Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, The Bloomberg Business at Land at
Speaker 1: Bloomberg Quicktake, this is a Bloomberg business lives and I'm Karen.
Speaker 1: Moscow futures are lower this morning. We checked the markets
Speaker 1: all day long here on Bloomberg with SMP down and
Speaker 1: NASDAG future is on down more than three tenths of
Speaker 1: upper cent. SMP futures down about thirteen points and down
Speaker 1: features down a hundred and NASDAG futures down thirty three.
Speaker 1: The decks in Germany's down three quarters of a percent.
Speaker 1: Ten year treasury down eight thirty seconds, yield three point
Speaker 1: eight four percent. That yield on the two year four
Speaker 1: point three eight percent. Nine mex screwed oil is down
Speaker 1: a quarter percent, or nineteen cents at seventy eight dollars
Speaker 1: twenty one cents a barrel. Comex school down two tenths
Speaker 1: per cent or three dollars fifty cents at eighteen twenty
Speaker 1: two seventy announced. The euro one point oh six seven
Speaker 1: zero against the dollar, British pound one point to zero
Speaker 1: four or five the end one thirty one point eight five.
Speaker 1: And that's a Bloomberg Business Flash John all right, Karen, Thanks.
Speaker 1: It is now fifties six on Wall Street. Time for
Speaker 1: our Bloomberg Law Brief, exploring legal issues in the news. Today,
Speaker 1: we're looking at the legalization of recreational marijuana. New York
Speaker 1: has opened its first legal retail weed shop in Manhattan.
Speaker 1: A Bloomberg's Caroline Hynd spoke with Ken Shay, cannabis analysts
Speaker 1: for Bloomberg Intelligence about what this means for the New
Speaker 1: York area and the country overall. It is really a
Speaker 1: big deal. I mean New York, it's a huge market.
Speaker 1: It's a highly visible market, and I think a lot
Speaker 1: of other populous areas in the United States that haven't
Speaker 1: legalized are gonna be watching this closely to see how
Speaker 1: it pulls it off. How it does. Um, New York's
Speaker 1: a large market and it has high hopes and no
Speaker 1: pun attended. It looks to its neighbor New Jersey. New Jersey,
Speaker 1: you know, legalized recreational only back in April. It's already
Speaker 1: up to a one billion dollar run rate in sales.
Speaker 1: New York's are twice the population. So if you put
Speaker 1: the mass together and you have a really big industry
Speaker 1: out of the gate that and is going to be there.
Speaker 1: Products been around a long time, um, and so yeah,
Speaker 1: all eyes around New York. It's well, the VIMO is
Speaker 1: a visible market to really get a sense of what's
Speaker 1: going on. You do some great analysis for us, and
Speaker 1: we always love it that sort of bringing together some
Speaker 1: of the issues that perhaps still the spending bill didn't
Speaker 1: have the marijuana banking element to it, and we saw
Speaker 1: a lot of potstocks fall in the back of that.
Speaker 1: That many still say to really grow this industry, they
Speaker 1: need to be able to get bank climbs, They need
Speaker 1: to be able to get a more easier access to capital.
Speaker 1: But I'm interested in your perspective of why we've already
Speaker 1: seen the ability when I walk outside of Bloomberg to
Speaker 1: cross the street and I can go and get edibles,
Speaker 1: I can go and buy sat marijuana related food and consumption.
Speaker 1: What is that still doing now and why has it
Speaker 1: been able to do that ahead of this sort of legalization. Well,
Speaker 1: New York has taken a different approach, put it that
Speaker 1: way than many markets and allowing, you know, the social
Speaker 1: justice theme to allow some flexibility and put it that
Speaker 1: way to some operators that won't exist in many other markets.
Speaker 1: And that's gonna at the consternation of the legal operators
Speaker 1: and the legal operators. And look, we're paying all these taxes,
Speaker 1: we're going jumping through all these hoops. We're doing a
Speaker 1: lot of things here. Help us out by enforcing the
Speaker 1: laws on the books that you know, you can't have
Speaker 1: someone down the street selling it legally and avoiding taxes.
Speaker 1: If you're going if they're regulated, I'm going to compete. Well,
Speaker 1: So that's that's really gonna be a key issue going forward.
Speaker 1: And it also made uh, you know, also discourage some
Speaker 1: other big entities from getting into the New York, New
Speaker 1: York market until they enforce those rules. And that's Bloomberg
Speaker 1: Intelligence sandalist Kench speaking with Caroline Hyde. Catch Caroline and
Speaker 1: Paul Sweeney for a special signulcast Bloomberg Markets Today that
Speaker 1: starts at ten am Wall Street time. Right here on
Speaker 1: Bloomberg Radio. Attorneys can find exceptional legal research and business
Speaker 1: development tools Bloomberg Law dot com and the Bloomberg terminal
Speaker 1: at b Law. Go Karen well John, here's another legal
Speaker 1: story we're watching. Canada's merger court ruled in favor of
Speaker 1: Roger's Communications and Shawn Communications and a key antitrust case
Speaker 1: that clears one of the final hurdles to the union
Speaker 1: of two of the nation's largest telecommunications firms. The Federal
Speaker 1: Antitrust Commissioner failed to prove that the deal would cause
Speaker 1: significant harm to competition in the industry. Where are watching
Speaker 1: futures this morning? They're lower, with S and P futures
Speaker 1: down twelve points or three tenths of up percent now
Speaker 1: and NASDAG futures don't both down about three tents of
Speaker 1: uppercent as well, with DOWN futures down ninety four points
Speaker 1: and NASDAG futures down thirty and the tenure treasury down
Speaker 1: nine thirty seconds, you know, three point eight five percent,
Speaker 1: and they yield on the two year four point three
Speaker 1: nine percent. Straight ahead, we have a check on the
Speaker 1: business headlines and all the news you need to start
Speaker 1: your day again on a day when futures are lower.
Speaker 1: This as our to a Bloomberg daybreak begins right now, markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business at Land at Bloomberg
Speaker 1: Quick taples three. He's a Bloomberg Business Flash, and I'm
Speaker 1: Karen Moscow European stocks declining along with US stock index.
Speaker 1: Future is on the final trading day of the year,
Speaker 1: and we checked the markets all day long here on
Speaker 1: Bloomberg with SNP Future is down eleven points down, Future
Speaker 1: is down eighty and NASDAG futures down to thirty two.
Speaker 1: The decks in Germany is down about six tenths of
Speaker 1: a percent. Ten year treasury down ten thirty seconds. You
Speaker 1: have three point eight five percent the yield on the
Speaker 1: two year four point three nine percent. Nine X Screwed
Speaker 1: oil is down a tenth of a percent or ten
Speaker 1: cents at seventy eight dollars thirty cents of Barrel comic
Speaker 1: school down a quarter percent or four dollars twenty cents
Speaker 1: at eighteen eighty announced. The euro one point oh six
Speaker 1: seven zero against the dollar. British found one point two
Speaker 1: zero four or five. The end is at one thirty
Speaker 1: one point nine four and Bitcoin this morning down half
Speaker 1: percent at about sixteen thousand, five hundred dollars U s
Speaker 1: n P five hundred down more than nineteen percent. This year,
Speaker 1: the NASDAC has lost about a third of its value.
Speaker 1: That's a Bloomberg business flash. Now here's Nuchael Bar with
Speaker 1: more on les's going on around the world. Michael Karen.
Speaker 1: A House committee is set to release six years of
Speaker 1: Donald Trump's tax returns today, holding back the curtain on
Speaker 1: financial records that the former president fought for years to
Speaker 1: keep secret. Southwest Airlines says it expects to return to
Speaker 1: her normal flight schedule today. The declaration comes after nearly
Speaker 1: a week of cancelations and delays for travelers. Thursday Night football,
Speaker 1: the Cowboys be the Titans thirteen in the NBA. The
Speaker 1: next loss the Celtics won. In the NHL. The Rangers
Speaker 1: lost in a shootout to the Lightning to one. The
Speaker 1: Islanders won, the Capitals lost in overtime to the Senators
Speaker 1: for three, and soccer legend Pale has died after a
Speaker 1: battle with cancer. He was eighty two 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 analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael,
Speaker 1: thank you. It is now five forty two on the
Speaker 1: Wall Street. This is Bloomberg Daybreak. I'm John Tucker alongside
Speaker 1: Karen Bosco. Le's take a look at some of the
Speaker 1: other stories that are making news this morning. TC Energy
Speaker 1: says it's restarted the ruptured segment of its Keystone oil pipeline,
Speaker 1: as follows a spill that forced a conduits shot for
Speaker 1: more than three weeks. Let's get the story from Bloomberg's
Speaker 1: Charlie Pillett. The company put out a statement saying the
Speaker 1: Keystone pipeline is now operational to all delivery points. The
Speaker 1: massive crude pipeline, which can carry more than six hundred
Speaker 1: thousand barrels a day, is a major conduit linking oil
Speaker 1: fields in Canada to refiners in the Gulf Coast. A
Speaker 1: leak on a section of the pipeline that extends to
Speaker 1: the Cushing, Oklahoma storage hub spilled fourteen thousand barrels of
Speaker 1: oil in Kansas in early December, becoming one of the
Speaker 1: largest onshore US oil spills since two thousand ten, according
Speaker 1: to government data. In New York, Charlie Pellet Bloomberg Daybreak, Great, Charlie,
Speaker 1: thank you well. Let's stick with energy. Oil is set
Speaker 1: to end a volatile year modestly higher as investors expect
Speaker 1: a rebound in sh on ease demand and race for
Speaker 1: less Russian crewde demand for oil and China is in question,
Speaker 1: and traders are racing for more reaction from Russia to
Speaker 1: sanctions on its energy exports. We take a look at
Speaker 1: oil right now and nine night screwed is down about
Speaker 1: two tents of a percent, down twelve cents. It's it's
Speaker 1: seventy eight dollars twenty eight cents a barrel. And taking
Speaker 1: a closer look at China, new data reveals economic activity
Speaker 1: rebounding in several cities where COVID infections likely already peaked.
Speaker 1: That's in spite of many parts of the country grappling
Speaker 1: with staring cases. The number of passengers using subways in
Speaker 1: major cities like Beijing, Wuhan, and shane Do rose sharply
Speaker 1: in the week through Wednesday. That's assigned residents are returning
Speaker 1: to work, shopping and eating at restaurants, a measure of
Speaker 1: traffic congestion that also increased significantly with the same period
Speaker 1: well John meantime, China could see as many as twenty
Speaker 1: five thousand deaths a day from COVID nineteen next month.
Speaker 1: As according to Air Affinity, which expects deaths to peak
Speaker 1: around January twenty three. It says daily infect into all
Speaker 1: likely peaked ten days before that had around three point
Speaker 1: seven million cases. Yeah. Right, now, let's turn to the
Speaker 1: crypto space and talk digital tokens. In the wake of
Speaker 1: the ft X collapse of the past year has seen
Speaker 1: crypto prices drown in the sludge of an extended crypto
Speaker 1: winter and the fd X to baccle that is for
Speaker 1: the future of the space maybe in question. So what's next?
Speaker 1: We are joined by our execuest Everett Millman, the chief
Speaker 1: market analyst at Gainesville Coins, has that for an introduction
Speaker 1: the Everett Um. After the fraud and bankruptcies, is there
Speaker 1: light at the end of the tunnel? Well will almost
Speaker 1: certainly go down as the worst year on record for
Speaker 1: crypto um and I think in the wake of the
Speaker 1: fd X fallout, we have seen that major institutions are
Speaker 1: beginning to dip their toe back into the crypto space.
Speaker 1: Fidelity has opened crypto trading, Goldman Sacks have been buying
Speaker 1: up some of those distressed with the currency companies, and
Speaker 1: both HSBC and JP Morgan have trademarked UM their own
Speaker 1: crypto wallets or crypto exchanges. So we are seeing institutions
Speaker 1: at least come back into the fold as the sell
Speaker 1: off has continued, And also governments both Russia and Japan
Speaker 1: are exploring removing their bands on crypto, and the Bank
Speaker 1: for International Settlements is finalizing a regulation that banks can
Speaker 1: now hold two percent of their reserves in bitcoin. So
Speaker 1: I don't think, even with all of the fear and
Speaker 1: uncertainty and doubt um, that cryptocurrency is going to be
Speaker 1: completely wiped off the face of the earth anytime soon.
Speaker 1: I can you separate the space between the actual tokens
Speaker 1: and the coins and the platforms. Oh, that's a fascinating
Speaker 1: question because as is now, we've still see that the
Speaker 1: major use cases for a lot of these tokens is
Speaker 1: simply for speculative trading vehicles, you know, trading back and forth.
Speaker 1: But the on Shaine data for bitcoin in particular shows
Speaker 1: that the majority of wallets have been holding lately. Um
Speaker 1: It's been at least six months since any bitcoin is
Speaker 1: mood in or out of those wallets. So that does
Speaker 1: somewhat lend credence to the idea that perhaps bitcoin good
Speaker 1: operate as a store of value if this lack of
Speaker 1: volatility that we've seen at the bitcoin price continues. But
Speaker 1: there's still a major problem, obviously a major political issue
Speaker 1: with how to regulate these exchanges UM and kind of
Speaker 1: unlock the value of this new technology and innovation in
Speaker 1: a way that does not promote kind of these black
Speaker 1: box operations like we're happening at at fd X and
Speaker 1: and perhaps at finance. Well, you mentioned bitcoin and the
Speaker 1: h I would argue that there's a degree of stability
Speaker 1: with with that particular token relatively to the others. Um,
Speaker 1: why is that so relatively stable? And how many of
Speaker 1: those other coins are total bologna? Well, Um, there's certainly
Speaker 1: some bologne out there, to be sure. UM. And bitcoin
Speaker 1: does distinguish itself by having some underlying fundamental to the
Speaker 1: fact that it does convert electricity and energy into a
Speaker 1: type of currency. UM. And the fact that there's only
Speaker 1: going to be twenty million total bitcoin, so that that
Speaker 1: sort of digital scarcity gives it a bit of a
Speaker 1: leg up on other less mature crypto projects. But again,
Speaker 1: I do think that regulation is going to be key here. UM.
Speaker 1: Bitcoin is a bit of a tricky case because it
Speaker 1: sort of operates under its own sovereignty. UM. But if
Speaker 1: governments decide that they'd like to take a harsher um
Speaker 1: approach to regulating bitcoin and other other tokens. Um, it's
Speaker 1: simply going to push that activity and that innovation into
Speaker 1: safer jurisdictions, um to push it into a black market.
Speaker 1: And so I don't think that exactly solves the problem,
Speaker 1: but it is obviously something that policymakers are going to
Speaker 1: continued to look at. Um. It's not simply going away
Speaker 1: all right. Advocates of the space have argued certainly against regulation.
Speaker 1: That's that's out the window at this point. What's the
Speaker 1: regulatory landscape ahead? Well, there has to be some sort
Speaker 1: of oversight akin to what already goes on in financial markets. Um.
Speaker 1: We've seen with the fd X the bottle that a
Speaker 1: lot of what was going on was not particularly crypto
Speaker 1: specific fraud. It was just sort of simply plane vanilla fraud,
Speaker 1: if there is such a thing. UM. So obviously the
Speaker 1: failures there is because of the lack of regulation, I
Speaker 1: would argue, UM. And so again it raises this question,
Speaker 1: do we simply want to push all the activity into
Speaker 1: other countries or into kind of black markets where regulators
Speaker 1: don't have a clear view of what's going on, or
Speaker 1: will the cryptocurrency community UM accept some level of regulation
Speaker 1: that will engender more confident because clear that trust and
Speaker 1: confidence in this space has been decimated UM and even
Speaker 1: with some of the UH the major institutions coming back in,
Speaker 1: it's going to take months and perhaps years to build
Speaker 1: back that trust UM and I think allowing regulation or
Speaker 1: embracing regulations would be probably the biggest step for doing that.
Speaker 1: And Everett thanks a lot for joining us this morning.
Speaker 1: Everett Milma, the chief market analyst at Gainesville Coins. As
Speaker 1: look at the price of bitcoin this morning, down about
Speaker 1: six tenths of a percent to sixteen thousand, four hundred
Speaker 1: eight and down. Future is right now down seventy three
Speaker 1: smp E many futures they're down ten, but AzaC futures
Speaker 1: down twenty six Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: apt and at Bloomberg Quicktape. He's a Bloomberg Business Flash
Speaker 1: and I'm Karen Moscow. European stocks declining along with US
Speaker 1: stock index futures on the final trading day of the year,
Speaker 1: which again would close out the worst year in more
Speaker 1: than a decade for global equities and bonds, and We
Speaker 1: checked the markets all day long year on Bloomberg SMP
Speaker 1: futures down fifteen points or four tents of uppercent, Down,
Speaker 1: futures down three tens of upper cent or a hundred
Speaker 1: five points, and NASDAG futures down four tens of uppercent
Speaker 1: for forty three points. The decks in Germany's down six
Speaker 1: tenths of uppercent ten. Your treasury down nine thirty seconds,
Speaker 1: yield three point eight four percent, the yield on the
Speaker 1: two year four point three nine percent. Nine Next, Screwed
Speaker 1: oil is down three tens of upper cent or twenty
Speaker 1: two cents, and seventy eight dollars eighteen cents of barrel
Speaker 1: comic school down a quarter percent or four dollars forty cents.
Speaker 1: At eighteen twenty one, sixty announced the euro one point
Speaker 1: six six five against the dollar, British pound one point
Speaker 1: to zero four one, they had one thirty two point
Speaker 1: oh three and bitcoins down half percent at sixteen thousand,
Speaker 1: five hundred dollars. And that's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael did Morning, Good Morning Karen. A House
Speaker 1: committee will release six years of Donald Trump's tax returns today.
Speaker 1: The Ways and Means COMMITTEEVO did last week to release
Speaker 1: the returns with some redactions of sensitive and information. Southwest
Speaker 1: Airline says it expects to return to her normal flight
Speaker 1: schedule today. The declaration comes after nearly a week of
Speaker 1: cancelations and delanyees for travelers and Thursday night football, the
Speaker 1: Cowboys beat the Titans twenty seven thirteen in the NBA.
Speaker 1: The Knicks lost the Celtics one in the NHL, the
Speaker 1: Rangers lost in a shootout to the Lightning to one.
Speaker 1: The Islanders won the Capitals lost in overtime to the
Speaker 1: Senators for three, and soccer legend Pelee has died after
Speaker 1: a battle with cancer. He was eighty two Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analysts and more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg, John Michael twenty three on
Speaker 1: Wall Street on Johnson Record, This is Bloomberg Day Break.
Speaker 1: Let's turn to politics now, where Democrats turn over control
Speaker 1: of the House to Republicans in the new year. That
Speaker 1: raises another of questions about Ukraine funding and who will
Speaker 1: be Majority Leader of the House. US Representative Brendan Boyle,
Speaker 1: a Democrat from Pennsylvania, Vania. He is addressing those questions
Speaker 1: and the controversy surrounding Representative elected George Santos. He spoke
Speaker 1: with Bloomberg's Madison Mills. I do want to talk about
Speaker 1: Ukraine Fundane. I wonder is is there potentially a danger
Speaker 1: of US draining funding and investment for something like Ukraine.
Speaker 1: Are you concerned about that or do you think that
Speaker 1: potentially Zelenski's visit, you know, mitigated any concerns from Republicans
Speaker 1: about diving deep into that funding was President Lensky said
Speaker 1: in his speech, and I was present for it in
Speaker 1: the House chamber. This is not charity. This is in
Speaker 1: American interests that we are aiding Ukraine in this fight.
Speaker 1: The United States has proudly led the free world ever
Speaker 1: since the end of World War Two in standing up
Speaker 1: to first Soviet and now Russian aggression. UM. I'm very
Speaker 1: proud of the fact that so far support for helping
Speaker 1: Ukraine has been bipartisan, especially in the Senate. Obviously on
Speaker 1: the House side, you do have a vocal minority of
Speaker 1: House Republicans that have been against supporting aid to Ukraine.
Speaker 1: My concern is as we get into next year, that
Speaker 1: if Kevin McCarthy somehow holds on by his fingernails being speaker,
Speaker 1: he will be so beholden to the ultra magic extremists
Speaker 1: like Marjorie Taylor Green Um that in fact he may
Speaker 1: be looking at a way out in terms of supporting Ukraine.
Speaker 1: Are you planning to object to seating George Santos on
Speaker 1: January three? Um? I think the real question here is
Speaker 1: what will Republican Conference leader Kevin McCarthy do. He has
Speaker 1: been totally silent typically when although there is not really
Speaker 1: been a situation as dramatic as Santos, but in other
Speaker 1: instances in which you've had members of the House they misbehaving,
Speaker 1: it's typically disciplined on your own side. Um, you have
Speaker 1: seen a few Congressional Republicans speak out stating the obvious
Speaker 1: that this is beyond the pail. It demands an investigation.
Speaker 1: Kevin McCarthy has been totally silent. Is he so desperate
Speaker 1: and craven to become speaker that he will just silently
Speaker 1: accept Santos's vote and really not say anything about this
Speaker 1: complete fraud. If you had degrade Kevin McCarthy's response to
Speaker 1: this so far, what what letter of grade would you
Speaker 1: give him? Well, it's either an incomplete or an s
Speaker 1: It's been completely nothing. He hasn't said one word. Uh,
Speaker 1: it's quite embarrassing actually. And you know, when you look
Speaker 1: at the Republican majority, it's it's very thin. It's the
Speaker 1: exact same slim majority that we Democrats after the last
Speaker 1: two years. As you look into know, as you look
Speaker 1: ahead two years and you consider so many Republicans will
Speaker 1: be running, especially his first term members and challenging districts,
Speaker 1: I can't imagine they feel great about the fact that
Speaker 1: they have a Republican leader who can't even do the
Speaker 1: right thing and stand up and speak out against Santas.
Speaker 1: I gotta wonder on Santas to whether and what his
Speaker 1: committee assignments might look like. What do you think about that?
Speaker 1: I think Mr Santos probably should worry a little bit
Speaker 1: more about the criminal investigations that are happening now in
Speaker 1: New York into him, as well as potential further investigations.
Speaker 1: I'm very curious to find out how exactly his campaign
Speaker 1: was funded. He has a lot of questions to answer.
Speaker 1: And uh. That was Democratic Congress from Brendan Boyle speaking
Speaker 1: with Madison Mills on Bloomberg South on Catch of the
Speaker 1: program weekdays, five pm Eastern on Bloomberg Radio, and here
Speaker 1: the full interview on the daily high pressure off shore
Speaker 1: should result in some sunshine developing across the Tristate area
Speaker 1: today and that will lead to temperatures climbing up to
Speaker 1: about fifty fifty five this afternoon as we go well
Speaker 1: above normal, increasingly Cloudie tonight, Cloudie tomorrow, with rain late
Speaker 1: to day fifty to fifty five. Unfortunately, rains in the
Speaker 1: forecast for New Year's evelos forty five to fifty clearing
Speaker 1: though on New Year's Day. I'm Rob Carolvin with your
Speaker 1: three day forecast on Bloomberg eleven three oh broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg
Speaker 1: eleving free to Washington, d C. Bloomberg one to Boston,
Speaker 1: Bloomberg one oh six, one to San Francisco, Bloomberg nine
Speaker 1: sixty to the Country, Sirius XM Chad A one nine
Speaker 1: and around the globe. The Bloomberg Business at and Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak and good morning.
Speaker 1: We are coming up to five thirty on Wall Street.
Speaker 1: I'm Karen Moscow ant I'm John Tucker. Were brought to
Speaker 1: you by your daily reminder from Innovation Refunds to apply
Speaker 1: for a payroll tax refund if you're a smaller medium
Speaker 1: sized business was impact to by COVID nineteen Innovation Refunds.
Speaker 1: Clients already claimed over two billion dollars in payroll tax refunds.
Speaker 1: Get started at get refunds dot com. And we are
Speaker 1: just about four hours away from the open of US trading.
Speaker 1: Let's geet you up to date on the news you
Speaker 1: need to know at this hour. US futures are lower
Speaker 1: this morning as we enter the final trading day of
Speaker 1: the year, mark the worst year in more than a
Speaker 1: decade for global equities and bonds. Fed tightening and hot
Speaker 1: inflation weight on sentiment. David Bohnson, chief investment officer at
Speaker 1: the Bohnson Group, says to heat to look for some
Speaker 1: gains in the new year, even if there is a recession.
Speaker 1: You can have a recession, you can have a bear
Speaker 1: market and still have some things in the market do well.
Speaker 1: When other things are not that's really what I expect
Speaker 1: going into twenty three. And David Boonson with the Bonson
Speaker 1: Group sees prices coming down next year, but still thinks
Speaker 1: caution is warranted. And to the latest now of the
Speaker 1: war in Ukraine, Russia launched one of its heaviest barrages
Speaker 1: on major cities in Kiev, aiming to destroy civilian target
Speaker 1: At the same time, President Biden signed a government funding
Speaker 1: bill that includes forty seven billion dollars in aid for Ukraine.
Speaker 1: The US is also considering sending Bradley fighting vehicles to
Speaker 1: the country. Well News this morning, John tied to collapse
Speaker 1: Crypto Exchange f t X meetings between White House officials
Speaker 1: and former CEO Sam Bankman Freed are coming under scrutiny Bloomberg.
Speaker 1: Steve Rappaport joins US Live with that story. Steve, good Morning,
Speaker 1: Good morning, Karen, and John Bankman. Freed was banking on
Speaker 1: making connections with the Biden administration to promote his company
Speaker 1: and the crypto industry. Previously disclosed visitor logs show SPF
Speaker 1: had three meetings with top White House officials, a source
Speaker 1: confirms to Bloomberg. There was a fourth meeting with one
Speaker 1: of President Biden's senior advisers. Those connections ultimately fell apart
Speaker 1: after the collapse of f t X and bankman Freed's
Speaker 1: subsequent arrest in the Bahamas. We're also learning that Bahamian
Speaker 1: government quickly took action when f t X went under,
Speaker 1: having seized three and a half billion dollars in digital
Speaker 1: assets by the next day. Live in New York, I'm
Speaker 1: Steve Rappaport Bloomberg Daybreak. Let see thanks on Campito Hill today,
Speaker 1: House Committee sent to release six years of Donald Trump's
Speaker 1: tax returns. In response, Republicans, who soon take control of
Speaker 1: the House threatening to release tax returns of Democrats. But
Speaker 1: US Representative Branded Boyle says that might not have the
Speaker 1: intended effect. There has been sort of a threat from
Speaker 1: the other side that this created new precedent. That's just
Speaker 1: not so. For two reasons. Every president, says Nixon has
Speaker 1: voluntarily released their tax returns every single year. That Republicans
Speaker 1: are threatening to say, release Joe Biden's tax returns, well great,
Speaker 1: they're already public Democratic Congress. When Brended Boyle spoke with
Speaker 1: Madison Mills on Bloomberg's sal Dot Catch That program, Weekday's
Speaker 1: five pm Eastern on Bloomberg Radio, ahead of the cash
Speaker 1: open on Wall Street today, s and p Emity futures.
Speaker 1: They are down twelve points. This is Bloomberg and that
Speaker 1: brings us to five thirty one on Wall Street. Let's
Speaker 1: gonna look at news from around the world and in
Speaker 1: New York and for that, Good morning, Michael Bark, Good
Speaker 1: morning John. The anger toward Congressman elect George Santos is growing.
Speaker 1: Dozens of his constituents in New York held demonstration in
Speaker 1: the congressional district yesterday. Absolutely to and we do not
Speaker 1: want this representation in your district three. They called on
Speaker 1: the New York Republican to resign. Santos has been under
Speaker 1: fire for lying about his education, work experience, and even
Speaker 1: his faith and family. The city of Buffalo is trying
Speaker 1: to get back on its feet from a destructive storm.
Speaker 1: Snow reached as high as four feet in the city,
Speaker 1: contributing to dozens of deaths now the weather warming up,
Speaker 1: there are concerns of flooding from melting snow. President Joe
Speaker 1: Biden has signed to one point seven trillion dollar bill
Speaker 1: funding government operations through September, of the end of the
Speaker 1: federal budget year. New York's first legal we dispensary is
Speaker 1: now open for business. Long lines formed outside the Housing
Speaker 1: Works New Dispensary and Grantedge Village yesterday afternoon. The first
Speaker 1: sales of legal cannabis took place at four twenty pm.
Speaker 1: This man was among the customers standing in line for hours.
Speaker 1: This is the social equity we look for, hope for.
Speaker 1: But you know we are still need out of components,
Speaker 1: so we hope not to still be squeezed out in
Speaker 1: other manners. I see some people don't have the capitol,
Speaker 1: some people don't have the properties. They did the confetti
Speaker 1: test ahead of the New Year's eve Ball Drop tomorrow
Speaker 1: nine in Times Square New Year's Eve Ball Drop co
Speaker 1: producer Jeffrey Strauss, this is gonna be the best time
Speaker 1: I ever. We're gonna start together, ready, five four three
Speaker 1: two one. Three thousand pounds of colorful paper were rained
Speaker 1: down on the city street Saturday night. Global Team is
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take, powered by more than seven hundred journalist analysts
Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael,
Speaker 1: thank you, Thank that brings us to five thirty four
Speaker 1: Wolves free. Yeah, let's get the Bloomberg Sports Report being
Speaker 1: brought to you by your Trench state. How are you
Speaker 1: the others? Good morning, Dan Schwartzman, Good morning John. The
Speaker 1: Knicks losing on the road in San Antonio, Spurs good
Speaker 1: at tip from the time I started giving up your
Speaker 1: Tony shot talk to her belt Josh match courtesy the
Speaker 1: Spurs Radio Network, and Nike's falling to the Spurs one
Speaker 1: fifteen despite forty one points eleven revest from Julius Randall
Speaker 1: and thirty six points from themannual quickly Caldon Johnson leading
Speaker 1: the Spurs to thirty points in the wind, the Rangers
Speaker 1: falling to the Lightning in Tampa Bay two to one
Speaker 1: in a shootout despite thirty nine cities from Negors Shostak
Speaker 1: and his New York has now lost two games in
Speaker 1: a row. Meanwhile, the Islanders have been past the Columbus
Speaker 1: Blue jack Is two to one as New York gets
Speaker 1: ghols from bars Elmpezo. The Dallas Cowboys improved to twelve
Speaker 1: and fourth and thirteen win on the road at the
Speaker 1: Tennessee Titans on Thursday Night Football as Dak Prescott throws
Speaker 1: two second half touchdowns, both to tight end Dalton Schiltz. Meanwhile,
Speaker 1: the Jets and Giants in action on Sunday with playoff
Speaker 1: hopes on the line. Jets are on the road the
Speaker 1: Scattle Seahawks when the Giants are home for the Indianapolis Colts.
Speaker 1: Both teams will make up laoffs if they win the
Speaker 1: remaining two games on their schedules. Big loss in soccer
Speaker 1: is legend Pelly passes away at the age of eighty
Speaker 1: two from complications due to calling cancer, which he had
Speaker 1: battled since last year. Hally won a record three World
Speaker 1: Cups and played his entire career with Brazilian club Santos
Speaker 1: before playing three seasons for the New York Cosmos of
Speaker 1: the North American Soccer League. On Dan Schwartzman with Bloomberg Sports,
Speaker 1: John all right, Dan, thanks a lot, and the sports
Speaker 1: report on Bloomberg brought to you by Alley. Don't let
Speaker 1: someone else drive off in the Audi model you've always wanted.
Speaker 1: Visit your local tryin State Audi the other to get
Speaker 1: behind the wheel of yours today, or visit autie Offers
Speaker 1: dot com for more information. Ahead of the cash open
Speaker 1: on Wall Street SMP Futures. Right now thirteen points floor.
Speaker 1: You're listening to Bloomberg Daybreak, and that brings us to
Speaker 1: five thirty five on Wall Street. And it's time now
Speaker 1: for the Try and State Business Report. And with that,
Speaker 1: here's Bloomberg's Gina Serveti. New Yorkers will be the first
Speaker 1: in the nation to legally choose whether to fix their
Speaker 1: own digital devices or take them to a local repair shop.
Speaker 1: Governor Kathy Hocal signed the first of its kind Digital
Speaker 1: Fair Repair Acts, which takes effect in July of three.
Speaker 1: An industrial property on Connecticut Avenue and Bridgeport is changing hands.
Speaker 1: The Fairfield County Business Journal reports that Alpha Real Estate
Speaker 1: Partners is paying just over one point eight million to
Speaker 1: buy the property from thirteen thirteen Connecticut Avenue. L l
Speaker 1: C and corporate entities that own and operated Times Square
Speaker 1: building and an attached Crown Plaza hotel have filed for
Speaker 1: Chapter eleven bankruptcy. Court papers showed that the building at
Speaker 1: six five Broadway has struggled for years under a licensing
Speaker 1: deal with Intercontinental Hotels Group Resources, and that the pandemic
Speaker 1: forced the building to close until last month. The controlling
Speaker 1: entities are ultimately owned by affiliates of Hornado Realty Trust.
Speaker 1: That's the Bloomberg Tri State Business Reports. I'm Gina Servetti. Thanks.
Speaker 1: It is now thirty seven on Wall Street. The following
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. Even before the coronavirus pandemic,
Speaker 1: more than half of very low income US households had
Speaker 1: severe housing problems. Yet, due to insufficient funding, just one
Speaker 1: in five eligible Americans receives federal rental assistance. The rest,
Speaker 1: some eight million households, are relegated to conditions that undermine
Speaker 1: their children's future and the country's productive potential. It would
Speaker 1: cost a lot to help everyone who needs it, but
Speaker 1: the money can be found for starters. Stop showering the
Speaker 1: rich with subsidies in the form of tax breaks that
Speaker 1: favor wealthy homeowners. That would free up tens of billions
Speaker 1: of dollars a year, money that could be redirected to
Speaker 1: housing vouchers for the poor, which have proven effective at
Speaker 1: averting homelessness and lifting children out of poverty. For far
Speaker 1: too long, the U. S Government hasn't fulfilled its promise
Speaker 1: of providing adequate shelter for all it can and it should.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com slash
Speaker 1: opinion or opi and go on the Bloomberg terminal. This
Speaker 1: has been Bloomberg Opinion and Bloomberg Opinion editorial is going
Speaker 1: to be heard every week day at this time terminal
Speaker 1: customers could read more at O, P, I, N GO.
Speaker 1: No Doubt of Asia This morning Bank of Japan announcing
Speaker 1: an unprecedented third day of unscheduled bond purchases overnight, the
Speaker 1: b o J battling speculation it's going to add super
Speaker 1: accommodated monetary policy. These purchases boosted this month's buying to
Speaker 1: about one twenty eight billion dollars worth of bonds as
Speaker 1: a monthly record, according to data compiled by Bloomberg. And
Speaker 1: as we check out currencies right now the end at
Speaker 1: one thirty two oh one, that is up eight tens
Speaker 1: of a percent against the US dollar vs. Is Bloomberg
Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Friday December. Coming up this hour, we
Speaker 1: to the last trading day of a year that stock
Speaker 1: investors would like to forget. The US sends billions in
Speaker 1: a to Ukraine as Russia ramps up attacks on the country.
Speaker 1: Meetings between Sam Bank and Freed and White House officials
Speaker 1: draw scrutiny, and Democrats repaired to release years of former
Speaker 1: President Trump's tacher turns. Calls are in louder for New
Speaker 1: York Representative elect George Santos to step down. Plus Buffalo
Speaker 1: is trying to get back on its feet after a
Speaker 1: deadly blizzard. I'm Michael barn more ahead and on Dan Schwartzman.
Speaker 1: The Knicks lose on the road at the San Antonio Spurs.
Speaker 1: I'll have that more coming up in sports. That's all
Speaker 1: straight ahead on Bloomberg Daybreak on Bloomberg Eleving Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XAM
Speaker 1: one nine team and around the world on Bloomberg Radio,
Speaker 1: dot com and via the Bloomberg Business App. Hey, good morning,
Speaker 1: I'm John Tucker and I'm or in Muscow. Anyway. Stock
Speaker 1: index futures are lower this morning, and we checked the
Speaker 1: markets all day long year on bloomberg S and p
Speaker 1: Future is down fifteen points or four tenths of uppercent,
Speaker 1: down futures down a third of upper cent or one
Speaker 1: up eleven points, and NASTAC futures down four tens of
Speaker 1: uppercent or forty four points, and the tenure treasury down
Speaker 1: eight thirty seconds. You have three point eight four percent
Speaker 1: John and two Karen mark the worst year in more
Speaker 1: than a decade for global stocks and bonds. The NASDAK
Speaker 1: in particular, hands taken a beating, losing a third of
Speaker 1: its value. This all comes as the fat Titans policy
Speaker 1: to bring down the highest inflation scene in decades. David Vanson,
Speaker 1: the chief investment officer at Banson Group, sees prices coming
Speaker 1: down next year, but still thinks cautition is warranted. The
Speaker 1: inflation aspect is going to surprise to the downside, and
Speaker 1: yet the valuations of high growth stocks remained too high
Speaker 1: historically to put a lot of optimism and indexes or
Speaker 1: the growth side the fangs story. Therefore, we remain value
Speaker 1: investors and cash flow investors. David Banson with the Advancing
Speaker 1: Group believes there will be more opportunity for some gains
Speaker 1: in the new year, even if there is a recession
Speaker 1: well overseas. Today John European stocks are lower. It's a
Speaker 1: shortened day in the UK, with the London Stock Exchange
Speaker 1: closing early. Stocks in Asia, meantime, moved in the other direction,
Speaker 1: posting modest gains overnight. Bloomberg Daybreak Asia anchor Brian Curtis.
Speaker 1: As the details from Hong Kong, most Asian equity benchmarks
Speaker 1: edged higher. China vowed more stimulus in twenty three and
Speaker 1: an improved relationship with the private sector, and economic activity
Speaker 1: rebounded in several Chinese cities where COVID infections have likely peaked.
Speaker 1: The DATTA was steady, while treasury yields picked up a little.
Speaker 1: The end rallied as the Bank of Japan unveiled a
Speaker 1: third day of unscheduled bond purchases. No big end of
Speaker 1: the year rally here, but no heavy selling either in
Speaker 1: Hong Kong. Brian Curtis Bloomberg day Break Brian Thanks and
Speaker 1: now the latest of the war in Ukraine, Russia continuing
Speaker 1: attack son major cities. In Kiev, scores of missiles accounted
Speaker 1: for one of its heaviest barrages of the war, pressing
Speaker 1: further with a campaign to destroy civilian targets. Ukraine's President
Speaker 1: Vladimir Zolenski says he expects Russia to launch more attacks
Speaker 1: before New Year's Eve. Back here in the US, John,
Speaker 1: President Biden is sending more money to Ukraine. He signed
Speaker 1: at one point seven trillion dollar government funding bill that
Speaker 1: includes forty seven billion in aid for the war torn country.
Speaker 1: The US is also considering sending Bradley fighting vehicles to
Speaker 1: Ukraine as part of a further package of military support.
Speaker 1: And now to the latest odd collapse, Crypto Exchange f
Speaker 1: t X meetings between White House officials and the former CEO,
Speaker 1: Sam Bankman Freed are coming under scrutiny. Bloomberg Steve Rappaport
Speaker 1: joins is Live this morning with that story. Steve, good morning,
Speaker 1: Good morning, John, and Karen. White House officials confirmed Bankman
Speaker 1: Freed met with one of President Biden's senior advisors in September.
Speaker 1: Visitor logs show SPF had at least three other meetings
Speaker 1: with top officials in a push to build belt connections
Speaker 1: before his crypto firm went belly up. While living in
Speaker 1: the Bahamas, SPF made frequent trips to Washington, testifying the
Speaker 1: four Congress and meeting regulators. We're also learning the Bahamian
Speaker 1: government took swift action after FTX collapsed on November eleven.
Speaker 1: By the next day, regulators say they had seized three
Speaker 1: and a half billion dollars of digital assets. Live in
Speaker 1: New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve,
Speaker 1: thank you. On Capitol Hill today, a House committee is
Speaker 1: set to release six years of Donald Trump's tax returns.
Speaker 1: The Democratic controlled House Ways and Means Committee voted to
Speaker 1: release the returns last week. Republicans who will soon take
Speaker 1: charge of that committee are threatening to retaliate by publishing
Speaker 1: tax records of Democrats and their allies. US Representative Brandon Boyle,
Speaker 1: a Democrat from Pennsylvania, voted to release the former president's taxes.
Speaker 1: The courts four different times found in our favor, including
Speaker 1: the United States Supreme Court. They found that we had
Speaker 1: a legislative purpose in going after these tax returns, and
Speaker 1: sure enough looked at what we found. I mean already
Speaker 1: the two reports, and they show that in fact, the
Speaker 1: I R S was not doing what they were supposed
Speaker 1: to do. They were not doing the annual audit of
Speaker 1: the President's taxes. Democratic Congressmen Brandon Boyle spoke with Madison
Speaker 1: Mills on Bloomberg Sound on Catch the program weekdays at
Speaker 1: five pm Eastern on Bloomberg Radio. The last week has
Speaker 1: been a nightmare for travelers across the country, especially if
Speaker 1: you traveled on Southwest. Now, the airline says it plans
Speaker 1: to return to a normal schedule today. Bloombergs Charlie Pillett
Speaker 1: has the latest. The airline says it does expect quote
Speaker 1: normal operations with minimal disruptions. The carrier has been operating
Speaker 1: a significantly reduced schedule for several days as it recovers
Speaker 1: from disruption caused by winter storms and overwhelmed scheduling technology.
Speaker 1: Southwest says, with another holiday weekend full of important connections
Speaker 1: for our valued customers and employees, we are eager to
Speaker 1: return to a state of normalcy in New York. Charlie Pellett,
Speaker 1: Bloomberg Daybreak, Very Charlie, thank you anytime. In COVID infections
Speaker 1: are expected to continue rising into January as the country
Speaker 1: pulls back on strict virus policies. Infections and mortalities are
Speaker 1: projected to peak in January, according to the research firm
Speaker 1: air affinity, which China potentially seeing up to twenty five
Speaker 1: thousand deaths a day next month that will cast a
Speaker 1: shadow over the start of the first lunar New Year
Speaker 1: festivities without pandemic restrictions, but one note may ease concerns.
Speaker 1: No novel COVID nineteen variants have emerged in China, according
Speaker 1: to a global consortium that's tracking coronavirus mutations. Futures this
Speaker 1: morning are moving lower. SMP futures down about sixteen points
Speaker 1: this morning, down features down a hundred, NASDAG futures are
Speaker 1: down forty three and straight ahead. We have your latest
Speaker 1: local headlines plus the check of sports, and this is
Speaker 1: Bloomberg right thanks to ances to five oh seven odd
Speaker 1: Wall Street. Let's going to look at the news around
Speaker 1: the world in Canada York. For that, we are joined
Speaker 1: by bloombergs. Michael Barron, Good morning, Good morning John. New
Speaker 1: York Congressman elect George Santos is said to be telling
Speaker 1: local Republican leaders that he will not seek re election
Speaker 1: in twenty four as his background comes under even more fire.
Speaker 1: The chair of the Nassau County Republican Party wrote in
Speaker 1: a statement, I don't know what party would endorse him
Speaker 1: as a candidate, as more possible lies about his schooling
Speaker 1: and family come to light. In May of twenty he
Speaker 1: reported no earned income on his federal returns. In twenty two,
Speaker 1: he loaned his campaign more than a half million dollars
Speaker 1: after reporting being part of a consulting company with a
Speaker 1: salary of seven hundred fifty thousand dollars. Dan Wiener, a
Speaker 1: former federal Election commission attorney who now leads the Elections
Speaker 1: and Government Center at n y Use Brennan Center, spoke
Speaker 1: to NBC four this is an exceptional case, primarily not
Speaker 1: because he loaned his campaign lots of money. In many
Speaker 1: minute the candidates do that because all the other details
Speaker 1: of his story about where he thought that money have
Speaker 1: proven to be false. Santos Is sent the tank office
Speaker 1: next week and refuses to step aside despite calls for
Speaker 1: him to resign. Fans in New York of paying tribute
Speaker 1: to soccer legend Pale. He died yesterday at a j
Speaker 1: D two after battling colon cancer. People flocked to the
Speaker 1: Pale store in Times Square. I'm from Renzio. I'm said
Speaker 1: we lost our biggest idol, the Grace men of our history.
Speaker 1: Pale Pale, and I'm in New York today. It's so
Speaker 1: crazy to see in Times Square, the most important place
Speaker 1: in the world, and you see name. He spoke to
Speaker 1: ABC seven. We'll have more on the death of Pale
Speaker 1: and sports. Shortly. Rhodes have reopened and storm besieged Buffalo,
Speaker 1: as authorities continue searching for people who may have died
Speaker 1: or remain stranded after last week's blizzard. Mayor Byron Brown
Speaker 1: says significant progress has been made on snow willbo, but
Speaker 1: he's still asking residents not to drive if they don't
Speaker 1: have to. Buffalo Niagara International Airport is also open again.
Speaker 1: Erie County Executive Mark Poland cards power has been restored
Speaker 1: to all your county residents. I want to thank the
Speaker 1: men and women of National Grid and Nice sig Eric Counties.
Speaker 1: Mark Poland car says at least forty deaths have been
Speaker 1: reported in Western New York from the blizzard. And finally
Speaker 1: they did the confetti test in New York's Times Square
Speaker 1: ahead of the ball drop that will take place Saturday night.
Speaker 1: Always do the Confederate drop. You know they got to
Speaker 1: clean up this that. Yeah. Global News twenty more hours
Speaker 1: a day on air and on Bloomberg Quick Take by
Speaker 1: by more than twenties seven journalist analysts more than twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg done, Michael, thank you. Yeah,
Speaker 1: it's now five. Tan of Welsley, that's time for the
Speaker 1: Bloomberg Sports Report. Being brunt you by here try state
Speaker 1: out of Dealer's a good boarding, Dan Swarshman, Good morning. Down.
Speaker 1: The Conboys improving to twelve and four has on second
Speaker 1: down seven, Prescott back looking left, throwing it in the
Speaker 1: back of the ends up for shots, got a cramp?
Speaker 1: Did he get it? Touchdown and shoots. That's courtesy of
Speaker 1: Amazon Prime. The Cowboys with the or thirteen went on
Speaker 1: the road at the Tennessee Titans on Thursday Night Football
Speaker 1: as Dak Prescott throws two second half touchdowns, both to
Speaker 1: tight end Dalton Schultz. Both the Jets and Giants in
Speaker 1: action on Sunday with playoff holks on the line, as
Speaker 1: the Jets are on the road to Seattle Seahawks, well,
Speaker 1: the Giants are home for the Indianapolis Colts. Both teams
Speaker 1: will make the playoffs if they win the remaining two
Speaker 1: games on their schedules. The Nakes lose on the road
Speaker 1: to s Antonio Spurs one fifteen despite forty one points
Speaker 1: and eleven rebounds from Julius Randall and thirty six points
Speaker 1: are Emmanuel Quickly. Rangers meanwhile falling to the Lightning in
Speaker 1: Tampa Bay two to one in a shootout despite thirty
Speaker 1: nine states from Ego shastaircin As New York has now
Speaker 1: lost two games in a row. Islanders those slipping past
Speaker 1: the Columbus Blue Jackets two to one as New York
Speaker 1: gets goes from Barzel and Pegou find the soccer legend
Speaker 1: pel passing away the age of eighty two from complications
Speaker 1: due to Cohen cancer, which she had battle since last year.
Speaker 1: Pali won a record three World Cups and played his
Speaker 1: entire career of Brazilian club Santos before playing three seasons
Speaker 1: for the New York Cosmos. On Dan Schwartzman with Bloomberg Sports,
Speaker 1: John all Right, thanks Dan, and the Bloomberg Sports Report
Speaker 1: was brought to you by Audie. Don't let someone else
Speaker 1: drive off of the Audi model. You've always wanted to
Speaker 1: visit your local Try and State Audie Dealer to get
Speaker 1: behind the wheel of yours today, or visit Audi offers
Speaker 1: dot com for more information. And as we look at
Speaker 1: the futures right now ahead of the yet open on
Speaker 1: the Wall Street, down futures right now one hundred seven
Speaker 1: points slower, that's down three tents of eight percent, SMP
Speaker 1: evenute futures fifteen points slower, down about four tens of percent.
Speaker 1: And after yesterday's strong rally, nasday futures right now indicate
Speaker 1: a lower open, down forty three points. Live from coast
Speaker 1: to coast, from New York to San Francisco, Boston to Washington,
Speaker 1: d C. Nationwide on Syrias to the Bloomberg Business Appen
Speaker 1: Bloomberg dot com. This is Bloomberg Daybreak. Good morning. I'm
Speaker 1: John Tucker. It is the final trading day of two,
Speaker 1: closing out the worst year in more than a decade
Speaker 1: for global equities and bonds. So what's they had? We're
Speaker 1: joined out by Ben Emma's the head of fixed income
Speaker 1: and macro strategy at New Edge Wealth Better Pleasure. Um,
Speaker 1: maybe we got our Santa Claus rally during yesterday's sessions.
Speaker 1: That's something that might be sustainable for risk assets by
Speaker 1: and John, Yeah, you would hope so, right, because as
Speaker 1: you say, it's it's the worst of records. So you know,
Speaker 1: the Santa Claus Valley has been ambiguous. But okay, we
Speaker 1: sall have a few days left. I'm not sure if
Speaker 1: you can you know, extrapolate out for the entire year
Speaker 1: and and and the real reasons John, the set we
Speaker 1: do deal with inflation that is still very high and
Speaker 1: it's unclear how much it's going to decline because it's
Speaker 1: we now reading the news of China coat used to
Speaker 1: come online. It is a fact that next year that
Speaker 1: will be influencing inflation quite a bit, I think. So
Speaker 1: we may have still challenges in the first half. Further
Speaker 1: out is difficult to see because really in the first
Speaker 1: half it will be will the fat enter tining cycle
Speaker 1: as inflash and really moderates, and that seems to be uncertain,
Speaker 1: so I stay stay defensive at this moment. Yeah, on
Speaker 1: the data front, then you have jobless claims CPI data.
Speaker 1: They seem to indicate that policy is working. But is
Speaker 1: that a false dawn And we had one of those
Speaker 1: false dawnce in June July it looked like it was working,
Speaker 1: claim sticking up in flash she started a decline, only
Speaker 1: for that to come back. And so it is maybe
Speaker 1: incremental that that we have. We need another quarter or
Speaker 1: two to see that policy really coming through. And I
Speaker 1: think of like if you think of not just United
Speaker 1: States as a country, but different local big states, this
Speaker 1: slow down and slow down happening on the ground. So
Speaker 1: I always think of jobless claims and headline CPI suld
Speaker 1: be broadest measures of what the fact would actually look at.
Speaker 1: And if it does start to incommonly slow down and
Speaker 1: see higher claims every week you see slower inflation, the
Speaker 1: FATS indeed succeeding in the policy, it could change his policy.
Speaker 1: But at this moment we may need face not the
Speaker 1: fall is done because broadly the last number of weeks,
Speaker 1: see the data has been good. For the next week,
Speaker 1: I SN data for example, will really important to watch. Yeah,
Speaker 1: I like your research about them because you look at
Speaker 1: you get pretty granular. You're looking at tax receipts at
Speaker 1: some localities. What what does that indicate to you? Yeah,
Speaker 1: I picked this up from one of our our research
Speaker 1: providers that that that showed us to me that they
Speaker 1: were looking at different states and how text re seats
Speaker 1: were coming in and no normally you know, really pay
Speaker 1: attention to that, but they look they show me long
Speaker 1: to statistics, and it does show that that if you
Speaker 1: have the big states you know by GDP, California, New
Speaker 1: York and Illinois and Florida and a few orders, If
Speaker 1: you have those and you track those against the United
Speaker 1: States tax receeats, it does show that they're leading. And
Speaker 1: it seems that texaciats are really slowing down. It's like
Speaker 1: a negative yearing a growth rate, so they slow down.
Speaker 1: Going on, John, it's uh, it's it's spreading itself through
Speaker 1: through the US. Now, doesn't mean it's immediately recession, but
Speaker 1: it does indicate that, yeah, activity is being slowed down
Speaker 1: I think likely by the by the Fellows policy. If
Speaker 1: we use the yield curve as some indicator, the inversion
Speaker 1: is lessened between well, between the twos and tents right
Speaker 1: now negative fifty five, So I guess we'll call that
Speaker 1: something steepening there. What does that indicate to you? Actually
Speaker 1: important one, because you know we've been saying for a
Speaker 1: while now that yes, yields are going to continue the
Speaker 1: climate think because the FED hasn't finished his job yet,
Speaker 1: but it should lead to an inverted you potentially even
Speaker 1: deeper than we've had recently, which is negative eighty five
Speaker 1: base points between the two year entertain year, but now
Speaker 1: something like negative fifty five or so fifty. But that
Speaker 1: that recent change is what we call bear steepenings entertaining
Speaker 1: you rises more than a two years. That does say
Speaker 1: something about expectations in the treasury market of economic growth
Speaker 1: at the moment. And yes, GDP now from the Atlantic
Speaker 1: feats again quite high. The CPI now from the Cleveland
Speaker 1: feathers moderated but not as much show it does think
Speaker 1: I think the thing that held is maybe going to
Speaker 1: move towards ten four percent on just interim better economy
Speaker 1: at the moment. That's what that's saying. That that's steepening
Speaker 1: real quick in the thirty seconds we have left. Does
Speaker 1: the FAT have the torpedo the U S jobs market
Speaker 1: to reach its goals? Yeah, that's unclear John. Because of
Speaker 1: that we do have a COVID effect on the jobs
Speaker 1: market and a lot of people still sidelines and as
Speaker 1: there is I think that that jobs kept that Powell
Speaker 1: spoke to, it's not that easy to torpedo for that matter.
Speaker 1: So it comes more down to what you've see in
Speaker 1: coming through the big banks and others that are are
Speaker 1: doing all these layoffs. Is that going to accelerate? From me?
Speaker 1: Is you sent you the business the clients as a
Speaker 1: result of FAT policy, And that's I guess the torpedo
Speaker 1: aspect of fat polls showing job market. All right, we'll
Speaker 1: get a clearer picture maybe next Friday when we get
Speaker 1: the December payrolls report. Ben always a pleasure, Ben Emmons
Speaker 1: that had a fixed income at macro Strategy at New
Speaker 1: Edge Wealth with this this morning, comeing up on five
Speaker 1: eighteen on Wall Street, still a hand on Bloomberg day Berg.
Speaker 1: We're gonna check the markets, of course, and bringing the
Speaker 1: latest news and business economics and finance. Right now, we
Speaker 1: have S and P emity futures fifteen points lower after
Speaker 1: gainst day's rally, the Nanzack emnity futures downy six. This
Speaker 1: is Bloomberg day Break