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Speaker 1: Live from the Bloomberg Interactive Berger Studios is Bloomberg Daybreak

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Speaker 1: for Tuesday, December six two. Coming up this hour. Georgia

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Speaker 1: voters decide between Raphael Warnock and Herschel Walker in a

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Speaker 1: seventh runoff race. President vied In plans an announcement on

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Speaker 1: his future in the Oval Office. The US and Europe

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Speaker 1: considered new tariffs on China to fight carbon emissions, and

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Speaker 1: Pepsi becomes the latest company to cut jobs. The n

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Speaker 1: y p D says crime is down, but hate crimes

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Speaker 1: have skyrocketed. Plus Mayor Adams push for New Yorkers to

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Speaker 1: get healthier. I'm Michael blarn Moore Ahead, I'm John Stash

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Speaker 1: and sports. The Rangers rallied to beat the Blues, the

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Speaker 1: Bucks top the Saints, and Justin Verlanders signed with the

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Speaker 1: Meth That's all straining Ahead on Bloomberg Daybreak on Bloomberg.

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Speaker 1: He Living Free on New York Bloomberg nineteen nine one,

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

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

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Speaker 1: and around the world Old on Bloomberg Radio dot Com

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Speaker 1: and via the Bloomberg Business app. Good morning. I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. In the US DOT Index

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Speaker 1: futures have been struggling for direction this morning, six one

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

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

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Speaker 1: and P futures and down futures are both little changed.

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Speaker 1: Nowsday futures are up a tenth of a percent of

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Speaker 1: about twelve points. The decks in Germany's down about a

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Speaker 1: quarter of a percent. Ten year treasury up three thirty seconds,

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Speaker 1: you know, three point five six percent they yield on

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Speaker 1: the two year four point three six percent. NIMEX screwed

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Speaker 1: oil is down nine tenths per cent, or seventy two

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Speaker 1: cents at seventy six dollars twenty one cents a barrel.

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Speaker 1: Nathan Karen will have more on the markets in a minute,

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Speaker 1: but we begin this morning with a key political runoff

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Speaker 1: that could have market implications. Today Georgia voters decide the

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Speaker 1: final US Senate seat, and Amy Morris has details from

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Speaker 1: our Bloomberg newsroom in Washington. The four week runoff blitz

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Speaker 1: has drawn a flood of outside spending, but it all

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Speaker 1: ends today. Democratic Senator Raphael Warnock urging his supporters to

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Speaker 1: get out the votes. The issues are urgent, and the

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Speaker 1: differences between me and my opponent a two one for

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Speaker 1: US Republican candidate Herschel Walker, a Heisman Trophy winner from

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Speaker 1: the University of Georgia, used football analogies to urge his

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Speaker 1: supporters to vote. This is about turnout, and now that

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Speaker 1: meaning that we gotta get into game and we can't

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Speaker 1: sit on the sideline anymore. Today's race will determine whether

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Speaker 1: Democrats have an outright majority in the Senate or control

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Speaker 1: of fifty fifty chamber. Donald Trump held a rally yesterday

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Speaker 1: for Walker by telephone, not in person, to avoid any

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Speaker 1: blame for hurting the GOP's midterm election efforts in Washington.

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Speaker 1: I'm Aymy Moore as Bloomberg daybreak, All right, Amy, thank you.

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Speaker 1: About one point nine million Georgia voters cost early ballots

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Speaker 1: in this race, but Republicans are hoping for a strong

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Speaker 1: in person turnout today. GOP Georgia Congressman Buddy Carter says

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Speaker 1: it's important for his party to keep the Senate fifty fifty.

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Speaker 1: If we have fifty fifty, it means that will have

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Speaker 1: fifty fifty in the committee process, and that's extremely important.

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Speaker 1: It also means that instead of Chuck Schumer being in

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Speaker 1: charge with League, that we've got fifty fifty and at

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Speaker 1: least we can count on Joe Mansion sometimes. Georgia Republican

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Speaker 1: Congressman Buddy Carter spoke with Our Washington corresponded Joe Matthew

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Speaker 1: on Bloomberg sound on Catch the Show weekdays at five

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Speaker 1: pm Eastern on Bloomberg Radio. And one other political note

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Speaker 1: this morning, Karen President Biden is likely to announce he's

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Speaker 1: running for re election after the Christmas and New Year's holidays.

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Speaker 1: That's according to White House Chief of Staff Ron Klaine.

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Speaker 1: President turned a last month. He's already the oldest person

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Speaker 1: ever to occupy the Oval office. Meantime, Nathan Republicans are

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Speaker 1: warning the Biden administration not to prioritize green energy goals

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Speaker 1: over enforcing federal import restrictions meant to discourage alleged human

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Speaker 1: rights abuses in China. The directive and Republican representatives Mike

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Speaker 1: Gallagher and Chris Smith, plus Senators Marco Rubio and Tom Cotton,

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Speaker 1: signals tough oversight of the issue. After the geop takes

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Speaker 1: control of the House in January, and China is also

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Speaker 1: in focus Karen. When it comes to US and European relations.

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Speaker 1: The US and EU are mulling new tariffs against China

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Speaker 1: as part of a bid to fight carbon emissions. Let's

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Speaker 1: go to London get the latest with Bloomberg's U and Parts.

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Speaker 1: Good morning and good morning, Nathan and Karen. Bloomberg has

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Speaker 1: learned that the Chinese steel and aluminum could be hit

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Speaker 1: by new Western tariffs. The move would be a novel

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Speaker 1: approach using levies normally employed in trade disputes in an

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Speaker 1: effort to cut carbon emissions. Sources say the idea, originated

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Speaker 1: by the White's House and under discussion with the European Union,

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Speaker 1: is still in its early phase and hasn't yet been

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Speaker 1: formally put forward. China is both the world's biggest carbon

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Speaker 1: emission and the biggest producer of industrial metals. In London,

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Speaker 1: immun Parts, spin Bog, daybreak, rank you and thank you well.

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Speaker 1: As it has been every day this month, COVID is

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Speaker 1: once again in focus in China. COVID outbreak in the

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Speaker 1: country that began last month appears to be tailing off.

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Speaker 1: Infections have fallen each of the last eight days. At

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Speaker 1: the same time, there continues to be a pullback in

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Speaker 1: Beijing sweeping testing regime across the kind tree. Right here

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Speaker 1: in the US, Karen, futures are a little changed. So

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Speaker 1: that's after stocks kicked off this week with losses as

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Speaker 1: the U S Services Gauge unexpectedly rose. That good news

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Speaker 1: was bad news from markets. It's fueling speculation that the

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Speaker 1: FED will keep its policy tights at tame inflation. Rick

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Speaker 1: Pitcaren is chief investment officer at Pitcairn Family Office. I

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Speaker 1: think the FED has a preference for, you know, controlling

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Speaker 1: inflation by whatever means they have to to to get

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Speaker 1: that under control. And if that means a recession, uh,

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Speaker 1: in their minds, they would hope it would be shallow

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Speaker 1: and en shored. Rick pit Karen says he thinks stocks

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Speaker 1: are currently training at or near their bottom. Meantime, Nathan

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Speaker 1: may continue to see layoffs coming to big companies across

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Speaker 1: the country. Now another big name is announcing cuts, and

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Speaker 1: we get the latest live at the Bloomberg Steve Rappaport,

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Speaker 1: Good morning, Steve, Good morning Karen and Nathan. The job

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Speaker 1: cuts in the tech and media sectors have spilled over

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Speaker 1: to Big Soda. Pepsi Company is laying off one hundreds

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Speaker 1: of workers at the headquarters of its North American snacks

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Speaker 1: and beverage units, according to an internal memo viewed by

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Speaker 1: The Wall Street Journal. The company says the layoffs are

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Speaker 1: intended to simplify the organization and operate more efficiently. Pepsi

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Speaker 1: says demand remains strong despite raising prices to offset higher

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Speaker 1: costs for ingredients, delivery, and labor. Back in October, Pepsi

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Speaker 1: announced cost cutting measures to east pressure on profit margins.

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Speaker 1: Live in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve,

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Speaker 1: thanks for also watching the crypto space this morning. The

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Speaker 1: Federal Trade Commissions investigating several crypto firms over allegations their

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Speaker 1: advertisements were deceptive or misleading. The agency enforces laws that

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Speaker 1: require truth in advertising, including rules that individuals disclose when

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Speaker 1: they've been paid for endorsements or reviews. The FTC is

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Speaker 1: not releasing any details. Kind of programming note, Nathan, We're

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Speaker 1: live at the Goldman Sachs Financial Services Conference today. Tune

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Speaker 1: in for exclusive interviews of Goldman Sachs CEO David Solomon.

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Speaker 1: That interview will be coming up at eight a m.

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Speaker 1: All Street time right here on both Bloomberg Radio and television.

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Speaker 1: Try to head your latest local headlines plus a check

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Speaker 1: of sports. And this is Bloomberg A right, Karen, thank you.

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Speaker 1: It is six oh seven on Wall Street, about forty

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Speaker 1: five degrees midtown. Rain comes to the area this afternoon.

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Speaker 1: We'll get up to the mid fifties and the rain

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Speaker 1: will continue tonight as we get down to around fifty.

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Speaker 1: Now it's bringing Michael Barr with more on what's going

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

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Speaker 1: you might call Good morning Nathan. The NYPD says there

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Speaker 1: has been a monthly decrease in crime, with the seven

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Speaker 1: major crimes down one in November. Meanwhile, hate crime surged

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Speaker 1: by sevent since last month, within high Semitic hate crime

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Speaker 1: soaring by a hundred. Mayor Eric Adams says that's why

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Speaker 1: he attended the conference on Anti Semitism in Athens last week.

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Speaker 1: That is why I was in Greece, you know, and

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Speaker 1: despite people were saying why are you going to Greece

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Speaker 1: because there's an anti Semitism problem globally and may is

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Speaker 1: from across the globe, we we all met there to

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Speaker 1: engage in this conversation. Mayor Adams all also says hate

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Speaker 1: crimes are being normalized on social media. It comes as

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Speaker 1: a nine year old man in a wheelchair was an

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Speaker 1: innocent buying standard when police say he was shot in Brooklyn.

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Speaker 1: Police said the man was wounded in the ankle while

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Speaker 1: the suspect was robbing another person. The NYPD says the suspect,

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Speaker 1: twenty eight year old Sundance Oliver, is also wanted for

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Speaker 1: a deadly shooting in Manhattan. Mayor Adams also talked about

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Speaker 1: New Yorkers getting healthier. Adam says the new forty four

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Speaker 1: million dollar campaign dubbed Lifestyle Medicine involves diet, exercise, hand

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Speaker 1: medical care. People often talk about my primary focus being

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Speaker 1: public safety, but trust me, health is just as important

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Speaker 1: because in order to live in a safe city, you

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Speaker 1: must live in a safe city, and that's the goal

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Speaker 1: that we are accomplishing. Beor Adams has also pushed for

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Speaker 1: plant based food options and schools and at hospitals. The

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Speaker 1: suspect accused of shooting up in Colorado Springs gay nightclub

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Speaker 1: last month, killing five people and wounding seventeen others, is

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Speaker 1: set to appear in court again today, Anderson Lee Aldrich

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Speaker 1: will learn what charges prosecutors will pursue, including possible hate crimes.

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Speaker 1: Lawyer Michael Avanetti, who represented porn stars Stormy Daniels against

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Speaker 1: Donald Trump, was sentenced in California the fourteen years in

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Speaker 1: prison for cheating clients out of millions of dollars. Avanetti's

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Speaker 1: sentence will be served after he finishes a five year

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Speaker 1: term for separate convictions in New York. Kirsty Alley has

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Speaker 1: died at age seventy one. According to her family, the

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Speaker 1: cheers start dying after a short battle with cancer. 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 twenty seven hundred

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Speaker 1: journalists and analysts more than a hundred twenty countries. I'm

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Speaker 1: Michael Barrow. This is Bloomberg, Nathan. Thank you, Michael. It's

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Speaker 1: a six ten on Wall Street. Time for the Bloomberg

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Speaker 1: Sports that date brought to you by twice State Out

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Speaker 1: of here's John stash Allen, Thanks Davan. Matt Scher's or

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Speaker 1: thirty eight years old but no longer the oldest picture

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Speaker 1: on the Matthews also no longer the only picture making

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Speaker 1: forty three million dollars a year. Justin Verlander, who soon

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Speaker 1: turns forty and who was Suzer's teammate for six years

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Speaker 1: in Detroit, coming to New York taking Jacob de Graham's

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Speaker 1: spot of the Mets rotation, two year deal eighties six

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Speaker 1: million Erlander just won the Cy Young Award with Houston.

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Speaker 1: Another shocking contract is what Tray Turner got from the

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Speaker 1: Phillies and eleven year deal for three hundred million. As

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Speaker 1: for Aaron Judge, Yankee gentle manager Brian Cashman, who just

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Speaker 1: got a new contract himself, says they will not rush

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Speaker 1: Judge into making a decision. Judge was at the Monday

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Speaker 1: night game at Tampa Bay. Quite a finish. The Bucks

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Speaker 1: trailed the Saints. Final secretors, the staff, Brady dropping looking,

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Speaker 1: Brady throws football, Let's talksh White, Shan White touch stop

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Speaker 1: six radio. The extra point gave them the victory. Tampa

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Speaker 1: Bay trailed by thirteen with three minutes to go there

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Speaker 1: six and six good for first place. Carolina Panthers released

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Speaker 1: Baker Mayfield, who was their Week one starting quarterback. Forty

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Speaker 1: Niners coach Kyle Shanahan says he doubts they'll sign Mayfield.

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Speaker 1: The Niners just lost Jimmy Garoppolo for the season. At

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Speaker 1: the Garden, Rangers rallied past the Blues. They won six four,

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Speaker 1: with three goals in the third period. Six different Ranger

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Speaker 1: of goals scores. Four quarterbacks are coming to New York

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Speaker 1: for Saturday's Heisman Trophy announcement. USC's Caleb Williams, tc US,

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Speaker 1: Max Duggan, George's Stetson Bennett, and Ohio States See Jay's trap.

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Speaker 1: John actually were Bloomberg Sports. Nathan all right, John, thank you.

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Speaker 1: Bloomberg Sports is brought to you by Audie. Don't let

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Speaker 1: Offers dot com for more information. Up next to look

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Speaker 1: ahead to the Georgia's Senate runoff and what's to come

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Speaker 1: in the lame duck session on Capitol Hill. First, SMP

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Speaker 1: futures are little changed, down two points right now. Dow

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Speaker 1: Future is down twenty five, NASDAC futures still clinging to

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Speaker 1: a very slight gain of four points. Tenure Treasury is

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Speaker 1: up to thirty seconds yield on the benchmark ten year

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Speaker 1: note three point five six percent, six twelve on Wall Street.

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Speaker 1: This is Bloomberg Daybreak on Election Day, Part two. In Georgia,

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Speaker 1: the runoff between Democrat Raphael Warnock and Republican Herschel Walker

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Speaker 1: will be decided tonight. Let's bring in Greg Valier, or

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Speaker 1: chief US policy strategists at a GF Investments, for a

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Speaker 1: look at the implications of this final race of the

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Speaker 1: two mid terms. Greg, good morning. We already know how

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Speaker 1: the balance of power on Capitol Hill. Democrats nominally have

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Speaker 1: control of the Senate. The House is back in Republican hands.

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Speaker 1: So why should we be watching this runoff in Georgia today? Well,

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Speaker 1: good morning, Nathan. It's it's important for two or three

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Speaker 1: reasons quickly. Number one, uh, it negates a lot of

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Speaker 1: the power that Joe Mansion had to disrupt things he

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Speaker 1: and Christian Cinema. If it does wind up fifty one

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Speaker 1: forty nine, which I think is likely, makes it a

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Speaker 1: little tougher for Mansion. Secondly, it helps committee organizing. It's

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Speaker 1: pretty r kane, but things can move through committees. Third,

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Speaker 1: I think it gives the Democrats a leg up for

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Speaker 1: four and gives them the opportunity to further mock Donald

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Speaker 1: Trump has somebody who endorsed candidates who almost uniformly lost.

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Speaker 1: What are you expecting in terms of turnout today? We've

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Speaker 1: already had close to two million early votes cast in

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Speaker 1: this race. Are expecting long lines down in Georgia? Well,

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Speaker 1: as you know, there have been long lives for the

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Speaker 1: last few days, and I think there will be today

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Speaker 1: as well. An extraordinary turnout. I think that helps warnock.

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Speaker 1: I think the momentum has all been with him in

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Speaker 1: the last seven to ten days. What are the implications

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Speaker 1: for former President Trump? Of course, we know that many

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Speaker 1: of the candidates that he endorsed in this mid term

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Speaker 1: did not do too well. Herschel Walker has managed to

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Speaker 1: get to this point to force a runoff. What does

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Speaker 1: this mean for the former president's hold on the g

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Speaker 1: o P? Nothing good. If you look at the races

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Speaker 1: around the country where Trump's candidates almost all lost, you

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Speaker 1: look at this disastrous comment he made a few days

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Speaker 1: ago about cheering up the Constitution. To go back and

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Speaker 1: look at why he really did win in I mean,

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Speaker 1: even Republicans just shook their heads in the last couple

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Speaker 1: of days. I think that Trump's campaign for presidents so

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Speaker 1: far has been an absolute disaster. And on the Democratic side,

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Speaker 1: we saw President Biden sort of keep his distance in

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Speaker 1: this race. He supported Raphael Warnock from Afar, and we

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Speaker 1: got a lot of in person support from the likes

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Speaker 1: of former President Barack Obama, not just in this runoff,

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Speaker 1: but on even before official election day. What kind of

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Speaker 1: momentum could this race potentially give to President Biden as

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Speaker 1: he considers making his own announcement for re election. Yeah, Biden,

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Speaker 1: you have to say, has had a very good stretch

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Speaker 1: the last six to eight months. He's got a lot done.

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Speaker 1: There's even a chance in this lane duck session of

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Speaker 1: Congress before Christmas forgetting immigration reform, which would be an

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Speaker 1: extraordinary development. So I would say that Biden is on

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Speaker 1: a roll, and to have the Georgia race turn the

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Speaker 1: Democrats way would help him as well. I don't think

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Speaker 1: he's going to announce until after the first of the year,

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Speaker 1: and I am not certain that he will announce. He's

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Speaker 1: running for a second term for the simple reason that

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Speaker 1: if he won the second term, he would be leaving

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Speaker 1: the White House theoretically at the age of eighties six.

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Speaker 1: And we are expecting some kind of announcement. We heard

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Speaker 1: from a White House Chief of staff. Ron claimed that

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Speaker 1: we'd get word from the President after the New Year's holiday,

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Speaker 1: so we're definitely going to be watching that as well.

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Speaker 1: As far as this lane Duck session goes, Greg, there

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Speaker 1: is a lot to get done before either Warnock or

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Speaker 1: a Walker, no matter who comes out victorious, is finally

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Speaker 1: see did I mean we've got the defense, build a pass,

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Speaker 1: must pass government spending. What do you have looking ahead

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Speaker 1: to the lame duck session to be watching for. Well,

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Speaker 1: it's always a mess. It's always a train wreck, and

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Speaker 1: this year will be no exception. I think that you know,

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Speaker 1: the deadline of December sixt for a budget will be

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Speaker 1: missed and they'll have to have another deadline right up

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Speaker 1: until Christmas Eve. I don't see a government shutdown. The

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Speaker 1: odds favor getting a budget bill done right at the

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Speaker 1: end of the year. It's possible little drag onto next year.

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Speaker 1: But you're right, there's a lot of big issues, Nathan.

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Speaker 1: At the main ones our defense, the entire spending package,

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Speaker 1: and all of a sudden now immigration out of nowhere

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Speaker 1: is back on the table. In the last thirty seconds

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Speaker 1: here Greg focusing finally on the Georgia runoff. Given all

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Speaker 1: the early votes that would have been cast and the

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Speaker 1: potential for some turnout later today, what are the chances

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Speaker 1: we actually know who the winner is after tonight. Well

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Speaker 1: that's a good point, Nathan. I I cringe at the

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Speaker 1: thought that this could happen, But I don't rule out

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Speaker 1: the possibility that we won't know tonight, that it might

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Speaker 1: take a day or two to recount all the votes

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Speaker 1: and you'll have, you know, charges of voter fraud, things

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Speaker 1: like that. I think the safest bet is it will

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Speaker 1: probably about twenty four hours from now, will probably know

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Speaker 1: who won, but we might not know until well after midnight. No,

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Speaker 1: but the call is at least maybe this week. Thanks

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Speaker 1: for this break as always great to get your thoughts

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Speaker 1: on this election day in Georgia. Gregg Valiere, chief US

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Speaker 1: policy Strategists at a GF Investments, and stay with us

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Speaker 1: on Bloomberg Daybreak. Coming up, we're gonna get a live

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Speaker 1: report from Atlanta. Bloomberg's Joe Matthew, leading our team of

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Speaker 1: correspondence covering today's runoff for the US Senate in Georgia,

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Speaker 1: will be hosting a special edition of sound on this

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Speaker 1: afternoon from Atlanta. This is Bloomberg Daybreak, Markets, headlines and

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Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

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Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take. This is

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Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. This updates

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Speaker 1: brought to you by the Jewish Communal Fund j CF

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Speaker 1: donor Advised Fund is a smart, tax efficient way to

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Speaker 1: F n Y dot org. And futures continue to struggle

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Speaker 1: for direction this morning, SNP, NAZDAC and down. Futures are

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Speaker 1: all little change. The decks in Germany is down three

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Speaker 1: tenths of a per cent. Can your treasury up one

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Speaker 1: thirty second deal three point five six percent? And they

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Speaker 1: yelled him a two year four point three six percent.

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Speaker 1: And that's a Bloomberg Business Flash. Now here's Michael bar

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

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Speaker 1: thank you very much. Eyes are on Georgia today for

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Speaker 1: its Senate runoff election. Georgia voters would choose whether to

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Speaker 1: elect Democratic senator Raphael Warnock or his Republican challenger football

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Speaker 1: legend Herschel Walker. Kirsty Ali, best known for TVs. Cheers,

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Speaker 1: has died at age seventy one. In the NBA, the

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Speaker 1: Celtics one, the Warriors lost. In the NHL, the Rangers won.

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Speaker 1: The Bruins lost in a shootout to the Golden Night,

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Speaker 1: the Capitol's one Monday Night football. The Bucks pulled on

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Speaker 1: the last second win over the st seventeen sixteen World

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Speaker 1: Cup action. It's the final day of the Round of sixteen.

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Speaker 1: Morocco play Spain, Portugal play Switzerland. Global News twenty four

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Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

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Speaker 1: by more than twenty journalists and analysts more than a

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Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg. Nathan

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Speaker 1: all right, Michael, thank you. At six twenty three on

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Speaker 1: Wall Street, I'm Nathan Hagar and this is Bloomberg Daybreak,

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Speaker 1: brought to you by See. I'm asset. Managers don't get

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Speaker 1: results that are off the charts when their solutions are

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Speaker 1: off the shelf. Learn how s e i is operating

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Speaker 1: platform can turn infrastructure into a competitive advantage. At se

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Speaker 1: I C dot Com slash back, and now we want

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Speaker 1: to bring you a conversation with economists and Yale Senior

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Speaker 1: fellow Stephen Roach. He spoke with Tom Keene and Jonathan

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Speaker 1: Ferry yesterday on Bloomberg Surveillance. They talked about the outlook

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Speaker 1: for inflation and tensions between the US and China. Do

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Speaker 1: we hearken back to the fears of the sixties and

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Speaker 1: the seventies and a wage price spiral, Well, the wage

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Speaker 1: price spiral back then, Tom was heavily impacted by cost

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Speaker 1: of living UH indexation clauses in I labor union contracts,

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Speaker 1: And two things have happened. Uh, labor unions are a

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Speaker 1: much smaller share of the workforce, and these coal adjustment

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Speaker 1: clauses are less prevalent than they were back then. And nevertheless,

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Speaker 1: you know, wages are labors and a very important segment

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Speaker 1: of overall business costs, and tight labor markets are certainly

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Speaker 1: boosting the compensation piece of that, and weak productivity is

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Speaker 1: reinforcing it. So it's it's important to stay focused on

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Speaker 1: this issue. Steven Roch to China, Sir Howard Davies, mentions

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Speaker 1: of your book that it is is is a way

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Speaker 1: to a new framework a new discussion of both parties.

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Speaker 1: We need goodwill among the United States and China. How

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Speaker 1: do we find that goodwill? Number One, we have to

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Speaker 1: recognize that the current approach that we've both been wedded

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Speaker 1: to over the past twenty years is an abysmal failure.

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Speaker 1: In the last five years, we've had the beginnings of

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Speaker 1: a trade war, tech war, and now the early stages

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Speaker 1: of a new Cold war, so an accidental conflict. I

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Speaker 1: propose a a new approach based on three key pillars.

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Speaker 1: One rebuilding trust by going after the low hanging fruits

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Speaker 1: of reopening consulates and restarting exchange programs to king pressure

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Speaker 1: off of NGO's. Secondly, abandoning the zero sum bilateral trade framework,

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Speaker 1: which makes no sense and has not worked at all,

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Speaker 1: embracing a market opening pro growth initiative framed around a

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Speaker 1: bilateral investment treaty, And thirdly, making an effort to establish

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Speaker 1: a new architecture for engagement. These summits like the one

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Speaker 1: that Hi Jimping and Joe Biden had November four, uh,

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Speaker 1: they're long on the photo ops, but they accomplished nothing.

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Speaker 1: I'm in favor of a new full time organization that

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Speaker 1: I call a u S China Secretariat, which is detailed

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Speaker 1: in the book. But after the Party Congress and what

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Speaker 1: we see from the leadership in Beijing, a leadership perhaps

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Speaker 1: forever is the idea, as you mentioned in one of

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Speaker 1: your chapters of China with American characteristics. There seems to

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Speaker 1: be zero desire for that out of Beijing. Well, China

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Speaker 1: wants to do it its way, and that's been an

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Speaker 1: affront to us. We had this rather naive presumption that

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Speaker 1: we let China into the w q O, they would

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Speaker 1: play by our rules and become more like us. They

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Speaker 1: had the facade of presenting UH that similar appearance, but

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Speaker 1: they've certainly gone their own way, and that that remains

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Speaker 1: a worrisome part of the ongoing conflict. And that was

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Speaker 1: Stephen Roach, the economist and Yale Senior fellow, speaking with

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Speaker 1: Tom Keene and Jonathan Farroll on Bloomberg Surveillance. You can

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Speaker 1: catch the full interview anytime on Bloomberg dot com and

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Speaker 1: on the Bloomberg terminal. Right now, SMP futures are moving

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Speaker 1: lower by two points, STOU futures down thirty six stance

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Speaker 1: deck futures just eking onto a gain of nearly five

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Speaker 1: points just ahead we'll get you this morning's top stories,

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Speaker 1: plus local headlines and a fuller check of markets. First,

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Speaker 1: let's check in with Rob Carolin for a look at

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Speaker 1: today's Bloomberg weather forecast. Cloud will be with us throughout

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Speaker 1: the morning. We have an area of low pressure headed

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Speaker 1: our way, and that's why the sharers will develop for

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Speaker 1: the afternoon. High temperatures today in near fifty five, steady

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Speaker 1: rain Tonight loose, falling back to fifty to fifty five.

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Speaker 1: Storm's gonna move by slowly. Tomorrow's the rain continues. We're

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Speaker 1: mild fifty five to sixty. Thursday looks partly to mostly cloudie.

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Speaker 1: There could be a few peaks of sun highs near fifty.

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Speaker 1: I'm Rob Caroline with your three day forecast on Bloomberg

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Speaker 1: eleven three oh broadcasting live from the Bloomberg Interactive Broker's

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Speaker 1: studio in New York. Bloomberg Living Free to Washington, d C,

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Speaker 1: Bloomberg one to Boston, Bloomberg one six one does San Francisco,

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Speaker 1: Bloomberg N sixty to the country, Sirius XM to the

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Speaker 1: one nineteen and around the globe the Bloomberg business in

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Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's on

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Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: We are nearly three hours away from the open of

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Speaker 1: US trading. Time for the five Things that you need

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00:25:04,200 --> 00:25:06,160
Speaker 1: to know to start your day. Brought to you by

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Speaker 1: Interactive Brokers. Interactive Brokers charges margin loan rates from four

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Speaker 1: Slash compare up First. Today's Georgia runoff election will decide

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00:25:20,480 --> 00:25:23,960
Speaker 1: the final Senate contest in the country and combat to Democrat.

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00:25:24,080 --> 00:25:27,240
Speaker 1: Rafael Warnock held a rally in Georgia last night. The

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00:25:27,320 --> 00:25:31,119
Speaker 1: differences between me and my opponent a two one for

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00:25:31,240 --> 00:25:35,240
Speaker 1: us to sleep. Rafael Warnox geop opponent herschel Walker is

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00:25:35,280 --> 00:25:38,800
Speaker 1: also rallying support in the runoffs final hours. It is

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00:25:38,880 --> 00:25:42,400
Speaker 1: time for us to stand up, but stand together, because

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00:25:42,480 --> 00:25:44,200
Speaker 1: what the left has tried to do in the gown

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00:25:44,280 --> 00:25:47,679
Speaker 1: run against have tried to separate us. Should Republican Georgia

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00:25:47,800 --> 00:25:51,439
Speaker 1: Senate candidate herschel Walker win, Democrats would control the Senate

447
00:25:51,440 --> 00:25:54,160
Speaker 1: with a fifty fifties split, well about one point nine

448
00:25:54,200 --> 00:25:58,159
Speaker 1: million Georgia voters cast ballots already, Karen and early voting

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00:25:58,240 --> 00:26:01,400
Speaker 1: and Republican Georgia Congressman By Carter says, it is important

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00:26:01,440 --> 00:26:05,399
Speaker 1: to keep that we'll have in the committee process, and

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00:26:05,440 --> 00:26:09,199
Speaker 1: that's extremely important. It also means instead of Chuck Schumer

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00:26:09,240 --> 00:26:13,040
Speaker 1: being in charge with at least we can count on

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00:26:13,119 --> 00:26:16,760
Speaker 1: Joe Mansion. Sometimes. Georgia Republican Congressman Buddy Carter made the

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Speaker 1: comments on Bloomberg Sound on. The show is live in

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00:26:19,359 --> 00:26:22,000
Speaker 1: Atlanta today. You can catch it at five pm ball

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00:26:22,000 --> 00:26:25,520
Speaker 1: Street Time. Oh another major political note here, Nathan white

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00:26:25,520 --> 00:26:28,520
Speaker 1: House Chief of Staff Ron Plain says President Biden is

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00:26:28,560 --> 00:26:31,160
Speaker 1: likely to announce he's running for a re election after

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00:26:31,160 --> 00:26:34,280
Speaker 1: the Christmas and New Year's holidays. Turning to markets now, Karen,

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00:26:34,320 --> 00:26:37,600
Speaker 1: futures are little change, with investors fearing more fed tightening

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00:26:37,640 --> 00:26:41,720
Speaker 1: after US services gauge unexpectedly rose yesterday. BNP Party Boy

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00:26:41,760 --> 00:26:44,720
Speaker 1: chief US economist Carl RICKA. Donna says he expects rates

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00:26:44,760 --> 00:26:47,640
Speaker 1: to rise into next year. We do think there's another

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00:26:47,640 --> 00:26:50,720
Speaker 1: fifty basis point tightening in December. We expect another fifty

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00:26:50,720 --> 00:26:54,080
Speaker 1: basis points in February and then BIPs at the March meeting.

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00:26:54,119 --> 00:26:56,840
Speaker 1: We're slowing but we're not slowing quite fast enough. BNP

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00:26:56,960 --> 00:26:59,760
Speaker 1: party boss called Rickadonna says last week's strong labor data

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00:26:59,800 --> 00:27:02,439
Speaker 1: all so put pressure on the FED. And despite the

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00:27:02,560 --> 00:27:05,879
Speaker 1: jobs and numbers, Nathan, we are seeing more corporate layoffs

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00:27:05,880 --> 00:27:09,399
Speaker 1: and Bloomberg Steve Rappaport joins US Live with more. Good morning, Steve,

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00:27:09,520 --> 00:27:12,800
Speaker 1: Good morning, Karen, and Nathan. PepsiCo is letting hundreds of

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00:27:12,800 --> 00:27:15,880
Speaker 1: workers go from its North American snack and beverage unit,

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00:27:16,080 --> 00:27:18,639
Speaker 1: The Wall Street Journal setting an internal memo reports the

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00:27:18,640 --> 00:27:21,560
Speaker 1: move is intended to simplify the organization and make it

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00:27:21,600 --> 00:27:24,800
Speaker 1: operate more efficiently. Pepsi announced in October it would cut

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00:27:24,840 --> 00:27:27,919
Speaker 1: costs after reporting a jumping quarterly sales and profit. The

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00:27:27,960 --> 00:27:31,600
Speaker 1: company says demand remains high despite passing higher costs on

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00:27:31,720 --> 00:27:35,280
Speaker 1: to customers. Live in New York. I'm Steve Rappaport, Bloomberg Daybreak.

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00:27:35,440 --> 00:27:37,199
Speaker 1: All right, Steve, thank you. That's the five things that

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00:27:37,280 --> 00:27:39,320
Speaker 1: you need to know to start your day. Brought to

481
00:27:39,359 --> 00:27:43,239
Speaker 1: you by Interactive Brokers Again. Futures this morning have been

482
00:27:43,280 --> 00:27:46,480
Speaker 1: struggling for a direction, with SNP and Dow futures both

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00:27:46,520 --> 00:27:49,919
Speaker 1: Little Change NASDACK futures higher up a tenth of a percent,

484
00:27:50,000 --> 00:27:53,000
Speaker 1: up about fifteen points, and ten year treasury up one

485
00:27:53,040 --> 00:27:55,840
Speaker 1: thirty second deal three point five six percent. Straight ahead,

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00:27:55,840 --> 00:27:58,480
Speaker 1: your latest local headlines, plus a check of sports, and

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00:27:58,680 --> 00:28:05,120
Speaker 1: this is Bloomberg. Thanks he six one on Wall Street.

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00:28:05,200 --> 00:28:06,879
Speaker 1: Let's bring in Michael bar to check what's going on

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00:28:06,960 --> 00:28:09,120
Speaker 1: in New York and around the world. Good morning Michael,

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00:28:09,240 --> 00:28:12,159
Speaker 1: Good morning Nathan. The NYPD says there has been a

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00:28:12,200 --> 00:28:15,520
Speaker 1: monthly decrease in crime, with the seven major crimes down

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00:28:16,040 --> 00:28:22,320
Speaker 1: one in November. Meanwhile, hate crimes surged by sevent last month,

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00:28:22,560 --> 00:28:25,600
Speaker 1: with anti Semitic hate crime soaring by a hundred twenty

494
00:28:25,600 --> 00:28:30,840
Speaker 1: five percent. Mayor Eric Adams, we have normalized hate and

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00:28:31,080 --> 00:28:33,680
Speaker 1: I continue to say what did the biggest spread of

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00:28:34,119 --> 00:28:38,760
Speaker 1: this hate is social media? What social media is doing

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00:28:38,960 --> 00:28:43,000
Speaker 1: to a normalize hate, to give a platform for hate

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00:28:43,160 --> 00:28:47,040
Speaker 1: to spread hate. Uh, it's just really alarm in. Mayor

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00:28:47,080 --> 00:28:50,480
Speaker 1: Adams says that's why he attended the conference on Anti

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00:28:50,560 --> 00:28:54,080
Speaker 1: Semitism in Athens last week. Mayor Adams also talked about

501
00:28:54,080 --> 00:28:57,480
Speaker 1: New Yorker is getting healthier. Adam says the forty four

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00:28:57,520 --> 00:29:02,520
Speaker 1: million dollar campaigned dub Lifestyle Listen involves diet, exercise, and

503
00:29:02,640 --> 00:29:06,960
Speaker 1: medical care in the hospital of plant based mills are

504
00:29:07,000 --> 00:29:12,280
Speaker 1: now the default for patient lunches and Dennis, don't anyone

505
00:29:12,400 --> 00:29:15,120
Speaker 1: kids you when they tell you that these chronic diseases

506
00:29:15,120 --> 00:29:17,520
Speaker 1: a part of your DNA. It's not. It's part of

507
00:29:17,520 --> 00:29:20,200
Speaker 1: your dinner. It's what you eat every day that has

508
00:29:20,240 --> 00:29:23,240
Speaker 1: caused in many of the chronic diseases we are experiences.

509
00:29:23,360 --> 00:29:25,880
Speaker 1: Mayor Adams says New York City will not continue to

510
00:29:25,960 --> 00:29:29,880
Speaker 1: feed the healthcare crisis. A serial slayer known as the

511
00:29:29,880 --> 00:29:34,040
Speaker 1: Torso Killer, already convicted of eleven homicides, admitted that he

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00:29:34,200 --> 00:29:36,840
Speaker 1: also killed five women on Long Island in the late

513
00:29:36,880 --> 00:29:40,320
Speaker 1: sixties and early seventies. Richard Conningham was sent in yesterday

514
00:29:40,360 --> 00:29:43,520
Speaker 1: to twenty five years to life in the nine murder

515
00:29:43,760 --> 00:29:46,840
Speaker 1: of twenty three year of Diane Cusick. Two times Emmy

516
00:29:46,880 --> 00:29:50,040
Speaker 1: winner Christie Ali, who starred in the nineteen eighties sitcom Cheers,

517
00:29:50,080 --> 00:29:52,800
Speaker 1: has died. And he died after a short battle with

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00:29:52,840 --> 00:29:55,600
Speaker 1: cancer at age seventy one. Global News twenty four hours

519
00:29:55,600 --> 00:29:57,320
Speaker 1: a day on the air end on Bloomberg quick Take,

520
00:29:57,360 --> 00:29:59,960
Speaker 1: powered by more than journalists and anialists more than a

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00:30:00,000 --> 00:30:03,280
Speaker 1: for twenty countries. Michael Barr This is Bloomberg, Nathan. Thank you, Michael.

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00:30:07,880 --> 00:30:09,880
Speaker 1: Six thirty three on Wall Street. Time for the Bloomberg

523
00:30:09,920 --> 00:30:11,800
Speaker 1: Sports Update, brought to you by tri State out Here.

524
00:30:11,840 --> 00:30:14,280
Speaker 1: Here's John stash Out. All right, Nathan. Three days after

525
00:30:14,400 --> 00:30:17,200
Speaker 1: Jacob de Graham's departure to Texas, the Mets filled his

526
00:30:17,280 --> 00:30:19,920
Speaker 1: spot of the rotation with a future first ballot Hall

527
00:30:19,960 --> 00:30:22,840
Speaker 1: of Famer Justin Verlander. He'll be forty years old when

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00:30:22,880 --> 00:30:24,760
Speaker 1: the season begins, but he just had one of his

529
00:30:24,800 --> 00:30:27,120
Speaker 1: best seasons, winning the Cy Young with Houston. He's gonna

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00:30:27,160 --> 00:30:30,560
Speaker 1: make forty three million dollars next two seasons, just like

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Speaker 1: his now Mets teammate Max Scherzer. They also used to

532
00:30:33,560 --> 00:30:36,040
Speaker 1: be teammates in Detroit. Trade Turners signed with the Phillies.

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00:30:36,360 --> 00:30:39,000
Speaker 1: That's an eleven year contract for three hundred million. He'll

534
00:30:39,000 --> 00:30:41,360
Speaker 1: be a teammate of Bryce Harper as they used to

535
00:30:41,400 --> 00:30:43,880
Speaker 1: be in Washington. Are resigning by the Yankees. It's not

536
00:30:43,920 --> 00:30:48,520
Speaker 1: Aaron Judge, it's Brian Cashman, the general manager since and

537
00:30:48,520 --> 00:30:52,160
Speaker 1: now signed through seven. Cashman, at the winter meetings in

538
00:30:52,200 --> 00:30:55,280
Speaker 1: San Diego, said the Yanks will not rush Judge into

539
00:30:55,320 --> 00:30:57,480
Speaker 1: making his decision. Much he had went for the Rangers.

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00:30:57,520 --> 00:30:59,440
Speaker 1: They had lost their last two five the last six

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Speaker 1: Trade held the Blues heading to the third period that

542
00:31:02,040 --> 00:31:04,880
Speaker 1: Rangers pulled out a six four victory. Monday Football, Tom

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00:31:04,880 --> 00:31:08,280
Speaker 1: Brady Rally Tampa Bay Pass, New Orleans seventeen sixteen. The

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00:31:08,320 --> 00:31:11,320
Speaker 1: Bucks trailed by thirteen or three minutes left, Brady through

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00:31:11,360 --> 00:31:14,000
Speaker 1: the game winning TV pass where three seconds left, and

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00:31:14,000 --> 00:31:17,520
Speaker 1: he now has the most fourth quarter comebacks in NFL history,

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00:31:17,560 --> 00:31:21,440
Speaker 1: passing Peyton Manny. The Giants game week from Sunday in Washington,

548
00:31:21,520 --> 00:31:24,920
Speaker 1: the rematch of Sunday's time move to prime time. Giants

549
00:31:24,960 --> 00:31:27,800
Speaker 1: and Jets, both currently clinging to wild card playoff hopes,

550
00:31:27,880 --> 00:31:30,400
Speaker 1: are both with very tough games. Sunday, the Giants host

551
00:31:30,440 --> 00:31:33,640
Speaker 1: eleven and one Philadelphia. The Jets visit Buffalo, will try

552
00:31:33,680 --> 00:31:36,120
Speaker 1: to beat the Bills for a second time. John stashanber

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00:31:36,160 --> 00:31:38,920
Speaker 1: Bloomberg Sports. Nathan all Right, John, thank you. Bloomberg Sports

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Speaker 1: for more information. SFP futures up two points, down futures

559
00:31:53,880 --> 00:31:57,920
Speaker 1: down one, and NASDAC futures are higher by twenty one points.

560
00:31:58,000 --> 00:32:01,800
Speaker 1: That's a game of two tenths per cent. Six thirty

561
00:32:01,880 --> 00:32:04,200
Speaker 1: five on Wall Street. Bloomberg Radio is on the air

562
00:32:04,200 --> 00:32:07,120
Speaker 1: from San Francisco to New York, London to Hong Kong.

563
00:32:07,520 --> 00:32:09,560
Speaker 1: Let's check in with our global news team for some

564
00:32:09,640 --> 00:32:12,200
Speaker 1: of the top stories heard on our three hundred affiliate

565
00:32:12,280 --> 00:32:18,480
Speaker 1: radio stations around the world. I'm Jeff Bullinger and on

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Speaker 1: w l W in Cincinnati. I'll be talking about yesterday's

567
00:32:22,200 --> 00:32:25,480
Speaker 1: big drop in the price of Proger shares. I'm Steve

568
00:32:25,560 --> 00:32:28,600
Speaker 1: Kodaskanka and X in Los Angeles. We're talking about an

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00:32:28,720 --> 00:32:31,600
Speaker 1: l A lawyer filing a lawsuit against Twitter on behalf

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00:32:31,600 --> 00:32:34,840
Speaker 1: of fired employers who say the company hasn't followed through

571
00:32:34,920 --> 00:32:38,080
Speaker 1: on several spaings. I'm Stephen Karen on Bloomberg d AB

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00:32:38,240 --> 00:32:40,560
Speaker 1: Radio and London. We've been reporting on the British Prime

573
00:32:40,600 --> 00:32:44,000
Speaker 1: Minister backing down on a monetary house building targetph for

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00:32:44,080 --> 00:32:47,640
Speaker 1: rebellion from his back bench and page Time. Gina Servettian

575
00:32:47,760 --> 00:32:50,680
Speaker 1: for w c CEO in Minneapolis. I'm talking about a

576
00:32:50,720 --> 00:32:54,960
Speaker 1: failed Sanitizer venture, entangling some members of the family behind

577
00:32:55,000 --> 00:32:58,760
Speaker 1: the Mall of America and New Jersey's American Dream Mega Malls.

578
00:32:58,760 --> 00:33:02,000
Speaker 1: I'm it Corey on w J in Detroit. I'm reporting

579
00:33:02,080 --> 00:33:06,480
Speaker 1: Bisers expanding its manufacturing capabilities in Michigan. And those are

580
00:33:06,480 --> 00:33:09,720
Speaker 1: some of the stories our hundred Bloomberg journalists and analysts

581
00:33:09,720 --> 00:33:13,520
Speaker 1: are working on this morning. Around the world. It's sixty

582
00:33:13,560 --> 00:33:16,640
Speaker 1: six on Wall Street. The following is an editorial from

583
00:33:16,720 --> 00:33:21,160
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.

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00:33:21,640 --> 00:33:23,960
Speaker 1: Speaking ahead of his meeting with Joe Biden last week,

585
00:33:24,320 --> 00:33:27,760
Speaker 1: French President Emmanuel Macron warned that U S trade policy

586
00:33:27,800 --> 00:33:30,840
Speaker 1: could fragment the West. That might sound alarmous, but he

587
00:33:30,920 --> 00:33:34,600
Speaker 1: was right. While Biden's programs to subsidize clean energy investment

588
00:33:34,600 --> 00:33:37,640
Speaker 1: in high tech manufacturing have much to recommend them, their

589
00:33:37,640 --> 00:33:41,480
Speaker 1: protectionist elements put foreign producers at a big disadvantage, threatening

590
00:33:41,520 --> 00:33:46,080
Speaker 1: international economic cooperation. During his meeting with Macron, Biden conceded

591
00:33:46,120 --> 00:33:49,160
Speaker 1: that the Inflation Reduction Act, with its by American emphasis,

592
00:33:49,280 --> 00:33:51,960
Speaker 1: may need tweaks. It would be better for Biden to

593
00:33:52,040 --> 00:33:55,680
Speaker 1: rethink his basic approach the US, Europe and the world

594
00:33:55,720 --> 00:33:58,160
Speaker 1: as a whole would be better off if liberal trade

595
00:33:58,200 --> 00:34:01,280
Speaker 1: were simply allowed to do its job. This editorial was

596
00:34:01,320 --> 00:34:04,840
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,

597
00:34:04,920 --> 00:34:07,480
Speaker 1: please go to Bloomberg dot com, slash Opinion or O

598
00:34:07,640 --> 00:34:10,319
Speaker 1: P I n go on the Bloomberg Terminal. This has

599
00:34:10,360 --> 00:34:14,280
Speaker 1: been Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday

600
00:34:14,320 --> 00:34:17,480
Speaker 1: at this time in terminal. Customers can read more at

601
00:34:17,520 --> 00:34:20,720
Speaker 1: O P I n go. Tune in later this morning

602
00:34:20,920 --> 00:34:24,360
Speaker 1: on Bloomberg Radio. We are live today at the Goldman

603
00:34:24,440 --> 00:34:27,960
Speaker 1: Sachs Financial Services Conference, and we have an exclusive interview

604
00:34:28,000 --> 00:34:31,840
Speaker 1: lined up with the CEO Goldman Sachs chief, David Solomon.

605
00:34:31,840 --> 00:34:34,239
Speaker 1: He's going to join us around eight am Wall Street time.

606
00:34:34,280 --> 00:34:37,480
Speaker 1: You can catch that conversation on Bloomberg Radio and watch

607
00:34:37,520 --> 00:34:41,520
Speaker 1: it on Bloomberg Television six thirty eight now on Wall Street.

608
00:34:41,560 --> 00:34:44,160
Speaker 1: Up next, on Bloomberg Daybreak, we're gonna take you live

609
00:34:44,200 --> 00:34:49,240
Speaker 1: to Georgia, where it is election day again. Bloomberg's Joe

610
00:34:49,280 --> 00:34:53,480
Speaker 1: Matthew joins us from Atlanta on this Senate runoff day

611
00:34:53,520 --> 00:34:57,680
Speaker 1: between Democratic income at Raphael Warnock and Republican Herschel Walker.

612
00:34:57,800 --> 00:35:08,280
Speaker 1: This is Bloomberg m Markets, headlines and breaking news twenty

613
00:35:08,280 --> 00:35:11,160
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg

614
00:35:11,160 --> 00:35:15,240
Speaker 1: Business at and at Bloomberg Quicktape. She's a Bloomberg Business

615
00:35:15,239 --> 00:35:23,560
Speaker 1: Flash and I'm Karen Moscow. This update brought to you

616
00:35:23,600 --> 00:35:26,719
Speaker 1: by the Jewish Communal Fund. For fifty years, JCFS donor

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Speaker 1: advised funds have been helping families create charitable legacies. Start

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Speaker 1: Visit j c F n Y dot org. Futures this

620
00:35:37,080 --> 00:35:39,600
Speaker 1: morning are a little change. We are seeing a little

621
00:35:39,600 --> 00:35:41,959
Speaker 1: strength from NASDAG futures. Let we get to the first word,

622
00:35:42,000 --> 00:35:45,439
Speaker 1: breaking news desk for today's morning call. Here's Bill Maloney. Bill,

623
00:35:45,440 --> 00:35:49,080
Speaker 1: good morning, Hey, good morning, Karen. That's right. US futures

624
00:35:49,120 --> 00:35:52,000
Speaker 1: are quiet at yesterday sell off without futures down at

625
00:35:52,000 --> 00:35:56,280
Speaker 1: fourteen points. Smps are unchanged, Nasty futures are higher by eighteen.

626
00:35:56,719 --> 00:35:59,680
Speaker 1: The US A ten yeld at three point five seven percent.

627
00:35:59,760 --> 00:36:01,880
Speaker 1: Gold this up six. Oil is in the red and

628
00:36:01,920 --> 00:36:05,759
Speaker 1: bitcoin is trading a little changed. Taiwan fell one point

629
00:36:05,840 --> 00:36:08,400
Speaker 1: seven percent overnight, while up markets are also trading in

630
00:36:08,440 --> 00:36:10,400
Speaker 1: the red this morning and back in the US on

631
00:36:10,440 --> 00:36:14,200
Speaker 1: the economic front, Betty thirty Trade Balance after the Bellas night,

632
00:36:14,200 --> 00:36:17,200
Speaker 1: the U S Army shows Bell Textron over lockeed Martin

633
00:36:17,239 --> 00:36:20,640
Speaker 1: for the next generation helicopter, and another news Reuter's report

634
00:36:20,640 --> 00:36:24,400
Speaker 1: that Goldman Sachs plans to invest in crypto companies exploding

635
00:36:24,560 --> 00:36:28,520
Speaker 1: lower valuations after the f t X collapse, rapping things up.

636
00:36:28,560 --> 00:36:31,160
Speaker 1: Jape and Morgan was double upgraded State Street, and Banker

637
00:36:31,160 --> 00:36:34,320
Speaker 1: New York. Mellon downgraded at Morgan Stanley, Boston Beer was

638
00:36:34,360 --> 00:36:37,160
Speaker 1: cut to sell at Deutsche Bank, and ge was raised

639
00:36:37,160 --> 00:36:40,919
Speaker 1: to outperform over at Oppenheimer. Live from the First Breaking

640
00:36:40,960 --> 00:36:43,960
Speaker 1: News desktom Bill Malody care all right, Bill, thanks sending

641
00:36:44,000 --> 00:36:46,480
Speaker 1: her live breaking news of her Bloomberg type squawk on

642
00:36:46,480 --> 00:36:48,800
Speaker 1: your terminal squ A w U K and that's a

643
00:36:48,840 --> 00:36:51,440
Speaker 1: Bloomberg business flash. Now here's Michael Barr with Moore on

644
00:36:51,560 --> 00:36:53,840
Speaker 1: what's going on around the world. Michael Caarin, thank you

645
00:36:53,960 --> 00:36:56,880
Speaker 1: very much. Today is the Senate runoff election in Georgia

646
00:36:56,960 --> 00:37:01,160
Speaker 1: between Democratic incumbent Raphael Warnock and re public and Herschel Walker.

647
00:37:01,560 --> 00:37:05,480
Speaker 1: Last month, Walker got just enough votes to deny Warnock

648
00:37:06,600 --> 00:37:10,160
Speaker 1: needed to win outright. Russian missiles have rained down on Ukraine.

649
00:37:10,160 --> 00:37:14,560
Speaker 1: The strikes came after two explosions at military facilities inside Russia.

650
00:37:15,000 --> 00:37:18,400
Speaker 1: NFL the Bucks beat the st seventeen sixteen NBA, the

651
00:37:18,440 --> 00:37:22,839
Speaker 1: Celtics won, the Warriors lost. NHL, the Rangers and Capitals one.

652
00:37:23,040 --> 00:37:25,839
Speaker 1: The Bruins lost in the shootout. At the World Cup.

653
00:37:25,920 --> 00:37:27,920
Speaker 1: It is the final day of the Round of sixteen.

654
00:37:28,160 --> 00:37:32,879
Speaker 1: Morocco play Spain, Portugal play Switzerland. Global News twenty four

655
00:37:32,880 --> 00:37:35,080
Speaker 1: hours a day on air, end on Bloomberg Quick Take

656
00:37:35,080 --> 00:37:38,080
Speaker 1: power by more than twenty seven under journalist and analysts

657
00:37:38,080 --> 00:37:40,440
Speaker 1: more than a D twenty countries. Michael Bar this is

658
00:37:40,440 --> 00:37:42,960
Speaker 1: Bloomberg Care. All right, Michael bar thank you. It is

659
00:37:43,000 --> 00:37:45,840
Speaker 1: sixty two on Wall Street. Returned to news and science

660
00:37:45,840 --> 00:37:48,279
Speaker 1: and technology now with the Bloomberg and j I T

661
00:37:48,520 --> 00:37:51,120
Speaker 1: STEM Report. It is brought to you buy New Jersey

662
00:37:51,160 --> 00:37:54,600
Speaker 1: Institute of Technology and j I T offers New Jersey's

663
00:37:54,600 --> 00:37:58,640
Speaker 1: first undergraduate degree in fintech tech driven the finance focused

664
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Speaker 1: what will you make it? N j I T. Learn

665
00:38:00,880 --> 00:38:02,680
Speaker 1: more at n j I T dot E d U

666
00:38:02,840 --> 00:38:06,719
Speaker 1: slash Fintech and here's just making news and science, technology, engineering,

667
00:38:06,719 --> 00:38:09,200
Speaker 1: and math. Bloomberg News has learned the U S and

668
00:38:09,200 --> 00:38:12,560
Speaker 1: the European Union are considering new tariffs on Chinese steel

669
00:38:12,920 --> 00:38:15,360
Speaker 1: and aluminum. It would be part of a bid to

670
00:38:15,520 --> 00:38:19,600
Speaker 1: fight carbon emissions and global overcapacity. As a novel approach,

671
00:38:19,680 --> 00:38:21,880
Speaker 1: the U S and the EU would use tariffs usually

672
00:38:21,920 --> 00:38:26,399
Speaker 1: employed to trade disputes to advance their climate agenda. The

673
00:38:26,520 --> 00:38:29,680
Speaker 1: US Federal Trade Commission is investigating several crypto firms of

674
00:38:29,680 --> 00:38:33,400
Speaker 1: our allegations their advertisements were deceptive or misleading. The agency

675
00:38:33,400 --> 00:38:36,560
Speaker 1: and forces laws that require truth in advertising. They include

676
00:38:36,640 --> 00:38:39,359
Speaker 1: rules that individuals disclose when they have been paid for

677
00:38:39,480 --> 00:38:43,480
Speaker 1: endorsements or reviews, and the FTC is not releasing any details.

678
00:38:43,920 --> 00:38:47,400
Speaker 1: And Apple will begin letting customers and eight European countries

679
00:38:47,400 --> 00:38:50,520
Speaker 1: repair their own devices, expanding a program that rolled out

680
00:38:50,520 --> 00:38:53,560
Speaker 1: of the US earlier this year. The offering, known as

681
00:38:53,600 --> 00:38:58,840
Speaker 1: self Service Repair, will now allow users in France, Belgium, Germany, Poland, Spain,

682
00:38:59,000 --> 00:39:02,360
Speaker 1: the UK, Italy and Sweden to buy parts online for

683
00:39:02,400 --> 00:39:06,880
Speaker 1: the iPhone, se iPhone twelve, iPhone thirteen and certain laptops

684
00:39:06,880 --> 00:39:10,080
Speaker 1: so they can conduct their own repairs. I know a

685
00:39:10,120 --> 00:39:12,360
Speaker 1: few husbands who love that idea, and that's a bloomberg

686
00:39:12,400 --> 00:39:15,440
Speaker 1: Hencha I t stem rapport is that. Oh gosh, I

687
00:39:15,760 --> 00:39:18,120
Speaker 1: can't imagine who you could be talking about. All right,

688
00:39:18,160 --> 00:39:20,640
Speaker 1: my husband loves doing that kind of stuff. All right,

689
00:39:20,680 --> 00:39:23,200
Speaker 1: Thank you, Jarrett at sixty four on Wall Street. Now

690
00:39:23,239 --> 00:39:26,160
Speaker 1: it's time to check what's going on in d c if.

691
00:39:26,200 --> 00:39:28,520
Speaker 1: Some of the top stories in our nation's capital include

692
00:39:28,560 --> 00:39:31,920
Speaker 1: the White House sing inflation moderating President Biden likely to

693
00:39:31,960 --> 00:39:35,960
Speaker 1: make his announcement after the holidays, and the US upgrading

694
00:39:36,080 --> 00:39:39,759
Speaker 1: Taiwan weapons package with newer Patriot missiles. You can read

695
00:39:39,760 --> 00:39:42,440
Speaker 1: more about those stories at Bloomberg dot com or on

696
00:39:42,480 --> 00:39:45,120
Speaker 1: the Bloomberg terminal. But the top political story this morning,

697
00:39:45,120 --> 00:39:49,120
Speaker 1: it is decision day in Georgia between Raphael Warnock and

698
00:39:49,200 --> 00:39:52,719
Speaker 1: Herschel Walker in the Senate runoff. We're joined live this

699
00:39:52,800 --> 00:39:57,200
Speaker 1: morning from Atlanta. Bloomberg Washington correspondent and host of Sound On,

700
00:39:57,960 --> 00:40:01,400
Speaker 1: Joe Matthew, Joe, good morning, Good morning. Of phrases are

701
00:40:01,440 --> 00:40:04,040
Speaker 1: turning into a thing in Georgia. Yeah, they really like

702
00:40:04,120 --> 00:40:06,239
Speaker 1: to do that. And by the way, this will not

703
00:40:06,360 --> 00:40:09,600
Speaker 1: lead to another runoff no matter what happens, but it

704
00:40:09,600 --> 00:40:12,600
Speaker 1: could lead to a recount, So think about that right now.

705
00:40:12,640 --> 00:40:15,759
Speaker 1: This is the fifth time that Raphael Warnock has run

706
00:40:15,840 --> 00:40:18,279
Speaker 1: for this seat. Well, I'm not sure if he's going

707
00:40:18,320 --> 00:40:19,959
Speaker 1: to win it, but if this is within a half

708
00:40:19,960 --> 00:40:23,280
Speaker 1: percentage point, as it may, well then it triggers a recount.

709
00:40:23,360 --> 00:40:25,400
Speaker 1: So Georgia might have to wait a minute. And it's

710
00:40:25,440 --> 00:40:27,040
Speaker 1: all gonna come down to turn out today. And I'm

711
00:40:27,040 --> 00:40:30,719
Speaker 1: gonna tell you, Nathan, it's it's just been pouring, it's foggy,

712
00:40:30,880 --> 00:40:33,520
Speaker 1: it's raw out. It's not a good day to get

713
00:40:33,560 --> 00:40:36,520
Speaker 1: people to stand outside and line up to go to

714
00:40:36,560 --> 00:40:39,000
Speaker 1: the polls, which is going to be a real challenge

715
00:40:39,000 --> 00:40:41,919
Speaker 1: for Herschel Walker seeing record early voting in this race

716
00:40:41,960 --> 00:40:45,200
Speaker 1: that is likely to favor Raphael Warnock, the Walker campaign

717
00:40:45,239 --> 00:40:47,440
Speaker 1: is doing everything it can to get people out on

718
00:40:47,480 --> 00:40:51,319
Speaker 1: election day itself. Well, that is a really interesting point, Joe,

719
00:40:51,360 --> 00:40:53,640
Speaker 1: because a lot of the reports we've been hearing about

720
00:40:53,640 --> 00:40:55,960
Speaker 1: how the early vote has gone for people who have

721
00:40:56,120 --> 00:40:59,360
Speaker 1: shown up at those early polling places, they've been facing

722
00:40:59,400 --> 00:41:02,440
Speaker 1: long line as well. That's true a lot of this.

723
00:41:02,480 --> 00:41:04,759
Speaker 1: You know, when we say early voting, this includes in

724
00:41:04,880 --> 00:41:08,480
Speaker 1: person early voting, and we saw nearly two million people

725
00:41:08,840 --> 00:41:11,400
Speaker 1: get out early and ahead following the advice of the

726
00:41:11,440 --> 00:41:15,399
Speaker 1: Walnut campaign. Obviously, the whole idea. The concept of early

727
00:41:15,480 --> 00:41:17,279
Speaker 1: voting is something that Republicans have been a little bit

728
00:41:17,280 --> 00:41:19,760
Speaker 1: slow to come around on, but have been embracing it lately.

729
00:41:20,320 --> 00:41:23,560
Speaker 1: And with Brian Kemp now backing herschel Walker the governor

730
00:41:23,600 --> 00:41:25,160
Speaker 1: here in the state, that's the one thing that's a

731
00:41:25,160 --> 00:41:28,479
Speaker 1: little bit different than what we saw in the general election.

732
00:41:28,520 --> 00:41:30,680
Speaker 1: Would be a little bit difficult to quantify because there,

733
00:41:30,760 --> 00:41:33,680
Speaker 1: you know, he didn't have herschel Walker, didn't have coattails

734
00:41:33,719 --> 00:41:36,880
Speaker 1: in this runoff election the way he may have uh

735
00:41:37,120 --> 00:41:40,120
Speaker 1: in in the first round. But also Brian Kemp has

736
00:41:40,160 --> 00:41:43,319
Speaker 1: put his machinery and his money behind herschel Walker this time,

737
00:41:43,320 --> 00:41:45,120
Speaker 1: which he did not do the first time around. So

738
00:41:45,440 --> 00:41:48,799
Speaker 1: it's not exactly the same race, and it's being conducted

739
00:41:48,800 --> 00:41:51,239
Speaker 1: in a vacuum, which really changes a lot of the

740
00:41:51,280 --> 00:41:54,120
Speaker 1: contours of the election. Interesting point as well, because we

741
00:41:54,160 --> 00:41:56,879
Speaker 1: saw some of the last ads in this race where

742
00:41:57,040 --> 00:42:00,879
Speaker 1: featuring Brian Kemp with that endorsement of herschel Walker. We've

743
00:42:00,880 --> 00:42:03,640
Speaker 1: also got a Trump factor to consider as well, don't we,

744
00:42:03,719 --> 00:42:06,279
Speaker 1: Because I've been hearing that the former president held a

745
00:42:06,320 --> 00:42:08,920
Speaker 1: tell A rally for herschel Walker last night. Do you

746
00:42:08,960 --> 00:42:12,239
Speaker 1: see that having any impact. It's it's hard to say.

747
00:42:12,280 --> 00:42:14,359
Speaker 1: Look again, it's about getting people to turn out. If

748
00:42:14,360 --> 00:42:16,279
Speaker 1: Donald Trump's holding a tell A rally, which he did

749
00:42:16,320 --> 00:42:17,719
Speaker 1: last night, he did this for Glenn Young in the

750
00:42:17,800 --> 00:42:20,399
Speaker 1: night before the election in Virginia as well, gives him

751
00:42:20,400 --> 00:42:23,120
Speaker 1: a chance to take credit for a win. But you know,

752
00:42:23,440 --> 00:42:25,360
Speaker 1: it's not like people are lining up out of the

753
00:42:25,400 --> 00:42:27,320
Speaker 1: blue to go to this tell A rally. Those those

754
00:42:27,360 --> 00:42:31,279
Speaker 1: are very carefully curated lists of supporters, Trump supporters in

755
00:42:31,320 --> 00:42:34,280
Speaker 1: this particular case. So he's singing to the choir. Whether

756
00:42:34,320 --> 00:42:37,600
Speaker 1: that gets UH these particular voters to bring their friends

757
00:42:37,719 --> 00:42:39,719
Speaker 1: or family or motivate others to get to the polls

758
00:42:39,760 --> 00:42:43,000
Speaker 1: as the question. And we've also seen just how important

759
00:42:43,160 --> 00:42:47,480
Speaker 1: Democrats see this race as being. Given all the spending

760
00:42:47,840 --> 00:42:50,759
Speaker 1: they've put behind the Raphael Warnock campaign, there's something like

761
00:42:50,800 --> 00:42:53,680
Speaker 1: more than two to one advantage in terms of the

762
00:42:53,760 --> 00:42:56,400
Speaker 1: spending output by Democrats in this race. That's true. I

763
00:42:56,440 --> 00:42:59,120
Speaker 1: think we even three to one uh might might be

764
00:42:59,200 --> 00:43:02,840
Speaker 1: the statistic year. And you know, look, we've seen Raphael Warnock,

765
00:43:02,880 --> 00:43:05,160
Speaker 1: and of course he's an incumbent, He's done this a

766
00:43:05,200 --> 00:43:08,160
Speaker 1: lot of times. This is herschel Walker's first outing, but

767
00:43:08,280 --> 00:43:12,759
Speaker 1: he's been doing Warnock multiple events a day, multiple media interviews.

768
00:43:13,360 --> 00:43:16,280
Speaker 1: Last night, we were at a brewery with Senator Warnock.

769
00:43:16,360 --> 00:43:19,239
Speaker 1: That was the way he closed the final message of

770
00:43:19,280 --> 00:43:23,239
Speaker 1: his campaign with rapper Jeezy herschel Walker. Meantime was was

771
00:43:23,280 --> 00:43:25,480
Speaker 1: going to went to a gun store and took his

772
00:43:25,520 --> 00:43:28,640
Speaker 1: bus up around the northern reaches of the state, in

773
00:43:28,719 --> 00:43:31,399
Speaker 1: rural areas where he's trying to pick off voters. Those

774
00:43:31,440 --> 00:43:35,200
Speaker 1: two hundred thousand voters who voted for Brian Kemp the

775
00:43:35,239 --> 00:43:37,759
Speaker 1: first time around it last month but did not vote

776
00:43:37,760 --> 00:43:40,719
Speaker 1: for herschel Walker. That ticket splitting is a big deal.

777
00:43:40,920 --> 00:43:43,839
Speaker 1: Herschel Walker needs to bring them in if he's going

778
00:43:43,880 --> 00:43:46,920
Speaker 1: to win. Raphael Warnock needs to keep them home if

779
00:43:46,960 --> 00:43:49,319
Speaker 1: he wants to keep his job the same. Obviously, you're

780
00:43:49,360 --> 00:43:52,520
Speaker 1: in Atlanta. You're gonna be covering this all day into tomorrow,

781
00:43:52,520 --> 00:43:56,480
Speaker 1: hosting a special edition of Sound On from Georgia's Capital.

782
00:43:56,520 --> 00:43:58,120
Speaker 1: What are you gonna be looking for? Are you gonna

783
00:43:58,160 --> 00:44:00,400
Speaker 1: be talking to his part of your coverage? You know, Actually,

784
00:44:00,440 --> 00:44:03,000
Speaker 1: we're we're looking forward to a conversation with the Secretary

785
00:44:03,040 --> 00:44:06,520
Speaker 1: of State Brad Rathfinsburger, who is of course uh, pretty

786
00:44:06,520 --> 00:44:09,400
Speaker 1: well known resident. Yeah, that's right, based on the perfect

787
00:44:09,440 --> 00:44:11,120
Speaker 1: phone call or one of those perfect phone calls. But

788
00:44:11,160 --> 00:44:13,280
Speaker 1: he's got a big job today and he's no stranger

789
00:44:13,320 --> 00:44:14,960
Speaker 1: to these runofs. He did it two years ago, was

790
00:44:15,000 --> 00:44:16,840
Speaker 1: doing it again today. He'll be with us live on

791
00:44:16,840 --> 00:44:20,080
Speaker 1: Bloomberg at five pm and looking forward to that for sure.

792
00:44:20,200 --> 00:44:22,440
Speaker 1: Joe Matthew, host of Sound on which, as he mentioned,

793
00:44:22,440 --> 00:44:26,120
Speaker 1: you can hear every afternoon at five pm Wall Street

794
00:44:26,120 --> 00:44:29,719
Speaker 1: Time across Bloomberg Radio. And again get much more on

795
00:44:29,760 --> 00:44:32,640
Speaker 1: all the political stories happening in and around the nation's

796
00:44:32,680 --> 00:44:35,840
Speaker 1: capital by going over to Bloomberg dot com or checking

797
00:44:35,840 --> 00:44:38,680
Speaker 1: them out on the Bloomberg Terminal. Looking ahead to the

798
00:44:38,719 --> 00:44:42,760
Speaker 1: market open this morning, futures are looking for some direction today.

799
00:44:42,800 --> 00:44:45,640
Speaker 1: We've got SMP futures little change to the upside. DAL

800
00:44:45,760 --> 00:44:49,720
Speaker 1: futures down nineteen points now, NASDAC future is holding onto

801
00:44:49,719 --> 00:44:52,279
Speaker 1: a gain of sixteen points. That's a gain of about

802
00:44:52,280 --> 00:44:56,080
Speaker 1: a ten percent. Tenure Treasury is up three thirty seconds,

803
00:44:56,200 --> 00:45:02,520
Speaker 1: the yield three point five six percent. This is Bloomberg Markets,

804
00:45:02,640 --> 00:45:05,719
Speaker 1: headlines and breaking news twenty four hours a day at

805
00:45:05,719 --> 00:45:09,680
Speaker 1: Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg quick tape,

806
00:45:10,239 --> 00:45:19,200
Speaker 1: She's a Bloomberg business lash and I'm Karen Moscow. And

807
00:45:19,440 --> 00:45:22,719
Speaker 1: markets are struggling for direction this morning. At least futures

808
00:45:22,760 --> 00:45:25,200
Speaker 1: are as traders way the prospects for a slowed down

809
00:45:25,200 --> 00:45:27,160
Speaker 1: in the pace of US rate hikes against data that

810
00:45:27,280 --> 00:45:30,239
Speaker 1: showing tighter policy maybe needed for longer. We checked the

811
00:45:30,239 --> 00:45:33,360
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.

812
00:45:33,440 --> 00:45:35,440
Speaker 1: Right now, US in P futures or main little change,

813
00:45:35,480 --> 00:45:38,520
Speaker 1: so did Dow futures on Mastack futures are higher, up

814
00:45:38,520 --> 00:45:41,200
Speaker 1: a tenth of upper cent or seventeen points. The decks

815
00:45:41,239 --> 00:45:43,920
Speaker 1: in Germany is down three tenths of upper cent ten.

816
00:45:44,000 --> 00:45:46,279
Speaker 1: Your treasury of three third day seconds, you're three point

817
00:45:46,280 --> 00:45:48,319
Speaker 1: five six percent, and they yield on the two year

818
00:45:48,400 --> 00:45:51,440
Speaker 1: four point three six percent. Not max screwed. Oil is

819
00:45:51,520 --> 00:45:53,520
Speaker 1: down one and a half percent out of dollar twelve,

820
00:45:53,520 --> 00:45:56,839
Speaker 1: but seventy one cents of barrel comex called up half

821
00:45:56,840 --> 00:45:59,720
Speaker 1: percent or nine dollars thirty cents at seventeen ninety sixty.

822
00:45:59,719 --> 00:46:02,239
Speaker 1: At our it's the euro one point oh five one

823
00:46:02,400 --> 00:46:04,719
Speaker 1: five against the dollar. British found one point two two

824
00:46:04,760 --> 00:46:07,239
Speaker 1: one seven and again is a one thirty six point

825
00:46:07,280 --> 00:46:10,680
Speaker 1: three one looking at bitcoin this morning, it's little changed.

826
00:46:10,760 --> 00:46:13,680
Speaker 1: It's just under seventeen thousand dollars. And that's a Bloomberg

827
00:46:13,719 --> 00:46:16,400
Speaker 1: business flash, Nathan. All right, Karen, thank you to six

828
00:46:16,440 --> 00:46:19,560
Speaker 1: fifty six on Wall Street. And this is Bloomberg day Break,

829
00:46:19,560 --> 00:46:21,920
Speaker 1: brought to you by ancient accountants and advisors, the right

830
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Speaker 1: fit tax and accounting firm that you need to succeed.

831
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Speaker 1: Visit them at Ancient dot Com slash v i P

832
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Speaker 1: to learn more. That's ancient dot Com slash v i P.

833
00:46:30,680 --> 00:46:33,320
Speaker 1: And speaking of v i P s, Bloomber Kayley lines

834
00:46:33,400 --> 00:46:35,040
Speaker 1: with a look at some of the pre market movers

835
00:46:35,160 --> 00:46:38,480
Speaker 1: this morning. Morning, Kayley, good morning, Nathan, such a kind introduction,

836
00:46:38,560 --> 00:46:40,279
Speaker 1: Thank you. I have my eye on one stock in

837
00:46:40,280 --> 00:46:42,279
Speaker 1: particular this morning, because really there's not a lot of

838
00:46:42,280 --> 00:46:44,840
Speaker 1: movement out there, but there is definitely a lot of movement.

839
00:46:45,239 --> 00:46:48,400
Speaker 1: For Get Lab the tickers g t LB. This is

840
00:46:48,400 --> 00:46:50,800
Speaker 1: a software company. It's up a whopping seventeen and a

841
00:46:50,800 --> 00:46:53,640
Speaker 1: half percent in pre market trading this morning. It reported

842
00:46:53,680 --> 00:46:56,719
Speaker 1: after the bell last night, nice beaten race quarter. Not

843
00:46:56,800 --> 00:46:59,680
Speaker 1: only did third quarter revenue top expectations, that also lifted

844
00:47:00,200 --> 00:47:02,960
Speaker 1: it's full year forecast. And the reason this is interesting

845
00:47:02,960 --> 00:47:06,640
Speaker 1: and noteworthy is that economic uncertainty is leading to widespread

846
00:47:06,680 --> 00:47:08,720
Speaker 1: cuts in I T budgets in a lot of places,

847
00:47:08,719 --> 00:47:11,200
Speaker 1: but this company is proving resilient in the face of that.

848
00:47:11,280 --> 00:47:13,000
Speaker 1: And that's really the tone we're getting out of the

849
00:47:13,040 --> 00:47:15,480
Speaker 1: analyst research this morning, pointing out that the company is

850
00:47:15,480 --> 00:47:18,800
Speaker 1: continuing to produce results that contrast with its peers RBC

851
00:47:18,920 --> 00:47:22,120
Speaker 1: Capital Markets, noting the durability of revenue growth and because

852
00:47:22,160 --> 00:47:24,840
Speaker 1: of those headwinds, it does seem like the bar was

853
00:47:24,880 --> 00:47:27,240
Speaker 1: pretty low going into these results, but clearly the stock

854
00:47:27,960 --> 00:47:31,240
Speaker 1: is reacting positively to it. After being down fifty percent

855
00:47:31,360 --> 00:47:33,239
Speaker 1: year to date, it's now seeing a nice move in

856
00:47:33,280 --> 00:47:35,520
Speaker 1: pre market, treading another mover that is not quite as

857
00:47:35,600 --> 00:47:37,359
Speaker 1: large as game Stop. It's up a little more than

858
00:47:37,400 --> 00:47:40,960
Speaker 1: one percent. And interesting report out of Axios late yesterday

859
00:47:41,040 --> 00:47:43,920
Speaker 1: saying that it is beginning a round of layoffs game

860
00:47:44,000 --> 00:47:46,120
Speaker 1: Stop is and that maybe the idea that that will

861
00:47:46,160 --> 00:47:48,720
Speaker 1: bring costs down is what is lifting the stock higher.

862
00:47:48,760 --> 00:47:51,320
Speaker 1: What I find interesting and mentally unbiased because I host

863
00:47:51,480 --> 00:47:54,240
Speaker 1: our Crypto show today at one pm on Bloomberg Television.

864
00:47:54,280 --> 00:47:58,200
Speaker 1: But they basically said the team building the company's blockchain

865
00:47:58,239 --> 00:48:01,520
Speaker 1: wallet looks like it's going to be heavily impacted. Interesting

866
00:48:01,680 --> 00:48:04,880
Speaker 1: and also this morning, Kayley a big analyst call on

867
00:48:05,000 --> 00:48:07,759
Speaker 1: some big banks. Yeah, Betsy Grace and the team over

868
00:48:07,760 --> 00:48:10,240
Speaker 1: at Morgan Stanley out with an interesting note this morning,

869
00:48:10,280 --> 00:48:14,520
Speaker 1: double upgrading JP Morgan to overweight from underweight, adding it's

870
00:48:14,560 --> 00:48:17,640
Speaker 1: the most preferred, one of their most preferred names, basically

871
00:48:17,680 --> 00:48:21,320
Speaker 1: talking about operating leverage positively inflecting the consumer and community

872
00:48:21,320 --> 00:48:24,719
Speaker 1: bait taking market share, and relative stability during recessions. So

873
00:48:24,800 --> 00:48:26,880
Speaker 1: that stock is up one point six percent, but be

874
00:48:27,000 --> 00:48:30,040
Speaker 1: and why Melon was downgraded and as a result it's

875
00:48:30,080 --> 00:48:32,560
Speaker 1: down one point three percent, Gray six saying that the

876
00:48:32,600 --> 00:48:34,800
Speaker 1: reason for the cod is that the risk of deposit

877
00:48:34,840 --> 00:48:38,200
Speaker 1: outflows it is persisting while QT goes on, So an

878
00:48:38,200 --> 00:48:42,279
Speaker 1: interesting divergence there between those two banks and overall. Grace

879
00:48:42,320 --> 00:48:44,760
Speaker 1: six says it is not yet time to go long

880
00:48:45,080 --> 00:48:47,680
Speaker 1: on large cop US banks, so definitely an interesting note

881
00:48:48,000 --> 00:48:50,600
Speaker 1: to keep an eye on this morning. Alan, thanks for this, Kayley,

882
00:48:50,640 --> 00:48:53,040
Speaker 1: great have you gone with us? As always Bloomberg's Kayley

883
00:48:53,120 --> 00:48:56,200
Speaker 1: lines keeping an eye on pre market movers this morning.

884
00:48:56,200 --> 00:48:59,120
Speaker 1: Want to mention one other Vivid's smart home is right

885
00:48:59,200 --> 00:49:02,920
Speaker 1: on top of the market. Movers up nearly thirty n

886
00:49:03,000 --> 00:49:05,759
Speaker 1: RG Energy is buying vivin smart home and a deal

887
00:49:05,840 --> 00:49:09,239
Speaker 1: worth two point eight billion dollars in cash. As for

888
00:49:09,280 --> 00:49:11,680
Speaker 1: the broader market, the futures, Little change S and P

889
00:49:11,880 --> 00:49:15,800
Speaker 1: futures are up one point down, futures down ten NASDAC

890
00:49:15,880 --> 00:49:19,560
Speaker 1: futures are higher by twenty two points ten. Your treasuries

891
00:49:19,640 --> 00:49:23,120
Speaker 1: up three thirty seconds, the yield three point five six percent.

892
00:49:23,239 --> 00:49:26,880
Speaker 1: This is Bloomberg Daybreak. I'm Nathan Hager alongside Karen Moscow.

893
00:49:26,960 --> 00:49:32,480
Speaker 1: Bloomberg Surveillance starts now live from the financial capital of

894
00:49:32,520 --> 00:49:36,080
Speaker 1: the world, broadcasting across the globe. This is w bb

895
00:49:36,239 --> 00:49:47,120
Speaker 1: R New York, Bloomberg Living Frio. This excess savings conversation

896
00:49:47,760 --> 00:49:49,880
Speaker 1: from our perspective is starting to run out. The rocket

897
00:49:49,920 --> 00:49:50,359
Speaker 1: fuel from