1 00:00:02,480 --> 00:00:05,800 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is is Bloomberg 2 00:00:05,880 --> 00:00:09,200 Speaker 1: day Break for a Monday, November seven two. Coming up 3 00:00:09,200 --> 00:00:12,080 Speaker 1: this hour, Apple expects to produce at least three million 4 00:00:12,160 --> 00:00:15,840 Speaker 1: fewer iPhone fourteens than originally planned. Thousands of job cuts 5 00:00:15,840 --> 00:00:19,000 Speaker 1: wore recordedly on the way at Facebook, Pair and meta platforms. 6 00:00:19,120 --> 00:00:22,200 Speaker 1: The investors brace for this week's key report on inflation, 7 00:00:22,320 --> 00:00:24,360 Speaker 1: and we take you to Egypt, where a big climate 8 00:00:24,440 --> 00:00:27,800 Speaker 1: change summit is underway. It's the final push for campaigning 9 00:00:27,800 --> 00:00:30,360 Speaker 1: in New York's governor's race hand the mid terms. Plus 10 00:00:30,560 --> 00:00:33,640 Speaker 1: the CDC warns of the surgeon covid flew and RSV 11 00:00:33,920 --> 00:00:36,920 Speaker 1: on Michael bar more ahead, I'm John Stage, Aaron Sports. 12 00:00:36,960 --> 00:00:39,080 Speaker 1: Big win for the Jets, that upset of the bills 13 00:00:39,080 --> 00:00:42,880 Speaker 1: the Rangers lost, and lets we signed their closer. That's 14 00:00:42,880 --> 00:00:46,839 Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg eleven, 15 00:00:46,920 --> 00:00:51,559 Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one 16 00:00:51,600 --> 00:00:55,960 Speaker 1: oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius 17 00:00:56,200 --> 00:00:59,760 Speaker 1: x M one nine and around the world on Bloomberg Radio. 18 00:01:00,120 --> 00:01:08,319 Speaker 1: Come and via the Bloomberg Business app. Good morning, I've 19 00:01:08,400 --> 00:01:11,400 Speaker 1: Nathan Hager and I'm Karen Moscow. In US Dock index 20 00:01:11,480 --> 00:01:14,039 Speaker 1: futures are on the rise this morning. We are coming 21 00:01:14,080 --> 00:01:15,720 Speaker 1: up to five oh one on Wall Street, and we 22 00:01:15,800 --> 00:01:18,280 Speaker 1: check the markets every fifteen minutes throughout the trading day. 23 00:01:18,400 --> 00:01:21,920 Speaker 1: On Bloomberg, SNP futures have eight points this morning, Down 24 00:01:21,959 --> 00:01:25,240 Speaker 1: futures have eighty five, and NASDACK futures up about sixteen. 25 00:01:25,360 --> 00:01:27,839 Speaker 1: The decks in Germany's up seven tenths of a percent, 26 00:01:28,160 --> 00:01:30,800 Speaker 1: and the tenure treasury up four thirty seconds shield four 27 00:01:30,840 --> 00:01:33,640 Speaker 1: point one four percent. The yield on the two year 28 00:01:33,760 --> 00:01:36,960 Speaker 1: four point six seven percent. Nathan Karen. The rise we're 29 00:01:37,000 --> 00:01:39,840 Speaker 1: seeing in futures this morning could build on Friday's rally 30 00:01:39,920 --> 00:01:42,640 Speaker 1: on Wall Street, it saw the SNP five snap of 31 00:01:42,720 --> 00:01:46,200 Speaker 1: four day losing streak stilt. The index is down twenty 32 00:01:46,240 --> 00:01:49,280 Speaker 1: one percent in two and on track for its worst 33 00:01:49,360 --> 00:01:52,279 Speaker 1: year in at least a decade. Alan Zaffron is founding 34 00:01:52,280 --> 00:01:55,120 Speaker 1: partner and co CEO at I e Q Capital. What 35 00:01:55,360 --> 00:01:58,120 Speaker 1: we are fearful of, and if you're parish, is that 36 00:01:58,200 --> 00:02:00,160 Speaker 1: the FED is only going to pivot when the p 37 00:02:00,400 --> 00:02:02,840 Speaker 1: M is the Purchasing Manager Index, which is a broad 38 00:02:02,880 --> 00:02:06,040 Speaker 1: measure of economic activity. If it were to really plummet, 39 00:02:06,560 --> 00:02:08,560 Speaker 1: the said would have no choice but to do so, 40 00:02:08,600 --> 00:02:12,720 Speaker 1: and that probably only happens coincidentally with the labor markets 41 00:02:12,760 --> 00:02:15,359 Speaker 1: starting to get out of control. I e Q Capital's 42 00:02:15,400 --> 00:02:17,840 Speaker 1: Alan Zafran says FED rate hikes will take six to 43 00:02:17,919 --> 00:02:20,960 Speaker 1: twelve months to work their way through the economy. Well, Nathan, 44 00:02:20,960 --> 00:02:23,960 Speaker 1: the attention is we turns to inflation. Let's take a 45 00:02:23,960 --> 00:02:26,600 Speaker 1: look at the economic calendar, with Bloomberries if any down 46 00:02:26,680 --> 00:02:30,200 Speaker 1: Judas topping this week's list, the October consumer price and 47 00:02:30,360 --> 00:02:33,760 Speaker 1: except for Thursday and tracking the ever rising cost of 48 00:02:33,800 --> 00:02:37,919 Speaker 1: living post pandemic economist the inflation running hot at about 49 00:02:37,960 --> 00:02:40,960 Speaker 1: eight percent year over a year, keeping the federal reserve 50 00:02:41,080 --> 00:02:43,840 Speaker 1: on the offense. Now, wages are on the rise, but 51 00:02:43,919 --> 00:02:47,520 Speaker 1: inflation is outstripping the games. Hence a lack of confidence 52 00:02:47,520 --> 00:02:51,320 Speaker 1: in America's economy and the University of Michigan consumer sentiment 53 00:02:51,400 --> 00:02:54,520 Speaker 1: and except once again to run their record low ex 54 00:02:54,520 --> 00:02:57,320 Speaker 1: set for Friday. Then eat del Judai s Bloomberg day break. 55 00:02:57,360 --> 00:02:59,920 Speaker 1: All right, Vinny, thanks, it's also another busy week for earning. 56 00:03:00,080 --> 00:03:02,880 Speaker 1: Let's preve you that with Bloomberg's Charlie Pellett. With about 57 00:03:02,919 --> 00:03:06,200 Speaker 1: four hundred thirty companies in the SMP five hundred reporting 58 00:03:06,280 --> 00:03:11,800 Speaker 1: so far have reported positive earning surprises, according to data 59 00:03:11,800 --> 00:03:15,960 Speaker 1: compound by Bloomberg. Peter Roppenheimer is chief Global equity strategist 60 00:03:16,000 --> 00:03:21,160 Speaker 1: at Goldman Sachs International. This is not a disastrous earning season, 61 00:03:21,240 --> 00:03:23,920 Speaker 1: but certainly not nearly as strong as we've seen previously. 62 00:03:24,200 --> 00:03:26,560 Speaker 1: And the key thing that's happening, and we've been arguing 63 00:03:26,600 --> 00:03:29,440 Speaker 1: this for some time, is that margins are starting to 64 00:03:29,520 --> 00:03:32,760 Speaker 1: come under pressure as a result of these high input costs. 65 00:03:32,800 --> 00:03:36,520 Speaker 1: Among the company's scheduled to report this week, Activision Blizzard 66 00:03:36,600 --> 00:03:42,400 Speaker 1: asked Rosenca, BioNTech, Occidental Petroleum, and ribviean automotive in New York. 67 00:03:42,480 --> 00:03:45,520 Speaker 1: Charlie Pellet Bloomberg Daybreak. All right, Charlie, thank you about 68 00:03:45,520 --> 00:03:49,040 Speaker 1: looking at earnings longer term. Goldman Sachs is lowering its 69 00:03:49,120 --> 00:03:52,720 Speaker 1: estimates for the SMP five hired for each year till four. 70 00:03:53,080 --> 00:03:56,200 Speaker 1: The bank strategist say, margin contraction in the third quarter 71 00:03:56,280 --> 00:03:59,720 Speaker 1: signals more pain ahead. Goldman is not changing it's here 72 00:03:59,800 --> 00:04:02,520 Speaker 1: end targets for the SNP. It still thinks the index 73 00:04:02,520 --> 00:04:05,040 Speaker 1: will drop another four and a half percent this year 74 00:04:05,080 --> 00:04:09,000 Speaker 1: to thirty six hundred before rising to four thousand and three. 75 00:04:09,240 --> 00:04:12,320 Speaker 1: I mean well, Karen Morgan. Stanley's Michael Wilson says investors 76 00:04:12,360 --> 00:04:15,560 Speaker 1: should stay bullish on equities ahead of this week's midterm elections. 77 00:04:15,720 --> 00:04:18,720 Speaker 1: Wilson correctly predicted this year's slump in stocks. He says 78 00:04:18,760 --> 00:04:21,599 Speaker 1: if Republicans win at least one chamber of Congress, it 79 00:04:21,680 --> 00:04:24,839 Speaker 1: could provide a catalyst for lower bond yields and higher 80 00:04:24,880 --> 00:04:28,360 Speaker 1: equity prices. Well. Turning to corporate news, now, we're watching 81 00:04:28,400 --> 00:04:31,520 Speaker 1: shares of Apple this morning. They are currently down more 82 00:04:31,560 --> 00:04:34,520 Speaker 1: than one percent in early trading. The company expects to 83 00:04:34,560 --> 00:04:39,120 Speaker 1: produce at least three million fewer iPhone fourteen handsets than 84 00:04:39,160 --> 00:04:42,600 Speaker 1: originally planned this year, and Bloomberg Daybreak Asia anchor Bryan 85 00:04:42,680 --> 00:04:45,760 Speaker 1: Curtis has more from Hong Kong. Bloomberg sources say the 86 00:04:45,760 --> 00:04:48,440 Speaker 1: company and its suppliers now aimed to make about eighty 87 00:04:48,480 --> 00:04:52,000 Speaker 1: seven million devices. That's down from ninety million. The reduction 88 00:04:52,080 --> 00:04:54,760 Speaker 1: is due to softer demand for the iPhone fourteen and 89 00:04:54,800 --> 00:04:58,640 Speaker 1: fourteen plus that adds to supply issues in places like 90 00:04:58,760 --> 00:05:02,440 Speaker 1: Jung Joe, China. The plant there is under a COVID lockdown. 91 00:05:02,520 --> 00:05:05,520 Speaker 1: You know Kong Brian Curtis, Bloomberg Daybreak, Brian, thanks. We 92 00:05:05,560 --> 00:05:08,960 Speaker 1: continue to see job cuts in corporate America. Facebook parent 93 00:05:09,000 --> 00:05:12,600 Speaker 1: Meta Platforms will reportedly start laying off thousands this week. 94 00:05:12,680 --> 00:05:14,960 Speaker 1: According to The Wall Street Journal, The cuts could come 95 00:05:15,000 --> 00:05:18,760 Speaker 1: as early as Wednesday. Met has been struggling with growing losses, 96 00:05:18,800 --> 00:05:22,440 Speaker 1: and it's been investing heavily in its metaverse business. Meta shares, 97 00:05:22,520 --> 00:05:26,279 Speaker 1: which are down seventy three percent this year, are rising 98 00:05:26,279 --> 00:05:30,000 Speaker 1: this morning, up more than three percent in early trading. Well, Nathan, 99 00:05:30,040 --> 00:05:33,000 Speaker 1: Twitter brought the acts down hard last week on close 100 00:05:33,040 --> 00:05:36,280 Speaker 1: to thirty seven hundred of its employees. Now it's asking 101 00:05:36,360 --> 00:05:38,840 Speaker 1: dozens of them to come back. Sources tell us the 102 00:05:38,880 --> 00:05:42,240 Speaker 1: company decided the employees were either fired by mistake or 103 00:05:42,400 --> 00:05:45,440 Speaker 1: too essential to the changes. New owner Elon Musk wants 104 00:05:45,480 --> 00:05:48,920 Speaker 1: to make one of those changes, adding verification checkmarks for 105 00:05:49,040 --> 00:05:52,840 Speaker 1: subscribers to Twitter's monthly Blue service that's been delayed till 106 00:05:52,920 --> 00:05:56,080 Speaker 1: Wednesday to avoid mid term election chaos. Well, the world's 107 00:05:56,080 --> 00:05:58,320 Speaker 1: focus for the next couple of weeks, Karen will be 108 00:05:58,320 --> 00:06:01,360 Speaker 1: on the health of the planet. The Seven Summit is 109 00:06:01,440 --> 00:06:05,279 Speaker 1: underway in Egypt, the United Nations Annual Climate Change Event 110 00:06:05,440 --> 00:06:09,680 Speaker 1: is beginning with discussions on reparations or compensating poorer nations 111 00:06:09,720 --> 00:06:12,400 Speaker 1: for the damage from emissions produced elsewhere. We get more 112 00:06:12,400 --> 00:06:14,840 Speaker 1: from Bloombergs use of kamal l Dean in Charmel Shake. 113 00:06:15,160 --> 00:06:18,080 Speaker 1: We've got over one hundred heads of state to hund 114 00:06:18,200 --> 00:06:21,360 Speaker 1: delegations from all across the world, and they've set apart 115 00:06:21,360 --> 00:06:23,560 Speaker 1: a little bit lower. I would say they admit that 116 00:06:23,800 --> 00:06:25,840 Speaker 1: because of some of the risks, everything of the Ukraine 117 00:06:25,880 --> 00:06:28,360 Speaker 1: War to be ongoing, to your political statics in China 118 00:06:28,400 --> 00:06:33,000 Speaker 1: and the US, it's gonna be harder to get things going. Nonetheless, 119 00:06:33,120 --> 00:06:35,800 Speaker 1: they want to show some results, and they already to 120 00:06:35,839 --> 00:06:39,360 Speaker 1: get contraction on adding a little bit of a controversial 121 00:06:39,440 --> 00:06:41,840 Speaker 1: item to the attenda, the loss and damage items that 122 00:06:41,880 --> 00:06:46,440 Speaker 1: this is related to unchecked cossal fuel use that cause 123 00:06:46,480 --> 00:06:50,760 Speaker 1: economic destruction in disproportioned ways. Bloomberg's use of kamal l 124 00:06:50,800 --> 00:06:53,080 Speaker 1: Dean reports. The leaders of Germany, France and the UK 125 00:06:53,200 --> 00:06:56,440 Speaker 1: are appearing at the start of copy. US President Joe 126 00:06:56,440 --> 00:06:59,520 Speaker 1: Biden and Brazil's president elect are due to appear later 127 00:06:59,560 --> 00:07:03,160 Speaker 1: on well. Finally, Nathan Warren Buffett's Berkshire Hathaway has taken 128 00:07:03,160 --> 00:07:06,000 Speaker 1: a beating on auto insurance. They conglomerate reported and nine 129 00:07:06,080 --> 00:07:09,000 Speaker 1: hundred sixty two million dollar loss on insurance underwriting in 130 00:07:09,040 --> 00:07:11,920 Speaker 1: the third quarter. That's the worst quarterly loss in a year. 131 00:07:12,000 --> 00:07:14,880 Speaker 1: Auto insurers have struggled to keep pace with higher used 132 00:07:14,920 --> 00:07:18,440 Speaker 1: car prices and the rising costs of accidents. And this 133 00:07:18,880 --> 00:07:24,840 Speaker 1: is Bloomberg Max Haaren. It's five oh seven on Wall Street. 134 00:07:24,840 --> 00:07:28,520 Speaker 1: Got some showers sixty degrees in Central Park the northbound 135 00:07:28,600 --> 00:07:31,480 Speaker 1: Van Wick Off ramp to the westbound Belt Parkway is 136 00:07:31,560 --> 00:07:35,040 Speaker 1: closed for an accident investigation. Michael barrs here with more 137 00:07:35,040 --> 00:07:36,800 Speaker 1: on what's going on in New York and around the world. 138 00:07:36,800 --> 00:07:39,160 Speaker 1: Good morning, might call Good morning Nathan. It was the 139 00:07:39,200 --> 00:07:43,960 Speaker 1: final weekend of campaigning before Tuesday's mid term elections. President 140 00:07:44,040 --> 00:07:47,280 Speaker 1: Joe Biden campaign for New York Governor Kathy Hokel at 141 00:07:47,360 --> 00:07:50,480 Speaker 1: a rally and Yonkers Sunday. Biden, hoping to give the 142 00:07:50,520 --> 00:07:54,840 Speaker 1: incumbent a last minute boost against Republican challenger Lees Eldott, 143 00:07:55,240 --> 00:07:59,160 Speaker 1: poles show the race between the two narrowing. Biden criticized 144 00:07:59,200 --> 00:08:03,480 Speaker 1: former President Trump and the Republican Party's record on the economy. 145 00:08:03,920 --> 00:08:07,320 Speaker 1: What's gonna happen the next couple of years is going 146 00:08:07,400 --> 00:08:09,760 Speaker 1: to have more to do with what this country looks 147 00:08:09,800 --> 00:08:13,600 Speaker 1: like twenty years from now than anything else. Congressman Zelden 148 00:08:13,720 --> 00:08:17,880 Speaker 1: campaign at a rally in Rochester, promising, if he's elected governor, 149 00:08:17,960 --> 00:08:20,720 Speaker 1: he's going to crack down on crime, and those state 150 00:08:20,720 --> 00:08:26,200 Speaker 1: employees in charge of fighting it, you're going to emergency 151 00:08:26,320 --> 00:08:29,720 Speaker 1: here in the state of New York. Meanwhile, former President 152 00:08:29,720 --> 00:08:34,160 Speaker 1: Trump urged Florida voters to support Republican candidates in Tuesday's 153 00:08:34,160 --> 00:08:36,960 Speaker 1: mid term elections. This is a year we are going 154 00:08:37,040 --> 00:08:39,600 Speaker 1: to take back the House. We are going to take 155 00:08:39,640 --> 00:08:43,440 Speaker 1: back the Senate. We're going to take back America. We're 156 00:08:43,480 --> 00:08:47,400 Speaker 1: going to take Trump spoke at a rally in Miami 157 00:08:47,480 --> 00:08:51,600 Speaker 1: with Florida Senators Marco Rubio and Rick Scott, a former 158 00:08:51,640 --> 00:08:54,040 Speaker 1: director of the f d A, is concerned that the 159 00:08:54,160 --> 00:08:58,120 Speaker 1: US is not prepared for the current virus season. Bloomberg 160 00:08:58,160 --> 00:09:00,800 Speaker 1: said Baxter as the story the US has center in 161 00:09:00,880 --> 00:09:04,960 Speaker 1: cold flu, RSV and COVID season, and former director Scott 162 00:09:05,000 --> 00:09:07,760 Speaker 1: gott leeb on CBS has heard here on. Bloomberg says 163 00:09:07,800 --> 00:09:10,640 Speaker 1: some past mistakes are getting in the way of new policies. 164 00:09:10,720 --> 00:09:12,400 Speaker 1: We know wearing a mask if you have the flu 165 00:09:12,600 --> 00:09:14,840 Speaker 1: rs V when you go out is effective at preventing 166 00:09:14,840 --> 00:09:17,520 Speaker 1: forward transmission. Nobody wants to say that. So I think 167 00:09:17,520 --> 00:09:19,839 Speaker 1: that there's a lot of reluctance now, in part because 168 00:09:19,840 --> 00:09:22,160 Speaker 1: of the failures of public health messaging during the pandemic 169 00:09:22,160 --> 00:09:24,600 Speaker 1: and things we've got wrong at the backlash toys. So 170 00:09:24,600 --> 00:09:26,520 Speaker 1: we don't have a good solution for what we're entering 171 00:09:26,600 --> 00:09:28,760 Speaker 1: right now. Got Leeb says mistakes should have been made 172 00:09:28,840 --> 00:09:32,360 Speaker 1: during COVID should not affect medical policy going forward. In 173 00:09:32,440 --> 00:09:36,080 Speaker 1: San Francisco, I'm at Baxter Bloomberg Gab break authorities continued 174 00:09:36,120 --> 00:09:38,760 Speaker 1: to investigate in New York City high rise fire over 175 00:09:38,800 --> 00:09:41,520 Speaker 1: the weekend that injured over three dozen people and was 176 00:09:41,559 --> 00:09:45,000 Speaker 1: traced to a faulty lithium ion battery. It is the 177 00:09:45,080 --> 00:09:48,200 Speaker 1: latest in the fast growing series of battery blazes that 178 00:09:48,240 --> 00:09:51,640 Speaker 1: have fire officials concerned. The fire has burned the dramatic 179 00:09:51,880 --> 00:09:56,040 Speaker 1: and rare rope rescue twenty stories above Manhattan's East fifty 180 00:09:56,040 --> 00:09:59,240 Speaker 1: second Street, a few blocks from the United Nations headquarters. 181 00:09:59,520 --> 00:10:02,080 Speaker 1: Global used twenty four hours a day on airand on 182 00:10:02,120 --> 00:10:04,480 Speaker 1: Bloomberg Quick Take Power about more than twenty seven hundred 183 00:10:04,520 --> 00:10:07,160 Speaker 1: journalists analysts more than a hundred twenty countries. I'm Michael 184 00:10:07,160 --> 00:10:14,040 Speaker 1: bar This is Bloomberg, Nathan. Thank you, Michael. Almost five 185 00:10:14,040 --> 00:10:16,240 Speaker 1: ten on Wall Street. Time for the Bloomberg Sports Up Day, 186 00:10:16,240 --> 00:10:18,520 Speaker 1: brought to you by Tri State Autie. Good morning, John 187 00:10:18,559 --> 00:10:20,480 Speaker 1: stash Our, all right, good morning eight of the Jets 188 00:10:20,480 --> 00:10:22,960 Speaker 1: of an underdogs almost every week. They were eleven point 189 00:10:23,120 --> 00:10:25,640 Speaker 1: underdogs that met live. Buffalo came in and a FC 190 00:10:25,840 --> 00:10:28,640 Speaker 1: best six and one, three wins by at least three touchdowns. 191 00:10:28,640 --> 00:10:32,720 Speaker 1: But the Jets sat Josh Allen five times, intercepted them twice, 192 00:10:32,960 --> 00:10:35,800 Speaker 1: and twice got themselves into the end zone. Files show 193 00:10:35,920 --> 00:10:38,000 Speaker 1: Blitz takes the snout hard to run up the middle 194 00:10:38,000 --> 00:10:45,120 Speaker 1: of the five. What Jeck blocks down? Ryos motion first 195 00:10:45,160 --> 00:10:47,720 Speaker 1: and goal at the second back to fro Zacholson scream right, 196 00:10:48,040 --> 00:10:50,719 Speaker 1: hobbson half the ten, half the five, which is the 197 00:10:50,840 --> 00:10:56,480 Speaker 1: good He's across the goal, Jet cluespn Eric the cost. 198 00:10:56,559 --> 00:10:58,520 Speaker 1: The game was tied when the Jets went on our 199 00:10:58,600 --> 00:11:01,240 Speaker 1: thirteen play eighty six yard drive at ended with a 200 00:11:01,240 --> 00:11:05,160 Speaker 1: Greg's airline go ahead field goal. They upset the Bills seventeen. 201 00:11:05,200 --> 00:11:07,839 Speaker 1: They're only half game behind Buffalo game last night to 202 00:11:08,000 --> 00:11:11,240 Speaker 1: a FC Division leaders who went overtime. Kansas City beat Tennessee. 203 00:11:11,320 --> 00:11:14,880 Speaker 1: Patrick Mahomes through the ball sixty eight times. Tom Brady 204 00:11:14,880 --> 00:11:17,160 Speaker 1: threw at fifty eight the last one of ten pass 205 00:11:17,480 --> 00:11:19,520 Speaker 1: Sampa Bay's only touchdown of the day. They beat the 206 00:11:19,600 --> 00:11:21,760 Speaker 1: Rams in the battle of the last two Super Bowl winners, 207 00:11:21,760 --> 00:11:25,319 Speaker 1: both of whom struggling this year. Green Bay really struggling, 208 00:11:25,320 --> 00:11:27,520 Speaker 1: lost to the Jets, loss of the Giants, and just 209 00:11:27,600 --> 00:11:31,280 Speaker 1: lost to lowly Detroit. Aaron Rodgers intercepted three times. The 210 00:11:31,400 --> 00:11:34,560 Speaker 1: sound of Timmy Trumpet playing Narco will continue to be 211 00:11:34,559 --> 00:11:36,480 Speaker 1: heard at City Field for the years to come. The 212 00:11:36,559 --> 00:11:39,880 Speaker 1: Mets locked up all star closer Edwin Diaz, who was 213 00:11:40,040 --> 00:11:42,400 Speaker 1: a free agent five years hundred two million, most of 214 00:11:42,400 --> 00:11:45,880 Speaker 1: it for a reliever. The Nets laid down six requirements 215 00:11:45,880 --> 00:11:48,960 Speaker 1: that Kyrie Irving must meet before they consider lifting his suspension. 216 00:11:49,400 --> 00:11:52,600 Speaker 1: The Rangers lost to Detroit three two and overtime. John Stash, 217 00:11:52,600 --> 00:11:55,319 Speaker 1: Howard Bloomberg, Sports Nathan all Right, John Thanks s S 218 00:11:55,400 --> 00:11:58,480 Speaker 1: and P. Futures up twelve point, Staff futures up at 219 00:11:58,760 --> 00:12:02,200 Speaker 1: futures are higher by thirty three points. You're listening to 220 00:12:02,280 --> 00:12:08,800 Speaker 1: Bloomberg Gaber Bloomberg Sports is brought to you by Autie. 221 00:12:08,880 --> 00:12:10,920 Speaker 1: Don't let someone else drive off in the Autie model. 222 00:12:11,000 --> 00:12:13,240 Speaker 1: You've always wanted to visit your local tri state autie 223 00:12:13,240 --> 00:12:15,040 Speaker 1: dealer to get behind the wheel of yours today, or 224 00:12:15,160 --> 00:12:23,760 Speaker 1: visit Autie Offers dot com for more information, markets, headlines 225 00:12:23,800 --> 00:12:26,800 Speaker 1: and breaking news twenty four hours a day. At Bloomberg 226 00:12:26,840 --> 00:12:29,880 Speaker 1: dot com for Bloomberg Business out and at Bloomberg Quick 227 00:12:29,960 --> 00:12:39,440 Speaker 1: Tape is a Bloomberg business clash, and I'm camerin Moscow 228 00:12:39,480 --> 00:12:42,160 Speaker 1: and US dot Index futures are on the rise this 229 00:12:42,360 --> 00:12:46,120 Speaker 1: morning after dropping earlier. European shares are higher, led by 230 00:12:46,240 --> 00:12:48,840 Speaker 1: travel shares, and we check the markets every fifteen minutes 231 00:12:48,880 --> 00:12:51,400 Speaker 1: throughout the trading day on Bloomberg. Right now is in 232 00:12:51,440 --> 00:12:54,640 Speaker 1: P futures or up about sixteen points now futures up 233 00:12:54,640 --> 00:12:57,640 Speaker 1: a hundred forty three NASDACK futures up forty the decks 234 00:12:57,640 --> 00:13:00,199 Speaker 1: in Germany's up one percent. Can your true a sure? 235 00:13:00,240 --> 00:13:02,160 Speaker 1: We have five thirty seconds, you have four point one 236 00:13:02,240 --> 00:13:04,240 Speaker 1: three percent and a yield in the two year four 237 00:13:04,240 --> 00:13:07,520 Speaker 1: point six seven percent. NIMEX screwed oil is it will 238 00:13:07,640 --> 00:13:09,920 Speaker 1: change in ninety two dollars fifty six cents of Barrel 239 00:13:10,160 --> 00:13:12,640 Speaker 1: comics schooled that a third of a percent, or six dollars. 240 00:13:12,679 --> 00:13:16,040 Speaker 1: At sixteen eighty two sixty announced the euro point nine 241 00:13:16,160 --> 00:13:18,520 Speaker 1: nine nine one against the dollar, British found one point 242 00:13:18,600 --> 00:13:21,320 Speaker 1: one four six five and the end one forty six 243 00:13:21,400 --> 00:13:25,000 Speaker 1: point four and nine. And Bitcoin this morning is down 244 00:13:25,120 --> 00:13:28,280 Speaker 1: one point seven percent. It's a twenty thousand, seven hundred 245 00:13:28,320 --> 00:13:31,480 Speaker 1: eighty dollars. That's a bloomberg business flash. Now here's Nuchael 246 00:13:31,520 --> 00:13:34,120 Speaker 1: bar with more on what's going on around the world. Michael, 247 00:13:34,120 --> 00:13:37,520 Speaker 1: good morning, Good morning, Karen. Election day is tomorrow, but 248 00:13:37,640 --> 00:13:41,760 Speaker 1: already more than forty million Americans have cast early ballots. 249 00:13:42,080 --> 00:13:45,680 Speaker 1: Republicans are optimistic about winning enough seats to retake control 250 00:13:45,760 --> 00:13:49,400 Speaker 1: of both the House and the Senate, while Democrats insist 251 00:13:49,679 --> 00:13:52,680 Speaker 1: they are poised for a better night than many expect. 252 00:13:53,200 --> 00:13:56,600 Speaker 1: The COP twenty seven You and Climate talks began in Egypt, 253 00:13:56,880 --> 00:13:59,360 Speaker 1: with a deal to discuss how rich countries can help 254 00:13:59,440 --> 00:14:03,720 Speaker 1: pay for the damages caused by global warming Elsewhere. Recent 255 00:14:03,800 --> 00:14:07,439 Speaker 1: climate disasters, such as the floods in Pakistan have put 256 00:14:07,480 --> 00:14:10,760 Speaker 1: the issue back into focus. In the NFL, the Jets 257 00:14:10,840 --> 00:14:15,199 Speaker 1: upset the Bills seventeen. The Patriots won, the Commanders lost. 258 00:14:15,440 --> 00:14:18,400 Speaker 1: The Ravens play the Saints tonight in the NHL. The 259 00:14:18,520 --> 00:14:20,880 Speaker 1: Rangers lost in O t to the Red Wings three 260 00:14:21,000 --> 00:14:24,840 Speaker 1: two in the NBA, the Wizards lost. Global News twenty 261 00:14:24,880 --> 00:14:28,240 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 262 00:14:28,560 --> 00:14:31,840 Speaker 1: powered by more of than hundred journalists and analyist more 263 00:14:31,840 --> 00:14:34,480 Speaker 1: than a hundred twenty countries. I'm Michael bar and this 264 00:14:34,800 --> 00:14:37,760 Speaker 1: is Bloomberg, Nathan. Thank you, Michael. It's five nineteen on 265 00:14:37,840 --> 00:14:40,920 Speaker 1: Wall Street Line from the Bloomberg Interactive Brokers Studios. This 266 00:14:41,200 --> 00:14:44,600 Speaker 1: is Bloomberg Daybreak and Dennis Gartman's back with us this morning, 267 00:14:44,640 --> 00:14:47,520 Speaker 1: the chairman of the University of Akron Endowman Investment Committee, 268 00:14:47,760 --> 00:14:50,360 Speaker 1: former publisher of the Gartment Letter. At the start of 269 00:14:50,560 --> 00:14:54,280 Speaker 1: a really busy week for markets, with elections, earnings, and 270 00:14:54,520 --> 00:14:57,920 Speaker 1: inflation all in focus, Dennis, what are you focusing on 271 00:14:58,080 --> 00:15:02,120 Speaker 1: this week? Elections have so the focal point for everybody. 272 00:15:02,320 --> 00:15:05,240 Speaker 1: Just given given the fact that the elections are tomorrow, 273 00:15:05,280 --> 00:15:07,160 Speaker 1: and given the fact that they're as tight as they're 274 00:15:07,160 --> 00:15:09,840 Speaker 1: going to be, however, I think that the Republicans will 275 00:15:09,920 --> 00:15:12,920 Speaker 1: end up sweeping the House, probably winning thirty five seats, 276 00:15:13,520 --> 00:15:15,480 Speaker 1: and I actually think that they'll end up winning the 277 00:15:15,960 --> 00:15:19,080 Speaker 1: Senate probably fifty two seats, maybe fifty three seats at most. 278 00:15:19,680 --> 00:15:22,320 Speaker 1: That'll be supportive to share prices for the near termament 279 00:15:23,320 --> 00:15:27,080 Speaker 1: at least people will become enthusiastic about a Republican capability 280 00:15:27,520 --> 00:15:29,360 Speaker 1: to control the House and the Senate. But it also 281 00:15:29,440 --> 00:15:32,200 Speaker 1: means it will have gridlock government for the past for 282 00:15:32,280 --> 00:15:34,640 Speaker 1: the next two years or so, as everybody gets ready 283 00:15:34,640 --> 00:15:37,960 Speaker 1: for the next presidential elections. So the election cycle stops 284 00:15:38,000 --> 00:15:41,800 Speaker 1: tomorrow and begins Wednesday again, all at one time. I've 285 00:15:41,840 --> 00:15:44,680 Speaker 1: been very barish share prices since the start of the year. 286 00:15:45,160 --> 00:15:47,440 Speaker 1: I continue to be barish for share prices at this point. 287 00:15:47,800 --> 00:15:50,720 Speaker 1: I think the Fed continues to tighten monetary policy far 288 00:15:50,840 --> 00:15:54,040 Speaker 1: longer than anybody had anticipated, takes rates far higher, and 289 00:15:54,160 --> 00:15:56,120 Speaker 1: takes them for a longer period of time than anybody 290 00:15:56,160 --> 00:15:59,480 Speaker 1: had thought originally. So I haven't changed my opinion even slightly. Nathan, 291 00:16:00,000 --> 00:16:01,760 Speaker 1: I want to hone in a little bit more on 292 00:16:01,880 --> 00:16:04,080 Speaker 1: your view and where rates go from here. But we 293 00:16:04,200 --> 00:16:06,880 Speaker 1: did get a note this morning from Mike Wilson over 294 00:16:07,000 --> 00:16:09,280 Speaker 1: Morgan Stanley, who has also been pretty barish on this 295 00:16:09,440 --> 00:16:11,960 Speaker 1: market and called the drop in stocks. He's saying that 296 00:16:12,600 --> 00:16:15,400 Speaker 1: we could see an equity rally off the back of 297 00:16:15,800 --> 00:16:18,880 Speaker 1: tomorrow's election. Obviously, it sounds like you agree with that. 298 00:16:19,000 --> 00:16:20,920 Speaker 1: How big a rally could we see? Do you think? 299 00:16:22,280 --> 00:16:24,560 Speaker 1: First of all, let's say we've we've had a huge 300 00:16:25,120 --> 00:16:30,440 Speaker 1: bounce in in a a very normal technical bounce from 301 00:16:30,440 --> 00:16:32,360 Speaker 1: the lows made three or four or three or four 302 00:16:32,400 --> 00:16:36,120 Speaker 1: weeks ago. I followed the CNN Fair and Green Index, 303 00:16:36,160 --> 00:16:38,960 Speaker 1: which has gotten to fourteen. Anytime it gets below twenty, 304 00:16:39,000 --> 00:16:40,480 Speaker 1: you're going to get a bounce of some sort. You 305 00:16:40,520 --> 00:16:43,280 Speaker 1: get oversold. And of course, the for three weeks we've 306 00:16:43,280 --> 00:16:45,080 Speaker 1: taken the stock market, we've taken the down from what 307 00:16:45,840 --> 00:16:48,840 Speaker 1: twenty nine thousand to thirty three thousand. That's probably as 308 00:16:48,920 --> 00:16:50,240 Speaker 1: much of a rally as you're going to get. I 309 00:16:50,280 --> 00:16:52,720 Speaker 1: think the high that we saw two weeks ago is 310 00:16:52,720 --> 00:16:54,640 Speaker 1: probably going to be the end of it. Uh. And 311 00:16:54,800 --> 00:16:56,600 Speaker 1: so I tend to disagree a little bit with Mr 312 00:16:56,680 --> 00:16:58,520 Speaker 1: Wilson at this point. I think we've probably seen this, 313 00:16:58,640 --> 00:17:00,960 Speaker 1: But I think we've already discount of the fact that 314 00:17:00,960 --> 00:17:02,800 Speaker 1: the Republicans are going to sweep the House and the Senate. 315 00:17:02,840 --> 00:17:04,760 Speaker 1: So I'm not sure that there's much left on the upside. 316 00:17:05,240 --> 00:17:07,400 Speaker 1: At the same time, the CNN Fair and Green Index 317 00:17:07,480 --> 00:17:10,040 Speaker 1: has gotten to sixty one and turned lower, and when 318 00:17:10,080 --> 00:17:11,960 Speaker 1: that gets to that level, it usually means that the 319 00:17:12,080 --> 00:17:15,000 Speaker 1: rally has run its course and the next next leg 320 00:17:15,080 --> 00:17:17,920 Speaker 1: down is coming. The problem is that the rally was 321 00:17:18,000 --> 00:17:21,040 Speaker 1: on very light volume, and good, good rallies, strong values, 322 00:17:21,640 --> 00:17:26,320 Speaker 1: rallies that have sustainability, have to have increasing circumstances increasing volume, 323 00:17:26,359 --> 00:17:28,719 Speaker 1: and we've not seen that. So I continue to think 324 00:17:28,800 --> 00:17:30,600 Speaker 1: that it's a bear market that the rally we've already 325 00:17:30,680 --> 00:17:33,200 Speaker 1: had has just counted the fact that the Republicans sweep 326 00:17:33,280 --> 00:17:36,359 Speaker 1: the House and the Senate tomorrow, and given that the 327 00:17:36,640 --> 00:17:40,200 Speaker 1: possibility of a red wave tomorrow and the return of 328 00:17:40,280 --> 00:17:44,600 Speaker 1: divided government, what will that mean for equities as we 329 00:17:44,800 --> 00:17:49,119 Speaker 1: head toward that next election? In I think the the 330 00:17:49,200 --> 00:17:52,200 Speaker 1: overwhelming fundamental that's driving prices has been the fact that 331 00:17:52,280 --> 00:17:56,439 Speaker 1: the FED has driven its balance sheet from nine trouillion 332 00:17:56,440 --> 00:17:58,320 Speaker 1: dollars to nine trillion dollars over the course of the 333 00:17:58,400 --> 00:18:00,960 Speaker 1: last decade. And as pro must has said, and in 334 00:18:01,160 --> 00:18:03,879 Speaker 1: order to can continue to remain consistent, has said that 335 00:18:03,920 --> 00:18:06,920 Speaker 1: it will be reducing the size of that balance sheet 336 00:18:06,920 --> 00:18:09,440 Speaker 1: by its billion dollars a month. They're taking the fuel 337 00:18:09,480 --> 00:18:11,879 Speaker 1: that had driven the bull market away. It's as if 338 00:18:11,920 --> 00:18:13,600 Speaker 1: you've taken your foot off the gas pedal and the 339 00:18:13,680 --> 00:18:17,119 Speaker 1: car stalls. I think that that's the overriding fundamental. If 340 00:18:17,160 --> 00:18:20,879 Speaker 1: you get a bounce predicated upon the better action by 341 00:18:20,920 --> 00:18:22,320 Speaker 1: the part of the Republicans of the House and the 342 00:18:22,359 --> 00:18:24,720 Speaker 1: Senate to morow use that strength to sell into and 343 00:18:24,800 --> 00:18:27,880 Speaker 1: reduce your positions get smaller and not larger. At this point, 344 00:18:29,240 --> 00:18:32,200 Speaker 1: we also got a note from Goldman Sacks cutting earnings 345 00:18:32,359 --> 00:18:35,960 Speaker 1: estimates for the SMP for this year and next. What 346 00:18:36,080 --> 00:18:38,920 Speaker 1: kind of earnings compression do you see for stocks? Probably 347 00:18:38,960 --> 00:18:41,240 Speaker 1: ten or fifteent reduction and earnings over the course the 348 00:18:41,320 --> 00:18:43,639 Speaker 1: next year or two, And that means the price earnings 349 00:18:43,720 --> 00:18:45,639 Speaker 1: multiple has to come in again. It's been coming in 350 00:18:45,720 --> 00:18:48,199 Speaker 1: for the past six or seven months, the longer than that, actually, 351 00:18:48,600 --> 00:18:50,119 Speaker 1: and I think it continues to come in. So I 352 00:18:50,400 --> 00:18:52,440 Speaker 1: agree with Goldman Sacks. I think earnings are going to 353 00:18:52,480 --> 00:18:56,080 Speaker 1: be the monsterbly lesser, demonsterly smaller than had been anticipated 354 00:18:56,240 --> 00:18:58,320 Speaker 1: three and four and five and six months ago. The 355 00:18:58,400 --> 00:19:01,080 Speaker 1: market had anticipated good earnings. Learnings are coming in less 356 00:19:01,080 --> 00:19:03,440 Speaker 1: than expected, and I think that that's likely to continue 357 00:19:03,480 --> 00:19:06,359 Speaker 1: for a long period of time. So again, use strength 358 00:19:06,440 --> 00:19:09,240 Speaker 1: to sell into, use strength to reduce your positions. Here, 359 00:19:09,320 --> 00:19:10,920 Speaker 1: she or loses the least amount of money in a 360 00:19:10,960 --> 00:19:13,280 Speaker 1: bear market will be the winner. As I said, we'll 361 00:19:13,320 --> 00:19:15,879 Speaker 1: hone in a little bit deeper into that view, including 362 00:19:16,240 --> 00:19:19,800 Speaker 1: where the fed path goes from here. Dennis Gartman is 363 00:19:19,880 --> 00:19:22,560 Speaker 1: with us for the hour. Dennis Gartman, former publisher of 364 00:19:22,600 --> 00:19:25,560 Speaker 1: the Gartment Letter and now chairman of the University of 365 00:19:25,640 --> 00:19:29,040 Speaker 1: Akron Endowment Investment Committee. Looking ahead to the market open 366 00:19:29,240 --> 00:19:33,000 Speaker 1: this morning, futures are pointing to more gains after Friday's rally. 367 00:19:33,200 --> 00:19:35,840 Speaker 1: SMP futures are up eighteen points down, futures up a 368 00:19:35,920 --> 00:19:39,600 Speaker 1: hundred sixty one, and NASTACK futures are higher by fifty 369 00:19:39,640 --> 00:19:42,320 Speaker 1: one points ten. Your treasury is up for thirty seconds, 370 00:19:42,680 --> 00:19:45,200 Speaker 1: the yield down nearly two basis points to four point 371 00:19:45,440 --> 00:19:48,000 Speaker 1: almost four point one four percent yield on the two 372 00:19:48,119 --> 00:19:52,119 Speaker 1: year four point six eight percent. NIMEX crude little changed 373 00:19:52,440 --> 00:19:55,639 Speaker 1: on the session, up five cents ninety two dollars sixty 374 00:19:55,720 --> 00:19:58,360 Speaker 1: six cents of barrel Comac sculled a four tenths per cent, 375 00:19:58,440 --> 00:20:01,440 Speaker 1: or six dollars thirty cents sixty eight two ninety for 376 00:20:01,600 --> 00:20:08,119 Speaker 1: announce of gold. This is Bloomberg. Bloomberg day Break is 377 00:20:08,119 --> 00:20:10,800 Speaker 1: brought to you by Peapack Private Wealth Management. Peapack Private 378 00:20:10,840 --> 00:20:13,119 Speaker 1: Wealth Management knows that the portfolio is more than a 379 00:20:13,160 --> 00:20:15,640 Speaker 1: collection of assets. It's a path to your future. Visit 380 00:20:15,720 --> 00:20:19,119 Speaker 1: Pepack Private dot com and begin your financial legacy today. 381 00:20:22,359 --> 00:20:26,840 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 382 00:20:26,960 --> 00:20:31,600 Speaker 1: Bloomberg eving freo to Washington d C, Bloomberg on to Boston, 383 00:20:31,760 --> 00:20:35,000 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 384 00:20:35,240 --> 00:20:38,480 Speaker 1: sixty to the country, Sirius XM Chentle one nineteen and 385 00:20:38,560 --> 00:20:41,920 Speaker 1: around the Blobe, the Bloomberg Business at and Bloomberg Radio 386 00:20:42,040 --> 00:20:51,320 Speaker 1: dot com. This is Bloomberg Daybreak and it's five thirty 387 00:20:51,480 --> 00:20:54,800 Speaker 1: on Well Street. Good morning. I'm Karen Moscow, I'm Nathan Hagar. 388 00:20:54,840 --> 00:20:57,360 Speaker 1: Bloomberg Daybreak is brought to you by se I. Imagine 389 00:20:57,359 --> 00:21:01,080 Speaker 1: your asset management firms operational infrastructure as it can petitive advantage. 390 00:21:01,160 --> 00:21:03,600 Speaker 1: Let se I show you how at se I C 391 00:21:03,840 --> 00:21:06,639 Speaker 1: dot com slash I m S and we're just about 392 00:21:06,680 --> 00:21:09,040 Speaker 1: four hours away from the open of US trading. Let's 393 00:21:09,040 --> 00:21:10,439 Speaker 1: get you up to date on the news you need 394 00:21:10,520 --> 00:21:12,920 Speaker 1: to know at this hour. Well, Investors this week will 395 00:21:12,960 --> 00:21:15,560 Speaker 1: be keeping a close eye on key economic data. The 396 00:21:15,600 --> 00:21:19,320 Speaker 1: October Consumer Price Index is due out Thursday, and University 397 00:21:19,359 --> 00:21:22,800 Speaker 1: of Michigan Consumer Sentiment Index comes out Friday. Paid in 398 00:21:22,840 --> 00:21:26,520 Speaker 1: in Regal Chief US economist Jeffrey Cleveland says jobs data 399 00:21:26,600 --> 00:21:29,480 Speaker 1: from Friday suggests the FEDS still in the thick of 400 00:21:29,520 --> 00:21:32,800 Speaker 1: its inflation battle. But wage growth data has slowed, maybe 401 00:21:32,840 --> 00:21:34,840 Speaker 1: a little bit, but point four month and month is 402 00:21:34,880 --> 00:21:38,440 Speaker 1: still pretty strong. We're hanging out around five percent year 403 00:21:38,480 --> 00:21:41,359 Speaker 1: on year wage growth, and that is not consistent, in 404 00:21:41,480 --> 00:21:44,199 Speaker 1: my view, with two percent inflation. I think it's far 405 00:21:44,240 --> 00:21:45,800 Speaker 1: too soon for the Fed to say they're putting the 406 00:21:45,840 --> 00:21:48,920 Speaker 1: brakes on here. And paidon in Regals, Jeffrey Cleveland says 407 00:21:48,920 --> 00:21:51,359 Speaker 1: the Fed wants to see less job growth because the 408 00:21:51,480 --> 00:21:54,159 Speaker 1: labor market is out of balance. I meantime, Karen, we're 409 00:21:54,200 --> 00:21:57,640 Speaker 1: seeing turmoil in tech labor. This morning. Wall Street Journal 410 00:21:57,680 --> 00:22:01,520 Speaker 1: reports Facebook parent meta platforms will lay off thousands potentially 411 00:22:01,560 --> 00:22:04,159 Speaker 1: as early as Wednesday, and Twitter, which cut close to 412 00:22:04,240 --> 00:22:07,159 Speaker 1: thirty undred employees last week, is now asking dozens of 413 00:22:07,280 --> 00:22:10,840 Speaker 1: them to come back. The Bloomberg Tech editor vlad Zabov 414 00:22:10,920 --> 00:22:14,360 Speaker 1: says Twitter's moves likely don't reflect broader transit big tech. 415 00:22:14,960 --> 00:22:18,159 Speaker 1: Months ago, twives prior leadership decided to come back on 416 00:22:18,320 --> 00:22:21,200 Speaker 1: spending on office space in order to preserve jokes. What 417 00:22:21,320 --> 00:22:23,440 Speaker 1: we've seen in with Twitter cannot be extended to the 418 00:22:23,520 --> 00:22:26,000 Speaker 1: proto tech in industry. It is a very unique situation 419 00:22:26,119 --> 00:22:28,800 Speaker 1: and there's a lot of unpredictability because of Elon Mustine 420 00:22:28,840 --> 00:22:32,399 Speaker 1: a Helm Bloomberg says more changes are coming to Twitter. 421 00:22:32,480 --> 00:22:35,040 Speaker 1: The company alladed verification check marks for members of its 422 00:22:35,080 --> 00:22:39,639 Speaker 1: monthly subscription service after tomorrow's midterm elections to avoid potential chaos. 423 00:22:40,320 --> 00:22:43,000 Speaker 1: Well seeking with tech Nathan Shares of Apple down one 424 00:22:43,080 --> 00:22:46,080 Speaker 1: percent in early trading after the company announced it expects 425 00:22:46,119 --> 00:22:50,320 Speaker 1: to produce less iPhone fourteen models than originally planned. In Egypt, 426 00:22:50,400 --> 00:22:52,880 Speaker 1: Caring You and climate discussions are focused on how rich 427 00:22:52,960 --> 00:22:55,919 Speaker 1: countries can pay for global damages caused by global warming. 428 00:22:56,320 --> 00:22:59,439 Speaker 1: Netherlands Prime Minister Mark Rota spoke with Bloomberg speriencing Laquax 429 00:22:59,440 --> 00:23:03,080 Speaker 1: about moving forward on climate issues. We already are at 430 00:23:03,160 --> 00:23:06,000 Speaker 1: this moment committing the one hut of billion to help 431 00:23:06,240 --> 00:23:08,160 Speaker 1: their yes to the world also and also the global 432 00:23:08,200 --> 00:23:11,840 Speaker 1: South to get on board with effecting climate change. Dutch 433 00:23:11,880 --> 00:23:14,120 Speaker 1: Prime Minister Mark Roots is one of several world leaders 434 00:23:14,160 --> 00:23:17,040 Speaker 1: at the COP twenty seven conference. US President Joe Biden 435 00:23:17,160 --> 00:23:20,280 Speaker 1: is set to appear later this week. Futures this morning 436 00:23:20,359 --> 00:23:23,800 Speaker 1: on the rise. SNP futures up about seventeen points down, 437 00:23:23,880 --> 00:23:27,800 Speaker 1: futures have onety four and NASDAG futures are up forty four. 438 00:23:28,200 --> 00:23:31,920 Speaker 1: Straight ahead your latest local headlines, plus a check of sports. 439 00:23:32,600 --> 00:23:39,760 Speaker 1: And this is Bloomberg. Thanks her three on Wall Street 440 00:23:39,800 --> 00:23:42,320 Speaker 1: sixteh degrees in Central Park Out a crash westbound Belt 441 00:23:42,359 --> 00:23:45,040 Speaker 1: Parkway off ramp to the northbound Van Wick and Michael 442 00:23:45,080 --> 00:23:46,960 Speaker 1: Barr has more on what's going on in New York 443 00:23:47,000 --> 00:23:49,240 Speaker 1: and around the world. Michael, thank you very much, Nathan. 444 00:23:49,280 --> 00:23:52,879 Speaker 1: Both President Joe Biden and his predecessor Donald Trump are 445 00:23:52,960 --> 00:23:56,560 Speaker 1: hoping to provide their parties late boosts on the last 446 00:23:56,720 --> 00:23:59,840 Speaker 1: full day of campaigning before mid term elections that could 447 00:24:00,040 --> 00:24:03,159 Speaker 1: he shaped the balance of power in Washington. Biden is 448 00:24:03,200 --> 00:24:05,920 Speaker 1: holding a roley this evening in Maryland as Democrats i 449 00:24:06,160 --> 00:24:10,720 Speaker 1: retaking its governorship. Yesterday, the president campaign for New York 450 00:24:10,760 --> 00:24:14,720 Speaker 1: Governor Kathy Hoco at a rally in Yonkers. Biden, hoping 451 00:24:14,760 --> 00:24:18,160 Speaker 1: to give the incumbent a last minute boost against Republican 452 00:24:18,280 --> 00:24:21,280 Speaker 1: challenger Lese Helden, Poles showed the race between the two 453 00:24:21,480 --> 00:24:25,640 Speaker 1: narrowing just a few days from the election. Biden criticized 454 00:24:25,680 --> 00:24:29,640 Speaker 1: Zelden for voting with House Republicans against the American Rescue 455 00:24:29,720 --> 00:24:34,240 Speaker 1: Plan that included money for police. Opponent had a choice. 456 00:24:34,760 --> 00:24:37,480 Speaker 1: You could kick cops on the job or cave to 457 00:24:37,560 --> 00:24:40,800 Speaker 1: his Republican leaders. I'll give you one guess what he did. 458 00:24:41,320 --> 00:24:45,240 Speaker 1: He cave. Former President Trump is set to stage his 459 00:24:45,359 --> 00:24:48,280 Speaker 1: own event in Ohio, where his hand picks Senate candidate 460 00:24:48,400 --> 00:24:52,240 Speaker 1: jd Events will be at his side. Yesterday, Trump urged 461 00:24:52,400 --> 00:24:56,280 Speaker 1: Florida voters to support Republican candidates in the midterms. Trump 462 00:24:56,440 --> 00:24:59,359 Speaker 1: urged voters to vote Republican and bring the House and 463 00:24:59,480 --> 00:25:02,960 Speaker 1: sent it on Republican control this Tuesday. You must go 464 00:25:03,119 --> 00:25:09,040 Speaker 1: out and vote Republican in this giant red wave, Uncle sham, 465 00:25:10,119 --> 00:25:14,280 Speaker 1: giant red wave that they're all talking about. The former 466 00:25:14,359 --> 00:25:17,400 Speaker 1: president spoke at a rally in Miami with Florida Senators 467 00:25:17,480 --> 00:25:22,040 Speaker 1: Marco Rubio and Rick Scott Ukraine President Voladimir z Lensky 468 00:25:22,119 --> 00:25:25,280 Speaker 1: said Iron must be punished for what he called its 469 00:25:25,440 --> 00:25:29,840 Speaker 1: complicity in Russian terror. Zelenski accused the regime in Tehran 470 00:25:29,960 --> 00:25:33,520 Speaker 1: of helping to prolong the war and exacerbate its impact 471 00:25:33,640 --> 00:25:37,280 Speaker 1: on food and energy supplies. The CDC issued a warning 472 00:25:37,440 --> 00:25:40,800 Speaker 1: of a surge in respirants or viruses from COVID, FLEW 473 00:25:41,119 --> 00:25:45,440 Speaker 1: and RSV, especially among children, that threatens to overwhelm hospitals 474 00:25:45,520 --> 00:25:49,040 Speaker 1: this fall and winter. And the power of ball lottery 475 00:25:49,240 --> 00:25:54,040 Speaker 1: drawing is tonight, Oh lord. The jackpot is expected to 476 00:25:54,119 --> 00:25:59,640 Speaker 1: be one point nine billion dollars. Okay, there you got 477 00:26:00,280 --> 00:26:02,760 Speaker 1: news thy fre hours a day on here and on 478 00:26:02,840 --> 00:26:05,080 Speaker 1: Bloomberg Quick Take Power got more than twenty seven hundre 479 00:26:05,160 --> 00:26:07,840 Speaker 1: journalist analysts more than under twenty countries. Michael Bart, this 480 00:26:07,960 --> 00:26:15,480 Speaker 1: is Bloomberg. NA found my level. Thank you, Michael. Five 481 00:26:15,520 --> 00:26:17,440 Speaker 1: on Wall Street time for the Bloomberg Sports Uptake, brought 482 00:26:17,440 --> 00:26:18,960 Speaker 1: to you by Try stayed out. He with John stas 483 00:26:19,200 --> 00:26:21,320 Speaker 1: all right, Nathan that Jets had that four game when 484 00:26:21,359 --> 00:26:23,320 Speaker 1: he was drink and then laid an egg and yet 485 00:26:23,359 --> 00:26:25,480 Speaker 1: another lost to New England. That led to many saying 486 00:26:26,080 --> 00:26:28,560 Speaker 1: same old Jets They're not saying that now. Not After 487 00:26:28,640 --> 00:26:31,760 Speaker 1: a twenty seventeen upset of heavily favored Buffalo and met 488 00:26:31,800 --> 00:26:36,080 Speaker 1: life Jet defense outstanding sack Josh Allen five times intercepted 489 00:26:36,119 --> 00:26:39,160 Speaker 1: him twice, Jets put together a fourth quarter drive eighties 490 00:26:39,240 --> 00:26:42,119 Speaker 1: six yards in thirteen plays. They had eight straight runs 491 00:26:42,160 --> 00:26:44,120 Speaker 1: that Jets ranted for a hundred and seventy four yards. 492 00:26:44,400 --> 00:26:46,560 Speaker 1: Drive took over six minutes, ended with a field goal 493 00:26:46,640 --> 00:26:49,000 Speaker 1: that gave him the lead after once trailing by eleven. 494 00:26:49,040 --> 00:26:51,600 Speaker 1: They go to their bye week six and three, five 495 00:26:51,640 --> 00:26:54,479 Speaker 1: wins in their last six games. Their coaches, Robert Salem, 496 00:26:54,840 --> 00:26:55,959 Speaker 1: you know, I know a lot of people are going 497 00:26:56,000 --> 00:26:58,879 Speaker 1: to be surprised, right. I don't think there's a person's 498 00:26:58,880 --> 00:27:02,040 Speaker 1: surprise in the locker room. Um, it's a hard fall game. 499 00:27:02,119 --> 00:27:04,960 Speaker 1: It's a damn good football team, world coach football team 500 00:27:05,000 --> 00:27:09,080 Speaker 1: over there. Buffalo. Obviously they're they've got championship aspirations. But um, 501 00:27:09,440 --> 00:27:10,720 Speaker 1: but I don't think there's a guy in that locker 502 00:27:10,760 --> 00:27:12,760 Speaker 1: room that didn't think we couldn't win. After the bye week, 503 00:27:12,840 --> 00:27:15,399 Speaker 1: another game with the Patriots, a battle of last two 504 00:27:15,440 --> 00:27:18,400 Speaker 1: Super Bowl winners. Both the Rams and Bucks struggling this year. 505 00:27:18,440 --> 00:27:21,080 Speaker 1: Tampa Bay one on a Tom Brady ten fast with 506 00:27:21,200 --> 00:27:24,439 Speaker 1: nine seconds left. Brady went over a hundred thousand passing 507 00:27:24,520 --> 00:27:26,840 Speaker 1: yards for his career overtime Last night in Kansas City, 508 00:27:26,920 --> 00:27:29,520 Speaker 1: the Chiefs beat the Titans. Also over time with the 509 00:27:29,560 --> 00:27:33,000 Speaker 1: Garden Rangers after leading to nothing, lost in Detroit three 510 00:27:33,080 --> 00:27:35,600 Speaker 1: to two, then nets one twice over the weekend without 511 00:27:35,720 --> 00:27:38,640 Speaker 1: Kyrie irving. His suspension will not end until he made 512 00:27:38,760 --> 00:27:41,720 Speaker 1: six requirements laid down by the team. Mats have a 513 00:27:41,800 --> 00:27:44,119 Speaker 1: lot of free agents crossed one off the list ed 514 00:27:44,160 --> 00:27:47,040 Speaker 1: when Diaz struggled early in his met career, but tremendous 515 00:27:47,119 --> 00:27:49,800 Speaker 1: this past season, and he has cashed in five years 516 00:27:49,920 --> 00:27:52,080 Speaker 1: hundred two million, most of it for reliever. D has 517 00:27:52,160 --> 00:27:55,760 Speaker 1: averaged almost two strikeouts perking in his pitch. John Stash 518 00:27:56,040 --> 00:27:58,920 Speaker 1: Bloomberg Sports Nathan Right John thank you five thirty seven 519 00:27:58,960 --> 00:28:01,119 Speaker 1: on Wall Street time for the State Business Report with 520 00:28:01,160 --> 00:28:05,040 Speaker 1: Bloomberg's de east Pellgreen Macy's is investing millions to fund 521 00:28:05,080 --> 00:28:08,040 Speaker 1: minority owned businesses. The New York Times says the thirty 522 00:28:08,080 --> 00:28:11,359 Speaker 1: billion dollars over five years will support underrepresented groups in 523 00:28:11,400 --> 00:28:15,880 Speaker 1: the retail industry. More of the former cult firearms complex 524 00:28:15,960 --> 00:28:19,640 Speaker 1: in Connecticut is closer to being converted to apartments. Hartford 525 00:28:19,680 --> 00:28:22,680 Speaker 1: Business says the Cult Gateway partnership could create forty five 526 00:28:22,760 --> 00:28:25,840 Speaker 1: more apartments in two buildings there. The new offering comes 527 00:28:25,920 --> 00:28:29,960 Speaker 1: as commercial demand for the space waynes Split Society entering 528 00:28:30,040 --> 00:28:32,679 Speaker 1: New York's retail market. This is a maker of canned 529 00:28:32,760 --> 00:28:35,600 Speaker 1: wine based cocktails. This journal says the drinks are being 530 00:28:35,640 --> 00:28:38,920 Speaker 1: distributed at Total Wine and More and also through Go Puff. 531 00:28:39,160 --> 00:28:41,520 Speaker 1: The founder of the company is a former marketing exact 532 00:28:41,560 --> 00:28:45,640 Speaker 1: for celebrities and Jersey Shore Restaurant Week is underway, multiple 533 00:28:45,720 --> 00:28:48,520 Speaker 1: restaurants offering three course meals for as little as thirty 534 00:28:48,560 --> 00:28:51,239 Speaker 1: dollars and twenty two cents. It's all designed to get 535 00:28:51,280 --> 00:28:54,080 Speaker 1: you out spending during what's typically a slow patch before 536 00:28:54,160 --> 00:28:57,360 Speaker 1: holiday spending ramps up, and this event runs through Sunday. 537 00:28:57,640 --> 00:28:59,960 Speaker 1: With the Try State Business Report, I'm to these Pelligreen 538 00:29:00,160 --> 00:29:02,360 Speaker 1: All right, Denise, Thanks, It's five thirty eight on Wall Street. 539 00:29:02,360 --> 00:29:04,720 Speaker 1: Blomberg Radios on the air from San Francisco to New York, 540 00:29:04,760 --> 00:29:06,800 Speaker 1: London to Hong Kong. Let's check in with our global 541 00:29:06,840 --> 00:29:08,360 Speaker 1: news team for some of the top stories heard on 542 00:29:08,400 --> 00:29:14,200 Speaker 1: our three affiliate radio stations around the World. I'm Steve 543 00:29:14,320 --> 00:29:17,320 Speaker 1: Podas on K and X in Los Angeles. We're talking 544 00:29:17,400 --> 00:29:21,880 Speaker 1: about the high cost of impounding Russian super yachts. I'm 545 00:29:21,960 --> 00:29:25,360 Speaker 1: Corney Donahouan Can't Baby in Omaha Berkshire Hathaway takes a 546 00:29:25,480 --> 00:29:29,280 Speaker 1: beating on auto insurance wing on Quarterly Earning. I'm Gina 547 00:29:29,400 --> 00:29:31,959 Speaker 1: Servetti and for w B b M in Chicago, I'm 548 00:29:32,040 --> 00:29:35,000 Speaker 1: reporting that United Airlines has joined the growing list of 549 00:29:35,080 --> 00:29:39,640 Speaker 1: companies withholding advertising on Twitter. For Now, I'm Klain heat 550 00:29:39,680 --> 00:29:41,760 Speaker 1: KILM bloom Bag, dab did who a Dam and London. 551 00:29:41,800 --> 00:29:45,560 Speaker 1: We've been reporting on officials agreeing to discuss climate reparations 552 00:29:45,720 --> 00:29:49,240 Speaker 1: from rich countries at the COP twenty seven Climate Conference. 553 00:29:49,840 --> 00:29:53,000 Speaker 1: I'm Denise Peligrini atm W t AM in Cleveland. I'm 554 00:29:53,040 --> 00:29:56,200 Speaker 1: reporting on Hamba's new plans self driving electric vehicles for 555 00:29:56,280 --> 00:29:58,840 Speaker 1: the elderly and gen Z and those are some of 556 00:29:58,880 --> 00:30:01,520 Speaker 1: the stories are twenty seven hundred Bloomberg journalists and analysts 557 00:30:01,560 --> 00:30:03,920 Speaker 1: you're working on this morning at thirty nine on Wall Street. 558 00:30:04,240 --> 00:30:08,480 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 559 00:30:08,720 --> 00:30:12,720 Speaker 1: was written by the Bloomberg Editorial Board. Britain's new Prime 560 00:30:12,760 --> 00:30:15,800 Speaker 1: Minister Rishi Sunac got a quick sign of trouble ahead 561 00:30:15,960 --> 00:30:19,440 Speaker 1: when a quarrel over trade rules between Northern Ireland, Great 562 00:30:19,480 --> 00:30:23,200 Speaker 1: Britain and the Republic of Ireland flared anew. When the 563 00:30:23,360 --> 00:30:26,600 Speaker 1: UK left the European Union, it was understood that an 564 00:30:26,680 --> 00:30:30,600 Speaker 1: open border between Northern Ireland and the Republic was essential, 565 00:30:31,120 --> 00:30:34,680 Speaker 1: but this meant Brexit would require an economic border in 566 00:30:34,760 --> 00:30:38,320 Speaker 1: the Irish Sea. Britain agreed to a protocol making that 567 00:30:38,480 --> 00:30:42,480 Speaker 1: stipulation in twenty but when protests in the North shut 568 00:30:42,560 --> 00:30:46,440 Speaker 1: down the region's power sharing Assembly, the Tories moved to 569 00:30:46,680 --> 00:30:50,840 Speaker 1: unilaterally cancel the protocol. A trade war between the UK 570 00:30:51,120 --> 00:30:55,520 Speaker 1: and the EU is now a distinct possibility. The world 571 00:30:55,760 --> 00:30:59,760 Speaker 1: needs Britain and the EU to be allies, not rivals. 572 00:31:00,160 --> 00:31:03,160 Speaker 1: If Sunac wants to make a difference, a reset of 573 00:31:03,640 --> 00:31:07,200 Speaker 1: UK EU relations would be a great place to start. 574 00:31:07,680 --> 00:31:10,960 Speaker 1: The editorial was written by the Bloomberg Editorial Board. For 575 00:31:11,080 --> 00:31:14,080 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 576 00:31:14,160 --> 00:31:17,680 Speaker 1: opinion or ope i n go on the Bloomberg terminal. 577 00:31:18,040 --> 00:31:24,000 Speaker 1: This has been Bloomberg Opinion and Bloomberg Sports. Was brought 578 00:31:24,000 --> 00:31:25,920 Speaker 1: to you by Autie don't let someone else drive off 579 00:31:25,960 --> 00:31:28,240 Speaker 1: in the outie model you've always wanted. Visit your local 580 00:31:28,280 --> 00:31:30,080 Speaker 1: tri state autie dealer to get behind the wheel of 581 00:31:30,120 --> 00:31:38,040 Speaker 1: yours today, or visit autie Offers dot com for more information, markets, 582 00:31:38,160 --> 00:31:41,239 Speaker 1: headlines and breaking news twenty four hours a day at 583 00:31:41,280 --> 00:31:45,240 Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. 584 00:31:45,480 --> 00:31:54,240 Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow. 585 00:31:54,400 --> 00:31:57,440 Speaker 1: US Dock Index futures on the rise this morning, van 586 00:31:57,600 --> 00:32:00,200 Speaker 1: sell off stalling as some investors sent up here. Rate 587 00:32:00,240 --> 00:32:02,960 Speaker 1: of disinflation has already begun and the mid term election 588 00:32:03,040 --> 00:32:05,920 Speaker 1: results will be favorable to markets who check the markets 589 00:32:05,920 --> 00:32:08,680 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, Guess 590 00:32:08,720 --> 00:32:11,520 Speaker 1: and P Future is up about nineteen points down. Futures 591 00:32:11,560 --> 00:32:13,600 Speaker 1: have a hundred forty five and NAS day Future is 592 00:32:13,640 --> 00:32:16,360 Speaker 1: up fifty four. The decks in Germany's up nine tenths 593 00:32:16,400 --> 00:32:19,160 Speaker 1: of a percent. Ten year treasury of five thirty seconds 594 00:32:19,200 --> 00:32:21,320 Speaker 1: he had four point one three percent, and the yield 595 00:32:21,360 --> 00:32:24,160 Speaker 1: on the two year four point six seven percent. Nine 596 00:32:24,200 --> 00:32:26,280 Speaker 1: Max Screwed oil is down two tens per cent, or 597 00:32:26,360 --> 00:32:28,760 Speaker 1: nineteen cents at ninety two dollars forty two cents of 598 00:32:28,800 --> 00:32:31,280 Speaker 1: barrel co makes schooled up three tens percent or five 599 00:32:31,320 --> 00:32:34,560 Speaker 1: dollars thirty cents at sixteen eighty one ninety announce the 600 00:32:34,680 --> 00:32:37,960 Speaker 1: euro point nine against the dollar. British found one point 601 00:32:38,040 --> 00:32:40,840 Speaker 1: one four four four and again one forty six point 602 00:32:40,960 --> 00:32:44,120 Speaker 1: six six and bitcoin is down one point seven percent 603 00:32:44,200 --> 00:32:47,000 Speaker 1: at twenty thousand and seven hundred fifty dollars. That's a 604 00:32:47,040 --> 00:32:49,840 Speaker 1: bloomberg business flash. Now here's Michael Barr with more on 605 00:32:49,960 --> 00:32:52,360 Speaker 1: what's going on around the world. Michael Karen, thank you 606 00:32:52,480 --> 00:32:56,920 Speaker 1: very much. Tuesday is the mid term elections nationwide. More 607 00:32:57,000 --> 00:33:00,640 Speaker 1: than forty million Americans have already cast their bellot. The 608 00:33:00,840 --> 00:33:04,320 Speaker 1: election could shift the balance of power in Congress. North 609 00:33:04,440 --> 00:33:08,000 Speaker 1: Korea's military says its recent barrage of missile tests were 610 00:33:08,040 --> 00:33:13,960 Speaker 1: practices to mercilessly strike key South Korean and US targets, 611 00:33:14,440 --> 00:33:17,200 Speaker 1: such as air bases and operation command systems, with a 612 00:33:17,280 --> 00:33:22,200 Speaker 1: variety of missiles that likely would include nuclear capable weapons. 613 00:33:22,640 --> 00:33:25,920 Speaker 1: The North's military said today it's missile tests were a 614 00:33:26,040 --> 00:33:29,280 Speaker 1: reaction to last week's massive air force drills between the 615 00:33:29,400 --> 00:33:32,560 Speaker 1: US and South Korea in the NFL. The Jets beat 616 00:33:32,600 --> 00:33:36,280 Speaker 1: the Bills. Twenty seventeen, the Patriots won, the Commanders lost. 617 00:33:36,280 --> 00:33:38,920 Speaker 1: The Ravens play the Saints tonight in the NHL. The 618 00:33:39,000 --> 00:33:41,520 Speaker 1: Rangers lost in overtime to the Red Wings three two 619 00:33:41,960 --> 00:33:45,200 Speaker 1: in the NBA, the Wizards lost. Global News twenty four 620 00:33:45,240 --> 00:33:48,280 Speaker 1: hours a day on air and on Bloomberg Quickdake, powered 621 00:33:48,320 --> 00:33:50,840 Speaker 1: by more than twenty seven hundred journalists and analysts more 622 00:33:50,840 --> 00:33:54,360 Speaker 1: than a hundred twenty countries. Michael Barr and This is Bloomberg, 623 00:33:54,480 --> 00:33:56,800 Speaker 1: Nathan Fire, Michael, Thanks at SI forty nine on Wall 624 00:33:56,840 --> 00:33:59,720 Speaker 1: Street Life from the Bloomberg Interactive Brooker Studios. This is 625 00:33:59,760 --> 00:34:02,520 Speaker 1: burg Daybreak, And Dennis Gartman is back with us now 626 00:34:02,640 --> 00:34:06,240 Speaker 1: chairman of the University of Akron Endowman Investment Committee and 627 00:34:06,440 --> 00:34:09,799 Speaker 1: former publisher of the Gartment Letter. Dennis. Earlier, we spoke 628 00:34:09,840 --> 00:34:13,320 Speaker 1: about the potential for equity rally off the back of 629 00:34:13,400 --> 00:34:15,440 Speaker 1: the mid terms. I want to dig into the economic 630 00:34:15,560 --> 00:34:17,920 Speaker 1: data now that we're expecting this week. Of course, we 631 00:34:18,000 --> 00:34:21,920 Speaker 1: get the October Consumer Price Index on Thursday. Do you 632 00:34:21,960 --> 00:34:25,440 Speaker 1: think we'll see further signs of moderation in inflation from 633 00:34:25,440 --> 00:34:27,719 Speaker 1: the data this week? I think we'll see some further 634 00:34:27,800 --> 00:34:30,359 Speaker 1: signs of moderation to to replicate your awards. I don't 635 00:34:30,360 --> 00:34:32,640 Speaker 1: think we're gonna have a an untoward number coming out. 636 00:34:33,160 --> 00:34:35,200 Speaker 1: I think it will be slightly less than than had 637 00:34:35,239 --> 00:34:38,440 Speaker 1: been anticipated. And I think we've seen most commodity prices 638 00:34:38,560 --> 00:34:40,520 Speaker 1: be somewhat under pressure over the course of the past 639 00:34:40,560 --> 00:34:42,440 Speaker 1: month or two. But pay attention to what's going on 640 00:34:42,600 --> 00:34:45,359 Speaker 1: this morning in the gold market, pay attention to what's 641 00:34:45,360 --> 00:34:47,680 Speaker 1: going on in the bond market, and pay attention to 642 00:34:47,719 --> 00:34:49,840 Speaker 1: what's going on in the stock market. All three of 643 00:34:49,880 --> 00:34:51,960 Speaker 1: them should not be rising together. Two of them are 644 00:34:52,000 --> 00:34:54,640 Speaker 1: probably wrong. We'll see which ones are wrong. But I 645 00:34:54,719 --> 00:34:57,359 Speaker 1: think that inflationary numbers are going to start turning back 646 00:34:57,400 --> 00:34:59,719 Speaker 1: for the worst over the course of the next several months. 647 00:34:59,800 --> 00:35:03,200 Speaker 1: But this week's CPI number will probably beneficial to share 648 00:35:03,280 --> 00:35:06,600 Speaker 1: prices modestly, so the opperative board here being modestly. So 649 00:35:07,120 --> 00:35:08,800 Speaker 1: why do you think we're going to see more pressure 650 00:35:08,840 --> 00:35:13,439 Speaker 1: on inflation longer term? Basically because the head's balance sheet 651 00:35:13,480 --> 00:35:15,640 Speaker 1: remains extended. They said they're going to continue to cut it. 652 00:35:15,719 --> 00:35:18,360 Speaker 1: But as I said earlier, we've gone from nine billion 653 00:35:18,400 --> 00:35:21,200 Speaker 1: dollars nine billion dollars to nine trillion dollars. Actually it's 654 00:35:21,200 --> 00:35:23,440 Speaker 1: downd all about eight point five billion. They need to 655 00:35:23,520 --> 00:35:27,000 Speaker 1: take dollars out of it. Inflation is always an everywhere 656 00:35:27,000 --> 00:35:30,080 Speaker 1: a monetary phenomenon. With the lag, the lag has been uh, 657 00:35:30,200 --> 00:35:32,880 Speaker 1: we're only six months to a year and taking it 658 00:35:33,200 --> 00:35:35,400 Speaker 1: into the allowing the head to reduce the size of 659 00:35:35,480 --> 00:35:37,640 Speaker 1: the balance sheet. And I think we have several years 660 00:35:37,680 --> 00:35:40,719 Speaker 1: of higher inflation to ahead of us on balance so well, 661 00:35:40,960 --> 00:35:42,560 Speaker 1: we're gonna have to get used to five and six 662 00:35:42,640 --> 00:35:44,680 Speaker 1: percent inflation over the course the next several years, and 663 00:35:44,719 --> 00:35:46,759 Speaker 1: I think that that's going to be incumbent, So be 664 00:35:46,920 --> 00:35:49,520 Speaker 1: careful out there. The thing that I find amusing to 665 00:35:49,640 --> 00:35:52,640 Speaker 1: me is the fact that gold and bonds are rallying 666 00:35:52,719 --> 00:35:55,640 Speaker 1: this morning. That shouldn't be happening. It's something it is happening, 667 00:35:55,640 --> 00:35:57,640 Speaker 1: And pay attention to that fact. Again, as I said 668 00:35:57,680 --> 00:36:00,120 Speaker 1: earlier this morning, use the strength and stock It is 669 00:36:00,160 --> 00:36:02,000 Speaker 1: just to reduce the size of your exposure, to get 670 00:36:02,120 --> 00:36:05,520 Speaker 1: less large, get less involved, become more involved in the 671 00:36:05,600 --> 00:36:08,040 Speaker 1: gold market. And I think that that's the important to me. 672 00:36:08,160 --> 00:36:09,840 Speaker 1: The most important thing that I saw last week was 673 00:36:09,880 --> 00:36:12,520 Speaker 1: the fact that gold had an outside reversal week, which 674 00:36:12,600 --> 00:36:15,200 Speaker 1: is a very rare circumstance and new low and at 675 00:36:15,560 --> 00:36:17,680 Speaker 1: a movement above the previous week's highs and the close 676 00:36:17,760 --> 00:36:19,799 Speaker 1: above the previous week's highs, and it's not given back 677 00:36:19,840 --> 00:36:22,160 Speaker 1: any of those games. So that's something to pay attention 678 00:36:22,200 --> 00:36:24,960 Speaker 1: to beyond just stock prices. Watch what's going on in gold. 679 00:36:25,000 --> 00:36:27,480 Speaker 1: It's signaling something traumatic is about to happen. I know 680 00:36:27,560 --> 00:36:29,759 Speaker 1: you've been watching gold for some time and it's really 681 00:36:29,800 --> 00:36:33,920 Speaker 1: a fairly budged with all these inflationary pressures going on. 682 00:36:34,719 --> 00:36:36,799 Speaker 1: But now with this call, where do you think gold 683 00:36:36,840 --> 00:36:40,000 Speaker 1: goes from here? Eighteen hundred or nineteen hundred dollars over 684 00:36:40,040 --> 00:36:41,680 Speaker 1: the course the next several months, I think that's where 685 00:36:41,719 --> 00:36:44,320 Speaker 1: we're gonna go where at one Now, the fact that 686 00:36:44,400 --> 00:36:47,760 Speaker 1: it held in the low sixteen hundreds bottomed in November, 687 00:36:48,120 --> 00:36:52,120 Speaker 1: in September and October, and Friday's action was extraordinary, rallying 688 00:36:52,160 --> 00:36:55,920 Speaker 1: what fifty to fifty five dollars announced with especially following 689 00:36:55,960 --> 00:36:58,040 Speaker 1: effect that you had an overtly barish article and the 690 00:36:58,080 --> 00:37:00,120 Speaker 1: barons over the weekend about how bad gold has has 691 00:37:00,120 --> 00:37:02,320 Speaker 1: been the fact that those two things occurred at the 692 00:37:02,360 --> 00:37:04,719 Speaker 1: same time of a very various article and in a 693 00:37:04,960 --> 00:37:07,600 Speaker 1: very strong movement on Friday and an outside reversal week 694 00:37:08,040 --> 00:37:09,759 Speaker 1: tells me that gold prices have seen their lows and 695 00:37:09,840 --> 00:37:13,200 Speaker 1: want to go demonstrably higher. So as you come out 696 00:37:13,239 --> 00:37:15,960 Speaker 1: of stock, prices move into a move into a bit 697 00:37:16,040 --> 00:37:17,560 Speaker 1: of goal. I think that makes sense. I've done that 698 00:37:17,640 --> 00:37:19,200 Speaker 1: for the University, and we're going to continue to do 699 00:37:19,320 --> 00:37:21,600 Speaker 1: that when we meet next in two weeks for our 700 00:37:21,680 --> 00:37:24,640 Speaker 1: quarterly meeting. Yeah, I've just about a minute left here, Dennis. 701 00:37:24,760 --> 00:37:26,680 Speaker 1: Of course, there's a lot of attention on where the 702 00:37:26,719 --> 00:37:29,560 Speaker 1: FED takes rates from here, where the terminal rate's gonna be. 703 00:37:29,840 --> 00:37:31,879 Speaker 1: Where do you think the Fed is going to say? 704 00:37:31,920 --> 00:37:34,200 Speaker 1: I know you've been focused on the balance sheet, but 705 00:37:34,239 --> 00:37:36,719 Speaker 1: where do you think rates go from here? For the Fed? 706 00:37:37,320 --> 00:37:39,000 Speaker 1: I think we take the overnight said funds rate to 707 00:37:39,040 --> 00:37:40,879 Speaker 1: five five and a quarter and at that point they'll 708 00:37:40,920 --> 00:37:42,759 Speaker 1: sit tight for a long period of time. If I've 709 00:37:42,840 --> 00:37:45,560 Speaker 1: learned anything in the forty five years I've learned i've 710 00:37:45,560 --> 00:37:47,440 Speaker 1: been in the market since that when the FED changes 711 00:37:47,480 --> 00:37:50,560 Speaker 1: monetary policy from easing to tightening, or from tightening to easing, 712 00:37:51,080 --> 00:37:53,680 Speaker 1: it takes rates far farther and takes them for a 713 00:37:53,760 --> 00:37:56,280 Speaker 1: far longer period of time than even the most radical 714 00:37:56,280 --> 00:37:58,040 Speaker 1: among us wants to believe. So I think we're gonna 715 00:37:58,040 --> 00:37:59,920 Speaker 1: go to at least five percent, maybe five and a half, 716 00:38:00,520 --> 00:38:02,600 Speaker 1: and then it then comes to pivot. The pivot meaning 717 00:38:02,640 --> 00:38:04,680 Speaker 1: they'll sit tight for a long period of time. It 718 00:38:04,760 --> 00:38:06,960 Speaker 1: maybe several years before we actually see them pivot and 719 00:38:07,280 --> 00:38:09,880 Speaker 1: take great slower So be prepared for higher rates for 720 00:38:09,920 --> 00:38:12,000 Speaker 1: a protected period of time for the next several years. 721 00:38:12,680 --> 00:38:14,960 Speaker 1: As always, Dennis, great to get your view. Thanks for 722 00:38:15,040 --> 00:38:17,560 Speaker 1: being with us for the full hour here Dennis Gartman, 723 00:38:17,920 --> 00:38:20,720 Speaker 1: former publisher of the Gartment Letter and now the chairman 724 00:38:21,040 --> 00:38:25,000 Speaker 1: of the University of acron Endowment Investment Committee. Karen Nathan, 725 00:38:25,040 --> 00:38:27,160 Speaker 1: It is five three on Wall Street, time for the 726 00:38:27,200 --> 00:38:30,279 Speaker 1: Bloomberg Law Report that's yet to the legal stories we're 727 00:38:30,320 --> 00:38:37,719 Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. More election lawsuits 728 00:38:37,760 --> 00:38:40,680 Speaker 1: have been filed this year than in all of twenty 729 00:38:40,760 --> 00:38:44,799 Speaker 1: by Democrats and Republicans, challenging everything from who can vote 730 00:38:44,840 --> 00:38:48,400 Speaker 1: to where ballots are collected and monitored. The Sixth Circuit 731 00:38:48,480 --> 00:38:51,800 Speaker 1: rule that Experience did not violate the Fair Credit Reporting 732 00:38:51,880 --> 00:38:54,719 Speaker 1: Act when it failed to remove any erroneous report of 733 00:38:54,760 --> 00:38:58,320 Speaker 1: a bankruptcy from a man's credit report. The Justice Department 734 00:38:58,440 --> 00:39:01,359 Speaker 1: reports the former heads of movie Pass and its parent 735 00:39:01,480 --> 00:39:05,600 Speaker 1: company have both been charged with securities fraud and wire fraud. 736 00:39:05,760 --> 00:39:10,600 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 737 00:39:10,760 --> 00:39:15,399 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 738 00:39:15,480 --> 00:39:19,160 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks, Now 739 00:39:19,200 --> 00:39:23,000 Speaker 1: another legal story we're watching. Arizona defied a Supreme Court 740 00:39:23,080 --> 00:39:27,160 Speaker 1: criminal precedent for decades until the Court specifically instructed this 741 00:39:27,280 --> 00:39:30,520 Speaker 1: state that it had to allow defendants facing the death 742 00:39:30,600 --> 00:39:33,440 Speaker 1: penalty to tell the jury that if they spared them 743 00:39:33,480 --> 00:39:37,839 Speaker 1: from a death sentence, they would never be eligible for parole. Still, 744 00:39:38,080 --> 00:39:41,440 Speaker 1: Arizona did and runs around the Supreme Court decisions, creating 745 00:39:41,440 --> 00:39:44,640 Speaker 1: a procedural maze that blocked a death row inmates relief 746 00:39:44,800 --> 00:39:48,040 Speaker 1: at each turn, leading Justice Helena Kagan to call it 747 00:39:48,280 --> 00:39:52,320 Speaker 1: Kafka esque. For more Bloomberg's doing, Grosso speaks to Bloomberg 748 00:39:52,440 --> 00:39:56,359 Speaker 1: Law reporter Jordan Reuben. So that's why Justice Elena Kagan said, 749 00:39:56,440 --> 00:40:00,320 Speaker 1: Kafka would have loved this case exactly so way she 750 00:40:00,480 --> 00:40:03,520 Speaker 1: put it. She says Costco would have loved this because 751 00:40:03,600 --> 00:40:07,640 Speaker 1: Cruz loses the Simmons claim undirect appeal in the first instance, 752 00:40:07,719 --> 00:40:10,480 Speaker 1: before the Lynch case, and then he tries again, and 753 00:40:10,560 --> 00:40:13,160 Speaker 1: the reason he loses, according to the state, is because no, 754 00:40:13,360 --> 00:40:16,239 Speaker 1: Simmons has actually always applied. It was just that Lynch 755 00:40:16,360 --> 00:40:19,719 Speaker 1: told Arizona that it had to then apply the law. 756 00:40:19,840 --> 00:40:22,759 Speaker 1: So it wasn't what's called a significant change in the 757 00:40:22,880 --> 00:40:26,080 Speaker 1: law according to Arizona. And that's super important for this 758 00:40:26,239 --> 00:40:29,520 Speaker 1: case because it all comes down to this state procedural 759 00:40:29,640 --> 00:40:32,760 Speaker 1: rule which says that on post conviction like what Cruz 760 00:40:32,840 --> 00:40:35,600 Speaker 1: was trying to raise, he can only get the benefit 761 00:40:35,719 --> 00:40:38,800 Speaker 1: if there was a significant change in law, and according 762 00:40:38,840 --> 00:40:42,560 Speaker 1: to Arizona, the Lynch holding wasn't a significant change. I 763 00:40:42,600 --> 00:40:45,040 Speaker 1: thought it was odd that the state was still arguing 764 00:40:45,120 --> 00:40:49,320 Speaker 1: in its briefs that Simmons and Lynch were wrongly decided 765 00:40:49,640 --> 00:40:53,800 Speaker 1: by the court, and Justice Kagan told Arizona's attorney that 766 00:40:53,960 --> 00:40:57,239 Speaker 1: she found that shocking and perhaps a bit insulting tell 767 00:40:57,280 --> 00:41:01,560 Speaker 1: us about Arizona's arguments. So Arizona takes this sort of 768 00:41:01,719 --> 00:41:04,840 Speaker 1: hyper technical reading. They're saying, it's just the state issue 769 00:41:04,880 --> 00:41:07,360 Speaker 1: that in the first instance, it shouldn't even get to 770 00:41:07,440 --> 00:41:10,320 Speaker 1: the U. S. Supreme Court because it's a state court 771 00:41:10,440 --> 00:41:13,360 Speaker 1: dealing with the state procedural rule, and so there is 772 00:41:13,440 --> 00:41:15,880 Speaker 1: this kind of threshold issue at the U. S. Supreme 773 00:41:15,960 --> 00:41:19,279 Speaker 1: Court of whether the justices can even really take a 774 00:41:19,320 --> 00:41:21,279 Speaker 1: look at this because it's a state issue. And so 775 00:41:21,440 --> 00:41:24,759 Speaker 1: there's this initial argument of whether we're even getting into 776 00:41:24,800 --> 00:41:27,759 Speaker 1: the territory of dealing with the type of federal issue 777 00:41:27,840 --> 00:41:29,759 Speaker 1: that the U. S. Supreme Court can grapple with. And 778 00:41:29,880 --> 00:41:32,680 Speaker 1: so that's one of Arizona's arguments that the U. S. 779 00:41:32,719 --> 00:41:36,319 Speaker 1: Supreme Court really shouldn't even be getting involved. That's part 780 00:41:36,400 --> 00:41:40,239 Speaker 1: of it. Another part is, according to this state procedural rule, 781 00:41:40,280 --> 00:41:44,240 Speaker 1: they're saying it wasn't a significant change in law, despite 782 00:41:44,320 --> 00:41:46,799 Speaker 1: how much that might seem to fly in the face 783 00:41:46,960 --> 00:41:50,439 Speaker 1: of common sense. As Justice Kagan was pointing out during 784 00:41:50,480 --> 00:41:53,440 Speaker 1: the argument, they're saying, it's not a significant change, it's 785 00:41:53,480 --> 00:41:56,239 Speaker 1: just now an application of the law. And so that's 786 00:41:56,280 --> 00:41:58,759 Speaker 1: what brings up this situation where Kegan is pointing out 787 00:41:58,840 --> 00:42:02,040 Speaker 1: the cruises blah in this procedural maze, no matter in 788 00:42:02,120 --> 00:42:06,160 Speaker 1: which direction he turns. And that's Bloomberg Law reporter Jordan 789 00:42:06,360 --> 00:42:09,320 Speaker 1: Rubens being at the Bloomberg's June Grosso catch more of 790 00:42:09,440 --> 00:42:12,799 Speaker 1: that interview, plus analysis of the latest legal news by 791 00:42:12,840 --> 00:42:15,879 Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show 792 00:42:15,920 --> 00:42:20,040 Speaker 1: at Bloomberg dot com slash podcast. Attorneys can find exceptional 793 00:42:20,160 --> 00:42:23,399 Speaker 1: legal research and business development tools at Bloomberg Law dot 794 00:42:23,520 --> 00:42:26,560 Speaker 1: com and on the Bloomberg terminal at b Law. Go 795 00:42:27,400 --> 00:42:30,880 Speaker 1: and futures this morning on the rise, SNP futures up 796 00:42:30,920 --> 00:42:34,279 Speaker 1: about nineteen points down, futures have a hundred fifty and 797 00:42:34,400 --> 00:42:40,240 Speaker 1: NASDAC futures up fifty seven still ahead. On Bloomberg Daybreak, 798 00:42:40,360 --> 00:42:42,600 Speaker 1: we have a check on the business headlines and all 799 00:42:42,640 --> 00:42:45,320 Speaker 1: the news you need to start your day. And this 800 00:42:46,000 --> 00:42:46,680 Speaker 1: is Bloomberg