Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for a Tuesday, July twelve two. Coming up this hour,
Speaker 1: the Wall Street stock sell off continues this morning. The
Speaker 1: A says the worst of the energy crisis maybe ahead.
Speaker 1: We are tracking the latest developments in the Twitter elon
Speaker 1: must saga, and the January six Committee focuses on far
Speaker 1: right groups and what former President Trump knew about their plans.
Speaker 1: Officials want people in New York City to mask up
Speaker 1: again indoors. Plus, funeral services were held today for former
Speaker 1: Japanese per Minister Rombe. I'm Michael bar More Ahead, I'm
Speaker 1: time Stash Howard. Sports matchers are pitched the Mets to
Speaker 1: a big win in Atlanta, and pied Delonso will be
Speaker 1: in next week's home run Dirt. That's all trading ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one O six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius XM one nine team,
Speaker 1: and around the world on Bloomberg Radio dot com and
Speaker 1: via the Bloomberg Business App. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen. Moscow and US futures are lower this morning.
Speaker 1: We're coming up to six oh one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg, U S and P futures down
Speaker 1: about twenty eight points down, futures down two twenty three
Speaker 1: and NASDAG features down two. The DAGs in Germany's down
Speaker 1: eight tens of upper cent in the ten year treasury
Speaker 1: ye thirty seconds, he'll two point nine one percent, and
Speaker 1: they yield on the two year two point nine percent.
Speaker 1: Nathan Well Karen futures are adding to yesterday's losses, which
Speaker 1: saw all three major indexes fall. The hardest hit was
Speaker 1: the NASTAC, which dropped two and a quarter percent. Still,
Speaker 1: Alan zaffron Co, CEO at I e Q Capital says
Speaker 1: growth stocks may be the place to invest. We are
Speaker 1: looking forward at a slower growing economy, given what's happening
Speaker 1: with the FED, given what's happened with a more heightened
Speaker 1: inflationary environment, and so it is a setup for growth
Speaker 1: stocks to outperform value stocks looking forward for quite some time.
Speaker 1: I e Q Capital's Alan's afer and says the upcoming
Speaker 1: earning season will be key for the markets well, Nathan.
Speaker 1: The Wall streets sell off spread to Asia overnight. Both
Speaker 1: Japan's and NK and Hong Kong's Hang Sang Index stramre
Speaker 1: than one percent. I'm making the recap from Bloomberg Daybreak,
Speaker 1: Asia anchor Brian Curtis in Hong Kong. Asian stocks fell
Speaker 1: on concerns over the economic outlook, high inflation, and China's
Speaker 1: issues with COVID. The text actors struggled, sparking weakness in Japan,
Speaker 1: Hong Kong, and China. The dollar pushed higher, up near
Speaker 1: the levels that we saw in the panic over COVID.
Speaker 1: The euro has edged closer to parody, with the greenback
Speaker 1: sapped by Europe's energy crisis and fears of recession. Treasuries gained,
Speaker 1: taking the tenure yield well below three percent. Bonds also
Speaker 1: rallied in Australia. You know, Hong Kong, Brian Curtis, Bloomberg Daybreak, Brian,
Speaker 1: thank you. Oil is moving lower this morning. West Texas
Speaker 1: Intermediates down two point three percent to a hundred one
Speaker 1: dollar sixties extensive barrel. A COVID resurgence in China is
Speaker 1: adding to concerns about a global economic slowdown. Fatty Barole,
Speaker 1: executive director at the International Energy Agency, says the worst
Speaker 1: of the energy crisis maybe ahead. The world has never
Speaker 1: witnessed such a major energy crisis. It is interwoven by
Speaker 1: many factors, including the geopolitics, and I believe we might
Speaker 1: not have seen the worst of it yet. I e
Speaker 1: A Executive director Fatty Barol says this winter in Europe
Speaker 1: will be quote very very difficult. Well making investors are
Speaker 1: closely watching for the release of June's Consumer Price Index tomorrow.
Speaker 1: The White House is keeping an eye on it. You.
Speaker 1: Press Secretary Karine john Pierre said the inflation data will
Speaker 1: be highly elevated, but she also notes it's backward looking.
Speaker 1: June's CPI data is already out of date because energy
Speaker 1: prices have come down substantially this month and are expected
Speaker 1: to fall further. White House smokes showman Karne John Pierre
Speaker 1: says fooding gas prices continue to be impacted by the
Speaker 1: war in Ukraine. Economist surveyed by Bloomberg expect June prices
Speaker 1: to jump eight point eight percent compared to last year.
Speaker 1: That would be a fresh forty year high. We're also
Speaker 1: continuing to follow the saga between Elon Musk and Twitter,
Speaker 1: Karen after shares fell more than eleven percent yesterday. Let's
Speaker 1: get the latest live from Bloomberg's Rinity Young. Good morning, Grenita,
Speaker 1: Good morning Nathan. Twitter lawyers are calling Elon Musk's termination
Speaker 1: of his forty four billion dollar deal to buy the
Speaker 1: company invalid and wrongful. They wrote it in a letter
Speaker 1: to his attorneys, and it's a preliminary step in the
Speaker 1: legal battle over the deal now. Musk agreed to buy
Speaker 1: Twitter for fifty four dollars and twenty cents a share,
Speaker 1: but he terminated the agreement because he believes Twitter misrepresented
Speaker 1: user data, claiming the number of spambots on the platform
Speaker 1: is much higher than the five percent the company has disclosed.
Speaker 1: Bloomberg sources say Twitter aims to file suit early this week,
Speaker 1: and the agreement specifies in any legal dispute over the
Speaker 1: deal must be heard in Delaware, Live in New York.
Speaker 1: I'm we need a Young Bloomberg day break. All right,
Speaker 1: we need to thank you well. One other note on
Speaker 1: the world's richest man this morning, Elon must says Donald
Speaker 1: Trump should quote sail into the sunset and forget about
Speaker 1: running for president again. In a series of tweets, must
Speaker 1: claim that Florida Governor Ronde Santis would easily defeat President Biden.
Speaker 1: He also told this one hundred million followers that there
Speaker 1: was too much drama when former President Trump was in office.
Speaker 1: Speaking of drama, Karen Testimony on last year's attack at
Speaker 1: the US Capital rolls on in Washington and up next
Speaker 1: the House January six committee will focus on the role
Speaker 1: of extremists in the insurrection, Bloomberg said, Baxter has the story.
Speaker 1: Committee member Jamie Raskin says it will continue building on
Speaker 1: the case that Donald Trump had a hand and trying
Speaker 1: to overthrow the results of the election and led to
Speaker 1: the advance that day on January six, Raskin says, you
Speaker 1: will focus on what's become known as Team Crazy, a
Speaker 1: group of people around Trump, Sidney Pale, Rudy Giuliani among them.
Speaker 1: Raskin says one of the meetings was unlike anything in
Speaker 1: American history reap now. The committee has also announced postponement
Speaker 1: a Thursday's hearing because it is getting so much new
Speaker 1: information on White House ties in San Francisco. I'm at
Speaker 1: Baxter Bloomberg Daybreak and thank you in corporate news this morning,
Speaker 1: San Francisco based Gap has fired at CEO Sonya San
Speaker 1: was dismissed after two and a half years on the job,
Speaker 1: and we get the story from Bloomberg Shirley Pellett. The
Speaker 1: apparel company is struggling to leave operational challenges behind it.
Speaker 1: Chairman Bob Martin is taking over immediately as CEO on
Speaker 1: an interim basis. GAP shares aren't down fifty percent this year,
Speaker 1: compared with a thirty percent dropped for the S and
Speaker 1: P five retailing index. Single took over in early twenty
Speaker 1: right before Covid royaled the business and demand. Prior to that,
Speaker 1: she was in charge of the company's old Navy brand
Speaker 1: in New York. Charlie Pellett Bloomberg Daybreak. All right, Charlie,
Speaker 1: thank you, and job cuts are coming at Microsoft. The
Speaker 1: layoffs effect less than one percent of the workforce and
Speaker 1: span a variety of groups in it in consulting and
Speaker 1: customer and partner solutions. Microsoft says the cuts were not
Speaker 1: spurred by economic factors. Back in May, the company also
Speaker 1: slowed hiring it its windows and office groups. SMP futures
Speaker 1: down twenty seven points. Nasdaq futures down seventy two straight
Speaker 1: ahead your latest local headlines in the check of sports.
Speaker 1: This is Bloomberg six oh seven on Wall Street where
Speaker 1: at sixty nine degrees in Central Park. Problems headed to
Speaker 1: New York Airport. There's an accidents southbound Rouge one at
Speaker 1: Third Avenue. Details coming up in traffic. First Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. New concerns about COVID. Michael, that is correct, Nathan.
Speaker 1: The Department of Health is continuing to urge New York
Speaker 1: City residents to wear masks in all public indoor settings
Speaker 1: and in crowded areas outdoors because of an uptick in COVID.
Speaker 1: It comes as the latest mcron variant B A point
Speaker 1: five has become the dominant strain in the US. This
Speaker 1: New Yorker says people got lacks about masking. I think
Speaker 1: the city is the government's gonna have a hard time
Speaker 1: getting people back into nest. Meanwhile, about two out of
Speaker 1: three people in the US are fully vaccinated. Harvard Medical
Speaker 1: School professor Dr John Brownstein says the evolution of variants
Speaker 1: unresponsive to immunity from previous infections means we are likely
Speaker 1: going to have to give up on the idea of
Speaker 1: her community. You see this virus evolved quicker and quicker,
Speaker 1: and we'll probably see another variant in the fall. So
Speaker 1: the main question really is can divert really serious outcomes
Speaker 1: like death and hospitalizations. Epidemiologist Dr John Brownstein is also
Speaker 1: the Chief Innovation Officer at Boston Children's Hospital. Police in
Speaker 1: New York City are looking for a man they say
Speaker 1: is targeting homeless people in a string of stabbing attacks.
Speaker 1: The latest victim a twenty eight year old woman attacked
Speaker 1: early yesterday. Police say the same man can be seen
Speaker 1: on surveillance cameras in all three locations where homeless people
Speaker 1: have been stabbed in the last week. The first stabbing
Speaker 1: was on July thirty four year old man resting on
Speaker 1: a bench was stabbed and later died from his injuries.
Speaker 1: Three days later, a fifty nine year old homeless man
Speaker 1: was stabbed in the abdomen. Japanese people have bid their
Speaker 1: final goodbye the former Prime minister Shinzo abe. Family funeral
Speaker 1: was held at the Temple days after his assassination that
Speaker 1: shocked the nation. Abbe, the country's longest serving prime minister,
Speaker 1: was gunned down Friday during a campaign speech. The first
Speaker 1: image from NASA's News Space Telescope is the deepest view
Speaker 1: of the universe ever captured. The image from the James
Speaker 1: Webb Space Telescope was unveiled at the White House President
Speaker 1: Joe Biden. Light from the Oldest Galaxies, the oldest documented
Speaker 1: light in the history of the universe, from over thirteen
Speaker 1: billion let me say it again, thirteen billion years ago. Today,
Speaker 1: four more galactic shots will be released from the telescope.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Baloomberg Quick Take, powered by more than journalists and
Speaker 1: analysts and over a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg. Nay, such a cool picture. To thank you, Michael.
Speaker 1: Almost six ten on Wall Street. Let's check in with
Speaker 1: John Stanshar for the Bloomberg Sports update. All right, Nathan,
Speaker 1: the Mets pain max sers are forty three million dollars
Speaker 1: a year. They're doing that for games like last night
Speaker 1: in Atlanta. The Mets lead over the Braves once ten
Speaker 1: and a half games at Dwindle to one and a half,
Speaker 1: thanks to Atlanta's twenty nine and eight records. Since June one.
Speaker 1: They've got the best offense of the National League, but
Speaker 1: Scherzer shut them down, allowed only one hit over the
Speaker 1: first six and as he struck out nine shots are in.
Speaker 1: The Mets beat the Braves four to one, especially this
Speaker 1: time of year. Uh. You know, they're a great team
Speaker 1: over there, and you want to come out there and
Speaker 1: play your best baseball. Uh. And you know when you
Speaker 1: you can collect wins against them, and you know, it's
Speaker 1: kind of a measuring stick win and you know it's
Speaker 1: it's a good feeling. So um. You know, but like
Speaker 1: you said, we're in when getting game here in July,
Speaker 1: we gotta come out there and played, you know, great
Speaker 1: months of Jove. It's got a home for Luiski or
Speaker 1: Mayo rb I double from Pete Alonso. Pete will go
Speaker 1: for the home run derby three. Pete, he's never not
Speaker 1: one a winner the last two the Braves. Ronald the
Speaker 1: Cuna Jr. Will be one of his competitors next one
Speaker 1: day in l a lest of the Field. Not yet
Speaker 1: No Yankees Tonight host the Cincinnati Reds as the British
Speaker 1: Open gets ready to tee off Thursday. St Andrew's so
Speaker 1: much talk about the new Live tour word that the
Speaker 1: Anti Trust Division of the Justice Department is investigating whether
Speaker 1: the PGA Tour used anti competitive practices against the Live Tour.
Speaker 1: The PGA says it expected this and is confident there
Speaker 1: was no wrongdoing. The guys who jumped to Live Dustin
Speaker 1: Johnson Bryson, the Shambo Brooks captor. They are playing the
Speaker 1: Open Championship, as is Tiger Woods, John Stashanward, Bloomberg Sports name,
Speaker 1: thank you, John SMP futures down twenty two point, staff
Speaker 1: features down, nastac features down forty five. The dollar continuing
Speaker 1: to strengthen this morning. The euro hit parody against the
Speaker 1: dollar earlier this morning. Look at the impact what it
Speaker 1: means for markets. Jane Foley, head of f X strat
Speaker 1: just at Robbo Bank joins us. Next. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather partly Sunday today, chance for
Speaker 1: afternoon showers and storms. Some could be strong going up
Speaker 1: to near ninety sunshine near ninety tomorrow. Right now sixty
Speaker 1: nine degrees in Central Park. Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, The
Speaker 1: Bloomberg Business Outland at Bloomberg Quick tape. He's a Bloomberg
Speaker 1: business flash and I'm Karen Moscow. We have some headlines
Speaker 1: crossing the Bloomberg Peloton Interactive to stop building its bikes
Speaker 1: and treadmills at its own factories and rely solely on
Speaker 1: partners for manufacturing, marking one of the most dramatic steps
Speaker 1: he had to simplify its operations and reduce costs. Shares
Speaker 1: her up in early training about eight tenths of a percent,
Speaker 1: also watching shares of PepsiCo, raising his outlook for the
Speaker 1: second time and as many quarters, saying it expects revenue
Speaker 1: to grow ten percent this year as consumer demand remains resilient.
Speaker 1: Those shares are up nine tenths of a percent this morning.
Speaker 1: Futures this morning are falling, with SNP futures down about
Speaker 1: twenty one points and down futures down a hundred eighty eight.
Speaker 1: Nastack features down forty four, the decks in Germany down
Speaker 1: seven tenths of up percent. The tend your treasury of
Speaker 1: twenty thirty seconds yield two point nine one percent. That
Speaker 1: yield on the two year is at three percent. Nieme
Speaker 1: X screwed oil down two point six percent on two
Speaker 1: dollars seventy three cents at a hundred one dollars thirty
Speaker 1: six cents of barrel. Comex school. This it will change
Speaker 1: is seventeen thirty two sixty announced. Now. The euro is
Speaker 1: at one point zero zero one six against the dollar,
Speaker 1: British found one point one eight four one and the
Speaker 1: yen one thirty six point eight nine Bitcoin this morning
Speaker 1: lower down three point six percent at nineteen thousand, six
Speaker 1: hundred seventy dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael bar with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Another public hearing today
Speaker 1: behind the Congressional committee investigating the deadly January sixth insurrection.
Speaker 1: Is hearing will focus on the involvement of white supremacists
Speaker 1: hate groups in the attack on the Capitol and feature
Speaker 1: testimony by former White House Consul Pat Saboloni, whom investigators
Speaker 1: say collaborates former White House aid Cassidy Hutchinson. People in
Speaker 1: Japan have bid their final goodbye to former Prime Minister
Speaker 1: Shinzo Abe. Family funeral was held at the Temple days
Speaker 1: after his assassination that shocked the nation. In baseball, the
Speaker 1: Mets one the red sox, A's and giants lost. Global
Speaker 1: news twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg. Nathan all right, Michael, thank you.
Speaker 1: It is six nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg daybreaking as we
Speaker 1: continue to see stocks sell off this morning. A lot
Speaker 1: of this story has been the flights of safety. Bonds
Speaker 1: are on the rise, and the dollar continues to strengthen.
Speaker 1: Joining us more for more on the currency picture this morning,
Speaker 1: where and by Jane Foley, Executive director, head of FX
Speaker 1: Strategy at Robbo Bank. Jane, good morning. I know you've
Speaker 1: probably been watching very closely for euro dollar parody. We
Speaker 1: did reach it moments ago. It looks like the euro
Speaker 1: is starting to bounce back just a bit against the dollar.
Speaker 1: What does euro dollar parody mean for this market? Well,
Speaker 1: it's a big psychological level and probably a big level
Speaker 1: for the options market, but I think for the ECB
Speaker 1: also clearly, if you have a weeker year, then that's
Speaker 1: not particularly great for your inflation, particularly when you're importing
Speaker 1: a lot of energy, and of course energy is what
Speaker 1: this story is all about. Yesterday, as you'll be aware,
Speaker 1: we had the taking down of the nord Stream wine
Speaker 1: at one pipeline for cleaning, for maintenance, and politicians and
Speaker 1: speculators alike. Oh, I mean that Putin won't turn that
Speaker 1: pipeline back on a scheduled ininten days time, or at
Speaker 1: least if he does, then maybe it flows through. It
Speaker 1: will be lessons and then we'll have less gas in
Speaker 1: Europe for the winter, and then we'll have recessions. So
Speaker 1: really whether or not we can drop through parity very
Speaker 1: much depends on that decision that pipeline and what happens
Speaker 1: in ten days time with with Putin and and gas supply.
Speaker 1: So there is this risk of recession a bigger concern
Speaker 1: for the Eurozone than it is for the dollar, and
Speaker 1: your for the US and your view, yes, I think
Speaker 1: it is when we have been forecasting recession over this winter,
Speaker 1: for for the for the eurosin for it for a while,
Speaker 1: and I think perhaps more commentators have seen this. But
Speaker 1: it's very much dependent on energy, because if you got
Speaker 1: back just a couple of weeks ago we had the
Speaker 1: German Economy Minister warning that we could see rationing in
Speaker 1: in Germany and that would be amongst some of the
Speaker 1: big industrialized, hungry energy hungry UH companies, and that would
Speaker 1: be obviously to protect the gas supplies or the energy
Speaker 1: supplies for for consumers. And clearly if you had someone German,
Speaker 1: Germany's big energy being rationed in terms of energy, that's
Speaker 1: what would bring out slower growth and the recession risk.
Speaker 1: And you can translate that also to Italy, another big
Speaker 1: industrialized economy here here in Europe, and recession then would
Speaker 1: would highlight, as it always does in your highlight the
Speaker 1: differences between the Eurozone countries and focus on on the
Speaker 1: highly debted nations. And then we have more conversation around
Speaker 1: fragmentation and also how big a window does the ECB
Speaker 1: have too high interest rates? If if if there is
Speaker 1: this risk of recession going into the winter. So that's
Speaker 1: all combined into a negative scenario for for the euro
Speaker 1: at a time when safe haven flow is really supporting
Speaker 1: the dollar. Well, what are the options for the ECB
Speaker 1: at this point? Could we see intervention sooner to try
Speaker 1: to head off some of these concerns? Well, we're not
Speaker 1: going to see ext intervention, but we could, we could
Speaker 1: have intervention to try and store up confidence. And and
Speaker 1: this is this is where it gets very, very tricky
Speaker 1: for the ECB, because we have this higher inflation print.
Speaker 1: We know that they want to eve into this era
Speaker 1: of tighter monetary policy. They've already signaled that they'll be
Speaker 1: hiking interest rates twenty five basis points this month, maybe
Speaker 1: maybe to a fifty basis points in in September. But
Speaker 1: at the same time they're worried about fagmentation. They want
Speaker 1: to hold together market confidence and and that involves some
Speaker 1: degree of protection for these highly indebted countries, but in
Speaker 1: a way that goes against the grain. I mean, it's
Speaker 1: a bit about saying, well, yes, you know, we want
Speaker 1: to tighten monetary policy, but nobody can fail. And that
Speaker 1: is perhaps a little bit counterintuitive, and certainly it means
Speaker 1: it's a very tough line for the ECB to walk
Speaker 1: in terms of getting this policy right. And because of
Speaker 1: the complications for the ECB policy, again, you know, the
Speaker 1: market is looking at this and worried about this, and
Speaker 1: this is all weighing on the Euro. Only about thirty
Speaker 1: seconds left here, Jane but does a stronger dollar effect
Speaker 1: anything for the Fed? Well, it does. I mean a
Speaker 1: stronger policy is part of the mode a tree tightening policy.
Speaker 1: So you could say the more the dollar stensons, the
Speaker 1: less they already have to do in terms of actual
Speaker 1: policy measures. You could argue that a stronger dollars does
Speaker 1: some of the heavy lifting already, so orders play into
Speaker 1: how much the market is likely to forecast for interest
Speaker 1: rate hikes during the cycle. Thanks for this, Jane, great
Speaker 1: having you on with us this morning. Jane Folly, executive director,
Speaker 1: head of FX Strategy at Robo Bank, where a lot
Speaker 1: of the story this morning is euro dollar parody. Right now,
Speaker 1: the euro is trading at one point zero zero one
Speaker 1: seven against the dollar. We did hit parody between the
Speaker 1: year on the dollar earlier this morning. SMP futures are
Speaker 1: down nineteen points. Now futures are down two Nasdaq futures
Speaker 1: are lower by forty points, and we continue to watch
Speaker 1: inversion between two year and ten year yields. Right now,
Speaker 1: the tenure is up thirty seconds, with the yield almost
Speaker 1: two point nine one almost two point nine two percent.
Speaker 1: I should say it is at two point nine two uh.
Speaker 1: The two year yield is at three point zero zero percent.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather partly sunny,
Speaker 1: maybe some strong storms later this afternoon on our way
Speaker 1: ups in your ninety degrees high, your nineties sunshine Tomorrow
Speaker 1: could see an afternoon shower Thursday, right now seventy in
Speaker 1: Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York. Bloomberg E Loving Freedom to Washington, d C,
Speaker 1: Bloomberg N one to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg nine sixt to the country Sirius
Speaker 1: XM Channel one nineteen and around the globe the Bloomberg
Speaker 1: Business and Bloomberg Radio dot com. This is Bloomberg Daybreak
Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow. We are just about three hours
Speaker 1: away from the open of US trading. Kind to the
Speaker 1: five things you need to know to start your day.
Speaker 1: To you buy Interacted Brokers. Interactive Brokers charges Martin loan
Speaker 1: rates from two point eight percent to three point eight percent,
Speaker 1: rates subject to change. Learn more at ibk R dot com.
Speaker 1: Slash Compare First U s futures are lower, adding to
Speaker 1: yesterday's losses, which saw all three major indexes slump. Mike
Speaker 1: vocal Sang, chief investment officer at cap Trust, says, at
Speaker 1: this point, it's unclear how markets are pricing in a recession.
Speaker 1: This recession has been so anticipated that it's far to
Speaker 1: believe the market hasn't discounted most of it. Maybe the
Speaker 1: surprise will be that it's that it's really really a
Speaker 1: negative and difficult and deep recession. We don't think so.
Speaker 1: It also could be that we don't really hit a recession.
Speaker 1: We're like a stone skipping off the top of the
Speaker 1: pond and moving on and back up again. That's the
Speaker 1: question I think, and I think we're going to know
Speaker 1: a lot more about that as we had into earning
Speaker 1: season later this week and then the next couple of weeks.
Speaker 1: Mike vocals Sang a capped Trust as forward guidance from
Speaker 1: companies will be watched closely over the next few weeks. Well.
Speaker 1: The Wall Street sell off spreading overseas. Karen Japan's NIEK
Speaker 1: and Hong Kong's Hang Sang Index both felt more than
Speaker 1: one percent overnight. I made concerns about inflation and COVID
Speaker 1: and China oil is moving lower to West Texas Intermediates
Speaker 1: down two and a half percent at a hundred one
Speaker 1: dollars forty six cents of barrel. Investors are looking ahead
Speaker 1: to the relays of June's Consumer price index tomorrow, Nathan,
Speaker 1: and so is the White House Press Press Secretary Karine
Speaker 1: Jean Pierre says prices continue to be impacted by the
Speaker 1: war in Ukraine. We got here with the with the
Speaker 1: increase of gas prices and food prices because of Mr.
Speaker 1: Putin's war in Ukraine. White House sposum and Karine Jean
Speaker 1: Pierre says the latest inflation data will be elevated, but
Speaker 1: also notes it's backward looking now. We're still following the
Speaker 1: saga between Elon Musk and Twitter this morning, Karen. After
Speaker 1: showers fell eleven percent yesterday, Bloomberg's Rnita Young joins us Live. Ranita,
Speaker 1: Good morning, Nathan. Twitter lawyers are calling Elon Musk's termination
Speaker 1: of his forty four billion dollar deal to buy the
Speaker 1: company invalid and wrongful. They wrote it in a letter
Speaker 1: to his attorneys, and it's a preliminary step in the
Speaker 1: legal battle over the deal. Musk agreed to buy Twitter
Speaker 1: for fifty four dollars in twenty cents a share, but
Speaker 1: he terminated the agreement, claiming the number of spambots on
Speaker 1: the platform is much higher than the company disclosed. Bloomberg
Speaker 1: sources say Twitter aims to file suit early this week.
Speaker 1: Live in New York, I'm rened a young Bloomberg daybreak.
Speaker 1: All right, we need to thank you and stitting with
Speaker 1: corporate news. Job cuts are coming at Microsoft. Layoffs are
Speaker 1: affecting less than one percent of its workforce, and the
Speaker 1: company says cuts were not spurred by economic factors. That's
Speaker 1: the five things that you need to know to start
Speaker 1: your day, brought to you by Interactive Brokers. Straight ahead,
Speaker 1: your latest local headlines, to check a sports and this
Speaker 1: is Bloomberg. Thank you, Karen. Six Wall Street, sixty nine
Speaker 1: degrees in Central Park. Another accident southound west Side Highway
Speaker 1: at seventy second. We'll tell you more in traffic First,
Speaker 1: Michael Barr on what else is going on in New
Speaker 1: York and around the world. Big day again on Capitol
Speaker 1: Hill today, Michael, Yes, it is Nathan. The January six
Speaker 1: Committee is preparing to highlight how violent extremist groups answered
Speaker 1: what one lawmaker says was Donald Trump's siren call to
Speaker 1: come to Washington and attack the capitol. The panelists said
Speaker 1: to convene today. The committee is probing whether extremist groups
Speaker 1: coordinated with White House allies ahead of the violence. Police
Speaker 1: in New York City are looking for a man they
Speaker 1: say stabbed twenty eight year old homeless woman early Monday.
Speaker 1: They say the suspense is behind similar attacks in the
Speaker 1: past week, including one that was fatal. Police say they
Speaker 1: have video and photos of the same men at all
Speaker 1: three locations. The latest omicron variant B A point five
Speaker 1: has become the dominant strain in the U S. As
Speaker 1: COVID cases increase, cities like New York and Los Angeles
Speaker 1: are asking people to mask up indoors and in crowded areas.
Speaker 1: This New Yorker says, though masking is not enough to
Speaker 1: avoid COVID, people should remember even more important as washing
Speaker 1: your hands. That's actually that's actually as important, if not
Speaker 1: more important, than the masking. Health officials across the nation
Speaker 1: say the US is still averaging about a hundred thousand
Speaker 1: cases a day. A family funeral was held today for
Speaker 1: Japan's former Prime Minister Shinzo Abe. Modicaid including a her
Speaker 1: slowly drove by a fact crowd to the funeral. This
Speaker 1: man was among the crowd of mourners. Mr is one
Speaker 1: of the greatest uh prime minister in the Japanese history,
Speaker 1: and a lot of people look up to him, a
Speaker 1: lot of people, and we're so sad that we lost
Speaker 1: in only as a widow. Other close family members and
Speaker 1: senior party leaders, including Prime Minister Fumio Kashita, attended the service.
Speaker 1: The chief Judge of New York's Court of Appeals says
Speaker 1: she will step down after more than six years residing
Speaker 1: at the state's highest court. Judge Janet D. Ferriori, who
Speaker 1: was sixty six, says she will leave at the end
Speaker 1: of August and move on to the next chapter of
Speaker 1: her professional life. There's a shake up in the lead
Speaker 1: role with the Broadway show Funny Girl Show, says actress
Speaker 1: Liam Michelle will take over as Fanny Bryce in early
Speaker 1: September after Benie Feldstein's abrupt announcement that she would be
Speaker 1: leaving the role earlier than expected. Feldstein on Instagram says
Speaker 1: that a dream run as Brice would end on July
Speaker 1: one instead of late September. Global News twenty four hours
Speaker 1: a day on air, end on Bloomberg Quick Take powered
Speaker 1: by more than twenty seven hundred journalists analysts more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Alright, Michael,
Speaker 1: thank you. Almost six thirty six on Wall Street. John
Speaker 1: stash Hour has the Bloombridge Sports Update. All right, Nathan.
Speaker 1: The Nets went down to Atlanta well aware that fifteen
Speaker 1: of their last seventy six games are against the team
Speaker 1: that's not only defending World Series CHAMCE, but the hottest
Speaker 1: team in MLB nine and eight since June one, met
Speaker 1: still in first place with their lead over the on
Speaker 1: rushing Braves was just a game and a half, smallest
Speaker 1: since mid April. Thankfully for the series opener. The Mets
Speaker 1: add Max shirts are on the map. Pitch seven is
Speaker 1: allowed only one run, three hits struck out nine. Mets
Speaker 1: beat the Braves four to one. S shows are two
Speaker 1: starts since missing seven weeks, and he's only allowed one run.
Speaker 1: He was asked the advice he gave to his younger
Speaker 1: teammates playoff to John, you know, I mean you get
Speaker 1: a drawn playoff and don't be don't don't be a
Speaker 1: shy away from it, bringing on this is what you
Speaker 1: play the game for. You want to be any situations.
Speaker 1: You want to be facing the best teams in the league.
Speaker 1: You want to be in races. You gotta rise to
Speaker 1: the occasion and match it. Um. So they have a uh,
Speaker 1: you know, atmosphere like this tonight. Uh playing in this
Speaker 1: type of environment, it's only good to you know, continue
Speaker 1: playing this and uh, you know, and feed off. And
Speaker 1: Peter Alonzo wanted four Mets name to play next week's
Speaker 1: All Star Game in l a and Alonso and ounce
Speaker 1: Hill also be in the home run Dury next Monday.
Speaker 1: He's won the last two Yankees only once this season,
Speaker 1: have lost three games in a row. Off the back
Speaker 1: to back Blane leads in Boston. The Yanks home tonight
Speaker 1: to play the Cincinnati Reds. The NBA expected to make
Speaker 1: official that the play in tourney that's been used the
Speaker 1: last two seasons will become a permanent part of the
Speaker 1: NBA postseason. Four teams in each conference vying for those
Speaker 1: last two spots for the first map. Then for Broncos
Speaker 1: have new owners. It was revealed that part of the
Speaker 1: new ownership group from a Nashville security advisor, Conda Lisa Runs,
Speaker 1: John stash Awart bloom Bird Sports Movement. Al right, John,
Speaker 1: thank you, six on Wall Street Time. Now to take
Speaker 1: a look at stock, some of the names moving in
Speaker 1: the pre market, lots going on Bloomberg Radio, on TV
Speaker 1: Markets correspondent Creety GOOFDA. Especially for some corporate names. Where
Speaker 1: you want to start, I mean, let's start with Gap
Speaker 1: here because this is a big one UM that I
Speaker 1: think is going to be moving the index. That comes
Speaker 1: into a major theme. Remember, retailers broadly are struggling. Consumer
Speaker 1: sentiment broadly is low. So Gap actually came out and
Speaker 1: they fired their CEO forget this, failing to rescue the
Speaker 1: struggling retailer. This is important as we talked about rising
Speaker 1: costs UM and a lot of these retailers having to
Speaker 1: give away essentially a lot of their merchandise, really putting
Speaker 1: a lot of them more on the clearance racks, which
Speaker 1: a lot more sales just to get rid of some
Speaker 1: of that inventory, um, even if it's shipping them across
Speaker 1: locations once again, just to get rid of them. What
Speaker 1: that does, though, is in addition to decreasing the inventory,
Speaker 1: it also hurts their bottom line. So it is kind
Speaker 1: of a double edged sword there. Nevertheless, it didn't quite
Speaker 1: work out for GAP. GAP in that firing um also
Speaker 1: moved lower. They also, by the way, talked about their
Speaker 1: net sales and said that Nathan, I'm just gonna read
Speaker 1: this too because I don't want to get these numbers
Speaker 1: down wrong. Their second quarter net sales are down about
Speaker 1: high single digit range. So to see that kind of
Speaker 1: drop in the second quarter net sales is a pretty
Speaker 1: big deal. GPS is your ticker for GAP. It's down
Speaker 1: about six percent this morning, Nathan. But we should also
Speaker 1: talk about Peloton, another major company story. P t O
Speaker 1: n is your ticker. Shares are moving lower. Peloton is
Speaker 1: stopping their in house bike production as part of their
Speaker 1: big turnaround. Now this is a really big deal because
Speaker 1: as we talked about Peloton, just all of the issues
Speaker 1: that it's had. It wasn't too long ago that we
Speaker 1: saw the commercial and and the kind of legal battle
Speaker 1: there um that that has been having to deal with.
Speaker 1: But remember this was a major pandemic trade. A lot
Speaker 1: of people were exercising at home. A lot of people said, well,
Speaker 1: Peloton buying Pelton shares, it's a no brainer. Until you
Speaker 1: saw this complete reversal in the stock price. Nevertheless, that
Speaker 1: move continues down one point four percent. In the environment
Speaker 1: where you have consumers struggling broadly and retailer struggling broadly,
Speaker 1: pelotons are still seen as a luxury product. So if
Speaker 1: you're talking about recession, if you're talking about inflation, if
Speaker 1: you do you really want to spend your money on
Speaker 1: a peloton. At least that's the fear driving those shares
Speaker 1: right now and driving their turnaround plans. So see them
Speaker 1: stop that in house productions really speaks to the fact
Speaker 1: that there's a little bit of pain in the cost
Speaker 1: story there, and just speaking about real quickly in terms
Speaker 1: of costs. You just got earnings from PepsiCo, and those
Speaker 1: look pretty good. They do look pretty good. And this
Speaker 1: is a good thing to keep in mind because PepsiCo
Speaker 1: is not just the maker of pepsi obviously, but they
Speaker 1: make their massive snack brand. They're a massive food brand
Speaker 1: as well, and remember there's that really fun ratio of
Speaker 1: snacks versus drinks uh during during the pandemic. But actually
Speaker 1: race their outlook for the second time this year saying
Speaker 1: they're expecting their revenue to grow ten percent. They're actually
Speaker 1: saying consumer demand remains Brazilian. Remember how much are you spending?
Speaker 1: Are you spending as much on a peloton? Are you
Speaker 1: spending as much on snacks and drinks there? And that's
Speaker 1: why they call it a staples versus discretionary. Thank you
Speaker 1: creative Bloomberg Radio TV Markets correspondent ready cooped up with
Speaker 1: us this morning on a day where it looks like
Speaker 1: we're gonna see more losses for stocks. SMP futures down
Speaker 1: twenty four point, STOUT futures down two seventeen, NASTAC futures
Speaker 1: lower by fifty five points ten. Your treasury yield two
Speaker 1: point yield on the two year three point zero one.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Could see
Speaker 1: some strong thunderstorms today as we had up near ninety degrees,
Speaker 1: will be near nine tomorrow under sunshine camera at an
Speaker 1: afternoon shower by Thursday. Right now seventy one in Central
Speaker 1: Park Markets headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quicktake. This is a Bloomberg Business flash and
Speaker 1: I'm kmerin Moscow. Futures are lower this morning. We go
Speaker 1: to the first word breaking news dance for today's morning call,
Speaker 1: and here's Bill Maloney, Bill morning, and good morning, Karen.
Speaker 1: That's right. US futures are in the red right now,
Speaker 1: a deaf You just down two nine points. Subs dropped
Speaker 1: twenty three one. That is that futures are off by
Speaker 1: forty four the US ten year old at two point
Speaker 1: nine two percent, Gold is little changed, Oil trading lower,
Speaker 1: and Bitcoin is under pressure, falling three point six percent.
Speaker 1: Japan dropped one point eight percent overnight, while European markets
Speaker 1: are also in the red this morning and back in
Speaker 1: the US, nothing to report on the economic front after
Speaker 1: about US to night. It was reported that Bill Ackman
Speaker 1: will wind down his back after not finding a target
Speaker 1: company and regarding earnings this morning, Pepsi boosted its outlook.
Speaker 1: In other news, Goldman Sacks ditched its bullish copper stands,
Speaker 1: and Peloton was stopped building its bikes and treadmills at
Speaker 1: its own factories. Wrapping things up. Union Pacific was cut
Speaker 1: to the neutral at JP Morgan Americans Press cut the
Speaker 1: equat Morgan Stanley and in video and Andy Price targets
Speaker 1: were cut over at key Bank Live from the first
Speaker 1: breaking new statscom Bill Maloney, Karen, all right, Bill, thank you,
Speaker 1: And just a quick check of those shares this morning.
Speaker 1: You mentioned Peloton down one point to were sent in
Speaker 1: early trading. PepsiCo is at one point six percent. And
Speaker 1: to hear live breaking news over your Bloomberg types, squawk
Speaker 1: on your terminal, ascue you a w K. That's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, Karen, thank you
Speaker 1: very much. The January six Panel holds another public hearing today.
Speaker 1: It is expected to explore whether extremist groups worked in
Speaker 1: coordination with the White House allies and an attempt to
Speaker 1: overthrow the result of the presidential election through a political
Speaker 1: coup and the mobilization of an armed, violent mob. President
Speaker 1: Biden is set to meet with Mexico's president at the
Speaker 1: White House today Later. President Biden is looking for cheaper
Speaker 1: oil prices on his Middle East trip this week, which
Speaker 1: will include a stop in Saudi Arabia. In baseball, the
Speaker 1: Mets won, the Red Sox, A's and Giants lost. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalist
Speaker 1: an analysts more than twenty countries. I'm Michael Varen. This
Speaker 1: is Bloomberg, Karon alright, Macha of our Thank you sixty
Speaker 1: nine on Wall Street. We turned to news and science
Speaker 1: and technology now with the Bloomberg and j I T.
Speaker 1: Stemm report. Ronzi U buy New Jersey Institute of Technology
Speaker 1: ranked a top fifty national public university by US News
Speaker 1: and World Report and number fourteen in the nation on
Speaker 1: Money's Best Colleges List. Learned more at n j I
Speaker 1: T dot Edu and here's what's making news and science, technology, engineering,
Speaker 1: and math. In Shanghai, there are fears the city is
Speaker 1: headed back into lockdown. A little more than five weeks
Speaker 1: after exiting a two month or deal, the city reported
Speaker 1: fifty nine new coronavirus cases on Monday. That's the fourth
Speaker 1: day in a row that case numbers have been above fifty.
Speaker 1: The detection of a new sub strain of the omicron
Speaker 1: variant triggered two more rounds of mass testing in Shanghai.
Speaker 1: It's the first time human beings have seen a distant
Speaker 1: galaxy cluster, as it appeared more than four billion years
Speaker 1: ago in such a vivid detail. President Biden unveiled one
Speaker 1: of the first full color images from the James Wood
Speaker 1: Space Telescope. The telescope was sent into orbit roughly a
Speaker 1: million miles from Earth late last year, and Amazon kicking
Speaker 1: off its annual Prime Day sales event. The company has
Speaker 1: long used the two day event allure people to its
Speaker 1: Prime membership, for which Amazon recently raised the price to
Speaker 1: a hundred thirty nine dollars a year from a hundred
Speaker 1: nineteen dollars a year. Amazon does not disclose total Prime
Speaker 1: Day sales. The growth estimates for last year's event had
Speaker 1: ranged from seven to nine percent, And as the Bloomberg
Speaker 1: and j I. K Stem report Nathan Okay, Karen, thank you.
Speaker 1: We are live from the Bloomberg Interactive Broker Studios, where
Speaker 1: it's six fifty on Wall Street. Time to how to
Speaker 1: check what's going on in d C. Where some of
Speaker 1: the top stories include the White House warning tomorrow's inflation
Speaker 1: data will be highly elevated, the January six Committee focusing
Speaker 1: on what Trump knew about extremist groups, and the President
Speaker 1: to talk migration and security with his counterpart from Mexico.
Speaker 1: Let's bring back Joe. Matthew Bloomberg, Washington Correspondent host of
Speaker 1: sound on here on Bloomberg Radio, Joe. As we mentioned,
Speaker 1: the White House is trying to get ahead of tomorrow's
Speaker 1: CPI data, but that begs the question, what is the
Speaker 1: White House doing to get ahead of inflation? Well, at
Speaker 1: this point, uh, it's it's all about messaging, because the
Speaker 1: White House has really tried to swing at the ball
Speaker 1: as many times as it can and just hasn't really
Speaker 1: been able to get to this issue. That's why they
Speaker 1: remind us Nathan every day that this is a global phenomenon.
Speaker 1: They say, in fact, inflation is even worse in other countries.
Speaker 1: But of course this is an issue, a major problem
Speaker 1: for Democrats and for President Biden. As we get closer
Speaker 1: to November, they're saying that the CPI will be highly
Speaker 1: elevated tomorrow. They're just trying to take the sting out
Speaker 1: of this. And they did the same thing a month ago,
Speaker 1: saying that look, it's not gonna look good, it's not
Speaker 1: gonna be pretty that headline number, but take a look
Speaker 1: at that core number. And then they tell us it's
Speaker 1: already out of date anyway, because of course all economic
Speaker 1: data is backward looking. But that is the point here.
Speaker 1: Pay no attention to the man behind the curtain, the
Speaker 1: next report might be better. Well, you mentioned that the
Speaker 1: White House has taken a lot of swings at this.
Speaker 1: We've heard talk about a potential cap on Russian oil prices,
Speaker 1: looking to potentially take action on Chinese tariffs, the economic
Speaker 1: package that's under discussion in the Senate. UH, what of
Speaker 1: any of these have any chances of moving forward well
Speaker 1: or or having an impact? And on Thursday, Jake Sullivan, UH,
Speaker 1: we'll be talking as well about efforts that have been
Speaker 1: taken a since the National Security Advisory, efforts that have
Speaker 1: been taken UH to UH to increase competition, smooth out
Speaker 1: the supply chain. This is a conversation that's been going
Speaker 1: on since way before the war in Ukraine. This is
Speaker 1: something that comes from UH, from COVID, of course, and
Speaker 1: from the heating of the economy based on the stimulus
Speaker 1: that that was past coming out of the pandemic. It's
Speaker 1: very difficult to to to try to get your arms
Speaker 1: around this as a political agency here in the sense
Speaker 1: that that that we're talking about the White House or
Speaker 1: Congress for that matter. The markets are likely to handle this,
Speaker 1: and that is why President Biden is had it in part,
Speaker 1: at least for the Middle East. When he sits down
Speaker 1: with oil producers in Saudi Arabia on Friday, he's gonna
Speaker 1: be asking them to start pumping more. The question is
Speaker 1: would it actually have an impact on prices because our
Speaker 1: refining capacity is close to maxed out. Well, that is
Speaker 1: the big question, isn't it, Joe, Because we've also heard
Speaker 1: from the White House that at least it thinks that
Speaker 1: Saudi Arabia has more room to produce. So what what's
Speaker 1: the message the President Biden is gonna be sending here
Speaker 1: the Saudias and and uh the U A Eh they
Speaker 1: together have about three million barrels of spare capacity, if
Speaker 1: I can use that term. That's according to their data.
Speaker 1: There are skeptics, by the way, including the CEO of Shell,
Speaker 1: who said, just a couple of weeks ago, you know,
Speaker 1: this is not what a lot of people think. There's
Speaker 1: not as much oil available as some people might suspect.
Speaker 1: The fact is, though, even if President Biden scores a
Speaker 1: deal here with Saudias, with with the the U A
Speaker 1: E or just OPEC as a whole, we have to
Speaker 1: remember a couple of things. Number One, they have been
Speaker 1: increasing production in fact, but Saudi has agreed to as
Speaker 1: almost a gesture to the Biden administration to increase production
Speaker 1: and get us back to where we were pre COVID
Speaker 1: that that has happened. And even if we add to that,
Speaker 1: the question again is what happens to gasoline? Crude oil
Speaker 1: is one thing, but we can't refine a lot more
Speaker 1: crude into gas unless they start taking refineries off of mothballs, Nathan.
Speaker 1: And there's no indication that's about to happen. Yeah, it
Speaker 1: certainly doesn't seem to be the case anytime soon. Let's
Speaker 1: turn to what's happening. Joe on Capitol Hill today another
Speaker 1: January six, committing hearing, and I'm guessing the words will
Speaker 1: be wild could come up of it. That's that's right.
Speaker 1: That the infamous tweet from then President Trump, and and
Speaker 1: who responded to that tweet, what led up to it,
Speaker 1: who responded to it. There was a meeting in the
Speaker 1: White House that we know about with Michael Flynn, with
Speaker 1: Rudy Giuliani and Sydney Powell, in which they talked about
Speaker 1: seizing voting machines. Right, They talked about the potential for
Speaker 1: invoking marsh a law, and it was shortly after that
Speaker 1: meeting that President Trump sent that tweet. Did the Proud
Speaker 1: Boys and the Oath Keepers, those two militant groups groups
Speaker 1: simply read Twitter and and show up? Or was there
Speaker 1: a more concerted effort here to get them into town.
Speaker 1: Did Michael Flynn or Rudy Giuliani or some of these
Speaker 1: advisers to the president reach out to those groups. That's
Speaker 1: the type of conversion that Jamie Raskin, the congressman on
Speaker 1: that panel, has been talking about in today. They attempt
Speaker 1: to connect the dots. It's unclear exactly though, exactly where
Speaker 1: those dots are gonna fall. One of the former spokespeople,
Speaker 1: if I could use, uh that term for the oath Keepers,
Speaker 1: is going to be testifying about this very thing today. Interesting.
Speaker 1: That'll be one to watch for sure. In our last
Speaker 1: minute here, Joe, before the President heads to the Middle East,
Speaker 1: he's gonna be meeting with Mexican President Lopez Obrador. What's
Speaker 1: on the agenda there? Uh, you can probably guess. It's
Speaker 1: gonna have a lot to do with the border and
Speaker 1: coming just just well, just I guess. About a week
Speaker 1: after the Supreme Court issued it's ruling on the remain
Speaker 1: in Mexico policy. It's it's important for these two leaders
Speaker 1: to get in the same room together. Uh. And it's
Speaker 1: it's interesting that he's gonna be in town today and
Speaker 1: even beyond the President leaving tonight on his trip to
Speaker 1: the Middle East. But they're gonna announce, uh, some joint
Speaker 1: actions to improve infrastructure and cooperation along the border. Migration
Speaker 1: and expanding legal migration will be issue number one, according
Speaker 1: to the White House Immigration January six. Inflation lots to
Speaker 1: get to I think controversial here, No, not at all.
Speaker 1: With a sound on with Joe Matthew every weekday five
Speaker 1: pm Wall Street Time right here on Bloomberg Radio, of course,
Speaker 1: our Washington correspondent, Joe as always, thanks for the update
Speaker 1: ahead of all that, and you can read much more
Speaker 1: on all these stories Bloomberg dot Com or on the
Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg and
Speaker 1: one oh five point seven FM HD two. Looking ahead
Speaker 1: to the market open, it is risk off this morning,
Speaker 1: and the two and ten year inversion briefly reached ten
Speaker 1: basis points. Right now, the two year yield is just
Speaker 1: shy of three point zero one percent. The yield on
Speaker 1: the two year right now two point nine one percent.
Speaker 1: SMP futures are down twenty eight point, Style futures down
Speaker 1: two D fifty seven. NASZAC futures lower by fifty six points.
Speaker 1: The crude oil situation is sell off continues. Nymex crude
Speaker 1: now below a hundred dollars of barrel, down four and
Speaker 1: a half percent at N thirty three. Brent is at
Speaker 1: one oh two forty five. That is a drop of
Speaker 1: four point three five percent. The euro briefly reached parody
Speaker 1: against the dollar. Right now, it's trading at one point
Speaker 1: zero zero to three. Bloomberg Surveillance next for Karen Moscow.
Speaker 1: I'm Nathan Hagar. This is Bloomberg