1 00:00:01,320 --> 00:00:04,560 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:04,640 --> 00:00:09,080 Speaker 1: Daybreak for Monday, October two. Coming up, the shower stocks 3 00:00:09,119 --> 00:00:12,799 Speaker 1: in Asia tumble as China's Jan Pain stacks his leadership 4 00:00:12,880 --> 00:00:16,480 Speaker 1: ranks with loyalists Rishi Sunac moves closer to becoming UK's 5 00:00:16,600 --> 00:00:19,560 Speaker 1: next prime minister. UK Bond's rally on the Hope Sport, 6 00:00:19,560 --> 00:00:22,520 Speaker 1: fiscal responsibility from Sunac, and a big week for earnings 7 00:00:22,560 --> 00:00:26,200 Speaker 1: of Apple, Amazon, and Microsoft, all reporting New York had 8 00:00:26,239 --> 00:00:29,400 Speaker 1: sixty two million dollars to make the city subway system safer. 9 00:00:29,520 --> 00:00:32,600 Speaker 1: Plus Ukraine denies Russia's warning of a dirty bomb from Key. 10 00:00:32,800 --> 00:00:35,720 Speaker 1: I'm Michael Barne. More ahead, I'm John Stashower And sports. 11 00:00:35,760 --> 00:00:38,760 Speaker 1: The Yankee season is overswept by the Astros. They'll play 12 00:00:38,800 --> 00:00:41,239 Speaker 1: the Phillies of the World Series. The Jets of Giants 13 00:00:41,360 --> 00:00:47,280 Speaker 1: keep winning. That's all's trendy. Head on Bloomberg Daybreak on 14 00:00:47,400 --> 00:00:51,520 Speaker 1: Bloomberg e Living Free on New York, Bloomberg one, Washington, 15 00:00:51,640 --> 00:00:55,240 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:55,320 --> 00:00:59,560 Speaker 1: sixties and Francisco Sirius x M one nineteen and around 17 00:00:59,560 --> 00:01:03,000 Speaker 1: the world. The Bloomberg Radio dot Com and the Bloomberg 18 00:01:03,040 --> 00:01:10,080 Speaker 1: business side. Good Monday morning. I'm Amy Morris and I'm Karen. 19 00:01:10,160 --> 00:01:13,640 Speaker 1: Moscow and US Dock Index futures are raised earlier declines. 20 00:01:13,840 --> 00:01:15,920 Speaker 1: It is coming up to six one on Wall Street 21 00:01:15,959 --> 00:01:17,800 Speaker 1: and we check the markets every fifteen minutes in while 22 00:01:17,840 --> 00:01:19,920 Speaker 1: the trading day on Bloomberg right now, S and P 23 00:01:20,120 --> 00:01:23,039 Speaker 1: futures are up four points, now futures up thirty eight 24 00:01:23,120 --> 00:01:26,000 Speaker 1: and nastay futures are up almost three. The decks in 25 00:01:26,080 --> 00:01:28,360 Speaker 1: Germany is up one point one percent and a ten 26 00:01:28,440 --> 00:01:31,000 Speaker 1: year treasury up eleven thirty seconds. He had four point 27 00:01:31,080 --> 00:01:33,720 Speaker 1: one seven percent and they yelled on the two year 28 00:01:33,840 --> 00:01:37,720 Speaker 1: four point four six percent, Amy Karen. Stocks are coming 29 00:01:37,760 --> 00:01:41,320 Speaker 1: off their best week since June. US Central bankers say 30 00:01:41,360 --> 00:01:44,520 Speaker 1: the next phase in their campaign to curb inflation will 31 00:01:44,520 --> 00:01:46,600 Speaker 1: be a debate on how high to raise rates and 32 00:01:46,680 --> 00:01:49,760 Speaker 1: when to slow the pace if increases. Lamar Villery, a 33 00:01:49,880 --> 00:01:53,120 Speaker 1: partner and portfolio manager at Fillery and Company, says a 34 00:01:53,200 --> 00:01:56,160 Speaker 1: FED pivot is key for sentiment. It just would kind 35 00:01:56,160 --> 00:01:59,400 Speaker 1: of give everybody, I think, a sense of confidence that 36 00:02:00,080 --> 00:02:03,800 Speaker 1: you know, we're out of this uber hike environment and 37 00:02:04,040 --> 00:02:06,960 Speaker 1: potentially you know, yeah, if if you know if we 38 00:02:07,000 --> 00:02:09,799 Speaker 1: get in placed under control and then the economy slows down, 39 00:02:10,200 --> 00:02:14,240 Speaker 1: potentially you could see some rate cuts next year. Lamar 40 00:02:14,360 --> 00:02:16,799 Speaker 1: Villery at Billary and Company says there's even a chance 41 00:02:16,880 --> 00:02:20,440 Speaker 1: the Fed does not raise rates in December. Well, outside 42 00:02:20,440 --> 00:02:22,560 Speaker 1: of the fan amy, the focus this week is mainly 43 00:02:22,639 --> 00:02:25,000 Speaker 1: on earning, So you're gonna slew a big tech companies 44 00:02:25,040 --> 00:02:28,000 Speaker 1: reporting and here with the preview as Bloomberg's Charlie Pellett, 45 00:02:28,320 --> 00:02:30,519 Speaker 1: it's a huge week because we hear from names that 46 00:02:30,560 --> 00:02:35,359 Speaker 1: will include Apple, Alphabet, Microsoft, Metal Platforms, Amazon and until 47 00:02:35,600 --> 00:02:38,760 Speaker 1: Dan ives Is with web Bush Securities, and it's most 48 00:02:38,800 --> 00:02:42,400 Speaker 1: important tech earnings teasing potentially in the last two years 49 00:02:42,680 --> 00:02:45,720 Speaker 1: because of what's happened overall demand store in terms of 50 00:02:45,760 --> 00:02:49,160 Speaker 1: the macro, tech needs to prove that the resilience is 51 00:02:49,200 --> 00:02:51,760 Speaker 1: there and not just tech this week, other big names 52 00:02:51,840 --> 00:02:55,640 Speaker 1: include ex On Mobile, three, m Ford, Boeing, and Coca Cola, 53 00:02:55,919 --> 00:02:59,760 Speaker 1: among many many others in New York. Charlie Pellet Bloomberg 54 00:02:59,800 --> 00:03:02,400 Speaker 1: Tape break, Thank you Charlie and Asia. Over the weekend, 55 00:03:02,440 --> 00:03:05,239 Speaker 1: it was all about politics. President Ji jin Ping started 56 00:03:05,280 --> 00:03:09,000 Speaker 1: his third term by stacking China's most powerful body with 57 00:03:09,200 --> 00:03:12,480 Speaker 1: his allies. The move gives him unfettered control over the 58 00:03:12,560 --> 00:03:16,600 Speaker 1: world's second largest economy. Speaking to the party's gathering on Sunday, 59 00:03:16,919 --> 00:03:20,320 Speaker 1: she committed to reforming and opening up the economy. Here 60 00:03:20,360 --> 00:03:25,800 Speaker 1: he is speaking through an interpreter. China's economy has great resilience, 61 00:03:25,919 --> 00:03:29,720 Speaker 1: potential and latitude. It's strong fundamentals will not change and 62 00:03:29,800 --> 00:03:32,720 Speaker 1: it will remain on a positive trajectory over the long run. 63 00:03:33,240 --> 00:03:36,040 Speaker 1: China will open its doors ever wider. We will step 64 00:03:36,160 --> 00:03:39,280 Speaker 1: fast over deepening reform and opening up across the board. 65 00:03:39,680 --> 00:03:42,480 Speaker 1: Marcuts did not react favorably to Si jin Ping's move 66 00:03:42,560 --> 00:03:46,200 Speaker 1: to stackers leadership ranks to the loyalists. China's currency weekend 67 00:03:46,280 --> 00:03:48,720 Speaker 1: in the country's stocks tumble to the lowest level since 68 00:03:48,760 --> 00:03:51,760 Speaker 1: two thousand and eight. Bloombery Daybreak Asia anchor Brian Curtis 69 00:03:51,840 --> 00:03:54,480 Speaker 1: has more from Hong Kong. It's a sharp rebuke to 70 00:03:54,600 --> 00:03:58,080 Speaker 1: one man rule, a break from collective leadership over the 71 00:03:58,160 --> 00:04:01,760 Speaker 1: past many decades. In the more policies staked on COVID 72 00:04:01,880 --> 00:04:06,040 Speaker 1: zero and state owned enterprises Alibaba, dot Com and ten 73 00:04:06,200 --> 00:04:09,680 Speaker 1: Cent all down eight to twelve percent during the session. Meantime, 74 00:04:09,760 --> 00:04:12,680 Speaker 1: China's long delayed data showed mixed recovery in the third 75 00:04:12,760 --> 00:04:16,920 Speaker 1: quarter on employment rows and retail sales weakened. In September 76 00:04:17,320 --> 00:04:20,480 Speaker 1: third quarters GDP up three point nine percent, better than 77 00:04:20,560 --> 00:04:23,760 Speaker 1: the three point three percent estimate in Hong Kong. Brian 78 00:04:23,839 --> 00:04:27,479 Speaker 1: Curtis Bloomberg debre thanks Brian staying in Asia now. Former 79 00:04:27,560 --> 00:04:31,320 Speaker 1: Treasury Secretary Larry Summers is weighing in on policy in Japan. 80 00:04:31,880 --> 00:04:35,080 Speaker 1: He's watching financial developments out of Tokyo given the potential 81 00:04:35,160 --> 00:04:39,200 Speaker 1: for difficulties if the country abandons its pegged bond heeled policy. 82 00:04:39,520 --> 00:04:42,799 Speaker 1: There's been a lot of borrowing money UH in Japan 83 00:04:43,000 --> 00:04:46,320 Speaker 1: to finance things all over the world, and so if 84 00:04:46,400 --> 00:04:50,920 Speaker 1: Japanese interest rates start to change, that could be a 85 00:04:50,960 --> 00:04:54,640 Speaker 1: pretty big deal. Former Treasury Secretary Lawrence Summers made those 86 00:04:54,680 --> 00:04:57,800 Speaker 1: comments on Bloomberg's Wall Street Week Catch the program every 87 00:04:57,839 --> 00:05:01,760 Speaker 1: week Fridays at six pm Eastern on Bloomberg Radio and television. 88 00:05:02,040 --> 00:05:04,280 Speaker 1: Well in Europe this morning, aiming the political action is 89 00:05:04,320 --> 00:05:07,200 Speaker 1: still front and center. Rishi Sunac has taken a big 90 00:05:07,240 --> 00:05:09,600 Speaker 1: step to her becoming the next Prime Minister of the UK, 91 00:05:09,920 --> 00:05:11,520 Speaker 1: and we go to London and get the leadersh of 92 00:05:11,560 --> 00:05:14,479 Speaker 1: Bloomberg's un parts good morning you, and good morning Karen 93 00:05:14,480 --> 00:05:16,760 Speaker 1: and Amy. We should know the name of Britain's next 94 00:05:16,800 --> 00:05:20,880 Speaker 1: prime minister later today. Former Chancellor Rishi Sunac is the 95 00:05:20,960 --> 00:05:24,080 Speaker 1: clear favorite to take over as the country's fifth leader 96 00:05:24,400 --> 00:05:27,679 Speaker 1: in less than seven years. His only remaining opponent, Penny 97 00:05:27,720 --> 00:05:30,360 Speaker 1: more Than, is yet to get the one endorsements from 98 00:05:30,440 --> 00:05:34,200 Speaker 1: lawmakers need to make the final runoff. Boris Johnson, who 99 00:05:34,240 --> 00:05:36,440 Speaker 1: cut shorts his holiday in the Caribbean to fly back 100 00:05:36,440 --> 00:05:39,200 Speaker 1: to the UK now, says it's not the right time 101 00:05:39,480 --> 00:05:41,960 Speaker 1: to enter the race in London. I'm you and pots, 102 00:05:42,080 --> 00:05:44,760 Speaker 1: but make daybreak. Thanks you, and oil is lower to 103 00:05:44,880 --> 00:05:47,440 Speaker 1: begin the week right now now, Amex crude is down 104 00:05:47,520 --> 00:05:50,480 Speaker 1: one and a half percent. President Biden's top energy advisor, 105 00:05:50,520 --> 00:05:54,400 Speaker 1: Amos hostein taking aim at OPEC, saying OPEC's recent output 106 00:05:54,480 --> 00:05:57,720 Speaker 1: cut was a largely political move. Nobody can argue that 107 00:05:57,800 --> 00:06:00,520 Speaker 1: it was warranted for any economic reason. Did and even 108 00:06:00,520 --> 00:06:02,800 Speaker 1: open when they announced two million and then they say, well, 109 00:06:02,960 --> 00:06:05,520 Speaker 1: we're not actually gonna cut two million, We're just gonna 110 00:06:05,600 --> 00:06:07,799 Speaker 1: cut nine hundred, And then you look a little deeper 111 00:06:08,240 --> 00:06:10,599 Speaker 1: and it's really just about five hundred. So the impact 112 00:06:10,640 --> 00:06:12,599 Speaker 1: on the market is not going to be as significant. 113 00:06:13,120 --> 00:06:15,640 Speaker 1: Uh So this was more of a big political statement. 114 00:06:15,880 --> 00:06:18,520 Speaker 1: It was Oxeen making those comments on CBS Space the 115 00:06:18,600 --> 00:06:22,680 Speaker 1: Nation catch that program every Sunday on Bloomberg Radio. Well, 116 00:06:22,800 --> 00:06:26,000 Speaker 1: speaking of political moves, here, Amy that January six hearings 117 00:06:26,040 --> 00:06:28,680 Speaker 1: like Capitol Hill are back in focus. Co chair of 118 00:06:28,720 --> 00:06:31,600 Speaker 1: the January six committee, List Cheney says Donald Trump will 119 00:06:31,760 --> 00:06:34,920 Speaker 1: not be allowed to testify live on television before the committee. 120 00:06:35,080 --> 00:06:38,239 Speaker 1: On Bloomberg and Baxter has that story, Jenney says Donald 121 00:06:38,240 --> 00:06:41,040 Speaker 1: Trump will not be allowed to turn any testimony before 122 00:06:41,080 --> 00:06:43,080 Speaker 1: the committee into a circus. This isn't going to be, 123 00:06:43,600 --> 00:06:46,240 Speaker 1: you know, his first debate against Joe Biden and the 124 00:06:46,320 --> 00:06:48,360 Speaker 1: circus and the food fight that that became this. This 125 00:06:48,560 --> 00:06:52,080 Speaker 1: is far too serious set of issues, and we've made 126 00:06:52,160 --> 00:06:56,920 Speaker 1: clear exactly what his obligations are. Training on NBC has 127 00:06:56,960 --> 00:06:59,840 Speaker 1: heard on Bloomberg says a level of discipline and vigor 128 00:07:00,200 --> 00:07:03,520 Speaker 1: that the herring deserves will be observed in San Francisco, 129 00:07:03,560 --> 00:07:06,640 Speaker 1: I'm at Baxter Bloomberg Daybreak. Thanks Ad. Bloomberg Daybreak is 130 00:07:06,680 --> 00:07:09,080 Speaker 1: brought to you by b and Y Melon's Pershing Or 131 00:07:09,200 --> 00:07:12,240 Speaker 1: learn why the world's most sophisticated wealth management and institutional 132 00:07:12,320 --> 00:07:15,840 Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency, 133 00:07:16,000 --> 00:07:23,280 Speaker 1: attract talent, and manage risk at Pershing dot com six 134 00:07:23,400 --> 00:07:25,600 Speaker 1: or seven on Wall Street. Let's bring in Michael bar 135 00:07:25,680 --> 00:07:27,360 Speaker 1: to find out what else is going on in New 136 00:07:27,440 --> 00:07:29,800 Speaker 1: York in a round the world. Thank you very much, Amy. 137 00:07:29,880 --> 00:07:33,200 Speaker 1: New York Governor Kathy Hokel and Mayor Eric Adams say 138 00:07:33,280 --> 00:07:36,480 Speaker 1: they will bolster spending on the city's subway system. They 139 00:07:36,560 --> 00:07:39,280 Speaker 1: plan to add sixty two million dollars to deploy more 140 00:07:39,360 --> 00:07:43,320 Speaker 1: police officers and removing severely mentally ill homeless people amid 141 00:07:43,360 --> 00:07:46,560 Speaker 1: a series of high profile killings and other crimes on 142 00:07:46,680 --> 00:07:50,800 Speaker 1: the transit system. Hocal and Adams acknowledge that writers continue 143 00:07:50,800 --> 00:07:53,760 Speaker 1: to feel threatened using the largest mass transit system in 144 00:07:53,800 --> 00:07:57,520 Speaker 1: the US. In one recent attack, the NYPD is searching 145 00:07:57,600 --> 00:08:00,160 Speaker 1: for a man seen pushing another man onto of the 146 00:08:00,200 --> 00:08:03,880 Speaker 1: subway tracks and an unprovoked attack and then running away. 147 00:08:04,320 --> 00:08:06,920 Speaker 1: The victim, David Martin, suffered a broken collar bone and 148 00:08:07,080 --> 00:08:11,040 Speaker 1: swollen face from New York and love New York and 149 00:08:11,160 --> 00:08:13,320 Speaker 1: always thought they'd taken the train And now at thirties 150 00:08:13,320 --> 00:08:15,720 Speaker 1: two years old and no longer feels safe. And that's 151 00:08:15,800 --> 00:08:18,440 Speaker 1: that's not there, and that's not okay. The announcement comes 152 00:08:18,560 --> 00:08:22,280 Speaker 1: nine months after hocol and Adams unveiled a subway safety 153 00:08:22,320 --> 00:08:25,400 Speaker 1: plan to deal with an increase in crime during the pandemic. 154 00:08:25,800 --> 00:08:29,360 Speaker 1: Governor Hocal and a Republican challenger, Lees Elden, will face 155 00:08:29,520 --> 00:08:33,880 Speaker 1: off tomorrow in their one and only debate before election day. Hocole, 156 00:08:34,000 --> 00:08:37,000 Speaker 1: who once held a double digit lead over Zelden, has 157 00:08:37,120 --> 00:08:39,800 Speaker 1: only a four percentage point edge according to the Lettis 158 00:08:39,880 --> 00:08:43,960 Speaker 1: Quinnippie Act University poll. However, a Sienna College poll gave 159 00:08:44,040 --> 00:08:47,440 Speaker 1: hocol and eleven point lead, released on the same day. 160 00:08:47,880 --> 00:08:50,600 Speaker 1: Bail reform has become a major issue in the campaign 161 00:08:51,280 --> 00:08:54,280 Speaker 1: ahead of November's mid term elections. New polling shows that 162 00:08:54,360 --> 00:08:57,679 Speaker 1: both parties have their areas of strength, but Republicans are 163 00:08:57,679 --> 00:08:59,599 Speaker 1: starting to open up a gap on some of the 164 00:08:59,640 --> 00:09:03,480 Speaker 1: big she was including inflation and crime. Mark short, the 165 00:09:03,679 --> 00:09:07,280 Speaker 1: former chief of staffed Vice President Mike Pence, says Republicans 166 00:09:07,320 --> 00:09:09,240 Speaker 1: are going to win in November because it is a 167 00:09:09,280 --> 00:09:12,160 Speaker 1: referendum on Joe Biden. Is clear that Donald Trump had 168 00:09:12,200 --> 00:09:14,520 Speaker 1: a huge influence over the primary. He has a core 169 00:09:14,600 --> 00:09:17,840 Speaker 1: base of roughly and a lot of the candidacy championed 170 00:09:17,920 --> 00:09:22,400 Speaker 1: one with this primary. Mark Short spoke on a d 171 00:09:22,520 --> 00:09:25,079 Speaker 1: c S this week, which can be heard Sundays on Bloomberg. 172 00:09:25,520 --> 00:09:28,760 Speaker 1: Russia's defense chief has alleged that Ukraine was preparing a 173 00:09:28,920 --> 00:09:34,040 Speaker 1: provocation involving a radioactive device star claim that was strongly 174 00:09:34,120 --> 00:09:38,760 Speaker 1: rejected by US, Ukrainian and British officials. Russia repeatedly has 175 00:09:38,840 --> 00:09:42,240 Speaker 1: main allegations that Ukraine could detonate a dirty bomb and 176 00:09:42,320 --> 00:09:45,280 Speaker 1: blame it on Moscow. Global News twenty four hours a 177 00:09:45,400 --> 00:09:48,480 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 178 00:09:48,559 --> 00:09:50,959 Speaker 1: than twenty seven hundred journalists and analysts more than a 179 00:09:51,080 --> 00:09:54,600 Speaker 1: hundred twenty countries. Hi, Michael Barr and this is Bloomberg, Amy, 180 00:09:55,000 --> 00:10:00,720 Speaker 1: all right, thank you, Michael street Ton alfat the Bloomberg 181 00:10:00,800 --> 00:10:03,520 Speaker 1: Sports Update, brought to you by Try State OUTI here's 182 00:10:03,679 --> 00:10:05,599 Speaker 1: John stash Our. All right, Amy. For so much of 183 00:10:05,640 --> 00:10:08,360 Speaker 1: the summer there was talking maybe a Subway World Series 184 00:10:08,400 --> 00:10:10,079 Speaker 1: in New York. Instead, the World Series will be the 185 00:10:10,120 --> 00:10:13,320 Speaker 1: Phillies against the Astros starting Friday and Houston. The Astro 186 00:10:13,400 --> 00:10:15,920 Speaker 1: still have not lost in the postseason. Early on off 187 00:10:15,960 --> 00:10:18,040 Speaker 1: the stadium, Lord, the Yankees might stay alive. They led 188 00:10:18,080 --> 00:10:21,600 Speaker 1: three nothing, and after yet another Harrison Bada home run, 189 00:10:21,640 --> 00:10:23,160 Speaker 1: they're up five four and the seventh and in the 190 00:10:23,200 --> 00:10:26,040 Speaker 1: Astros score twice game time hit by Jordan Alvarez off 191 00:10:26,120 --> 00:10:29,760 Speaker 1: Jonathan Laska, go ahead hit by Alex Bregman, Clay Homes, 192 00:10:29,800 --> 00:10:33,240 Speaker 1: costly error by Labor Torres. The Astros won six five 193 00:10:33,360 --> 00:10:35,760 Speaker 1: for the series sweep. It's their fourth pennant in the 194 00:10:35,880 --> 00:10:39,080 Speaker 1: last six years. Aaron Judge made the final out, ended 195 00:10:39,160 --> 00:10:41,480 Speaker 1: his historic home run hitting season. Did it end his 196 00:10:41,640 --> 00:10:44,360 Speaker 1: career with the Yankees? Will be a free agent earlier. 197 00:10:44,400 --> 00:10:46,640 Speaker 1: On a rainy day in Philly, the fields trailed the 198 00:10:46,679 --> 00:10:55,079 Speaker 1: Padres eight Swingingna tried left field. It's deep, it's dead, Yes, 199 00:10:57,040 --> 00:11:02,839 Speaker 1: it is the place. Hard the Phillies have you? I 200 00:11:02,920 --> 00:11:05,120 Speaker 1: paid the call hard from The Phillies won four three 201 00:11:05,200 --> 00:11:08,000 Speaker 1: over San Diego to win the NLCS four to one. 202 00:11:08,040 --> 00:11:11,120 Speaker 1: While baseball season New York is over, football is alive 203 00:11:11,200 --> 00:11:13,720 Speaker 1: and while Giants and Jets both won for the fourth 204 00:11:13,760 --> 00:11:16,080 Speaker 1: week in a row, both on the road. Giants get 205 00:11:16,080 --> 00:11:19,920 Speaker 1: another comeback, winning twenty three to seventeen in Jacksonville. They 206 00:11:19,920 --> 00:11:21,079 Speaker 1: had to hold on at the end. They had to 207 00:11:21,120 --> 00:11:23,440 Speaker 1: hold on to the Jazz wide out at the one 208 00:11:23,520 --> 00:11:25,920 Speaker 1: yard line on the final play. The Jets won sixteen 209 00:11:25,960 --> 00:11:28,240 Speaker 1: to nine in Denver. The Giants and Jets last year 210 00:11:28,600 --> 00:11:31,800 Speaker 1: a combined eight and twenty six. This year thirteen and 211 00:11:31,960 --> 00:11:34,800 Speaker 1: three seven oh. On the road at the Garden, Rangers 212 00:11:34,840 --> 00:11:37,840 Speaker 1: lost to Columbus five to one. Islanders lost in Florida 213 00:11:37,880 --> 00:11:41,520 Speaker 1: three to two. John Stashward, Bloomberg Sports, All right, thank you, 214 00:11:41,720 --> 00:11:44,280 Speaker 1: John SMP features are down one and a half points, 215 00:11:44,280 --> 00:11:47,520 Speaker 1: stal features down, are up to DALT features up to 216 00:11:47,760 --> 00:11:50,520 Speaker 1: NAZAC features down twenty seven and a quarter. The ten 217 00:11:50,640 --> 00:11:53,800 Speaker 1: year tragury down a fraction, the yield at four point 218 00:11:53,880 --> 00:11:56,719 Speaker 1: four seven percent. Much more still to come. On this 219 00:11:56,840 --> 00:12:00,320 Speaker 1: Monday morning edition of Bloomberg day Break. This is blue Burg. 220 00:12:07,280 --> 00:12:09,560 Speaker 1: The Bloomberg Sports Report was brought to you by Audie. 221 00:12:09,600 --> 00:12:11,720 Speaker 1: Don't let someone else drive off in the Audi model 222 00:12:11,840 --> 00:12:14,840 Speaker 1: you've always wanted. Visit your local Tri state Audie dealer 223 00:12:14,920 --> 00:12:17,600 Speaker 1: to get behind the wheel of yours today. Visit Audie 224 00:12:17,640 --> 00:12:23,800 Speaker 1: Offers dot com for more information, markets, headlines and breaking 225 00:12:23,840 --> 00:12:26,720 Speaker 1: news twenty four hours a day. At Bloomberg dot com, 226 00:12:26,880 --> 00:12:30,480 Speaker 1: the Bloomberg Business At and at Bloomberg Quicktape. He's a 227 00:12:30,520 --> 00:12:39,800 Speaker 1: Bloomberg business lash and I'm Karen Moscow and just watching 228 00:12:39,840 --> 00:12:43,400 Speaker 1: this headline crossing the Bloomberg Schlumberg is changing its name 229 00:12:43,440 --> 00:12:47,319 Speaker 1: to s LB. It's a pivot to embrace clean tech. 230 00:12:47,920 --> 00:12:51,760 Speaker 1: US DOT Index futures. Meanwhile, some improvement this morning. S 231 00:12:51,800 --> 00:12:55,160 Speaker 1: and P futures are now higher. This despite that route 232 00:12:55,200 --> 00:12:57,960 Speaker 1: in Chinese shares, which is weighing on sentiment. Investors are 233 00:12:57,960 --> 00:13:00,040 Speaker 1: awaiting the next batch of earnings from some of the 234 00:13:00,040 --> 00:13:03,280 Speaker 1: world's biggest companies. Treasury yields are dipping, the dollar gaining. 235 00:13:03,320 --> 00:13:05,880 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 236 00:13:06,240 --> 00:13:08,880 Speaker 1: On Bloomberg S and P. Future is up six points down, 237 00:13:08,920 --> 00:13:11,600 Speaker 1: Future is up sixty three NASDAG futures that will change 238 00:13:11,880 --> 00:13:14,560 Speaker 1: and decks in Germany's up one point one percent. Ten 239 00:13:14,640 --> 00:13:16,920 Speaker 1: year treasury up ten thirty seconds. You have four point 240 00:13:16,960 --> 00:13:19,040 Speaker 1: one seven percent and the yield them the two year 241 00:13:19,120 --> 00:13:22,160 Speaker 1: four point four seven percent. Nim X Screwed oil is 242 00:13:22,200 --> 00:13:24,360 Speaker 1: down one point four percent on a dollar twenty two 243 00:13:24,400 --> 00:13:27,000 Speaker 1: and eighty three dollars eighty three cents of barrel comics 244 00:13:27,040 --> 00:13:28,640 Speaker 1: gold is down a tenth of uper cent or two 245 00:13:28,640 --> 00:13:31,719 Speaker 1: dollars twenty cents is sixteen fifty four ten announced the 246 00:13:31,840 --> 00:13:34,920 Speaker 1: euro point three four against the dollar, British found one 247 00:13:34,960 --> 00:13:37,520 Speaker 1: point one three four one and the end one forty 248 00:13:37,600 --> 00:13:40,959 Speaker 1: nine point three two and Bitcoin this morning down four 249 00:13:41,040 --> 00:13:43,720 Speaker 1: ten percent in nineteen thousand, four hundred twenty one dollars. 250 00:13:44,040 --> 00:13:46,640 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 251 00:13:46,760 --> 00:13:49,440 Speaker 1: more on what's going on around the world. Michael, thank 252 00:13:49,480 --> 00:13:52,360 Speaker 1: you very much. Karen. Former British Prime Minister Boris Johnson 253 00:13:52,440 --> 00:13:55,520 Speaker 1: says you will not run to leave the Conservative Party, 254 00:13:55,640 --> 00:13:58,920 Speaker 1: ending intense speculation about a comeback. Johnson, who was an 255 00:13:58,960 --> 00:14:01,880 Speaker 1: ounced it in July mid ethics scandals, was a wild 256 00:14:01,960 --> 00:14:05,280 Speaker 1: card to replace Liz trust who quit last week. His 257 00:14:05,480 --> 00:14:09,720 Speaker 1: withdrawal leaves former Treasury chief Rishi Sunak the strong favorite 258 00:14:09,760 --> 00:14:13,599 Speaker 1: to be Britain's next new prime minister. Officials in the 259 00:14:13,720 --> 00:14:16,520 Speaker 1: U S wore that Russia could be making preparations to 260 00:14:16,679 --> 00:14:20,320 Speaker 1: detonate a dirty bomb in Ukraine and blame it on Kiev. 261 00:14:20,920 --> 00:14:23,440 Speaker 1: In baseball, it will be the Astros against the Phillies 262 00:14:23,480 --> 00:14:26,320 Speaker 1: in the World Series. The Yankees were swept by Houston 263 00:14:26,440 --> 00:14:29,480 Speaker 1: Sunday in the a LCS and Game four, six, five 264 00:14:29,840 --> 00:14:32,440 Speaker 1: the Phillies beat the Padres for three to win in 265 00:14:32,520 --> 00:14:36,720 Speaker 1: the NLCS four games to one. Football, the Giants, Jets, 266 00:14:36,760 --> 00:14:39,880 Speaker 1: and Commanders all one. The forty Niners lost in the NBA, 267 00:14:39,960 --> 00:14:42,760 Speaker 1: The Wizards lost the Warriors one. In the NHL, the 268 00:14:42,880 --> 00:14:45,920 Speaker 1: Islanders and Rangers lost. Global News twenty four hours a 269 00:14:46,040 --> 00:14:49,000 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 270 00:14:49,120 --> 00:14:51,960 Speaker 1: than twenty journalists and analysts and more than a hundred 271 00:14:52,000 --> 00:14:55,320 Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg. Amy. 272 00:14:55,880 --> 00:14:58,240 Speaker 1: All right, thank you, Michael. It is six twenty on 273 00:14:58,320 --> 00:15:01,560 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 274 00:15:01,640 --> 00:15:05,400 Speaker 1: is Bloomberg Daybreak. China released its postponed third quarter GDP 275 00:15:05,520 --> 00:15:08,120 Speaker 1: and other September economic data that was delayed as the 276 00:15:08,200 --> 00:15:11,240 Speaker 1: nation's top political event, the Party Congress was underway and 277 00:15:11,320 --> 00:15:14,560 Speaker 1: weigh on market sentiment, joining us now Bloomberg Chief for 278 00:15:14,640 --> 00:15:18,720 Speaker 1: Asia Economics correspondent and occurrent. And and during all of 279 00:15:18,800 --> 00:15:21,480 Speaker 1: that a lot has happened. Let's start with the politics 280 00:15:21,560 --> 00:15:25,080 Speaker 1: with Jin being over the weekend and what it all means. Yeah, 281 00:15:25,080 --> 00:15:28,360 Speaker 1: it was basically President Sheeting paying to maintenance control over 282 00:15:28,760 --> 00:15:31,280 Speaker 1: the government. Amy, if there was on he doubt he 283 00:15:31,440 --> 00:15:34,760 Speaker 1: just confirmed that he's going for He's breaking money of 284 00:15:34,840 --> 00:15:37,680 Speaker 1: recent norms. He's going for a third term. He has 285 00:15:37,720 --> 00:15:41,320 Speaker 1: put in placed party chiefs from Beijing, from Guangdong, from 286 00:15:41,360 --> 00:15:45,560 Speaker 1: Shanghai in too key positions within the party administrations, and 287 00:15:45,680 --> 00:15:48,960 Speaker 1: he surrounded him felt by all of these key supporters 288 00:15:49,360 --> 00:15:52,040 Speaker 1: and former college you've walked with him, which people are 289 00:15:52,040 --> 00:15:54,680 Speaker 1: interpreting and saying. Of course, China was doubled down on 290 00:15:54,800 --> 00:15:57,800 Speaker 1: some of the signature policies presidents she hasn't has been pursuing. 291 00:15:58,160 --> 00:16:02,000 Speaker 1: So that's the idea of more self reliability in areas 292 00:16:02,040 --> 00:16:07,920 Speaker 1: like technology, more homegrown innovation. Obviously, of course ongoing tensions 293 00:16:08,000 --> 00:16:10,920 Speaker 1: over key geophysical hot spots. But President she did actually 294 00:16:10,960 --> 00:16:13,080 Speaker 1: send a message that some people thought was a little 295 00:16:13,080 --> 00:16:14,720 Speaker 1: bit private with me all that did make it clear 296 00:16:14,800 --> 00:16:16,840 Speaker 1: that he wants to try to remain open to the 297 00:16:16,880 --> 00:16:19,600 Speaker 1: rest of the world and doing business with the rest 298 00:16:19,640 --> 00:16:22,280 Speaker 1: of the world economy. So there's a domestic Chinese political 299 00:16:22,320 --> 00:16:24,040 Speaker 1: story for sure. Now that the question of how this 300 00:16:24,320 --> 00:16:27,000 Speaker 1: will play out on the global stage as well. Is 301 00:16:27,120 --> 00:16:29,040 Speaker 1: this a power grab or is there something else going 302 00:16:29,120 --> 00:16:35,840 Speaker 1: on here? Well, it's clearly a consolidation of president. She's power, 303 00:16:35,920 --> 00:16:38,640 Speaker 1: there's no doubt about that. I mean, typically in recent years, 304 00:16:38,720 --> 00:16:41,360 Speaker 1: recent decades, the convention has been that at this point 305 00:16:41,360 --> 00:16:43,480 Speaker 1: of president she would have moved on, any successor would 306 00:16:43,480 --> 00:16:45,280 Speaker 1: have come in. But this time around, of course, there 307 00:16:45,360 --> 00:16:47,440 Speaker 1: hasn't even been a clear success to a point to 308 00:16:47,520 --> 00:16:50,120 Speaker 1: a need the key roles that might take over the 309 00:16:50,240 --> 00:16:53,440 Speaker 1: leadership of child from here. It's also clear that he's 310 00:16:53,480 --> 00:16:55,480 Speaker 1: govern down and all of the policies that he's been 311 00:16:55,760 --> 00:16:59,080 Speaker 1: sort of pursuing in recent years, including those that are 312 00:16:59,080 --> 00:17:01,360 Speaker 1: of course controversial glowly beat up the you know, the 313 00:17:01,440 --> 00:17:04,520 Speaker 1: crackdown and engaging tensions with Taiwan, cracktown in Hong Kong, 314 00:17:05,080 --> 00:17:07,920 Speaker 1: tensions with the US, there all of branch, no hint 315 00:17:07,960 --> 00:17:09,840 Speaker 1: of the course change of that type of things. And 316 00:17:09,960 --> 00:17:13,120 Speaker 1: then of course on the sort of domestic or economics front, 317 00:17:13,520 --> 00:17:16,600 Speaker 1: no hint of a pivot on real estate, the realitated 318 00:17:16,640 --> 00:17:20,200 Speaker 1: slumb or of course on COVID zero either. So you know, 319 00:17:20,320 --> 00:17:24,600 Speaker 1: despite the headlines of dramatic imposition of key personality in 320 00:17:24,640 --> 00:17:27,960 Speaker 1: the key post, not everyone is predicting an immediate change 321 00:17:28,000 --> 00:17:31,120 Speaker 1: of policy course anytime soon. What does it signal then, 322 00:17:31,160 --> 00:17:33,000 Speaker 1: to the rest of the world. And how does Taiwan 323 00:17:33,119 --> 00:17:38,760 Speaker 1: factor into all this. Well, it signals that again domestically, 324 00:17:38,920 --> 00:17:41,159 Speaker 1: President She is obviously in the powerful position. He feels 325 00:17:41,240 --> 00:17:43,560 Speaker 1: comfortable enough that he's got a grip on the entire 326 00:17:43,640 --> 00:17:46,440 Speaker 1: government of Apperats to stay in officer and carry on. 327 00:17:47,000 --> 00:17:50,000 Speaker 1: That means he will be pursuing those policies that include 328 00:17:50,000 --> 00:17:54,400 Speaker 1: on the foreign policy front, will likely to ongoing clashes 329 00:17:54,480 --> 00:17:57,240 Speaker 1: with the US. There's no sign of that tension easing 330 00:17:57,320 --> 00:18:01,359 Speaker 1: at all, especially given the latest restriction on exporting technology 331 00:18:01,400 --> 00:18:04,800 Speaker 1: to to China. There is a view that maybe President 332 00:18:04,840 --> 00:18:06,960 Speaker 1: She will try to play off the US against Europe. 333 00:18:07,000 --> 00:18:10,800 Speaker 1: For example, there's name expected expectations to a large scale 334 00:18:10,840 --> 00:18:13,920 Speaker 1: German business delegation to arrive in China overcoming weeks, So 335 00:18:13,960 --> 00:18:17,320 Speaker 1: we will have this narrative going forward of polity attentions, 336 00:18:17,640 --> 00:18:21,159 Speaker 1: will of course tension over Taiwan that's not going to 337 00:18:21,240 --> 00:18:23,720 Speaker 1: go away anytime soon, and we will of course then 338 00:18:23,840 --> 00:18:27,480 Speaker 1: have US China containment and completion and rivalry stories happening. 339 00:18:27,800 --> 00:18:30,080 Speaker 1: But there's also a view that China will also try 340 00:18:30,119 --> 00:18:32,520 Speaker 1: and play off with the rest of the world Emerging World, Africa, 341 00:18:32,600 --> 00:18:35,040 Speaker 1: Europe's cetera. To try and keep its place on this 342 00:18:35,119 --> 00:18:37,240 Speaker 1: global stage. So it's um you know, it would be 343 00:18:37,240 --> 00:18:39,360 Speaker 1: a dubbing down of President She's policies, but there won't 344 00:18:39,359 --> 00:18:42,159 Speaker 1: be simple stories here and we only have about a 345 00:18:42,200 --> 00:18:44,439 Speaker 1: minute here. But I gotta ask what you are watching 346 00:18:44,520 --> 00:18:48,399 Speaker 1: for specifically incoming days. I think you just have to 347 00:18:48,440 --> 00:18:51,560 Speaker 1: watch any new language from the new people in key positions, 348 00:18:51,800 --> 00:18:53,480 Speaker 1: whether or not there will be a pivot on key 349 00:18:53,560 --> 00:18:56,760 Speaker 1: policies overcoming overcoming weeks and months. It's probably unlikely we'll 350 00:18:56,800 --> 00:18:59,040 Speaker 1: get those signals any time soon, but it's certainly what's 351 00:18:59,080 --> 00:19:02,200 Speaker 1: keeping it out. And I first, all right, Bloomberg Chief 352 00:19:02,280 --> 00:19:05,040 Speaker 1: Asia Economics correspondent and occur, and I want to thank 353 00:19:05,080 --> 00:19:07,280 Speaker 1: you for taking the time with us, telling us and 354 00:19:07,560 --> 00:19:09,680 Speaker 1: bringing us up to speed about what's been going on 355 00:19:09,760 --> 00:19:11,920 Speaker 1: with shij and Ping over the weekend in China, the 356 00:19:12,040 --> 00:19:14,880 Speaker 1: blatant power grab that someone are describing as what he's 357 00:19:14,920 --> 00:19:20,000 Speaker 1: doing stacking his political body with his allies. Much more 358 00:19:20,080 --> 00:19:23,000 Speaker 1: still to come on Bloomberg Daybreak. We're checking the markets now. 359 00:19:23,400 --> 00:19:27,040 Speaker 1: SNP futures up nine point seven five percent, DAL futures 360 00:19:27,119 --> 00:19:30,440 Speaker 1: up ninety one, NASDAD futures up to almost ten. The 361 00:19:30,600 --> 00:19:34,560 Speaker 1: ten year price up ninety seconds, the yield at four 362 00:19:34,680 --> 00:19:37,520 Speaker 1: point one seven, the two year yield at four point 363 00:19:37,680 --> 00:19:40,080 Speaker 1: for seven percent. Much more still to come on this 364 00:19:40,200 --> 00:19:43,719 Speaker 1: Monday morning edition of Bloomberg Daybreak. As we check the markets, 365 00:19:43,920 --> 00:19:46,280 Speaker 1: will also be bringing you the latest news in business, 366 00:19:46,359 --> 00:19:48,840 Speaker 1: economics and finance. It's gonna keep an eye on everything 367 00:19:48,880 --> 00:19:51,680 Speaker 1: that's going on in the UK and in China, as 368 00:19:51,760 --> 00:19:54,240 Speaker 1: well as closer to home, we're gonna take a look 369 00:19:54,320 --> 00:19:58,000 Speaker 1: at how Nevada may be factoring into the mid terms. 370 00:19:58,119 --> 00:20:00,080 Speaker 1: Much more still to come. Stay with us. This is 371 00:20:00,119 --> 00:20:10,000 Speaker 1: Bloomberg Bloomberg eleven three oh weather. Scattered showers today going 372 00:20:10,080 --> 00:20:12,479 Speaker 1: up to sixty five degrees, down to sixty with more 373 00:20:12,560 --> 00:20:15,520 Speaker 1: dristle tonight, mostly thouty tomorrow, a chance of rain going 374 00:20:15,600 --> 00:20:18,520 Speaker 1: up to seventy degrees. The rain sticks around for Wednesday. 375 00:20:22,000 --> 00:20:26,520 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 376 00:20:26,640 --> 00:20:31,280 Speaker 1: Bloomberg elving fre to Washington, d C, Bloomberg on to Boston, 377 00:20:31,440 --> 00:20:34,840 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 378 00:20:34,960 --> 00:20:37,720 Speaker 1: six to the Country, Sirius XM to the one nine 379 00:20:38,119 --> 00:20:41,280 Speaker 1: and around the globe. The Bloomberg Business apt and Bloomberg 380 00:20:41,359 --> 00:20:50,960 Speaker 1: Radio dot com. This is Bloomberg Daybreak at six thirty 381 00:20:51,040 --> 00:20:53,800 Speaker 1: on Wall Street. Good Monday morning. I'm Amy Morris and 382 00:20:53,880 --> 00:20:56,479 Speaker 1: I'm Karen Moscow. We're just about three hours away from 383 00:20:56,520 --> 00:20:58,600 Speaker 1: the open of US training. It's time for the five Things, 384 00:20:58,640 --> 00:21:00,639 Speaker 1: so you need to notice start your brought to you 385 00:21:00,800 --> 00:21:04,320 Speaker 1: by Interactive Brokers. Interactive Brokers clients or an interest of 386 00:21:04,400 --> 00:21:06,280 Speaker 1: up to two point five eight percent on the idle 387 00:21:06,359 --> 00:21:09,320 Speaker 1: cash and their brokerage accounts. Visit ibk R dot com 388 00:21:09,440 --> 00:21:12,880 Speaker 1: slash interest rates to learn more. The first US futures 389 00:21:12,960 --> 00:21:15,320 Speaker 1: are higher now as you begin a new trading wage. 390 00:21:15,359 --> 00:21:17,680 Speaker 1: Stocks are coming off their biggest weekly gain since June. 391 00:21:17,760 --> 00:21:20,560 Speaker 1: The action this morning isn't Asia, though, Hong Kong's Hanging 392 00:21:20,600 --> 00:21:22,840 Speaker 1: sang in dex strap six point eight percent and stocks 393 00:21:22,880 --> 00:21:25,720 Speaker 1: in China fell almost three percent after President she Jin 394 00:21:25,760 --> 00:21:29,400 Speaker 1: Ping's moved to stack his leadership ranks with loyalists. Begin 395 00:21:29,480 --> 00:21:32,760 Speaker 1: more from Bloomberg Stephen Angle in Hong Kong. We speculated 396 00:21:32,840 --> 00:21:36,200 Speaker 1: whether she would continue on with the practice of essentially 397 00:21:36,520 --> 00:21:40,480 Speaker 1: stacking the standing committee with people from different factions. So 398 00:21:40,520 --> 00:21:43,359 Speaker 1: in this case, some of the ju Jentao protegs, but 399 00:21:43,640 --> 00:21:47,200 Speaker 1: it proved on Sunday when he rolled out his other 400 00:21:47,320 --> 00:21:50,480 Speaker 1: six members on the Standing Committee, there was nobody from 401 00:21:50,520 --> 00:21:54,080 Speaker 1: the other factions. They were all loyalists to Shi Jin Ping. 402 00:21:54,240 --> 00:21:57,679 Speaker 1: He stacked the deck. Bloomberg Stephen Angles says, the story 403 00:21:57,880 --> 00:22:00,160 Speaker 1: is playing out in currency markets. The U want week 404 00:22:00,200 --> 00:22:03,359 Speaker 1: into a fourteen year low this morning. Let's turn to 405 00:22:03,440 --> 00:22:06,000 Speaker 1: Europe now, where Risi Sunac has taken a big step 406 00:22:06,080 --> 00:22:09,159 Speaker 1: toward becoming the next Prime Minister of the UK. Boris 407 00:22:09,240 --> 00:22:11,800 Speaker 1: Johnson has pulled out of the race. In Sunac won 408 00:22:11,880 --> 00:22:15,920 Speaker 1: the endorsement of Chancellor Jeremy hunt Still. Bloomberg's Ben Sills 409 00:22:16,080 --> 00:22:21,800 Speaker 1: says Sunac faces many challenges. He himself was blamed by 410 00:22:21,840 --> 00:22:24,920 Speaker 1: a large faction of party for bringing down Johnson in 411 00:22:25,080 --> 00:22:29,200 Speaker 1: July when he quit on that dramatic evening. Um, So 412 00:22:29,320 --> 00:22:31,480 Speaker 1: there's a lot of resentment, a lot of a lot 413 00:22:31,560 --> 00:22:36,320 Speaker 1: of ranker built up over the year. So that's going 414 00:22:36,359 --> 00:22:38,080 Speaker 1: to be the real Sulfask forever, and of course he's 415 00:22:38,080 --> 00:22:40,320 Speaker 1: going to have to do it sturing the economy to 416 00:22:40,480 --> 00:22:45,679 Speaker 1: this brutal, brutal winter of energy, energy shortage. Bloomberg's Ben 417 00:22:45,800 --> 00:22:48,760 Speaker 1: Still says Sunac has gained this public support of several 418 00:22:48,920 --> 00:22:51,920 Speaker 1: key Tory figures. I'm back here in the US. It's 419 00:22:51,960 --> 00:22:54,320 Speaker 1: a busy week for earning Sammy, with big tech leading 420 00:22:54,359 --> 00:22:57,040 Speaker 1: the way. Tomorrow we'll hear from Microsoft Meta Platforms and 421 00:22:57,080 --> 00:23:00,399 Speaker 1: Twitter report Wednesday, and Apple and Amazon post results on 422 00:23:00,520 --> 00:23:04,720 Speaker 1: Thursday and incorporate news. Slumberger, the world's biggest oil field 423 00:23:04,800 --> 00:23:08,880 Speaker 1: services provider, is changing its name to s LB, same 424 00:23:08,960 --> 00:23:11,400 Speaker 1: as its sticker symbol, and test la at the price 425 00:23:11,440 --> 00:23:13,840 Speaker 1: of its cars in China by about five percent. Amy 426 00:23:13,880 --> 00:23:17,160 Speaker 1: to move partly reverses price sits and post earlier this year. 427 00:23:17,560 --> 00:23:19,840 Speaker 1: That's the five things you need to notice start your day. 428 00:23:19,920 --> 00:23:23,920 Speaker 1: Brought to you by Interactive Brokers Futures this morning again 429 00:23:23,960 --> 00:23:26,479 Speaker 1: on the rise, S and P Futures up twelve points, 430 00:23:26,800 --> 00:23:30,560 Speaker 1: straight ahead, your latest local headlines, plus a check of sports. 431 00:23:31,200 --> 00:23:40,320 Speaker 1: And this is Bloomberg. Thank you, Karen sixty three. Now 432 00:23:40,440 --> 00:23:42,480 Speaker 1: on Wall Street, let's bring in Michael bar to tell 433 00:23:42,560 --> 00:23:44,480 Speaker 1: us what else is going on in New York and 434 00:23:44,920 --> 00:23:47,639 Speaker 1: around the world. Good morning, Michael, Good morning Amy. New 435 00:23:47,720 --> 00:23:50,359 Speaker 1: York will add sixty two million dollars to the city 436 00:23:50,440 --> 00:23:54,560 Speaker 1: subway system. Governor hocol and Mayor Eric Adams, saying they 437 00:23:54,600 --> 00:23:58,400 Speaker 1: are deploying more police officers and removing severely mentally ill 438 00:23:58,480 --> 00:24:01,920 Speaker 1: homeless people amid a series of high profile killings and 439 00:24:01,960 --> 00:24:05,520 Speaker 1: other crimes on the transit system. It comes as Governor 440 00:24:05,600 --> 00:24:08,880 Speaker 1: Hocole and a Republican opponent, Lee Zelden will debate tomorrow 441 00:24:09,400 --> 00:24:12,439 Speaker 1: for the job of governor on issues such as crime 442 00:24:12,640 --> 00:24:16,720 Speaker 1: and Bay'll reform. Russia's defense minister called his counterparts in 443 00:24:16,760 --> 00:24:19,840 Speaker 1: the UK, France, and Turkey, warning of a drift toward 444 00:24:20,320 --> 00:24:24,960 Speaker 1: uncontrolled escalation in Ukraine and the potential for Kiv to 445 00:24:25,119 --> 00:24:28,960 Speaker 1: detonate a radioactive dirty bomb. The US called the allegation 446 00:24:29,080 --> 00:24:34,280 Speaker 1: transparently false. Meanwhile, Ukrainian forces continue to liberate villages as 447 00:24:34,359 --> 00:24:37,640 Speaker 1: the war drags on for close to eight months. ABC 448 00:24:37,960 --> 00:24:41,920 Speaker 1: talked to Ukrainian Colonel General Ola Stander Shirsky about the 449 00:24:41,960 --> 00:24:46,399 Speaker 1: war so far, Chersky, through a translator. Of course, we 450 00:24:46,480 --> 00:24:50,600 Speaker 1: are winning, and it's important that we are winning. Mentally, 451 00:24:51,440 --> 00:24:55,760 Speaker 1: we know what they're fighting for. But still this war 452 00:24:55,920 --> 00:24:59,320 Speaker 1: is very hot. General Shursky says they are concerned about 453 00:24:59,400 --> 00:25:03,600 Speaker 1: Russia's can tenuous nuclear saber rattling. Three years after Manhattan 454 00:25:03,680 --> 00:25:07,960 Speaker 1: prosecutors started investigating former President Trump, the only criminal trial 455 00:25:08,040 --> 00:25:10,479 Speaker 1: to arise from their efforts is set to begin Monday. 456 00:25:11,040 --> 00:25:13,440 Speaker 1: Jury selection is set to begin in the criminal trial 457 00:25:13,560 --> 00:25:17,800 Speaker 1: over allegations at Trump's company helped its top executives avoid 458 00:25:17,920 --> 00:25:21,680 Speaker 1: income taxes. The Trump organization is accused of providing rent 459 00:25:21,760 --> 00:25:25,840 Speaker 1: free apartments, luxury cars, and other untaxed perks to executives. 460 00:25:26,119 --> 00:25:29,960 Speaker 1: The star witness for prosecutors is expected to be Alan Weisselberg, 461 00:25:30,400 --> 00:25:35,119 Speaker 1: the company's former CEO. Disgrace movie producer Harvey Weinstein stands 462 00:25:35,160 --> 00:25:39,440 Speaker 1: trial in Los Angeles starting today for allegedly sexually assaulting women. 463 00:25:40,000 --> 00:25:43,000 Speaker 1: Dozens of his alleged victims say judgment day is overdue 464 00:25:43,119 --> 00:25:46,879 Speaker 1: for a serial predator. Party. You messed with the wrong women. 465 00:25:49,119 --> 00:25:52,080 Speaker 1: We will see you here in Los Angeles, where hopefully 466 00:25:52,200 --> 00:25:55,480 Speaker 1: your conviction will leave you in jail for life. Weinstein 467 00:25:55,600 --> 00:25:57,840 Speaker 1: is already serving the twenty three years sentence in New 468 00:25:57,920 --> 00:26:01,440 Speaker 1: York State for similar charges. Global News twenty four hours 469 00:26:01,520 --> 00:26:04,359 Speaker 1: a day on air and on Bloomberg quick Take, powered 470 00:26:04,400 --> 00:26:07,159 Speaker 1: by more than twenty seven hundred journalist and analysts in 471 00:26:07,240 --> 00:26:09,520 Speaker 1: more than a hundred twenty countries on Michael bar and 472 00:26:09,800 --> 00:26:15,360 Speaker 1: this is Bloomberg gaming all right, Thank you, Michael at 473 00:26:15,440 --> 00:26:17,879 Speaker 1: six six on All Street Time. Now for the sports 474 00:26:17,920 --> 00:26:20,280 Speaker 1: for fourth brought to you by Try State Autie. Here's 475 00:26:20,320 --> 00:26:23,640 Speaker 1: John stash Our. All right, Yankee, Hey, Yankee fans had 476 00:26:23,720 --> 00:26:26,439 Speaker 1: high hopes after a tremendous first half of the season, 477 00:26:26,560 --> 00:26:30,240 Speaker 1: second half not nearly as good. On the postseason big disappointment, 478 00:26:30,280 --> 00:26:33,000 Speaker 1: not only losing to the Alcs to the Astros third 479 00:26:33,080 --> 00:26:36,199 Speaker 1: time in the last six years that's happened, but getting swept, 480 00:26:36,280 --> 00:26:38,800 Speaker 1: used and finished this wipe at the Stadium six to five. 481 00:26:38,840 --> 00:26:41,639 Speaker 1: The Yanks finally scored some runs Harrison Bader at his 482 00:26:41,680 --> 00:26:43,879 Speaker 1: fifth on run of the postseason. Yanks led five to four, 483 00:26:43,920 --> 00:26:46,879 Speaker 1: but the Astros scored twice in the seventh inning costly 484 00:26:46,920 --> 00:26:51,320 Speaker 1: air by Labor Torres. Several Yanks struggled. Johns Donaldson thirteen 485 00:26:51,400 --> 00:26:55,200 Speaker 1: at bats, ten strikeouts, Aaron Judge one for sixteen, and 486 00:26:55,280 --> 00:26:58,200 Speaker 1: now Judge, after a record breaking sixty two home run season, 487 00:26:58,520 --> 00:27:01,160 Speaker 1: that comes a free agent, Saul gonna run to my agent. 488 00:27:01,560 --> 00:27:06,000 Speaker 1: I thought about the next step yet, Um, you know, 489 00:27:06,160 --> 00:27:07,760 Speaker 1: but like I said, we got we got time to 490 00:27:07,800 --> 00:27:12,760 Speaker 1: figure it out. Um. I've never been in this before. 491 00:27:14,280 --> 00:27:17,240 Speaker 1: The Philly surprise winners in the Nashale Bryce Harper game, 492 00:27:17,280 --> 00:27:18,600 Speaker 1: winning two run over in the eighth. They need to 493 00:27:18,640 --> 00:27:20,879 Speaker 1: beat San Diego the four three and win the NLCS 494 00:27:21,200 --> 00:27:23,960 Speaker 1: for one. Giants and Jets Keith winning for both four 495 00:27:24,040 --> 00:27:25,840 Speaker 1: wins in a row. Both are unbeaten on the road. 496 00:27:25,880 --> 00:27:29,080 Speaker 1: The Giants win at Jacksonville twenty three to seventeen. Both 497 00:27:29,119 --> 00:27:31,639 Speaker 1: say Quon Barkley and Daniel Jones ran for over a 498 00:27:31,760 --> 00:27:35,080 Speaker 1: hundred yards. Jets won sixteen to nine. In Denver, Rookie 499 00:27:35,160 --> 00:27:37,840 Speaker 1: Breeze Hall had an early sixty two yard touchdown but 500 00:27:38,000 --> 00:27:39,520 Speaker 1: later hurt his knee, believed to be a tourn a 501 00:27:39,600 --> 00:27:41,680 Speaker 1: c l. The big NFL story right now. The struggles 502 00:27:42,000 --> 00:27:44,720 Speaker 1: of Green Bay and Tampa Bay, both NFC teams with 503 00:27:44,880 --> 00:27:48,200 Speaker 1: legendary quarterbacks, are three and four. Aaron Rodgers and the 504 00:27:48,200 --> 00:27:51,400 Speaker 1: Packers lost in Washington. Tom Brady and the Bucks stunned 505 00:27:51,880 --> 00:27:54,959 Speaker 1: one to three at Carolina, Rangers lost to Columbus five one. 506 00:27:55,000 --> 00:27:58,160 Speaker 1: Florida beat the Islanders three to two. Johns war Bloomberg 507 00:27:58,200 --> 00:28:01,520 Speaker 1: Sport due. All right, thank you, John. It is six 508 00:28:01,640 --> 00:28:04,000 Speaker 1: thirty seven on Wall Street. Time to take a look 509 00:28:04,000 --> 00:28:06,200 Speaker 1: at stocks and some of the names that are moving 510 00:28:06,240 --> 00:28:08,560 Speaker 1: in the pre market. For that, we're joined by Bloomberg 511 00:28:08,680 --> 00:28:12,239 Speaker 1: Radio and TV Markets corresponding Creaty Goop dot created. Good 512 00:28:12,280 --> 00:28:15,240 Speaker 1: morning to you, Amy, Good morning to you. What's interesting 513 00:28:15,280 --> 00:28:17,080 Speaker 1: to me this morning is not what's happening here in 514 00:28:17,119 --> 00:28:20,159 Speaker 1: the States, what's happening abroad over in China. This past 515 00:28:20,200 --> 00:28:24,080 Speaker 1: weekend marks the official start to present JJ Ping's third term, 516 00:28:24,520 --> 00:28:26,840 Speaker 1: in which he already packs the top decision making body 517 00:28:26,880 --> 00:28:29,560 Speaker 1: with some pretty loyal associates. Amy, that's translating into the 518 00:28:29,600 --> 00:28:33,119 Speaker 1: market with worries about a tighter grip on not just 519 00:28:33,240 --> 00:28:35,399 Speaker 1: the financial system, but a lot of these companies that 520 00:28:35,480 --> 00:28:38,360 Speaker 1: have these major operations there, not to mention some of 521 00:28:38,520 --> 00:28:40,400 Speaker 1: China's big giants as well. To take a look some 522 00:28:40,440 --> 00:28:42,800 Speaker 1: of the stock action this morning, Ali Baba shares b 523 00:28:42,960 --> 00:28:46,360 Speaker 1: A b A is your taker, down about twelve percent 524 00:28:46,840 --> 00:28:49,000 Speaker 1: in the pre market. Not far behind it is by 525 00:28:49,080 --> 00:28:51,880 Speaker 1: do b I D you down about eleven percent this 526 00:28:52,000 --> 00:28:53,920 Speaker 1: morning as well. And j D is one that we 527 00:28:54,040 --> 00:28:56,600 Speaker 1: like to watch alongside Ali Baba, one the major competitors, 528 00:28:56,720 --> 00:28:59,320 Speaker 1: j D dot Com j D is also the taker, 529 00:28:59,360 --> 00:29:01,840 Speaker 1: down about team percent this morning. And of course we 530 00:29:01,880 --> 00:29:04,840 Speaker 1: can't leave out Pin Duo Duo p d D is 531 00:29:04,880 --> 00:29:08,160 Speaker 1: your taker down fourteen percent, Amy, some massive moves coming 532 00:29:08,200 --> 00:29:10,040 Speaker 1: into a d R space, but it's not alone. Take 533 00:29:10,080 --> 00:29:12,080 Speaker 1: a look at some of the electric vehicle makers as well, 534 00:29:12,160 --> 00:29:14,760 Speaker 1: not just the Chinese players, with some of the American 535 00:29:14,800 --> 00:29:18,080 Speaker 1: ones as well that have massive operations there. For example, 536 00:29:18,240 --> 00:29:20,840 Speaker 1: Neo and Io down at twelve percent. That's in a 537 00:29:20,960 --> 00:29:23,280 Speaker 1: Chinese a d R moving in tandem with the likes 538 00:29:23,320 --> 00:29:25,880 Speaker 1: of Ali Baba and It's peers. You also want to 539 00:29:25,880 --> 00:29:29,280 Speaker 1: take an eye loosid l c I D down one 540 00:29:29,440 --> 00:29:32,200 Speaker 1: point six percent in the pre market. Rivan is another 541 00:29:32,240 --> 00:29:33,920 Speaker 1: one that you want to keep an eye on this morning. 542 00:29:34,400 --> 00:29:36,560 Speaker 1: R I v N down by eight tenths of one percent. 543 00:29:36,680 --> 00:29:38,480 Speaker 1: But Amy, how can I talk about all the e 544 00:29:38,560 --> 00:29:41,800 Speaker 1: vs without talking about Tesla. Tesla is a massive story 545 00:29:41,920 --> 00:29:44,560 Speaker 1: here because not only are they dealing with the exposure 546 00:29:44,640 --> 00:29:46,719 Speaker 1: story to China t s l A down up three 547 00:29:46,720 --> 00:29:48,920 Speaker 1: and a half percent this morning, but they've also cut 548 00:29:49,000 --> 00:29:52,360 Speaker 1: the price of automobiles in China by about five percent 549 00:29:52,480 --> 00:29:54,960 Speaker 1: at the same time they're ramping up production. Asked some 550 00:29:55,040 --> 00:29:57,000 Speaker 1: of their factories. So the question here is one, it 551 00:29:57,080 --> 00:29:59,200 Speaker 1: kind of looks like they're making a little less on 552 00:29:59,280 --> 00:30:01,760 Speaker 1: their bottom line, and two, at the same time, the 553 00:30:01,880 --> 00:30:06,360 Speaker 1: dependence on China seems to be ramping up as well well. Crety, 554 00:30:06,400 --> 00:30:07,920 Speaker 1: Let's bring you the little closer to home and look 555 00:30:07,960 --> 00:30:11,400 Speaker 1: at FedEx. We absolutely should. FedEx shares are lower this 556 00:30:11,520 --> 00:30:13,680 Speaker 1: morning as well. F d X is your ticker and 557 00:30:13,680 --> 00:30:15,720 Speaker 1: I'm just gonna pull it up quickly again as by 558 00:30:15,840 --> 00:30:19,040 Speaker 1: terminal freezes on me. Always handy Jerry alive hit but 559 00:30:19,160 --> 00:30:21,360 Speaker 1: down about one point four percent in the pre market. 560 00:30:21,400 --> 00:30:23,560 Speaker 1: What's important here to know here is that they are 561 00:30:23,640 --> 00:30:26,560 Speaker 1: cut to equal weight from an overweight over at Wells Fargo, 562 00:30:26,720 --> 00:30:29,960 Speaker 1: the company saying that revenue implications are not quite fully 563 00:30:30,120 --> 00:30:33,480 Speaker 1: captured as they pivot from growth and towards efficiency. Remember, 564 00:30:33,480 --> 00:30:35,720 Speaker 1: FedEx is one of the big players like EPs, they're 565 00:30:35,720 --> 00:30:38,400 Speaker 1: trying to actually focus on perhaps a smaller consumer worker 566 00:30:38,440 --> 00:30:41,080 Speaker 1: on supply chains as opposed to getting new customers and 567 00:30:41,160 --> 00:30:43,520 Speaker 1: bulk orders. Just in this kind of time of logistics 568 00:30:43,600 --> 00:30:46,120 Speaker 1: and supply chain issues, FedEx trying to work their way 569 00:30:46,160 --> 00:30:48,720 Speaker 1: around it. All right, Thanks so much, created gooped to 570 00:30:48,720 --> 00:30:52,200 Speaker 1: Bloomberg Radio and TV Markets correspondent created goopda joining us. 571 00:30:52,600 --> 00:30:55,200 Speaker 1: We appreciate that looking at stocks as a whole ahead 572 00:30:55,240 --> 00:30:57,920 Speaker 1: of the open, SNP futures are up now up nine 573 00:30:57,960 --> 00:31:01,160 Speaker 1: points into down. Futures up ninety three. Whoops, dat future 574 00:31:01,200 --> 00:31:04,720 Speaker 1: is now up a hundred three NASDAC features up five points, 575 00:31:04,800 --> 00:31:07,720 Speaker 1: the ten year price up eleven thirty seconds, he yelled 576 00:31:07,760 --> 00:31:11,000 Speaker 1: at four point one six. We have much more still 577 00:31:11,080 --> 00:31:13,680 Speaker 1: to come. Stay with us on this Monday morning edition 578 00:31:14,040 --> 00:31:23,320 Speaker 1: of Bloomberg Daybreak. This is Bloomberg and the Bloomberg Sports 579 00:31:23,360 --> 00:31:25,360 Speaker 1: Report was brought to you by Audie. Don't let someone 580 00:31:25,440 --> 00:31:27,920 Speaker 1: else drive off in the outie model you've always wanted. 581 00:31:28,040 --> 00:31:30,400 Speaker 1: Visit your local try stay Doutie Dealer to get behind 582 00:31:30,440 --> 00:31:32,760 Speaker 1: the wheel of yours today, or visit Autie Offers dot 583 00:31:32,800 --> 00:31:39,720 Speaker 1: com for more information, markets, headlines and breaking news twenty 584 00:31:39,760 --> 00:31:42,600 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 585 00:31:42,640 --> 00:31:46,200 Speaker 1: Business Outland at Bloomberg Quick Take, This is a Bloomberg 586 00:31:46,280 --> 00:31:55,000 Speaker 1: Business Flash and I'm Karen Moscow's and he future is 587 00:31:55,040 --> 00:31:56,640 Speaker 1: on the rise. This morning we go to the First 588 00:31:56,680 --> 00:31:59,120 Speaker 1: Word breaking news desk for today's morning call, and here's 589 00:31:59,160 --> 00:32:03,040 Speaker 1: Bill Maloney the good morning and good morning Karen. That's right, 590 00:32:03,160 --> 00:32:05,720 Speaker 1: us features off their early loads of doubt. Futures now 591 00:32:05,880 --> 00:32:09,480 Speaker 1: up seventy six points, SPS gain six Nasdak is pairing 592 00:32:09,560 --> 00:32:12,760 Speaker 1: losses to twelve. The US ten yield at four point 593 00:32:12,800 --> 00:32:15,280 Speaker 1: one seven percent, Bold is down eight, Oil is in 594 00:32:15,320 --> 00:32:19,160 Speaker 1: the red and bitcoin is little changed. Hong Kong plunge 595 00:32:19,240 --> 00:32:22,040 Speaker 1: six percent overnight. As President she tightened his grip on 596 00:32:22,200 --> 00:32:25,680 Speaker 1: power and European markets are firmly in the green. This morning, 597 00:32:26,040 --> 00:32:28,120 Speaker 1: back in the US on the economic Fronday thirty, the 598 00:32:28,160 --> 00:32:32,080 Speaker 1: Chicago Fed and at October p m I s In 599 00:32:32,240 --> 00:32:34,280 Speaker 1: other news, Tess to cut the price of its cars 600 00:32:34,400 --> 00:32:36,840 Speaker 1: in China and wrapping things up, and a lot of 601 00:32:36,880 --> 00:32:39,960 Speaker 1: devices was cut to Equated, Barkley's Chevron cut the hold 602 00:32:40,040 --> 00:32:42,800 Speaker 1: over at HSBC, and e t T was raised a 603 00:32:42,880 --> 00:32:46,600 Speaker 1: strong by Brett Raymond James live from the first of 604 00:32:46,680 --> 00:32:49,240 Speaker 1: Brick and News doscom. Bill Maloney, care all right, Phil, 605 00:32:49,280 --> 00:32:51,000 Speaker 1: thank you, and to hear live breaking news of your 606 00:32:51,040 --> 00:32:54,320 Speaker 1: Bloomberg type squawk on your terminal squ A w U 607 00:32:54,400 --> 00:32:56,800 Speaker 1: K and that's a Bloomberg business flash. Now here's Michael 608 00:32:56,840 --> 00:32:59,560 Speaker 1: Barr with more on what's going on around the world. Michael, 609 00:33:00,440 --> 00:33:03,240 Speaker 1: thank you very much. Karon Rishi Sunac took a huge 610 00:33:03,320 --> 00:33:06,480 Speaker 1: step toward becoming the UK's next Prime minister. As former 611 00:33:06,560 --> 00:33:10,680 Speaker 1: premieer Boris Johnson pulled out of the contest. There's late 612 00:33:10,760 --> 00:33:15,520 Speaker 1: word that SUNAC has more than half of the Tory support. 613 00:33:16,000 --> 00:33:18,320 Speaker 1: In a brief statement on Twitter, SUNAC vowed to lead 614 00:33:18,400 --> 00:33:22,560 Speaker 1: with integrity, professionalism, and accountability. The US and two of 615 00:33:22,640 --> 00:33:26,200 Speaker 1: its allies are accusing Russia's defense minister of making false 616 00:33:26,240 --> 00:33:29,360 Speaker 1: allegations after he claimed that Ukraine was planning to use 617 00:33:29,720 --> 00:33:33,440 Speaker 1: a so called dirty bomb on its own soil. In baseball, 618 00:33:33,560 --> 00:33:35,560 Speaker 1: it will be the Astros against the Phillies in the 619 00:33:35,600 --> 00:33:39,200 Speaker 1: World Series. The Yankees are swept by Houston in in 620 00:33:39,280 --> 00:33:42,560 Speaker 1: the a LCS in Game four six five. The Phillies 621 00:33:42,600 --> 00:33:45,600 Speaker 1: beat the Padres four three to win the NLCS four 622 00:33:45,680 --> 00:33:49,080 Speaker 1: games to one. In football, the Giants jetson Commanders all 623 00:33:49,160 --> 00:33:52,480 Speaker 1: one nine lost in the NBA. The Wizards lost the 624 00:33:52,480 --> 00:33:56,040 Speaker 1: Warriors one. In the NHL, the Islanders and Rangers lost. 625 00:33:56,360 --> 00:33:59,080 Speaker 1: Global news twenty four hours a day on air and 626 00:33:59,280 --> 00:34:02,680 Speaker 1: on Bloomberg Wi Tank, powered by more than seven hundred 627 00:34:02,760 --> 00:34:05,440 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 628 00:34:05,480 --> 00:34:09,120 Speaker 1: Michael bar This is Bloomberg. The following commentary is from 629 00:34:09,239 --> 00:34:13,399 Speaker 1: Bloomberg Opinion. Apartment builders didn't get the housing slump memo. 630 00:34:13,760 --> 00:34:17,480 Speaker 1: I'm justin Fox, a columnist for Bloomberg Opinion. The housing 631 00:34:17,560 --> 00:34:20,280 Speaker 1: market is in a tough spot, with thirty year mortgage 632 00:34:20,360 --> 00:34:24,000 Speaker 1: rates above seven percent and housing starts and prices falling. 633 00:34:24,200 --> 00:34:26,960 Speaker 1: So why were more than one point seven million housing 634 00:34:27,040 --> 00:34:29,880 Speaker 1: units under construction in the US and September a new 635 00:34:29,960 --> 00:34:32,840 Speaker 1: all time high. The main answer seems to be that, 636 00:34:33,080 --> 00:34:36,040 Speaker 1: for the first time since the early nineteen seventies, most 637 00:34:36,120 --> 00:34:38,840 Speaker 1: of the housing units under construction are in apartment buildings. 638 00:34:39,400 --> 00:34:42,359 Speaker 1: These take longer to build than single family houses, which 639 00:34:42,440 --> 00:34:47,120 Speaker 1: boosts the under construction totals. Also, investors in multi family 640 00:34:47,160 --> 00:34:49,040 Speaker 1: housing have yet to pull back in the face of 641 00:34:49,200 --> 00:34:52,400 Speaker 1: rising rates in the same way that single family homebuyers have. 642 00:34:52,880 --> 00:34:57,120 Speaker 1: That sounds reassuring, but given that the seventies multifamily building 643 00:34:57,160 --> 00:35:00,160 Speaker 1: boom ended in an abrupt crash, and a small are 644 00:35:00,200 --> 00:35:03,080 Speaker 1: one in the mid eighties did too, it probably shouldn't be. 645 00:35:03,640 --> 00:35:06,880 Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg 646 00:35:06,960 --> 00:35:09,960 Speaker 1: dot Com, Slash Opinion or O P I N go 647 00:35:10,440 --> 00:35:13,920 Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion and 648 00:35:13,960 --> 00:35:16,960 Speaker 1: Bloomberg Opinion commentaries can be heard every weekday at this 649 00:35:17,120 --> 00:35:19,640 Speaker 1: time and terminal customers can read more at O P 650 00:35:19,920 --> 00:35:22,840 Speaker 1: I n GO. It is six fifty on Wall Street 651 00:35:22,840 --> 00:35:25,440 Speaker 1: and returned to News and Science and Technology now but 652 00:35:25,520 --> 00:35:28,279 Speaker 1: the Bloomberg and j I T STEM Report. It has 653 00:35:28,280 --> 00:35:31,520 Speaker 1: brought to you by New Jersey Institute of Technology, ranked 654 00:35:31,520 --> 00:35:34,800 Speaker 1: a top one national university by US News and World's 655 00:35:34,800 --> 00:35:37,359 Speaker 1: Report in number fourteen in the nation on Money's Best 656 00:35:37,400 --> 00:35:40,080 Speaker 1: Colleges list. Learn more at n J I T DOT 657 00:35:40,200 --> 00:35:43,920 Speaker 1: E d U and Here's just making News and Science, Technology, engineering, 658 00:35:44,040 --> 00:35:47,759 Speaker 1: and math. Megacap Technology companies enter this earning season with 659 00:35:47,880 --> 00:35:53,960 Speaker 1: diminished stature. The five biggest firms by revenue among this cohort, Apple, Microsoft, Alphabet, Amazon, 660 00:35:54,080 --> 00:35:57,600 Speaker 1: and Meta Platforms are mired in a profit slomp, with 661 00:35:57,680 --> 00:36:00,839 Speaker 1: earnings per share projected default twent each per cent from 662 00:36:00,880 --> 00:36:04,400 Speaker 1: the same quarter of one. That's the steepest contraction, and 663 00:36:04,440 --> 00:36:06,879 Speaker 1: at least three years the group has lost roughly three 664 00:36:06,920 --> 00:36:11,440 Speaker 1: trillion dollars in market value combined. This year, Dutch healthcare 665 00:36:11,520 --> 00:36:15,920 Speaker 1: technology giant Phillips is scrapping four thousand staff worldwide. I 666 00:36:16,000 --> 00:36:18,640 Speaker 1: meant to follow from a recall of sleep apnea machines 667 00:36:18,680 --> 00:36:21,280 Speaker 1: and economic headwinds. The job cuts him out to about 668 00:36:21,360 --> 00:36:24,759 Speaker 1: five percent of the company's global workforce, and Tesla has 669 00:36:24,800 --> 00:36:27,160 Speaker 1: cut the price of his cars in China by about 670 00:36:27,200 --> 00:36:30,200 Speaker 1: five percent as it ramps up production at a Shanghai factory. 671 00:36:30,520 --> 00:36:33,360 Speaker 1: Then move partly reverses price heights and post earlier this 672 00:36:33,520 --> 00:36:37,120 Speaker 1: year because comus Tesla faces hotter competition from local ev 673 00:36:37,320 --> 00:36:40,200 Speaker 1: makers in China. And that's the Bloomberg and j I 674 00:36:40,320 --> 00:36:43,600 Speaker 1: t Stem Report. Amy all right, thank you, Karen, and 675 00:36:43,680 --> 00:36:46,840 Speaker 1: we're live from the Bloomberg Interactive Brokers studios where it 676 00:36:47,040 --> 00:36:49,400 Speaker 1: is six fifty two on Wall Stree time now to 677 00:36:49,520 --> 00:36:51,440 Speaker 1: check what's going on in d C. Some of the 678 00:36:51,520 --> 00:36:54,560 Speaker 1: top stories in our nation's capital include one of President 679 00:36:54,640 --> 00:36:57,919 Speaker 1: Biden's top advisers saying that the OPEC plus output cut 680 00:36:58,360 --> 00:37:01,520 Speaker 1: was a political and not an economic move. How Speaker 681 00:37:01,600 --> 00:37:03,960 Speaker 1: Nancy Pelosi says she doesn't have any regrets about the 682 00:37:04,040 --> 00:37:08,120 Speaker 1: pandemic aid passed by Democrats, and the road to majority 683 00:37:08,280 --> 00:37:11,080 Speaker 1: rule in the U. S. Senate could actually one through Nevada. 684 00:37:11,200 --> 00:37:13,600 Speaker 1: We want to talk about those stories with Bloomberg Government 685 00:37:13,640 --> 00:37:16,520 Speaker 1: reporter Emily Wilkins, who was in Nevada all last week 686 00:37:16,840 --> 00:37:20,400 Speaker 1: covering the campaign trail. Let's start there. Emily. First of all, 687 00:37:20,480 --> 00:37:23,040 Speaker 1: thanks for joining us. What are you watching for out 688 00:37:23,080 --> 00:37:27,440 Speaker 1: in Nevada? So, Nevada is such an interesting state because 689 00:37:27,640 --> 00:37:30,279 Speaker 1: obviously they have the big Senate race that we've all 690 00:37:30,400 --> 00:37:34,400 Speaker 1: heard of. Democratic Senator Katherine Cortez Nastow is probably the 691 00:37:34,520 --> 00:37:38,560 Speaker 1: Democratic senator who's in the most potential trouble for this November. 692 00:37:38,719 --> 00:37:42,840 Speaker 1: She's facing off with Adam Laxalt, the Republican, and polling 693 00:37:42,920 --> 00:37:46,320 Speaker 1: is showing this race just incredibly, incredibly close. Nevada is 694 00:37:46,320 --> 00:37:49,360 Speaker 1: an interesting state because it has a lot of independent voters, 695 00:37:49,760 --> 00:37:51,879 Speaker 1: and so even though it's kind of become a state 696 00:37:51,920 --> 00:37:54,759 Speaker 1: that allowed us think of as leaning Democratic, that that's 697 00:37:54,840 --> 00:37:58,239 Speaker 1: really not always the case. In addition to the Senate race, 698 00:37:58,440 --> 00:38:01,600 Speaker 1: Nevada has four congress sational seats. Three of those are 699 00:38:01,680 --> 00:38:04,920 Speaker 1: held by Democrats and all three are competitive. And it 700 00:38:05,000 --> 00:38:07,920 Speaker 1: was really interesting traveling around the stay talking with folks 701 00:38:07,920 --> 00:38:10,680 Speaker 1: about what their top issues were. The vast majority of 702 00:38:10,840 --> 00:38:13,879 Speaker 1: everyone says it's the economy, says its gas prices, it's 703 00:38:13,920 --> 00:38:16,560 Speaker 1: grocery prices. I talked with folks who are you know, 704 00:38:16,640 --> 00:38:19,560 Speaker 1: coming out the grocery store, and just incredibly frustrated by 705 00:38:19,640 --> 00:38:22,360 Speaker 1: the inflation that they're seen, and many of them that 706 00:38:22,840 --> 00:38:24,920 Speaker 1: they will attribute it to a lot of different causes, 707 00:38:25,000 --> 00:38:27,080 Speaker 1: but a lot of them still due to some extent 708 00:38:27,200 --> 00:38:30,520 Speaker 1: playing the Biden administration. And it really just highlights the 709 00:38:30,640 --> 00:38:32,759 Speaker 1: fact that a lot of this election is going to 710 00:38:32,880 --> 00:38:35,800 Speaker 1: come down to the economy and that Democrats, as we 711 00:38:35,880 --> 00:38:39,960 Speaker 1: saw this weekend from how Speaker Nancy Pelosi, are struggling 712 00:38:40,000 --> 00:38:42,040 Speaker 1: a little bit and trying to figure out exactly what 713 00:38:42,200 --> 00:38:46,960 Speaker 1: that most effective messages to convince voters that they should 714 00:38:47,000 --> 00:38:50,479 Speaker 1: give Democrats another chance, even after the last two years 715 00:38:50,560 --> 00:38:54,120 Speaker 1: have seen crisis increase. Let's talk about that. About what 716 00:38:54,239 --> 00:38:57,120 Speaker 1: the House Speaker said on Sunday morning. She also said 717 00:38:57,160 --> 00:39:01,399 Speaker 1: she doesn't regret pandemic Aid being passed by Democrats, which 718 00:39:01,520 --> 00:39:06,640 Speaker 1: some say has helped exacerbate some of the inflation issues. Yeah, 719 00:39:06,719 --> 00:39:09,919 Speaker 1: Pelosie really said that really stuck by and doubled down 720 00:39:10,080 --> 00:39:13,759 Speaker 1: on democrats decision to do that. You've heard certain Democrats. 721 00:39:14,000 --> 00:39:16,600 Speaker 1: Senator Mark Warner was on Bloomberg kind of noting that 722 00:39:16,800 --> 00:39:18,839 Speaker 1: the amount of aid that was passed could have been 723 00:39:18,840 --> 00:39:21,960 Speaker 1: a little smaller, might not have been as as inflationary 724 00:39:22,560 --> 00:39:25,800 Speaker 1: or impact in inflation. But Pelosi said, look, you know 725 00:39:26,040 --> 00:39:28,920 Speaker 1: this was during COVID. This is something that people needed 726 00:39:28,960 --> 00:39:31,440 Speaker 1: to do to survive, uh, and that they put out 727 00:39:31,480 --> 00:39:33,399 Speaker 1: the money there to sort of help folks get back 728 00:39:33,440 --> 00:39:35,520 Speaker 1: on their feet. And that is another point that you're 729 00:39:35,560 --> 00:39:39,120 Speaker 1: hearing from Democrats on the campaign trails. Look, two years ago, 730 00:39:39,200 --> 00:39:41,440 Speaker 1: we were in the middle of the COVID pandemic. Now 731 00:39:41,600 --> 00:39:44,560 Speaker 1: things are open, kids are back in school, masks are off, 732 00:39:44,680 --> 00:39:48,000 Speaker 1: businesses are open um. And it's interesting to see because 733 00:39:48,040 --> 00:39:50,800 Speaker 1: there are still some people who are very upset about 734 00:39:50,840 --> 00:39:53,560 Speaker 1: the restrictions that were placed in COVID. There's still a 735 00:39:53,600 --> 00:39:56,319 Speaker 1: lot of frustration that the Democrats for that, but they're 736 00:39:56,360 --> 00:40:00,160 Speaker 1: really trying to overall turn it into a positive for 737 00:40:00,280 --> 00:40:03,680 Speaker 1: what they were able to do with the economy in 738 00:40:03,800 --> 00:40:07,000 Speaker 1: regards to COVID. We got a couple of minutes here, Emily, 739 00:40:07,520 --> 00:40:09,879 Speaker 1: is Pelosi gonna be House Speaker after this term even 740 00:40:09,920 --> 00:40:11,960 Speaker 1: if Dev's do hold onto the House, what's her future? 741 00:40:12,840 --> 00:40:14,840 Speaker 1: That is such a great question, Amy, That is a 742 00:40:14,920 --> 00:40:17,120 Speaker 1: question all of us in DC are asking each other. 743 00:40:17,719 --> 00:40:20,360 Speaker 1: She's kept any decisions very close to her chest. She 744 00:40:20,480 --> 00:40:24,279 Speaker 1: did say it's about several years ago that she would 745 00:40:24,360 --> 00:40:28,160 Speaker 1: only serve two more terms as Speaker before handing along 746 00:40:28,280 --> 00:40:31,399 Speaker 1: the gable. That would mean that she would step down 747 00:40:31,560 --> 00:40:34,719 Speaker 1: as Speaker after this term. Of course, though Pelosi is 748 00:40:34,840 --> 00:40:38,240 Speaker 1: running again, she hasn't talked to anyone it's specifically about 749 00:40:38,320 --> 00:40:41,200 Speaker 1: what her plans are. There's a thought that she could 750 00:40:41,239 --> 00:40:44,840 Speaker 1: potentially hold on to the speakership if Democrats keep the House, 751 00:40:45,040 --> 00:40:47,960 Speaker 1: because Jessica, that would be such an uphill, big challenge 752 00:40:48,000 --> 00:40:51,359 Speaker 1: for them to do. Everyone's basically expecting Republicans to hold 753 00:40:51,400 --> 00:40:53,600 Speaker 1: the House. So if Democrats, for some reason keep it, 754 00:40:54,080 --> 00:40:57,680 Speaker 1: maybe Pelosi has a shot of continuing her speakership. That said, 755 00:40:57,880 --> 00:41:00,600 Speaker 1: I have talked to folks in Congress, and our reporters 756 00:41:00,680 --> 00:41:04,320 Speaker 1: have have also written about this, that there is a 757 00:41:04,400 --> 00:41:08,200 Speaker 1: sentence within the Democratic Party that new leadership is needed 758 00:41:08,400 --> 00:41:10,600 Speaker 1: a Pelosi as well as the top number two and 759 00:41:10,680 --> 00:41:14,120 Speaker 1: number three Democrats. They're all in their eighties. They served 760 00:41:14,160 --> 00:41:17,200 Speaker 1: for decades at this point, and there's a sense that 761 00:41:17,320 --> 00:41:20,560 Speaker 1: there's some new leadership that's now really needed within the party, 762 00:41:20,920 --> 00:41:23,720 Speaker 1: just to reflect the broader diversity of the Democratic Party, 763 00:41:23,840 --> 00:41:26,160 Speaker 1: as well as just to reflect that a lot of 764 00:41:26,239 --> 00:41:30,400 Speaker 1: Democrats tend to be younger voters alright, Bloomberg Government reporter 765 00:41:30,520 --> 00:41:33,239 Speaker 1: Emily Wilkins. Always a pleasure. Thank you so much for 766 00:41:33,360 --> 00:41:36,719 Speaker 1: your insights. You can read more about these stories on 767 00:41:36,840 --> 00:41:40,080 Speaker 1: Bloomberg dot com or on the Bloomberg terminal. And as 768 00:41:40,120 --> 00:41:42,440 Speaker 1: a reminder, you can follow all of the latest on 769 00:41:42,560 --> 00:41:46,040 Speaker 1: Bloomberg Radio in Washington on Bloomberg ninety nine one and 770 00:41:46,280 --> 00:41:49,120 Speaker 1: one oh five point seven FM h D two. Karen, 771 00:41:49,920 --> 00:41:52,160 Speaker 1: all right, Amy, thank you, And it's SAX fifty seven 772 00:41:52,280 --> 00:41:55,000 Speaker 1: on Wall Street, and we are watching the markets this morning. 773 00:41:55,360 --> 00:41:58,399 Speaker 1: As futures are showing a little more strength now. SMP 774 00:41:58,600 --> 00:42:00,960 Speaker 1: futures up about twelve point sets up about a third 775 00:42:01,000 --> 00:42:04,160 Speaker 1: of a percent. Down futures are up one hundred nineteen 776 00:42:04,200 --> 00:42:07,760 Speaker 1: a Nastack futures are now up about nine the decks 777 00:42:07,840 --> 00:42:10,279 Speaker 1: in Germany at one point three percent, the cat in 778 00:42:10,360 --> 00:42:12,239 Speaker 1: Paris up one and a half percent. In the foot 779 00:42:12,280 --> 00:42:14,879 Speaker 1: Sea one hundred up two tenths of upper set ten 780 00:42:14,960 --> 00:42:18,040 Speaker 1: year treasury up thirteen thirty seconds, yield four point one 781 00:42:18,280 --> 00:42:20,920 Speaker 1: six percent, and they yield on the two year at 782 00:42:21,000 --> 00:42:24,520 Speaker 1: four point four seven percent. NIMEX scrude oil falling down 783 00:42:24,600 --> 00:42:26,960 Speaker 1: one point one percent. It's sound eighty one cents now 784 00:42:27,040 --> 00:42:29,480 Speaker 1: at eighty four dollars, twenty two cents of barrel comex 785 00:42:29,520 --> 00:42:31,960 Speaker 1: school down a quarter percent or four dollars at sixteen 786 00:42:32,000 --> 00:42:36,520 Speaker 1: fifty two thirty announced and the euro point nine to 787 00:42:36,760 --> 00:42:40,719 Speaker 1: zero against the dollar. Bloomberg Surveillance straight Ahead with Tom Keene, 788 00:42:40,840 --> 00:42:44,840 Speaker 1: Lisa of Ramelwooz and Jonathan Farrow and for Amy Morris 789 00:42:44,960 --> 00:42:48,040 Speaker 1: Sun Karen Moscow, and this is Bloomberg