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Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: Day Right for Friday, December twenty two. Coming up, the

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Speaker 1: tower markets look for gains ahead of the holidays and

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Speaker 1: make concerns over fed tightening. A January six committee releases

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Speaker 1: a scathing report with blame focusing on former President Trump,

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Speaker 1: Sam Bankman freed released on a massive bail payment and

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Speaker 1: starring COVID cases threatened China's economy. People taking planes, trains,

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Speaker 1: and automobiles are hoping a window storm does not play

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Speaker 1: Gridge with holiday travel plans, plus a fire on a

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Speaker 1: New York ferry. I'm Michael bar More Ahead, I'm John

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Speaker 1: stash Shower, That jets Lutheran Street continued to struggling offense

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Speaker 1: and a home lost to Jacksonville. The Rangers beat the Islander.

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Speaker 1: That's all Train ahead on Bloomberg Daybreak on Bloomberg eleven

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Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg

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Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco

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Speaker 1: Syrius x M one nineteen and around the world Old

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Speaker 1: on Bloomberg Radio dot Com and via the Bloombird Business Up.

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Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow, and

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Speaker 1: US stock index futures are little change this morning. We

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Speaker 1: checked the markets all day long here on Bloomberg Radio

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Speaker 1: with SNP futures that will change down. Future is higher

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Speaker 1: up to tens of upper center sixty points and nowsday

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Speaker 1: futures down about a tenth of upper center nine points.

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Speaker 1: Tenure Treasury down five thirties seconds. He had three point

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Speaker 1: six nine percent and a yield on the two year

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Speaker 1: at four point to seven per cent. Nathan Karen, So

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Speaker 1: we're kind of treading water this morning. After stock snapped

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Speaker 1: a three day wind streak yesterday. The latest strong economic

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Speaker 1: data are validating the case of the Federal Reserve can

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Speaker 1: keep tightening monetary policy. That's set a down beat tone

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Speaker 1: for the week. Tech stocks in particular, on course for

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Speaker 1: their worst December since the dot com bubble burst. Namura's

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Speaker 1: head of cross At Strategies, Matthew Rose, says, it's a

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Speaker 1: sign of a broader market trend, getting of that addiction

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Speaker 1: to zero interest rate, free ride on risk, and that's

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Speaker 1: why I think is going to be the year of credit,

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Speaker 1: because most investors haven't had to contemplate rising implied in

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Speaker 1: actual default rates, you know, eroding credit markets, widening credit spreads.

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Speaker 1: So it's gonna be an interesting education and path for investors.

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Speaker 1: Matthew Row with Namura says growth stocks will be the

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Speaker 1: biggest pain trade in Well Nathan Investors get more data

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Speaker 1: to digest today, just ahead of the holiday weekend, and

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Speaker 1: Bloomberg has any down to Judas has a preview. In October,

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Speaker 1: consumer spending adjusted for inflation posted the largest increase since

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Speaker 1: the start of the year. Today's rape board could tell

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Speaker 1: a different stories. Inflation chips away at household finances. Preliminary

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Speaker 1: data show November retail sales dropped by the most in

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Speaker 1: nearly a year. Also on today's data agenda, new home sales,

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Speaker 1: Nat Del Judace Bloomberg Day breaks right, Vinnie, thank you.

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Speaker 1: I'm really get one more notable data point at ten am,

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Speaker 1: Wall Street time with the University of Michigan Consumer Sentiment Index.

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Speaker 1: That report has proved to be a market mover in

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Speaker 1: recent months. Let's turn to markets in Asia, now, Karen,

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Speaker 1: we saw weakness across several markets. They're ahead of the weekend.

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Speaker 1: Bloomberg's Brian Curtis has more on that story. Asian equities

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Speaker 1: tracked lower after a slump in US technology stocks. Strong

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Speaker 1: US economic data strengthened the case for the Fed to

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Speaker 1: continue raising interest rates as tech index led the falls,

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Speaker 1: but weakness was also seen in Japan, Australia and South Korea. Elsewhere,

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Speaker 1: oil headed for a big weekly gain. Has China shift

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Speaker 1: away from COVID zero bolster the outlook for demand? Brian Curtis,

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Speaker 1: Bloomberg Daybreak Right, Brian, thank you. Meanwhile, in China, a

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Speaker 1: complete reversal in COVID policy is not having the effect

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Speaker 1: officials initially intended. COVID infections are soaring and keeping people

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Speaker 1: at home, causing US slump and travel and economic activity.

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Speaker 1: People in Beijing and other major Chinese cities have been

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Speaker 1: hit by an exit wave of infections that they're being

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Speaker 1: encouraged to return to work even if they're sick. Now,

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Speaker 1: let's turn to a major note in politics in this country. Karen.

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Speaker 1: The House committee investigating the January sixth attack on the

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Speaker 1: US capital has released its final report on the insurrection,

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Speaker 1: and it cast the blame on former President Donald Trump,

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Speaker 1: specifically for inciting violence to try to hold onto power.

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Speaker 1: The eight hundred fourteen page report details Trump's efforts to

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Speaker 1: pressure state officials and the Justice Department overturned the election.

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Speaker 1: The committee also recommends that Congress establish a mechanism that

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Speaker 1: would formally bar Trump and others identified in the report

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Speaker 1: from holding any government or military office under the fourteenth Amendment.

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Speaker 1: Well turning to Tesla, now, Nathan, after offloading a massive

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Speaker 1: sum of Tesla's shares this here, CEO Elon Musk says

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Speaker 1: he will not be selling shares for a while. Bloomberg

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Speaker 1: Steve Rappaport joins US Live. But that story Steve, good morning,

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Speaker 1: Good morning, Karen. And Nathan. Musk sold almost forty million

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Speaker 1: dollars of Testla shares, mostly to fund his purchase of Twitter.

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Speaker 1: Now he's ready to take a break. I'm not selling

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Speaker 1: any stock for I don't know, but quote a minimum

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Speaker 1: eight seens or twenty four months, so you can count

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Speaker 1: on me. Like most no stock sales will probably out

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Speaker 1: of twenty five or something. Musk's declaration was in response

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Speaker 1: to a question from longtime investor Ross Gerber, who challenged

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Speaker 1: the CEO's leadership of the electric vehicle maker. Shareholders seemed

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Speaker 1: pleased with the announcement, with test Less stock rising as

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Speaker 1: much as three and a half percent in pre market trading.

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Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks,

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Speaker 1: Let's turn to Crypto now. In the latest on f

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Speaker 1: t X and Sam Bankman Freed, the Crypto Exchanges former

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Speaker 1: CEO was released on a massive bail package after he

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Speaker 1: made his first U S court appearance yesterday. That deal

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Speaker 1: includes a twodred fifty million dollar personal or cognizance bond

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Speaker 1: that was secured by his parents home in California. One

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Speaker 1: federal prosecutor called it one of the largest pre trial

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Speaker 1: bonds in US history. Sam Bankman Freed is facing fraud

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Speaker 1: charges over the collapse of f t X. His next

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Speaker 1: court appearance is scheduled for January three, well as the

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Speaker 1: ft X saga plays out. Nathan SEC chair Gary Bnsler

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Speaker 1: is saying the agency's patients is wearing thin for digital

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Speaker 1: asset exchanges and other firms that shir gets regulations. Don

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Speaker 1: Krisner joins US with that story. In an interview yesterday,

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Speaker 1: SEC chair Gary Gensler said the agency's patients is wearing

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Speaker 1: thin for digital asset exchanges and other firms that shirt

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Speaker 1: gets regulations. Gensler said the runway is getting shorter to

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Speaker 1: start following rules and register with the agency. He also

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Speaker 1: said the casinos in this wild West are non compliant intermediaries.

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Speaker 1: Gensler also declined to identify firms facing scrutiny or common

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Speaker 1: on where the probe of ft X may go next.

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Speaker 1: In New York, I'm Doug Prisoner Bloomberg daybreak. All right, Doug,

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Speaker 1: thank you. Finally oil has headed for a substantial weekly

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Speaker 1: gain as Russia says it may cut crude production in

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Speaker 1: response to the price cap imposed by the G seven

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Speaker 1: on its exports. Right now, nimex s crudes up two

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Speaker 1: point one percent at seventy nine dollars fourteen cents of barrel.

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Speaker 1: Straight ahead, your latest local headlines span the check of Sports.

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Speaker 1: This is Bloomberg. It's fifty five degrees right now in

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Speaker 1: Central Park, raining, but rain is gonna end early, and

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Speaker 1: then temperatures are gonna sink like a stone this afternoon,

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Speaker 1: down to the low teens. Tonight, let's gonna look at

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Speaker 1: some of the other stories making news in New York

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Speaker 1: and around the world with Bloomberg's Michael Barre. You're ready

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Speaker 1: for this deep freeze. Michael h No, but yeah, but

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Speaker 1: neither are two million Americans. But it's going to affect

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Speaker 1: many people because of this massive winners storm rolling across

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Speaker 1: the country. Here in the Try State area, temperatures the

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Speaker 1: forecast to plummet around thirty degrees in just hours, freezing

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Speaker 1: any rain already on the roads. Strong winds, snow, and

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Speaker 1: flooding are also part of the storm. This woman lives

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Speaker 1: in lynden Hurst, New York, where she says there was

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Speaker 1: flooding from heavy rain just last week. I do get

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Speaker 1: nervous as far as losing power and just trying to

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Speaker 1: manage what we're gonna do, as far as eating and

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Speaker 1: just making sure we have the heat on. Hundreds of

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Speaker 1: flights have already been canceled or delayed in the Tri

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Speaker 1: State area. Meanwhile, President Biden more Americans to take the

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Speaker 1: storm seriously. It goes from Oklahoma all the way to Wyoming,

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Speaker 1: and Wyoming the main and it's a real consequence. So

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Speaker 1: I encourage everyone everyone please heat the local warning, the

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Speaker 1: President says, it's not like a snow day when you

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Speaker 1: were a kid. This is serious stuff. Hundreds of New

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Speaker 1: York City commuters had to be evacuated from a Staten

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Speaker 1: Island Ferry after a fire broke out on board last evening.

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Speaker 1: Officials say there were no major injuries, but at least

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Speaker 1: five people are being treated for smoke inhalation. Officials say

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Speaker 1: workers quickly detected the fire, activated a high texaspression system,

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Speaker 1: and sealed the flames behind air tight doors. F D

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Speaker 1: n Y Deputy Chief Frank Lee praised the crew members

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Speaker 1: for their response. This is the way the system is

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Speaker 1: supposed to happen. When is it June fire? Just supposed

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Speaker 1: to notify the coast guard and then you're supposed to

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Speaker 1: make sure that you seal it and get the people

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Speaker 1: out of the way. So everybody acted the way that

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Speaker 1: the way I would expect him to. The f D

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Speaker 1: mmise Frank leaps as passengers filed downstairs and evacuated onto

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Speaker 1: other ferries which had race to help. A Connecticut judge

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Speaker 1: denied Info Wars host Alex Jones's motion seeking a new

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Speaker 1: trial and the overturning of a jury verdict requiring him

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Speaker 1: to pay hundreds of millions of dollars to families of

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Speaker 1: victims of the Sandy Hook Elementary School shooting for years.

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Speaker 1: Jones described the twenty twelve shootings in Newtown as a hoax.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

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Speaker 1: Barr and this is Bloomberg. Nathan. All right, Michael, thank you.

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Speaker 1: Coming up to five ten on Wall Street time for

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Speaker 1: the Bloomberg Sports Update. Good morning, John Stash, Good morning, Nathan.

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Speaker 1: Didn't seem as if this was possible, but things have

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Speaker 1: gone from bad the worst for the Jets. Young quarterback

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Speaker 1: Zach Wilson lost his job to Mike White, got it

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Speaker 1: back when White got hurt, lost his job again last night,

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Speaker 1: got bench late third quarter, and the fans who brave

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Speaker 1: the weather when wild when Wilson was removed in favor

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Speaker 1: of Chris Straveler. Wilson was the second pick of the

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Speaker 1: draft s. Traveler is the former Winnipeg Blue Bomber who

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Speaker 1: wasn't drafted at all. Jacksonville one in the rain at

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Speaker 1: MetLife nineteen to three, and both teams are now seven

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Speaker 1: and eight, But the Jaguars are read on. If they

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Speaker 1: win their last two games, they're going to the playoffs.

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Speaker 1: The Jets fading fast. They've lost four in a row.

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Speaker 1: Their season, which was going so well earlier, will almost

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Speaker 1: certainly ended a couple of weeks, and then the Jets

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Speaker 1: will have to side what to do with Wilson. Giants

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Speaker 1: play tomorrow in Minnesota. Philadelphia brings its thirteen and one

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Speaker 1: record into Dallas. Gardner Minshew will quarterback the Eagles for

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Speaker 1: the injured Jalen Hurts. Lamar Jackson's gonna miss a third

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Speaker 1: straight game for Baltimore. At the Garden, Rangers and Islander

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Speaker 1: goes back at the York point for tro Check at

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Speaker 1: the circle, back up top for Fox. Straight away, Fox

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Speaker 1: drive to the far circle. Fox still with it, passes

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Speaker 1: the Spanah Jack quickly Panero frelay in New York. They call.

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Speaker 1: They were also tied at two and then three, and

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Speaker 1: that's when Kapocaco scored within a three minutes left. Rangers

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Speaker 1: won five to three. They held the Islanders only eighteen shots,

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Speaker 1: and the Rangers were won eight of their last nine,

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Speaker 1: while the Isles have lost five of the six, nix

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Speaker 1: of one, eight of nine. Host Chicago tonight, Nets go

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Speaker 1: for an eighth win in a row home game with

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Speaker 1: first place Milwaukee. John Stashieller Bloomberg Sports name. All right, John,

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Speaker 1: thank you. The Bloomberg Sports Report was brought to you

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Speaker 1: by Audie. Don't let someone else drive off in the

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Speaker 1: autie model you've always wanted. Visit your local tri state

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Speaker 1: autie dealer to get behind the wheel of yours today,

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Speaker 1: or visit outie Offers dot com for more information. Not

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Speaker 1: a whole lot of movement in the stock market this morning.

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Speaker 1: SMP futures are up one point down futures up fifty eight,

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Speaker 1: NASTACK futures are down ten points. A little bit of

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Speaker 1: activity in the bond space, though, with the tenure Treasury

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Speaker 1: down six thirty seconds, the yield three point seven zero percent.

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Speaker 1: Live from coast to coast, from New York to San Francisco,

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Speaker 1: Boston to Washington, d C. Nationwide on Sirius, XAMP, the

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Speaker 1: Bloomberg Business app, and Bloomberg dot com. This is Bloomberg Daybreak.

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Speaker 1: Good morning. I'm Nathan Hagar. Futures are holding steady this

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Speaker 1: morning as we await inflation data later today. There is

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Speaker 1: concern in this market. It could be yet another reason

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Speaker 1: for the Federal Reserve to harden its resolve to continue

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Speaker 1: pursuing aggressive policy. That's sort of the sentiment that we

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Speaker 1: got from the latest economic data just yesterday, with the

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Speaker 1: making the case that the FED could keep hiking interest

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Speaker 1: rates without breaking the back of the economy. That put

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Speaker 1: text stocks on course for their worst December since the

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Speaker 1: bursting of the dot com bubble two decades ago. Investors

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Speaker 1: will be focused today on the core PCE deflator. That

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Speaker 1: is a key inflation measure tracked by the FED, and

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Speaker 1: of course fighting inflation is the focus for this central

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Speaker 1: bank and central banks around the world. Really as we

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Speaker 1: head into three of just about every central bank that

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Speaker 1: we track has been making the case that they will

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Speaker 1: continue raising interest rates and keeping them higher for longer

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Speaker 1: to get inflation under control. Let tsake a look at

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Speaker 1: some other stories we're following this morning. The State Department,

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Speaker 1: says US Treasury Secretary of State, I should say Anthony

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Speaker 1: Blincoln discussed COVID transparency in a recent call with China's

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Speaker 1: foreign minister. He stressed the importance of Beijing being forthright

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Speaker 1: about a growing COVID nineteen outbreak in the country, invest

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Speaker 1: in the foundations of our strength at home, align with

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Speaker 1: our partners and allies, compete with China, so that we

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Speaker 1: can defend our interests and realize our vision for the future.

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Speaker 1: Secretary of State Anthony B. Lincoln also discussed the war

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Speaker 1: in Ukraine in a call with China yesterday. And now

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Speaker 1: let's head oh Ver to Jeff, you senior E. M.

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Speaker 1: E a strategist at b N Y Melon to take

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Speaker 1: a look at this market this morning and I get

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Speaker 1: a look at the path ahead in three Jeff, good morning.

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Speaker 1: It seems like every data point that comes across the tape, Uh,

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Speaker 1: just adds to the volatility. Is that kind of what

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Speaker 1: you're looking for as we limp our way to the

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Speaker 1: rest of this year, So we have to bear in

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Speaker 1: mind other year end conditions as well. You know these

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Speaker 1: sometimes however, you know, just often no quite volatile. But

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Speaker 1: at the same time, Uh, there's been quite a that's

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Speaker 1: being quite a lot going on, you know, heading into

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Speaker 1: a year, and as well in the policy surprises, and

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Speaker 1: I think the market just needs to reassess, you know,

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Speaker 1: how easy or how loose that local central banks are

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Speaker 1: going to be. And I think the question is, while

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Speaker 1: the answer is unquestionably um, it's not going to be

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Speaker 1: asked to do his market hope, Well, what is your

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Speaker 1: assessment of how things go. It seems like the latest

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Speaker 1: economic data that we're getting here does seem to bolster

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Speaker 1: the case that the Federal Reserve can continue tightening, although

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Speaker 1: some of the data have been mixed. What's your take

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Speaker 1: on where the data could go from here? Well, the

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Speaker 1: question is that where does the growth data go from here?

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Speaker 1: Where does the housing data go from here? Versus where

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Speaker 1: does the inflation data go from here? And these two

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Speaker 1: could be very different things, right, So, I think that's

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Speaker 1: what the markets are concerned about. Yes, something activity numbers

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Speaker 1: are slowing, and the housing markets and clearly uh you

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Speaker 1: know slashing you know, the amer or if not a

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Speaker 1: bit more. At the same time, if we are look

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Speaker 1: forward to call PPE today, you know, these are good

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Speaker 1: indicators for inflation underlying demand if they come in in

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Speaker 1: line with expectations, are slightly hard than expectations, you know,

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Speaker 1: then I said, we'll just say we still have an

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Speaker 1: inflation mandate and heading into next year, prices are using

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Speaker 1: but not using at the paste that they'd like. So

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Speaker 1: we reaffirm our view that I'm not going to hike

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Speaker 1: aggressively further beyond five them, but they probably may need

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Speaker 1: to stay at five for longer than expected. Do you

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Speaker 1: expect that the PC the flator that we get today

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Speaker 1: is going to bolster that case further. I mean, we

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Speaker 1: have seen signs in this economy that it looks like

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Speaker 1: the FED is winning the battle. I mean it's not

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Speaker 1: where it needs to be, where it wants to be,

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Speaker 1: but the trend is moving steadily downward. When it comes

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Speaker 1: to inflation, well, I think you am just going to

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Speaker 1: hit the nail on the head there, you know, winning

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Speaker 1: the battle, and that you need to, you know, win

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Speaker 1: the war against inflation, right, and that is a global

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Speaker 1: circumstances and there could be the furthest things in the

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Speaker 1: tail you know when when it comes inflation as well learned.

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Speaker 1: But the other guests in the point of volatility is

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Speaker 1: a look at what's happened to ECB pricing yesterday. We're

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Speaker 1: up at three and a half percent already tightening in

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Speaker 1: Europe and if you look at what the bo J

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Speaker 1: didn't a surprisingly speaking that this is still in one

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Speaker 1: world to artist economies, you tightening as well. So even

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Speaker 1: if the FED stands still um then markets need to

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Speaker 1: take into acount global conditions. And the fact is Europe

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Speaker 1: and Japan are tightening more than expected right Only China

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Speaker 1: is probably on the other side, you know, right now,

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Speaker 1: but due to growth concerns that to worry too. So

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Speaker 1: you've got China growth on the one hand and global

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Speaker 1: tightening on the other. Then there's a small wonder that

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Speaker 1: risk appetitis a bit soggy right now in our last

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Speaker 1: thirty seconds here where do you look for opportunity against

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Speaker 1: tighter central banks? So it's still a real rate in

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Speaker 1: emerging markets, you know, we look at the flows them

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Speaker 1: into like Brazil, Mexico and Indonesia. Indonesia and the had

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Speaker 1: a central bank decision in a yesterday probably the only

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Speaker 1: place in Asia right now which is already above the

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Speaker 1: head of the FED. And we'll stay comfortably above the Fed.

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Speaker 1: We're seeing a lot of external and players having their

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Speaker 1: exposures to the bond market, things like that. I think

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Speaker 1: they will continue have positive real rates. I think that's

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Speaker 1: the bottom line. Thanks so much, jeff Happy holidays. We

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Speaker 1: don't speak again, Jeffrey. You senior strategists at b n

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Speaker 1: Y melon with us this morning. Right now, SMP futures

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Speaker 1: are of four point staff futures of seventy three and

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Speaker 1: nastaic futures trimming their declines now down still but only

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Speaker 1: by two points. Stay with us. You're listening to Bloomberg, Gaming, markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot com. The Bloomberg Business at Hand at Bloomberg

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Speaker 1: Quick Take. This is a Bloomberg Business flash and I'm

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Speaker 1: Karen Moscow. US stock index futures aren't steady ahead of

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Speaker 1: inflation data. Do out later this morning. We checked the

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Speaker 1: markets all day long here on Bloomberg, but SNP future

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Speaker 1: is up six points, or about two tens of uppercent.

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Speaker 1: Down futures have eighty nine points or three tens of uppercent,

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Speaker 1: and NASTACK future is little change. The decks in Germany's

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Speaker 1: have half percent. Ten year treasury down six thirty seconds,

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Speaker 1: you have three point seven zero percent, and they yield

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Speaker 1: in the two year four point to seven percent. Nine

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Speaker 1: x Screwed oil is up two point four percent of

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Speaker 1: a dollar eighty three at seventy nine thirty one cents

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Speaker 1: of barrel comics gold up six tens percent or ten

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Speaker 1: dollars ninety cents at eighteen o six twenty an ounce.

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Speaker 1: The Euro one point six one three against the dollar,

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Speaker 1: British pound one point two zero five six and the

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Speaker 1: end is at one thirty two points six and bitcoin

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Speaker 1: is up for tensive upper cent at about sixteen thousand,

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Speaker 1: nine hundred dollars, and investors are going to be focused

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Speaker 1: on the core PCE deflator, which is a key inflation

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Speaker 1: measure track by the Fed. It's how to eat thirty

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Speaker 1: Wall Street time, and that's a Bloomberg business flash. Now

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Speaker 1: here's Michael bar with more on what's going on around

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Speaker 1: the world. Michael, good morning, Good morning, Karen. A winter

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Speaker 1: storm has cost thousands of flight cancelations and homeless shelters

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Speaker 1: are overflowing amid one of the most treacherous holiday travel

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Speaker 1: seasons the nation has seen in decades. The House committee

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Speaker 1: investigating the January sixth attack on the US Capitol delivered

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Speaker 1: a scathing report and it's released yesterday. It blamed one man,

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Speaker 1: former President Donald Trump, for inciting violence to try and

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Speaker 1: hold onto power. The Senate passed the one point seven

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Speaker 1: trillion dollars spending bill in an effort to stop a

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Speaker 1: government shutdown. In the NFL, the Jets lost to the

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Speaker 1: Jaguars nineteen three. In the NHL, the Islanders beat the

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Speaker 1: Rangers five three. The Bruins one in the NBA. The

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Speaker 1: Wizards lost. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quick Take, powered by more than

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Speaker 1: twenty seven hundred journalist and analysts and more than twenty countries.

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Speaker 1: I'm Michael bar and this is Bloomberg. Nathan all right, Michael, thanks,

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Speaker 1: It's three on Wall Street. I'm Nathan Hagar. This is

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Speaker 1: Bloomberg Daybreak. Let's get more on that spending bill one

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Speaker 1: point seven trillion dollars actually passed the Senate, where a

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Speaker 1: bipartisan vote after an impass on immigration policy was broken.

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Speaker 1: Today the House gets its vote, probably gonna happen pretty quick,

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Speaker 1: so lawmakers had beat it out of the town get

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Speaker 1: ahead of a winter storm. Bloomberg's Joe Matthews spoke with

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Speaker 1: Congressman Henry Quay Are Democratic Texas about whether he thinks

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Speaker 1: the measure passes. Absolutely, we are going to go ahead

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Speaker 1: and pass said, and look, every bill is is put

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Speaker 1: together and there are different opinions. It's not the way

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Speaker 1: I wanted or somebody else might want it, but it's

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Speaker 1: it's combined together and we are going to pass it.

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Speaker 1: And there is money for homeland. You know. I'm very

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Speaker 1: interested on that. I said in three committed homeland defense

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Speaker 1: and of course egg but talking about the border, there

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Speaker 1: is money for border security here. This wouldn't have come

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Speaker 1: about unless Mike Lee's amendment was was struck down or

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Speaker 1: or allowed on the floor. It was struck down, and

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Speaker 1: there I could get into a lot of sort of

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Speaker 1: politics here about what that might have meant for the House.

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Speaker 1: But knowing that that is not there, and knowing that

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Speaker 1: Title forty two is bound up in court, what is

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Speaker 1: your thought right now on the status of security on

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Speaker 1: the border in your district? Well, surely, uh, Title forty

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Speaker 1: two looks like it's gonna go away. It's a health order,

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Speaker 1: it's not an immigration order. I want that to happen.

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Speaker 1: But I wanted to extend to the administration comes up

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Speaker 1: with a new policy, a policy that will allow this

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Speaker 1: migrant seekers to go in in an early pathway through

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Speaker 1: the ports of entry or online and asked for aside

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Speaker 1: them and if they come in between parts of entries

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Speaker 1: like they're doing right now, either they will be asked

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Speaker 1: to go voluntarily return themselves or they're going to be

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Speaker 1: deported with some sort of penalty where they cannot apply

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Speaker 1: for the next five years or so for asylum. We

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Speaker 1: gotta have consequences. The problem is there are no consequences.

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Speaker 1: We can add technology, we can add personnel, but you've

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Speaker 1: got to have the right policy with the mixture of

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Speaker 1: personnel and technology at the White House on that, well,

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Speaker 1: I've always from the very beginning, and I can tell

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Speaker 1: you December tenth, Uh, December tenth is when I call

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Speaker 1: the transition team, the buying transistent team, and I said, hey, look,

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Speaker 1: I want to offer my services. My understanding is December.

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Speaker 1: I was already telling them that people were lining up

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Speaker 1: to come across. Uh. And I kept on trying to

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Speaker 1: talk to them. But they have a different mindset. And unfortunately,

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Speaker 1: without due respect, a lot of the people they have

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Speaker 1: the White House have immigration background, which is okay, But

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Speaker 1: who's listening to the men and women in green who's

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Speaker 1: listening to the border community. Somebody's got to listen to

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Speaker 1: my border communities. Well, this is a tough spot here,

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Speaker 1: knowing that this is going to be a court decision

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Speaker 1: and not likely a legislative one. Do you have any

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Speaker 1: sense of timing on when the Supreme Court comes back

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Speaker 1: around on Title forty two. Uh? No, we don't you know,

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Speaker 1: they ask for those briefs pretty quickly, and we'll wait

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Speaker 1: for what happens. But I'm hoping that the that the

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Speaker 1: administration will come up with a policy that will have

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Speaker 1: an orderly pathway for asylum speakers and consequence of debate,

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00:23:39,080 --> 00:23:41,920
Speaker 1: don't Let's Democrat Henry kay Are of Texas speaking with

431
00:23:42,080 --> 00:23:45,680
Speaker 1: Joe Matthew on Bloomberg Sound On. Catch the program weeknights

432
00:23:45,760 --> 00:23:49,480
Speaker 1: five pm Wall Street Time on Bloomberg Radio. Listen anytime

433
00:23:49,560 --> 00:23:52,880
Speaker 1: you can download the show wherever you get your podcasts.

434
00:23:52,920 --> 00:23:56,080
Speaker 1: You've got your top stories, local headlines, and checker markets. Next, first,

435
00:23:56,200 --> 00:24:01,080
Speaker 1: brace yourself for this weekend weather forecast. A tri state

436
00:24:01,119 --> 00:24:03,480
Speaker 1: area under a wind advisory through ten pm tonight, the

437
00:24:03,560 --> 00:24:06,000
Speaker 1: rain will taper off. Temperatures will fall from the fifties

438
00:24:06,040 --> 00:24:08,400
Speaker 1: through the forties into the thirties by late today. We're

439
00:24:08,440 --> 00:24:11,320
Speaker 1: partly cloudy, brees and much colder Tonight those ten of fifteen,

440
00:24:11,720 --> 00:24:14,080
Speaker 1: a mixture of clouds and sun breese. For tomorrow, he's

441
00:24:14,080 --> 00:24:17,119
Speaker 1: only twenty to twenty five. Christmas Day, abundant sunshine but

442
00:24:17,200 --> 00:24:20,760
Speaker 1: still cold. He's only five to thirty. I'm Rob Carolyn

443
00:24:20,920 --> 00:24:23,800
Speaker 1: with your three day forecast on Bloomberg eleven three oh

444
00:24:27,119 --> 00:24:31,640
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York,

445
00:24:31,760 --> 00:24:36,440
Speaker 1: Bloomberg Elving free to Washington, d C. Bloomberg one to Boston,

446
00:24:36,560 --> 00:24:39,920
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine

447
00:24:40,040 --> 00:24:43,080
Speaker 1: sixty to the country, Sirius XM Chad A one nineteen

448
00:24:43,240 --> 00:24:46,720
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio

449
00:24:46,840 --> 00:24:56,159
Speaker 1: dot com. This is Bloomberg Daybreak and it's coming up

450
00:24:56,200 --> 00:24:59,160
Speaker 1: to five thirty on Wall Street. Good morning. I'm Karen Moscow,

451
00:24:59,440 --> 00:25:02,119
Speaker 1: I'm Nathan Hagar. You're listening to Bloomberg Daybreak, and this

452
00:25:02,280 --> 00:25:05,760
Speaker 1: is your daily reminder from Innovation Refunds to apply for

453
00:25:05,800 --> 00:25:08,200
Speaker 1: a payroll tax refund if you're small to medium sized

454
00:25:08,200 --> 00:25:12,440
Speaker 1: business was impacted by COVID nineteen Innovation Refunds clients have

455
00:25:12,560 --> 00:25:16,560
Speaker 1: already claimed over two billion dollars in payroll refunds. Get

456
00:25:16,680 --> 00:25:20,119
Speaker 1: started and get refunds dot com And Nathan, we're nearly

457
00:25:20,160 --> 00:25:22,400
Speaker 1: four hours away from the open of US trading. Let's

458
00:25:22,400 --> 00:25:23,719
Speaker 1: get you up to date on the news you need

459
00:25:23,760 --> 00:25:26,720
Speaker 1: to know at this hour. US futures they're higher after

460
00:25:26,800 --> 00:25:30,480
Speaker 1: stocks snapped a three day winning streaky yesterday, Anticipation of

461
00:25:30,560 --> 00:25:32,760
Speaker 1: future of FED tightening is set a downbeat tone for

462
00:25:32,800 --> 00:25:35,680
Speaker 1: the week, and tech stocks in particular are on course

463
00:25:35,760 --> 00:25:39,119
Speaker 1: for their worst assembersons the dot com bubble burst Nowmora's

464
00:25:39,160 --> 00:25:42,320
Speaker 1: head of process at Strategies, Matthew Roe, believes there'll be

465
00:25:42,440 --> 00:25:45,320
Speaker 1: one trade in particular that will cause investors some pain

466
00:25:45,480 --> 00:25:47,879
Speaker 1: next year. I think it's growth stocks. I mean, I

467
00:25:47,920 --> 00:25:50,480
Speaker 1: think when you look at you know, with interest rates

468
00:25:50,520 --> 00:25:52,760
Speaker 1: and zero, the present value of anything is equal to

469
00:25:53,040 --> 00:25:55,040
Speaker 1: what it will be in the future. Um as a

470
00:25:55,080 --> 00:25:58,240
Speaker 1: discounting function. When you start to take rates up, especially

471
00:25:58,320 --> 00:26:02,919
Speaker 1: for nonprofitable companies, that pretty ugly from a fundamental perspective.

472
00:26:03,720 --> 00:26:06,400
Speaker 1: And Matthew Rowe and Nomura said the broader take down

473
00:26:06,480 --> 00:26:08,440
Speaker 1: turn is a sign of a market trend that could

474
00:26:08,480 --> 00:26:12,080
Speaker 1: continue into three The investors have some more data to

475
00:26:12,119 --> 00:26:14,359
Speaker 1: the jest Karen. Before the holiday weekend, we get the

476
00:26:14,440 --> 00:26:17,800
Speaker 1: latest read on consumer spending at a thirty Wall Street time.

477
00:26:18,240 --> 00:26:20,440
Speaker 1: Two hours after that we'll get the universe. Actually, I

478
00:26:20,480 --> 00:26:22,000
Speaker 1: think it's about an hour and a half, isn't it, Karen,

479
00:26:22,000 --> 00:26:24,600
Speaker 1: that we get the University of Michigan Consumer Sentiment Index.

480
00:26:24,800 --> 00:26:28,000
Speaker 1: Oh yes, and Meanwhile, in China, reversal and COVID policy

481
00:26:28,119 --> 00:26:31,920
Speaker 1: is not having the effect officials initially intended. Infections are

482
00:26:32,040 --> 00:26:34,600
Speaker 1: soaring and keeping people at home, causing a slump and

483
00:26:34,680 --> 00:26:37,920
Speaker 1: travel and economic activity. Let's turn to Tesla now. After

484
00:26:38,280 --> 00:26:41,920
Speaker 1: offloading a massive sum of shares in the company this year,

485
00:26:42,320 --> 00:26:44,960
Speaker 1: the CEO, Elon Musk, says he won't be doing that again,

486
00:26:45,119 --> 00:26:48,040
Speaker 1: at least for a while. Bloomberg Steve Rappaport joins us Live.

487
00:26:48,080 --> 00:26:50,480
Speaker 1: Good Morning, State, Good Morning, Nathan, and Karen. Shares of

488
00:26:50,560 --> 00:26:52,520
Speaker 1: Tesla climbed as much as three and a half percent

489
00:26:52,600 --> 00:26:55,240
Speaker 1: in pre market trading after Elon Musk said he's done

490
00:26:55,280 --> 00:26:58,680
Speaker 1: offloading for now. I'm not selling any stock for I

491
00:26:58,720 --> 00:27:02,720
Speaker 1: don't know a quote a minimum eighteens and twenty four months,

492
00:27:03,160 --> 00:27:05,200
Speaker 1: so you can count on me. Like most most stock

493
00:27:05,240 --> 00:27:09,160
Speaker 1: sales will probably on or something. Musk has made such

494
00:27:09,240 --> 00:27:12,159
Speaker 1: declarations before only to sell more stock. Much of the

495
00:27:12,240 --> 00:27:14,560
Speaker 1: forty billion dollars of shares he sold this year were

496
00:27:14,600 --> 00:27:17,040
Speaker 1: to fund his acquisition of Twitter Live in New York.

497
00:27:17,040 --> 00:27:19,760
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you.

498
00:27:19,960 --> 00:27:22,040
Speaker 1: Turning to Crypto Now and the latest on ft X

499
00:27:22,119 --> 00:27:25,080
Speaker 1: and Sam Bankman Free The Exchange is former CEO was

500
00:27:25,160 --> 00:27:28,040
Speaker 1: released on a massive bail package after making his first

501
00:27:28,119 --> 00:27:31,120
Speaker 1: US court appearance yesterday, and includes a two fifty million

502
00:27:31,160 --> 00:27:34,640
Speaker 1: dollar person over cognizance bond secured by his parents house

503
00:27:34,680 --> 00:27:37,520
Speaker 1: in California, which one federal prosecutor called one of the

504
00:27:37,600 --> 00:27:40,720
Speaker 1: largest pre trial bonds in US history. And the House

505
00:27:40,760 --> 00:27:43,520
Speaker 1: committee investigating the January six attack on the US Capital

506
00:27:43,560 --> 00:27:46,000
Speaker 1: has released its final report hearing, and it casts the

507
00:27:46,040 --> 00:27:49,919
Speaker 1: blame on former President Donald Trump, specifically for inciting violence

508
00:27:49,960 --> 00:27:53,280
Speaker 1: to try to hold onto power. Futures this morning are

509
00:27:53,359 --> 00:27:56,120
Speaker 1: higher straight ahead, your latest local headlines plus the check

510
00:27:56,200 --> 00:28:04,439
Speaker 1: of sports, and this is Bloomberg. Thank you, cart One

511
00:28:04,480 --> 00:28:06,200
Speaker 1: on Wall Street. Let's bring in Michael bar for look

512
00:28:06,200 --> 00:28:08,359
Speaker 1: at what's going on in New York and around the world. Michael,

513
00:28:08,440 --> 00:28:11,000
Speaker 1: thank you very much. Nathan. A nasty winter storm has

514
00:28:11,040 --> 00:28:13,959
Speaker 1: caused thousands of flight cancelations looting here in the New

515
00:28:14,080 --> 00:28:18,400
Speaker 1: York area. Bloomberg meteorologist Rob Carollin has more, Michael, powerful

516
00:28:18,400 --> 00:28:21,400
Speaker 1: winter storm continues to develop over the eastern Great Lakes

517
00:28:21,480 --> 00:28:23,399
Speaker 1: this morning. This system is going to be driving a

518
00:28:23,520 --> 00:28:26,040
Speaker 1: cold front through much of the eastern part of the

519
00:28:26,080 --> 00:28:28,800
Speaker 1: country this morning, where we're seeing temperatures in the fifties

520
00:28:28,800 --> 00:28:31,399
Speaker 1: and sixties out ahead of the front, generally in the

521
00:28:31,520 --> 00:28:34,359
Speaker 1: teens across the Ohio River Valley behind the front, and

522
00:28:34,440 --> 00:28:37,399
Speaker 1: then it's in the single digits below zero across the

523
00:28:37,480 --> 00:28:39,760
Speaker 1: western Ohio River Valley. All this are now going to

524
00:28:39,800 --> 00:28:42,240
Speaker 1: work its way into the southeastern United States, date, the

525
00:28:42,320 --> 00:28:44,720
Speaker 1: mid Atlantic States, and the Northeast. It's also going to

526
00:28:44,800 --> 00:28:47,400
Speaker 1: set up some very potent lake effects snows outside of

527
00:28:47,400 --> 00:28:49,640
Speaker 1: Buffalo today, they could see anywhere from one to three

528
00:28:49,680 --> 00:28:52,960
Speaker 1: ft of snowfall from today through Christmas Day. And it's

529
00:28:52,960 --> 00:28:54,800
Speaker 1: also going to be accompanied by winds that are gonna

530
00:28:54,800 --> 00:28:57,640
Speaker 1: be gusting in times over sixty miles an hour. This

531
00:28:57,800 --> 00:28:59,720
Speaker 1: is gonna be one of the coldest Christmas is for

532
00:28:59,760 --> 00:29:03,400
Speaker 1: the tree nited States, probably since coldest Christmas in the

533
00:29:03,480 --> 00:29:07,160
Speaker 1: Northeast since at least Michael, Thank you, Rob. But trip

534
00:29:07,280 --> 00:29:10,040
Speaker 1: on a Staten Island ferries turned out to be anything

535
00:29:10,200 --> 00:29:13,280
Speaker 1: but a normal ride. Last night. We received the nine

536
00:29:13,320 --> 00:29:17,760
Speaker 1: one one call reporting a fire in the engine room

537
00:29:18,160 --> 00:29:20,600
Speaker 1: of one of the Staten Island ferries. Frankly with the

538
00:29:20,680 --> 00:29:23,040
Speaker 1: f d n Y says more than eight hundred passengers

539
00:29:23,080 --> 00:29:25,680
Speaker 1: had to be evacuated. The Senate passed at one point

540
00:29:25,720 --> 00:29:28,080
Speaker 1: seven trillion dollars spending bill in an effort to stop

541
00:29:28,160 --> 00:29:32,360
Speaker 1: a government shutdown. Democratic Senator Patrick Langhey. Most of what's

542
00:29:32,400 --> 00:29:34,520
Speaker 1: in here has been put together in a by Paris

543
00:29:34,600 --> 00:29:40,000
Speaker 1: in fashion funding things that we all say we agree with.

544
00:29:40,560 --> 00:29:44,040
Speaker 1: Republican Senator Richard Shelby this bill. We know what it is,

545
00:29:44,200 --> 00:29:47,239
Speaker 1: we know it's us. We know it's not perfect. Uh,

546
00:29:47,840 --> 00:29:49,720
Speaker 1: but it's got a lot of stuff in it, a

547
00:29:49,800 --> 00:29:53,000
Speaker 1: lot of good stuff. The bill includes forty billion dollars

548
00:29:53,080 --> 00:29:56,120
Speaker 1: in disaster relief aid. Global News twenty four hours a

549
00:29:56,200 --> 00:29:58,760
Speaker 1: day on airand on Bloomberg Quickday, powered by more than

550
00:29:59,120 --> 00:30:02,520
Speaker 1: seven hundred journalis An analysts more than twenty countries. Michael Barr,

551
00:30:02,640 --> 00:30:11,120
Speaker 1: this is Bloomberg, Nathan, Michael. Thanks thirty three on Wall

552
00:30:11,160 --> 00:30:13,760
Speaker 1: Street Time for the Bloomberg Sports update. Here's John stan Jauer.

553
00:30:13,880 --> 00:30:16,200
Speaker 1: Thanks Nathan. Hard to believe now, but the Jets, not

554
00:30:16,400 --> 00:30:18,800
Speaker 1: that long ago, we're flirting with the idea of winning

555
00:30:18,880 --> 00:30:21,560
Speaker 1: the a f C East. Their season's pretty much gone

556
00:30:21,560 --> 00:30:23,720
Speaker 1: down to two was four straight losses, just two wins

557
00:30:23,760 --> 00:30:25,600
Speaker 1: in their last eight games, and they're in the last

558
00:30:25,680 --> 00:30:29,000
Speaker 1: place again. Last night in the Jets home finale, pretty

559
00:30:29,040 --> 00:30:31,600
Speaker 1: good effort by the defense allowed Jacksonville the score, only

560
00:30:31,680 --> 00:30:34,720
Speaker 1: one touchdown, but virtually no offense. Jets got an early

561
00:30:34,800 --> 00:30:37,400
Speaker 1: field goal only because of the Jaguars fumble. First half,

562
00:30:37,760 --> 00:30:40,640
Speaker 1: they had three first down sixties six yards, Zack Wilson

563
00:30:40,720 --> 00:30:43,960
Speaker 1: through an interception, and late third quarter Wilson Monster, the

564
00:30:44,040 --> 00:30:46,680
Speaker 1: delight of the fans, got benched again, this time in

565
00:30:46,760 --> 00:30:50,920
Speaker 1: favor of the undrafted former Winnipeg Blue bomber Chris Stradler,

566
00:30:50,960 --> 00:30:53,200
Speaker 1: who did look good for the Jets in the preseason,

567
00:30:53,240 --> 00:30:55,560
Speaker 1: and he outplayed Wilson. He ran for fifty four yards

568
00:30:55,600 --> 00:30:58,440
Speaker 1: and just over a quarter Jaguars one in the rain

569
00:30:58,600 --> 00:31:00,960
Speaker 1: nineteen to three, and Wilson was asked about losing his

570
00:31:01,120 --> 00:31:04,160
Speaker 1: job again. We're not doing anything offensively, and you know,

571
00:31:04,200 --> 00:31:06,320
Speaker 1: I'm trying to figure it out, trying to help get

572
00:31:06,360 --> 00:31:08,240
Speaker 1: the guys going. I'm trying to, you know, get myself

573
00:31:08,280 --> 00:31:10,160
Speaker 1: in a little bit of rhythm, and and you know,

574
00:31:10,240 --> 00:31:12,280
Speaker 1: we had nothing there, and so you know, you can't

575
00:31:12,320 --> 00:31:14,120
Speaker 1: blame him in that situation. You know, you put Chris

576
00:31:14,200 --> 00:31:15,880
Speaker 1: out there, and he's obviously great with his legs and

577
00:31:15,920 --> 00:31:18,000
Speaker 1: his arm and and he was able to give us

578
00:31:18,000 --> 00:31:19,520
Speaker 1: a little bit of the Sparkner. Jets have now use

579
00:31:19,560 --> 00:31:22,480
Speaker 1: four different quarterbacks this season. Giants played tomorrow at Minnesota.

580
00:31:22,560 --> 00:31:24,920
Speaker 1: The Giants win and they get two or three teams

581
00:31:24,960 --> 00:31:28,520
Speaker 1: to lose between Seattle, Detroit and Washington. Giants went to playoff.

582
00:31:28,520 --> 00:31:30,720
Speaker 1: Berth that the Garden Rangers pick Dowagers five to three.

583
00:31:30,720 --> 00:31:33,440
Speaker 1: A goal to assist with Barkley good Rowe Capo Cacos

584
00:31:33,480 --> 00:31:35,840
Speaker 1: whore the go ahead goal with under three minutes left.

585
00:31:35,880 --> 00:31:39,960
Speaker 1: Home games with the Knicks and Nets. Tonight, Nicks against Chicago.

586
00:31:40,080 --> 00:31:43,040
Speaker 1: The Nets Welcome in Milwaukee, John Stactually where Bloomberg Sports,

587
00:31:43,160 --> 00:31:46,320
Speaker 1: Nathan and Bloomberg Sports is brought to you by Audie.

588
00:31:46,400 --> 00:31:49,400
Speaker 1: Don't let someone else drive off in the Audi model

589
00:31:49,480 --> 00:31:52,600
Speaker 1: you've always wanted. Visit your local Frice State autie dealer

590
00:31:53,120 --> 00:31:57,280
Speaker 1: to get behind the wheel of yours today, or visit

591
00:31:57,360 --> 00:32:03,400
Speaker 1: Outie Offers dot com for more information on Wall Street.

592
00:32:03,720 --> 00:32:06,160
Speaker 1: That's time for the Tri State Business Report. Let's check

593
00:32:06,240 --> 00:32:08,920
Speaker 1: in with Bloomberg's head Cory. New York has outlawed the

594
00:32:08,960 --> 00:32:12,760
Speaker 1: manufacture and sale of cosmetics that involve new animal testing.

595
00:32:13,160 --> 00:32:16,600
Speaker 1: The new law takes effect on January first. Violators will

596
00:32:16,600 --> 00:32:19,120
Speaker 1: be fined up to five thousand dollars plus another thousand

597
00:32:19,200 --> 00:32:22,800
Speaker 1: a day if violations continue. Governor Kathy Hokels signed the

598
00:32:22,800 --> 00:32:26,600
Speaker 1: measuring to law Thursday evening. Empire State Building owner Empire

599
00:32:26,680 --> 00:32:30,080
Speaker 1: State Realty Trust has purchased a rental apartments building and

600
00:32:30,160 --> 00:32:32,680
Speaker 1: no hoe, funded partly by the sale of two office

601
00:32:32,760 --> 00:32:36,480
Speaker 1: buildings in the area. Cranes reports Empire State Realty closed

602
00:32:36,520 --> 00:32:38,800
Speaker 1: on the purchase of a full service or rental apartment

603
00:32:38,920 --> 00:32:43,520
Speaker 1: asset on Mulberry for one fifteen million dollars. Google is

604
00:32:43,640 --> 00:32:46,800
Speaker 1: leveraging its partnership with Samsung to launch its first three

605
00:32:46,880 --> 00:32:50,320
Speaker 1: D AD in New York's Times Square. The tech giant

606
00:32:50,440 --> 00:32:52,840
Speaker 1: wants to appeal to young millennials and gen z by

607
00:32:52,880 --> 00:32:56,320
Speaker 1: showcasing the ad on a three D billboard. It's part

608
00:32:56,360 --> 00:32:59,480
Speaker 1: of Google's ongoing The Future Is Unfolding campaign with Samsung,

609
00:32:59,560 --> 00:33:04,760
Speaker 1: which began in threw Bloomberg Trying State Business Report. I'm Ed, Corey,

610
00:33:04,920 --> 00:33:08,240
Speaker 1: Thank you Ed. It is on Wall Street. The following

611
00:33:08,360 --> 00:33:12,520
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written

612
00:33:12,560 --> 00:33:15,240
Speaker 1: by the Bloomberg Editorial Board. As the demise of the

613
00:33:15,400 --> 00:33:20,040
Speaker 1: ft X crypto empire unfolds. Lawmakers and regulators are grappling

614
00:33:20,080 --> 00:33:22,600
Speaker 1: with a question, what, if anything, should they try to

615
00:33:22,680 --> 00:33:25,920
Speaker 1: do to civilize a market so rife with abuse. Some

616
00:33:26,120 --> 00:33:28,120
Speaker 1: might be tempted to sit back and hope the crypto

617
00:33:28,160 --> 00:33:30,520
Speaker 1: market will simply burn out, putting an end to the

618
00:33:30,560 --> 00:33:34,400
Speaker 1: whole bizarre episode, but that would be wishful thinking. Officials

619
00:33:34,440 --> 00:33:37,840
Speaker 1: need to act on the lessons of fiascos from the

620
00:33:37,880 --> 00:33:40,200
Speaker 1: collapse of the terrorist stable coin to f t X

621
00:33:40,600 --> 00:33:44,120
Speaker 1: to ensure that renewed speculation never threatens the broader financial system.

622
00:33:44,280 --> 00:33:48,080
Speaker 1: To ensure that renewed speculation never threatens the broader financial system,

623
00:33:48,440 --> 00:33:51,120
Speaker 1: clear rules would provide authorities with the framework they need

624
00:33:51,240 --> 00:33:54,080
Speaker 1: to crack down on bad actors, a category into which

625
00:33:54,160 --> 00:33:57,280
Speaker 1: ft X would have fallen. A few regulatory fixes should

626
00:33:57,280 --> 00:34:00,680
Speaker 1: prevent crypto from becoming a systemic threat to seditorial was

627
00:34:00,680 --> 00:34:03,840
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,

628
00:34:03,960 --> 00:34:07,120
Speaker 1: please go to Bloomberg dot com, slash opinion or opi

629
00:34:07,280 --> 00:34:10,920
Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg opinion,

630
00:34:11,200 --> 00:34:13,759
Speaker 1: and you can hear Bloomberg opinion editorials every weekday. At

631
00:34:13,800 --> 00:34:16,440
Speaker 1: this time, terminal customers can read more at O P

632
00:34:16,600 --> 00:34:18,800
Speaker 1: I n Go, and terminal customers may have seen this

633
00:34:18,880 --> 00:34:22,720
Speaker 1: red headline just cross the Bloomberg terminal. Nearly thirty seven

634
00:34:22,840 --> 00:34:25,399
Speaker 1: million people in China may have been infected with COVID

635
00:34:25,520 --> 00:34:28,440
Speaker 1: nineteen on a single day this week. That is according

636
00:34:28,480 --> 00:34:31,480
Speaker 1: to estimates from the Chinese government's top health authority. Minutes

637
00:34:31,520 --> 00:34:34,880
Speaker 1: from an internal meeting of the Chinese National Health Commission

638
00:34:35,160 --> 00:34:37,600
Speaker 1: say as many as two hundred forty eight million people

639
00:34:37,719 --> 00:34:41,400
Speaker 1: nearly eighteen percent of the Chinese population likely contracted the

640
00:34:41,480 --> 00:34:44,200
Speaker 1: virus in the first twenty days of this month. If

641
00:34:44,280 --> 00:34:47,000
Speaker 1: that's accurate, the infection rate would dwarf the previous daily

642
00:34:47,040 --> 00:34:51,200
Speaker 1: record of about four million infections set in January two.

643
00:34:51,200 --> 00:34:53,799
Speaker 1: But again, the new estimate nearly thirty seven million people

644
00:34:53,840 --> 00:34:57,240
Speaker 1: infected with COVID in just one day in China, according

645
00:34:57,280 --> 00:35:03,480
Speaker 1: to the Chinese government. This is Bloomberg Markets, Headlines and

646
00:35:03,640 --> 00:35:06,879
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

647
00:35:07,040 --> 00:35:10,120
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. This

648
00:35:10,560 --> 00:35:19,439
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow us

649
00:35:19,560 --> 00:35:22,439
Speaker 1: not Index Future as they're higher ahead of inflation data

650
00:35:22,520 --> 00:35:25,120
Speaker 1: that's du out later this morning, amid concerned and maybe

651
00:35:25,160 --> 00:35:27,200
Speaker 1: yet another reason for the Fed to heart and its

652
00:35:27,239 --> 00:35:30,400
Speaker 1: resolve to pursue aggressive policy. And we check the markets

653
00:35:30,400 --> 00:35:32,480
Speaker 1: all day long here on bloomberg S and P future

654
00:35:32,520 --> 00:35:34,680
Speaker 1: is up about twelve points or three tens of upper cent.

655
00:35:35,040 --> 00:35:37,160
Speaker 1: Down futures up almost four tenths of upper center a

656
00:35:37,239 --> 00:35:39,600
Speaker 1: hundred twenty four points, and as dack futures have three

657
00:35:39,640 --> 00:35:42,120
Speaker 1: tents of upper cent or thirty two points. The decks

658
00:35:42,120 --> 00:35:44,960
Speaker 1: in Germany's up half percent. Ten year treasury down five

659
00:35:45,040 --> 00:35:47,200
Speaker 1: thirty seconds, you have three point six nine percent, and

660
00:35:47,239 --> 00:35:49,640
Speaker 1: they yield on a two year four point to seven percent.

661
00:35:50,040 --> 00:35:52,360
Speaker 1: Nimex screwed oils up two point one percent of a

662
00:35:52,400 --> 00:35:54,920
Speaker 1: dollar sixty six at seventy nine dollars thirteen cents of

663
00:35:54,960 --> 00:35:57,600
Speaker 1: barrel comics gold up six ten percent or ten dollars

664
00:35:57,719 --> 00:36:00,479
Speaker 1: ninety cents at eighteen oh six ten anounced the euro

665
00:36:00,640 --> 00:36:03,360
Speaker 1: one six one seven against the dollar, British found one

666
00:36:03,400 --> 00:36:06,719
Speaker 1: point two zero six seven, then one two point six one,

667
00:36:06,880 --> 00:36:10,320
Speaker 1: and bitcoin it's up half percent at about sixteen thousand,

668
00:36:10,440 --> 00:36:12,920
Speaker 1: nine hundred dollars. And that's a Bloomberg business flash now

669
00:36:12,960 --> 00:36:15,200
Speaker 1: here's Michael Barr with more on what's going on around

670
00:36:15,200 --> 00:36:17,759
Speaker 1: the world. Michael, Karen, thank you very much. Frigid air

671
00:36:17,880 --> 00:36:21,440
Speaker 1: making its way east across the United States, with several

672
00:36:21,560 --> 00:36:25,920
Speaker 1: states issuing blizzard warnings. Meteorologists of warning the conditions could

673
00:36:25,920 --> 00:36:29,800
Speaker 1: create bomb cyclone conditions and spots. The weather is also

674
00:36:29,920 --> 00:36:33,480
Speaker 1: caused widespread travel disruptions. The Senate passed the one point

675
00:36:33,560 --> 00:36:36,360
Speaker 1: seven trillion dollars spending bill yesterday and an effort to

676
00:36:36,800 --> 00:36:39,759
Speaker 1: stop a government shut down. The bill now heads to

677
00:36:39,840 --> 00:36:42,840
Speaker 1: the House, where it is expected to pass. In the NFL,

678
00:36:42,960 --> 00:36:46,520
Speaker 1: the Jets lost to the Jaguars three. In the NHL,

679
00:36:46,640 --> 00:36:49,600
Speaker 1: the Islanders beat the Rangers five three the Bruins one.

680
00:36:49,920 --> 00:36:53,120
Speaker 1: In the NBA, the Wizards lost. Global news twenty four

681
00:36:53,160 --> 00:36:55,960
Speaker 1: hours a day, all on air and on Bloomberg Quicktake,

682
00:36:56,200 --> 00:36:58,880
Speaker 1: powered by more than twenty seven hundred journalists and analysts

683
00:36:58,920 --> 00:37:03,000
Speaker 1: more than a hundred twenty un Michael bar This is Bloomberg, Nathan, Michael,

684
00:37:03,040 --> 00:37:05,200
Speaker 1: thank you. It is five forty two on Wall Street.

685
00:37:05,280 --> 00:37:08,959
Speaker 1: This is Bloomberg day Break. I'm Nathan Hagar alongside Karen

686
00:37:09,040 --> 00:37:12,719
Speaker 1: Moscow with some other stories making news this morning. The

687
00:37:12,760 --> 00:37:15,680
Speaker 1: State Department says Treasury. I'm sorry the State Department, says

688
00:37:15,719 --> 00:37:18,040
Speaker 1: Secretary of State Antony. I don't know why I keep

689
00:37:18,080 --> 00:37:20,160
Speaker 1: trying to say Treasury, but at any rate, Secretary of

690
00:37:20,160 --> 00:37:24,120
Speaker 1: State Antony Blincoln discussed COVID transparency in a recent call

691
00:37:24,280 --> 00:37:27,240
Speaker 1: with China's foreign minister and stress the importance of Beijing

692
00:37:27,600 --> 00:37:30,840
Speaker 1: being forthright about a growing COVID outbreak in the country.

693
00:37:31,280 --> 00:37:33,759
Speaker 1: Blancoln held the news conference yesterday running through many of

694
00:37:33,840 --> 00:37:37,440
Speaker 1: his department's accomplishments and covering continuing goals. Invest in the

695
00:37:37,480 --> 00:37:41,040
Speaker 1: foundations of our smith at Hall, aligne with our partners

696
00:37:41,080 --> 00:37:43,960
Speaker 1: and allies, compete with China so that we can defend

697
00:37:44,000 --> 00:37:47,279
Speaker 1: our interests and realize our vision for the future. And

698
00:37:47,440 --> 00:37:50,160
Speaker 1: in that call with China, Secretary of State Anthony Blincoln

699
00:37:50,200 --> 00:37:53,440
Speaker 1: also discussed the war in Ukraine. Well, we'rely gonna corporate

700
00:37:53,520 --> 00:37:56,239
Speaker 1: news now, Nathan, and it's more trouble at Tesla. The

701
00:37:56,320 --> 00:38:00,080
Speaker 1: federal government is going to investigate another accident in all

702
00:38:00,160 --> 00:38:03,120
Speaker 1: think Tesla's driver assistance programs. And we get more in

703
00:38:03,200 --> 00:38:06,040
Speaker 1: that story with Bloomberg's at Baxter, the driver at the

704
00:38:06,120 --> 00:38:08,319
Speaker 1: heart of last month's Thanksgiving pile up in the Bay

705
00:38:08,400 --> 00:38:11,960
Speaker 1: Area on the Bay Bridge is blaming Tesla's self driving software.

706
00:38:12,520 --> 00:38:15,440
Speaker 1: Nine people suffered minor injuries in an eight car collision,

707
00:38:15,719 --> 00:38:19,040
Speaker 1: which also caused major traffic glaze. The driver says his

708
00:38:19,160 --> 00:38:22,680
Speaker 1: Tesla s was engaged in full self driving mode from

709
00:38:22,800 --> 00:38:26,200
Speaker 1: software that he had just recently installed. He says the

710
00:38:26,280 --> 00:38:29,040
Speaker 1: car suddenly came to a stop, causing a chain reaction

711
00:38:29,120 --> 00:38:33,040
Speaker 1: collision in San Francisco. I'm at Baxter Bloomberg daybreak, Okay

712
00:38:33,080 --> 00:38:35,440
Speaker 1: and thanks. And there's legal trouble at another tech giant

713
00:38:35,520 --> 00:38:38,560
Speaker 1: this morning. Meta Platforms, the owner of Facebook, has agreed

714
00:38:38,600 --> 00:38:41,440
Speaker 1: to pay seven hundred twenty five million dollars. That's to

715
00:38:41,520 --> 00:38:44,880
Speaker 1: settle a long running lawsuit to claim Facebook illegally shared

716
00:38:45,040 --> 00:38:48,800
Speaker 1: user data with the research firm Cambridge Analytica. This lawsuit

717
00:38:48,880 --> 00:38:51,920
Speaker 1: dates back to eighteen had followed revelations that the UK

718
00:38:52,120 --> 00:38:55,920
Speaker 1: research from tied to former President Donald Trump's seen campaign,

719
00:38:56,280 --> 00:38:59,200
Speaker 1: gained access to Facebook data on as many as eighty

720
00:38:59,320 --> 00:39:03,080
Speaker 1: seven million subscribers. Well with video games are probably on

721
00:39:03,200 --> 00:39:06,960
Speaker 1: the top of most people's minds, considering it's a holiday

722
00:39:07,040 --> 00:39:11,440
Speaker 1: season of ours to oh my gosh, the same n

723
00:39:11,480 --> 00:39:14,800
Speaker 1: b A, you name it, well, Microsoft, you might be

724
00:39:14,880 --> 00:39:17,799
Speaker 1: interested in this then, Microsoft is fighting back against allegations

725
00:39:17,840 --> 00:39:20,560
Speaker 1: from the FTC that it's proposed sixty nine billion dollar

726
00:39:20,600 --> 00:39:24,640
Speaker 1: acquisition of Activision with harm competition in the video game industry,

727
00:39:24,960 --> 00:39:27,719
Speaker 1: and a filing with the FDC yesterday. Microsoft said the

728
00:39:27,800 --> 00:39:30,840
Speaker 1: tie up would create more choices for gamers and game developers.

729
00:39:31,080 --> 00:39:33,640
Speaker 1: The FDC earlier this month voted to suit to block

730
00:39:33,719 --> 00:39:37,040
Speaker 1: the merger between the Xbox Maker and Activision Blizzard, which

731
00:39:37,120 --> 00:39:40,600
Speaker 1: produces popular video games including Call of Duty. We'll have

732
00:39:40,680 --> 00:39:43,279
Speaker 1: to get our kids together to play against each other, Nathan. Yeah,

733
00:39:43,400 --> 00:39:45,279
Speaker 1: they're definitely not gonna be playing with me. I'm still

734
00:39:45,320 --> 00:39:48,719
Speaker 1: stuck on Wortle and I still miss Super Mario Brothers. Oh,

735
00:39:48,840 --> 00:39:51,080
Speaker 1: I love Super Mario. I'm right there with you. Yeah.

736
00:39:51,160 --> 00:39:54,120
Speaker 1: Maybe they'll put one of those uh classic Eddie s

737
00:39:54,280 --> 00:39:55,880
Speaker 1: s under my tree this year. But we got to

738
00:39:55,880 --> 00:39:59,719
Speaker 1: get back to Tesla this morning as well. The EV

739
00:40:00,000 --> 00:40:05,480
Speaker 1: shares EV car makers shares are on the rise this morning. Uh.

740
00:40:05,640 --> 00:40:09,560
Speaker 1: That's after that promise from CEO Elon Musk that he's

741
00:40:09,600 --> 00:40:13,640
Speaker 1: gonna stop selling his shares for at least, in his words,

742
00:40:13,760 --> 00:40:16,960
Speaker 1: the next eighteen to twenty four months. Let's bring in

743
00:40:17,000 --> 00:40:20,520
Speaker 1: alex Web are Bloomberg Quick Take correspondent, go to guy

744
00:40:21,120 --> 00:40:23,239
Speaker 1: at least these days when it comes to Elon Musk

745
00:40:23,320 --> 00:40:25,560
Speaker 1: and Tesla, and nice to talk with you again. Alex

746
00:40:25,800 --> 00:40:29,160
Speaker 1: Um is Elon Musk finally getting on board the idea

747
00:40:29,280 --> 00:40:34,960
Speaker 1: that you buy low and sell high. I mean, it's

748
00:40:35,000 --> 00:40:37,560
Speaker 1: hard to know what what what is driving any of

749
00:40:37,680 --> 00:40:40,160
Speaker 1: his decision making it times beyond. You know, when he

750
00:40:40,239 --> 00:40:42,080
Speaker 1: was selling, it was clear that he had a need

751
00:40:42,160 --> 00:40:45,280
Speaker 1: for capital. He says that he's not going to sell

752
00:40:45,480 --> 00:40:48,919
Speaker 1: any more for now, but stuff changes in the course

753
00:40:48,960 --> 00:40:53,319
Speaker 1: of next year. Then I wouldn't put it past him.

754
00:40:53,320 --> 00:40:55,560
Speaker 1: Still decided to sell some more. He at every junk

755
00:40:55,600 --> 00:40:58,080
Speaker 1: shore when he's sold, I think almost every junk train

756
00:40:58,120 --> 00:41:00,799
Speaker 1: area when he has sold down his as mistake, he said,

757
00:41:00,920 --> 00:41:03,239
Speaker 1: that's it. That's it, Like this time, definitely, that's it.

758
00:41:03,400 --> 00:41:07,600
Speaker 1: You know. So he has covered essentially much the cost

759
00:41:07,680 --> 00:41:13,160
Speaker 1: of his Twitter acquisition. Twitter has capital requirements. It's probably

760
00:41:13,200 --> 00:41:16,399
Speaker 1: covered them for a while. Next year and of next year,

761
00:41:17,360 --> 00:41:19,759
Speaker 1: who knows. He says he won't be sold, but yeah,

762
00:41:20,000 --> 00:41:23,239
Speaker 1: until he does. Yeah, in the meantime, I mean, we've

763
00:41:23,280 --> 00:41:25,919
Speaker 1: seen the plummet in Tesla shares this year, and we've

764
00:41:26,000 --> 00:41:31,000
Speaker 1: heard the pretty scathing commentary from people with or at

765
00:41:31,080 --> 00:41:33,800
Speaker 1: least want to get board seats on Tesla, likes of

766
00:41:34,040 --> 00:41:37,000
Speaker 1: ros Gerbert Gerber Kawasaki, and then this, Uh, I don't

767
00:41:37,000 --> 00:41:38,520
Speaker 1: know if you saw this note from Dan Ives at

768
00:41:38,560 --> 00:41:41,520
Speaker 1: web Bush overnight. He's been bullish on Tesla, and I

769
00:41:41,560 --> 00:41:43,920
Speaker 1: guess still is. He's still saying it's gonna outperform, but

770
00:41:44,000 --> 00:41:47,400
Speaker 1: he's lowered his price target and says Tesla needs a leader,

771
00:41:48,000 --> 00:41:52,040
Speaker 1: not a Ted Striker. Uh. Setting aside the eighties reference,

772
00:41:52,520 --> 00:41:55,239
Speaker 1: is this airplane crashing when it comes to Elon Musk's

773
00:41:55,320 --> 00:41:57,640
Speaker 1: leadership at Tesla. I mean if when you see Dan

774
00:41:57,719 --> 00:42:01,560
Speaker 1: Ives being more critical about so that certainly says Rosscoeber

775
00:42:01,600 --> 00:42:04,400
Speaker 1: of course colossal Tesla bull that both those guys now

776
00:42:04,480 --> 00:42:07,840
Speaker 1: seem to be turning again against Master. That is something

777
00:42:08,080 --> 00:42:11,840
Speaker 1: certainly to write home about. I think that you know,

778
00:42:12,040 --> 00:42:15,000
Speaker 1: ultimately he's a He's someone who was already the CEO

779
00:42:15,560 --> 00:42:22,320
Speaker 1: of several companies Twitter. You know, the even given the

780
00:42:22,560 --> 00:42:25,560
Speaker 1: overvaluation in terms of what he paid for Twitter is

781
00:42:25,600 --> 00:42:27,840
Speaker 1: a company with less than ten percent of the market

782
00:42:27,920 --> 00:42:32,759
Speaker 1: cap of a significantly depressed Tesla stock. I think if

783
00:42:32,800 --> 00:42:35,600
Speaker 1: you're a Tesla investor. You are understandably concerned about the

784
00:42:35,640 --> 00:42:38,200
Speaker 1: amount of time that Musk is spending at Twitter. And

785
00:42:38,239 --> 00:42:39,320
Speaker 1: then you add on top of that, you know a

786
00:42:39,400 --> 00:42:41,919
Speaker 1: lot of these comments about whether he's going to sell

787
00:42:41,960 --> 00:42:43,800
Speaker 1: Tessa sort they came in a Twitter space that that

788
00:42:44,000 --> 00:42:47,279
Speaker 1: Elon must joined late yesterday. Well, he spent an hour

789
00:42:47,360 --> 00:42:49,120
Speaker 1: on that Twitter space. He was on a Twitter space

790
00:42:49,160 --> 00:42:52,319
Speaker 1: that I heard the day before about six am UK time,

791
00:42:52,400 --> 00:42:54,480
Speaker 1: so it was quite late into the evening on the

792
00:42:54,560 --> 00:42:57,080
Speaker 1: West coast. You know, if he's spending an hour a

793
00:42:57,160 --> 00:43:00,440
Speaker 1: day joining Twitter spaces, that's an hour day he's not

794
00:43:00,480 --> 00:43:04,319
Speaker 1: spending on either running Tesla or Twitter. You know, there

795
00:43:04,360 --> 00:43:07,960
Speaker 1: are some massive questions about his time management given the

796
00:43:08,080 --> 00:43:12,200
Speaker 1: now almost half dozen companies, of which is the CEO. Yeah,

797
00:43:12,239 --> 00:43:14,520
Speaker 1: at one point that Elon Musk has made on his

798
00:43:14,640 --> 00:43:18,000
Speaker 1: Twitter feed when it comes to the trajectory for Tesla stock,

799
00:43:18,080 --> 00:43:20,399
Speaker 1: he's been putting some of the blame on the FED

800
00:43:20,640 --> 00:43:23,080
Speaker 1: higher interest rates and the way that that puts on

801
00:43:23,239 --> 00:43:26,760
Speaker 1: tech stocks. Is that part of the story here for Tesla,

802
00:43:26,960 --> 00:43:32,680
Speaker 1: the the central bank policy story? I mean, yes, certainly,

803
00:43:32,719 --> 00:43:34,840
Speaker 1: it is certainly part of the story. It is absolutely

804
00:43:34,880 --> 00:43:38,480
Speaker 1: not the whole story, you know, Tesla was, by a

805
00:43:38,600 --> 00:43:44,480
Speaker 1: lot of estimation significantly overvalued. You know, even now it

806
00:43:44,640 --> 00:43:49,279
Speaker 1: trades at something in the twenty something times multiple in

807
00:43:49,440 --> 00:43:52,320
Speaker 1: terms of forward earnings. You compare that to other car makers,

808
00:43:52,360 --> 00:43:55,960
Speaker 1: you typically traded around five to six times forward earnings.

809
00:43:56,160 --> 00:43:59,600
Speaker 1: And you know, Tesla might have some some you know,

810
00:44:00,320 --> 00:44:04,879
Speaker 1: some good software, some you know, very good electric technology,

811
00:44:05,080 --> 00:44:08,840
Speaker 1: but ultimately it's a car maker, and the underlying economics

812
00:44:08,880 --> 00:44:11,160
Speaker 1: of that are the same as they are for other

813
00:44:11,239 --> 00:44:14,600
Speaker 1: luxury car makers such as BMW or PORTION. So um,

814
00:44:14,880 --> 00:44:20,520
Speaker 1: you know, he has exacerbated what has um been a

815
00:44:20,560 --> 00:44:23,480
Speaker 1: consequence of rising interest rates by the way that he

816
00:44:23,600 --> 00:44:26,160
Speaker 1: has managed and frankly in recent months appears to have

817
00:44:26,320 --> 00:44:29,560
Speaker 1: maybe mismanaged the company. Well, we'll see whether he holds

818
00:44:29,600 --> 00:44:32,360
Speaker 1: true to that word about eighteen to twenty four months

819
00:44:32,440 --> 00:44:35,480
Speaker 1: at least not moving Tesla stuck on his own with

820
00:44:36,040 --> 00:44:39,839
Speaker 1: even more share sales. As always, Alex, great to get

821
00:44:39,880 --> 00:44:43,080
Speaker 1: your take on what's happening in Tesla's the The saga

822
00:44:43,160 --> 00:44:46,040
Speaker 1: really does continue, Alex web Bloomberg quick take correspondent with

823
00:44:46,120 --> 00:44:48,880
Speaker 1: us this morning and looking at Tesla shares in the

824
00:44:48,960 --> 00:44:53,920
Speaker 1: pre market, they are higher by nearly two percent, futures

825
00:44:53,960 --> 00:44:56,480
Speaker 1: are moving higher as well, kind of building on their

826
00:44:56,600 --> 00:45:03,279
Speaker 1: gains this Friday before Christmas. This is Bloomberg Markets headlines

827
00:45:03,360 --> 00:45:06,320
Speaker 1: and breaking news twenty four hours a day at Bloomberg

828
00:45:06,400 --> 00:45:09,800
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Tape.

829
00:45:10,000 --> 00:45:19,560
Speaker 1: This is a Bloomburn business flash. I'm Karen Moscow futures

830
00:45:19,600 --> 00:45:22,839
Speaker 1: are higher this morning. SMP futures up fourteen points. You're

831
00:45:22,880 --> 00:45:24,719
Speaker 1: up a third of up percent. AW future is up

832
00:45:24,719 --> 00:45:26,720
Speaker 1: a third of percent or a hundred twenty six points,

833
00:45:26,719 --> 00:45:29,720
Speaker 1: and NASDACK futures up four tens of uppercent or forty

834
00:45:29,760 --> 00:45:32,680
Speaker 1: four points. The decks in Germany's a half percent ten

835
00:45:32,760 --> 00:45:35,160
Speaker 1: year treasury down five thirty seconds, held three point six

836
00:45:35,280 --> 00:45:37,359
Speaker 1: nine percent. They yield on the two year four point

837
00:45:37,440 --> 00:45:40,640
Speaker 1: to seven percent. Nine excret oil is up two percent,

838
00:45:40,760 --> 00:45:42,879
Speaker 1: up a dollar fifty five at seventy nine dollars four

839
00:45:42,920 --> 00:45:45,480
Speaker 1: cents of Barrel. Comic School is at six ten percent

840
00:45:45,600 --> 00:45:48,360
Speaker 1: or ten dollars ninety cents at eighteen o six twenty announced.

841
00:45:48,640 --> 00:45:51,359
Speaker 1: The euro one point six one seven against the dollar,

842
00:45:51,400 --> 00:45:53,840
Speaker 1: British pound one point two zero seven two and the

843
00:45:54,000 --> 00:45:56,640
Speaker 1: end one thirty two point six too and bitcoin is

844
00:45:56,719 --> 00:45:59,760
Speaker 1: up four ten percent at about sixteen thousand, eight hundred

845
00:46:00,080 --> 00:46:03,360
Speaker 1: d dollars. And that's a Bloomberg Business Flash. Nathan Hagar,

846
00:46:03,760 --> 00:46:06,040
Speaker 1: Karen Moscow, thank you so much. At is five fifty

847
00:46:06,120 --> 00:46:08,200
Speaker 1: six on Wall Street, and it's time for our daily

848
00:46:08,239 --> 00:46:11,560
Speaker 1: Bloomberg Law Brief, exploring legal issues in the news, and

849
00:46:11,640 --> 00:46:14,200
Speaker 1: we keep our focus on Elon Musk this morning, who's

850
00:46:14,239 --> 00:46:16,600
Speaker 1: been at the helm of Twitter for just a couple

851
00:46:16,640 --> 00:46:20,680
Speaker 1: of months now, but piled on controversy after controversy during

852
00:46:20,880 --> 00:46:25,760
Speaker 1: that short tenure. Lately, it's been suspending journalists for questionable reasons.

853
00:46:26,120 --> 00:46:28,840
Speaker 1: This week, after his own Twitter poll showed almost fifty

854
00:46:28,840 --> 00:46:32,200
Speaker 1: eight percent of respondents wanted him to step down, Elon

855
00:46:32,280 --> 00:46:35,560
Speaker 1: Musk says he will find someone else to run the

856
00:46:35,640 --> 00:46:38,560
Speaker 1: social media company. For more, Bloomberg's June Grosso speaks with

857
00:46:38,640 --> 00:46:42,480
Speaker 1: Columbia Law School professor Eric Tally. Musk plans to resign

858
00:46:42,560 --> 00:46:45,839
Speaker 1: as CEO as soon as I find someone foolish enough

859
00:46:45,920 --> 00:46:48,480
Speaker 1: to take the job. Who would be foolish enough to

860
00:46:48,560 --> 00:46:51,000
Speaker 1: take the job when they'll be CEO in name only.

861
00:46:51,640 --> 00:46:54,680
Speaker 1: It's an interesting job advertisement, to be sure, I think

862
00:46:54,719 --> 00:46:56,759
Speaker 1: we have the one person who is foolish enough to

863
00:46:56,840 --> 00:46:59,359
Speaker 1: take the job in that elon Buck, but it makes

864
00:46:59,400 --> 00:47:02,200
Speaker 1: it even hard. Or when he said, yes, I'm gonna

865
00:47:02,280 --> 00:47:05,239
Speaker 1: find a CEO, but I'm still going to be in

866
00:47:05,440 --> 00:47:09,520
Speaker 1: charge of a subsidiary part of Twitter. So how does

867
00:47:09,560 --> 00:47:13,600
Speaker 1: that CEO even operate when you're controlling shareholder is also

868
00:47:13,800 --> 00:47:17,640
Speaker 1: running one of your division. Can the CEO discipline Mr

869
00:47:17,760 --> 00:47:20,560
Speaker 1: Bosk for failure to perform? It's it's a very very

870
00:47:20,719 --> 00:47:25,000
Speaker 1: precarious situation. You know, Managing Twitter is already a pretty

871
00:47:25,080 --> 00:47:28,520
Speaker 1: big ask. Managing it when you are the boss to

872
00:47:28,600 --> 00:47:30,520
Speaker 1: the person who is your boss is going to be

873
00:47:30,760 --> 00:47:33,160
Speaker 1: an even bigger lift. So for the extent that he

874
00:47:33,239 --> 00:47:37,120
Speaker 1: does find takers, they are largely going to be sort

875
00:47:37,160 --> 00:47:40,800
Speaker 1: of lieutenant to him. That's quite frankly doesn't help with

876
00:47:40,960 --> 00:47:43,480
Speaker 1: some of the other challenges that Mr Bosk is facing,

877
00:47:43,560 --> 00:47:47,440
Speaker 1: particularly from his shareholders and investors at other companies and

878
00:47:47,600 --> 00:47:50,879
Speaker 1: notably Tesla. Here, you know, they have become much more

879
00:47:51,160 --> 00:47:56,640
Speaker 1: audibly uppity about you know, his travails over at Twitter. Uh,

880
00:47:56,800 --> 00:48:00,920
Speaker 1: and whether that that entire enterprises not only to astracting him,

881
00:48:01,000 --> 00:48:03,759
Speaker 1: but may also be you know, sort of contrary to

882
00:48:03,880 --> 00:48:07,440
Speaker 1: the better interests of Tesla in terms of developing its

883
00:48:07,520 --> 00:48:11,280
Speaker 1: markets and make sure its products are reliable and coming

884
00:48:11,360 --> 00:48:14,359
Speaker 1: off the production line, you know, heading into a very

885
00:48:14,520 --> 00:48:19,120
Speaker 1: very challenging period of time, and some have urged the

886
00:48:19,320 --> 00:48:23,040
Speaker 1: board to replace must But is that board ever going

887
00:48:23,120 --> 00:48:26,719
Speaker 1: to do anything like that. Possibly it would be quite

888
00:48:26,800 --> 00:48:29,759
Speaker 1: a challenge to do so, given what a central role

889
00:48:29,920 --> 00:48:34,040
Speaker 1: he has and continues to play at Tesla. It's important

890
00:48:34,080 --> 00:48:37,160
Speaker 1: to realize that that Mr mu compared to Twitter, Mr Muskie,

891
00:48:37,239 --> 00:48:41,840
Speaker 1: is only about shareholder at Tesla, and that's declining, you know,

892
00:48:41,920 --> 00:48:44,239
Speaker 1: every time I pick up the newspaper, So he's you know,

893
00:48:44,360 --> 00:48:47,600
Speaker 1: selling off more and more shares of Tesla. So it's

894
00:48:47,640 --> 00:48:51,440
Speaker 1: not completely out of the realm of possibility. On that

895
00:48:51,640 --> 00:48:55,240
Speaker 1: score as well, it's probably worth noting that Senator Warren

896
00:48:55,320 --> 00:48:57,600
Speaker 1: herself has come out of the chick the tires not

897
00:48:57,840 --> 00:49:02,240
Speaker 1: on musk stewardship of Twitter, but on whether he's breaching

898
00:49:02,440 --> 00:49:06,040
Speaker 1: his duties to Tesla and Testla's shareholders. On some level,

899
00:49:06,400 --> 00:49:09,600
Speaker 1: it speaks to the complexity of the situation that he's in.

900
00:49:09,920 --> 00:49:12,960
Speaker 1: You know, when you are so heavily connected to two

901
00:49:13,040 --> 00:49:15,800
Speaker 1: companies that are not in the same industry that maybe

902
00:49:15,920 --> 00:49:18,759
Speaker 1: in some cases working a cross purposes, it's going to

903
00:49:18,840 --> 00:49:21,879
Speaker 1: be hard to stay out of regulator site. And that's

904
00:49:21,920 --> 00:49:25,840
Speaker 1: Columbia Law School professor Eric Tally speaking with Bloomberg's June Grosso.

905
00:49:25,960 --> 00:49:28,400
Speaker 1: You can catch more of that interview plus analysis of

906
00:49:28,440 --> 00:49:30,920
Speaker 1: the latest legal news by subscribing to the Bloomberg Law

907
00:49:31,040 --> 00:49:35,320
Speaker 1: Podcast or downloading the show at Bloomberg dot com, Slash podcasts,

908
00:49:35,400 --> 00:49:38,480
Speaker 1: and attorneys can find exceptional legal research and business development

909
00:49:38,520 --> 00:49:41,720
Speaker 1: tools at Bloomberg Law dot com and on the Bloomberg terminal.

910
00:49:41,960 --> 00:49:44,520
Speaker 1: At blog Go, we have a check of the business headlines,

911
00:49:44,560 --> 00:49:46,160
Speaker 1: all the news you need to start your day on

912
00:49:46,239 --> 00:49:49,480
Speaker 1: our two of Bloomberg Daybreak that starts right now.