Speaker 1: Live from the Bloomberg Interacted Brooker Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, November eight. Coming up this hour,
Speaker 1: Americans go to the polls with control of the House
Speaker 1: and Senate at stake. Racist in Georgia and Pennsylvania could
Speaker 1: be key. We're also watching a close contest for New
Speaker 1: York governor and Donald Trump. All that confirms another run
Speaker 1: for the White House, with an announcement set for next week.
Speaker 1: I'll speaker Nancy Pelosi speaks for the first time about
Speaker 1: the attack on her husband. Plus a technical issue has
Speaker 1: to lay the powerball drawing. I'm Michael Barr. More ahead,
Speaker 1: I'm John Stash. In sports, the Ravens beat the Saints,
Speaker 1: the Nets loss, wins for the Knicks, Islanders, and st John.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Treo,
Speaker 1: New York, Bloomberg N one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine St. Francisco, Sirius x
Speaker 1: M one nineteen and around the world on Bloomberg Radio
Speaker 1: to come and via the Bloomberg Business Sad. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow and US stock
Speaker 1: index futures are higher this morning. We are coming up
Speaker 1: to five oh one on Wall Street. I mean check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: SNP Future is up six points this morning. Down Future
Speaker 1: is up fifty four. Nasdack Future is up thirty nine.
Speaker 1: The decks in Germany's up two tenths of a percent.
Speaker 1: Ten year treasury of four thirty seconds yield four point
Speaker 1: one nine percent, and they yield on the two year
Speaker 1: four point seven zero percent. Nine Max scret oil is
Speaker 1: down one point one percent on a dollar two and
Speaker 1: ninety seventy seven cents of barrel. Nathan Karen, We will
Speaker 1: have more on markets in a minute, but first, this
Speaker 1: is election day. Control of the Senate hangs in the
Speaker 1: balance as candidates make their final hour pushes for votes.
Speaker 1: They're tight races shaping up in at least three states.
Speaker 1: Amy Morris has the latest from our Bloomberg newsroom in Washington.
Speaker 1: In Pennsylvania, the Senate race between Democrat John Federal and
Speaker 1: Republican memod Oz is neck and net. That will bring
Speaker 1: change to Washington, so they treat us the way we
Speaker 1: deserve and I'm gonna meet every one of you to
Speaker 1: go out, get your friends, get your families all ready
Speaker 1: to vote. And Georgia, a record two and a half
Speaker 1: billion votes are already cast. Republican challenger Herschel Walker in
Speaker 1: a dead heat with incumbent Democratic Senator Raphael Warnuts. I'll
Speaker 1: show up for you for six more years. You got
Speaker 1: a vote with something. If no candidate gets more than
Speaker 1: fifty of the vote, he could head to a run
Speaker 1: off in December. Be ready for days of counting ballots.
Speaker 1: In Arizona with a race four senator between incumbent Democrat
Speaker 1: Mark Kelly and Republican Blake Masters, and the goober nottorial
Speaker 1: contest between Republican Kerry Lake and Democrat Katie Hobbs are
Speaker 1: so tight posters expect those results to come down to
Speaker 1: just a few thousand votes. In Washington, I'm Amy Morris,
Speaker 1: Bloomberg Daybreak, All right, Aman Banks. So there are several
Speaker 1: key races for governor across the country, including a closely
Speaker 1: watched one in New York and bloomberg S Michael Barr
Speaker 1: joins US Live with the latest, Michael, good Morning, And
Speaker 1: the race for governor was once considered an easy win
Speaker 1: for incumbent Democratic Governor Kathy Hokel. However, Republican Lee Zelden
Speaker 1: made up ground in the polls to make it a
Speaker 1: tight race. Both candidates made their final push to voters.
Speaker 1: Governor Hokel campaign in Manhattan. I always run like I'm
Speaker 1: the underdog. Makes me work harder. That's what we're gonna
Speaker 1: Pocill also campaign last night in her hometown of Buffalo.
Speaker 1: Both candidates need votes not just from Independence or Republicans,
Speaker 1: but Democrats as well, something Zelden knows. It wasn't until
Speaker 1: New Yorkers United in early nineties that they decided that
Speaker 1: they were going to take back our streets. Zelden campaign
Speaker 1: at the scene of a subway stabbing in New York
Speaker 1: City and is pushed to fight crime in New York
Speaker 1: Michael Barr, Bloomberg Radio, Nathan Michael thank you. Voters are
Speaker 1: also weighing at least sixty six billion dollars of state
Speaker 1: in local bond measures today to finance projects like new
Speaker 1: schools and climate resiliency efforts. We get that story from
Speaker 1: Bloomberg's Charlie Pellett. The proposed borrowing is more than double
Speaker 1: the twenty seven billion dollars on ballots of this time
Speaker 1: last year, and among the highest volume of bonds up
Speaker 1: for a vote since at least two thousand nine. This
Speaker 1: according to a Bloomberg analysis of a preliminary tally of
Speaker 1: bond measures compiled by I h S Market. The increase
Speaker 1: comes of states and cities have been collecting better than
Speaker 1: expected revenue in the last fiscal year, shoring up the
Speaker 1: budgets after a period of financial uncertainty at the onset
Speaker 1: of the coronavirus pandemic in New York. Charlie Pellett Bloomberg
Speaker 1: day Break Right, Charley, thank you. While Americans head to
Speaker 1: the polls, Donald Trump is ramping up hints that he'll
Speaker 1: run for the White House in four The former president
Speaker 1: all but confirmed the move at a rally last night
Speaker 1: in Dayton, Ohio. I'm going to be making a very
Speaker 1: big announcement on Tuesday, November at Bar Lago in Palm Beach, Florida.
Speaker 1: Former President Trump has been teasing a run for months.
Speaker 1: Advisors have long urged him to hold off on an
Speaker 1: announcement until after the mid terms. All right, Karen, Now,
Speaker 1: let's take a look at some news outside today's elections.
Speaker 1: Beginning in Europe as the war between Russia and Ukraine
Speaker 1: rages on, sanctions continue piling up on Moscow. But now
Speaker 1: Bloomberg News has learned the White House wants banks like
Speaker 1: JP Morgan and City Group to keep doing business with
Speaker 1: some strategic Russian firms. We're told it's part of a
Speaker 1: behind the scenes effort to limit the adverse impact of
Speaker 1: Russian sanctions on the global economy, even as some in
Speaker 1: Congress found the table for stronger steps well on well
Speaker 1: straight Nathan stocks have rallied for two straight days ahead
Speaker 1: of the mid terms. Mark and Stanley's Mike Wilson says
Speaker 1: polls that show Republicans claiming at least one chamber of
Speaker 1: Congress could provide a catalyst for equities. We're getting close
Speaker 1: to the end of the bear market. We're not there yet,
Speaker 1: but you know, what you want to what you want
Speaker 1: to try and figure out is what outperforms in the
Speaker 1: last leg down, because that will tell you what's going
Speaker 1: to outperform in the next leg up eventually when we
Speaker 1: get there, and that's been industrial financials and some of
Speaker 1: the commodity complex and Morgan Stanleys Mike Wilson says companies
Speaker 1: will need to bring down expenses before he becomes more
Speaker 1: optimistic on equities. Another key market for the event for
Speaker 1: the Market's Karen comes on Thursday, when we get a
Speaker 1: reading on consumer prices. Richmond FED President Thomas Barkin says
Speaker 1: the Central Bank will persist in efforts to bring inflation
Speaker 1: under control. Inflation should come down, but don't expect it's
Speaker 1: drop to be immediate or predictable. We've been through multiple shocks,
Speaker 1: as I discussed, and significant shocks simply take time to dampen.
Speaker 1: Richmond FED President Thomas Barkin says one key lesson from
Speaker 1: inflation in the seventies is not to declare victory premature late. Well, Nathan,
Speaker 1: we turn our attention to the big climate change summit
Speaker 1: in Egypt. Now, the World Bank has announced the Climate
Speaker 1: Trust Fund for poorer countries, and we got up to
Speaker 1: the President of the World Bank, David moult Pass. The
Speaker 1: war in ukramed, but also the giant amounts of government
Speaker 1: spending that we're done on covid UH and so that
Speaker 1: that is putting upward pressure on prices around the world,
Speaker 1: and that hits the poorest the hardest. World Bank President
Speaker 1: David Malpass spoke with Bloomberg at the COP seven summit
Speaker 1: in Egypt. Catch more of that conversation coming up later
Speaker 1: in our program. Futures are higher with SMP futures of
Speaker 1: eleven points this morning, down futures of eighty one, NASDAG
Speaker 1: futures of fifties six straight. I had your latest local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. Thanks
Speaker 1: pared five oh seven on Wall Street forty degrees in
Speaker 1: Central Park. Got a car fire Southount Garden State Parkway,
Speaker 1: egs at more coming up in traffic First. Michael Barr
Speaker 1: is back with more on what's going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: There are other races being watched in the Tri state
Speaker 1: area as well. In Connecticut, Democratic Governor Ed Lamont is
Speaker 1: up against Republican challenger Robert Stefanowski. LaMotte spoke earlier with
Speaker 1: Bloomberg about the issues in the campaign. I think the
Speaker 1: economy front and center. Uh. Here in Connecticut, we've been
Speaker 1: flat as a pancake for thirty years. We hadn't added
Speaker 1: a new job in two years. Uh, and we were
Speaker 1: going from physical crisis to fiscal crisis. It was a
Speaker 1: pretty lousy story and the last you know, four or
Speaker 1: five years were beginning to turn things around. In the
Speaker 1: U S. Senate, Democrat Richard blymhal is up against Republican
Speaker 1: Leora Levy. How Speaker Nancy Pelosi said the attack on
Speaker 1: her husband Paul would be a factor in deciding your
Speaker 1: political future and expressed dismay that Donald Trump and others,
Speaker 1: including Elon Musk, had cast down on the attack. Pelosi
Speaker 1: told CNN last night, you see what the reaction is
Speaker 1: on the other side to this, to make a joke
Speaker 1: of it, and really that is traumatizing too. U S.
Speaker 1: Supreme Court justices have signaled they may open new avenues
Speaker 1: that could weaken the cloud of the Securities and Exchange
Speaker 1: Commission and Federal Trade Commission. Bloomberg said maxter as the story.
Speaker 1: The justices are considering cases regarding claims going directly to
Speaker 1: federal court. The two regulatory agencies have been very busy.
Speaker 1: The SEC file more than seven hundred and forced my
Speaker 1: actions in the flash fiscal year and one judgments and
Speaker 1: orders worth six point four billion dollars. The FTC is
Speaker 1: seeking to break up meta platforms and investigating Amazon, among
Speaker 1: other initiatives. Returned two point four billion of consumers last year.
Speaker 1: It is a conservative court and it could decide the
Speaker 1: question of the value of regulation visa v. More free commerce.
Speaker 1: In San Francisco, I'm at Baxter, Bloomberg Gay Break. The
Speaker 1: Multi State Laundry Association sat in the statement that the
Speaker 1: powerball drawing was delayed last nine and the official results
Speaker 1: won't be known until later. The record breaking one point
Speaker 1: nine billion dollar powerball drawing was delayed because of participating
Speaker 1: lottery had issues processing sales. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than journalist analysts and more than a hundred twenty countries.
Speaker 1: I'm Minchael bar this is Bloomberg Naven. All right, Michael,
Speaker 1: Thanks five oh nine All Street time for the Bloomberg
Speaker 1: Sports Day. Prosy by Tri State Autie. Good morning, John Stashi,
Speaker 1: Good morning, Nathan Busy. Night of Basketball Open the Night
Speaker 1: in the College gave the entire preseason top twenty five played.
Speaker 1: They all won, including Duke and new coach John Shire
Speaker 1: Villanova for new coach Kyle Neptune. They replaced the Hall
Speaker 1: of Fame coaches Mike and Chefft and Jay Right st
Speaker 1: John's one its opener by twenty five over Mary Mack. Also,
Speaker 1: fifteen NBA games were the message at all of them
Speaker 1: to a mind fans to vote. That's why the NBA
Speaker 1: will not play any games tonight. Nixon Minnesota scored seventy
Speaker 1: six points in the first half and one one oh
Speaker 1: seven thirty one point for Julius Randall. He made eight
Speaker 1: three pointers. The Nets lost in Dallas nineties ninety four.
Speaker 1: Luke dons it's thirty six points of the mass Kevin
Speaker 1: Duran twenty six for Brooklyn. Milwaukee lost for the first
Speaker 1: time Cleveland for just a second time. The Lakers lost
Speaker 1: by twenty three at Utah. The Lakers are two and eight.
Speaker 1: The Jazz traded their two best players in the off season,
Speaker 1: yet they are a surprising nine and three. Islanders made
Speaker 1: it five of their last six. They beat Calgary four
Speaker 1: three over Time Well the Night Football Ravens and St.
Speaker 1: Jackson's chief of fights in the right looking to owe
Speaker 1: now he loves a time. Kenny town Man Towns, I
Speaker 1: JA unlikely look behind of the secondary. I have the
Speaker 1: ravings trink first in New Orleans, j l The Call
Speaker 1: Ravens went on to win twenties seven to thirteen. They
Speaker 1: stay in first place. AFC North at six and three.
Speaker 1: The Colt sevenly three wins, and they fired coach Frank
Speaker 1: Reich replaced them with former Indianapolis center Jeff Saturday. He
Speaker 1: has no previous NFL coaching experience. Giants Safety's Davier McKinney,
Speaker 1: one of their top defensive players, spent his bye week,
Speaker 1: and Cabo hurt his hand in an a TV accident.
Speaker 1: He'll miss a month. John Stash Doward, Bloomberg Sports, Nathan Okay, John, Thanks.
Speaker 1: On this election day, futures are pointing at touch higher.
Speaker 1: SMP futures are up ten points down, futures up seventy five,
Speaker 1: NASTAC futures up fifty four points ten. Your treasuries up
Speaker 1: four thirty seconds, the yield four point one nine percent.
Speaker 1: We'll look at what's at stake for markets on this
Speaker 1: election day. Terry Haynes, founder of GIA Policy, joins us. Next,
Speaker 1: this is Bloomberg. Bloomberg Sports is brought to you by Audie.
Speaker 1: Don't let someone else drive off in the outie model.
Speaker 1: You've always wanted to visit your local price state autie
Speaker 1: dealer to get behind the wheel of yours today, or
Speaker 1: visit autie Offers dot com for more information, markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot com, The Bloomberg Business at and at Bloomberg Quicktake,
Speaker 1: This is a Bloomberg Business lash and I'm Karin Moscow.
Speaker 1: US Dock Index futures are steady as investors await the
Speaker 1: results of today's midterms as well as Thursday's inflation report.
Speaker 1: And we checked the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg Guess and P futures. Everybody points down.
Speaker 1: Future is of sixty two nasday futures of fifty. The
Speaker 1: decks in Germany's up three tenths of a per cent ten,
Speaker 1: your treasury of four thirty seconds, you have four point
Speaker 1: one nine percent, and the yield on the two year
Speaker 1: four point seven zero percent. NIMEX Screwed oil is down
Speaker 1: one point one percent on ninety six cents at ninety
Speaker 1: eighty four cents of barrel comes go down four tenths
Speaker 1: percent or six dollars ninety cents at sixteen seventy three
Speaker 1: fifty announced. The euro point against the dollar, the British
Speaker 1: pound one point one four seven nine a yen one
Speaker 1: forty six point to five and bitcoin is down four
Speaker 1: point four percent and nineteen thousand, seven hundred seventy dollars
Speaker 1: Watching shares have Take two Interactive Software down more than
Speaker 1: eighteen percent this morning after it reduced its forecast for
Speaker 1: net bookings, and while Disney is among companies schedule to
Speaker 1: report earnings today, that's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning Karen. It is election day. The
Speaker 1: nation has its eye on several key races that could
Speaker 1: change the balance. In Washington, thirty five Senate seats are
Speaker 1: on the ballot. Former President Trump, speaking in Dayton, Ohio,
Speaker 1: says he will make a big announcement on November fifteen.
Speaker 1: That is moral go a state Trump had been teasing
Speaker 1: for months Heed to run again me While President Biden
Speaker 1: traveled campaign in Maryland, Biden acknowledged Democrats face a tougher
Speaker 1: challenge holding the House than the Senate. In the NBA
Speaker 1: the next one, the Nets lost the Celtics, Wizards and
Speaker 1: Warriors all one. NHL, the Islanders one in ot against
Speaker 1: the Flames for three. The Bruins and Capitals one in
Speaker 1: Monday Night Football, the Ravens beat the Saints twenty seven globally,
Speaker 1: twenty four hours a day on air and on Bloomberg Quickdake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than twenty countries. Michael barn This is Bloomberg, Nathan.
Speaker 1: Thanks Michael, five nineteen on Wall Street Line from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on this
Speaker 1: election day. We're joined by Terry Haynes, the founder of
Speaker 1: Pangia Policy, to take a look at where things could
Speaker 1: shake out after tonight. Terry, good morning. As we just
Speaker 1: heard from Michael bar there and the news, President Biden
Speaker 1: is acknowledging it's gonna be tough for Democrats to hold
Speaker 1: onto the House. So what's your final forecast? U, Good morning, Nathan.
Speaker 1: I've you know, I've find myself usually pushing back against
Speaker 1: UH in elections, against the kind of huge red wave,
Speaker 1: huge blue wave stories that the swampas every two years,
Speaker 1: I find myself uncomfortably consensus. This year, I think i'm
Speaker 1: I'm I'm about six UH that we have an all
Speaker 1: Republican majority Congress. But but I think very small majorities
Speaker 1: likely to result in a split Congress, which would be
Speaker 1: a Democratic Senate Republican House, and only ten percent likely
Speaker 1: to maintain the all Democratic House. What I've been cautioning
Speaker 1: markets is a couple of things. One is that you
Speaker 1: shouldn't expect a definitive result for days. Uh. You know,
Speaker 1: the market seemed poised to kind of want to break
Speaker 1: out on the upside on some news, and they're not
Speaker 1: going to get that news for a while. Uh. Secondly,
Speaker 1: I think that what we have here is uh no
Speaker 1: control of media. No sense I'd like to say that
Speaker 1: one party another control Congress, when in fact is you
Speaker 1: and I have discussed a lot. Uh. These parties are
Speaker 1: really coalitions of different people, and they find it very
Speaker 1: difficult to cobble themselves around particular policies that will continue
Speaker 1: with Republicans. So, uh, the reality of policy change won't
Speaker 1: won't quite match whatever the election results are. Well, what
Speaker 1: could it mean for policy if we do get divided government?
Speaker 1: The return of divided government in Washington? What could it
Speaker 1: mean for either party to get an agenda move forward?
Speaker 1: Very broadly speaking, Uh, the status quo by think what
Speaker 1: you get is you get the domestic policy grid luck
Speaker 1: with the one party in the White House checking off
Speaker 1: against the other party in the Congress. Firstly, Uh. Secondly,
Speaker 1: I think you get uh. You do get fiscal stability.
Speaker 1: There's been fiscal stability for the last decade. I think
Speaker 1: that continues. I don't think you get another kind of
Speaker 1: get get another kind of COVID spend or inflation reduction
Speaker 1: sort of spend, though, which is probably helpful in the markets.
Speaker 1: And thirdly, you you get continued unanimity in foreign policy.
Speaker 1: And if there's any area where the transition from the
Speaker 1: previous administration to this one has been remarkable, it's that
Speaker 1: foreign policy has remained largely the same and largely supported
Speaker 1: by both parties. And I think that continues. Is there
Speaker 1: a risk for market volatility if, as you say, we
Speaker 1: don't know the results of some key races after tonight.
Speaker 1: I think it's uh. I think it's a spice. Yeah.
Speaker 1: I think a lot of a lot of people in
Speaker 1: markets a kind of understand or are understanding, that you're
Speaker 1: not going to get an instantaneous result. Markets are are
Speaker 1: as you know better than I, very much interested in
Speaker 1: instant gratification one way or the other and they're not
Speaker 1: going to get that. Um, so there'll be a little
Speaker 1: bit of that, but you know, in the middle of
Speaker 1: everything else that's going on, I don't think it will
Speaker 1: be a major driver. Is what what is the message
Speaker 1: for Democrats for President Biden? If the polls come out
Speaker 1: the way or the results come out the way the
Speaker 1: polls are indicating, and we do get a pretty strong
Speaker 1: result for Republicans after this evening, well, what the message
Speaker 1: should be for both parties is that you know what
Speaker 1: you're doing, whether it be uh kind of overstating the yeah,
Speaker 1: overstating policy differences to the sort of apocalyptic rhetoric that
Speaker 1: that's been featured in many states over the past several months,
Speaker 1: isn't working in that what people want or problems solving
Speaker 1: and reaching across the aisle, and frankly that the vast
Speaker 1: majority of problems can be can be solved that way.
Speaker 1: Not not every one, of course, but the vast majority
Speaker 1: of problems can be and uh, that's not happening. What
Speaker 1: concerns me is that neither party takes away from this election,
Speaker 1: whether it be Democrats losing or Republicans not winning that much. Uh,
Speaker 1: you know, kind of the humility they need. Uh. Peggy
Speaker 1: Noonan's column last week, I think said very well that
Speaker 1: democracy doesn't survive without humility, and uh, you know our
Speaker 1: politics could use a great, a great dose of more
Speaker 1: of it. Thanks as always, Terry, good to get your thoughts,
Speaker 1: especially on the morning before the polls open across the country.
Speaker 1: Terry Haynes, founder of Pangea Policy with us on this
Speaker 1: election day. Looking ahead to the market open this morning,
Speaker 1: UH futures are poised for a slide gain on Wall Street,
Speaker 1: with SMP futures right now up five point STOW futures
Speaker 1: up forty three, NAZDAC futures leading the gains higher by
Speaker 1: thirty seven points. At the moment, the tenure Treasury is
Speaker 1: up three thirty seconds, yield four points to zero percent,
Speaker 1: yield on the two year four point seven zero percent,
Speaker 1: and looking at NIMEX screwed right now it is lower
Speaker 1: on the session, down one point four percent at ninety
Speaker 1: dollars fifty two cents a barrel. You're listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleven three oh weather sunny, much cooler today.
Speaker 1: Highs today and tomorrow in the mid fifties, will be
Speaker 1: in the low sixties, with another sunny day expected on Thursday.
Speaker 1: Right now, forty eight degrees in Central Park, broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg
Speaker 1: E Living Free to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine
Speaker 1: six to the country, Sirius XM to the one nine team,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak and it's final
Speaker 1: thirty on Wall Street. Good morning, I'm camerin Moscow. I'm
Speaker 1: Nathan Hagar. Bloomberg Daybreak is brought to you by SEI.
Speaker 1: Built on advanced technologies and fifty years of innovation, SEI
Speaker 1: off for his asset Managers, a comprehensive and flexible operations
Speaker 1: outsourcing platform. Go to se i C dot com slash managers,
Speaker 1: and we're just about four hours away from the open
Speaker 1: of US trading. Let's get you up to date on
Speaker 1: the news you need to know at this hour. It's
Speaker 1: election day, Americans go to the polls to decide control
Speaker 1: of Congress. Just to get Taylor, editor with the Cook
Speaker 1: Political Report tells us momentum is on the Republican side.
Speaker 1: The House looked further gone in the Senate. The Senate
Speaker 1: is still going to be very, very close. But the
Speaker 1: closer it gets to election day, the more worried Democrats
Speaker 1: that I've talked to have gotten, and the more bullish
Speaker 1: Republicans try to just have gotten. Jessica Tailor of the
Speaker 1: Cook Political Report, spoke with our Washington correspondent Joe Matthew
Speaker 1: on Bloomberg sound On Catch the program weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio. Some of those close Senate
Speaker 1: contests Karen include Pennsylvania, Ohio, Georgia, and Arizona. Arizona's race
Speaker 1: for governor is also expected to be close. In New York,
Speaker 1: Republican Lee's Elden could deliver a shocker in a race
Speaker 1: that was once thought to be a shoo in for Democrats.
Speaker 1: We need to hire more law enforcement Les Elden has
Speaker 1: made crime one of his main talking points. In New York.
Speaker 1: Governor Kathy Hoco campaigned in her hometown of Buffalo last night. Meantime, Nathan,
Speaker 1: former President Trump, is not so subtly hinting at another
Speaker 1: White House bid. He's scheduling an announcement once the midterms
Speaker 1: are over. I'm going to be making a very big
Speaker 1: announcement on Tuesday, November. The former president made that announcement
Speaker 1: last night at a rally for Ohio Republican Senate candidate JD. Vance.
Speaker 1: Let's turn to markets now. Karen Stocks have rallied for
Speaker 1: consecutive days ahead of the mid terms, but Bloomberg macro
Speaker 1: strategist Cameron Christ does not believe control of Congress will
Speaker 1: change much for investors. People tend to overestimate the significance
Speaker 1: of individual political actors in driving economic and certainly financial
Speaker 1: market returns. Bloomberg's Cameron Christ says this week's consumer price
Speaker 1: index and uncertainty in China will have more of an
Speaker 1: impact on markets and At the cop Climate summit in Eagypt. Nathan,
Speaker 1: the World Bank announced a climate trust fund for poorer countries.
Speaker 1: Bloomberg's Francine lachwas spoke about it with World Bank President
Speaker 1: David Malpass. More resources are really important both for the
Speaker 1: climate crisis but also for the financial crisis affecting the
Speaker 1: developing countries. Here more of Bloomberg's conversation with World Bank
Speaker 1: President David Malpass a little later in the program. Futures
Speaker 1: this morning are on the rise. SMP futures up five points,
Speaker 1: straight ahead, your latest local headlines plus check of sports.
Speaker 1: And this is Bloomberg. Thank you, Carring. It's five thirty
Speaker 1: three on Wall Street, forty eight degrees in Central Park
Speaker 1: and still got that car fire southbound Garden State Parkways
Speaker 1: at one and Michael Barr is here with more on
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. There are other races being
Speaker 1: watched in the Tri state area as well. In Connecticut,
Speaker 1: Democratic Governor Ned Lamont is up against Republican challenger Robert Stefanowski.
Speaker 1: Lamont talked about the infrastructure bill when he spoke to
Speaker 1: Bloomberg earlier. We got a hundred year old bridges and
Speaker 1: old Rhodes, old rails, so this is a big deal
Speaker 1: for us. Every president seems to be talking about infrastructure
Speaker 1: abides the first guy since iked, as far as I
Speaker 1: could figure out, to really be serious about it. In
Speaker 1: the U S. Senate, Democrat Richard Bloomenthal is up against
Speaker 1: Republicanly you're leaving Speaker Nancy Pelosi is now speaking about
Speaker 1: how the brutal assault on her husband may affect your
Speaker 1: future in Congress. Pelosi, in her first interview since the
Speaker 1: brutal hammer attack on her husband, Paul acknowledged the c
Speaker 1: Ann's Anderson Cooper the attack will impact her decision on
Speaker 1: her future in Congress, without saying what the decision will
Speaker 1: be if she's no longer Speaker of the House. I
Speaker 1: have to say my decision will be effective about what
Speaker 1: happened the last week or two? Will it be? Will
Speaker 1: your decision be impacted by the attack? In anyone? Authorities
Speaker 1: say Paul Pelosi is alleged attacker David pop wanted to
Speaker 1: take Speaker Pelosi hostage. U S Intelligence and the US
Speaker 1: government have long accused Russia of interfering with US elections,
Speaker 1: primarily using social media. One of Vladimir Putin's key allies,
Speaker 1: jef Ginny Purges and he is now admitting that he
Speaker 1: did medal in the US elections and will do so again.
Speaker 1: People waited in line for hours for the record breaking
Speaker 1: one point nine billion dollar powerball lottery jackpot. Get your
Speaker 1: tickets out because here comes tonight's Powerball. Because of a
Speaker 1: technical problem, tonight, we are unable to bring you the
Speaker 1: Powerball drawing at this time. As soon as we're able
Speaker 1: to resolve the issue and conducted drawing, it will be
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Speaker 1: more time to process sales. Global News twenty four hours
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Speaker 1: more than twenty seven hundred journalists and analysts more than
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Speaker 1: still time, Thank you, Michael wall Street, time for the
Speaker 1: Bloomberg Sports. Something prot to you. I try state out
Speaker 1: he here's John Stature. All right, Nathan with Kyrie every
Speaker 1: serving that suspension, the less drama for the Nets had
Speaker 1: a couple of road wins nearly another, but the Nets
Speaker 1: fell short in Dallas nineties six ninety four. Luca Downson's
Speaker 1: thirty six points of the match he joined Wilt Chamberlain
Speaker 1: is the only players the beginning season of the ninth
Speaker 1: straight games of thirty or more points for the Nets
Speaker 1: playing better defense. There's Kevin Duranty. I think we followed
Speaker 1: some things on this trip that were for all of
Speaker 1: us to keep all of us in the game offensively
Speaker 1: and defensively. Uh you know, I think we uh we
Speaker 1: followed some stuff all you know, switching and uh, you know,
Speaker 1: helping on the post, and it was just a little
Speaker 1: different things that we're trying to figure out on the
Speaker 1: defensive side of the ball. He's going six. The Nets
Speaker 1: host the Knicks tomorrow. Knicks back to five one in
Speaker 1: Minnesota one oh seven. Nick coach Tom Thibodeau has always
Speaker 1: resisted playing Julius Randall at the same time as fan
Speaker 1: favorite Obi Topp, and he did it last night. They
Speaker 1: combined to make the eleventh three pointers. Randall scored thirty
Speaker 1: one points god Win to the Islanders of the u
Speaker 1: B S Arena. They trailed Calgary three one midway through
Speaker 1: the third period. Anders Lee Kyle palm Mary scored minute
Speaker 1: apart and then Noah Dobson with a minute left and
Speaker 1: overtime and the Islanders one, four to three. Opening night
Speaker 1: in college basketball, St. John's beating Merrymack by twenty five
Speaker 1: David Jones twenty four minutes, twenty one points, ten rebounds,
Speaker 1: NFL Baltimore one in New Orleans twenty seven to thirteen.
Speaker 1: Indianapolis fired coach Frank Reich midway through his fifth season,
Speaker 1: replaced him for now with Jeff Saturday, the ex Coulton
Speaker 1: lineman who had been working for ESPN. Giant Safety's Avery
Speaker 1: McKinney hurt his hand in an a TV accident will
Speaker 1: miss a month. Yankees, as expected, picked up the fifteen
Speaker 1: million dollar option on Louis Seve Arena. John dashtwar Boomberg
Speaker 1: Sports Thank you John, five thirty seven on Wall Street
Speaker 1: Time for the Tri State Business Report. Here's bloombergsdny's PELLEGREENI
Speaker 1: the education business to New York City might not be
Speaker 1: making the grade. Enrollment has slid ten percent since the
Speaker 1: fallen school year. That's according to the Department of Education.
Speaker 1: And that's his families leave the city for other places
Speaker 1: like New Jersey and Florida. Hartford train line stations are
Speaker 1: sparking new economic development in Connecticut. Hartford Business says the
Speaker 1: state's transit oriented investment program for the Hartford Line corridor
Speaker 1: is attracting mixed use projects and first selectment. Paul Harrington
Speaker 1: says in some cases, the FONUS ringing off the hook
Speaker 1: with developers looking for more information on potential projects and
Speaker 1: watch her. Sir Elton John at the Sacks Fifth Avenue
Speaker 1: window unveiling November. The entertainer teaming up with Sacks for
Speaker 1: the Luxury Retailers Holiday campaign in support of his AIDS
Speaker 1: foundations Rocket Fund with the Child State Business Report. I'm
Speaker 1: Denise Feliguni. Thank you, Denise. It's five thirty eight on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred affiliate radio stations
Speaker 1: around the world. I'm Steve podascon K and X in
Speaker 1: Los Angeles. We're talking about a MC entered Aiment launching
Speaker 1: Zoom Rooms in some of its theaters. Um Cornitanahwan ktr
Speaker 1: H in Houston. Retailers are pushing big holiday discounts to
Speaker 1: get rid of an overabundance of inventory. Clan Gina Servetti
Speaker 1: and for k CBS in San Francisco, I'm reporting that
Speaker 1: Lift appears to be losing ground to rival Uber, with
Speaker 1: writership not returning to pre pandemic levels. I'm Steven Carol
Speaker 1: and Bloomberg d A B. Digittal Radio in London. We've
Speaker 1: been reporting on efforts to both to appledge to cut
Speaker 1: meThe animations at the COP twenty seven Climate Conference. I'm
Speaker 1: Denis Poligridy and I'm w A I in San Antonio.
Speaker 1: I'm reporting on all the big holiday shopping bargains coming
Speaker 1: our way. And those are some of the stories are
Speaker 1: twenty d Bloomberg journalists and analysts working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. Over the past
Speaker 1: few decades, Europe has undertaken a monumental transformation of its
Speaker 1: electricity sector, dismantling national mono please and rearranging the pieces
Speaker 1: into a common market. Amazingly, it mostly works. So it
Speaker 1: would be ironic if the totalitarian leader of a former
Speaker 1: Soviet state convinced Europe to abandon this free market. Yet
Speaker 1: that's now a looming risk as European officials struggled to
Speaker 1: respond to Russian President Vladimir Putin's weaponization of energy supply.
Speaker 1: No doubt getting through the immediate crisis will require some
Speaker 1: suboptimal policies. Out of sheer expediency. But this doesn't mean
Speaker 1: the broader reform was misguided. On the contrary, creating a
Speaker 1: unified market has delivered vast benefits. Europe shouldn't let a
Speaker 1: Russian dictator undermine them. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
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Speaker 1: The Bloomberg Terminal has been Bloomberg Opinion, and you can
Speaker 1: hear Bloomberg opinion editorials every weekday. At this time, terminal
Speaker 1: customers can read more at O, P, I N go.
Speaker 1: Looking ahead to the market open on this election day,
Speaker 1: futures are pointing to slight anes. We've got SMP futures
Speaker 1: higher by five points right now. Down future is up
Speaker 1: forty four Nanstack futures on the rise by thirty six points.
Speaker 1: Straight ahead, we're gonna take a close look at a
Speaker 1: closer than expected New York Governor's race. Bloomberg New York
Speaker 1: Bureau chief Shelley Banjo will join us live. This is Bloomberg.
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Speaker 1: slash I M s US dot index futures are higher
Speaker 1: this morning, investors awaiting the results of today's mid terms
Speaker 1: as well as the inflation report on Thursday. And we
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SMP future is up five points now, futures
Speaker 1: of forty four and Aspect futures up thirty five. The
Speaker 1: decks in Germany's up three tenths of up percent. Tenure
Speaker 1: treasury of three thirty seconds. The yield is at four
Speaker 1: point one nine percent. Yield on the two year four
Speaker 1: point seven zero percent nine x screwed oil is done?
Speaker 1: When did a quarter percent at a dollar sixteen at
Speaker 1: ninety dollars sixty three cents of barrel comic school down
Speaker 1: four tenths percent or six dollars eighty cents at sixteen
Speaker 1: seventy three seventy and ounce. The euro is at parody
Speaker 1: against the dollar. The British found one point one four
Speaker 1: seven six, then one forty six point two six, and
Speaker 1: Bitcoin this morning is down four point seven percent at
Speaker 1: nineteen thousand, seven hundred dollars. That's a bloomberg business flash.
Speaker 1: Now here's not go bar with more on what's going
Speaker 1: on around world, Karen, thank you very much. Months of
Speaker 1: campaigning are now over. The mid term elections are here
Speaker 1: that will assigned control of Congress and top governorships. President
Speaker 1: Joe Biden knowledge Democrats face a tougher challenge holding the
Speaker 1: House than the US Senate. Budd he's optimistic. Meanwhile, former
Speaker 1: President Trump says he is going to be making a
Speaker 1: very big announcement on Tuesday, November at his mar Logo resort.
Speaker 1: Trump has strongly hinted that he will announce another run
Speaker 1: for the White House. In the NBA, the Knicks one
Speaker 1: the Nets lost the Celtics, Wizards, and Warriors all one
Speaker 1: in the NHL, the Islanders one in ot against the
Speaker 1: Flames for three, the Bruins and Capitals also one Monday
Speaker 1: Night football, the Ravens beat the Saints. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barren, this is Bloomberg.
Speaker 1: Nathan Okay, Michael, thank you. It is on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break. On this mid term election day. We want
Speaker 1: to take a closer look at a New York governor's
Speaker 1: race that has turned pretty competitive in the final weeks
Speaker 1: for Democratic incumbent Kathy Hokel and Republican challenger le Selden.
Speaker 1: For more, We're joined by Bloomberg New York Bureau chief
Speaker 1: Shelley Banjo. Shelley, good morning. So the Republican in this
Speaker 1: race really has closed the gap with Governor Hokel with
Speaker 1: a focus on crime. How has he pulled this off?
Speaker 1: That's right, this was supposed to be um sort of
Speaker 1: a shoe in for Democratic Governor Kathy Hokel and it
Speaker 1: did not turn out that way. It's gotten a lot
Speaker 1: closer in the final weeks of the election as campaigning
Speaker 1: has has really ramped up. Lee Selden had two things
Speaker 1: on his side. One is he started campaigning very early
Speaker 1: on UM eighteen months ago, started really hitting the campaign triot,
Speaker 1: talking to folks all around the state. UM, and that
Speaker 1: has come to fruition. And the second one is what
Speaker 1: you said, which is a focus on crime and the
Speaker 1: economy in a way that you know, it's scared a
Speaker 1: lot of people. It also, UM, you know, kind of
Speaker 1: captivated and UM talked to a lot of people about
Speaker 1: what they were feeling around issues around crime and inflation
Speaker 1: in the economy. It seems to hit on some of
Speaker 1: the themes that Republicans have really tried to latch onto
Speaker 1: on a more national level as well. With a focus
Speaker 1: on the economy and crime, particularly in New York State.
Speaker 1: Could this race be seen as something of a bell
Speaker 1: weather for the entire country or does the crime issue
Speaker 1: in particular really come down to what's happening in New
Speaker 1: York City and elsewhere. I think it certainly plays into
Speaker 1: the national trends of crime, and the GOP really counseling
Speaker 1: on that New York City in general, there has been
Speaker 1: a heightened sense. You know, crime remains at decade slows
Speaker 1: in New York City, but they have gone up since
Speaker 1: the pandemic. So they went down when the pandemic started.
Speaker 1: They were lockdowns plus what's happening? And then you see
Speaker 1: these two years of jumps um that people feel, that
Speaker 1: people see, especially high profile crimes, and so especially for
Speaker 1: younger New Yorkers who had only seen a lifetime of
Speaker 1: crime going down, to see crime go up, you really
Speaker 1: start to feel that, um, you start to feel that change.
Speaker 1: And Lee's Eldon Captivate, you know, capitalized on that in
Speaker 1: a way that Kathy Hokel didn't because she was so
Speaker 1: focused during her entire campaign on these kind of key
Speaker 1: democratic social issues like abortion and Trump and um, you know,
Speaker 1: democratic voting rights and and things like that, and so
Speaker 1: she didn't really pivot to those kind of core issues
Speaker 1: until much later in the campaign cycle. She also just
Speaker 1: didn't campaign until later in the campaign cycle. She was
Speaker 1: really running as if she wasn't incumbent, even though she
Speaker 1: hadn't really been in office all that long and had
Speaker 1: never really had never been elected. In these final weeks,
Speaker 1: of course, as you mentioned, there was a sort of
Speaker 1: late pivot to campaigning for Governor Hokell. We've seen some
Speaker 1: national figures come out on the stump in supporter of her,
Speaker 1: including President Biden and the former President Bill Clinton. Are
Speaker 1: we seeing that have any impact for her in the
Speaker 1: final days? You have seen early voting by Democrats go
Speaker 1: up quite a bit. So there's one point one million
Speaker 1: people who came out with early voting. A lot of
Speaker 1: that it was in New York City. Um, but local
Speaker 1: that is in New York City, which is highly democratic
Speaker 1: and and supportive of Kathy Hokel. So the question is,
Speaker 1: you know, did Biden, did Clinton? Um? Did Kamala Harris
Speaker 1: helped convince people to go out and actually vote? Because
Speaker 1: that is an issue, especially in New York City where
Speaker 1: people tend to vote. Uh not as many people tend
Speaker 1: to vote, And so questions, so that is that going
Speaker 1: to push her over the edge and is that going
Speaker 1: to be enough? Now we don't know yet how much
Speaker 1: of the totals those early votings have made up and
Speaker 1: whether or not, um, you know, the rest of the
Speaker 1: state is going to come out on election Day, um
Speaker 1: and vote for brise Eldon Or or Kathy Huckle Now.
Speaker 1: It's certainly going to be a race to watch and
Speaker 1: surprisingly so thanks for this Shelly Great have you gone
Speaker 1: with us this morning? That is Bloomberg's New York Bureau
Speaker 1: chief Shelley Banjoe, Karen Nathan. Thank you. It is five
Speaker 1: fifty three on Wall Street. It's time for the Bloomberg
Speaker 1: Law Report. Let's get to the legal stories we're watching
Speaker 1: this morning. From Bloomberg's Jeff Bellinger. Paple responded to a
Speaker 1: businessman's lawsuit. The company says it is not to blame
Speaker 1: for a hack of the plaintiff smartphone in which spyware
Speaker 1: was installed. The FBI has shut down z Library, a
Speaker 1: pirate website where thousands of e books could be downloaded
Speaker 1: for free. The I r S wants to issue new
Speaker 1: guidance on issues raised by a recent change in how
Speaker 1: research and development costs are accounted for. The agency hopes
Speaker 1: the guidance can be out by the end of the year.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance, analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: or at Bloomberg Law dot com. All right, Jeff, thank you.
Speaker 1: Now another legal story we're watching. Tattoos are more popular
Speaker 1: than ever and that leads to lawsuits. The verdict in
Speaker 1: the case or the depiction of wrestler Randy Orton's tattoo
Speaker 1: in a video game illustrates the legal uncertainty and mixed
Speaker 1: messages in this complicated area of copyright law. The jury
Speaker 1: decided the case in favor of the tattoo artists, who
Speaker 1: had a copyright on her ink designs, but awarded her
Speaker 1: a paltry sum for more Bloomberg's doing. Grosso speaks to
Speaker 1: intellectual property litigator Terence Ross, a partner at Captain muchin Rosenman.
Speaker 1: The jury award was three thousand, seven hundred fifty dollars,
Speaker 1: which seems really low to me, especially if you consider
Speaker 1: I don't know if the legal work was on a
Speaker 1: contingency basis, but the cost of trial. This is a
Speaker 1: relatively trivial jury award and in my view, represents a
Speaker 1: compromise on the part of the jury members. You often
Speaker 1: see this in civil lawsuits, where there's some dispute within
Speaker 1: the jury members as to whether or not there should
Speaker 1: be a finding a liability in the first place, and
Speaker 1: The compromise usually goes something like this, well, okay, we
Speaker 1: will agree to say that the defendant is liable, and
Speaker 1: you will agree to say that the damages are going
Speaker 1: to be very low. And it's a typical jury compromise
Speaker 1: when the jury doesn't have a consensus. And chances are
Speaker 1: this was on a contingent fee basis. I don't know
Speaker 1: that for a fact, but that's typically the way these
Speaker 1: are pursued, and that would represent not enough money to
Speaker 1: cover the planets attorneys sees not even come close. I
Speaker 1: happen to know the lead attorney for the defense here,
Speaker 1: and that would have covered only about three hours the
Speaker 1: first time. So it's very much I think victory for
Speaker 1: the defendant, but they would probably have preferred not to
Speaker 1: have to take it to a jury, to have prevailed
Speaker 1: on summary judgment, which has happened in the past with
Speaker 1: this particular defendant. It seems to me like the jury
Speaker 1: was thinking about, you know, the implications, because they found
Speaker 1: that none of the profits of the game were attributable
Speaker 1: to the five tattoos. And that makes sense to me,
Speaker 1: because no one's playing the game to look at the tattoos.
Speaker 1: I think that's exactly right. I think the jury probably
Speaker 1: sat there and said to themselves, well, what would have
Speaker 1: been a reasonable licenseee here, instead of looking at what
Speaker 1: the profitability of the game was. And it really goes
Speaker 1: to a different question, which is whether or not this
Speaker 1: case should ever got to the jury in the first place.
Speaker 1: The sort of traditional game plan with respect to the
Speaker 1: defense against copyrighting tattoos has been three parts. You argue
Speaker 1: that there's a fair use, you argue that there's an
Speaker 1: implied license, and you argue that there's a day minimus use.
Speaker 1: And your comment really goes towards this day minimous use issue.
Speaker 1: You see the tattoos fleetingly. He's one character in the game.
Speaker 1: It's clearly not contributing that much to the game users
Speaker 1: enjoyment of the game. It's simply an identify er of
Speaker 1: one character in the game. In the past, not that
Speaker 1: they're a ton of lawsuits on tattoos, but in the past, judges,
Speaker 1: particularly in Southern District, New York, have thrown out the
Speaker 1: copyright and tattoo lawsuits in video games on the grounds
Speaker 1: of the ding minimus abuse defense. Terence rossa partner at
Speaker 1: Captain Muten Rosenman's, speaking with the Bloomberg's June Grasso. Catch
Speaker 1: more of that interview, plus analysis of the latest legal news,
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this
Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools have Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b Law.
Speaker 1: Go futures this morning again, Well they're trimming their gains
Speaker 1: just a bit, aren't they. S and P futures are
Speaker 1: now little changed, and Bloomberg day Break continues. This is
Speaker 1: Bloomberg