771 00:40:51,360 --> 00:40:54,160 Speaker 1: that's good for Biden, not just when dealing with she really, 772 00:40:54,160 --> 00:40:57,120 Speaker 1: but when dealing with any sort of international leader, to 773 00:40:57,160 --> 00:40:59,080 Speaker 1: be able to show that he has the strength of 774 00:40:59,400 --> 00:41:02,440 Speaker 1: his own government it behind him. Now, last minute here, Emily, 775 00:41:02,560 --> 00:41:06,440 Speaker 1: what is this tiff on Twitter between the new CEO 776 00:41:06,600 --> 00:41:11,719 Speaker 1: Elon Musk and Senator Ed Markey. So, Elon Musk has 777 00:41:11,760 --> 00:41:14,480 Speaker 1: talked a lot about wanting to have Twitter being an 778 00:41:14,520 --> 00:41:18,760 Speaker 1: accurate site for for good information, and you had Senator 779 00:41:18,920 --> 00:41:22,160 Speaker 1: Ed Markey write a letter which you shared publicly, asking 780 00:41:22,239 --> 00:41:25,640 Speaker 1: Elon Musks Musk to fix some of the verification processes, 781 00:41:25,760 --> 00:41:29,320 Speaker 1: noting uh that there was a reporter who for journalistic purposes, 782 00:41:29,400 --> 00:41:32,600 Speaker 1: created a fake Twitter profile of the senator paid for 783 00:41:32,960 --> 00:41:37,040 Speaker 1: verification and and and Markey said a letter, Hey, Elon Musky, 784 00:41:37,120 --> 00:41:39,960 Speaker 1: need to address this um And instead of taking the 785 00:41:40,040 --> 00:41:44,720 Speaker 1: concerns seriously, Musk decided to respond by saying that Marky's 786 00:41:44,760 --> 00:41:48,880 Speaker 1: account is usually like a parody. UM. He said, perhaps 787 00:41:48,880 --> 00:41:51,120 Speaker 1: if you have perhaps it's because your really count sounds 788 00:41:51,160 --> 00:41:55,520 Speaker 1: like a parody um, after which Marky responded noting that 789 00:41:55,560 --> 00:41:59,759 Speaker 1: there are a number of federal problems with Musk's companies 790 00:42:00,080 --> 00:42:02,799 Speaker 1: and that if he doesn't fix his company's, Congress will 791 00:42:03,239 --> 00:42:06,000 Speaker 1: so lots of tensions there. I think there remains to 792 00:42:06,000 --> 00:42:08,799 Speaker 1: be a lot of questions about what exactly Twitter is 793 00:42:08,800 --> 00:42:12,000 Speaker 1: going to look like in something where you can you 794 00:42:12,040 --> 00:42:14,160 Speaker 1: can pretend to be a senator, you can pretend to 795 00:42:14,200 --> 00:42:16,560 Speaker 1: be a congressman, you can pretend to be a public official. 796 00:42:17,040 --> 00:42:18,880 Speaker 1: So long as you're willing to pay those eight bucks 797 00:42:18,880 --> 00:42:21,399 Speaker 1: for a blue check mark, it could be one more 798 00:42:21,440 --> 00:42:24,319 Speaker 1: thing on Congress's plate, even as Elon Musk says he's 799 00:42:24,320 --> 00:42:26,879 Speaker 1: got a lot on his plate as well. Bloomberg Government 800 00:42:26,920 --> 00:42:30,160 Speaker 1: reporter Emily Wilkins thank you as always. Read more at 801 00:42:30,160 --> 00:42:32,400 Speaker 1: Bloomberg dot com or on the Bloomberg terminal. Listen to 802 00:42:32,440 --> 00:42:35,920 Speaker 1: Bloomberg Radio in Washington, a Bloomberg one and one oh 803 00:42:35,960 --> 00:42:39,000 Speaker 1: five point seven FM h D two. Future is moving 804 00:42:39,040 --> 00:42:42,479 Speaker 1: lower this morning. Bloomberg Surveillance is next with Tom Keene, 805 00:42:42,640 --> 00:42:47,120 Speaker 1: Jonathan Farrell, and Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar, 806 00:42:47,239 --> 00:42:48,680 Speaker 1: and this is Bloomberg,