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Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: day Break for Wednesday, October two. Coming up this hour,

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Speaker 1: NAZAC futures fall as big tech earnings disappoint Microsoft post

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Speaker 1: is weegest quarterly sales growth in five years, Alphabets quarter

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Speaker 1: spells trouble as profit and revenue misestimates, and bank kearneys

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Speaker 1: continue in Europe as Deutsche Bank and Bark Laserport. He

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Speaker 1: was a big debate night in New York and several

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Speaker 1: other states, plus President Biden discussed Ukraine and China in

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Speaker 1: a congratulatory call to the UK Prime Minister Michael bar

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Speaker 1: More Ahead, I'm down stattoward sports. The Rangers offer that

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Speaker 1: shoot out to Colorado Devils one in Detroit and Nixon

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Speaker 1: nets of games tonight. That's all train ahead on Bloomberg

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Speaker 1: day Break on Bloomberg. He Living Free on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine

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Speaker 1: Team and around the World Old on Bloomberg Radio Dot

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Speaker 1: Carmen The Bloomberg Business. Good Morning, I'm Nathan Hagar, and

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Speaker 1: I'm Karen Moscow in US. Dock Index futures are lower

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Speaker 1: this morning. Work coming up to five on one on

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Speaker 1: Wall Street, and we check the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg. Right now, S and

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Speaker 1: P futures down nineteen points and NASDAC futures are falling

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Speaker 1: down one fifty six. That's down one and a third percent.

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Speaker 1: DAL futures that'll change this morning. Ten year Treasury up

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Speaker 1: fourteen thirty seconds, yield four point oh four percent, and

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Speaker 1: they yield on the two year four point four two percent.

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Speaker 1: Nathan Karen. The big drop of NASTAC futures this morning

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Speaker 1: follows disappointing earnings and forecasts from two tech giants. We

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Speaker 1: begin with Microsoft. Those shares are down five and two

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Speaker 1: thirds per cent ed. Ludlow has more on the results

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Speaker 1: from our Bloomberg nine sixty newsroom in San Francisco. Microsoft

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Speaker 1: did beat on both the top and bottom line, but

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Speaker 1: recorded its slowest sales growth in five years. The strongest

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Speaker 1: dollars certainly was a factor, along with material slowdown it

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Speaker 1: seems in both corporate and consumer spending. What really spook

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Speaker 1: the market was commentary on the Earning School that the

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Speaker 1: Asia Cloud unit would see its growth decelerate to the

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Speaker 1: tune of five percentage points quarter on quarter going into

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Speaker 1: the final three months of this year. The most significant

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Speaker 1: reaction in after hours trading coming at that point at

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Speaker 1: Lovelow for Blomberg News in San Francisco. All right and

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Speaker 1: thank you well. Shares of Alphabet meantime or down more

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Speaker 1: than six percent in early trading. The owner of Google

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Speaker 1: reported earnings and revenue that both missed expectations. Bloomberg Intelligence

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Speaker 1: Senior analyst man Deep Singh has more in the miss.

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Speaker 1: The reason why you see a ten percentage point miss

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Speaker 1: when it comes to operating income is because search underperformed.

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Speaker 1: Every time search underperformance, Google has a bad quarter. And

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Speaker 1: in this case you have to ask you yourself, is

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Speaker 1: it temporary, is it what Snap was seeing around a

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Speaker 1: pricing or is it more structural because you know there's

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Speaker 1: a lot more competition from Amazon, from Walmart, from Target.

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Speaker 1: These companies are all add numbers now. Bloomberg Intelligence Senior

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Speaker 1: analyst Mandeep Singh says Google is now planning to slow

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Speaker 1: hiring and control expenses, and there are plenty of other

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Speaker 1: earnings to catch you up. On Karen. Shares of Texas

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Speaker 1: Instruments are down more than four percent. The chip makers

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Speaker 1: quarterly forecast missed estimates, signaling the semiconductor slump is spreading

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Speaker 1: beyond computing in phones. Shares of Visa Meantime are up

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Speaker 1: more than one percent. The Digital Payments company reported profit

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Speaker 1: and revenue that beat estimates, and Chipotle shares are little changed.

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Speaker 1: Comparable sales and profit at Chipotle outpaced Wall Street expectations.

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Speaker 1: Well tech earnings continue today, Nathan, with both Meta Platforms

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Speaker 1: and Twitter reporting meantime. Elon Musk's acquisition of Twitter is

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Speaker 1: in focus. He's pledging to close the deal by this Friday,

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Speaker 1: and we get more from Bloomberg's Doug Christener. The comments

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Speaker 1: were made yesterday in the video conference call with bankers

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Speaker 1: helping to fund the deal. They are providing thirteen billion

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Speaker 1: dollars of debt financing. We are told Musk also promised

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Speaker 1: to help the banks market the debt to money managers

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Speaker 1: after the deal closes. Several banks have been left in

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Speaker 1: a lurch after Musk's sudden reversal on going through with

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Speaker 1: buying Twitter and early October, and now they're facing paper

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Speaker 1: losses of roughly five hundred million dollars on the transaction.

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Speaker 1: The pain would be realized once the debt is sold

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Speaker 1: to institutional investors. In New York, I'm Doug Chrisener Bloomberg

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Speaker 1: Daybreak Doug Banks. While tech stocks are falling this morning,

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Speaker 1: the U S stock market may still not have hit

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Speaker 1: a bottom. That's according to Golden and Sachs. Strategists at

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Speaker 1: the firm say equities don't fully reflect the latest rise

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Speaker 1: in really yields and the odds of a recession in

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Speaker 1: a severe economic downturn. Goldman's team says it expects the

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Speaker 1: SMP five hundred to drop below That would be a

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Speaker 1: twenty five percent fall from yesterday's close. Well, in Europe

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Speaker 1: this morning, Nathan Banks are in focus once again as

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Speaker 1: there's an earning season rolls on and we go live

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Speaker 1: to London and get the very latest with Bloomberg's un Paul.

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Speaker 1: It's good morning you in Good morning, count and Nathan.

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Speaker 1: A big morning for European bankcountings and beating estimate as

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Speaker 1: interest rates rise is the key theme. Italy's Uni credit

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Speaker 1: has raised fully revenue and profit targets for a second

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Speaker 1: straight quarter. Deutsche Bank sales and profits also beating, but

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Speaker 1: analysts did flag higher than expected costs at Germany's biggest lender,

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Speaker 1: and traders at London based Barclay's beating estimates are setting

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Speaker 1: steep declines at the investment bank, with the economy keeping

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Speaker 1: deals on the sidelines in London. I'm you in pots Plin,

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Speaker 1: big day break, are you and thank you? Back here

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Speaker 1: in the US, the focus on politics is ramping up.

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Speaker 1: With less than two weeks till the mid term elections,

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Speaker 1: the candidates for New York governor squared off last night.

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Speaker 1: Bloomberg's Michael Barr joins US Live from New York with

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Speaker 1: the highlights. Michael, thank you very much. Nathan. Crime and

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Speaker 1: abortion took center stage last night as New York Governor

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Speaker 1: Kathy HOCl facer Republican challenger Republican Representative Lee Selden in

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Speaker 1: the campaign's only televised gubernatorial debate on Spectrum News New

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Speaker 1: York One. Both candidates were asked to look ahead to

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Speaker 1: the race for the White House in four Do you

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Speaker 1: want to see Joe Biden run for re election? Yes?

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Speaker 1: I do. Do you want to see Donald Trump run

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Speaker 1: for president? In Lee's eldn not even thinking about it.

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Speaker 1: I'm focused on fourteen days from today, VOCAL slams Elden's

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Speaker 1: past support for abortion restrictions and former President Trump. Zelden

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Speaker 1: criticized hocal's push to send millions to abortion providers to

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Speaker 1: expand access for predicted surgeon out of state patients live

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Speaker 1: in New York. Michael Barr Bloomberg Daybreak, Karen, alright, Michael,

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Speaker 1: thank you well. Inflation is proving a key in the

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Speaker 1: midterm elections orring. Housing costs are a big part of that,

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Speaker 1: and in the country's biggest cities, renters are still feeling

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Speaker 1: the pinch. New York City has the most expensive rental

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Speaker 1: market in the country. According to the rental listing company zumber,

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Speaker 1: the median one bedroom apartment runs for more than thirty

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Speaker 1: eight hundred dollars a month. Boston has the second highest

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Speaker 1: rent in the country. I closed to thirty one hundred

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Speaker 1: dollars in San Francisco's close spied at roughly three thousand. Well, Karen,

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Speaker 1: you've heard about the great resignation following COVID. Now the

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Speaker 1: next swave of workers leaving their jobs could be driven

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Speaker 1: by abortion rights. According to a survey by the nonprofit Catalyst,

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Speaker 1: of employees are thinking of quitting because of their company's

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Speaker 1: response to the Supreme Court's decision to overturn Roe v.

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Speaker 1: Wade say their employer isn't doing enough to protect abortion rights.

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Speaker 1: You're listening to Bloomberg Daybreak and it's now five oh

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Speaker 1: seven on Wall Street. We've got the emergency road work

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Speaker 1: this morning. It's got Root thirty six closed in keyboard

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Speaker 1: and it is sixty four degrees in Central Park. Michael

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Speaker 1: Barr is back with us from more on what's going

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Speaker 1: on in New York and around the world this morning. Michael,

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Speaker 1: thank you very much. Nathan. On top of New York,

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Speaker 1: it was debate night and several other closely watched races.

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Speaker 1: Pennsylvania Democrat John Federman debated against Republican doctor Memnaz as

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Speaker 1: they vie for a critical Senate seat. In the opening

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Speaker 1: minutes of last night's debate, Federman addressed what he called

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Speaker 1: the elephant in the room, the stroke he suffered five

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Speaker 1: months ago. I have run a campaign, and I've been

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Speaker 1: very transparent about being very open about the fact we're

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Speaker 1: in used captioning. And I believe that again, my doctors,

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Speaker 1: the real doctors that I believe, they all believe that

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Speaker 1: I'm ready to be served. Ohs ignored his opponent's health challenges,

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Speaker 1: instead seizing on Fetterman's policies on immigration and crime and

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Speaker 1: his support for President Joe Biden. On immigration and crossings

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Speaker 1: at the southern U. S. Border, Dr Oz said it's

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Speaker 1: an issue that's personal to him. My father was an immigrant,

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Speaker 1: my mother were immigrants. You know, I understand what legal

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Speaker 1: immigration offers us, but the completely porous, open nature of

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Speaker 1: our border, which John Fetterman supports, has created a humanitarian crisis.

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Speaker 1: The debate was held on News Nation. Meanwhile, the gubernatorial

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Speaker 1: debate was held last night. In Michigan. Governor Gretchen Whitmer

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Speaker 1: declared her position on abortion, saying she will be voting

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Speaker 1: yes on a ballot initiative to protect abortion rights. The

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Speaker 1: simple truth is the way to protect women and ensure

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Speaker 1: that future generations have the same rights we've had for

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Speaker 1: forty nine years is by a adopting Proposal three, and

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Speaker 1: I will be a yes vote. Whitmer's Republican opponent, Tudor Dixon,

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Speaker 1: argued that Michigan's Proposal three is nothing like the Roe v.

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Speaker 1: Wade Supreme Court decision that stood for nearly fifty years

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Speaker 1: when Governor Whitmer tells you that this is going to

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Speaker 1: be ROW. It's not even close to ROW. It's not

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Speaker 1: codifying ROW in our constitution, but it would be the

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Speaker 1: most radical abortion law in the entire country. The only

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Speaker 1: place that has something similar or China in North Korea.

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Speaker 1: The debate was aired on w x y z t V.

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Speaker 1: New York City has been ordered to reinstate a group

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Speaker 1: of sanitation workers fired for refusing to get a COVID

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Speaker 1: nineteen vaccine after a state court judge ruled the mandate

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Speaker 1: was unlawful. The White House, as President Joe Biden, congratulated

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Speaker 1: the new UK Prime Minister Rishi Sunac in a call

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Speaker 1: in which they discussed the Russian invasion of Ukraine and

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Speaker 1: challenges arising from China. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quicktake, powered by more

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Speaker 1: than twenty seven hundred journalist and analysts more than a

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Speaker 1: hundred twenty countries. Michael Barren, this is Bloomberg, Nathan all right,

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Speaker 1: thanks again, Michael. Caught up to five ten on Mall

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Speaker 1: Street time for the Bloomberg Sports out Day, brought to

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Speaker 1: you by Tri State OUTI. Good morning, John Stan shower

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Speaker 1: day morning. Nathan good En at the Garden was Family

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Speaker 1: Cup champion Colorado in to start a three game tour

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Speaker 1: of the New York teams nineties shots on goal in

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Speaker 1: the game Adam Fox score was six minutes left to

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Speaker 1: tie the score. In the shootout, Ads scored in the

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Speaker 1: fourth round. They beat the Rangers three to two. The

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Speaker 1: Colorado goalie was Alexander Georgia beat his old team. The

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Speaker 1: Ads visit the Devil's Friday. The Devil's just won six

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Speaker 1: two in Detroit. They won four the last five the

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Speaker 1: Avs and then visit the Islanders on Saturday. The Rangers

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Speaker 1: visit the Islanders tonight. Nicks are at the Garden tonight

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Speaker 1: to play Charlotte, and the Nets visit Milwaukee. Two of

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Speaker 1: the best in the West met last night Phoenix the

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Speaker 1: Golden State by nine. Jet say Elijah Moore will play

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Speaker 1: Sunday against New England. The second year receiver, upset with

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Speaker 1: lack of playing time, demanded a trade, didn't play last Sunday.

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Speaker 1: The trade deadline is next Tuesday. The jetter five and

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Speaker 1: two the Ran six and one. Daniel Jones comes off

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Speaker 1: a one hundred yard rushing game for coach Bryant Aaballs,

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Speaker 1: John Stashwar the Giant Sunday visits Seattle and the Seahawks

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Speaker 1: also a surprise team, sole possession of first in the

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Speaker 1: NFC West quarterback by Geno Smith, the ex Jet and Giant.

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Speaker 1: Forty two year old Skip Schumacher named new manager of

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Speaker 1: the Miami Marlins, replacing Don Mattie When, who had the

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Speaker 1: job for seven years. Schumacher most recently a coach in St. Louis.

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Speaker 1: Luis Roast, the x met manager, current Yankee third base coach,

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Speaker 1: was a candidate for the Marlins managerial job. Ryan Cashman

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Speaker 1: has been the Yankee Joe manager since his contract is expiring.

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Speaker 1: S n Y reporting he will be offered a new deal.

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Speaker 1: Sports Nathan, Yes, you are sp Futures down twenty three

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Speaker 1: points right now. Death Future is down two points. Nastac

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Speaker 1: Futures leading the declines for sure this morning down a

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Speaker 1: hundred seventy six points, a drop of one and a

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Speaker 1: half percent. On disappointing earnings from Microsoft, Alphabet and Texas Instruments.

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Speaker 1: Bloomberg quick takes Alex Web joins us next. This is

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Speaker 1: dot Com, the Bloomberg Business Out and at Bloomberg Quick Take,

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Speaker 1: He's a Bloomberg Business Flash and I'm kared. Moscow US

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Speaker 1: Stock Index Future is following this morning as Megacap technology

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Speaker 1: shares slump in early trading Nownsday futures. They're leading the declines,

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Speaker 1: down one point six percent after disappointing quarterly updates from Microsoft, Google,

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Speaker 1: parent Alphabet and Texas Instruments. And we check the markets

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Speaker 1: every fifteen minutes throughout the trading day on Bloomberg so

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Speaker 1: nowsday futures, they're down a hundred eighty three points. S

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Speaker 1: change the decks In Germany's up four tenths of upper

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Speaker 1: sent ten year treasury up eleven thirty seconds YELD four

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Speaker 1: point oh five percent. They yield on the two year

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Speaker 1: four point four three percent Nimex screwed oil is up

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Speaker 1: half percent or forty two cents at eighty five dollars

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Speaker 1: seventy four cents of barrel comic school that one point

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Speaker 1: two percent or nineteen dollars at sixteen seventy seven ten

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Speaker 1: an ounce. The euro is at one point zero zero

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Speaker 1: three one against the dollar, British pound one point one

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Speaker 1: five nine six and again one forty six point nine six.

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Speaker 1: And as a Bloomberg Business Flash, now here's Michael Barr

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Speaker 1: with more on what's going on around the world. Michael,

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Speaker 1: good morning, Good morning, Karen. Pennsylvania Democrat John Federman debated

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Speaker 1: against Republican doctor Mementaz as they vie for a critical

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Speaker 1: Senate seat. Federman, who suffered a stroke and may spoke

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Speaker 1: about abortion. If you believe that the choice of your

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Speaker 1: reproductive freedom belongs with Dr Oz, then you have a choice.

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Speaker 1: But if you believe that the choice for abortion belongs

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Speaker 1: between you and your doctor, that's what I fight for.

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Speaker 1: Ah said that he is against federal involvement in a

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Speaker 1: women's decision, but he supports what the states decide. I

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Speaker 1: want women doctors, local political leaders, letting the democracy that's

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Speaker 1: always allowed our nation to thrive to put the best

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Speaker 1: ideas forward so states can decide for themselves. Meanwhile, gubernatorial

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Speaker 1: debates were held in New York and Michigan. In the NBA,

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Speaker 1: the Wizards won, the Warriors lost. In the NHL, the

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Speaker 1: Rangers lost the Devil's One along with the Bruins. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg quick Take, powered by more than seven hundred journalist

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Speaker 1: and analysts in more than a hundred twenty countries. On

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Speaker 1: Michael Barn This is Bloomberg. Nathan, Okay, Michael. Thanks, It's

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Speaker 1: five nineteen on Wall Street. Live from the Bloomberg Interactive

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Speaker 1: Brokers studios. This is Bloomberg Daybreak, and tech stocks are

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Speaker 1: losing this morning as we kickoff tech earning season. Microsoft

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Speaker 1: and Google parent Alphabet are leading the way with results

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Speaker 1: that missed estimates. Texas Instruments did too. Let's dig into

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Speaker 1: these numbers now. Bloomberg Quick Take correspondent Alex Webb is

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Speaker 1: with us this morning. Alex morning, Is this the sign

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Speaker 1: of the economic storm that so many had been warning about?

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Speaker 1: In these results? Yes, I think storm is quite right

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Speaker 1: because it's actually sort of slightly different factors affecting Um,

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Speaker 1: the different strands of the tech industry. You know, we've

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Speaker 1: got Microsoft, which has been affected by the slight slowing

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Speaker 1: in cloud spending. We've got Google that's being affected by

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Speaker 1: the reduced marketing budgets. And we've got Texas Instruments who

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Speaker 1: have been impacted by firstly the huge expansion in the

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Speaker 1: semiconductor capacity compounded by slowing down in consumer spending. So

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Speaker 1: all those things playing together to create a pretty ugly picture. Yeah, well,

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Speaker 1: let's go through these one by one, starting off with

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Speaker 1: Microsoft warning about the impact not just for the strong dollar,

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Speaker 1: but azure cloud demand does not seem to be where

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Speaker 1: it was during the pandemic. I guess that's to be

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Speaker 1: expected to some extent, But are these asure results a

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Speaker 1: bit of a surprise that the disappointment we saw here?

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Speaker 1: I mean, the expectations were already had already been tempered

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Speaker 1: quite a lot. The fact that it came even below

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Speaker 1: those was clearly something the market was not to really

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Speaker 1: appreciative of. The Yes, you're quite right that essentially the

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Speaker 1: lockdow will happen with the lockdowns that perhaps brought forward

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Speaker 1: a lot of the cloud demand, accelerated the cloud demand,

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Speaker 1: which means that actually people who might have been or

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Speaker 1: companies that might have been likely to adopt it sort

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Speaker 1: of now have already done, so she caveat it. Of course,

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Speaker 1: they're saying it is still a business that is growing

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Speaker 1: at a fairly heptic pace. The the forward looking comment

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Speaker 1: was that growth would be five percentage points lower than

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Speaker 1: in the previous quarter. That imply is still thirty seven

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Speaker 1: percent growth, which you know, most companies would be delighted at.

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Speaker 1: But expectations for this business have been pretty high, and

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Speaker 1: when it comes to Alphabet's results, very interesting and disappointing

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Speaker 1: as well to investors. That we're starting to see that

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Speaker 1: even Google's business, which had been somewhat insulated from the

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Speaker 1: the ads spending head winds for some of its other competitors,

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Speaker 1: is starting to get hit here as well. Yeah, Google

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Speaker 1: really is the big beast when it comes to advertising technology.

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Speaker 1: It's it's really gained ground over Facebook, you know, because

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Speaker 1: if you're navigating the Internet, you kind of need to

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Speaker 1: use Google Search, and that means that if you're therefore

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Speaker 1: in the business of selling things, you need to be

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Speaker 1: in Google Search too. Now a lot of their customers

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Speaker 1: are in fact small and medium sized enterprises and and

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Speaker 1: these guys are finding perhaps that consumer spending is has

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Speaker 1: slowed down. Therefore they start cutting their own budgets, and

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Speaker 1: marketing tends to be the first thing that falls victim

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Speaker 1: to that. Um we had seen plenty of other smaller

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Speaker 1: ad tech players from Snap and and and beyond to

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Speaker 1: feel the impact of that. The fact that it is

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Speaker 1: now affecting Google is significant and shows that they are

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Speaker 1: not immune. And now for Texas Instruments to see that

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Speaker 1: the chips story, it's not just the digital chips. So

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Speaker 1: we focus so much on with you know, Taiwan Semiconductor, Samsung,

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Speaker 1: are that, some of those other companies, but these analog

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Speaker 1: chips as well are getting hit by a demand problems. Yes,

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Speaker 1: and Texas Instruments has a huge, huge, long customer lists

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Speaker 1: stretching from you know, not just consumer kids, but through

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Speaker 1: to automotive and industrials. And of course people at the

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Speaker 1: moment are not buying as many cars as perhaps they

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Speaker 1: might otherwise have done. And the real comment that was

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Speaker 1: interesting was to slow down industrial spending. So industrial customers

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Speaker 1: clearly tightening their purse strings a little bit. That t

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Speaker 1: I feeling that And and on the sort of supply

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Speaker 1: side because of the trip constraints that were felt during

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Speaker 1: the lockdowns, there was an acceleration of investment in additional capacity.

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Speaker 1: So now you've got a tightening of demand an acceleration

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Speaker 1: of supply, and which clearly is not an ideal situation

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Speaker 1: if in those park markets. So in our last thirty

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Speaker 1: seconds here, Alex, what does this tell us about what

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Speaker 1: we could expect from some of the other big names

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Speaker 1: that are going to be reporting later on this week,

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Speaker 1: particularly Meta platforms coming up later this afternoon. I think

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Speaker 1: perhaps that expectations for Meta are going to be, given

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Speaker 1: the context we've we've seen in the past few days,

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Speaker 1: pretty low. Perhaps that might mean actually it's uh, it's

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Speaker 1: it'll be easy to surprise that any glimmer of hope

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Speaker 1: will be a cause for optimism, but um that there

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Speaker 1: is a huge amount of optimism heading into it. And

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Speaker 1: of course when you look at it, and we've got

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Speaker 1: Amazon coming up as well, yeah, you consumer spending has

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Speaker 1: also slid down. We'll have to see whether their cloud

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Speaker 1: business is being effected the same way the Microsoft has.

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Speaker 1: Now we're certainly seeing the impact from these results in

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Speaker 1: the shares this morning, with Microsoft down six percent right now,

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Speaker 1: Alphabet leading the decline six and a third percent lower,

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Speaker 1: and Texas Instruments now down four point six percent on

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Speaker 1: those earnings. Alex Web of Bloomberg quick take as always

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Speaker 1: great to hear from you, even after a disappointing tech

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Speaker 1: earnings day. We've seen AZDAC futures now down a hundred

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Speaker 1: ninety six points to drop at one point seven percent

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Speaker 1: their S ANDP futures are on twenty eight. Dow futures

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Speaker 1: down thirty three points. This is Bloomberg Bloomberg eleven three

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Speaker 1: oh weather cloudy today, scattered showers with highs near seventy degrees, sunny,

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Speaker 1: upper sixties Tomorrow. It will be mostly sunny Friday, but

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Speaker 1: cooler with a high only near sixty Right now sixty

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Speaker 1: four in Central Park. Broadcasting live from the Bloomberg Interactive

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Speaker 1: Broker's studio in New York. Bloomberg E Living Freedom to Washington,

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Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one

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Speaker 1: to San Francisco, Bloomberg nine sixt to the Country, Sirius

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Speaker 1: XM chto one nineteen and around the globe the Bloomberg

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Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg

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Speaker 1: Daybreak and it's about thirty on Wall Street. Good morning,

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Speaker 1: I'm Karen Moscow, I'm Nathan Heger. Bloomberg Daybreak is brought

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Speaker 1: to you by SEI. Built on advanced technologies and fifty

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Speaker 1: years of innovation. SEI offers asset managers a comprehensive and

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Speaker 1: flexible operations outsourcing platform. Go to se i C dot

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Speaker 1: com slash managers. But we're just about four hours away

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Speaker 1: from the open of US trading. Let's yet you have

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Speaker 1: to date on the news you need to know at

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Speaker 1: this hour. US futures are lower this morning after earning

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Speaker 1: sir Microsoft and Alphabet despite beating projection. Shares of Microsoft

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Speaker 1: are down about six percent this morning after the strong

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Speaker 1: dollar slowed revenue growth, and shares of Alphabet are down

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Speaker 1: almost six and a half percent after sales missed estimates.

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Speaker 1: Bloomberg Intelligence Senior analyst Mandeep Sing says Alphabet and Google

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Speaker 1: are facing a fundamental problem. Search is the main business

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Speaker 1: and that is what drives margins. The question is is

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Speaker 1: search saturated? Probably yes, because there's a lot of direct

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Speaker 1: traffic going through these mobile apps. You know the companies

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Speaker 1: that I talked about on the retail side, you don't

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Speaker 1: need search you start off your search on Walmart or

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Speaker 1: Target or Amazon. Bloomberg Intelligence analyst Mandeep Sing says Google

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Speaker 1: is now planning to slow hiring and control expenses. Shares

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Speaker 1: of Texas Instruments are down more than four and a

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Speaker 1: half percent. Karen the chipmaker's forecast misdestimates, signaling a broader

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Speaker 1: slowdown in the semiconductor industry. So FI head of investment

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Speaker 1: Strategy Liz Young says the outlook for tech stocks may

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Speaker 1: now be uncertain. We're sitting at a point in the

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Speaker 1: year where we've done a lot of work and valuations

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Speaker 1: have seen a decent amount of pain since January, and

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Speaker 1: I think it's less about what's the right valuation for

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Speaker 1: these stocks to be at, and it's more about what

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Speaker 1: are people actually willing to pay for them. Knowing that

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Speaker 1: we have not solved all the problems that still lie

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Speaker 1: ahead so far, as Liz Young says, she sees broader

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Speaker 1: market volatility continuing for several weeks. We'll tek Erning's continue today.

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Speaker 1: Nathan with Meta Platforms and Twitter reporting. At the same time,

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Speaker 1: Elon Muski is working to wrap up his acquisition of Twitter,

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Speaker 1: telling bankers he's going to close the deal this week

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Speaker 1: and Bloomberg said, Ludlow has the details the banks, the

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Speaker 1: kind of brace for this borrowing notice that should have

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Speaker 1: come Tuesday. Then the money that the banks have pledged

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Speaker 1: in the form of debt would go into es growth.

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Speaker 1: Thursday is told these bankers that he fully intend is

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Speaker 1: supposed to deal Friday and Bloomberg's said Ludlows As Twitter

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Speaker 1: shares jump following the news, approaching must do twenties cents

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Speaker 1: a share acquisition price to the housing market now, Karen

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Speaker 1: Renters in the country's biggest cities continue to feel the pinch.

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Speaker 1: New York City has the most expensive rental market in

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Speaker 1: the US, according to the rental listing company Zumper. Boston

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Speaker 1: jumped to the second highest rent surpassing San Francisco, which

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Speaker 1: came in third. And as the futures they're leading to

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Speaker 1: clins down almost two hundred points or one point seven

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Speaker 1: per cent. Straight ahead your latest local headlines plus a

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Speaker 1: check of sports and this is Bloomberg. Thanks three On

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Speaker 1: Wall Street sixty four degrees in Central Park still got

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Speaker 1: the emergency repairs and keyboard Route thirty six still closed

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00:23:45,119 --> 00:23:48,000
Speaker 1: both ways at Broad Street. Michael Barr is still here

430
00:23:48,040 --> 00:23:49,520
Speaker 1: with more on what's going on in New York and

431
00:23:49,560 --> 00:23:52,120
Speaker 1: around the world, Michael, thank you very much. Nathan sparring

432
00:23:52,160 --> 00:23:56,040
Speaker 1: over crime and abortion. It took center stage Tuesday as

433
00:23:56,119 --> 00:23:59,719
Speaker 1: New York Governor Kafe hoc faced a Republican challenger U

434
00:23:59,800 --> 00:24:03,439
Speaker 1: S representatively Zelden in the campaigns only televised government at

435
00:24:03,520 --> 00:24:08,680
Speaker 1: a real debate, Hocoll blasted Zelden's past support for abortion restrictions,

436
00:24:08,920 --> 00:24:11,840
Speaker 1: and the governor pointed to Zelden's position on gun laws.

437
00:24:12,160 --> 00:24:14,920
Speaker 1: When you had the chance as a member of Congress

438
00:24:14,920 --> 00:24:17,880
Speaker 1: to stand with other Republicans who finally said enough is enough,

439
00:24:18,040 --> 00:24:20,280
Speaker 1: you were nowhere to be found. Lee. I mean that's

440
00:24:20,600 --> 00:24:23,199
Speaker 1: people need to know. You can't talk about because all

441
00:24:23,240 --> 00:24:27,240
Speaker 1: you have his rhetoric. Zelden vow to repeal liberal criminal

442
00:24:27,359 --> 00:24:30,720
Speaker 1: justice reforms. There are criminals out there who need to

443
00:24:30,760 --> 00:24:33,640
Speaker 1: pay the consequences for their action instead of the catch

444
00:24:33,720 --> 00:24:36,760
Speaker 1: real lease policies. The debate was aired on Spectrum New

445
00:24:36,840 --> 00:24:39,880
Speaker 1: York One. The candidates for US Send It in Pennsylvania

446
00:24:39,920 --> 00:24:43,640
Speaker 1: squared off into debate. Democrat John Fetterman, still recovering from

447
00:24:43,640 --> 00:24:46,480
Speaker 1: a stroke in May, took Republican memit Oz to task

448
00:24:46,840 --> 00:24:51,199
Speaker 1: over senior healthcare program, saying Ah supports cutting medicare. Oz

449
00:24:51,240 --> 00:24:53,800
Speaker 1: denied that and touted his plan to boast to another

450
00:24:53,840 --> 00:24:59,040
Speaker 1: program for seniors, social Security, making sure that it adequately

451
00:24:59,119 --> 00:25:02,520
Speaker 1: increases with the inflation that we have. Meanwhile, in Michigan,

452
00:25:02,640 --> 00:25:05,960
Speaker 1: the two candidates debated, and they're goobing totorial debate. President

453
00:25:06,040 --> 00:25:08,919
Speaker 1: Joe Biden talked about Russia and Ukraine and China and

454
00:25:08,920 --> 00:25:12,400
Speaker 1: a call congratulating the new UK Prime Minister Rishi Sunac.

455
00:25:12,800 --> 00:25:16,359
Speaker 1: The conversation also touched on the unresolved issue of the

456
00:25:16,400 --> 00:25:19,600
Speaker 1: Irish border after Brexit. Another setback for w n B

457
00:25:19,720 --> 00:25:23,760
Speaker 1: a star Britney Grinder in Russia's judicial system, Bloomberg said Baxter.

458
00:25:23,840 --> 00:25:26,520
Speaker 1: As the story, Russian court has refused to hear an

459
00:25:26,520 --> 00:25:30,160
Speaker 1: appeal of Grinder's sentence. What House spokesman Koarne and Jean

460
00:25:30,200 --> 00:25:33,399
Speaker 1: Pierre says, the US will double down now on getting

461
00:25:33,400 --> 00:25:35,840
Speaker 1: her free. This is this is a priority, and we

462
00:25:36,080 --> 00:25:40,520
Speaker 1: need Russia. We are asking and telling Russia to negotiate

463
00:25:40,600 --> 00:25:42,879
Speaker 1: in good faith. But at this point, her nine year

464
00:25:43,000 --> 00:25:47,679
Speaker 1: drug sentence remains in place in San Francisco. I'm at Baxter,

465
00:25:47,720 --> 00:25:50,480
Speaker 1: Bloomberg day Break Global News twenty four hours a day

466
00:25:50,560 --> 00:25:53,160
Speaker 1: on air and on Bloomberg Quick Take powered by more

467
00:25:53,200 --> 00:25:55,560
Speaker 1: than twenty seven hundred journalists and analyst more than a

468
00:25:55,600 --> 00:25:59,359
Speaker 1: hundred twenty countries. Michael barn This is Bloomberg, Nathan. Thanks

469
00:25:59,359 --> 00:26:06,720
Speaker 1: Michael on Wall Street time for the Bloomberg Sports Untake

470
00:26:06,720 --> 00:26:09,280
Speaker 1: brought you by Try State Aunty with John Stenshow all right, Nathan.

471
00:26:09,320 --> 00:26:12,080
Speaker 1: The World Series starts Friday. For the Yankees, the off

472
00:26:12,119 --> 00:26:14,440
Speaker 1: seasons underway, and a couple of reports concerning the Yanks.

473
00:26:14,560 --> 00:26:17,440
Speaker 1: S San Uy reporting long time general manager Brian Cashman

474
00:26:17,680 --> 00:26:20,600
Speaker 1: will get a new contract his current one is expiring.

475
00:26:20,680 --> 00:26:24,480
Speaker 1: Cashman has been the GM since began with the Yankees

476
00:26:24,520 --> 00:26:28,000
Speaker 1: as an intern in six As for Aaron Judges, future

477
00:26:28,520 --> 00:26:31,160
Speaker 1: MLB dot Com with the story that the Dodgers are

478
00:26:31,200 --> 00:26:33,800
Speaker 1: expected to pursue Judge as a free agent and that

479
00:26:33,880 --> 00:26:36,040
Speaker 1: their plan would be to then move rookie Betts to

480
00:26:36,160 --> 00:26:38,200
Speaker 1: second base, where he played in high school. He played

481
00:26:38,200 --> 00:26:41,200
Speaker 1: their briefly this season. Skip Schumacher, who was a coach

482
00:26:41,240 --> 00:26:44,280
Speaker 1: with St. Louis, named the new manager of the Miami Marlins.

483
00:26:44,280 --> 00:26:46,719
Speaker 1: At the Garden the Rangers based an old friend, Alexander

484
00:26:46,720 --> 00:26:50,480
Speaker 1: Gorgie was the Rangers backup goalie the previous five seasons.

485
00:26:50,560 --> 00:26:53,600
Speaker 1: Now with Colorado, he and igors Histercan both made some

486
00:26:53,640 --> 00:26:56,600
Speaker 1: big says. The game went to a shootout, Colorado won

487
00:26:56,640 --> 00:26:59,680
Speaker 1: three to two. The Ranger coach is Gerard. They played

488
00:26:59,680 --> 00:27:02,159
Speaker 1: really us and like I said, were no surprise. We're

489
00:27:02,200 --> 00:27:04,200
Speaker 1: talking about that before the game. And the guy who's

490
00:27:04,240 --> 00:27:06,399
Speaker 1: you know, they know this Stanley Cup champion to a

491
00:27:06,440 --> 00:27:08,480
Speaker 1: quick at past team and they'll go like that. And

492
00:27:08,520 --> 00:27:10,240
Speaker 1: I thought I bought us into the battlemore. In the

493
00:27:10,280 --> 00:27:13,479
Speaker 1: second of third Corey Official, Rangers visit the Islanders tonight

494
00:27:13,560 --> 00:27:16,399
Speaker 1: the Devil's Last Night one six two at Detroit. Next

495
00:27:16,440 --> 00:27:19,280
Speaker 1: tonight host Charlotte, and the next visit in Milwaukee, Jets

496
00:27:19,320 --> 00:27:22,520
Speaker 1: and Patriots Sunday at MetLife Jets and Red Hot, winners

497
00:27:22,520 --> 00:27:24,520
Speaker 1: of the last four. The Pats are in last place,

498
00:27:24,600 --> 00:27:26,840
Speaker 1: just got blown out at home by Chicago. And yet

499
00:27:27,520 --> 00:27:29,879
Speaker 1: Pat's right now when we have a slight favorite. And

500
00:27:29,920 --> 00:27:32,160
Speaker 1: that's despite a lot of controversy in New England over

501
00:27:32,160 --> 00:27:35,919
Speaker 1: Bill Belichick's decision Monday night, the bench quarterback Mac Jones,

502
00:27:35,960 --> 00:27:38,080
Speaker 1: he got him to the playoffs last year as a rookie.

503
00:27:38,320 --> 00:27:40,919
Speaker 1: He put in rookie Bailey's appy and then said it

504
00:27:41,080 --> 00:27:43,120
Speaker 1: was his plan all along to use both of them.

505
00:27:43,400 --> 00:27:47,399
Speaker 1: Pat's white out. Jacobe Myers calls the team's QB situation ugly.

506
00:27:47,840 --> 00:27:51,480
Speaker 1: John stashellar Bloomberg Schools. Nathan thanks John seven on Wall

507
00:27:51,480 --> 00:27:54,520
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg City.

508
00:27:54,560 --> 00:27:57,639
Speaker 1: Fellogreen a tourist street about this, giving New York City's

509
00:27:57,680 --> 00:28:01,040
Speaker 1: economy a boost. Kashman in waite Field says time square

510
00:28:01,040 --> 00:28:04,119
Speaker 1: foot traffic is now close to pre pandemic levels again,

511
00:28:04,359 --> 00:28:07,400
Speaker 1: and that's even without the usual flood of Chinese tourists.

512
00:28:07,440 --> 00:28:09,800
Speaker 1: Even so, some tourists might find the places they want

513
00:28:09,800 --> 00:28:13,560
Speaker 1: to go to closed. Side Dish says some hotspots, including

514
00:28:13,600 --> 00:28:16,679
Speaker 1: the Tin Building, the massive Nebula Nightclub, the new Kosher

515
00:28:16,760 --> 00:28:19,600
Speaker 1: Sushi fin in Scales, and Zassi's Pizza are among those

516
00:28:19,600 --> 00:28:23,359
Speaker 1: either limiting hours or days open because of workers shortages

517
00:28:23,560 --> 00:28:26,480
Speaker 1: and in some places because of problems with crime. Workers

518
00:28:26,480 --> 00:28:29,320
Speaker 1: at Cure Leafs Edgewater, New Jersey, location of unionized the

519
00:28:29,320 --> 00:28:32,480
Speaker 1: Cannabis dispensary workers have joined with the United Food and

520
00:28:32,480 --> 00:28:36,000
Speaker 1: Commercial Workers Local three sixty union, and Westport leads the

521
00:28:36,000 --> 00:28:39,760
Speaker 1: Connecticut real estate market Berkshire. Hathaway Home Services, New England

522
00:28:39,760 --> 00:28:43,200
Speaker 1: says that's when you look at overall momentum. Stanford Africa

523
00:28:43,200 --> 00:28:46,440
Speaker 1: Had also says Greenwich is still the priceiest, but buyers

524
00:28:46,440 --> 00:28:49,560
Speaker 1: there are driving harder bargains. With the Dry State Business Report,

525
00:28:49,560 --> 00:28:53,600
Speaker 1: I'm Denise Pellegrini on Wall Street. Bloomberg Radio is on

526
00:28:53,640 --> 00:28:55,720
Speaker 1: the air from San Francisco to New York, London to

527
00:28:55,800 --> 00:28:57,880
Speaker 1: Hong Kong. Let's check in with our global news team

528
00:28:57,920 --> 00:28:59,479
Speaker 1: for some of the top stories heard on our three

529
00:28:59,560 --> 00:29:04,720
Speaker 1: hundred of FILLI at radio stations around the world. I'm

530
00:29:04,720 --> 00:29:07,840
Speaker 1: Steve Podas on K and X in Los Angeles. We're

531
00:29:07,840 --> 00:29:11,680
Speaker 1: talking about Mattel slashing its profit forecast, has a tough

532
00:29:11,760 --> 00:29:16,240
Speaker 1: holiday shopping season looms. I'm Corney Donahoe on w h

533
00:29:16,240 --> 00:29:19,280
Speaker 1: A S and Louisville. Chipotle says that's being low income

534
00:29:19,320 --> 00:29:23,160
Speaker 1: consumers pull back on spending plan Ginas Servettian for w

535
00:29:23,160 --> 00:29:26,000
Speaker 1: w BBM in Chicago. I'm reporting the Kraft Times in

536
00:29:26,040 --> 00:29:28,600
Speaker 1: a Jeff bezos Bach firm are about to announce their

537
00:29:28,640 --> 00:29:32,720
Speaker 1: first plant based foods, cheese slices and mayonnaise. I'm Waity

538
00:29:32,760 --> 00:29:35,760
Speaker 1: to Let on WTVN and Columbus. I'm reporting on the

539
00:29:35,840 --> 00:29:38,920
Speaker 1: end of the pandemic housing Boom. I'm Stephen Carol and

540
00:29:38,920 --> 00:29:42,200
Speaker 1: Bloomberg DAB Digital Radio in London. We've been reporting on

541
00:29:42,280 --> 00:29:45,600
Speaker 1: earnings beats from a slew of top European banks, including

542
00:29:45,600 --> 00:29:49,120
Speaker 1: Santander and Unkradis, and those are some of the stories

543
00:29:49,160 --> 00:29:52,080
Speaker 1: are twenty d Bloomberg journalists and analysts working on this

544
00:29:52,120 --> 00:29:54,680
Speaker 1: morning around the world. It's five thirty nine on Wall Street.

545
00:29:54,840 --> 00:29:58,960
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial

546
00:29:59,160 --> 00:30:03,320
Speaker 1: was written by the Bloomberg Editorial Board. Britain's new Prime Minister,

547
00:30:03,480 --> 00:30:08,400
Speaker 1: Rishi Sunac is widely seen as pragmatic and competent, virtues

548
00:30:08,560 --> 00:30:13,120
Speaker 1: lately all but absent from British politics. Investors have greeted

549
00:30:13,200 --> 00:30:16,920
Speaker 1: his rise with relief, but that might not last long.

550
00:30:17,520 --> 00:30:22,120
Speaker 1: Sunac inherits a party deeply split over Brexit especially, but

551
00:30:22,240 --> 00:30:28,680
Speaker 1: also immigration, taxes, regional inequality and other contentious matters. Meanwhile,

552
00:30:28,680 --> 00:30:32,160
Speaker 1: the UK has been especially hard hit by the soaring

553
00:30:32,240 --> 00:30:36,760
Speaker 1: cost of gas, making its inflation among the highest in Europe.

554
00:30:36,960 --> 00:30:41,600
Speaker 1: Sunac's pledge to restore responsibility make calm markets, but standing

555
00:30:41,680 --> 00:30:45,240
Speaker 1: by that commitment as the central bank raises interest rates,

556
00:30:45,480 --> 00:30:49,360
Speaker 1: makes a serious recession possible after the past few weeks.

557
00:30:49,400 --> 00:30:53,760
Speaker 1: A prolonged spell of boredom is just what the UK needs,

558
00:30:54,080 --> 00:30:58,720
Speaker 1: but events are unlikely to oblige. This editorial was written

559
00:30:58,720 --> 00:31:01,760
Speaker 1: by the Bloomberg Editory, a board. For more Bloomberg opinion,

560
00:31:01,960 --> 00:31:05,440
Speaker 1: please go to Bloomberg dot com, slash Opinion or Opie

561
00:31:05,440 --> 00:31:08,520
Speaker 1: I n go on the Bloomberg terminal. This has been

562
00:31:08,600 --> 00:31:12,840
Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at

563
00:31:12,880 --> 00:31:16,280
Speaker 1: this time. Terminal customers can read more at Opie I

564
00:31:16,520 --> 00:31:23,840
Speaker 1: n Go. This is Bloomberg. Bloomberg Sports is brought to

565
00:31:23,880 --> 00:31:26,040
Speaker 1: you by Audie. Don't let someone else drive off in

566
00:31:26,080 --> 00:31:28,720
Speaker 1: the Audie model you've always wanted. Visit your local price

567
00:31:28,760 --> 00:31:31,080
Speaker 1: state Audie dealer to get behind the wheel of yours today,

568
00:31:31,160 --> 00:31:37,760
Speaker 1: or visit Autie Offers dot com for more information, markets,

569
00:31:37,840 --> 00:31:40,920
Speaker 1: headlines and breaking news twenty four hours a day at

570
00:31:40,920 --> 00:31:44,960
Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quicktape.

571
00:31:45,120 --> 00:31:54,080
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

572
00:31:54,240 --> 00:31:57,960
Speaker 1: US dot Index futures falling this morning is Megacap Technology

573
00:31:58,000 --> 00:32:00,920
Speaker 1: Shares slump in early trading now today futures leading the

574
00:32:00,920 --> 00:32:04,680
Speaker 1: declines down one point six percent after disappointing quarterly updates

575
00:32:04,680 --> 00:32:08,400
Speaker 1: from Microsoft, Google, Parent Alphabet and Texas Instruments. And we

576
00:32:08,480 --> 00:32:10,880
Speaker 1: check the markets every fifteen minutes throughout the trading day

577
00:32:11,200 --> 00:32:15,640
Speaker 1: on Bloomberg so NASDACK futures are down one ninety one points,

578
00:32:15,760 --> 00:32:19,000
Speaker 1: SMP futures down twenty nine and DAL futures are down

579
00:32:19,040 --> 00:32:21,800
Speaker 1: forty nine. The decks in Germany is up four tenths

580
00:32:21,840 --> 00:32:24,480
Speaker 1: of upper set ten. Your treasury up ten thirty seconds

581
00:32:24,520 --> 00:32:26,560
Speaker 1: yield four point oh six percent. They yield on the

582
00:32:26,600 --> 00:32:29,400
Speaker 1: two year four point four three percent. Nine x scred

583
00:32:29,440 --> 00:32:31,600
Speaker 1: oil is up six tens percent or fifty three cents

584
00:32:31,640 --> 00:32:34,240
Speaker 1: at eighty five dollars eighty five cents of barrel comes.

585
00:32:34,280 --> 00:32:36,680
Speaker 1: Gold up one percent or sixteen dollars ten cents at

586
00:32:36,680 --> 00:32:40,000
Speaker 1: sixteen seventy four ten an ounce. The Euro one point

587
00:32:40,080 --> 00:32:42,479
Speaker 1: zero zero two two against the dollar, British found one

588
00:32:42,480 --> 00:32:45,400
Speaker 1: point one five seven two and again one forty seven

589
00:32:45,440 --> 00:32:48,360
Speaker 1: point one two, and Bitcoin it's up two point three

590
00:32:48,400 --> 00:32:51,840
Speaker 1: percent at twenty thousand, six hundred fifty dollars. As a

591
00:32:51,880 --> 00:32:54,600
Speaker 1: Bloomberg Business Flash Now here's Michael Barr with more on

592
00:32:54,680 --> 00:32:57,440
Speaker 1: what's going on around the world. Michael, Karen, thank you

593
00:32:57,560 --> 00:33:02,200
Speaker 1: very much. The candidates for Pennsylvania's Senates race squared off

594
00:33:02,280 --> 00:33:05,160
Speaker 1: on the issues in the televised debate last night on

595
00:33:05,320 --> 00:33:09,400
Speaker 1: News Nation. Lieutenant Governor John Federman addressed what he called

596
00:33:09,400 --> 00:33:13,080
Speaker 1: the elephant in the room. I had a stroke. He's

597
00:33:13,080 --> 00:33:16,680
Speaker 1: never let me forget that, and I might miss some

598
00:33:16,760 --> 00:33:20,680
Speaker 1: words during this debate, two words together, but it knocked

599
00:33:20,720 --> 00:33:23,480
Speaker 1: me down and I'm gonna keep coming back up. Doctor

600
00:33:23,560 --> 00:33:26,760
Speaker 1: Memonaz made his stance on abortion clear that he would

601
00:33:26,760 --> 00:33:30,960
Speaker 1: not support a federal abortion ban, which some other Republicans

602
00:33:30,960 --> 00:33:33,800
Speaker 1: have called for. There should not be involved in from

603
00:33:33,800 --> 00:33:37,440
Speaker 1: the federal government and how states decide their abortion decisions.

604
00:33:37,720 --> 00:33:40,240
Speaker 1: As a physician, I've been in the room when there's

605
00:33:40,280 --> 00:33:43,560
Speaker 1: some difficult conversations happening. I don't want the federal government

606
00:33:43,560 --> 00:33:46,880
Speaker 1: involved with that at all. In New York, Governor Kathy

607
00:33:46,920 --> 00:33:50,040
Speaker 1: Hokell squared off against the Republican Representative Lee Zelden in

608
00:33:50,120 --> 00:33:54,320
Speaker 1: the gubernatorial race. Local blasted Zeldin's pass support for abortion

609
00:33:54,360 --> 00:33:57,640
Speaker 1: restrictions and Zelden's position on gun laws. It is a

610
00:33:57,720 --> 00:34:01,320
Speaker 1: joke to talk about a crime policy that doesn't include

611
00:34:01,440 --> 00:34:05,280
Speaker 1: doing something about illegal guns. Meanwhile, Zelden vowed to repeal

612
00:34:05,360 --> 00:34:08,720
Speaker 1: liberal criminal justice reforms. Kathy Hockle is too busy patting

613
00:34:08,719 --> 00:34:11,319
Speaker 1: herself on the back. Job well done. The debate on

614
00:34:11,400 --> 00:34:14,160
Speaker 1: Spectrum New York One took place with now less than

615
00:34:14,200 --> 00:34:17,839
Speaker 1: two weeks before the midterm elections. Global News twenty four

616
00:34:17,840 --> 00:34:20,319
Speaker 1: hours a day on here and on Bloomberg Quick Take,

617
00:34:20,320 --> 00:34:23,200
Speaker 1: powered by more than twenty seven hundred journalist and analyist

618
00:34:23,320 --> 00:34:26,080
Speaker 1: more than a hundred twenty countries. Michael Barr and this

619
00:34:26,320 --> 00:34:29,319
Speaker 1: is Bloomberg. Nathan Okay, Michael. Thanks, It's five forty nine

620
00:34:29,400 --> 00:34:33,200
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios.

621
00:34:33,239 --> 00:34:37,160
Speaker 1: This is Bloomberg Daybreak and Bloomberg New York Bureau chief

622
00:34:37,320 --> 00:34:40,960
Speaker 1: Shelley Banjo is with us live in studio this morning

623
00:34:41,160 --> 00:34:44,040
Speaker 1: to get a little more insight on last night's governors

624
00:34:44,200 --> 00:34:47,680
Speaker 1: debate in the New York race. Shelley, good morning. Very

625
00:34:47,719 --> 00:34:51,120
Speaker 1: interesting in those clips that Michael Barr just played in

626
00:34:51,160 --> 00:34:53,560
Speaker 1: the News to kind of hear Governor Hocle turned the

627
00:34:53,600 --> 00:34:57,080
Speaker 1: tables on an issue that Lee Zelden, the Republican has

628
00:34:57,160 --> 00:34:59,520
Speaker 1: really been trying to take advantage of in this race,

629
00:34:59,520 --> 00:35:01,720
Speaker 1: and that would be the issue of crime. What stood

630
00:35:01,719 --> 00:35:05,279
Speaker 1: out to you from last night's debate, Good morning. Yeah,

631
00:35:05,320 --> 00:35:08,040
Speaker 1: the crime definitely took center stage at the debate, and

632
00:35:08,120 --> 00:35:10,360
Speaker 1: every time Hocal tried to bring it away from crime,

633
00:35:10,960 --> 00:35:13,080
Speaker 1: h Zelden would try to bring it right back there.

634
00:35:13,320 --> 00:35:16,000
Speaker 1: And Uh, you know, it's an important topic that's really

635
00:35:16,040 --> 00:35:19,160
Speaker 1: resonated with a lot of New York voters in a

636
00:35:19,239 --> 00:35:22,160
Speaker 1: way that I don't think Hoco has been quite prepared

637
00:35:22,280 --> 00:35:25,560
Speaker 1: for until the most recent weeks, where she has really

638
00:35:25,600 --> 00:35:28,400
Speaker 1: shifted her tone to really address a lot of these

639
00:35:28,440 --> 00:35:31,600
Speaker 1: concerns around crime. Is there time though we're less than

640
00:35:31,640 --> 00:35:34,600
Speaker 1: two weeks away, and to have that shift in tone

641
00:35:34,680 --> 00:35:36,560
Speaker 1: come now, is it going to do her any favors

642
00:35:36,560 --> 00:35:39,520
Speaker 1: at this point? Well, that's the question because it has

643
00:35:39,600 --> 00:35:42,760
Speaker 1: been and has been from the beginning Hoco's election to lose.

644
00:35:42,840 --> 00:35:45,799
Speaker 1: The interesting part is that she was up ahead, she

645
00:35:45,840 --> 00:35:48,240
Speaker 1: had to double digit lead for for quite some time,

646
00:35:48,719 --> 00:35:50,719
Speaker 1: and just in the last few days we've seen some

647
00:35:50,800 --> 00:35:55,640
Speaker 1: recent polls showing a much narrowing, much narrower lead, uh

648
00:35:56,080 --> 00:35:58,520
Speaker 1: with Hocal over Zelden. And you saw that last night

649
00:35:58,560 --> 00:36:01,120
Speaker 1: in the debate. This is the one only time that

650
00:36:01,200 --> 00:36:03,279
Speaker 1: you have agreed to debate, and she was on the

651
00:36:03,320 --> 00:36:06,399
Speaker 1: defensive for quite a lot of the debate. And yeah,

652
00:36:06,520 --> 00:36:09,440
Speaker 1: interesting to hear that as well, particularly when in the

653
00:36:09,520 --> 00:36:11,120
Speaker 1: lead up to this debate and the lead up over

654
00:36:11,160 --> 00:36:13,839
Speaker 1: the last couple of months here, it seemed for Democrats

655
00:36:13,880 --> 00:36:16,160
Speaker 1: that abortion rights was really going to be the issue

656
00:36:16,160 --> 00:36:19,400
Speaker 1: that they hope to capitalize on following the Supreme Court's

657
00:36:19,440 --> 00:36:22,279
Speaker 1: decision to overturn Roe v. Wait. Now, it seems as

658
00:36:22,280 --> 00:36:26,360
Speaker 1: though that that issue, as far as the catalyst for voters,

659
00:36:26,360 --> 00:36:28,959
Speaker 1: seems to be fading into the background absolutely, and Lee's

660
00:36:28,960 --> 00:36:32,319
Speaker 1: elden is completely out of step with most of the

661
00:36:32,400 --> 00:36:34,760
Speaker 1: voters in New York when when you look at polling

662
00:36:34,800 --> 00:36:39,239
Speaker 1: around things like abortion, legal abortion, and as well as

663
00:36:39,600 --> 00:36:42,400
Speaker 1: support for President Donald Trump, Les Eldon is a is

664
00:36:42,400 --> 00:36:46,520
Speaker 1: a big Trump supporter. As well as election deniability, those

665
00:36:46,560 --> 00:36:49,680
Speaker 1: are election integrity, Those are kind of three things that

666
00:36:49,920 --> 00:36:52,160
Speaker 1: don't seem to comport with a lot of New York

667
00:36:52,360 --> 00:36:54,719
Speaker 1: as at least according to polling, at least accorint to

668
00:36:54,760 --> 00:36:58,879
Speaker 1: what people say they think. And yet Hoco has been

669
00:36:59,160 --> 00:37:01,640
Speaker 1: kind of trotting out these defenses for quite some time,

670
00:37:01,960 --> 00:37:04,000
Speaker 1: But those aren't the issues that seemed to be now

671
00:37:04,160 --> 00:37:06,239
Speaker 1: front of mine to voters with the two weeks left

672
00:37:06,280 --> 00:37:10,160
Speaker 1: before the election. Now folks are focused on crime and

673
00:37:10,440 --> 00:37:12,920
Speaker 1: pocketbook issues, you know, the things that come down to

674
00:37:13,160 --> 00:37:15,759
Speaker 1: two races every time. You know what's in my backyard

675
00:37:15,840 --> 00:37:18,840
Speaker 1: right now? Yeah, And as we mentioned, crime did seem

676
00:37:18,880 --> 00:37:21,280
Speaker 1: to be the issue that Leezelden really tried to hammer

677
00:37:21,360 --> 00:37:23,719
Speaker 1: home on in the debate last night. Were you kind

678
00:37:23,719 --> 00:37:27,400
Speaker 1: of surprised that we didn't see as much emphasis in

679
00:37:27,440 --> 00:37:30,839
Speaker 1: this debate on the economy given where voters are right

680
00:37:30,880 --> 00:37:34,040
Speaker 1: now with inflation as high as it is. I was,

681
00:37:34,239 --> 00:37:36,600
Speaker 1: especially because you are seeing that play out across the

682
00:37:36,640 --> 00:37:38,640
Speaker 1: rest of the country, and you're saying that play out

683
00:37:38,920 --> 00:37:41,560
Speaker 1: in places like upstate New York where Les Elden is

684
00:37:41,840 --> 00:37:45,120
Speaker 1: more popular than say New York City, where Local is

685
00:37:45,239 --> 00:37:49,240
Speaker 1: leading the race. There, they did talk about the economy. Zelden,

686
00:37:49,920 --> 00:37:53,360
Speaker 1: you know, criticized her for passing the state's largest ever budget,

687
00:37:53,920 --> 00:37:58,719
Speaker 1: increasing state spending, giving big tax cuts to the Buffalo

688
00:37:58,840 --> 00:38:01,200
Speaker 1: Bills to keep them in York, which a lot of

689
00:38:01,239 --> 00:38:05,439
Speaker 1: people have criticized Hoco on. And to her point, Hocal said, well,

690
00:38:05,480 --> 00:38:07,480
Speaker 1: you know what, I signed this. I signed all these

691
00:38:07,520 --> 00:38:10,920
Speaker 1: big economic deals since I've been in governor in the

692
00:38:10,960 --> 00:38:14,920
Speaker 1: Governor's mansion, including a hundred billion dollar investment from Micron.

693
00:38:15,200 --> 00:38:17,680
Speaker 1: So she's trying to kind of tell her story of

694
00:38:17,719 --> 00:38:20,080
Speaker 1: what she's done as governor over the last year and

695
00:38:20,120 --> 00:38:22,920
Speaker 1: focus it on the policy she's been able to enact

696
00:38:23,160 --> 00:38:25,399
Speaker 1: and the actions she's been able to have rather than

697
00:38:25,440 --> 00:38:29,000
Speaker 1: just the soundbites that that Les Elden is quite frankly

698
00:38:29,400 --> 00:38:32,760
Speaker 1: better at lots for voters in New York to think about,

699
00:38:32,800 --> 00:38:36,520
Speaker 1: with early voting beginning actually just this weekend, well ahead

700
00:38:36,680 --> 00:38:40,239
Speaker 1: of actual election day less than two weeks away now.

701
00:38:40,280 --> 00:38:43,320
Speaker 1: Shelley Banjo, New York Or Chief here, Bloomberg News. Thanks

702
00:38:43,320 --> 00:38:46,479
Speaker 1: for this and thanks for coming in studio to talk

703
00:38:46,520 --> 00:38:50,439
Speaker 1: about last night's debate. Karen Nathan, It's time fifty four

704
00:38:50,480 --> 00:38:52,920
Speaker 1: on Walla Street, and it's time now for a legal story.

705
00:38:53,000 --> 00:38:57,000
Speaker 1: We're watching this morning since d law, Republican Senator Lindsey

706
00:38:57,040 --> 00:38:59,839
Speaker 1: Graham has been finding us a peanut to testify before

707
00:38:59,880 --> 00:39:04,080
Speaker 1: US special grand jury investigating criminal election interference in Georgia.

708
00:39:04,440 --> 00:39:07,840
Speaker 1: Now he's asking the Supreme Court to intervene, and Justice

709
00:39:07,920 --> 00:39:12,080
Speaker 1: Clarence Thomas has done that at least temporarily shielding Graham

710
00:39:12,120 --> 00:39:15,960
Speaker 1: from having to testify. Fulton County District Attorney Fannie Willis

711
00:39:16,040 --> 00:39:18,560
Speaker 1: wants to question Graham about two phone calls he made

712
00:39:18,560 --> 00:39:21,840
Speaker 1: to Georgia's Secretary of State Brad Rathnsburger in the weeks

713
00:39:21,880 --> 00:39:25,240
Speaker 1: after the election for more of Bloomberg's doing. Grosso speaks

714
00:39:25,280 --> 00:39:28,719
Speaker 1: to constitutional law professor Randy Beck of the University of

715
00:39:28,840 --> 00:39:32,000
Speaker 1: Georgia's School of Law. The Eleventh Circuit being one of

716
00:39:32,040 --> 00:39:34,960
Speaker 1: the more conservative circuits in the country, and in a

717
00:39:35,040 --> 00:39:38,920
Speaker 1: panel with two Trump appointees, said that this could go forward.

718
00:39:39,239 --> 00:39:44,359
Speaker 1: Are you surprised then that Justice Thomas issued this stay?

719
00:39:44,560 --> 00:39:47,480
Speaker 1: I'm not surprised by that. I think Cynator Graham has

720
00:39:47,480 --> 00:39:49,640
Speaker 1: a couple of things going for him and then some

721
00:39:49,719 --> 00:39:52,120
Speaker 1: things that work against him. One of the things going

722
00:39:52,200 --> 00:39:54,840
Speaker 1: for him is that there is some ambiguity about the

723
00:39:54,880 --> 00:39:58,480
Speaker 1: extent to which informal investigative activities are covered by the

724
00:39:58,480 --> 00:40:01,000
Speaker 1: speech A clause. And the other is that it's the

725
00:40:01,080 --> 00:40:04,760
Speaker 1: privilege against being questioned. And so if the Supreme Court

726
00:40:04,840 --> 00:40:07,759
Speaker 1: is going to do anything, now is probably the time

727
00:40:07,800 --> 00:40:10,040
Speaker 1: that they would want to take the case. And so

728
00:40:10,160 --> 00:40:12,920
Speaker 1: I can understand Justice Thomas not wanting to make this

729
00:40:13,000 --> 00:40:16,640
Speaker 1: decision on his own, wanting to keep the status quo

730
00:40:17,080 --> 00:40:19,600
Speaker 1: as it is until the other justices have the chance

731
00:40:19,680 --> 00:40:23,040
Speaker 1: to think about it and weigh in a vote from

732
00:40:23,040 --> 00:40:25,400
Speaker 1: the whole court. I guess technically he could make the

733
00:40:25,440 --> 00:40:27,960
Speaker 1: decision on his own, but I would expect in a

734
00:40:28,000 --> 00:40:30,319
Speaker 1: matter like this, he would refer the issue to the

735
00:40:30,440 --> 00:40:33,480
Speaker 1: entire nine justice Supreme Court. Is it likely that the

736
00:40:33,480 --> 00:40:36,480
Speaker 1: Court would take this in a case where I don't

737
00:40:36,520 --> 00:40:39,520
Speaker 1: see any you know, conflict in the circuits, and you

738
00:40:39,640 --> 00:40:44,200
Speaker 1: have the Eleventh Circuit unanimously affirming the District Court judge,

739
00:40:44,440 --> 00:40:48,080
Speaker 1: and the District Court judge giving some you know, leeway

740
00:40:48,239 --> 00:40:51,680
Speaker 1: for Lindsay Graham to object to certain questions. So I

741
00:40:51,719 --> 00:40:55,439
Speaker 1: think that there could be an argument made that there

742
00:40:55,640 --> 00:40:59,200
Speaker 1: is disagreement in the circuits about the scope to which

743
00:40:59,320 --> 00:41:03,600
Speaker 1: informal investigative activities are protected. I'm not sure though, that

744
00:41:03,600 --> 00:41:06,680
Speaker 1: that will carry the day for Senator Graham, because, as

745
00:41:06,800 --> 00:41:09,520
Speaker 1: the Eleventh are pointed out, the District Court protected him

746
00:41:09,520 --> 00:41:14,120
Speaker 1: against questions about anything that could be characterized as informal investigation.

747
00:41:14,200 --> 00:41:16,839
Speaker 1: And so I think, you know, even the Supreme Court

748
00:41:16,960 --> 00:41:21,320
Speaker 1: was convinced that there is an issue that warrants their consideration,

749
00:41:21,680 --> 00:41:23,759
Speaker 1: they may decide this is not the case to do it,

750
00:41:23,800 --> 00:41:27,480
Speaker 1: because it wouldn't really help Senator Graham any more than

751
00:41:27,480 --> 00:41:31,160
Speaker 1: the District Court already has. There's been some criticism of

752
00:41:31,400 --> 00:41:35,440
Speaker 1: Justice Thomas for not recusing himself from cases like this

753
00:41:35,800 --> 00:41:40,680
Speaker 1: covering the elections because his wife is a conservative activist

754
00:41:40,719 --> 00:41:44,160
Speaker 1: who played a role in the effort to overturn the election.

755
00:41:44,400 --> 00:41:47,280
Speaker 1: Do you think that he should be recusing himself. I

756
00:41:47,320 --> 00:41:50,879
Speaker 1: don't think just because one has a spouse who has,

757
00:41:51,040 --> 00:41:54,520
Speaker 1: you know, kind of certain political activities, that that necessarily

758
00:41:54,560 --> 00:41:57,280
Speaker 1: means you need to recuse yourself from any case relating

759
00:41:57,320 --> 00:41:59,560
Speaker 1: to the election. I think, you know, if there were

760
00:42:00,000 --> 00:42:02,520
Speaker 1: the thing that came before the court that his wife

761
00:42:02,560 --> 00:42:05,000
Speaker 1: was involved in, that would be a much much clearer

762
00:42:05,000 --> 00:42:08,359
Speaker 1: case for accused, I think. And as Professor Randy Beck

763
00:42:08,440 --> 00:42:10,880
Speaker 1: of the University at Georgia School of Law speaking with

764
00:42:10,920 --> 00:42:14,120
Speaker 1: Bloomberg student Grosso, catch more of that interview, plus analysis

765
00:42:14,160 --> 00:42:16,800
Speaker 1: of the latest legal news, by subscribing to the Bloomberg

766
00:42:16,880 --> 00:42:19,719
Speaker 1: Law Podcast or downloading the show at Bloomberg dot com.

767
00:42:19,760 --> 00:42:23,960
Speaker 1: Slash podcast. Attorney's Confined Exceptional legal research and business development

768
00:42:23,960 --> 00:42:26,880
Speaker 1: tools at Bloomberg Law dot com and on the Bloomberg

769
00:42:27,000 --> 00:42:30,760
Speaker 1: terminal at b law Go, and we're watching nazdack futures

770
00:42:30,840 --> 00:42:33,959
Speaker 1: plummet this morning, down about one point six percent, led

771
00:42:34,000 --> 00:42:37,839
Speaker 1: by Microsoft and Alphabet, both down in early training, Microsoft

772
00:42:37,880 --> 00:42:41,360
Speaker 1: down about six percent, in Alphabet down six point two percent.

773
00:42:41,880 --> 00:42:45,879
Speaker 1: Much more on that straight ahead as Bloomberg day Break continues.

774
00:42:45,920 --> 00:42:47,279
Speaker 1: And this is Bloomberg