Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: Karen, we wrap a week of central bank decisions, with
Speaker 3: the latest coming overnight from the Bank of Japan. The
Speaker 3: BOJ held interest rates, its tenure yield target, and forward
Speaker 3: guidance unchanged. BOJ Governor Kazua Awaita says the central bank
Speaker 3: will consider a policy shift if the bank's inflation goal
Speaker 3: comes into site.
Speaker 4: We are not yet in a situation where we can
Speaker 4: see sustained and stable inflation of two percent accompanied by
Speaker 4: wage increases, so we will patiently continue with monetary easing
Speaker 4: under the current framework. After that, if we are in
Speaker 4: a position to achieve the goal, we will consider scrapping
Speaker 4: YCC and modifying the negative interest rate.
Speaker 3: BOJ Governor Kazua Awaita spoke through an interpreter at a
Speaker 3: news conference in Tokyo. US futures rose after the decision.
Speaker 3: While the EN weekend and checking the EN right now,
Speaker 3: it is at one forty eight point three zero against
Speaker 3: the dollar, well back in.
Speaker 2: The US Nathan ten year yields about four and a
Speaker 2: half percent for the first time since two thousand and seven.
Speaker 2: It comes after the Fetter Reserve signaled this week it
Speaker 2: intends to keep rates higher for longer.
Speaker 4: Fedchier J.
Speaker 2: Powell says a soft landing for the US economy is
Speaker 2: still possible, but former Treasury Secretary Larry Summers is not
Speaker 2: so optimistic.
Speaker 5: It's possible that we will have the proverbial soft landing,
Speaker 5: but I think the risks that inflation will be worse
Speaker 5: than what they say are very real.
Speaker 2: And Larry Summers made those comments on the latest episode
Speaker 2: of Bloomberg's Wall Street We You can hear the full
Speaker 2: conversation tonight at six pm Wall Street Time on Bloomberg
Speaker 2: Radio and Television, or streamed live on Bloomberg dot Com.
Speaker 3: In the UK, Karen, we got a pause in rate
Speaker 3: hikes from the Bank of England after fourteen straight increases.
Speaker 3: Chancellor of the Exchequer Jeremy Hunt spoke to Bloomberg after
Speaker 3: the decision, saying he hopes it marks an end to
Speaker 3: rate hikes.
Speaker 6: I hope it is, but obviously you have to leave
Speaker 6: it to the experts in the Bank of England to
Speaker 6: make the final decision. But I think both of the
Speaker 6: UK and the US, what you can see is that
Speaker 6: if you take corrective action and if you stay the course,
Speaker 6: you can get inflation down and in both our countries
Speaker 6: it's definitely petd Uk.
Speaker 3: Chancellor of the Exchequer Jeremy Hunt also discussed having dialogue
Speaker 3: with China about artificial intelligence. You can get the full
Speaker 3: conversation on the Bloomberg Talks podcast. Download that wherever you
Speaker 3: get your podcasts.
Speaker 2: Onlyabor disputes in the US also in focus this morning,
Speaker 2: Nathan as the autoworkers strike in Detroit could ramp up today.
Speaker 2: On Bloomberg's Ed Corey joins us from Detroit with the details.
Speaker 7: Nearly thirteen thousand UAW members have been on strike at
Speaker 7: General Motors pick Up planned in Missouri, parts of a
Speaker 7: Ford plant in Michigan, and is Stlanta's jeep plant at Ohio
Speaker 7: since last Friday. The union has said the walkout could
Speaker 7: spread to new facilities as soon as today. If no
Speaker 7: progress is made, the work stoppage could increase disruptions to
Speaker 7: an industry that makes up about three percent of the
Speaker 7: nation's gross domestic product. In Detroit, Ed Corey Bloomberg Radio.
Speaker 3: Okay, thank you. Meanwhile, the US economy could sue and
Speaker 3: feel the impact of a government shutdown negotiations are at
Speaker 3: a standstill. House Speaker Kevin McCarthy sent lawmakers home for
Speaker 3: the weekend after his latest funding proposal got blocked, Bloomberg said.
Speaker 3: Baxter joins us.
Speaker 8: With that McCarthy's efforts to get a government funding bill
Speaker 8: have blown up as he got ambushed by two ultra conservatives,
Speaker 8: Eli Crane and once loyal supporter Marjorie Taylor Green.
Speaker 2: I've been very clear about take the Ukraine money out
Speaker 2: of the defense bill and put it in a separate
Speaker 2: funding bill so that members like me can vote.
Speaker 8: Know and others can vote yes if they want. McCarthy says,
Speaker 8: still time.
Speaker 4: I know it's not pretty, but this country's too great
Speaker 4: to quit on.
Speaker 8: Nine days with three off now, and the Senate also
Speaker 8: would need to do something. I'm ed Baxter, Bloomberg.
Speaker 2: Radio, all right, and thank you well. Taking a look
Speaker 2: at company news now, Microsoft got a huge boost in
Speaker 2: its attempt to clear its final global regulatory hurdle to
Speaker 2: acquire Activision Blizzard, and Bloomberg's John Tucker joins us with
Speaker 2: that story.
Speaker 9: John, good morning, Yeah, Karen, Competition authorities in the UK
Speaker 9: signal it's game on. It's a pretty stunning turnaround for
Speaker 9: a deal that was once thought dead hand to running
Speaker 9: up against concerns from the antitrust regulators. So why the
Speaker 9: change of heart. Microsoft restructured the sixty nine billion dollar deal.
Speaker 9: They'll sell some gaming rights to French publisher Ubisoft Entertainment,
Speaker 9: So that's apparently satisfied everybody. There's going to be enough
Speaker 9: competition in cloud gaming going forward. By acquiring Activision Blizzard,
Speaker 9: the maker of Call of Duty and Candy Crush, Microsoft
Speaker 9: can now boost its lagging mobile games business. In New
Speaker 9: York Time, John Tucker, Bloomberg Daybreak.
Speaker 3: Okay, John, thanks staying in the tech space. Apple's iPhone
Speaker 3: fifteen and new watches go on sale today. It's a
Speaker 3: test of whether a new design can lift the smartphone
Speaker 3: market out of a slump. And we have another note
Speaker 3: on Apple as well. It's set to issue smaller raises
Speaker 3: to its retail employees. Source to say the tech giant
Speaker 3: will disclose average annual raises of about four percent this week.
Speaker 3: That's a return to pre pandemic levels.
Speaker 2: Well mean Mile oversees Nathan Chinese tech giant Huawei's getting
Speaker 2: a boost in smartphone sales from its new ship. Testing
Speaker 2: from Bloomberg News and Tech Insights found the cure in
Speaker 2: nine thousand s processor, which powers Huawei's Mate sixty smartphone
Speaker 2: series supports five G wireless speeds that made sixty phones
Speaker 2: or Huawei's first five G devices since US sanctions derailed
Speaker 2: the company's consumer business three years ago. NSMP futures are
Speaker 2: little change this morning, well up a tenth of up percent,
Speaker 2: now up about four points. Dow futures little change, and
Speaker 2: Nasdaq futures up three tents of up percent or forty
Speaker 2: three points.
Speaker 4: And straight ahead.
Speaker 2: We have more global headlines plus a check of sports,
Speaker 2: and this is Bloomberg.
Speaker 3: And here now with those global headlines, and look at
Speaker 3: what's happening in New York as.
Speaker 1: Well, we bring in Bloomberg's Michael Parr.
Speaker 4: Good morning, Michael, Good morning Nathan.
Speaker 10: A tragic bus crash in New York State left at
Speaker 10: least two people dead and others in critical condition. The bus,
Speaker 10: carrying students to a band camp, went off the road
Speaker 10: near the Orange County town of Wawayanda, possibly due to
Speaker 10: a faulty front tire. The bus getted off the highway
Speaker 10: and landed on its sign after tumbling fifty feet. New
Speaker 10: York Governor Kathy Oakle.
Speaker 11: Today was a day of terror for forty four passengers
Speaker 11: on a private coach line a group of high school
Speaker 11: students members of the Farmingdale Marching Band, en route to
Speaker 11: a camp in Pennsylvania.
Speaker 10: The crash, happening nearly a half hour from their destination
Speaker 10: in the Poconos. Dozens of passengers, mostly students, were injured.
Speaker 10: Two adults on board were killed, including the band's director.
Speaker 10: The NYPD made another discovery at the Bronx daycare, where
Speaker 10: a one year old boy died and three other toddlers
Speaker 10: were sickened. After its belief they were exposed to fentanyl.
Speaker 10: Investigators located a trap door in the floor of the
Speaker 10: apartment located in the play area, where fentanyl and other
Speaker 10: drugs were seized. The owner of the daycare center and
Speaker 10: her cousin were arrested. Ukrainian President Vladimir Zelensky has delivered
Speaker 10: an upbeat message to US lawmakers and President Joe Biden
Speaker 10: in a visit to Washington, asking for more military aids.
Speaker 10: Lensky briefed lawmakers on the state of the war and
Speaker 10: told them Ukrainians are winning. Zelenski is facing some Republicans
Speaker 10: who are now questioning the flow of American dollars for
Speaker 10: his troops in the fight against Russian forces. Zelensky also
Speaker 10: met with President Biden at the White House.
Speaker 12: I think United States of America and mister President for
Speaker 12: the new defense package for Ukraine, A very powerful package.
Speaker 10: Thanks so much. It was Zelenski's second visit to Washington
Speaker 10: since Russia's invasion. Ninety two year old Rupert Murdoch has
Speaker 10: announced he's stepping down as the head of Fox and
Speaker 10: News Corporation boards. No stranger to controversy, Fox reached on
Speaker 10: settled a huge defamation lawsuit topping seven hundred and eighty
Speaker 10: seven million dollars with Dominion Voting Systems after Fox News
Speaker 10: was accused of knowingly pushing false claims about voting machines
Speaker 10: in the twenty twenty election. Murdoch Sun Lachlan will become
Speaker 10: the sole chair of News Corporation. Global News twenty four
Speaker 10: hours a day, powered by more than twenty seven hundred
Speaker 10: journalist and analysts over one hundred and twenty countries. I'm
Speaker 10: Michael Barrn. This is Bloomberg Natan.
Speaker 3: All right, Michael, thank you, of course for bringing you
Speaker 3: news throughout the day. Here on Bloomberg Radio. But now
Speaker 3: you can get the latest news on demand whenever you
Speaker 3: want it. Subscribe to Bloomberg News Now to get the
Speaker 3: latest headlines at the click of a button. Get informed
Speaker 3: on your schedule. You can listen and subscribe to Bloomberg
Speaker 3: News Now on the Bloomberg Business app, Bloomberg dot Com, Apple, Spotify,
Speaker 3: anywhere else you get your podcasts. Time now for the
Speaker 3: Bloomberg Sports Update with John Stenshow, all.
Speaker 10: Right, Natives.
Speaker 13: Last night, you got a good look at a team
Speaker 13: that certainly looks capable of being a Super Bowl champion.
Speaker 13: The forty nine ers last season won of their last
Speaker 13: ten regular season games. They did fall in the NFC
Speaker 13: Championship game in Philadelphia. They played that game without a
Speaker 13: healthy quarterback Week would throw a pass. That's their only
Speaker 13: loss in their last sixteen games. They meet the Giants
Speaker 13: Soundley and their home opener thirty to twelve. First downs
Speaker 13: were twenty six to ten. Total yards were four hundred
Speaker 13: and forty one to one hundred and fifty. Giants did
Speaker 13: score third quarter to get to within five, but no
Speaker 13: comeback like the one they had last Sunday at Arizona.
Speaker 10: Come home with the record of one and two.
Speaker 13: Their coach is Brian Dable.
Speaker 12: You got to take, you know, the good from it
Speaker 12: and you got to learn from the bad. Just like
Speaker 12: like every game. The guys competed and you know we
Speaker 12: competed all the way to the end. You know, they
Speaker 12: made they made more plays than we did. So you
Speaker 12: go back and take a look at it, and you know,
Speaker 12: get going on the next week and.
Speaker 13: That next game. Not until a week from Monday, a
Speaker 13: home game to Seattle. This Sunday, Jets host the Owen
Speaker 13: two Patriots. New England won the last fourteen meetings blow
Speaker 13: to the Dallas Cowboys. Quarnerback Treyvon Diggs, pro bowler in
Speaker 13: each of his two seasons, tore his acl and practice
Speaker 13: at the stadium. Garrett Cole looking very much like a
Speaker 13: Cy Young winner when eight innings, not only two hits,
Speaker 13: no walts, nights, drikeouts, Toronto rallied night didn't, but the
Speaker 13: Yanks held on beat the Blue Jays five to three.
Speaker 13: Jake Bowers got him going to three run homer in
Speaker 13: the first. They moved back game over five hundred now
Speaker 13: host Arizona, so having played a team in search of
Speaker 13: an American League wild card, they now phase one. That's
Speaker 13: in the hunt in the nl Mets lost in Philadelphia
Speaker 13: five to four, Nick Castellanos. The Homer four urbis the
Speaker 13: Minnesota Twins can clinch the AL Central tonight. Milwaukee's magic
Speaker 13: number NL Central is three. Don scarshereward Bloomberg Sports.
Speaker 3: All right, John, thanks SMP futures up a tenth of
Speaker 3: a percent now features little change. NASDAK futures up three
Speaker 3: tenths of one percent.
Speaker 14: From coast to coast, from New York to San Francisco,
Speaker 14: Boston to Washington, DC, nationwide on Syrias exam the Bloomberg
Speaker 14: Business Appen Bloomberg dot com. This is bloom Day Break.
Speaker 4: Good morning.
Speaker 3: I'm Nathan Hager. We are now eight days into the
Speaker 3: United Autoworkers strike against the big three Detroit automakers, and
Speaker 3: in just a few hours time we could find out
Speaker 3: whether the picket lines expand beyond one plant each for Ford,
Speaker 3: General Motors and Stilantis. It is a work stoppage that
Speaker 3: is already severely disrupted the auto industry. Let's bring in
Speaker 3: Craig Trudell for the latest unware things stand now. Craig
Speaker 3: is the global cars are for Bloomberg News. So craig,
Speaker 3: where are we in the negotiations?
Speaker 15: So the big update today will be at ten am
Speaker 15: local time in Detroit. That's when the UAW has said
Speaker 15: they'll hold a press conference to sort of announce their
Speaker 15: next moves. I think the sort of wide held expectation
Speaker 15: is that this is a strike that will expand they've
Speaker 15: talked about, you know, by noon Friday, if they don't
Speaker 15: have a substantial progress made in these negotiations, that they
Speaker 15: will sort of up the ante here. So I think,
Speaker 15: you know, what what we've heard as as this you
Speaker 15: know strike is is now you know, a weekend, is
Speaker 15: really that the sort of bid and ask here between
Speaker 15: the union and the companies remains pretty vast and and
Speaker 15: not a whole lot of budgeting on either side.
Speaker 3: So what are the biggest sticking points at this point?
Speaker 3: We've heard about wage hikes obviously, we've heard about eliminating
Speaker 3: job tiers. Is there any movement on any of the
Speaker 3: particular pieces that the UAW is looking for?
Speaker 15: Yeah, I think, you know, the the idea of wage increases,
Speaker 15: the idea of of tiers. Where you know, if you're
Speaker 15: a newer worker, you know for some time now, you've
Speaker 15: you've been paid less than than a worker right next
Speaker 15: to you who's who's been you know, with the companies longer.
Speaker 15: I think, you know, the union also wants to call
Speaker 15: back some of the concessions that they made, uh say
Speaker 15: in two thousand and seven or or around uh, you know,
Speaker 15: that period of you know, when these when these companies
Speaker 15: were really struggling to survive. Really uh, you know, the
Speaker 15: union agreed to take on retiree healthcare benefits. Uh you know, uh,
Speaker 15: retirement you know went away for workers. I think, you know,
Speaker 15: the companies are particularly reluctant to go back down that road.
Speaker 15: But I also think, you know, this this comes down
Speaker 15: as well to you know, job security. I think uh,
Speaker 15: you know, Stilantis may try to close you know, multiple
Speaker 15: plants in North America, and the union obviously does not
Speaker 15: want to see that. I think the company is trying
Speaker 15: to sort of reassure uh workers that while it may
Speaker 15: close some facilities, it will be a matter of moving
Speaker 15: people around. But even that is disruptive to people's to
Speaker 15: people's lives.
Speaker 3: In the meantime, of course, we've had picket lines at
Speaker 3: one plant each for Ford General Motors and Stilantis. What
Speaker 3: kind of impact has that had on the industry thus far,
Speaker 3: and how much further could these walkouts expand are we
Speaker 3: thinking it's going to be another plant each for each
Speaker 3: of the big three or could be even more than that?
Speaker 15: I think, you know, to this point obviously, you know,
Speaker 15: one plant for each company is is uh, you know,
Speaker 15: something that that the industry you know, doesn't love, but
Speaker 15: you know can can deal with.
Speaker 2: Uh.
Speaker 15: And it's something that that we're quite used to after
Speaker 15: the last couple of years after all, you know, quite
Speaker 15: a lot of disruptions to to this industry, uh with
Speaker 15: with the supply chain issues that that have had the
Speaker 15: chip shortage. Obviously it was it was for a while there,
Speaker 15: you know, every other day you heard about another plant
Speaker 15: going down as a result of the fact that they
Speaker 15: couldn't get semiconductors. So, you know, we do have a
Speaker 15: situation where some of these products are are really you
Speaker 15: know hot and in high demand. You think of of say,
Speaker 15: you know, the Ford Ranger, Ford Bronco, those who are
Speaker 15: you know, really tight supply uh GM, the Chevy Colorado.
Speaker 2: Uh.
Speaker 15: You know, they only have so much inventory of that,
Speaker 15: and so we will probably see you know, some depletion
Speaker 15: of inventory if this lasts longer at the plants that
Speaker 15: have already you know, where we already have seen walkouts,
Speaker 15: whether or not you know, we potentially see you know,
Speaker 15: another plant added at each company. I think is is
Speaker 15: definitely you know, something that everybody's kind of on the
Speaker 15: edge of their seat for this afternoon in Detroit. I
Speaker 15: do think that the union wants to be strategic here
Speaker 15: and sort of conserve the strike fund that they have.
Speaker 15: They pay out five hundred dollars a week to every
Speaker 15: worker who's on strikes, so you know, there's a sort
Speaker 15: of give and take here. The more plants that you
Speaker 15: add to this strike, the more, you know, the less
Speaker 15: you have to work with in terms of that strike fund.
Speaker 15: So you know, maybe we see some temporary additions of
Speaker 15: plants and then some taking away of plants where workers
Speaker 15: have had to cope with only you know, bringing in
Speaker 15: five hundred dollars a week, you know, for as long
Speaker 15: as they've been on strike, and kind of shifting around
Speaker 15: of the sacrifice here.
Speaker 3: Of course, I expect we'll get more answers, as you said,
Speaker 3: when that news conference is expected ten am Detroit time.
Speaker 3: That's eleven am on Wall Street, So we're counting down
Speaker 3: to yet another deadline in the autoworkers strike against the
Speaker 3: Detroit Three.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
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