1 00:00:02,240 --> 00:00:05,840 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 2 00:00:05,920 --> 00:00:09,880 Speaker 1: day Break for Friday, June seventeen two. Coming up this hour, 3 00:00:10,119 --> 00:00:13,520 Speaker 1: stocks rebound after yesterday's sell off on Wall Street. The 4 00:00:13,640 --> 00:00:16,760 Speaker 1: SMP five hundred enters Today's triple Witching session at an 5 00:00:16,800 --> 00:00:20,759 Speaker 1: eighteen month low. President Biden says a recession can be avoided, 6 00:00:21,000 --> 00:00:24,280 Speaker 1: and Japan defies the global trend and retains super easy 7 00:00:24,360 --> 00:00:27,960 Speaker 1: monetary policy. The final democratic debate in the primary campaign 8 00:00:28,040 --> 00:00:30,760 Speaker 1: for New York governor is over. Plus another mass shooting 9 00:00:30,760 --> 00:00:33,240 Speaker 1: in a church in Alabama leaves two dead. I'm Michael 10 00:00:33,280 --> 00:00:36,720 Speaker 1: bar More Ahead, I'm John Stanstoward. Sports Night didn't win 11 00:00:36,760 --> 00:00:38,839 Speaker 1: for the Yankees, comeback win for the met and the 12 00:00:38,960 --> 00:00:44,919 Speaker 1: Golden State Warriors have won the NBA Championship. That's all 13 00:00:45,040 --> 00:00:48,760 Speaker 1: trended ahead on Bloomberg Daybreak on Bloomberg Eliving Free on 14 00:00:48,840 --> 00:00:53,239 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 15 00:00:53,320 --> 00:00:57,880 Speaker 1: six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x 16 00:00:58,040 --> 00:01:00,920 Speaker 1: M one nineteen and around the world. Old on Bloomberg 17 00:01:00,960 --> 00:01:03,680 Speaker 1: Radio Dot Com IM and by the Bloomberg Business App. 18 00:01:07,640 --> 00:01:10,480 Speaker 1: Good morning, I'm Nathan Hagar and I'm John Tucker. Bloomberg 19 00:01:10,560 --> 00:01:13,360 Speaker 1: Day Break being brought to you by Informattica. In the Cloud, 20 00:01:13,440 --> 00:01:16,720 Speaker 1: your data has the power to do the extraordinary. Managed 21 00:01:16,800 --> 00:01:19,480 Speaker 1: data across any location of the cloud for accurate and 22 00:01:19,600 --> 00:01:23,959 Speaker 1: actionable insights. More at Informatica dot com. The US futures 23 00:01:23,959 --> 00:01:25,840 Speaker 1: are on the rise this morning. It's five oh one 24 00:01:25,840 --> 00:01:27,800 Speaker 1: on Wall Street and we checked the markets every fifteen 25 00:01:27,840 --> 00:01:30,720 Speaker 1: minutes during the trading day. On Bloomberg, SMP futures are 26 00:01:30,760 --> 00:01:32,960 Speaker 1: up thirty three points, Staff futures up t hundred forty, 27 00:01:33,040 --> 00:01:35,560 Speaker 1: Nasdaq futures are hired by a hundred twelve points. The 28 00:01:35,600 --> 00:01:38,000 Speaker 1: tenure Treasury is down eight thirty seconds. The yeld three 29 00:01:38,040 --> 00:01:40,400 Speaker 1: point to two percent yield on the two year three 30 00:01:40,400 --> 00:01:42,720 Speaker 1: point one seven percent right now, and I'm x screwed 31 00:01:42,840 --> 00:01:45,440 Speaker 1: is up seven tenths percent at a hundred eighteen dollars 32 00:01:45,560 --> 00:01:48,600 Speaker 1: forty cents of barrel, John and Nathan. The Rysan futures 33 00:01:48,600 --> 00:01:51,320 Speaker 1: follows yet another sell off on Wall Street, which saw 34 00:01:51,320 --> 00:01:54,680 Speaker 1: the SMP five hunder closed at an eighteen month low. 35 00:01:55,000 --> 00:01:57,760 Speaker 1: It was a sea of red, with only fourteen stocks 36 00:01:57,760 --> 00:02:00,640 Speaker 1: in the SMP five hunder closing higher where Brignac, the 37 00:02:00,720 --> 00:02:03,560 Speaker 1: chief investment officer at Invesco, says, with the inflation and 38 00:02:03,600 --> 00:02:06,720 Speaker 1: recession fierce front of center, the FED has its work 39 00:02:06,760 --> 00:02:09,880 Speaker 1: cut out for it. Monetary policy was too easy for 40 00:02:09,960 --> 00:02:12,440 Speaker 1: too long, so they've got to make up some ground 41 00:02:12,520 --> 00:02:15,320 Speaker 1: here to try to stay ahead of it. So, unfortunately, 42 00:02:15,360 --> 00:02:17,400 Speaker 1: I don't think that the news is going to get 43 00:02:17,400 --> 00:02:19,800 Speaker 1: any better over the next month for the Fed in 44 00:02:19,880 --> 00:02:23,960 Speaker 1: terms of inflation. The Investco chief investment officer Lori Brignac, 45 00:02:24,040 --> 00:02:26,640 Speaker 1: making the comments on Bloomberg Business Week catch that program 46 00:02:26,760 --> 00:02:29,799 Speaker 1: weekdays from two the vip M Wall Street Time well, 47 00:02:29,800 --> 00:02:32,520 Speaker 1: the selloff has been widespread John. In fact, more companies 48 00:02:32,560 --> 00:02:36,120 Speaker 1: in the Russell three thousand, excluding financial firms, are trading 49 00:02:36,200 --> 00:02:40,160 Speaker 1: below their cash holdings. Bloomberg's Doug Krisner has more The 50 00:02:40,280 --> 00:02:43,280 Speaker 1: total number has surpassed the month end record set during 51 00:02:43,320 --> 00:02:46,480 Speaker 1: the financial crisis. Smaller cap firms like those in the 52 00:02:46,560 --> 00:02:50,280 Speaker 1: Russell are particularly sensitive to the health of the domestic economy, 53 00:02:50,639 --> 00:02:53,760 Speaker 1: and now as financial conditions tighten, the concern of a 54 00:02:53,840 --> 00:02:57,120 Speaker 1: recession is in sharp relief. In the last session alone, 55 00:02:57,160 --> 00:02:59,640 Speaker 1: the Russell three thousand fell three and a half percent, 56 00:02:59,800 --> 00:03:03,600 Speaker 1: which lowest level since even so writers on the Bloomberg 57 00:03:03,720 --> 00:03:06,440 Speaker 1: m Live blog say when a company's total equity value 58 00:03:06,639 --> 00:03:10,560 Speaker 1: is less than its cash and marketable securities, bargains can 59 00:03:10,680 --> 00:03:14,120 Speaker 1: possibly be found. In New York on dud Prisoner Bloomberg Daybreak. 60 00:03:14,160 --> 00:03:15,560 Speaker 1: All right, Doug, thank you, And it could be another 61 00:03:15,639 --> 00:03:18,240 Speaker 1: volatile day on Wall Street. Today's the quarterly event known 62 00:03:18,320 --> 00:03:21,040 Speaker 1: as triple witching. The three and a half trillion dollar 63 00:03:21,120 --> 00:03:24,120 Speaker 1: options expiration mainly to short covering, and that could bring 64 00:03:24,240 --> 00:03:27,040 Speaker 1: temporary relief to the stock market and meantime, in Asia, 65 00:03:27,120 --> 00:03:29,760 Speaker 1: stocks tumbling to a two year lowest traders fear the 66 00:03:29,840 --> 00:03:33,800 Speaker 1: global rush to hike interustrates may result in an economic downturn. 67 00:03:34,160 --> 00:03:37,720 Speaker 1: Let's get the recap from Bloomberg's Juliet Sally in Singapore. 68 00:03:37,800 --> 00:03:40,000 Speaker 1: Good morning Juliet, Good morning John and Nathan. The m 69 00:03:40,000 --> 00:03:42,640 Speaker 1: s CI Asia Pacific Index felled to its lowest level 70 00:03:42,680 --> 00:03:45,240 Speaker 1: in two years. The index has dropped every day this 71 00:03:45,400 --> 00:03:48,120 Speaker 1: week and is down for a seventh session. That's the 72 00:03:48,200 --> 00:03:51,120 Speaker 1: longest weekly dropped since the onset of the global pandemic. 73 00:03:51,200 --> 00:03:55,360 Speaker 1: In March twenty Japanese shares dropped in tenure yields East 74 00:03:55,400 --> 00:03:58,600 Speaker 1: from twenty sixteen highs as The Bank of Japan's decision 75 00:03:58,640 --> 00:04:02,160 Speaker 1: to keep its ultra loose money tree settings unchanged provided 76 00:04:02,200 --> 00:04:05,640 Speaker 1: limited stimulus as volatility and the yen grows. China and 77 00:04:05,720 --> 00:04:08,320 Speaker 1: Hong Kong stocks gained the only markets in Asia in 78 00:04:08,400 --> 00:04:11,960 Speaker 1: the green this as Beijing's pro growth policy lended support 79 00:04:12,040 --> 00:04:15,920 Speaker 1: to views that their equities will keep out performing in Singapore. 80 00:04:16,040 --> 00:04:19,320 Speaker 1: Juliette Sally Bloomboad daybreak. All right, Juliet, thank you. After 81 00:04:19,400 --> 00:04:22,000 Speaker 1: that Bank of Japan decision, the yen weekend as much 82 00:04:22,040 --> 00:04:25,839 Speaker 1: as one point eight percent. BOJ Governor Harhiko Corona addressed 83 00:04:25,880 --> 00:04:31,039 Speaker 1: the recent sell off in the currency. The recent rapid 84 00:04:31,120 --> 00:04:34,280 Speaker 1: weakening of the yen is negative for the economy as 85 00:04:34,320 --> 00:04:37,520 Speaker 1: it increases uncertainties and companies will have a harder time 86 00:04:37,600 --> 00:04:41,120 Speaker 1: putting together their business plans. Governor Harhiko Kuroda, speaking through 87 00:04:41,120 --> 00:04:43,880 Speaker 1: an interpreter, added a reference to foreign exchange rates to 88 00:04:44,000 --> 00:04:46,720 Speaker 1: its list of risks following the ends rapid weakening to 89 00:04:46,839 --> 00:04:49,880 Speaker 1: a twenty four year low this week. In a europe Christian, 90 00:04:49,920 --> 00:04:52,640 Speaker 1: the Guard has told euro Area of Finance ministers at 91 00:04:52,680 --> 00:04:56,080 Speaker 1: the European Central Banks new anti crisis tool will kick 92 00:04:56,160 --> 00:04:59,680 Speaker 1: in if the borrowing costs for weaker nations rises too 93 00:04:59,760 --> 00:05:03,680 Speaker 1: far or too fast, sources say. At a meeting in Luxembourg, 94 00:05:04,200 --> 00:05:07,120 Speaker 1: Lagar told ministers that the new mechanism will be intended 95 00:05:07,160 --> 00:05:12,840 Speaker 1: to prevent irrational market movements from putting pressure on individual urinations. Well, 96 00:05:12,920 --> 00:05:15,320 Speaker 1: President Biden's weighing in on the economy back here in 97 00:05:15,360 --> 00:05:18,760 Speaker 1: the US, John he says a recession can be avoided. 98 00:05:19,000 --> 00:05:21,400 Speaker 1: Let's get the details live from Bloomberg's need a Young. 99 00:05:21,440 --> 00:05:24,480 Speaker 1: Good morning, Granita, Good morning Nathan. The President is reiterating 100 00:05:24,560 --> 00:05:27,120 Speaker 1: his message that the US is in a stronger position 101 00:05:27,200 --> 00:05:30,400 Speaker 1: than any nation in the world to overcome inflation. And 102 00:05:30,480 --> 00:05:33,960 Speaker 1: while he says the recession is not inevitable, he acknowledges 103 00:05:34,040 --> 00:05:36,960 Speaker 1: that Americans are really down on the state of the country. 104 00:05:37,360 --> 00:05:39,559 Speaker 1: He made these comments in an interview with the AP 105 00:05:39,880 --> 00:05:43,360 Speaker 1: That's his first with a print outlet since taking office, 106 00:05:43,680 --> 00:05:46,200 Speaker 1: and it took place a day after the FED executed 107 00:05:46,279 --> 00:05:49,360 Speaker 1: the biggest interest rate hike in almost three decades in 108 00:05:49,560 --> 00:05:52,960 Speaker 1: order to cool inflation. Live in New York, I'm Reranita 109 00:05:53,040 --> 00:05:56,559 Speaker 1: Young Bloomberg day Break. Thanks. Reactions still pouring into Elon 110 00:05:56,640 --> 00:06:00,160 Speaker 1: Musk's first meeting with Twitter employees, he told staffords they 111 00:06:00,160 --> 00:06:03,120 Speaker 1: shouldn't worry about changes to their jobs once he takes over, 112 00:06:03,600 --> 00:06:06,400 Speaker 1: as long as their work is quote exceptional. Let's get 113 00:06:06,440 --> 00:06:08,880 Speaker 1: more on his remarks and his concerns about fake Twitter 114 00:06:08,920 --> 00:06:12,359 Speaker 1: accounts from Bloomberg's had Ludlow. He said that whether Twitter 115 00:06:12,440 --> 00:06:15,520 Speaker 1: pursues a subscription or an ad model, he's still concerned 116 00:06:15,520 --> 00:06:19,320 Speaker 1: about bots. Nonetheless, and essentially, the goal is to make 117 00:06:19,360 --> 00:06:22,920 Speaker 1: Twitter an expensive platform and otherwise requiring some form of 118 00:06:22,960 --> 00:06:27,920 Speaker 1: payment that disincentivizes BAT activity. During the forty five an 119 00:06:27,920 --> 00:06:30,960 Speaker 1: address to employees, Boomberg's had Ludlow says, Musk did not 120 00:06:31,080 --> 00:06:34,039 Speaker 1: address whether he was committed to the deal market conditions. 121 00:06:34,279 --> 00:06:37,000 Speaker 1: The boos sharply since its forty four billion dollar bid 122 00:06:37,120 --> 00:06:40,000 Speaker 1: to buy Twitter. All right, John Well shares of Adobe, 123 00:06:40,040 --> 00:06:41,680 Speaker 1: We're keeping an eye on those. This morning. They are 124 00:06:41,800 --> 00:06:45,560 Speaker 1: down three per cent. The maker of software for design professionals, 125 00:06:45,640 --> 00:06:49,320 Speaker 1: reduced its annual revenue forecast. Adobe says it's business is 126 00:06:49,400 --> 00:06:53,040 Speaker 1: being affected by currency fluctuations, seasonal shifts in demand, and 127 00:06:53,200 --> 00:06:55,440 Speaker 1: the decision to end sales in Russia and bell roofs 128 00:06:55,440 --> 00:06:58,760 Speaker 1: after the invasion of Ukraine and after yesterday sell off 129 00:06:58,960 --> 00:07:01,760 Speaker 1: the futures. This war in the green dal future is 130 00:07:01,839 --> 00:07:03,960 Speaker 1: up two hundred forty four points, a rise of eight 131 00:07:04,000 --> 00:07:07,919 Speaker 1: tens of a percent. Smp EMNY futures of thirty five points, 132 00:07:08,120 --> 00:07:11,280 Speaker 1: that's up about one percent. The NASDACK futures of one 133 00:07:11,520 --> 00:07:15,160 Speaker 1: D twenty points. That's a rise of one percent. Tenure 134 00:07:15,280 --> 00:07:18,800 Speaker 1: Yale this morning is up to basis points at three one. 135 00:07:19,000 --> 00:07:24,560 Speaker 1: This is Bloomberg Fan's five hour sting on Wall Street. 136 00:07:24,720 --> 00:07:26,720 Speaker 1: Time to bring in Michael barn with more on what 137 00:07:26,840 --> 00:07:29,840 Speaker 1: else is going on in New York and around the world. John, 138 00:07:29,920 --> 00:07:32,280 Speaker 1: Thank you very much, sir. The final Democratic debate in 139 00:07:32,320 --> 00:07:35,800 Speaker 1: the primary campaign for New York governor is over. US 140 00:07:35,840 --> 00:07:39,560 Speaker 1: Representative Tom Swasey and New York City Public Advocate Jamanni 141 00:07:39,600 --> 00:07:44,720 Speaker 1: Williams criticized Governor Cathy hocal strategy toward gun violence. Swazzy 142 00:07:44,840 --> 00:07:48,920 Speaker 1: question HOCl on donations from the National Rifle Association when 143 00:07:48,960 --> 00:07:53,560 Speaker 1: she served in Congress from Tynt. Hocal said that she 144 00:07:53,800 --> 00:07:56,880 Speaker 1: has evolved and that voters are more interested in her 145 00:07:56,920 --> 00:08:00,440 Speaker 1: agenda as governor now rather than her political stands as 146 00:08:00,480 --> 00:08:04,040 Speaker 1: a decade ago. All of the candidates on WNBC were 147 00:08:04,120 --> 00:08:08,160 Speaker 1: asked about their vision to improve the state, including don't 148 00:08:08,200 --> 00:08:11,640 Speaker 1: bet against New York. We've been down before. We will 149 00:08:11,760 --> 00:08:16,600 Speaker 1: come back even stronger. We've always demonstrated our resiliency, our tenacity. 150 00:08:16,920 --> 00:08:21,080 Speaker 1: It's in our DNA's New Yorkers early voting started Saturday. 151 00:08:21,200 --> 00:08:24,840 Speaker 1: In New York, lawmakers heard gripping testimony from top aids 152 00:08:24,920 --> 00:08:28,200 Speaker 1: of then Vice President Pence and President Trump during the 153 00:08:28,280 --> 00:08:32,120 Speaker 1: latest hearing from the January sixth Committee. Rioters came within 154 00:08:32,280 --> 00:08:35,360 Speaker 1: forty feet of pens and former President Trump listened to 155 00:08:35,480 --> 00:08:39,319 Speaker 1: conservative law professor John Eastman's plan to have Pence not 156 00:08:39,600 --> 00:08:44,160 Speaker 1: certify then President elect Biden's win. The committee now wants 157 00:08:44,200 --> 00:08:47,520 Speaker 1: to interview the wife of Supreme Court Justice Clarence Thomas, Jenny, 158 00:08:47,840 --> 00:08:52,160 Speaker 1: after new emails were revealed from the conservative activists. Former 159 00:08:52,280 --> 00:08:56,440 Speaker 1: federal prosecutor Michael Zelden talked about takeaways from the committee 160 00:08:56,480 --> 00:08:59,720 Speaker 1: hearing and the potential legal outcome. I think they're going 161 00:08:59,760 --> 00:09:02,240 Speaker 1: to be doing is trying to prove each of the 162 00:09:02,360 --> 00:09:06,839 Speaker 1: seven prongs of their conspiracy. They're saying President engaged in 163 00:09:06,880 --> 00:09:10,079 Speaker 1: the seventh part conspiracy. The first was the Big Law, 164 00:09:10,320 --> 00:09:12,880 Speaker 1: the second was to replace the acting Attorney General. The 165 00:09:12,960 --> 00:09:15,440 Speaker 1: third was to pressure Pence. The fourth was to pressure 166 00:09:15,520 --> 00:09:20,400 Speaker 1: state officials. The fifth was to do the false elector's scheme, 167 00:09:20,480 --> 00:09:22,559 Speaker 1: the sixth was the violent mob, and the seventh was 168 00:09:22,960 --> 00:09:26,400 Speaker 1: in action. When this was going on, Former federal prosecutor 169 00:09:26,440 --> 00:09:29,959 Speaker 1: Michael Zeldin spoke with Joe Matthew on Bloomberg's Sound on. 170 00:09:30,559 --> 00:09:33,480 Speaker 1: Two people are dead and another wounded when police in Alabama, 171 00:09:33,559 --> 00:09:36,480 Speaker 1: SA gunman opened fire at a church in Vesta v 172 00:09:36,679 --> 00:09:40,480 Speaker 1: f Hills. Police say a suspect is in custody. Democratic 173 00:09:40,559 --> 00:09:42,920 Speaker 1: and Republican senators are at odds over how to keep 174 00:09:43,000 --> 00:09:46,800 Speaker 1: firearms from dangerous people. Lawmakers said they remained divided over 175 00:09:46,880 --> 00:09:49,600 Speaker 1: how to define abuse of dating partners so they could 176 00:09:49,600 --> 00:09:53,400 Speaker 1: be legally barred from purchasing firearms. Global News twenty four 177 00:09:53,440 --> 00:09:55,840 Speaker 1: hours a day on air and on Bloomberg Quick Take, 178 00:09:56,040 --> 00:09:58,880 Speaker 1: powered by more than hundred journalists analysts more than a 179 00:09:59,080 --> 00:10:02,240 Speaker 1: d twenty countries. Michael Bard, This is Bloomberg, John, Michael, 180 00:10:02,280 --> 00:10:07,520 Speaker 1: Thank you, Case five Center of All Street Time. Now 181 00:10:07,600 --> 00:10:10,800 Speaker 1: for the Bloomberg Sports Update and Good morning John Stethshower. 182 00:10:10,800 --> 00:10:13,120 Speaker 1: All right, Good morning John. The Golden State Warriors had 183 00:10:13,200 --> 00:10:16,079 Speaker 1: that run of three NBA championships, five straight trips to 184 00:10:16,120 --> 00:10:18,320 Speaker 1: the finals, and then it appeared that run was over 185 00:10:18,440 --> 00:10:22,120 Speaker 1: with injuries and Kevin Durants affection to Brooklyn. Two years ago. 186 00:10:22,120 --> 00:10:23,640 Speaker 1: They were the worst team in the NBA. And yet 187 00:10:23,720 --> 00:10:25,959 Speaker 1: there were the Warriors last night, winning Game six in 188 00:10:26,080 --> 00:10:29,120 Speaker 1: Boston one oh three to ninety, winning the Finals four 189 00:10:29,160 --> 00:10:31,200 Speaker 1: to two. The Finals where every game was decided by 190 00:10:31,280 --> 00:10:33,760 Speaker 1: ten or more points that it never happened before. Warriors 191 00:10:33,840 --> 00:10:37,000 Speaker 1: led by twenty two. Celtics cut that deficit to eight. 192 00:10:37,320 --> 00:10:39,839 Speaker 1: Steph Curry made sure it got no closer. Curry was 193 00:10:39,840 --> 00:10:42,719 Speaker 1: amazing thirty four points. He was the Finals m v 194 00:10:42,840 --> 00:10:45,120 Speaker 1: P Yankees and Mets with one run wins at home 195 00:10:45,240 --> 00:10:49,880 Speaker 1: for the Yanks. That win came at the end Sight Center. 196 00:10:50,080 --> 00:10:55,320 Speaker 1: It is high. That is fuck that don't win the game. 197 00:10:56,800 --> 00:11:02,040 Speaker 1: Anthony rizz Oh hit a one out, nine innings walk 198 00:11:02,120 --> 00:11:05,839 Speaker 1: off home run the right center video and Yankees beating 199 00:11:05,880 --> 00:11:08,720 Speaker 1: the Raised two to one. W f ann a game 200 00:11:08,760 --> 00:11:10,880 Speaker 1: of a total of only seven hits. Yanks had to 201 00:11:10,920 --> 00:11:13,280 Speaker 1: scratched the star of Luis Sevrena. He's got COVID, so 202 00:11:13,360 --> 00:11:16,000 Speaker 1: they used three young pitchers and together they allowed only 203 00:11:16,120 --> 00:11:19,200 Speaker 1: three hits and the Yankees moved thirty one games over 204 00:11:19,280 --> 00:11:21,680 Speaker 1: five hundred. The Mets trail Milwaukee for to one. Mark 205 00:11:21,720 --> 00:11:24,640 Speaker 1: Canna tied the game to run Homer fifth inning, Mets 206 00:11:24,679 --> 00:11:27,520 Speaker 1: top the Brewers at City Field five before a Canadian 207 00:11:27,600 --> 00:11:30,000 Speaker 1: Adam hadwin as the US Open leader at brook line 208 00:11:30,040 --> 00:11:32,560 Speaker 1: of four under sixty six. Rory McElroy in the group 209 00:11:32,640 --> 00:11:35,240 Speaker 1: that trails by one shot. Dustin Johnson part of a 210 00:11:35,320 --> 00:11:38,480 Speaker 1: larger group two back. A rough fifty second birthday for 211 00:11:38,520 --> 00:11:40,600 Speaker 1: Phil Nicholson has never won the Open. He's finished second 212 00:11:40,720 --> 00:11:43,559 Speaker 1: six times. He just returned after four months off and 213 00:11:43,679 --> 00:11:47,640 Speaker 1: Nicholson has twelve shots behind John dash Aware bloom Bird Sports. John, 214 00:11:47,720 --> 00:11:50,200 Speaker 1: all right, thanks John, ahead of the Open on Wall Street. 215 00:11:50,240 --> 00:11:53,439 Speaker 1: Down futures after yesterdays sell off up two hundred sixty 216 00:11:53,480 --> 00:11:57,080 Speaker 1: seven points, smp emity futures, they're up thirty seven points 217 00:11:57,200 --> 00:11:59,839 Speaker 1: right now one percent. Ryan's nastday futures up one h 218 00:12:00,200 --> 00:12:06,839 Speaker 1: thirty two points. You're listening to Bloomberg day Break. Well, 219 00:12:06,880 --> 00:12:08,959 Speaker 1: traders may have come to grips with the path a 220 00:12:09,040 --> 00:12:12,120 Speaker 1: head for the Federal Reserve. So what's next. We're to 221 00:12:12,160 --> 00:12:16,960 Speaker 1: speak with Patrick Armstrong, the chief investment officer at Blerini. Well, 222 00:12:17,440 --> 00:12:23,199 Speaker 1: that's just to hit of Bloomberg day Break, Markets headlines 223 00:12:23,280 --> 00:12:26,240 Speaker 1: and breaking news twenty four hours a day at Bloomberg 224 00:12:26,320 --> 00:12:29,720 Speaker 1: dot Com, the Bloomberg Business apt and at Bloomberg Cucktape. 225 00:12:29,920 --> 00:12:38,960 Speaker 1: This is a Bloomberg Business lash. I'm Nathan Hagar. Futures 226 00:12:39,000 --> 00:12:41,560 Speaker 1: are on the rise this morning, hinting that stocks could 227 00:12:41,600 --> 00:12:43,199 Speaker 1: be set for a relief rally at the end of 228 00:12:43,240 --> 00:12:47,160 Speaker 1: the worst week for the SMP since March of saw 229 00:12:47,280 --> 00:12:50,520 Speaker 1: the benchmark index center a bear market mid fears of 230 00:12:50,600 --> 00:12:53,360 Speaker 1: a growing recession. Growing fears of recession. We checked the 231 00:12:53,360 --> 00:12:55,960 Speaker 1: markets for every fifteen minutes during the trading day on Bloomberg. 232 00:12:56,400 --> 00:12:58,720 Speaker 1: Right now, SMP futures are up thirty seven point. Staff 233 00:12:58,720 --> 00:13:01,120 Speaker 1: futures up. Tune A six dance deck features are hired 234 00:13:01,120 --> 00:13:03,480 Speaker 1: by a hundred twenty eight points. Contain Your Treasury is 235 00:13:03,520 --> 00:13:05,880 Speaker 1: down six thirty seconds. Yield three point to one percent 236 00:13:05,960 --> 00:13:08,640 Speaker 1: yield on the two year three point one six per cent. 237 00:13:09,040 --> 00:13:10,880 Speaker 1: Nim X Scrude is up nine tenths per cent or 238 00:13:10,880 --> 00:13:13,200 Speaker 1: a dollar three at a hundred eighteen dollars sixty two 239 00:13:13,280 --> 00:13:15,679 Speaker 1: cents a barrel. Comics gold is up two tenths per 240 00:13:15,720 --> 00:13:18,160 Speaker 1: cent or four dollars twenty cents at eighteen fifty ten. 241 00:13:18,200 --> 00:13:20,800 Speaker 1: Announced the Euro is at one point zero five three 242 00:13:20,880 --> 00:13:23,360 Speaker 1: five against the dollar. The en one thirty four point 243 00:13:23,480 --> 00:13:26,040 Speaker 1: five three. At nine fifteen Wall Street Time, we get 244 00:13:26,040 --> 00:13:30,360 Speaker 1: reports on industrial production, capacity utilization, and manufacturing production. At 245 00:13:30,400 --> 00:13:33,040 Speaker 1: ten am. It is the leading index. That's a Bloomberg 246 00:13:33,080 --> 00:13:35,720 Speaker 1: business flash. Now here's Michael Barr with more on what's 247 00:13:35,720 --> 00:13:38,280 Speaker 1: going on around the world. Good morning, Michael, Good morning Nathan. 248 00:13:38,360 --> 00:13:41,679 Speaker 1: The next January six committee hearing is on Tuesday. The 249 00:13:41,760 --> 00:13:45,200 Speaker 1: wife of Supreme Court Justice Clarence Thomas, Jenny, is being 250 00:13:45,240 --> 00:13:48,080 Speaker 1: called to answer questions before the panel about her role 251 00:13:48,120 --> 00:13:52,120 Speaker 1: in the effort to overturn the twenty election. Prospects for 252 00:13:52,200 --> 00:13:57,120 Speaker 1: a quick bipartisan deal on gun safety legislation dimmed Senate negotiators. 253 00:13:57,240 --> 00:14:00,839 Speaker 1: A one unresolved issue is how to those a so 254 00:14:01,080 --> 00:14:04,840 Speaker 1: called boyfriend loophole aimed at borrowing abuse of dating partners 255 00:14:05,040 --> 00:14:09,400 Speaker 1: from having guns. The Warriors are the twenty two NBA champions. 256 00:14:09,440 --> 00:14:12,160 Speaker 1: They beat the Celtics in Game six, one oh three nine. 257 00:14:12,640 --> 00:14:15,520 Speaker 1: In baseball, the Yankees and Mets won. The A's beat 258 00:14:15,600 --> 00:14:19,400 Speaker 1: the Red Sox for three, The Orioles won, the Nationals lost. 259 00:14:19,680 --> 00:14:22,320 Speaker 1: Global News twenty four hours a day on air and 260 00:14:22,560 --> 00:14:26,080 Speaker 1: on Bloomberg Quickdake powered by more than twenty seven hundred 261 00:14:26,160 --> 00:14:29,400 Speaker 1: journalists and analysts and more than one twenty countries. Michael 262 00:14:29,440 --> 00:14:32,080 Speaker 1: Barr and this is Bloomberg, John, Michael, thank you, five 263 00:14:32,160 --> 00:14:34,720 Speaker 1: twenty on Wall Street. We are live on the Bloomberg 264 00:14:34,800 --> 00:14:38,000 Speaker 1: interr Aunt to Broker Studios. This is Bloomberg day Break. 265 00:14:38,640 --> 00:14:42,320 Speaker 1: SMP five hundred has suffered its worst week since Smart 266 00:14:42,480 --> 00:14:46,359 Speaker 1: twenty twenty a temple three point three percent in yesterday's 267 00:14:46,480 --> 00:14:50,880 Speaker 1: cash market, the NASDAG one that dropped four percent yesterday. 268 00:14:51,320 --> 00:14:53,280 Speaker 1: Let's get you set up for the training day head now. 269 00:14:53,400 --> 00:14:56,640 Speaker 1: We're joined by Patrick Armstrong, the chief investment officer at 270 00:14:56,760 --> 00:15:00,600 Speaker 1: Plurimi Wealth. Patrick, After Wednesday, what happened to the initial 271 00:15:00,680 --> 00:15:04,800 Speaker 1: relief after the Fed meeting Wednesday? I think it just 272 00:15:05,000 --> 00:15:08,520 Speaker 1: dawned with a lot of people that the Fed seemed 273 00:15:08,520 --> 00:15:10,920 Speaker 1: to indicate they weren't going to blink and that they 274 00:15:10,960 --> 00:15:14,280 Speaker 1: would be willing to cause a recession to achieve their 275 00:15:14,440 --> 00:15:18,040 Speaker 1: inflation targets. And I still think they will blink when 276 00:15:18,080 --> 00:15:20,760 Speaker 1: push comes to shove. But the market started to price 277 00:15:20,880 --> 00:15:23,920 Speaker 1: in recession during yesterday, where you can see that from 278 00:15:23,960 --> 00:15:28,080 Speaker 1: actually treasuries UM got a bit of a rally late 279 00:15:28,120 --> 00:15:30,360 Speaker 1: in the day as equities continued to sell off, oil 280 00:15:30,400 --> 00:15:33,760 Speaker 1: sold off. Both of those basically points of the market 281 00:15:33,800 --> 00:15:37,120 Speaker 1: pricing and higher recessionary chances. Does the FED care about 282 00:15:37,160 --> 00:15:42,680 Speaker 1: the markets anymore, well, especially the risk assets. They must 283 00:15:42,880 --> 00:15:44,840 Speaker 1: think about it, but I don't think they're being driven 284 00:15:44,880 --> 00:15:47,560 Speaker 1: by the way they they were in when Powell did 285 00:15:47,640 --> 00:15:50,160 Speaker 1: is one eighty. That was driven by the equity market. Now, 286 00:15:50,560 --> 00:15:54,400 Speaker 1: I think they've decided inflation so far past their targets. 287 00:15:54,520 --> 00:15:57,000 Speaker 1: They can't see a bother to worry about equities at 288 00:15:57,080 --> 00:15:59,920 Speaker 1: this point. So I think inflation is first and form 289 00:16:00,040 --> 00:16:03,080 Speaker 1: most in their minds. Unemployment number two and equities are 290 00:16:03,160 --> 00:16:05,280 Speaker 1: distant third at this point, Do you have any thoughts 291 00:16:05,360 --> 00:16:08,480 Speaker 1: on whether or not policy can have a meaningful impact 292 00:16:08,640 --> 00:16:11,360 Speaker 1: on the inflation we have? I mean, filling up the 293 00:16:11,400 --> 00:16:13,560 Speaker 1: car and that was seventy bucks this morning. The food 294 00:16:13,640 --> 00:16:19,240 Speaker 1: store that was another two hundred. Yeah. The unfortunate consequence, Um, 295 00:16:19,560 --> 00:16:22,640 Speaker 1: it's a pretty blunt instrument to deal with inflation is 296 00:16:22,680 --> 00:16:25,680 Speaker 1: interest rates. It's the way it does is it kills demands, 297 00:16:25,760 --> 00:16:28,480 Speaker 1: It creates unemployment. When you don't have a job, you're 298 00:16:28,520 --> 00:16:30,760 Speaker 1: not filling up your car as much. Those kind of things. 299 00:16:30,800 --> 00:16:34,560 Speaker 1: So there's some pretty awful consequences from focusing on the 300 00:16:34,680 --> 00:16:37,040 Speaker 1: demand side of things of the inflation when it's really 301 00:16:37,120 --> 00:16:39,560 Speaker 1: the supply side of things creating at least half of 302 00:16:39,640 --> 00:16:42,320 Speaker 1: the inflation right now would be supply bottlenecks, and FED 303 00:16:42,400 --> 00:16:44,600 Speaker 1: policy is impotent to deal with those kind of things. 304 00:16:44,720 --> 00:16:47,880 Speaker 1: But it seems for the moment they've decided this is 305 00:16:47,960 --> 00:16:50,480 Speaker 1: the policy they're going to do to fight inflation, and 306 00:16:50,720 --> 00:16:53,880 Speaker 1: they think their positioned to do that. So is risk 307 00:16:53,960 --> 00:16:58,120 Speaker 1: reward looking any more attractive at these levels? I had 308 00:16:58,200 --> 00:17:01,360 Speaker 1: bought equities yesterday. I bought Activision, which has got a 309 00:17:01,440 --> 00:17:04,560 Speaker 1: cash offer from Microsoft, which should close at June next year, 310 00:17:04,600 --> 00:17:07,720 Speaker 1: and you're getting a return effect goes through. I bought 311 00:17:07,800 --> 00:17:12,200 Speaker 1: some agry business equities that looked pretty compelling to me. Mosaic, 312 00:17:12,280 --> 00:17:15,000 Speaker 1: the largest podcast reserves, is trading at about eight times 313 00:17:15,080 --> 00:17:18,400 Speaker 1: earnings right now. And corporate bonds for the first time 314 00:17:18,560 --> 00:17:22,120 Speaker 1: in many many years. Um, well maybe since they looked 315 00:17:22,119 --> 00:17:24,399 Speaker 1: attractive as well right at the bottom. But you're getting 316 00:17:24,960 --> 00:17:30,440 Speaker 1: yield above excuse me, expected inflation now on investment grade debts, 317 00:17:30,440 --> 00:17:33,160 Speaker 1: so I actually think risk return corporate bonds investment grade 318 00:17:33,200 --> 00:17:36,200 Speaker 1: looks pretty attractive now as well. Now I have investors 319 00:17:36,240 --> 00:17:39,680 Speaker 1: adjusted to the tighter monetary policy, do they now have 320 00:17:39,880 --> 00:17:46,360 Speaker 1: to start focusing on adjusting to a different earnings picture ahead. Um, 321 00:17:47,080 --> 00:17:51,160 Speaker 1: it's really shocking me how analyst expectations. They came into 322 00:17:51,200 --> 00:17:53,240 Speaker 1: this year expecting the S and P five to make 323 00:17:53,240 --> 00:17:55,879 Speaker 1: two hundred and twenty dollars a share. Analysts are now 324 00:17:55,960 --> 00:17:58,080 Speaker 1: expecting two hundred and twenty eight dollars a share in 325 00:17:58,160 --> 00:18:02,680 Speaker 1: two So earnings estimates haven't rolled over. I do think 326 00:18:02,760 --> 00:18:05,600 Speaker 1: that has to happen based on a slowing economy and 327 00:18:05,840 --> 00:18:08,239 Speaker 1: probably a bit of a margin squeeze on a lot 328 00:18:08,320 --> 00:18:12,840 Speaker 1: of companies. SMP delivered twelve point seven percent profit margin, 329 00:18:12,880 --> 00:18:17,679 Speaker 1: which is unprecedented, and anytimes you say unprecedented, that's usually 330 00:18:18,119 --> 00:18:20,359 Speaker 1: the period you start to get a mean reversion. So 331 00:18:20,400 --> 00:18:24,160 Speaker 1: I wouldn't be surprised to see margin expectations come down 332 00:18:24,240 --> 00:18:27,480 Speaker 1: and earnings per share expectations come down. But I think 333 00:18:27,520 --> 00:18:30,720 Speaker 1: the markets front running earnings forecast at this point where 334 00:18:30,720 --> 00:18:35,600 Speaker 1: it sold off while earnings have been revised higher this year, Well, 335 00:18:35,800 --> 00:18:38,560 Speaker 1: is maybe an unanswerable question at this point, at least 336 00:18:38,600 --> 00:18:41,439 Speaker 1: with any degree of accuracy. But is it a bottom 337 00:18:41,480 --> 00:18:46,520 Speaker 1: for stocks that we've already passed um. I actually think 338 00:18:46,640 --> 00:18:49,119 Speaker 1: we might be around the bottom now, but there's going 339 00:18:49,160 --> 00:18:51,200 Speaker 1: to be a lot of moving parts. I think the 340 00:18:51,320 --> 00:18:56,840 Speaker 1: stocks that are growing earnings are beneficiaries of their own 341 00:18:56,880 --> 00:18:59,360 Speaker 1: assets that are in high demands. So I think commodity 342 00:18:59,440 --> 00:19:02,000 Speaker 1: stocks have really be sold off over the last month. 343 00:19:02,040 --> 00:19:04,560 Speaker 1: They've got great returns here today. I do think there's 344 00:19:04,560 --> 00:19:06,359 Speaker 1: going to be some buy the dips there and I 345 00:19:06,400 --> 00:19:09,320 Speaker 1: think they're going to blow away earnings expectations. But I 346 00:19:09,400 --> 00:19:12,320 Speaker 1: think that the no earnings tech type companies, I think 347 00:19:12,400 --> 00:19:14,360 Speaker 1: they still have a lot further to fall. I think 348 00:19:14,400 --> 00:19:19,040 Speaker 1: there's still flocky valuations despite sell offs in a lot 349 00:19:19,119 --> 00:19:21,480 Speaker 1: of those kind of companies. I think there may still 350 00:19:21,520 --> 00:19:24,000 Speaker 1: be another seventy in those kind of stocks to fall. 351 00:19:24,400 --> 00:19:26,639 Speaker 1: All right, Patrick, thanks a lot of appreciate that. Patrick 352 00:19:26,800 --> 00:19:31,080 Speaker 1: Armstrong always a pleasure the chief investment officer at Flaimi Wealth. 353 00:19:31,520 --> 00:19:33,760 Speaker 1: And as we look at futures after yesterday's sell off, 354 00:19:34,000 --> 00:19:37,840 Speaker 1: smp EMUNI futures right now thirty five points higher, that's 355 00:19:37,880 --> 00:19:40,960 Speaker 1: up one percent, the DAL futures of two D two 356 00:19:41,040 --> 00:19:43,440 Speaker 1: points that's up eight sense of a percent, and that 357 00:19:43,560 --> 00:19:47,440 Speaker 1: as the community futures one six points higher, a rimes 358 00:19:47,480 --> 00:19:49,920 Speaker 1: at one point one percent. As we look at the 359 00:19:50,040 --> 00:19:53,480 Speaker 1: treasuries right now, the ten year yield three one, that's 360 00:19:53,560 --> 00:19:57,359 Speaker 1: up two basis points. Two year three sixteen, that's up 361 00:19:57,400 --> 00:20:06,280 Speaker 1: seven basis points. You're listening the Bloomberg Daybreak and the 362 00:20:06,280 --> 00:20:10,520 Speaker 1: Bloomberg Weather from meteorologist Rob Carolin. Partly studied, maybe and 363 00:20:10,680 --> 00:20:15,160 Speaker 1: isolated afternoon thunderstorm. The high temperature about ninety today were 364 00:20:15,240 --> 00:20:25,760 Speaker 1: to partly cloudy tonight blows in the mid sixties. Broadcasting 365 00:20:25,880 --> 00:20:29,600 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York, 366 00:20:29,720 --> 00:20:34,359 Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, 367 00:20:34,480 --> 00:20:37,880 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 368 00:20:38,000 --> 00:20:41,200 Speaker 1: sixty to the Country, Sirius XM Chado one nine and 369 00:20:41,320 --> 00:20:44,640 Speaker 1: around the globe, the Bloomberg Business app and Bloomberg Radio 370 00:20:44,800 --> 00:20:53,639 Speaker 1: dot Com. This is Bloomberg Daybreak. He's five thirty on 371 00:20:53,760 --> 00:20:56,439 Speaker 1: Wall Street. Good morning. I'm John Tucker, I'm Nathan Hagar. 372 00:20:56,480 --> 00:20:58,359 Speaker 1: We're just about four hours away from the open of 373 00:20:58,440 --> 00:21:00,119 Speaker 1: US trading. Let's get you up to date on the 374 00:21:00,200 --> 00:21:02,439 Speaker 1: news you need to know this hour. US features are 375 00:21:02,520 --> 00:21:05,080 Speaker 1: higher as we close out this trading week. Yesterday, the 376 00:21:05,240 --> 00:21:08,440 Speaker 1: SMP five hundred closed at an eighteen month low, market 377 00:21:08,480 --> 00:21:11,640 Speaker 1: surrounding off a week highlighted by interest rate increases, including 378 00:21:11,680 --> 00:21:16,040 Speaker 1: the Fed's biggest move since Greg Jensen, co Chief investment 379 00:21:16,080 --> 00:21:18,920 Speaker 1: Officer at Bridgewater Associate says the Fed has a difficult 380 00:21:19,000 --> 00:21:22,600 Speaker 1: job ahead. They're serious about two percent inflation. They're gonna 381 00:21:22,600 --> 00:21:25,520 Speaker 1: have to crack the U S economy hard, and it's 382 00:21:25,560 --> 00:21:28,040 Speaker 1: then gonna take the easing tops set that and then 383 00:21:28,119 --> 00:21:30,440 Speaker 1: the recovery before you see a bottom. So that's a 384 00:21:30,680 --> 00:21:33,719 Speaker 1: that's a long process. Um In the end, we think 385 00:21:33,760 --> 00:21:38,280 Speaker 1: the Federal blink and choose to sustain asset prices lower 386 00:21:38,359 --> 00:21:41,680 Speaker 1: than they are today. Greg Jensen at Bridgewater Associate says 387 00:21:41,720 --> 00:21:44,719 Speaker 1: stocks may still fall lower because unlike other bear markets, 388 00:21:44,800 --> 00:21:49,440 Speaker 1: there's not support from an accommodative accommodative central bank. To 389 00:21:49,600 --> 00:21:51,960 Speaker 1: other market notes, this morning, before the opening bail to 390 00:21:52,000 --> 00:21:55,360 Speaker 1: fetch here, Jpal makes welcoming parks at in the inaugural 391 00:21:55,520 --> 00:21:58,680 Speaker 1: conference or the international role of the dollar today also 392 00:21:58,760 --> 00:22:00,920 Speaker 1: triple witching Friday, the three and a half trillion on 393 00:22:01,000 --> 00:22:04,320 Speaker 1: our options expiration may lead to short covering that could 394 00:22:04,400 --> 00:22:07,680 Speaker 1: bring temporary relief for the stock market when the yen 395 00:22:07,960 --> 00:22:10,920 Speaker 1: is weaker. This morning, John, after Japan retained super easy 396 00:22:11,000 --> 00:22:14,040 Speaker 1: monetary policy and yield curve control, defying pressure to track 397 00:22:14,080 --> 00:22:16,879 Speaker 1: a global trend towards tighter monetary policy and bank You're 398 00:22:16,920 --> 00:22:19,400 Speaker 1: in the US. President Biden weighing in on the economy, 399 00:22:19,680 --> 00:22:22,520 Speaker 1: he says the recession can be avoided. Let's get the 400 00:22:22,680 --> 00:22:25,960 Speaker 1: details now live from Bloombergh redating on Good Morning Reed, 401 00:22:26,040 --> 00:22:29,000 Speaker 1: Good morning John. The President is reiterating his message that 402 00:22:29,119 --> 00:22:31,680 Speaker 1: the US is in a stronger position than any nation 403 00:22:31,720 --> 00:22:35,000 Speaker 1: in the world to overcome inflation. And he says this 404 00:22:35,640 --> 00:22:39,040 Speaker 1: while he says a recession is not inevitable, he acknowledges 405 00:22:39,080 --> 00:22:41,800 Speaker 1: that Americans are really down on the state of the country. 406 00:22:42,080 --> 00:22:44,600 Speaker 1: He made these comments in an interview with the AP 407 00:22:45,200 --> 00:22:48,840 Speaker 1: his first since with a print outlet since taking office, 408 00:22:49,160 --> 00:22:51,359 Speaker 1: and it took place a day after the FIT executed 409 00:22:51,400 --> 00:22:54,280 Speaker 1: the biggest interest rate hike in almost three decades to 410 00:22:54,359 --> 00:22:57,080 Speaker 1: cool inflation. Live in New York, I'm gonna need a 411 00:22:57,119 --> 00:22:59,240 Speaker 1: young Bloomberg daybreak. All right, we need to thank you. 412 00:22:59,359 --> 00:23:01,520 Speaker 1: Looking at the pre market now, shares of Adobe are 413 00:23:01,560 --> 00:23:04,200 Speaker 1: down about three percent. The maker of Software for design 414 00:23:04,240 --> 00:23:08,919 Speaker 1: professionals reduced its annual revenue forecast. SMP futures are up 415 00:23:09,240 --> 00:23:11,840 Speaker 1: thirty four points, STOW futures up two to thirty five. 416 00:23:12,119 --> 00:23:15,040 Speaker 1: Nasdaq futures are hired by a hundred twenty seven points. 417 00:23:15,119 --> 00:23:17,960 Speaker 1: The tenure treasury is down three thirty seconds the old 418 00:23:18,040 --> 00:23:20,920 Speaker 1: three point to zero percent. Nimex screwed up eight tenths 419 00:23:20,960 --> 00:23:23,159 Speaker 1: percent at a hundred eighteen dollars fifty seven cents of 420 00:23:23,200 --> 00:23:26,200 Speaker 1: Beryl comes Gold up two tenths percent at eighteen fifty 421 00:23:26,240 --> 00:23:28,879 Speaker 1: to seventy announces the end right now trading at one 422 00:23:28,960 --> 00:23:31,520 Speaker 1: thirty four point seven nine against the dollars. Straight ahead, 423 00:23:31,560 --> 00:23:34,119 Speaker 1: your latest local headlines and a check of sports. This 424 00:23:34,520 --> 00:23:41,080 Speaker 1: is Bloomberg than Nathan wall Street. Time to bring in 425 00:23:41,160 --> 00:23:43,320 Speaker 1: Michael Barr with more on what else is going on 426 00:23:43,400 --> 00:23:45,960 Speaker 1: in New York and around the world. John, Thank you 427 00:23:46,080 --> 00:23:48,920 Speaker 1: very much, sir. The UK government says with the leak's chief, 428 00:23:49,040 --> 00:23:51,920 Speaker 1: Julian Assa, should be sent to the US to face 429 00:23:52,040 --> 00:23:57,600 Speaker 1: criminal espionage charges. UK Home Secretary Pretty Vtel rubber stamp 430 00:23:57,680 --> 00:24:01,080 Speaker 1: the transfer today. Sliding with the cords and Massages long 431 00:24:01,400 --> 00:24:05,119 Speaker 1: running battle to avoid expedition Massage has lost a series 432 00:24:05,160 --> 00:24:07,720 Speaker 1: of legal battles to remain in the UK, but further 433 00:24:07,800 --> 00:24:11,280 Speaker 1: repeal routes are available to them. New York Governor Cathey 434 00:24:11,320 --> 00:24:14,040 Speaker 1: Hoko faced off against two challengers last night and the 435 00:24:14,119 --> 00:24:18,440 Speaker 1: second and final televised debate before the June Democratic primary. 436 00:24:18,800 --> 00:24:22,600 Speaker 1: Hucle defended her record on guns and touting her own 437 00:24:22,680 --> 00:24:25,920 Speaker 1: accomplishments during her nearly ten months in office so far. 438 00:24:26,320 --> 00:24:29,200 Speaker 1: The governor was asked, how would she bring people to 439 00:24:29,280 --> 00:24:33,240 Speaker 1: the state. I understand the frustration. I didn't say they're 440 00:24:33,240 --> 00:24:35,520 Speaker 1: not coming back. I said we want them to come back. 441 00:24:35,960 --> 00:24:37,720 Speaker 1: They may not be here five days weeks, but we 442 00:24:37,800 --> 00:24:40,399 Speaker 1: need them three four days at least, and we're starting 443 00:24:40,440 --> 00:24:43,120 Speaker 1: to see the trends in that direction, so don't give 444 00:24:43,200 --> 00:24:46,120 Speaker 1: up on US. Governor Hocol, who is seeking a full 445 00:24:46,280 --> 00:24:49,399 Speaker 1: four year term, went up against New York City Public 446 00:24:49,440 --> 00:24:54,120 Speaker 1: Advocate Jamanni Williams and US Representative Tom Swase of Long Island. 447 00:24:54,760 --> 00:24:57,600 Speaker 1: People in Alabama say a gunman opened fire on a 448 00:24:57,680 --> 00:25:00,720 Speaker 1: small group meeting at a suburban church, killing two people 449 00:25:00,800 --> 00:25:03,760 Speaker 1: and injuring a third. The attack took place last night 450 00:25:03,880 --> 00:25:07,399 Speaker 1: at St. Stephen's Episcopal Church in the Birmingham suburb of 451 00:25:07,520 --> 00:25:11,680 Speaker 1: Vesta Villa Hills Police Captain Shane Ware the suspect is 452 00:25:11,720 --> 00:25:14,600 Speaker 1: in custody. I would like to reiterate that there is 453 00:25:14,680 --> 00:25:17,200 Speaker 1: no threat to the community at this time. The violence 454 00:25:17,280 --> 00:25:20,000 Speaker 1: comes just over a month after a man opened fire 455 00:25:20,200 --> 00:25:24,040 Speaker 1: on Taiwanese parishioners at a church in southern California, killing 456 00:25:24,080 --> 00:25:27,440 Speaker 1: one person and wounding five. The mob invaded the Capitol 457 00:25:27,840 --> 00:25:31,359 Speaker 1: got within forty feet of then Vice President Mike Pence 458 00:25:31,440 --> 00:25:35,159 Speaker 1: as his security team rushed him him away on January 459 00:25:35,280 --> 00:25:39,359 Speaker 1: six one. Those were among the heroin. New details from 460 00:25:39,359 --> 00:25:43,320 Speaker 1: a House committee investigating the insurrection. Yesterday, Global News twenty 461 00:25:43,359 --> 00:25:46,200 Speaker 1: four hours a day on eight air and on Bloomberg Quicktake, 462 00:25:46,400 --> 00:25:49,200 Speaker 1: powered by more than the journalists analysts more than a 463 00:25:49,280 --> 00:25:52,679 Speaker 1: hundred twenty countries at Michael bar. This is Bloomberg, John Michael, 464 00:25:52,720 --> 00:25:57,840 Speaker 1: thank you. It's five thirty five on Wall Street. Time 465 00:25:57,880 --> 00:26:01,000 Speaker 1: down for the Bloomberg Sports update. Here's just thanks John. 466 00:26:01,080 --> 00:26:04,840 Speaker 1: The NBA season is over. It ended in Boston. Let 467 00:26:04,960 --> 00:26:10,200 Speaker 1: the celebration begin with four titles of the last eight years. 468 00:26:10,680 --> 00:26:14,880 Speaker 1: The run is not done. The Golden State Warriors once 469 00:26:14,960 --> 00:26:20,440 Speaker 1: again are NBA champions two by seven. The game in 470 00:26:20,520 --> 00:26:23,399 Speaker 1: San Francisco had the called Warriors trailed early fourteen to two, 471 00:26:23,480 --> 00:26:25,879 Speaker 1: then had a prolonged run of thirty five to eight 472 00:26:26,000 --> 00:26:28,320 Speaker 1: to go up by twenty two. The Celtics in the 473 00:26:28,359 --> 00:26:30,520 Speaker 1: fourth quarter got that down to eight, but Steph Curry 474 00:26:30,600 --> 00:26:33,159 Speaker 1: had big shots. He scored thirty four points. The Warriors 475 00:26:33,240 --> 00:26:35,760 Speaker 1: won one oh three ninety. Not a single game in 476 00:26:35,800 --> 00:26:39,560 Speaker 1: the finals decided by single digits. That's unprecedented. Curry had 477 00:26:39,640 --> 00:26:41,920 Speaker 1: never won finals m v P before. He was the 478 00:26:42,000 --> 00:26:44,840 Speaker 1: easy choice, and with four titles, Curry has to at 479 00:26:44,880 --> 00:26:47,520 Speaker 1: least now be in the conversation for greatest players in 480 00:26:47,600 --> 00:26:50,440 Speaker 1: NBA history. Andrew Wiggins last night eighteen point six rebounds, 481 00:26:50,480 --> 00:26:53,719 Speaker 1: five assists, four steals, three blocks. Jalen Brown led Boston 482 00:26:53,800 --> 00:26:57,200 Speaker 1: with thirty four. Ninth title for Steve Curry won five 483 00:26:57,240 --> 00:26:59,439 Speaker 1: as a player. Not the Yankee win even when they 484 00:26:59,440 --> 00:27:01,920 Speaker 1: had to go to am emergency starter when Luis Savarino 485 00:27:01,960 --> 00:27:04,280 Speaker 1: was put on the COVID list. Yanks hell Tampa Bay 486 00:27:04,320 --> 00:27:05,879 Speaker 1: the three hits and one two to one on on 487 00:27:05,920 --> 00:27:08,880 Speaker 1: Anthony Rizzo home run five of the ninth inning. Rizzo 488 00:27:09,000 --> 00:27:10,719 Speaker 1: drove in both ones and the Yanks and won four 489 00:27:10,800 --> 00:27:12,560 Speaker 1: team of the last fifteen, the Mets game from four 490 00:27:12,640 --> 00:27:15,720 Speaker 1: one down, beating Milwaukee five four, Mark Canna two on 491 00:27:15,800 --> 00:27:18,440 Speaker 1: Home of the Bullpen with five and two thirds innings 492 00:27:18,480 --> 00:27:21,199 Speaker 1: of scoreless relief. Jam packed theater board. Heading around two 493 00:27:21,240 --> 00:27:23,960 Speaker 1: of the US Opens, A A Brookline, Mass Canadian Adam 494 00:27:24,040 --> 00:27:27,240 Speaker 1: Hadwin has the lead at four under. Twelve golfers within 495 00:27:27,320 --> 00:27:30,880 Speaker 1: two shots of him, including four past US Open champions 496 00:27:30,960 --> 00:27:34,720 Speaker 1: Rory McElroy, Dustin Johnson, Justin Rose and Garry Woodland, John 497 00:27:34,760 --> 00:27:38,720 Speaker 1: stash Awent Bloombird Sports, John Alright, thanks on Wall Street 498 00:27:39,080 --> 00:27:41,440 Speaker 1: has signed down for the Tri State Business Report. For 499 00:27:41,560 --> 00:27:45,880 Speaker 1: that we're joined by A. Bloomberg's ed Querry. Unionized workers 500 00:27:46,000 --> 00:27:50,400 Speaker 1: from five Atlantic city casinos have voted overwhelmingly to authorize 501 00:27:50,440 --> 00:27:53,200 Speaker 1: a strike that tease up a labor fight that could 502 00:27:53,280 --> 00:27:56,720 Speaker 1: paralyze a storied East Coast tourist hub with the travel 503 00:27:56,800 --> 00:28:00,359 Speaker 1: season well under way. The strike authorization is the latest 504 00:28:00,400 --> 00:28:04,440 Speaker 1: to emerge from a reinvigorated labor movement. President Joe Biden's 505 00:28:04,480 --> 00:28:08,800 Speaker 1: infrastructures are says the Northeast Corridor rail line will get 506 00:28:08,800 --> 00:28:11,480 Speaker 1: a lot of attention as far as spending is concerned. 507 00:28:11,840 --> 00:28:14,800 Speaker 1: He calls the twelve billion dollar Gateway plan, a Cathedral 508 00:28:14,960 --> 00:28:18,760 Speaker 1: Project Gateway includes a new underwater tunnel between New York 509 00:28:18,840 --> 00:28:22,000 Speaker 1: and New Jersey and replacing the existing one that was 510 00:28:22,119 --> 00:28:26,960 Speaker 1: damaged by Hurricane Sandy. Carnival Cruise Lines Carnival Magic arrived 511 00:28:27,000 --> 00:28:30,320 Speaker 1: at the Manhattan Cruise Terminal on Thursday. That event marks 512 00:28:30,400 --> 00:28:33,520 Speaker 1: the company's return there to guest operations after more than 513 00:28:33,600 --> 00:28:36,960 Speaker 1: two years. Carnival began sailing from New York back in 514 00:28:38,520 --> 00:28:41,800 Speaker 1: that's your Bloomberg Try State Business Report. I'm Ed Corey 515 00:28:42,240 --> 00:28:46,400 Speaker 1: said it is on Wall Street. Bloomberg Radio is on 516 00:28:46,480 --> 00:28:49,040 Speaker 1: the air from San Francisco to New York, London to 517 00:28:49,240 --> 00:28:51,880 Speaker 1: Hong Kong. And let's second out with our global news 518 00:28:51,960 --> 00:28:54,360 Speaker 1: team for some of the top stories heard on our 519 00:28:54,480 --> 00:29:01,040 Speaker 1: three hundred if filligate radio stations around the world. I'm 520 00:29:01,120 --> 00:29:04,320 Speaker 1: Steve polaskon ten ten Wins in New York. We're talking 521 00:29:04,400 --> 00:29:08,360 Speaker 1: about just how unprepared airlines were for the rebound in 522 00:29:08,480 --> 00:29:11,720 Speaker 1: summer travel demand. I'm Courtney's Donahoe on w h A 523 00:29:11,960 --> 00:29:14,640 Speaker 1: S and Louisville. We're talking about how the average price 524 00:29:14,760 --> 00:29:18,280 Speaker 1: of an electric vehicle has topped sixty thou dollars. I'm 525 00:29:18,360 --> 00:29:21,720 Speaker 1: Gina Servetti and for k CBS in San Francisco. I'm 526 00:29:21,760 --> 00:29:25,520 Speaker 1: reporting that Tesla CEO Elon Musk pledged no changes at 527 00:29:25,560 --> 00:29:29,320 Speaker 1: Twitter for exceptional workers once he takes over the company. 528 00:29:29,640 --> 00:29:32,720 Speaker 1: I'm Stephen Carol and Bloomberg DAB Digital Radio and London. 529 00:29:32,760 --> 00:29:36,000 Speaker 1: We've been speaking to the UK's Digital Minister, Julia Lopez 530 00:29:36,000 --> 00:29:39,800 Speaker 1: about plans to overhauld data protection rules after Praxis. I'm 531 00:29:39,840 --> 00:29:42,200 Speaker 1: A Cory on W A T A M. In Cleveland. 532 00:29:42,240 --> 00:29:45,920 Speaker 1: I'm reporting major regional banks in northeast Ohio have raised 533 00:29:45,960 --> 00:29:49,600 Speaker 1: their prime based lending rates following the FETE decision Wednesday, 534 00:29:51,600 --> 00:29:54,120 Speaker 1: and those are some of these stories are twenty seven 535 00:29:54,200 --> 00:29:56,880 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning 536 00:29:57,320 --> 00:30:00,520 Speaker 1: around the world. It's fine thirty nine on Wall Street. 537 00:30:00,920 --> 00:30:05,040 Speaker 1: The following is an editorial from Bloomberg Opinion. Although US 538 00:30:05,120 --> 00:30:08,520 Speaker 1: public school students faced plenty of challenges during the pandemic, 539 00:30:08,840 --> 00:30:11,400 Speaker 1: most of them could at least count on one benefit. 540 00:30:11,680 --> 00:30:14,880 Speaker 1: A guaranteed lunch waivers issued by the federal government in 541 00:30:15,800 --> 00:30:18,720 Speaker 1: have enabled schools to serve meals free of charge to 542 00:30:18,880 --> 00:30:21,880 Speaker 1: all students. With the waivers set to expire later this month, 543 00:30:22,000 --> 00:30:24,040 Speaker 1: many of those kids are now at risk of going 544 00:30:24,160 --> 00:30:27,280 Speaker 1: hungry for the sake of their health and education. It's 545 00:30:27,320 --> 00:30:31,040 Speaker 1: imperative for Congress to step in. The wisest course would 546 00:30:31,040 --> 00:30:33,800 Speaker 1: be for lawmakers to extend the waivers for the upcoming 547 00:30:33,920 --> 00:30:38,160 Speaker 1: school year while mandating that states transition back to means testing. 548 00:30:38,320 --> 00:30:42,520 Speaker 1: In more than two years in schools first closed their doors, 549 00:30:42,600 --> 00:30:46,320 Speaker 1: America's students are still struggling to recover. It shouldn't be 550 00:30:46,360 --> 00:30:48,880 Speaker 1: asking too much to ensure that they all have enough 551 00:30:48,960 --> 00:30:51,760 Speaker 1: to eat. This editorial was written by the Bloomberg Opinion 552 00:30:51,920 --> 00:30:55,440 Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please 553 00:30:55,480 --> 00:30:58,720 Speaker 1: go to Bloomberg dot com, slash Opinion or Opango on 554 00:30:58,920 --> 00:31:03,040 Speaker 1: the Bloomberg Terminal. This has been Bloomberg Opinion and Bloomberg 555 00:31:03,080 --> 00:31:06,200 Speaker 1: Opinion editorials can be heard every week day. At this time. 556 00:31:06,320 --> 00:31:09,040 Speaker 1: Terminal customers can read more in O P I N 557 00:31:09,160 --> 00:31:13,120 Speaker 1: GO DAL futures two hundred seven points higher, SMP futures 558 00:31:13,160 --> 00:31:15,600 Speaker 1: of thirty one, but has to that futures up one 559 00:31:15,720 --> 00:31:19,240 Speaker 1: hundred and twenty one points. You're listening to Bloomberg Daybreak 560 00:31:22,160 --> 00:31:24,640 Speaker 1: and just ahead, traders may have come to grips with 561 00:31:24,760 --> 00:31:26,720 Speaker 1: a path head for the FED that they have to 562 00:31:26,800 --> 00:31:30,960 Speaker 1: shift their focus to earnings. Now. Reste to Christia Boomberg Bestcos, 563 00:31:31,000 --> 00:31:39,920 Speaker 1: Chief Global market strategist, markets headlines and breaking news twenty 564 00:31:40,000 --> 00:31:42,800 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 565 00:31:42,880 --> 00:31:45,800 Speaker 1: Business At and at Bloomberg Quick Tape. This is a 566 00:31:45,840 --> 00:31:54,440 Speaker 1: Bloomberg Business lash I Nathan Hager. This update is brought 567 00:31:54,480 --> 00:31:56,920 Speaker 1: to you by Informatica in the Cloud. Your data has 568 00:31:56,960 --> 00:31:59,680 Speaker 1: some howard to do the extraordinary. Managed data across any 569 00:31:59,720 --> 00:32:02,400 Speaker 1: look ship in the cloud for accurate and actionable insights. 570 00:32:02,480 --> 00:32:06,400 Speaker 1: More at Informatica dot Com. Stocks in Europe are rebounding 571 00:32:06,440 --> 00:32:09,120 Speaker 1: along with US futures after a route triggered by fears 572 00:32:09,160 --> 00:32:11,960 Speaker 1: of an economic downturn as major central banks closed the 573 00:32:12,040 --> 00:32:15,840 Speaker 1: liquidity taps. Treasury yields. Studying the dollar has snapped two 574 00:32:15,920 --> 00:32:18,400 Speaker 1: days of losses. We checked the markets every fifteen minutes 575 00:32:18,480 --> 00:32:21,240 Speaker 1: during the trading day on Bloomberg. Right now, SMP futures 576 00:32:21,280 --> 00:32:23,760 Speaker 1: are up twenty five point, STAFF futures up a hundred sixty, 577 00:32:24,040 --> 00:32:26,800 Speaker 1: NASTAC futures are higher by a hundred points. The DACKS 578 00:32:26,840 --> 00:32:28,960 Speaker 1: in Germany is up eight tenths percent. The captin Paris 579 00:32:29,080 --> 00:32:31,480 Speaker 1: up seven tenths per cent. Tend your treasury is little 580 00:32:31,560 --> 00:32:33,680 Speaker 1: change now at three point one nine percent yield. The 581 00:32:33,760 --> 00:32:36,000 Speaker 1: yield on the two year three point one three percent. 582 00:32:36,400 --> 00:32:39,080 Speaker 1: Nimex crude is up seven tenths per cent or eighty 583 00:32:39,120 --> 00:32:41,520 Speaker 1: seven cents at a hundred eighteen dollars forty six cents 584 00:32:41,560 --> 00:32:43,680 Speaker 1: of arrol Comax gold up a tenth per cent or 585 00:32:43,720 --> 00:32:46,360 Speaker 1: two dollars twenty cents at eighteen fifty two ten announced 586 00:32:46,600 --> 00:32:48,960 Speaker 1: the Euro one point zero five one four against the dollar, 587 00:32:49,040 --> 00:32:51,640 Speaker 1: British pound one point to to eight seven. The end 588 00:32:51,800 --> 00:32:54,240 Speaker 1: is at one thirty four point seven zero. That's a 589 00:32:54,240 --> 00:32:56,840 Speaker 1: Bloomberg business flash. And now here's Michael Barr with more 590 00:32:56,880 --> 00:32:59,520 Speaker 1: on what's going on around the world. Michael Nathan, thank 591 00:32:59,560 --> 00:33:02,480 Speaker 1: you very much. According to the January sixth Committee, even 592 00:33:02,520 --> 00:33:06,160 Speaker 1: though conservative attorney John Eastman was among multiple advisors and 593 00:33:06,320 --> 00:33:09,120 Speaker 1: White House lawyers told Trump the planned to overturn the 594 00:33:09,200 --> 00:33:13,720 Speaker 1: election results was illegal, Eastman still aggressively pushed it. He 595 00:33:13,920 --> 00:33:17,320 Speaker 1: later asked for a presidential pardon. The British government has 596 00:33:17,360 --> 00:33:20,480 Speaker 1: approved the extradition of Wiki Leak's founder, Julian Massage to 597 00:33:20,520 --> 00:33:24,400 Speaker 1: the United States to face spying charges. The Warriors are 598 00:33:24,440 --> 00:33:27,560 Speaker 1: the twenty two NBA champions. They beat the Celtics in 599 00:33:27,680 --> 00:33:30,840 Speaker 1: Game six. In baseball, the Yankees and Mets won. The 600 00:33:30,960 --> 00:33:34,160 Speaker 1: A's beat the Red Sox for three, the Orioles one, 601 00:33:34,480 --> 00:33:37,640 Speaker 1: the Nationals lost. Global News twenty four hours a day 602 00:33:37,760 --> 00:33:40,840 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 603 00:33:40,920 --> 00:33:43,480 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 604 00:33:43,520 --> 00:33:47,200 Speaker 1: twenty countries. Michael Barr and this is Bloomberg, John, Michael, 605 00:33:47,240 --> 00:33:49,360 Speaker 1: Thank you, Fie, and forty nine on Wall Street. We 606 00:33:49,480 --> 00:33:53,120 Speaker 1: are live from the Bloomberg Interactive Brokers Studios. This is 607 00:33:53,160 --> 00:33:57,000 Speaker 1: Bloomberg day Break. After a route triggered by fears of 608 00:33:57,080 --> 00:34:01,520 Speaker 1: an economic downturn, stock features stabilizing this morning. So what next? 609 00:34:01,720 --> 00:34:04,160 Speaker 1: Let's say, good morning. Now that Christina Hoover, the chief 610 00:34:04,200 --> 00:34:08,279 Speaker 1: Global Market Strategists at invest Goo, have traders come to 611 00:34:08,400 --> 00:34:11,879 Speaker 1: grips with the path ahead for the federal Reserve? Well, 612 00:34:12,000 --> 00:34:15,320 Speaker 1: I think it's unclear exactly what the path ahead is, 613 00:34:15,520 --> 00:34:19,279 Speaker 1: but certainly traders are digesting and getting a little more 614 00:34:19,360 --> 00:34:22,759 Speaker 1: comfortable with a seventy five basis point hike. We have 615 00:34:22,880 --> 00:34:26,840 Speaker 1: to recognize, though, that it hasn't happened in almost thirty years, 616 00:34:27,200 --> 00:34:30,040 Speaker 1: so it can be jarring, and the digestion is going 617 00:34:30,120 --> 00:34:33,759 Speaker 1: to take time. Uh. And the reaction, of course, is 618 00:34:33,840 --> 00:34:36,840 Speaker 1: going to create some turbulence as the markets continue to 619 00:34:36,920 --> 00:34:39,719 Speaker 1: process this. Okay, do we now have to shift to 620 00:34:39,800 --> 00:34:44,200 Speaker 1: the earnings picture ahead? Um? Well, certainly that's going to 621 00:34:44,280 --> 00:34:48,040 Speaker 1: be a big part of where stocks go this year. Uh. 622 00:34:48,200 --> 00:34:51,600 Speaker 1: And so earnings is going to be very important, But 623 00:34:51,719 --> 00:34:54,719 Speaker 1: we're also going to want to keep very close eye 624 00:34:55,160 --> 00:34:58,400 Speaker 1: on the key data indicators that are going to determine 625 00:34:58,400 --> 00:35:00,800 Speaker 1: the path ahead for the set as well. Um. We 626 00:35:00,920 --> 00:35:03,719 Speaker 1: know the Fed wants to front load rate hikes um, 627 00:35:03,920 --> 00:35:07,239 Speaker 1: but they're also clear they are very data dependent. We 628 00:35:07,400 --> 00:35:09,480 Speaker 1: just saw an enormous pivot over the course of a 629 00:35:09,520 --> 00:35:12,840 Speaker 1: few days. The Fed had anticipated raising rates about fifty 630 00:35:12,880 --> 00:35:16,360 Speaker 1: basis points until they got cp I UH and inflation 631 00:35:16,440 --> 00:35:19,840 Speaker 1: expectations last Friday and made the decision to do seventy 632 00:35:20,040 --> 00:35:22,480 Speaker 1: basis points. So we want to to follow that too, 633 00:35:22,560 --> 00:35:25,839 Speaker 1: because there is no set path. Well, what what does 634 00:35:25,920 --> 00:35:30,600 Speaker 1: this all say about the margins and perhaps margin compression, Well, 635 00:35:30,680 --> 00:35:32,520 Speaker 1: that is certainly going to be an issue, but that 636 00:35:33,000 --> 00:35:38,200 Speaker 1: happens in slowdowns. Of course, this is a rather rapid slowdown, 637 00:35:38,400 --> 00:35:41,920 Speaker 1: just given that the FED is truly engineering it UM, 638 00:35:42,040 --> 00:35:43,840 Speaker 1: so we're going to want to follow that closely, and 639 00:35:43,880 --> 00:35:46,479 Speaker 1: they're going to be some companies that fair better than others. 640 00:35:46,520 --> 00:35:48,960 Speaker 1: So it's a time to be rather discerning and selective. 641 00:35:49,440 --> 00:35:53,799 Speaker 1: Is risk we ward looking any more attractive at these levels? Oh? 642 00:35:54,040 --> 00:35:58,440 Speaker 1: Yes it is uh for for those long term investors. UH. 643 00:35:58,920 --> 00:36:01,640 Speaker 1: If if you in to today or started to dollar 644 00:36:01,719 --> 00:36:04,439 Speaker 1: cost average into the market, I think you'd be quite 645 00:36:04,520 --> 00:36:07,560 Speaker 1: happy a year from now, two years from now. UM. 646 00:36:07,920 --> 00:36:11,200 Speaker 1: There is though a fair amount of turbulence going on, 647 00:36:11,480 --> 00:36:14,920 Speaker 1: and as earnings get downwardly revived for a number of 648 00:36:15,040 --> 00:36:18,320 Speaker 1: companies UM, there are going to be even more opportunities 649 00:36:18,480 --> 00:36:21,080 Speaker 1: presenting themselves. It's hard to time at those who I 650 00:36:21,160 --> 00:36:24,880 Speaker 1: do think opportunities are are starting to abound now and 651 00:36:25,239 --> 00:36:29,880 Speaker 1: UM markets markets look rather attractive. Well what the sectors 652 00:36:29,920 --> 00:36:34,560 Speaker 1: do you like over others? Well, technology has been beaten 653 00:36:34,640 --> 00:36:37,719 Speaker 1: down so much now that doesn't mean that there isn't 654 00:36:37,800 --> 00:36:41,800 Speaker 1: more to go UM, But UM being selective avoiding the 655 00:36:41,960 --> 00:36:46,920 Speaker 1: SpecTec UM finding those companies that have strong balance sheets, 656 00:36:47,600 --> 00:36:52,839 Speaker 1: good cash flow UM. Ultimately they could provide very very 657 00:36:52,920 --> 00:36:57,400 Speaker 1: good growth UM In a in a challenging slowdown can 658 00:36:58,200 --> 00:37:01,640 Speaker 1: be a pretty good alternate of two other risk assets. 659 00:37:02,840 --> 00:37:06,360 Speaker 1: They can be absolutely UM bonds are are looking a 660 00:37:06,440 --> 00:37:09,200 Speaker 1: lot more attractive than they did uh and, and of 661 00:37:09,280 --> 00:37:11,920 Speaker 1: course it's important to be well diversified. So so this 662 00:37:12,080 --> 00:37:14,640 Speaker 1: is a time for investors, especially if they were underweight 663 00:37:14,840 --> 00:37:19,759 Speaker 1: fixed income UM, to to start to to increase exposure. 664 00:37:20,200 --> 00:37:22,160 Speaker 1: I will give the caveat though, that I think we 665 00:37:22,320 --> 00:37:26,000 Speaker 1: want to be underweighting risky credit in this environment. Yeah, well, 666 00:37:26,080 --> 00:37:29,520 Speaker 1: well why is that just because of the path forward? Yes, 667 00:37:29,680 --> 00:37:33,840 Speaker 1: because because we are in a slowdown, because profit margins 668 00:37:33,880 --> 00:37:36,759 Speaker 1: are going to be coming under pressure. Uh so, so 669 00:37:36,920 --> 00:37:40,360 Speaker 1: we want to be more more selective UM and and 670 00:37:40,560 --> 00:37:43,239 Speaker 1: air on the side of up quality, what do you 671 00:37:43,280 --> 00:37:47,200 Speaker 1: look for when you seek out the capitulation in the markets? 672 00:37:47,280 --> 00:37:50,960 Speaker 1: What signs are you looking for? Uh? Well, UM, there 673 00:37:51,000 --> 00:37:55,120 Speaker 1: are a variety of signs that that technicians look for. 674 00:37:55,760 --> 00:37:59,480 Speaker 1: I do think one one measure that has worked well 675 00:37:59,560 --> 00:38:03,640 Speaker 1: in the asked is hitting that high level on the VIX, 676 00:38:03,760 --> 00:38:06,960 Speaker 1: that forty or so level on the VIX. We certainly 677 00:38:07,040 --> 00:38:11,439 Speaker 1: saw that as a very helpful indicator UM. In march 678 00:38:11,560 --> 00:38:16,040 Speaker 1: of UM. There there are a variety of others. UM. 679 00:38:16,360 --> 00:38:20,840 Speaker 1: I do also believe that UM the trigger for a 680 00:38:21,000 --> 00:38:25,600 Speaker 1: market turnaround. Right now, UM could very well be another 681 00:38:25,880 --> 00:38:29,680 Speaker 1: pivot by the FED, a more dovish pivot this time UM, 682 00:38:29,840 --> 00:38:32,439 Speaker 1: and that won't happen overnight. Right. We know the FED 683 00:38:32,600 --> 00:38:35,000 Speaker 1: wants to continue to be aggressive in the shorter term, 684 00:38:35,120 --> 00:38:37,560 Speaker 1: but given that they're going to be data dependent, UM, 685 00:38:37,760 --> 00:38:41,239 Speaker 1: they could they could pivot again, get more dovish, and 686 00:38:41,320 --> 00:38:44,239 Speaker 1: that could be a real catalyst for stocks moving up. 687 00:38:44,560 --> 00:38:49,120 Speaker 1: Very interesting. Christina Hooper, chief market to strategist at invest Goo. Nathan, 688 00:38:49,320 --> 00:38:52,280 Speaker 1: all right, John, thank you, it is on Wall Street 689 00:38:52,480 --> 00:38:54,560 Speaker 1: time for our Bloomberg Law Report. Let's get to a 690 00:38:54,680 --> 00:38:57,600 Speaker 1: legal story we're watching this morning, a closely watched case 691 00:38:57,880 --> 00:39:00,960 Speaker 1: that tested the boundaries of applying human fights to animals. 692 00:39:01,360 --> 00:39:04,000 Speaker 1: In a divided decision, New York's highest Court rule that 693 00:39:04,080 --> 00:39:07,440 Speaker 1: Happy the elephant is not entitled to legal personhood and 694 00:39:07,520 --> 00:39:10,479 Speaker 1: a right to bodily liberty. In two thousand six, Happy 695 00:39:10,560 --> 00:39:13,680 Speaker 1: became the first elephant to pass a mirror recognition test 696 00:39:13,800 --> 00:39:18,120 Speaker 1: that indicates self awareness like humans. Animal rights advocates argued 697 00:39:18,360 --> 00:39:20,719 Speaker 1: that should mean the cheeks should be considered autonomous and 698 00:39:20,840 --> 00:39:24,600 Speaker 1: qualified for the same protections against unlawful imprisonment as humans. 699 00:39:25,000 --> 00:39:27,359 Speaker 1: The decision means Happy will remain alone in a one 700 00:39:27,400 --> 00:39:29,960 Speaker 1: acre enclosure at the Bronx Zoo, where she's been kept 701 00:39:30,040 --> 00:39:32,760 Speaker 1: for forty five years and for more. Bloomberg's June Grosso 702 00:39:32,840 --> 00:39:35,920 Speaker 1: speaks with Elizabeth Stein of the Non Human Rights Project. 703 00:39:36,040 --> 00:39:38,960 Speaker 1: Happy is New York Council. What do you say to 704 00:39:39,080 --> 00:39:42,560 Speaker 1: the people who think this legal fight is absurd because 705 00:39:42,640 --> 00:39:45,920 Speaker 1: an animal is not a human being. Well, it's the 706 00:39:46,239 --> 00:39:49,560 Speaker 1: argument is that an animal is not a human. That 707 00:39:49,840 --> 00:39:53,720 Speaker 1: is absolutely true. We are not arguing that an animal 708 00:39:54,000 --> 00:39:58,200 Speaker 1: is a human. What we are arguing is that human 709 00:39:58,280 --> 00:40:02,880 Speaker 1: beings have certain rights, such as the fundamental right to 710 00:40:02,960 --> 00:40:07,040 Speaker 1: bodily liberty protected by habeas corpus, which we believe is 711 00:40:07,160 --> 00:40:12,200 Speaker 1: not limited to human beings, and based on the extraordinary 712 00:40:12,480 --> 00:40:18,640 Speaker 1: intrinsic nature of elephants, their autonomy, their extraordinary cognitive complexity, 713 00:40:19,320 --> 00:40:23,840 Speaker 1: we believe that Happy as an elephant, is entitled to 714 00:40:23,880 --> 00:40:28,640 Speaker 1: the recognition of that same right that a human being has. 715 00:40:29,440 --> 00:40:33,680 Speaker 1: The fact that a human being has this right should 716 00:40:33,880 --> 00:40:39,560 Speaker 1: never preclude a non human animal such as Happy the elephant, 717 00:40:40,040 --> 00:40:43,640 Speaker 1: from having that same right, and in the eyes of 718 00:40:43,760 --> 00:40:47,319 Speaker 1: the law, A person is not the same thing as 719 00:40:47,360 --> 00:40:50,759 Speaker 1: the human beings. They're not synonymous terms. A person is 720 00:40:50,960 --> 00:40:54,480 Speaker 1: merely anything, whether it be an individual or an entity 721 00:40:54,920 --> 00:40:57,720 Speaker 1: that has the capacity for a right. You are asking 722 00:40:57,760 --> 00:41:00,480 Speaker 1: the court to make a novel ruling here. What was 723 00:41:00,560 --> 00:41:06,080 Speaker 1: your argument? We presented the factual basis for Happy autonomy, 724 00:41:06,520 --> 00:41:11,520 Speaker 1: for the fact that she is this autonomoust extraordinarily contentive 725 00:41:11,600 --> 00:41:15,960 Speaker 1: ly complex non human animals who suffers the same way 726 00:41:16,080 --> 00:41:20,279 Speaker 1: that a human being would suffer in this imprisonment, that 727 00:41:21,040 --> 00:41:26,400 Speaker 1: she should be out traveling miles a day as elephants 728 00:41:26,480 --> 00:41:32,200 Speaker 1: do foraging planning. Elephants have a true sense of self. 729 00:41:32,760 --> 00:41:36,560 Speaker 1: They remember the past, they know the present, and can 730 00:41:36,640 --> 00:41:42,000 Speaker 1: plan for the future. The females such as Happy are matriarchs. 731 00:41:42,320 --> 00:41:47,280 Speaker 1: They are in heard, They mourn the dead, They play, 732 00:41:47,719 --> 00:41:51,400 Speaker 1: they frolic, they roam. So what we were saying to 733 00:41:51,520 --> 00:41:56,759 Speaker 1: the court is based on common law principles of science 734 00:41:56,920 --> 00:42:01,840 Speaker 1: and fairness and equity and justice. More than anything, the 735 00:42:02,000 --> 00:42:05,600 Speaker 1: court needed to evolve the common law to be able 736 00:42:05,719 --> 00:42:10,480 Speaker 1: to recognize Happy common law right to bodily liberty, and 737 00:42:10,920 --> 00:42:16,680 Speaker 1: once recognizing this right, her imprisonment is unlawful and the 738 00:42:16,800 --> 00:42:21,319 Speaker 1: remedy for Habeas Corpus is released from the unlawful imprisonment. 739 00:42:22,080 --> 00:42:24,600 Speaker 1: And that's Elizabeth Stein of the Non Human Rights Project 740 00:42:24,640 --> 00:42:27,239 Speaker 1: speaking with Bloomberg's June Grosso. You can catch more of 741 00:42:27,320 --> 00:42:29,839 Speaker 1: that interview, plus analysis of the latest legal news by 742 00:42:29,880 --> 00:42:32,320 Speaker 1: listening to the Bloomberg Law Show at ten pm Eastern 743 00:42:32,400 --> 00:42:35,200 Speaker 1: Time on Bloomberg Radio, or by subscribing to the Bloomberg 744 00:42:35,280 --> 00:42:38,920 Speaker 1: Law Podcast. And attorneys can find exceptional legal research and 745 00:42:39,080 --> 00:42:43,880 Speaker 1: business development tools at Bloomberg Law dot com. Smp futures 746 00:42:43,960 --> 00:42:47,760 Speaker 1: up thirty three points on this Friday morning, you're listening 747 00:42:48,080 --> 00:42:49,320 Speaker 1: to Bloomberg Daybreak