1 00:00:01,960 --> 00:00:05,400 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,519 --> 00:00:08,479 Speaker 1: at Bloomberg dot Com, The Bloomberg Business at and at 3 00:00:08,480 --> 00:00:18,520 Speaker 1: Bloomberg Quicktape. This is a Bloomberg Business Flash. Nathan Hagar 4 00:00:18,760 --> 00:00:21,760 Speaker 1: was kind of cautious in markets this morning after recent 5 00:00:21,920 --> 00:00:25,600 Speaker 1: sharp games. Stocks are holding steadies. Traders await the monthly 6 00:00:25,760 --> 00:00:29,360 Speaker 1: US jobs report. We check the markets every fifteen minutes 7 00:00:29,400 --> 00:00:32,080 Speaker 1: during the trading day. On Bloomberg SMP futures are down 8 00:00:32,120 --> 00:00:35,199 Speaker 1: one point right now down futures down twenty four, Nasdaq 9 00:00:35,240 --> 00:00:37,960 Speaker 1: futures down ten points, little changed all around ten. Your 10 00:00:38,000 --> 00:00:40,720 Speaker 1: treasury is down to thirty seconds. The old three point 11 00:00:40,840 --> 00:00:43,160 Speaker 1: five one percent yield on the two year four point 12 00:00:43,200 --> 00:00:46,320 Speaker 1: one eight percent. Nim X screwed is little changed as well, 13 00:00:46,400 --> 00:00:49,199 Speaker 1: up six cents eighty one dollars twenty eight cents for 14 00:00:49,280 --> 00:00:51,600 Speaker 1: a barrel of West Texas Intermediate comex s Gold is 15 00:00:51,600 --> 00:00:55,160 Speaker 1: little changed. Down to dollar ten eighteen fourteen ten announced 16 00:00:55,160 --> 00:00:57,760 Speaker 1: the euro one point zero five to two against the dollar. 17 00:00:58,080 --> 00:00:59,920 Speaker 1: The yen is at one thirty four point one one. 18 00:01:00,480 --> 00:01:03,120 Speaker 1: Bitcoin is up two tenths per cent, so little change 19 00:01:03,120 --> 00:01:05,720 Speaker 1: there as well. Just shive seventeen thousand. That's a Bloomberg 20 00:01:05,800 --> 00:01:08,640 Speaker 1: Business Flash. Now here's Michael Barr with more on what's 21 00:01:08,640 --> 00:01:11,240 Speaker 1: going on around the world. Un Nathan, thank you very much. 22 00:01:11,280 --> 00:01:14,360 Speaker 1: It is a victory for the Justice Department's criminal investigation 23 00:01:14,400 --> 00:01:17,840 Speaker 1: into Donald Trump's handling at White House documents. The Federal 24 00:01:17,880 --> 00:01:20,560 Speaker 1: appeal scored rule the judge was wrong by appointing a 25 00:01:20,640 --> 00:01:24,560 Speaker 1: special master to review material sees from the former president's 26 00:01:24,600 --> 00:01:28,360 Speaker 1: Mowerla Go Home. Congress has avoided what President Biden says 27 00:01:28,400 --> 00:01:31,360 Speaker 1: could have been a Christmas catastrophe. The sent had voted 28 00:01:31,400 --> 00:01:34,440 Speaker 1: to pass a bill to avert a looming rail strike NFL. 29 00:01:34,520 --> 00:01:38,600 Speaker 1: The Bills beat the Patriot NHL. Both the Devils and 30 00:01:38,720 --> 00:01:41,680 Speaker 1: Capitals lost in no t at the World Cup. Four 31 00:01:41,720 --> 00:01:45,640 Speaker 1: games today, including Cameroon against Brazil. Global News twenty four 32 00:01:45,640 --> 00:01:48,800 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 33 00:01:48,800 --> 00:01:51,520 Speaker 1: by more than twenty seven under journalist and analysts and 34 00:01:51,640 --> 00:01:54,120 Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This 35 00:01:54,280 --> 00:01:57,200 Speaker 1: is Bloomberg aaming all right, Thank you, Michael. We are 36 00:01:57,280 --> 00:02:00,600 Speaker 1: waiting for the jobs numbers this morning. Experts are watching 37 00:02:00,640 --> 00:02:03,760 Speaker 1: for the trend of slower hiring to continue. And we're 38 00:02:03,840 --> 00:02:07,120 Speaker 1: joined live now by Wells Fargo senior economist Sarah House 39 00:02:07,320 --> 00:02:09,680 Speaker 1: to give us a free view of jobs. Stay Sarah, 40 00:02:09,680 --> 00:02:11,520 Speaker 1: good morning, Thanks for taking the time with us. What 41 00:02:11,600 --> 00:02:15,519 Speaker 1: are you watching for today? So obviously that headline will 42 00:02:15,639 --> 00:02:18,400 Speaker 1: be a big focal point just given that overall trend 43 00:02:18,440 --> 00:02:20,840 Speaker 1: pace of hiring, So we're looking for a game just 44 00:02:20,880 --> 00:02:24,640 Speaker 1: a little bit below consensus of around a hundred ninety thousand, 45 00:02:24,720 --> 00:02:27,120 Speaker 1: So that would be certainly a step down from what 46 00:02:27,200 --> 00:02:29,959 Speaker 1: we saw in October as well as just the average 47 00:02:30,000 --> 00:02:32,480 Speaker 1: this year. But I think another big local point will 48 00:02:32,520 --> 00:02:36,120 Speaker 1: be what's happening on wages, given that inflation is the 49 00:02:36,440 --> 00:02:39,919 Speaker 1: utmost priority and they are worried about the inflationary pressures 50 00:02:39,960 --> 00:02:42,880 Speaker 1: coming from the labor market, how much of a slowdown 51 00:02:42,919 --> 00:02:45,120 Speaker 1: and hiring is the FED also looking for what's it 52 00:02:45,120 --> 00:02:48,639 Speaker 1: going to take for a pivot. So I think we're 53 00:02:48,680 --> 00:02:52,240 Speaker 1: already set for the FED to slow the pace of tightening. 54 00:02:52,240 --> 00:02:56,720 Speaker 1: But I think in terms of potentially stopping rate hikes 55 00:02:56,760 --> 00:02:59,480 Speaker 1: and you know, eventually reversing, I think we're still a 56 00:02:59,520 --> 00:03:02,960 Speaker 1: long way off from from that. So I think if 57 00:03:03,000 --> 00:03:05,720 Speaker 1: you get a sub two number, you know, but not 58 00:03:06,160 --> 00:03:08,360 Speaker 1: you know, still still within the hundreds. I think they 59 00:03:08,400 --> 00:03:11,640 Speaker 1: would be perfectly content with that, so suggesting that you 60 00:03:11,680 --> 00:03:14,880 Speaker 1: are seeing some some moderation, but the labor market isn't 61 00:03:15,040 --> 00:03:18,320 Speaker 1: isn't falling apart, and you mentioned way, does what are 62 00:03:18,320 --> 00:03:20,760 Speaker 1: you watching for their specifically and how crucial is that 63 00:03:20,840 --> 00:03:24,840 Speaker 1: data before the Fed's next meeting. Right, So we're looking 64 00:03:24,880 --> 00:03:28,320 Speaker 1: for a zero point three percent monthly increase, which would 65 00:03:28,400 --> 00:03:31,119 Speaker 1: be somewhat slower from what we're seeing earlier in the year, 66 00:03:31,400 --> 00:03:33,919 Speaker 1: but that's still four percent annualized rate over the past 67 00:03:33,960 --> 00:03:36,480 Speaker 1: three months, So still too hot, I think as far 68 00:03:36,520 --> 00:03:38,720 Speaker 1: as the Fed's concerned when they're thinking about it against 69 00:03:38,720 --> 00:03:41,400 Speaker 1: a two percent inflation target and even making some pretty 70 00:03:41,440 --> 00:03:45,560 Speaker 1: reasonable assumptions about productivity growth. So I think there's still 71 00:03:45,600 --> 00:03:47,400 Speaker 1: some some work to be done, but it would certainly 72 00:03:47,440 --> 00:03:50,040 Speaker 1: be an encouraging sign that we are starting to see 73 00:03:50,280 --> 00:03:52,880 Speaker 1: some of those inflationary pressures begin to slow, and I 74 00:03:52,920 --> 00:03:56,040 Speaker 1: think keep the Fed on track to moderate that pace 75 00:03:56,080 --> 00:03:58,839 Speaker 1: of tightening at a coming meetings. Now, when it comes 76 00:03:58,880 --> 00:04:01,280 Speaker 1: to the labor market, if we drilled down just a 77 00:04:01,320 --> 00:04:03,800 Speaker 1: little bit, we've seen a wave of layoffs, especially in 78 00:04:03,840 --> 00:04:06,920 Speaker 1: the tech sector. Does that signal anything for you? Is 79 00:04:06,920 --> 00:04:10,200 Speaker 1: that concerning at all? Well? I think it does signal 80 00:04:10,280 --> 00:04:14,440 Speaker 1: that the broader environment is getting tougher for for businesses, 81 00:04:14,520 --> 00:04:17,000 Speaker 1: so as we are starting to see demand slow, as 82 00:04:17,000 --> 00:04:20,640 Speaker 1: we're seeing consumer preferences shifts, as financing costs are are 83 00:04:20,720 --> 00:04:23,520 Speaker 1: getting higher, and so I think it is a bit 84 00:04:23,600 --> 00:04:26,719 Speaker 1: of a bell weather. So maybe not completely indicative of 85 00:04:26,880 --> 00:04:29,359 Speaker 1: the broader jobs market when you still have, for example, 86 00:04:29,360 --> 00:04:31,960 Speaker 1: a lot of small businesses saying that they are having 87 00:04:31,960 --> 00:04:35,320 Speaker 1: trouble to find filling positions right now. But I think 88 00:04:35,320 --> 00:04:38,120 Speaker 1: it does suggest that we are in for for tougher chime. 89 00:04:38,320 --> 00:04:40,120 Speaker 1: So I think some of the way off and NOWNCNQ 90 00:04:40,240 --> 00:04:42,599 Speaker 1: seen recently might be a little bit too early to 91 00:04:42,640 --> 00:04:45,680 Speaker 1: show up in in today's data, but I think they 92 00:04:45,720 --> 00:04:47,760 Speaker 1: do point to the fact that we'll see job growth 93 00:04:47,800 --> 00:04:51,440 Speaker 1: continue to slow on Trent, despite you know, potential surprises 94 00:04:51,480 --> 00:04:54,520 Speaker 1: that we see, perhaps in twoday's report in the headline number. 95 00:04:55,080 --> 00:04:57,040 Speaker 1: You know, sometimes the data can be a little bit 96 00:04:57,080 --> 00:04:59,480 Speaker 1: skewed because of the holiday season, and we're right there 97 00:04:59,520 --> 00:05:01,640 Speaker 1: in the middle of it. How has the holiday season 98 00:05:01,680 --> 00:05:05,960 Speaker 1: impacted the data? Well, I think that could be a 99 00:05:06,800 --> 00:05:09,680 Speaker 1: headwind for today's data, and the fact that retailers have 100 00:05:09,720 --> 00:05:11,760 Speaker 1: announced that they're not looking to hire quite so many 101 00:05:11,760 --> 00:05:15,000 Speaker 1: workers as as last year. And if you think about 102 00:05:15,200 --> 00:05:18,520 Speaker 1: the holiday related industries and not just retail, but also 103 00:05:18,640 --> 00:05:22,560 Speaker 1: transportation and warehousing, so those industries are seeing, I think, 104 00:05:22,640 --> 00:05:25,919 Speaker 1: particular cyclical headwinds, and so I think the fact that 105 00:05:25,960 --> 00:05:29,040 Speaker 1: the seasonal factors are are looking for a nice uptick 106 00:05:29,120 --> 00:05:31,520 Speaker 1: there might be a little bit disappointed. And so I 107 00:05:31,520 --> 00:05:35,040 Speaker 1: think that's also contributing to the notable mo oration and 108 00:05:35,120 --> 00:05:37,479 Speaker 1: job growth that we're expecting today versus what we've seen 109 00:05:37,520 --> 00:05:41,120 Speaker 1: over the past few months. We have about thirty seconds here, Sarah, 110 00:05:41,160 --> 00:05:42,640 Speaker 1: but I want to ask what you are going to 111 00:05:42,680 --> 00:05:47,440 Speaker 1: be watching for incoming weeks. What's got your attention? So 112 00:05:47,480 --> 00:05:50,160 Speaker 1: I think it's it's still very much focused around inflation 113 00:05:50,200 --> 00:05:53,680 Speaker 1: the labor market to the extent that it's it's impacting inflation. 114 00:05:54,120 --> 00:05:56,359 Speaker 1: I think we are seeing signs that the trend is 115 00:05:56,440 --> 00:06:01,719 Speaker 1: moderating for price growth on on net, but I think, um, 116 00:06:01,800 --> 00:06:04,800 Speaker 1: there's there's still a lot of of data that actually 117 00:06:04,839 --> 00:06:07,480 Speaker 1: needs to confirm that to keep the FED on this 118 00:06:08,120 --> 00:06:11,480 Speaker 1: on this path of moderating the pace of rehis all right, 119 00:06:11,560 --> 00:06:13,960 Speaker 1: Sarah House, thank you so much. Sarah House, a senior 120 00:06:13,960 --> 00:06:17,800 Speaker 1: economist with Wells Fargo and Will Blake break down those 121 00:06:17,880 --> 00:06:20,719 Speaker 1: numbers with US Labor Secretary Marty Walsh. That's coming up 122 00:06:20,760 --> 00:06:24,480 Speaker 1: at this morning at Wall Street Time on Bloomberg Radio 123 00:06:24,640 --> 00:06:28,080 Speaker 1: and Television. Nathan, They're going to be a very interesting conversation. 124 00:06:28,120 --> 00:06:30,760 Speaker 1: Thank you, Amy. It's five fifty three on Wall Street Time. 125 00:06:30,760 --> 00:06:33,039 Speaker 1: Now for our Bloomberg Law Report, Let's get to the 126 00:06:33,080 --> 00:06:36,240 Speaker 1: legal stories were watching this morning. Here's Bloomberg's Steff Bellinger. 127 00:06:40,000 --> 00:06:43,200 Speaker 1: Nike filed trademark suits against two companies in New York 128 00:06:43,240 --> 00:06:46,919 Speaker 1: federal court. The defendants are accused of selling knockoffs of 129 00:06:47,000 --> 00:06:51,960 Speaker 1: Nike's Air Jordan and dunk sneakers. Treasury Watchdog found there 130 00:06:52,120 --> 00:06:55,200 Speaker 1: was no misconduct in connection with i R S audits 131 00:06:55,200 --> 00:06:59,320 Speaker 1: of two former FBI officials, and the XFL has hired 132 00:06:59,440 --> 00:07:02,720 Speaker 1: veterans Warts lawyer Wendy Bass as its chief business and 133 00:07:02,920 --> 00:07:06,160 Speaker 1: legal officer. The XFL was making a third attempt at 134 00:07:06,279 --> 00:07:11,240 Speaker 1: establishing a non NFL football league. Bloomberg Law everything you need, 135 00:07:11,400 --> 00:07:15,760 Speaker 1: all on one legal research platform, including guidance analysis and 136 00:07:15,840 --> 00:07:21,600 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Now, 137 00:07:21,600 --> 00:07:23,680 Speaker 1: another legal story we're watching for the first time in 138 00:07:23,720 --> 00:07:26,760 Speaker 1: almost thirty years, the Justice Department has convinced a jury 139 00:07:26,800 --> 00:07:31,480 Speaker 1: to convict American citizens of seditious conspiracy against the United States. 140 00:07:31,720 --> 00:07:34,520 Speaker 1: Two members of the far right group the Oath Keepers, 141 00:07:34,600 --> 00:07:37,640 Speaker 1: are found guilty of conspiring to oppose by force the 142 00:07:37,680 --> 00:07:41,720 Speaker 1: peaceful transfer of presidential power on January six of last year. 143 00:07:41,920 --> 00:07:44,640 Speaker 1: So I those verdicts being for future cases and on 144 00:07:44,680 --> 00:07:48,480 Speaker 1: the investigation into the Capital riots for more Bloomberg June 145 00:07:48,480 --> 00:07:51,920 Speaker 1: Grosso spoke with former federal prosecutor Jimmy Garoli, a professor 146 00:07:51,960 --> 00:07:55,120 Speaker 1: at Notre Dame Law School. Jimmy, what's the impact of 147 00:07:55,160 --> 00:07:58,200 Speaker 1: this verdict? I think it's important on a couple of levels. First, 148 00:07:58,280 --> 00:08:01,480 Speaker 1: I think it's a very powerful rebuttal to the narrative 149 00:08:01,640 --> 00:08:06,400 Speaker 1: that the January six rioters were so called patriots. What 150 00:08:06,560 --> 00:08:09,880 Speaker 1: this verdict proves is in instead of patriots, many of 151 00:08:09,920 --> 00:08:14,000 Speaker 1: these individuals, certainly these five individuals that were convicted, are criminals. 152 00:08:14,200 --> 00:08:16,480 Speaker 1: And these individuals have been convicted of some of the 153 00:08:16,520 --> 00:08:19,800 Speaker 1: most serious crimes against the government, including to of them 154 00:08:20,040 --> 00:08:24,000 Speaker 1: convicted of seditious conspiracy, which is second only in terms 155 00:08:24,040 --> 00:08:27,880 Speaker 1: of its severity and importance, second only to treason. And 156 00:08:28,080 --> 00:08:31,880 Speaker 1: I think the other important takeaway is whether or not 157 00:08:32,280 --> 00:08:36,560 Speaker 1: the convictions are going to motivate any of the five 158 00:08:36,559 --> 00:08:41,239 Speaker 1: defendants to cooperate with the government. So all five defendants 159 00:08:41,280 --> 00:08:44,800 Speaker 1: were convicted of obstructing an official proceeding. That's a very 160 00:08:44,840 --> 00:08:47,080 Speaker 1: serious offense that carries a penalty of up to twenty 161 00:08:47,160 --> 00:08:50,840 Speaker 1: years in prison. So these individuals have a real incentive 162 00:08:51,160 --> 00:08:55,480 Speaker 1: to try to reduce their criminal liability and term of 163 00:08:55,559 --> 00:08:58,880 Speaker 1: imprisonment by cooperating with the government. So we'll have to 164 00:08:58,880 --> 00:09:02,800 Speaker 1: wait and see what happens there, and then lastly, whether 165 00:09:02,880 --> 00:09:05,200 Speaker 1: or not these verdicts are going to encourage others to 166 00:09:05,240 --> 00:09:08,360 Speaker 1: cooperate with the government. So there are several individuals that 167 00:09:08,440 --> 00:09:12,319 Speaker 1: have trials that are pending and again involving very serious 168 00:09:12,360 --> 00:09:15,920 Speaker 1: felony charges, and it will be interesting to see whether 169 00:09:15,920 --> 00:09:18,480 Speaker 1: they're motivated to cooperate with the government as well. The 170 00:09:18,600 --> 00:09:22,520 Speaker 1: verdicts were in a slam dunk for the prosecution how 171 00:09:22,600 --> 00:09:27,320 Speaker 1: much of a conspiracy with only two people convicted of 172 00:09:27,720 --> 00:09:32,960 Speaker 1: seditious conspiracy, So more people were acquitted than convicted of it. Yeah, 173 00:09:33,000 --> 00:09:36,120 Speaker 1: that's true. There are ten counts that the jury considered, 174 00:09:36,440 --> 00:09:38,520 Speaker 1: and the method to take away the fact that that 175 00:09:38,640 --> 00:09:41,840 Speaker 1: some were acquitted some were convicted. What does suggest to 176 00:09:41,880 --> 00:09:44,240 Speaker 1: me is that it was a jury that really took 177 00:09:44,280 --> 00:09:49,200 Speaker 1: its responsibilities seriously with respect to each count and the 178 00:09:49,280 --> 00:09:52,240 Speaker 1: evidence as it retained to each individual. So they really 179 00:09:52,280 --> 00:09:55,760 Speaker 1: called through the evidence and applied the evidence defended by defendant, 180 00:09:55,800 --> 00:09:57,920 Speaker 1: and in some cases they just found that there was 181 00:09:58,000 --> 00:10:01,439 Speaker 1: not sufficient evidence beyond a recent doubt of an agreement, 182 00:10:01,520 --> 00:10:06,280 Speaker 1: which is the central, you know, key element to establish conspiracy, 183 00:10:06,320 --> 00:10:09,600 Speaker 1: including seditious conspiracy, and we saw that not only with 184 00:10:09,679 --> 00:10:12,920 Speaker 1: the seditious conspiracy count, but also the conspiracy to obstruction 185 00:10:13,000 --> 00:10:17,400 Speaker 1: official proceedings. To the defendants were convicted of that conspiracy 186 00:10:17,559 --> 00:10:19,520 Speaker 1: and then three were not. But then at the same 187 00:10:19,559 --> 00:10:22,200 Speaker 1: time and you look at the obstruction of official proceeding, 188 00:10:22,200 --> 00:10:25,400 Speaker 1: you know, all five defendants were convicted of that count. 189 00:10:25,440 --> 00:10:28,720 Speaker 1: And so again I think it suggests that jury really 190 00:10:29,000 --> 00:10:32,280 Speaker 1: very meticulously, you know, examine the evidence and applied it 191 00:10:32,320 --> 00:10:35,880 Speaker 1: to each dependent. That's Jimmy Garouli, a professor at Notre 192 00:10:35,960 --> 00:10:38,600 Speaker 1: Dame Law School, speaking with Bloomberg's June Grosso. You can 193 00:10:38,600 --> 00:10:41,000 Speaker 1: catch more of that interview plus analysis of the latest 194 00:10:41,080 --> 00:10:44,120 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or 195 00:10:44,160 --> 00:10:47,280 Speaker 1: downloading the show at Bloomberg dot com, Slash podcasts, and 196 00:10:47,320 --> 00:10:51,319 Speaker 1: attorneys can find exceptional legal research and business development tools 197 00:10:51,600 --> 00:10:54,320 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 198 00:10:54,679 --> 00:10:58,040 Speaker 1: at b law Go. Ahead of the November jobs reports, 199 00:10:58,160 --> 00:11:01,320 Speaker 1: futures are in weight and mode. S ANDP futures are 200 00:11:01,360 --> 00:11:04,280 Speaker 1: little changed right now. Down futures are down thirteen points, 201 00:11:04,480 --> 00:11:08,080 Speaker 1: NASCAC futures are down eight Tenure treasuries down to thirty seconds. 202 00:11:08,080 --> 00:11:12,920 Speaker 1: The yield three point five one percent. Bloomberg Daybreak continues. 203 00:11:13,080 --> 00:11:20,120 Speaker 1: This is Bloomberg broadcasting live from the Bloomberg Interactive Broker 204 00:11:20,240 --> 00:11:23,920 Speaker 1: Studio in New York. Bloomberg Eving Freed to Washington, d C. 205 00:11:24,120 --> 00:11:28,839 Speaker 1: Bloomberg to Boston, Bloomberg What A six one to San Francisco, 206 00:11:28,880 --> 00:11:32,360 Speaker 1: Bloomberg nine sixteen to the country, Sirius XM H one 207 00:11:32,440 --> 00:11:35,560 Speaker 1: nineteen and around the globe, the Bloomberg Business apt and 208 00:11:35,600 --> 00:11:45,640 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 209 00:11:45,679 --> 00:11:48,440 Speaker 1: thirty on Wall Street. Good Friday morning. I'm Amy Morris, 210 00:11:48,559 --> 00:11:50,880 Speaker 1: I'm Nathan Hager. We're about four hours away from the 211 00:11:50,880 --> 00:11:52,839 Speaker 1: open of US trading. Let's get you up to date 212 00:11:52,880 --> 00:11:54,520 Speaker 1: on the news. You need to know at this Our 213 00:11:54,640 --> 00:11:57,000 Speaker 1: futures are kind of holding steady this morning ahead of 214 00:11:57,000 --> 00:12:00,320 Speaker 1: the monthly jobs report. So far SMP future as they're 215 00:12:00,320 --> 00:12:04,439 Speaker 1: holding onto November's gains. Morgan Stanley chief US equity strategist 216 00:12:04,520 --> 00:12:07,480 Speaker 1: Mike Wilson thinks December could see gains as well. For 217 00:12:07,559 --> 00:12:11,079 Speaker 1: a trade, okay, we think it's NASAC or long Derratian 218 00:12:11,120 --> 00:12:13,880 Speaker 1: stocks will will like that move in race lower. I 219 00:12:13,880 --> 00:12:16,480 Speaker 1: think for the investment community and for asset owners, it's 220 00:12:16,520 --> 00:12:20,800 Speaker 1: basically bonds. Morgan Stanley's Mike Wilson says this bear market 221 00:12:20,880 --> 00:12:23,520 Speaker 1: rally could be sustained over the next month. To the 222 00:12:23,559 --> 00:12:26,720 Speaker 1: banking sector now where credits we is in focus. Chairman 223 00:12:26,720 --> 00:12:30,720 Speaker 1: Actual Lehman spoke exclusively with Bloomberg News this morning, saying 224 00:12:30,760 --> 00:12:34,439 Speaker 1: the bank has mostly stemmed the huge outflow of clients assets. 225 00:12:34,640 --> 00:12:37,240 Speaker 1: When I speak to clients, I know there will be 226 00:12:37,240 --> 00:12:41,320 Speaker 1: in flos. We already see it partially happening, So we 227 00:12:41,400 --> 00:12:44,760 Speaker 1: have plans to continue to reach out to two clients. 228 00:12:44,760 --> 00:12:47,120 Speaker 1: It might take a little bit of time, but it will. 229 00:12:47,240 --> 00:12:49,880 Speaker 1: You know, it will come back. Chairs of gret Suite 230 00:12:49,960 --> 00:12:52,480 Speaker 1: appeared to be getting a boost from our interview with chairman, 231 00:12:52,520 --> 00:12:55,640 Speaker 1: Actual Leman, They're higher by six point three percent in Zurich. 232 00:12:55,760 --> 00:12:58,080 Speaker 1: Turning into Twitter, now, Amy the artists formerly known as 233 00:12:58,160 --> 00:13:01,080 Speaker 1: Kanye West is in trouble again or another offensive post 234 00:13:01,200 --> 00:13:04,439 Speaker 1: on the platform. Bloomberg Steve Rappaport joins us Live with that, Steve, 235 00:13:04,840 --> 00:13:07,680 Speaker 1: Good morning, Nathan and Amy. Kanye West appears to be 236 00:13:07,760 --> 00:13:11,240 Speaker 1: the litmus test for Elon Musk's lacks approach to moderating content. 237 00:13:11,440 --> 00:13:14,040 Speaker 1: The rapper earned himself a Twitter time out for posting 238 00:13:14,040 --> 00:13:17,240 Speaker 1: a Jewish star of David combined with a swastika Musk 239 00:13:17,320 --> 00:13:21,400 Speaker 1: saying Yea's account broke the platform's policy against inciting violence. 240 00:13:21,600 --> 00:13:24,600 Speaker 1: Earlier in the day, you told conspiracy theorist Alex Jones 241 00:13:24,640 --> 00:13:27,680 Speaker 1: that he loves Jews but also loves Nazis. He also 242 00:13:27,760 --> 00:13:30,640 Speaker 1: praised Adolf Hitler as an innovator. Live in New York, 243 00:13:30,679 --> 00:13:33,840 Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, All right, thank you, Steve. 244 00:13:33,880 --> 00:13:36,839 Speaker 1: To politics Now. Former President Donald Trump has lost another 245 00:13:36,960 --> 00:13:40,920 Speaker 1: legal battle. Bloomberg contributor Jeanie she and Zo says a 246 00:13:41,000 --> 00:13:44,520 Speaker 1: court ruling ended the special master review of documents seized 247 00:13:44,559 --> 00:13:47,319 Speaker 1: from his Moral Lago estate. This is a big win 248 00:13:47,440 --> 00:13:49,760 Speaker 1: for the d o J. It really puts their case 249 00:13:49,920 --> 00:13:53,600 Speaker 1: and their ability to investigate and potentially if they want 250 00:13:53,640 --> 00:13:56,560 Speaker 1: to file charges against the former president, they're able to 251 00:13:56,600 --> 00:13:58,920 Speaker 1: do that. They're no longer going to be delayed by 252 00:13:58,920 --> 00:14:02,079 Speaker 1: the Special Master. That it's what they were seeking. Jenny, 253 00:14:02,160 --> 00:14:05,280 Speaker 1: she and Zano made those comments on Bloomberg's sound on, 254 00:14:05,600 --> 00:14:08,520 Speaker 1: which you can catch weekdays at five pm. Wall Street Time. 255 00:14:08,600 --> 00:14:12,439 Speaker 1: Here on Bloomberg Radio. Checking futures now. S and P 256 00:14:12,640 --> 00:14:16,640 Speaker 1: futures down two points, Dell futures down twenty six, Nasdaq 257 00:14:16,720 --> 00:14:21,320 Speaker 1: futures down thirteen. The Nimex crewed now trading to one 258 00:14:21,400 --> 00:14:24,920 Speaker 1: hundreds of a percent lower, that's about two cents trading 259 00:14:24,920 --> 00:14:27,720 Speaker 1: now at eight one dollars at nineteen cents per barrel. 260 00:14:27,920 --> 00:14:35,400 Speaker 1: This is Bloomberg on Wall Street. Let's bring in Michael 261 00:14:35,440 --> 00:14:37,320 Speaker 1: Barr with more on what else is going on in 262 00:14:37,360 --> 00:14:39,800 Speaker 1: New York and around the world. Good morning, Michael, Good 263 00:14:39,800 --> 00:14:42,480 Speaker 1: morning Amy. The U. S. Supreme Court kept President Joe 264 00:14:42,520 --> 00:14:45,840 Speaker 1: Biden's student loan relief plan on hold. The High Court 265 00:14:45,840 --> 00:14:49,200 Speaker 1: agree to hear arguments in February that will likely produce 266 00:14:49,240 --> 00:14:53,280 Speaker 1: a definitive ruling by June. The justices declined for now 267 00:14:53,400 --> 00:14:57,000 Speaker 1: to lift federal appeals court decision that is blocking the program. 268 00:14:57,160 --> 00:15:00,320 Speaker 1: Six Republican led states suit accusing the pres an end 269 00:15:00,320 --> 00:15:03,640 Speaker 1: of overstepping his authority. Congress has voted to a vert 270 00:15:03,680 --> 00:15:06,960 Speaker 1: of rail strike that many had predicted would have a 271 00:15:07,040 --> 00:15:11,320 Speaker 1: huge negative impact on the economy. The Senate has passed 272 00:15:11,320 --> 00:15:14,200 Speaker 1: a bill to buying railroads and tens of thousands of 273 00:15:14,200 --> 00:15:17,680 Speaker 1: workers to a propose contract settlement. It had been rejected 274 00:15:17,720 --> 00:15:21,480 Speaker 1: by four of the twelve unions involved. Gregory de Young 275 00:15:21,600 --> 00:15:26,360 Speaker 1: teaches operations management at Southern Illinois University in Carbondale. It 276 00:15:26,440 --> 00:15:28,600 Speaker 1: was approved by most of the unions, even though it 277 00:15:28,600 --> 00:15:31,200 Speaker 1: wasn't actually approved by a majority of the voters within 278 00:15:31,240 --> 00:15:34,680 Speaker 1: the unions, so it's probably a pretty good compromise overall 279 00:15:34,880 --> 00:15:39,320 Speaker 1: operations management experts, Gregory de Young. President Biden is poised 280 00:15:39,320 --> 00:15:42,680 Speaker 1: to sign the bill. New York City's transit chief and 281 00:15:42,840 --> 00:15:46,400 Speaker 1: three other top police officials announced their retirements on Thursday. 282 00:15:46,840 --> 00:15:50,120 Speaker 1: The departures coming that a push announced by Mayor Eric 283 00:15:50,160 --> 00:15:54,480 Speaker 1: Adams this week to involuntarily hospitalized people who are considered 284 00:15:54,520 --> 00:15:57,920 Speaker 1: too mentally ill to take care of themselves. The Biden 285 00:15:57,960 --> 00:16:01,480 Speaker 1: administration's first state dinner was held last night with more 286 00:16:01,480 --> 00:16:04,800 Speaker 1: than three hundred thirty invited guests on hand to honor 287 00:16:04,840 --> 00:16:08,600 Speaker 1: France's first couple as part of his chose to President Biden. 288 00:16:08,680 --> 00:16:12,800 Speaker 1: French President Emmanuel mccron spoke about friendship between the two 289 00:16:12,880 --> 00:16:16,760 Speaker 1: nations that started during the American Revolution, and when Lafayette 290 00:16:16,840 --> 00:16:21,200 Speaker 1: came here indeed to fight. He fought for his principles 291 00:16:21,960 --> 00:16:26,520 Speaker 1: and to have people here living in democracy and freedom. 292 00:16:26,560 --> 00:16:30,200 Speaker 1: And this is the same, the same thing. Today. President 293 00:16:30,240 --> 00:16:34,280 Speaker 1: mccram will head to Louisiana Global News twenty four hours 294 00:16:34,280 --> 00:16:37,560 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 295 00:16:37,600 --> 00:16:40,520 Speaker 1: more than hundred journalists and analysts and more than a 296 00:16:40,600 --> 00:16:44,960 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Amy, 297 00:16:45,040 --> 00:16:51,040 Speaker 1: all right, thank you, Michael. On Wall Street. Time now 298 00:16:51,080 --> 00:16:53,640 Speaker 1: for the sports report, brought to you by Try State. Audie. 299 00:16:53,680 --> 00:16:57,040 Speaker 1: Here's John stash Our. Alright, Amy, the Patriots dominated the 300 00:16:57,080 --> 00:16:59,480 Speaker 1: a f C East for two decades. Now that title 301 00:16:59,520 --> 00:17:02,360 Speaker 1: belongs to Affalo. Bills won in Foxboro to ten. They've 302 00:17:02,400 --> 00:17:04,280 Speaker 1: now beaten the pat six and the last seven meetings, 303 00:17:04,359 --> 00:17:07,760 Speaker 1: the Bills had three long touchdown drives. The Pats offense 304 00:17:07,760 --> 00:17:10,439 Speaker 1: struggled after the first quarter TV SO Buffalo Now night 305 00:17:10,520 --> 00:17:14,160 Speaker 1: in three Miami eight and three. Jets are seven and four, 306 00:17:14,200 --> 00:17:17,160 Speaker 1: getting ready for a visit to Minnesota. New England drops 307 00:17:17,160 --> 00:17:19,720 Speaker 1: to six and six. Pats will own a potential tiebreaker 308 00:17:19,800 --> 00:17:22,800 Speaker 1: with the Jets having beaten them twice in Newark. Devils 309 00:17:22,840 --> 00:17:25,520 Speaker 1: ten seconds from victory, ended up losing to Nashville four 310 00:17:25,600 --> 00:17:28,320 Speaker 1: three and overtime college hoops Seaton Hall blown out by 311 00:17:28,440 --> 00:17:32,680 Speaker 1: Kansas sixty five. The big World Cup winners yesterday Morocco 312 00:17:32,840 --> 00:17:36,960 Speaker 1: and Japan both surprising group winner as Croatia and Spain 313 00:17:37,119 --> 00:17:40,440 Speaker 1: also advanced. Germany, four time World Cup champion and now 314 00:17:40,720 --> 00:17:43,240 Speaker 1: heading home. The US heading to a knockout round game 315 00:17:43,280 --> 00:17:46,760 Speaker 1: tomorrow morning with the Netherlands. US star Christian Polizic hopes 316 00:17:46,800 --> 00:17:49,520 Speaker 1: to play despite the injury suffered while scoring the only 317 00:17:49,600 --> 00:17:52,560 Speaker 1: goal against Irand when the game was over, Holistic was 318 00:17:52,600 --> 00:18:00,959 Speaker 1: in the hospital. I was able to follow it on 319 00:18:01,119 --> 00:18:03,919 Speaker 1: the you know, with me on his phone on and 320 00:18:03,960 --> 00:18:06,320 Speaker 1: it was like the hardest thing, um, you know, I 321 00:18:06,320 --> 00:18:08,960 Speaker 1: think they were they were checking my you know, my 322 00:18:09,000 --> 00:18:11,080 Speaker 1: blood sugar and everything and I was flying through the roof. 323 00:18:11,160 --> 00:18:13,399 Speaker 1: But it wasn't because of anything. It's just me stress 324 00:18:13,440 --> 00:18:16,920 Speaker 1: watching the games. Cleared underdogs tomorrow against the Dutch. Since 325 00:18:17,880 --> 00:18:21,480 Speaker 1: has played teams from Europe nineteen times, has won only once. 326 00:18:21,600 --> 00:18:23,840 Speaker 1: Gay Lord Perry has died at eighty four. Made it 327 00:18:23,880 --> 00:18:26,640 Speaker 1: to the Hall of Famous Fight, admitting he was sometimes 328 00:18:26,720 --> 00:18:30,760 Speaker 1: doctor the baseball. John stash Hower Bloomberg Sports. All right, 329 00:18:30,800 --> 00:18:33,680 Speaker 1: thank you, John, it's five thirty seven on Wall straight time. 330 00:18:33,760 --> 00:18:36,199 Speaker 1: Now for the Tri State Business Report. Here was that 331 00:18:36,520 --> 00:18:39,960 Speaker 1: with that is Bloomberg's Joan Donnager. This won't be a 332 00:18:40,000 --> 00:18:43,280 Speaker 1: happy bonus season at Goldman Sachs. The company's traders are 333 00:18:43,320 --> 00:18:45,480 Speaker 1: on the way to posting their biggest revenue hall in 334 00:18:45,520 --> 00:18:48,640 Speaker 1: more than ten years, but the firm says cost pressures 335 00:18:48,680 --> 00:18:51,359 Speaker 1: are forcing a cut to your end bonuses in the 336 00:18:51,400 --> 00:18:54,919 Speaker 1: firm's Global Markets division, with a bonus pool facing a 337 00:18:55,000 --> 00:18:57,840 Speaker 1: cut that could reach a low double digit percentage that 338 00:18:57,920 --> 00:19:01,520 Speaker 1: contrasts with industry wide projects in the unit's own performance. 339 00:19:02,080 --> 00:19:06,080 Speaker 1: New York State is looking at charging licensed cryptocurrency businesses 340 00:19:06,320 --> 00:19:09,080 Speaker 1: for the cost of regulating them. The Department of Financial 341 00:19:09,119 --> 00:19:12,520 Speaker 1: Services is suggesting the idea. It is standard practice for 342 00:19:12,560 --> 00:19:16,479 Speaker 1: the Department to tax regulated non crypto financial organizations for 343 00:19:16,480 --> 00:19:20,320 Speaker 1: those costs, and after twenty six years, the Ripley's Believe 344 00:19:20,320 --> 00:19:23,359 Speaker 1: It or Not Museum in Atlantic City will close at 345 00:19:23,359 --> 00:19:26,280 Speaker 1: the end of the year. It's last day, December thirty one. 346 00:19:26,520 --> 00:19:30,200 Speaker 1: The museum's manager says it's local franchise e has reached 347 00:19:30,200 --> 00:19:32,560 Speaker 1: the end of its agreement with Ripley, so the space 348 00:19:32,600 --> 00:19:36,640 Speaker 1: will be reimagined. That's the Bloomberg Tri State Business Report. 349 00:19:36,880 --> 00:19:39,920 Speaker 1: I'm Joan Donneager. All right, thank you, Joan. It's five 350 00:19:39,960 --> 00:19:42,480 Speaker 1: thirty eight on Wall Street. Bloomberg Radio is on the 351 00:19:42,520 --> 00:19:45,520 Speaker 1: air from San Francisco to New York, London to Hong Kong. 352 00:19:45,800 --> 00:19:47,919 Speaker 1: Let's check in with our global news team for some 353 00:19:48,000 --> 00:19:50,440 Speaker 1: of the top stories heard on our three hundred affiliate 354 00:19:50,520 --> 00:19:57,680 Speaker 1: radio stations around the world. I'm Steve Podisc on wfl A, 355 00:19:57,920 --> 00:20:01,320 Speaker 1: Tampa Bay. We're talking about tamp ranking as one of 356 00:20:01,359 --> 00:20:05,080 Speaker 1: the best college cities in the nation. I'm Debs Peligrini 357 00:20:05,240 --> 00:20:08,160 Speaker 1: and for KTR at Houston. I'm reporting on McDonald's small 358 00:20:08,200 --> 00:20:12,520 Speaker 1: format restaurant in Texas. I'm Genus Servetti in for Double 359 00:20:12,640 --> 00:20:16,359 Speaker 1: U BBM in Chicago. I'm reporting that Illinois is supercharging 360 00:20:16,400 --> 00:20:20,600 Speaker 1: its lineup of tax incentives for electric vehicle makers. I'm 361 00:20:20,680 --> 00:20:24,200 Speaker 1: Jeff Bellinger and on w l W in Cincinnati. I'm 362 00:20:24,240 --> 00:20:28,280 Speaker 1: reporting the CEO of Kroger says food inflation has started 363 00:20:28,280 --> 00:20:31,080 Speaker 1: to ease, those supermarket shoppers will have to wait a 364 00:20:31,080 --> 00:20:35,680 Speaker 1: while for significant price declines. I'm Joan Donnager telling w 365 00:20:35,680 --> 00:20:38,880 Speaker 1: w J listeners in Detroit the CEO of General Motors 366 00:20:39,160 --> 00:20:42,760 Speaker 1: banks efforts to unionize the battery flat in Lordstown, Ohio. 367 00:20:45,480 --> 00:20:48,560 Speaker 1: Those are some of the stories our d Bloomberg journalists 368 00:20:48,600 --> 00:20:51,560 Speaker 1: and analysts are working on this morning around the world. 369 00:20:51,720 --> 00:20:54,639 Speaker 1: It's five thirty nine on Wall Street. The following is 370 00:20:54,680 --> 00:20:58,680 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 371 00:20:58,680 --> 00:21:02,119 Speaker 1: the Bloomberg Editorial Board. Since the start of the pandemic, 372 00:21:02,160 --> 00:21:06,439 Speaker 1: Congress has provided public school districts with one billion dollars 373 00:21:06,440 --> 00:21:08,960 Speaker 1: in aid, yet far too many are in danger of 374 00:21:09,000 --> 00:21:12,439 Speaker 1: squandering it. A recent McKinsey report found that districts have 375 00:21:12,520 --> 00:21:14,679 Speaker 1: yet to spend or even budget one third of the 376 00:21:14,680 --> 00:21:18,080 Speaker 1: funds they've received. At this rate, schools could wind up 377 00:21:18,119 --> 00:21:20,880 Speaker 1: with as much as twenty billion dollars unspent by September, 378 00:21:22,200 --> 00:21:25,280 Speaker 1: the deadline for using the funds. School officials need to 379 00:21:25,320 --> 00:21:28,240 Speaker 1: recognize that this may be their only chance to reverse 380 00:21:28,320 --> 00:21:31,520 Speaker 1: the harms of the pandemic. Policymakers also need to get 381 00:21:31,560 --> 00:21:35,159 Speaker 1: serious by ensuring that funds go to classroom instruction and 382 00:21:35,200 --> 00:21:39,439 Speaker 1: requiring that districts publicize their spending plans. The academic damage 383 00:21:39,520 --> 00:21:42,919 Speaker 1: caused by the pandemic is immense. Failing to use all 384 00:21:42,960 --> 00:21:46,000 Speaker 1: available resources to address it would be a tragic mistake. 385 00:21:46,680 --> 00:21:49,800 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 386 00:21:49,880 --> 00:21:52,760 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 387 00:21:52,800 --> 00:21:55,760 Speaker 1: opinion or op i end go on the Bloomberg terminal. 388 00:21:55,960 --> 00:22:00,240 Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be 389 00:22:00,320 --> 00:22:03,120 Speaker 1: heard every weekday at this time, and terminal customers can 390 00:22:03,200 --> 00:22:06,440 Speaker 1: read more at O, P I n GO. Futures are 391 00:22:06,440 --> 00:22:08,720 Speaker 1: lower s and P futures down to point. DAL futures 392 00:22:08,720 --> 00:22:12,600 Speaker 1: down twenty three points, nasdat futures down eight. Much more 393 00:22:12,640 --> 00:22:18,320 Speaker 1: still to come. This is Bloomberg. The Bloomberg Sports Report 394 00:22:18,359 --> 00:22:20,400 Speaker 1: was brought to you by Audie. Don't let someone else 395 00:22:20,480 --> 00:22:22,840 Speaker 1: drive off in the Audi Model. You've always wanted to 396 00:22:22,880 --> 00:22:25,040 Speaker 1: visit your local Tri state autie dealer to get behind 397 00:22:25,080 --> 00:22:27,360 Speaker 1: the wheel of yours today, or visit Autie Offers dot 398 00:22:27,400 --> 00:22:34,760 Speaker 1: com for more information, markets, headlines and breaking news twenty 399 00:22:34,760 --> 00:22:37,639 Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg 400 00:22:37,640 --> 00:22:40,600 Speaker 1: Business at and at Bloomberg Quick Tape. Chris is a 401 00:22:40,640 --> 00:22:50,480 Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Futures are moving sideways 402 00:22:50,560 --> 00:22:54,320 Speaker 1: this morning after recent sharp gains this week traders. Of course, 403 00:22:54,320 --> 00:22:57,040 Speaker 1: we're waiting the monthly US jobs report for clues on 404 00:22:57,040 --> 00:23:00,640 Speaker 1: the federal reserves next policy steps. We check market's every 405 00:23:00,680 --> 00:23:03,200 Speaker 1: fifteen minutes for you during the trading day. On Bloomberg 406 00:23:03,600 --> 00:23:05,840 Speaker 1: SMP futures are up at one point right now. Down 407 00:23:05,840 --> 00:23:09,000 Speaker 1: futures are down four points. Nastack futures are lower by 408 00:23:09,040 --> 00:23:11,920 Speaker 1: five points. The tenure treasury is down five thirty seconds. 409 00:23:12,160 --> 00:23:14,359 Speaker 1: The yield is three point five two percent. Yield on 410 00:23:14,359 --> 00:23:18,240 Speaker 1: the two year four point two zero percent. Nimex crude 411 00:23:18,320 --> 00:23:20,520 Speaker 1: is little changed, up four cents at eighty one dollar. 412 00:23:20,640 --> 00:23:23,520 Speaker 1: Twenty four cents of errol comes Gold is little changed, 413 00:23:23,520 --> 00:23:26,680 Speaker 1: down a dollar. Twenty eighteen fourteen even announced. The euro 414 00:23:26,760 --> 00:23:29,439 Speaker 1: one point zero five two zero against the dollar, British 415 00:23:29,440 --> 00:23:31,720 Speaker 1: pound one point two two six one. The yen is 416 00:23:31,760 --> 00:23:35,400 Speaker 1: at one thirty four point one nine. The November payrolls 417 00:23:35,440 --> 00:23:37,960 Speaker 1: report is due out at eight thirty at Wall Street time. 418 00:23:37,960 --> 00:23:40,000 Speaker 1: We'll have full coverage for you throughout the day here 419 00:23:40,040 --> 00:23:43,199 Speaker 1: on the Bloomberg Radio. That's a Bloomberg Business Flash. And 420 00:23:43,320 --> 00:23:45,280 Speaker 1: now here's Michael Bart with more on what's going on 421 00:23:45,320 --> 00:23:47,560 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. A 422 00:23:47,680 --> 00:23:51,360 Speaker 1: federal appeals court dismissed Donald Trump's lawsuit against the Justice 423 00:23:51,400 --> 00:23:55,280 Speaker 1: Department over documents sees at as Mara Logo Resort in August. 424 00:23:55,560 --> 00:23:58,359 Speaker 1: The panel ruled of Florida judges order of pointing a 425 00:23:58,440 --> 00:24:02,240 Speaker 1: special master to review them cereals was wrong. The Supreme 426 00:24:02,240 --> 00:24:06,159 Speaker 1: Court denied President Biden's request to overturn a lower court's 427 00:24:06,200 --> 00:24:10,000 Speaker 1: ruling blocking his student loan forgiveness program. They did agree 428 00:24:10,040 --> 00:24:12,879 Speaker 1: to take up the legality of the plan. NFL, the 429 00:24:12,920 --> 00:24:17,040 Speaker 1: Bills beat the Patriot NHL, both the Devils and Capitals 430 00:24:17,040 --> 00:24:19,960 Speaker 1: lost in overtime at the World Cup. Four games today, 431 00:24:20,000 --> 00:24:23,560 Speaker 1: including Cameroon against Brazil. Global News twenty four hours a 432 00:24:23,640 --> 00:24:26,640 Speaker 1: day on air and on Bloomberg Quick Take, powered by 433 00:24:26,680 --> 00:24:29,840 Speaker 1: more than twenty hundred journalists and analysts in more than 434 00:24:29,880 --> 00:24:33,280 Speaker 1: a hundred twenty countries. I'm Michael Barr and this is Bloomberg. 435 00:24:33,359 --> 00:24:37,480 Speaker 1: Any all right, thank you, Michael. It is five nineteen 436 00:24:37,720 --> 00:24:40,640 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 437 00:24:40,680 --> 00:24:42,959 Speaker 1: This is Bloomberg Daybreak. We want to bring you now 438 00:24:43,000 --> 00:24:46,520 Speaker 1: an exclusive interview with Credit Swiss chairman Axel Lehman, who 439 00:24:46,560 --> 00:24:50,199 Speaker 1: sat down this morning with Bloomberg. Lehman says cash outflows 440 00:24:50,200 --> 00:24:53,919 Speaker 1: have stopped, and course shareholders still believe in Credit Sweets. 441 00:24:54,160 --> 00:24:57,439 Speaker 1: He joined Bloomberg's Francie Lukway in London to discuss the 442 00:24:57,440 --> 00:25:00,360 Speaker 1: current state at the Swiss Bank. There's also speculat about 443 00:25:00,359 --> 00:25:03,720 Speaker 1: you selling some of the strategic domestic bank. Again, when 444 00:25:03,720 --> 00:25:06,159 Speaker 1: do we have a full picture, like a definitive picture 445 00:25:06,160 --> 00:25:09,560 Speaker 1: of Credit Suis will be like in ten years. No. Look, 446 00:25:09,640 --> 00:25:14,040 Speaker 1: I think we said on October twenty seventh, we indicated 447 00:25:14,119 --> 00:25:17,760 Speaker 1: three things. Strategically, we are going to radically transform the 448 00:25:17,800 --> 00:25:20,720 Speaker 1: investment banks, so with other words, we are drastically de 449 00:25:20,880 --> 00:25:25,600 Speaker 1: risking the company. Secondly, we go through a cost saving program. 450 00:25:25,960 --> 00:25:28,879 Speaker 1: Certainly we do a capital increase, and we always clearly 451 00:25:28,880 --> 00:25:32,520 Speaker 1: indicated we go back to the core of where we 452 00:25:32,600 --> 00:25:36,840 Speaker 1: come from. It's the Swiss global leading wealth man. Should 453 00:25:36,960 --> 00:25:38,960 Speaker 1: this is the future of the company. Are you having 454 00:25:38,960 --> 00:25:42,120 Speaker 1: to accelerate some of the job cuts and cost cuts? Well, 455 00:25:42,200 --> 00:25:45,280 Speaker 1: we are executing, I think well. We indicated that we 456 00:25:45,320 --> 00:25:48,200 Speaker 1: will reduce headcount by five percent in the fourth quarter. 457 00:25:48,520 --> 00:25:51,359 Speaker 1: I think you will see when we communicate we are 458 00:25:51,560 --> 00:25:55,360 Speaker 1: well underway and we are really doubling down on the execution. 459 00:25:55,440 --> 00:25:58,520 Speaker 1: We try to accelerate. We set for example, two and 460 00:25:58,600 --> 00:26:02,000 Speaker 1: a half billion of cost save. We're definitely exceeding one 461 00:26:02,040 --> 00:26:04,600 Speaker 1: point two billion up to the end of next year. 462 00:26:04,640 --> 00:26:07,159 Speaker 1: So we try to frontload and not to backload the 463 00:26:07,800 --> 00:26:12,480 Speaker 1: the implementation of the Does that mean actually more job cuts? 464 00:26:12,480 --> 00:26:14,399 Speaker 1: And there was a story for example in Bloomberg about 465 00:26:14,600 --> 00:26:17,760 Speaker 1: you know, job losses and ted sales. Look, we clearly 466 00:26:17,840 --> 00:26:21,040 Speaker 1: said we will now we need I have to say 467 00:26:21,520 --> 00:26:25,120 Speaker 1: no cut video set come by seventeen percent, so nine thousand, 468 00:26:25,600 --> 00:26:28,360 Speaker 1: this is definitely the plan. We will achieve this. And 469 00:26:28,680 --> 00:26:31,120 Speaker 1: when we change the plan and need to do more 470 00:26:31,200 --> 00:26:33,680 Speaker 1: and want to do more, we're communicated at the appropriate time. 471 00:26:34,000 --> 00:26:36,280 Speaker 1: And you're frontloading some of the cost cuts also to 472 00:26:36,640 --> 00:26:39,560 Speaker 1: please investors. I don't know how often you're communicating, for example, 473 00:26:39,560 --> 00:26:42,240 Speaker 1: of the Saudi investor no, we are. We try to 474 00:26:42,280 --> 00:26:44,800 Speaker 1: frontload even now in the fourth quarter. That's why you 475 00:26:44,800 --> 00:26:46,919 Speaker 1: know we gave a profit warning for the fourth quarter. 476 00:26:46,960 --> 00:26:49,600 Speaker 1: We're trying to accelerate some of the asset sales non 477 00:26:49,640 --> 00:26:53,000 Speaker 1: core unities. Well, on the way we're working this appoll 478 00:26:53,040 --> 00:26:56,240 Speaker 1: as you know, on the security tized products. Well on 479 00:26:56,400 --> 00:26:59,320 Speaker 1: the way, we are also exiting some of those businesses. 480 00:26:59,320 --> 00:27:02,760 Speaker 1: So this is on execution mode. When do you think 481 00:27:03,119 --> 00:27:05,919 Speaker 1: markets and I guess analysts and everyone will will give 482 00:27:05,960 --> 00:27:09,159 Speaker 1: you a bit of a break. Well, I cannot speak 483 00:27:09,320 --> 00:27:12,320 Speaker 1: to what other people are doing, but rationally, I would 484 00:27:12,359 --> 00:27:15,040 Speaker 1: say you're through the capital increase. You have a really 485 00:27:15,400 --> 00:27:19,480 Speaker 1: very solid capital city banderaship. I would suggest to look 486 00:27:19,520 --> 00:27:23,520 Speaker 1: to other prudential measures like levelage ratio. We will add 487 00:27:23,560 --> 00:27:26,840 Speaker 1: some fifty basis point to our or now it's puff 488 00:27:26,880 --> 00:27:29,760 Speaker 1: six percent. It's probably one of the highest levelage ratios 489 00:27:29,800 --> 00:27:32,600 Speaker 1: that you have in the industry. You look to our LCR. 490 00:27:33,119 --> 00:27:36,800 Speaker 1: Now that is we said hunted forty. We indicated last 491 00:27:36,840 --> 00:27:40,560 Speaker 1: week it was hoovering around count thirty. This week it 492 00:27:40,880 --> 00:27:44,240 Speaker 1: went up to nearly hundred forty. So these are very 493 00:27:44,359 --> 00:27:47,879 Speaker 1: very strong prudential metrics. So that will count the market. 494 00:27:48,440 --> 00:27:52,520 Speaker 1: How difficult is it to retain stuff? It is obviously 495 00:27:52,560 --> 00:27:55,560 Speaker 1: a challenge. Now we have so many people, fifty thousand. 496 00:27:56,080 --> 00:27:59,480 Speaker 1: I think they are very much under pressure, very committed. 497 00:28:00,040 --> 00:28:03,040 Speaker 1: We have still excellent people. And the good thing we 498 00:28:03,200 --> 00:28:06,760 Speaker 1: continue to attract and hire I think, very very strong 499 00:28:06,880 --> 00:28:11,119 Speaker 1: caliber in individuals. But it's something to watch closely clearly. 500 00:28:11,359 --> 00:28:13,920 Speaker 1: So when are you expecting influence to increase? We talked 501 00:28:13,920 --> 00:28:15,719 Speaker 1: a little bit about the outflows and when you're expecting 502 00:28:15,720 --> 00:28:17,920 Speaker 1: them to stop, how do you attract new clients? So 503 00:28:18,080 --> 00:28:20,600 Speaker 1: I said, I already see now, no anecdotally, when I 504 00:28:20,640 --> 00:28:24,000 Speaker 1: speak to clients, I know you know that there will 505 00:28:24,000 --> 00:28:28,240 Speaker 1: be influence. We already see it partially happening. So we 506 00:28:28,280 --> 00:28:31,560 Speaker 1: have plans to continue to reach out to two clients. 507 00:28:31,640 --> 00:28:34,000 Speaker 1: It might take a little bit of time, but it will. 508 00:28:34,119 --> 00:28:36,840 Speaker 1: You know, it will come back and and we'll go 509 00:28:36,880 --> 00:28:38,760 Speaker 1: back to normal. I think we just go now through 510 00:28:38,760 --> 00:28:41,520 Speaker 1: a little bit bach storm during the capital increase. When 511 00:28:41,560 --> 00:28:43,880 Speaker 1: we are done, we are done, and then you know, 512 00:28:44,000 --> 00:28:47,160 Speaker 1: you start to to work step by step, now rush 513 00:28:47,400 --> 00:28:50,760 Speaker 1: step by step, executing a plan, and then we are 514 00:28:50,880 --> 00:28:53,440 Speaker 1: going back on track. I know you have you have 515 00:28:53,480 --> 00:28:55,920 Speaker 1: a lot of big investors, including David Harrow and others. 516 00:28:56,000 --> 00:28:59,600 Speaker 1: What kind of conversations do you have with them specifically, No, 517 00:29:00,320 --> 00:29:03,640 Speaker 1: beyond regular contact system. What I said, of course, you 518 00:29:03,680 --> 00:29:06,160 Speaker 1: know when you're for twenty years and invest in credits 519 00:29:06,200 --> 00:29:10,680 Speaker 1: withes and you see the share prices, these are challenging discussions, 520 00:29:10,720 --> 00:29:13,360 Speaker 1: but you know they see what you do and what 521 00:29:13,400 --> 00:29:16,120 Speaker 1: I really like. They really believe you know, at this 522 00:29:16,240 --> 00:29:20,680 Speaker 1: time it's not just managing something organizing, it's a really 523 00:29:20,800 --> 00:29:23,280 Speaker 1: we put a line into the sand and said, look 524 00:29:23,440 --> 00:29:28,080 Speaker 1: things from a strate teaching culture's perspective will need to change. 525 00:29:28,160 --> 00:29:31,160 Speaker 1: We have taken bold actions and we are going to 526 00:29:31,200 --> 00:29:33,680 Speaker 1: execute and have a new management team. I mean, do 527 00:29:33,760 --> 00:29:36,200 Speaker 1: you look at and you know the parallels between for example, 528 00:29:36,280 --> 00:29:39,640 Speaker 1: Daich Bank or even other banks are frequent. Do you 529 00:29:39,680 --> 00:29:41,680 Speaker 1: look at a bank and say, that is the kind 530 00:29:41,720 --> 00:29:46,280 Speaker 1: of turnaround that I can deliver for Cretic with What 531 00:29:46,520 --> 00:29:49,520 Speaker 1: I take from other banks that have done it successfully 532 00:29:49,640 --> 00:29:53,840 Speaker 1: is they developed the strategy, they stick to it, and 533 00:29:53,880 --> 00:29:57,920 Speaker 1: they were executing quarter over quartered. This is what I 534 00:29:58,120 --> 00:30:00,760 Speaker 1: look for. I think I will try that she always 535 00:30:00,760 --> 00:30:04,480 Speaker 1: situation is unique and behalf the Creticious on how we 536 00:30:04,600 --> 00:30:09,400 Speaker 1: develop that state credit sweet chairman, actuallymon speaking with Bloomberg's 537 00:30:09,400 --> 00:30:12,360 Speaker 1: Franci and Latwa. We'll have more of that interview just ahead. 538 00:30:12,560 --> 00:30:20,320 Speaker 1: This is Bloomberg Bloomberg eleven three oh forecast. Sunny this morning, 539 00:30:20,360 --> 00:30:23,000 Speaker 1: but cloudy this afternoon. We're going up to fifty degrees, 540 00:30:23,080 --> 00:30:25,760 Speaker 1: down to forty tonight and then rain likely tomorrow, going 541 00:30:25,840 --> 00:30:34,760 Speaker 1: up to sixty degrees. Thank you, Nathan. It's five or 542 00:30:34,800 --> 00:30:37,000 Speaker 1: seven on Wall Street. Let's bring in Michael Barr with 543 00:30:37,000 --> 00:30:39,160 Speaker 1: what else is going on in New York and around 544 00:30:39,200 --> 00:30:41,760 Speaker 1: the world. Good morning, Michael, Good morning Amy. The Supreme 545 00:30:41,760 --> 00:30:45,200 Speaker 1: Court says the Biden administration program to cancel student loans 546 00:30:45,480 --> 00:30:48,560 Speaker 1: will remain blocked for now, but the Justices have agreed 547 00:30:48,600 --> 00:30:51,200 Speaker 1: to take up the case in late winter. The Court's 548 00:30:51,280 --> 00:30:55,080 Speaker 1: decision to hear arguments relatively quickly means it is likely 549 00:30:55,160 --> 00:30:58,680 Speaker 1: to determine whether the widespread loan cancelations are legal. Mind 550 00:30:58,760 --> 00:31:01,960 Speaker 1: late June, more than twenty six million people have already 551 00:31:01,960 --> 00:31:06,640 Speaker 1: applied for relief. Democratic Senator Raphael Warnock and Republican challenger 552 00:31:06,680 --> 00:31:09,960 Speaker 1: Herschel Walker are making their final pitch to voters in 553 00:31:10,000 --> 00:31:13,800 Speaker 1: Georgia ahead of Tuesday's runoff election. Walker at his rally 554 00:31:13,880 --> 00:31:17,800 Speaker 1: says he is the leader Georgia needs. You deserve a 555 00:31:18,000 --> 00:31:25,280 Speaker 1: senator who actually lives in Georgia. Meanwhile, Warnock campaigned and Atlanta, 556 00:31:25,960 --> 00:31:30,840 Speaker 1: Georgia have needs you to do it. War Mota and 557 00:31:31,000 --> 00:31:33,760 Speaker 1: the Senator had some high powered campaign to help from 558 00:31:33,800 --> 00:31:37,959 Speaker 1: former President Barack Obama. He's been protecting a woman's right 559 00:31:38,240 --> 00:31:42,360 Speaker 1: to determine her old destiny. Tuesday's election will decide whether 560 00:31:42,440 --> 00:31:45,320 Speaker 1: Democrats increase their seats in the US Senate by one 561 00:31:45,400 --> 00:31:49,160 Speaker 1: to fifty one and on due to Yonkers police officer 562 00:31:49,280 --> 00:31:52,440 Speaker 1: was killed in a traffic accident. It happened yesterday afternoon 563 00:31:52,600 --> 00:31:56,960 Speaker 1: near the Springbrook Parkway overpassed. Police say a BMW driver 564 00:31:57,120 --> 00:32:01,360 Speaker 1: traveling the opposite direction lost control cross stover and slammed 565 00:32:01,400 --> 00:32:05,240 Speaker 1: into the unmarked police vehicle and a bus. New York 566 00:32:05,280 --> 00:32:08,640 Speaker 1: City's transit chief and three other top police officials announced 567 00:32:08,680 --> 00:32:12,000 Speaker 1: their retirements. It creates turnover in the top ranks of 568 00:32:12,000 --> 00:32:15,200 Speaker 1: the department, as Mayor Eric Adams tries to focus the 569 00:32:15,240 --> 00:32:18,760 Speaker 1: department on subway crime and removing people with mental health 570 00:32:18,800 --> 00:32:22,840 Speaker 1: issues from city streets. Among those retiring are Transit head 571 00:32:22,960 --> 00:32:27,880 Speaker 1: Jason Willcox and NYPD Chief of Housing Kathleen O'Reilly. The 572 00:32:27,880 --> 00:32:31,400 Speaker 1: Biden administration's first state dinner was held last night, with 573 00:32:31,520 --> 00:32:34,480 Speaker 1: more than three thirty invited guests on hand. To honor 574 00:32:34,640 --> 00:32:38,560 Speaker 1: France's first couple. President Biden turned to history in his 575 00:32:38,720 --> 00:32:42,160 Speaker 1: toast to French President Emmanuel mccron. France was our first, 576 00:32:42,160 --> 00:32:47,200 Speaker 1: all first country to fly the American flag after our revolution. 577 00:32:47,840 --> 00:32:51,680 Speaker 1: Guests dined on butter, poach, main lobster, and orange chiffon 578 00:32:51,800 --> 00:32:55,200 Speaker 1: cake with roasted pears. Global News twenty four hours a 579 00:32:55,280 --> 00:32:58,600 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 580 00:32:58,640 --> 00:33:02,120 Speaker 1: than seven hundred turn listed analyst more than twenty countries. 581 00:33:02,280 --> 00:33:04,959 Speaker 1: I'm Michael Barr, and this is Bloomberg Gaming. All right, 582 00:33:05,000 --> 00:33:10,320 Speaker 1: thank you, Michael. It's five on Wall Street. Time down. 583 00:33:10,360 --> 00:33:12,760 Speaker 1: But the sports report brought to you by Try State, Audie. 584 00:33:12,800 --> 00:33:15,480 Speaker 1: Here's John's dash our thanks Amy. Jets fans, perhaps a 585 00:33:15,480 --> 00:33:17,280 Speaker 1: little unsure of who would route for last night. The 586 00:33:17,360 --> 00:33:19,840 Speaker 1: Jets sit behind Buffalo in the a f C East, 587 00:33:19,840 --> 00:33:22,080 Speaker 1: ahead of New England. The Bills won fairly easily in 588 00:33:22,160 --> 00:33:26,360 Speaker 1: four to ten. Josh Allen at two first half touchdown passes. 589 00:33:26,400 --> 00:33:28,640 Speaker 1: Buffalo is now nine and three. One of the losses 590 00:33:28,720 --> 00:33:31,280 Speaker 1: was to the Jets rematch with them week from Sunday 591 00:33:31,280 --> 00:33:34,000 Speaker 1: in Buffalo. Before that game, Jets have what figures to 592 00:33:34,080 --> 00:33:36,760 Speaker 1: be a tough one this Sunday in Minnesota. Vikings or 593 00:33:36,840 --> 00:33:38,760 Speaker 1: nine and two and a big one for the Giants 594 00:33:38,800 --> 00:33:41,320 Speaker 1: home for Washington, who's won six of the last seven. 595 00:33:41,920 --> 00:33:45,280 Speaker 1: Brian Dable, I'm the Commanders. They're challenging on both fronts. 596 00:33:45,440 --> 00:33:47,200 Speaker 1: They don't give up a lot of points. They haven't 597 00:33:47,360 --> 00:33:49,200 Speaker 1: given up a lot of points here in the last 598 00:33:49,240 --> 00:33:52,240 Speaker 1: eight weeks, six and seven. And I think they play 599 00:33:52,320 --> 00:33:54,320 Speaker 1: physical style football. Coach for Verry, got a lot of 600 00:33:54,360 --> 00:33:58,240 Speaker 1: respect for him and how he operates um. They're physical 601 00:33:58,600 --> 00:34:00,640 Speaker 1: on both sides of the ball. Giant Is loss would 602 00:34:00,640 --> 00:34:02,239 Speaker 1: be their third in a row. It would drop them 603 00:34:02,240 --> 00:34:05,200 Speaker 1: to last place in the NFC East. Devil's hosted in Nashville, 604 00:34:05,240 --> 00:34:08,040 Speaker 1: New Jersey. Down to nothing second period, up three two 605 00:34:08,040 --> 00:34:11,000 Speaker 1: of the third, ten seconds from victory, the Predators tied 606 00:34:11,040 --> 00:34:13,640 Speaker 1: the game, National scored early in overtime to win four 607 00:34:13,640 --> 00:34:16,120 Speaker 1: to three, just the Devil's second loss over the last 608 00:34:16,160 --> 00:34:18,880 Speaker 1: five weeks. The Rangers, who won in Ottawa and Wednesday, 609 00:34:18,880 --> 00:34:20,920 Speaker 1: will host the Senators tonight. The Nets are home for 610 00:34:21,040 --> 00:34:23,800 Speaker 1: Toronto College troops. Seaton Hall went out to Kansas to 611 00:34:23,880 --> 00:34:27,920 Speaker 1: face the defending national champs. The Jayhawks blasted the Pirates 612 00:34:27,960 --> 00:34:30,799 Speaker 1: sixty Yukon beat Oklahoma State. The Huskies are nine and 613 00:34:30,800 --> 00:34:33,680 Speaker 1: oh at the World Cup. Christian Polistic says is injured, 614 00:34:33,680 --> 00:34:36,760 Speaker 1: Pelvis feeling better, hopes to play for the US tomorrow 615 00:34:36,800 --> 00:34:39,919 Speaker 1: against the Netherlands. Hall of famer gay Lord Perry has 616 00:34:39,960 --> 00:34:43,000 Speaker 1: died at eighty four picks for twenty two seasons, eight 617 00:34:43,000 --> 00:34:46,839 Speaker 1: different teams. John stash Award Bloomberg Sports say all right, 618 00:34:46,880 --> 00:34:50,680 Speaker 1: thank you, John. Futures are mixed this morning. SMP futures 619 00:34:50,719 --> 00:34:53,480 Speaker 1: two points high, Aer down, Future is mostly unchanged, and 620 00:34:53,680 --> 00:34:57,560 Speaker 1: Nasdaq futures down three points. Ten year Treasury down six 621 00:34:57,640 --> 00:35:00,480 Speaker 1: thirty seconds, the yield at three point five percent, the 622 00:35:00,520 --> 00:35:05,840 Speaker 1: two year yield at four point two percent. NIMEX crude higher. 623 00:35:05,880 --> 00:35:09,080 Speaker 1: That's just a penny going trading now at eighty one 624 00:35:09,960 --> 00:35:12,120 Speaker 1: three cents per barrel. Much more still to come on 625 00:35:12,120 --> 00:35:15,080 Speaker 1: this Friday morning, on Bloomberg day Break. This is Bloomberg. 626 00:35:17,680 --> 00:35:19,840 Speaker 1: The Bloomberg Sports Report was brought to you by Autie. 627 00:35:19,920 --> 00:35:22,160 Speaker 1: Don't let someone else drive off in the outye model. 628 00:35:22,200 --> 00:35:24,759 Speaker 1: You've always wanted. Visit your local try state autie dealer 629 00:35:24,760 --> 00:35:26,560 Speaker 1: to get behind the wheel of yours today, or visit 630 00:35:26,600 --> 00:35:33,120 Speaker 1: outie Offers dot com for more information. Live from the 631 00:35:33,120 --> 00:35:37,120 Speaker 1: Bloomberg Interactive Broker Studios, this is Bloomberg day Break for Friday, 632 00:35:37,160 --> 00:35:41,040 Speaker 1: December two two. Coming up this hour, investors await the 633 00:35:41,040 --> 00:35:44,360 Speaker 1: November jobs report and consider what it means for the fete. 634 00:35:44,560 --> 00:35:47,000 Speaker 1: The chairman of Credit Sweet says the bleeding at the 635 00:35:47,040 --> 00:35:50,960 Speaker 1: Swiss Bank has stopped. Twitter suspends Kanye West once again, 636 00:35:51,280 --> 00:35:53,760 Speaker 1: and the Justice Department gets a win in the Trump 637 00:35:53,800 --> 00:35:56,960 Speaker 1: White House document probe, the shake up of retirements at 638 00:35:57,000 --> 00:36:00,320 Speaker 1: the NYPD plus the Supreme Court rule. Here President Biden 639 00:36:00,400 --> 00:36:03,319 Speaker 1: student loan forgiveness plan but keeps it on hold. I'm 640 00:36:03,320 --> 00:36:06,440 Speaker 1: Michael barn More, I'm John Stashwar and Sports and an 641 00:36:06,560 --> 00:36:09,440 Speaker 1: f C East battle in New England. Buffalo beat the Patriots, 642 00:36:09,440 --> 00:36:12,480 Speaker 1: The Devil's Lost It overtime, Seaton Hall lost at Kansas. 643 00:36:14,840 --> 00:36:18,760 Speaker 1: That's all straded ahead on Bloomberg Daybreak on Bloomberg eleven 644 00:36:18,840 --> 00:36:23,320 Speaker 1: three on New York, Bloomberg on Washington, d C, Bloomberg 645 00:36:23,320 --> 00:36:27,040 Speaker 1: one oh six one Boston, Bloomberg nine sixties and Francisco, 646 00:36:27,520 --> 00:36:30,560 Speaker 1: Sirius x AM one nineteen and around the world on 647 00:36:30,680 --> 00:36:34,000 Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business App. 648 00:36:38,320 --> 00:36:41,600 Speaker 1: Good Friday morning, I'm Amy Morris, I'm Nathan Hacker. Futures 649 00:36:41,600 --> 00:36:43,440 Speaker 1: have kind of hit the pause button this morning. We're 650 00:36:43,480 --> 00:36:45,120 Speaker 1: coming up to five oh one on Wall Street. We 651 00:36:45,200 --> 00:36:47,440 Speaker 1: checked the markets every fifteen minutes during the trading day 652 00:36:47,440 --> 00:36:49,640 Speaker 1: on Bloomberg st and P Future is a little change. 653 00:36:49,760 --> 00:36:53,279 Speaker 1: Own futures down sixteen points, nan Stack futures down eight ten, 654 00:36:53,360 --> 00:36:56,279 Speaker 1: Your treasuries down four thirty seconds, yield three point five 655 00:36:56,960 --> 00:36:59,040 Speaker 1: and the yield on the two year right now four 656 00:36:59,160 --> 00:37:02,319 Speaker 1: point two zero percent. Amy, Nathan, Let's begin with the 657 00:37:02,360 --> 00:37:05,279 Speaker 1: November jobs report. We get the latest figures at eight 658 00:37:05,320 --> 00:37:08,040 Speaker 1: thirty a m. Wall Street time. Traders are looking to 659 00:37:08,080 --> 00:37:11,600 Speaker 1: the data for clues on future interest rate hikes. Jennifer Lee, 660 00:37:11,600 --> 00:37:14,759 Speaker 1: senior economists with BEMO Capital Markets, thinks we'll see some 661 00:37:14,880 --> 00:37:17,320 Speaker 1: loosening in the labor market. What we want to see 662 00:37:17,440 --> 00:37:20,960 Speaker 1: is continued moderation in the numbers. And this is the 663 00:37:21,040 --> 00:37:22,880 Speaker 1: era which you know I'm trying to wring my head around, 664 00:37:22,920 --> 00:37:25,000 Speaker 1: is that you know good and bad and bad is good. 665 00:37:25,080 --> 00:37:27,480 Speaker 1: You know normally we would like to see what most 666 00:37:27,520 --> 00:37:29,480 Speaker 1: of us would like to see, good economic data and 667 00:37:29,640 --> 00:37:31,560 Speaker 1: you know, positive news in the economy, but that of 668 00:37:31,600 --> 00:37:35,239 Speaker 1: course would mean higher for longer. THEMS Jennifer Lee does 669 00:37:35,280 --> 00:37:37,960 Speaker 1: not believe the jobs data will change the Fed's upcoming 670 00:37:38,000 --> 00:37:40,759 Speaker 1: hike in December. Stick with us all morning for full 671 00:37:40,800 --> 00:37:43,239 Speaker 1: coverage of the November jobs report. Will break down the 672 00:37:43,320 --> 00:37:46,840 Speaker 1: numbers with US Labor Secretary Marty Walsh live at ninety 673 00:37:46,920 --> 00:37:51,040 Speaker 1: five Wall Street Time on Bloomberg Radio and television. Stocks 674 00:37:51,040 --> 00:37:53,080 Speaker 1: in the U S you're a and as R treading 675 00:37:53,120 --> 00:37:55,600 Speaker 1: water ahead of the jobs reporters and p futures are 676 00:37:55,600 --> 00:37:59,200 Speaker 1: holding onto November's gains, but Morgan Stanley Chief US equity 677 00:37:59,239 --> 00:38:02,920 Speaker 1: strategist Mike Wilson thinks this bear market rally could be sustained. 678 00:38:03,239 --> 00:38:07,200 Speaker 1: We have more confident that this rally will continue into December. 679 00:38:07,239 --> 00:38:10,160 Speaker 1: We think rache will go lower. Pal's commentaries right in 680 00:38:10,239 --> 00:38:11,759 Speaker 1: line on what we've been saying, which is that they're 681 00:38:11,800 --> 00:38:15,040 Speaker 1: gonna pause probably in January, and the market's getting in 682 00:38:15,080 --> 00:38:17,720 Speaker 1: front of that. And this is the classic fit pause 683 00:38:18,160 --> 00:38:21,520 Speaker 1: stock market rally. Morgan Stanley's Mike Wilson says traders can 684 00:38:21,520 --> 00:38:24,040 Speaker 1: play the run up in December, but advises the average 685 00:38:24,080 --> 00:38:27,880 Speaker 1: investor to buy bonds. Taking a look at oil, this morning, 686 00:38:27,920 --> 00:38:31,160 Speaker 1: crudes headed for its biggest weekly gain in almost two months. 687 00:38:31,200 --> 00:38:35,000 Speaker 1: There appear to be several catalysts. Looser COVID curbs in China, 688 00:38:35,120 --> 00:38:37,439 Speaker 1: calls from the White House to halt crude sales from 689 00:38:37,480 --> 00:38:41,120 Speaker 1: strategic reserves, and an opaque decision to cut supply by 690 00:38:41,120 --> 00:38:47,879 Speaker 1: the most since checking prizes now, Nimex crude up six percent. 691 00:38:48,080 --> 00:38:52,000 Speaker 1: That's about five cents trading now at seven cents per barrel. 692 00:38:52,480 --> 00:38:55,080 Speaker 1: Let's turn to the banking sector now, amy Credit Sweez 693 00:38:55,200 --> 00:38:58,520 Speaker 1: is in focus. This morning, Sherman Axel Ayman spoke exclusively 694 00:38:58,640 --> 00:39:01,840 Speaker 1: with Bloomberg New saying the thinks mostly stemmed the huge 695 00:39:01,960 --> 00:39:05,080 Speaker 1: outflow of client's assets that sent shares to a record low. 696 00:39:05,400 --> 00:39:08,440 Speaker 1: Doubt was basically have stop book the soul is two 697 00:39:08,520 --> 00:39:12,359 Speaker 1: or three weeks in October, womb and cis then flattening out. 698 00:39:12,440 --> 00:39:15,640 Speaker 1: They have stopped this gratually coming back and particled in Switzerland. 699 00:39:16,120 --> 00:39:18,080 Speaker 1: Shares of Credit Suite appear to be getting a boost 700 00:39:18,120 --> 00:39:20,319 Speaker 1: from our interview with chairman axcel Ayman. Right now they're 701 00:39:20,360 --> 00:39:22,960 Speaker 1: up six percent and Zerich. Stick with us for more 702 00:39:23,080 --> 00:39:25,920 Speaker 1: for the exclusive interview with Bloomberg's ferencing Lakwak coming up 703 00:39:25,960 --> 00:39:28,719 Speaker 1: shortly here on Bloomberg Day. And another sign of a 704 00:39:28,800 --> 00:39:31,920 Speaker 1: slowing economy comes from Goldman Sachs Traders at the investment 705 00:39:31,960 --> 00:39:35,279 Speaker 1: bank and see their year end bonuses cut. Sources say 706 00:39:35,360 --> 00:39:38,400 Speaker 1: executives in the firm's Global markets division were warned this 707 00:39:38,560 --> 00:39:42,400 Speaker 1: week their compensation pool will be slashed. Goldman's annual trading 708 00:39:42,480 --> 00:39:45,360 Speaker 1: revenue is on track to top twenty five billion dollars. 709 00:39:45,719 --> 00:39:48,120 Speaker 1: That would be its biggest revenue haul in more than 710 00:39:48,200 --> 00:39:51,080 Speaker 1: a decade. All right, let's get the latest on Twitter now. Amy, 711 00:39:51,160 --> 00:39:54,120 Speaker 1: the artist formerly known as Kanye West, is once again 712 00:39:54,280 --> 00:39:57,960 Speaker 1: in trouble after another offensive post on the platform. Bloomberg 713 00:39:58,000 --> 00:40:00,400 Speaker 1: Steve Rappaport joins us Live with the Deep Tales. Good 714 00:40:00,440 --> 00:40:03,640 Speaker 1: morning Steve, Good morning Nathan and Amy. Elon Musk tells 715 00:40:03,719 --> 00:40:06,719 Speaker 1: Yea to go away, suspending the rappers account for his 716 00:40:06,840 --> 00:40:09,960 Speaker 1: latest anti semitic act. West posted an image combining the 717 00:40:10,040 --> 00:40:13,200 Speaker 1: Star of David with a swastika, Musk tweeting he did 718 00:40:13,280 --> 00:40:15,680 Speaker 1: his best with West, but Yea once again broke the 719 00:40:15,719 --> 00:40:19,200 Speaker 1: platform's rule against incitement of violence. By the way, Post 720 00:40:19,280 --> 00:40:21,480 Speaker 1: wasn't his first Nazi reference of the day. In a 721 00:40:21,560 --> 00:40:25,200 Speaker 1: bizarre interview with conspiracy theorist Alex Jones, Yea wearing a 722 00:40:25,280 --> 00:40:28,080 Speaker 1: full face mask with a Bible by his side, lavished 723 00:40:28,120 --> 00:40:31,040 Speaker 1: praise on Adolf Hitler as an innovator while ignoring his 724 00:40:31,120 --> 00:40:33,680 Speaker 1: massacre of six million Jews. Live in New York. I'm 725 00:40:33,719 --> 00:40:36,960 Speaker 1: Steve Rappaport, Bloomberg Daybreak. All right, thank you, Steve. Let's 726 00:40:37,000 --> 00:40:39,360 Speaker 1: turn to politics now, where Donald Trump is back in 727 00:40:39,440 --> 00:40:42,400 Speaker 1: the news. The former president has lost another court battle. 728 00:40:42,600 --> 00:40:46,280 Speaker 1: Bloomberg's Ad Baxtor reports the Eleventh Circuit has ruled Trump 729 00:40:46,360 --> 00:40:49,560 Speaker 1: has no right to a special master. The ruling gives 730 00:40:49,600 --> 00:40:52,280 Speaker 1: a major boost to prosecutors, who can now go ahead 731 00:40:52,360 --> 00:40:55,279 Speaker 1: with her investigation and prosecution if it comes to that. 732 00:40:55,840 --> 00:40:58,120 Speaker 1: The d o J is looking at the documents taken 733 00:40:58,200 --> 00:41:00,800 Speaker 1: from Marrow Lago to see whether they had the highest 734 00:41:00,920 --> 00:41:05,120 Speaker 1: level of secrecy or whether Mr Trump engaged in obstruction 735 00:41:05,200 --> 00:41:08,239 Speaker 1: of justice. The court ruled the law is clear it 736 00:41:08,360 --> 00:41:11,000 Speaker 1: cannot allow any subject of a search warrant to block 737 00:41:11,080 --> 00:41:15,560 Speaker 1: the government investigation after the execution of the warrant. Trump 738 00:41:15,640 --> 00:41:17,520 Speaker 1: can ask for a hearing of the full Court, and 739 00:41:17,640 --> 00:41:20,920 Speaker 1: of course can petition the Supreme Court to intervene in 740 00:41:21,040 --> 00:41:24,200 Speaker 1: San Francisco. I'm at Baxter, Bloomberg Daybreak. All right, thanks, 741 00:41:24,280 --> 00:41:26,560 Speaker 1: Let's tend to the latest on China now. The Communist 742 00:41:26,600 --> 00:41:30,560 Speaker 1: Party's top decision making body meets this month. Economists expect 743 00:41:30,640 --> 00:41:33,720 Speaker 1: leaders will signal a more pragmatic approach toward COVID controls 744 00:41:33,920 --> 00:41:36,960 Speaker 1: and put more focus on boosting economic growth. They say 745 00:41:37,040 --> 00:41:40,440 Speaker 1: Beijing desperately needs more monetary and fiscal stimulus to support 746 00:41:40,480 --> 00:41:43,520 Speaker 1: a recovery into next year. All right, Nathan, let's talk 747 00:41:43,560 --> 00:41:46,680 Speaker 1: corporate news now, turning our focus to the auto industry. 748 00:41:46,760 --> 00:41:50,720 Speaker 1: General Motor CEO Mary Barra joined Bloomberg Business Week yesterday 749 00:41:50,800 --> 00:41:54,200 Speaker 1: for an exclusive interview looking ahead at GM's future product 750 00:41:54,280 --> 00:41:57,600 Speaker 1: portfolio and outlook for autos in the current economy. We'll 751 00:41:57,640 --> 00:41:59,640 Speaker 1: have the capacity to be able to sell a million 752 00:42:00,000 --> 00:42:04,040 Speaker 1: in North America and Frinckley in China. We're going to 753 00:42:04,120 --> 00:42:06,440 Speaker 1: have the products across the market that are going to 754 00:42:06,560 --> 00:42:09,880 Speaker 1: allow us to to cheat that match FIRS. GM CEO 755 00:42:10,000 --> 00:42:12,480 Speaker 1: Mary Barra made the comments on Bloomberg Business Week or 756 00:42:12,560 --> 00:42:15,439 Speaker 1: Weekdays at two pm. Wall Street Time on Bloomberg Radio 757 00:42:15,520 --> 00:42:18,439 Speaker 1: and seen live on YouTube and Bloomberg Quick Take. Catch 758 00:42:18,520 --> 00:42:20,960 Speaker 1: the full interview with Mary Barra on Bloomberg dot Com 759 00:42:21,200 --> 00:42:22,960 Speaker 1: and a couple of notes on the FED this morning. 760 00:42:23,040 --> 00:42:26,000 Speaker 1: Amy FED Vice Chair for Supervision Michael Barr says the 761 00:42:26,080 --> 00:42:28,680 Speaker 1: Central Bank could slow the pace of rate increases soon. 762 00:42:29,000 --> 00:42:30,759 Speaker 1: At the same time, he says the hikes will not 763 00:42:30,960 --> 00:42:33,920 Speaker 1: stop any time soon, and the Federal Reserve Bank of 764 00:42:34,040 --> 00:42:37,879 Speaker 1: Chicago has appointed Austin Goulsby as its new president. He'll 765 00:42:37,920 --> 00:42:42,520 Speaker 1: replace Charles Evans, who retires next month. SFB futures down 766 00:42:42,760 --> 00:42:46,160 Speaker 1: a point, now futures down twenty three. Nastack futures are 767 00:42:46,200 --> 00:42:49,640 Speaker 1: lower by ten points. 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