Speaker 1: Live from the Bloomberg Interactive Berger Studios is Bloomberg Daybreak
Speaker 1: for Tuesday, December six two. Coming up this hour. Georgia
Speaker 1: voters decide between Raphael Warnock and Herschel Walker in a
Speaker 1: seventh runoff race. President vied In plans an announcement on
Speaker 1: his future in the Oval Office. The US and Europe
Speaker 1: considered new tariffs on China to fight carbon emissions, and
Speaker 1: Pepsi becomes the latest company to cut jobs. The n
Speaker 1: y p D says crime is down, but hate crimes
Speaker 1: have skyrocketed. Plus Mayor Adams push for New Yorkers to
Speaker 1: get healthier. I'm Michael blarn Moore Ahead, I'm John Stash
Speaker 1: and sports. The Rangers rallied to beat the Blues, the
Speaker 1: Bucks top the Saints, and Justin Verlanders signed with the
Speaker 1: Meth That's all straining Ahead on Bloomberg Daybreak on Bloomberg.
Speaker 1: He Living Free on New York Bloomberg nineteen nine one,
Speaker 1: Washington d C, Bloomberg one oh six one, Boston Bloomberg
Speaker 1: nine sixties and Francisco Sirius x M one nine team
Speaker 1: and around the world Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business app. Good morning. I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. In the US DOT Index
Speaker 1: futures have been struggling for direction this morning, six one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, S
Speaker 1: and P futures and down futures are both little changed.
Speaker 1: Nowsday futures are up a tenth of a percent of
Speaker 1: about twelve points. The decks in Germany's down about a
Speaker 1: quarter of a percent. Ten year treasury up three thirty seconds,
Speaker 1: you know, three point five six percent they yield on
Speaker 1: the two year four point three six percent. NIMEX screwed
Speaker 1: oil is down nine tenths per cent, or seventy two
Speaker 1: cents at seventy six dollars twenty one cents a barrel.
Speaker 1: Nathan Karen will have more on the markets in a minute,
Speaker 1: but we begin this morning with a key political runoff
Speaker 1: that could have market implications. Today Georgia voters decide the
Speaker 1: final US Senate seat, and Amy Morris has details from
Speaker 1: our Bloomberg newsroom in Washington. The four week runoff blitz
Speaker 1: has drawn a flood of outside spending, but it all
Speaker 1: ends today. Democratic Senator Raphael Warnock urging his supporters to
Speaker 1: get out the votes. The issues are urgent, and the
Speaker 1: differences between me and my opponent a two one for
Speaker 1: US Republican candidate Herschel Walker, a Heisman Trophy winner from
Speaker 1: the University of Georgia, used football analogies to urge his
Speaker 1: supporters to vote. This is about turnout, and now that
Speaker 1: meaning that we gotta get into game and we can't
Speaker 1: sit on the sideline anymore. Today's race will determine whether
Speaker 1: Democrats have an outright majority in the Senate or control
Speaker 1: of fifty fifty chamber. Donald Trump held a rally yesterday
Speaker 1: for Walker by telephone, not in person, to avoid any
Speaker 1: blame for hurting the GOP's midterm election efforts in Washington.
Speaker 1: I'm Aymy Moore as Bloomberg daybreak, All right, Amy, thank you.
Speaker 1: About one point nine million Georgia voters cost early ballots
Speaker 1: in this race, but Republicans are hoping for a strong
Speaker 1: in person turnout today. GOP Georgia Congressman Buddy Carter says
Speaker 1: it's important for his party to keep the Senate fifty fifty.
Speaker 1: If we have fifty fifty, it means that will have
Speaker 1: fifty fifty in the committee process, and that's extremely important.
Speaker 1: It also means that instead of Chuck Schumer being in
Speaker 1: charge with League, that we've got fifty fifty and at
Speaker 1: least we can count on Joe Mansion sometimes. Georgia Republican
Speaker 1: Congressman Buddy Carter spoke with Our Washington corresponded Joe Matthew
Speaker 1: on Bloomberg sound on Catch the Show weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio. And one other political note
Speaker 1: this morning, Karen President Biden is likely to announce he's
Speaker 1: running for re election after the Christmas and New Year's holidays.
Speaker 1: That's according to White House Chief of Staff Ron Klaine.
Speaker 1: President turned a last month. He's already the oldest person
Speaker 1: ever to occupy the Oval office. Meantime, Nathan Republicans are
Speaker 1: warning the Biden administration not to prioritize green energy goals
Speaker 1: over enforcing federal import restrictions meant to discourage alleged human
Speaker 1: rights abuses in China. The directive and Republican representatives Mike
Speaker 1: Gallagher and Chris Smith, plus Senators Marco Rubio and Tom Cotton,
Speaker 1: signals tough oversight of the issue. After the geop takes
Speaker 1: control of the House in January, and China is also
Speaker 1: in focus Karen. When it comes to US and European relations.
Speaker 1: The US and EU are mulling new tariffs against China
Speaker 1: as part of a bid to fight carbon emissions. Let's
Speaker 1: go to London get the latest with Bloomberg's U and Parts.
Speaker 1: Good morning and good morning, Nathan and Karen. Bloomberg has
Speaker 1: learned that the Chinese steel and aluminum could be hit
Speaker 1: by new Western tariffs. The move would be a novel
Speaker 1: approach using levies normally employed in trade disputes in an
Speaker 1: effort to cut carbon emissions. Sources say the idea, originated
Speaker 1: by the White's House and under discussion with the European Union,
Speaker 1: is still in its early phase and hasn't yet been
Speaker 1: formally put forward. China is both the world's biggest carbon
Speaker 1: emission and the biggest producer of industrial metals. In London,
Speaker 1: immun Parts, spin Bog, daybreak, rank you and thank you well.
Speaker 1: As it has been every day this month, COVID is
Speaker 1: once again in focus in China. COVID outbreak in the
Speaker 1: country that began last month appears to be tailing off.
Speaker 1: Infections have fallen each of the last eight days. At
Speaker 1: the same time, there continues to be a pullback in
Speaker 1: Beijing sweeping testing regime across the kind tree. Right here
Speaker 1: in the US, Karen, futures are a little changed. So
Speaker 1: that's after stocks kicked off this week with losses as
Speaker 1: the U S Services Gauge unexpectedly rose. That good news
Speaker 1: was bad news from markets. It's fueling speculation that the
Speaker 1: FED will keep its policy tights at tame inflation. Rick
Speaker 1: Pitcaren is chief investment officer at Pitcairn Family Office. I
Speaker 1: think the FED has a preference for, you know, controlling
Speaker 1: inflation by whatever means they have to to to get
Speaker 1: that under control. And if that means a recession, uh,
Speaker 1: in their minds, they would hope it would be shallow
Speaker 1: and en shored. Rick pit Karen says he thinks stocks
Speaker 1: are currently training at or near their bottom. Meantime, Nathan
Speaker 1: may continue to see layoffs coming to big companies across
Speaker 1: the country. Now another big name is announcing cuts, and
Speaker 1: we get the latest live at the Bloomberg Steve Rappaport,
Speaker 1: Good morning, Steve, Good morning Karen and Nathan. The job
Speaker 1: cuts in the tech and media sectors have spilled over
Speaker 1: to Big Soda. Pepsi Company is laying off one hundreds
Speaker 1: of workers at the headquarters of its North American snacks
Speaker 1: and beverage units, according to an internal memo viewed by
Speaker 1: The Wall Street Journal. The company says the layoffs are
Speaker 1: intended to simplify the organization and operate more efficiently. Pepsi
Speaker 1: says demand remains strong despite raising prices to offset higher
Speaker 1: costs for ingredients, delivery, and labor. Back in October, Pepsi
Speaker 1: announced cost cutting measures to east pressure on profit margins.
Speaker 1: Live in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve,
Speaker 1: thanks for also watching the crypto space this morning. The
Speaker 1: Federal Trade Commissions investigating several crypto firms over allegations their
Speaker 1: advertisements were deceptive or misleading. The agency enforces laws that
Speaker 1: require truth in advertising, including rules that individuals disclose when
Speaker 1: they've been paid for endorsements or reviews. The FTC is
Speaker 1: not releasing any details. Kind of programming note, Nathan, We're
Speaker 1: live at the Goldman Sachs Financial Services Conference today. Tune
Speaker 1: in for exclusive interviews of Goldman Sachs CEO David Solomon.
Speaker 1: That interview will be coming up at eight a m.
Speaker 1: All Street time right here on both Bloomberg Radio and television.
Speaker 1: Try to head your latest local headlines plus a check
Speaker 1: of sports. And this is Bloomberg A right, Karen, thank you.
Speaker 1: It is six oh seven on Wall Street, about forty
Speaker 1: five degrees midtown. Rain comes to the area this afternoon.
Speaker 1: We'll get up to the mid fifties and the rain
Speaker 1: will continue tonight as we get down to around fifty.
Speaker 1: Now it's bringing Michael Barr with more on what's going
Speaker 1: on in New York and around the world. Good morning,
Speaker 1: you might call Good morning Nathan. The NYPD says there
Speaker 1: has been a monthly decrease in crime, with the seven
Speaker 1: major crimes down one in November. Meanwhile, hate crime surged
Speaker 1: by sevent since last month, within high Semitic hate crime
Speaker 1: soaring by a hundred. Mayor Eric Adams says that's why
Speaker 1: he attended the conference on Anti Semitism in Athens last week.
Speaker 1: That is why I was in Greece, you know, and
Speaker 1: despite people were saying why are you going to Greece
Speaker 1: because there's an anti Semitism problem globally and may is
Speaker 1: from across the globe, we we all met there to
Speaker 1: engage in this conversation. Mayor Adams all also says hate
Speaker 1: crimes are being normalized on social media. It comes as
Speaker 1: a nine year old man in a wheelchair was an
Speaker 1: innocent buying standard when police say he was shot in Brooklyn.
Speaker 1: Police said the man was wounded in the ankle while
Speaker 1: the suspect was robbing another person. The NYPD says the suspect,
Speaker 1: twenty eight year old Sundance Oliver, is also wanted for
Speaker 1: a deadly shooting in Manhattan. Mayor Adams also talked about
Speaker 1: New Yorkers getting healthier. Adam says the new forty four
Speaker 1: million dollar campaign dubbed Lifestyle Medicine involves diet, exercise, hand
Speaker 1: medical care. People often talk about my primary focus being
Speaker 1: public safety, but trust me, health is just as important
Speaker 1: because in order to live in a safe city, you
Speaker 1: must live in a safe city, and that's the goal
Speaker 1: that we are accomplishing. Beor Adams has also pushed for
Speaker 1: plant based food options and schools and at hospitals. The
Speaker 1: suspect accused of shooting up in Colorado Springs gay nightclub
Speaker 1: last month, killing five people and wounding seventeen others, is
Speaker 1: set to appear in court again today, Anderson Lee Aldrich
Speaker 1: will learn what charges prosecutors will pursue, including possible hate crimes.
Speaker 1: Lawyer Michael Avanetti, who represented porn stars Stormy Daniels against
Speaker 1: Donald Trump, was sentenced in California the fourteen years in
Speaker 1: prison for cheating clients out of millions of dollars. Avanetti's
Speaker 1: sentence will be served after he finishes a five year
Speaker 1: term for separate convictions in New York. Kirsty Alley has
Speaker 1: died at age seventy one. According to her family, the
Speaker 1: cheers start dying after a short battle with cancer. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barrow. This is Bloomberg, Nathan. Thank you, Michael. It's
Speaker 1: a six ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports that date brought to you by twice State Out
Speaker 1: of here's John stash Allen, Thanks Davan. Matt Scher's or
Speaker 1: thirty eight years old but no longer the oldest picture
Speaker 1: on the Matthews also no longer the only picture making
Speaker 1: forty three million dollars a year. Justin Verlander, who soon
Speaker 1: turns forty and who was Suzer's teammate for six years
Speaker 1: in Detroit, coming to New York taking Jacob de Graham's
Speaker 1: spot of the Mets rotation, two year deal eighties six
Speaker 1: million Erlander just won the Cy Young Award with Houston.
Speaker 1: Another shocking contract is what Tray Turner got from the
Speaker 1: Phillies and eleven year deal for three hundred million. As
Speaker 1: for Aaron Judge, Yankee gentle manager Brian Cashman, who just
Speaker 1: got a new contract himself, says they will not rush
Speaker 1: Judge into making a decision. Judge was at the Monday
Speaker 1: night game at Tampa Bay. Quite a finish. The Bucks
Speaker 1: trailed the Saints. Final secretors, the staff, Brady dropping looking,
Speaker 1: Brady throws football, Let's talksh White, Shan White touch stop
Speaker 1: six radio. The extra point gave them the victory. Tampa
Speaker 1: Bay trailed by thirteen with three minutes to go there
Speaker 1: six and six good for first place. Carolina Panthers released
Speaker 1: Baker Mayfield, who was their Week one starting quarterback. Forty
Speaker 1: Niners coach Kyle Shanahan says he doubts they'll sign Mayfield.
Speaker 1: The Niners just lost Jimmy Garoppolo for the season. At
Speaker 1: the Garden, Rangers rallied past the Blues. They won six four,
Speaker 1: with three goals in the third period. Six different Ranger
Speaker 1: of goals scores. Four quarterbacks are coming to New York
Speaker 1: for Saturday's Heisman Trophy announcement. USC's Caleb Williams, tc US,
Speaker 1: Max Duggan, George's Stetson Bennett, and Ohio States See Jay's trap.
Speaker 1: John actually were Bloomberg Sports. Nathan all right, John, thank you.
Speaker 1: Bloomberg Sports is brought to you by Audie. Don't let
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Speaker 1: wanted to visit your local price state autie dealer to
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Speaker 1: Offers dot com for more information. Up next to look
Speaker 1: ahead to the Georgia's Senate runoff and what's to come
Speaker 1: in the lame duck session on Capitol Hill. First, SMP
Speaker 1: futures are little changed, down two points right now. Dow
Speaker 1: Future is down twenty five, NASDAC futures still clinging to
Speaker 1: a very slight gain of four points. Tenure Treasury is
Speaker 1: up to thirty seconds yield on the benchmark ten year
Speaker 1: note three point five six percent, six twelve on Wall Street.
Speaker 1: This is Bloomberg Daybreak on Election Day, Part two. In Georgia,
Speaker 1: the runoff between Democrat Raphael Warnock and Republican Herschel Walker
Speaker 1: will be decided tonight. Let's bring in Greg Valier, or
Speaker 1: chief US policy strategists at a GF Investments, for a
Speaker 1: look at the implications of this final race of the
Speaker 1: two mid terms. Greg, good morning. We already know how
Speaker 1: the balance of power on Capitol Hill. Democrats nominally have
Speaker 1: control of the Senate. The House is back in Republican hands.
Speaker 1: So why should we be watching this runoff in Georgia today? Well,
Speaker 1: good morning, Nathan. It's it's important for two or three
Speaker 1: reasons quickly. Number one, uh, it negates a lot of
Speaker 1: the power that Joe Mansion had to disrupt things he
Speaker 1: and Christian Cinema. If it does wind up fifty one
Speaker 1: forty nine, which I think is likely, makes it a
Speaker 1: little tougher for Mansion. Secondly, it helps committee organizing. It's
Speaker 1: pretty r kane, but things can move through committees. Third,
Speaker 1: I think it gives the Democrats a leg up for
Speaker 1: four and gives them the opportunity to further mock Donald
Speaker 1: Trump has somebody who endorsed candidates who almost uniformly lost.
Speaker 1: What are you expecting in terms of turnout today? We've
Speaker 1: already had close to two million early votes cast in
Speaker 1: this race. Are expecting long lines down in Georgia? Well,
Speaker 1: as you know, there have been long lives for the
Speaker 1: last few days, and I think there will be today
Speaker 1: as well. An extraordinary turnout. I think that helps warnock.
Speaker 1: I think the momentum has all been with him in
Speaker 1: the last seven to ten days. What are the implications
Speaker 1: for former President Trump? Of course, we know that many
Speaker 1: of the candidates that he endorsed in this mid term
Speaker 1: did not do too well. Herschel Walker has managed to
Speaker 1: get to this point to force a runoff. What does
Speaker 1: this mean for the former president's hold on the g
Speaker 1: o P? Nothing good. If you look at the races
Speaker 1: around the country where Trump's candidates almost all lost, you
Speaker 1: look at this disastrous comment he made a few days
Speaker 1: ago about cheering up the Constitution. To go back and
Speaker 1: look at why he really did win in I mean,
Speaker 1: even Republicans just shook their heads in the last couple
Speaker 1: of days. I think that Trump's campaign for presidents so
Speaker 1: far has been an absolute disaster. And on the Democratic side,
Speaker 1: we saw President Biden sort of keep his distance in
Speaker 1: this race. He supported Raphael Warnock from Afar, and we
Speaker 1: got a lot of in person support from the likes
Speaker 1: of former President Barack Obama, not just in this runoff,
Speaker 1: but on even before official election day. What kind of
Speaker 1: momentum could this race potentially give to President Biden as
Speaker 1: he considers making his own announcement for re election. Yeah, Biden,
Speaker 1: you have to say, has had a very good stretch
Speaker 1: the last six to eight months. He's got a lot done.
Speaker 1: There's even a chance in this lane duck session of
Speaker 1: Congress before Christmas forgetting immigration reform, which would be an
Speaker 1: extraordinary development. So I would say that Biden is on
Speaker 1: a roll, and to have the Georgia race turn the
Speaker 1: Democrats way would help him as well. I don't think
Speaker 1: he's going to announce until after the first of the year,
Speaker 1: and I am not certain that he will announce. He's
Speaker 1: running for a second term for the simple reason that
Speaker 1: if he won the second term, he would be leaving
Speaker 1: the White House theoretically at the age of eighties six.
Speaker 1: And we are expecting some kind of announcement. We heard
Speaker 1: from a White House Chief of staff. Ron claimed that
Speaker 1: we'd get word from the President after the New Year's holiday,
Speaker 1: so we're definitely going to be watching that as well.
Speaker 1: As far as this lane Duck session goes, Greg, there
Speaker 1: is a lot to get done before either Warnock or
Speaker 1: a Walker, no matter who comes out victorious, is finally
Speaker 1: see did I mean we've got the defense, build a pass,
Speaker 1: must pass government spending. What do you have looking ahead
Speaker 1: to the lame duck session to be watching for. Well,
Speaker 1: it's always a mess. It's always a train wreck, and
Speaker 1: this year will be no exception. I think that you know,
Speaker 1: the deadline of December sixt for a budget will be
Speaker 1: missed and they'll have to have another deadline right up
Speaker 1: until Christmas Eve. I don't see a government shutdown. The
Speaker 1: odds favor getting a budget bill done right at the
Speaker 1: end of the year. It's possible little drag onto next year.
Speaker 1: But you're right, there's a lot of big issues, Nathan.
Speaker 1: At the main ones our defense, the entire spending package,
Speaker 1: and all of a sudden now immigration out of nowhere
Speaker 1: is back on the table. In the last thirty seconds
Speaker 1: here Greg focusing finally on the Georgia runoff. Given all
Speaker 1: the early votes that would have been cast and the
Speaker 1: potential for some turnout later today, what are the chances
Speaker 1: we actually know who the winner is after tonight. Well
Speaker 1: that's a good point, Nathan. I I cringe at the
Speaker 1: thought that this could happen, But I don't rule out
Speaker 1: the possibility that we won't know tonight, that it might
Speaker 1: take a day or two to recount all the votes
Speaker 1: and you'll have, you know, charges of voter fraud, things
Speaker 1: like that. I think the safest bet is it will
Speaker 1: probably about twenty four hours from now, will probably know
Speaker 1: who won, but we might not know until well after midnight. No,
Speaker 1: but the call is at least maybe this week. Thanks
Speaker 1: for this break as always great to get your thoughts
Speaker 1: on this election day in Georgia. Gregg Valiere, chief US
Speaker 1: policy Strategists at a GF Investments, and stay with us
Speaker 1: on Bloomberg Daybreak. Coming up, we're gonna get a live
Speaker 1: report from Atlanta. Bloomberg's Joe Matthew, leading our team of
Speaker 1: correspondence covering today's runoff for the US Senate in Georgia,
Speaker 1: will be hosting a special edition of sound on this
Speaker 1: afternoon from Atlanta. This is Bloomberg Daybreak, Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take. This is
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. This updates
Speaker 1: brought to you by the Jewish Communal Fund j CF
Speaker 1: donor Advised Fund is a smart, tax efficient way to
Speaker 1: manage your philanthropy. Hopen to j c F fund now
Speaker 1: to lock it at two tax deduction, visit j c
Speaker 1: F n Y dot org. And futures continue to struggle
Speaker 1: for direction this morning, SNP, NAZDAC and down. Futures are
Speaker 1: all little change. The decks in Germany is down three
Speaker 1: tenths of a per cent. Can your treasury up one
Speaker 1: thirty second deal three point five six percent? And they
Speaker 1: yelled him a two year four point three six percent.
Speaker 1: And that's a Bloomberg Business Flash. Now here's Michael bar
Speaker 1: with Moore on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. Eyes are on Georgia today for
Speaker 1: its Senate runoff election. Georgia voters would choose whether to
Speaker 1: elect Democratic senator Raphael Warnock or his Republican challenger football
Speaker 1: legend Herschel Walker. Kirsty Ali, best known for TVs. Cheers,
Speaker 1: has died at age seventy one. In the NBA, the
Speaker 1: Celtics one, the Warriors lost. In the NHL, the Rangers won.
Speaker 1: The Bruins lost in a shootout to the Golden Night,
Speaker 1: the Capitol's one Monday Night football. The Bucks pulled on
Speaker 1: the last second win over the st seventeen sixteen World
Speaker 1: Cup action. It's the final day of the Round of sixteen.
Speaker 1: Morocco play Spain, Portugal play Switzerland. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty journalists and analysts more than a
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg. Nathan
Speaker 1: all right, Michael, thank you. At six twenty three on
Speaker 1: Wall Street, I'm Nathan Hagar and this is Bloomberg Daybreak,
Speaker 1: brought to you by See. I'm asset. Managers don't get
Speaker 1: results that are off the charts when their solutions are
Speaker 1: off the shelf. Learn how s e i is operating
Speaker 1: platform can turn infrastructure into a competitive advantage. At se
Speaker 1: I C dot Com slash back, and now we want
Speaker 1: to bring you a conversation with economists and Yale Senior
Speaker 1: fellow Stephen Roach. He spoke with Tom Keene and Jonathan
Speaker 1: Ferry yesterday on Bloomberg Surveillance. They talked about the outlook
Speaker 1: for inflation and tensions between the US and China. Do
Speaker 1: we hearken back to the fears of the sixties and
Speaker 1: the seventies and a wage price spiral, Well, the wage
Speaker 1: price spiral back then, Tom was heavily impacted by cost
Speaker 1: of living UH indexation clauses in I labor union contracts,
Speaker 1: And two things have happened. Uh, labor unions are a
Speaker 1: much smaller share of the workforce, and these coal adjustment
Speaker 1: clauses are less prevalent than they were back then. And nevertheless,
Speaker 1: you know, wages are labors and a very important segment
Speaker 1: of overall business costs, and tight labor markets are certainly
Speaker 1: boosting the compensation piece of that, and weak productivity is
Speaker 1: reinforcing it. So it's it's important to stay focused on
Speaker 1: this issue. Steven Roch to China, Sir Howard Davies, mentions
Speaker 1: of your book that it is is is a way
Speaker 1: to a new framework a new discussion of both parties.
Speaker 1: We need goodwill among the United States and China. How
Speaker 1: do we find that goodwill? Number One, we have to
Speaker 1: recognize that the current approach that we've both been wedded
Speaker 1: to over the past twenty years is an abysmal failure.
Speaker 1: In the last five years, we've had the beginnings of
Speaker 1: a trade war, tech war, and now the early stages
Speaker 1: of a new Cold war, so an accidental conflict. I
Speaker 1: propose a a new approach based on three key pillars.
Speaker 1: One rebuilding trust by going after the low hanging fruits
Speaker 1: of reopening consulates and restarting exchange programs to king pressure
Speaker 1: off of NGO's. Secondly, abandoning the zero sum bilateral trade framework,
Speaker 1: which makes no sense and has not worked at all,
Speaker 1: embracing a market opening pro growth initiative framed around a
Speaker 1: bilateral investment treaty, And thirdly, making an effort to establish
Speaker 1: a new architecture for engagement. These summits like the one
Speaker 1: that Hi Jimping and Joe Biden had November four, uh,
Speaker 1: they're long on the photo ops, but they accomplished nothing.
Speaker 1: I'm in favor of a new full time organization that
Speaker 1: I call a u S China Secretariat, which is detailed
Speaker 1: in the book. But after the Party Congress and what
Speaker 1: we see from the leadership in Beijing, a leadership perhaps
Speaker 1: forever is the idea, as you mentioned in one of
Speaker 1: your chapters of China with American characteristics. There seems to
Speaker 1: be zero desire for that out of Beijing. Well, China
Speaker 1: wants to do it its way, and that's been an
Speaker 1: affront to us. We had this rather naive presumption that
Speaker 1: we let China into the w q O, they would
Speaker 1: play by our rules and become more like us. They
Speaker 1: had the facade of presenting UH that similar appearance, but
Speaker 1: they've certainly gone their own way, and that that remains
Speaker 1: a worrisome part of the ongoing conflict. And that was
Speaker 1: Stephen Roach, the economist and Yale Senior fellow, speaking with
Speaker 1: Tom Keene and Jonathan Farroll on Bloomberg Surveillance. You can
Speaker 1: catch the full interview anytime on Bloomberg dot com and
Speaker 1: on the Bloomberg terminal. Right now, SMP futures are moving
Speaker 1: lower by two points, STOU futures down thirty six stance
Speaker 1: deck futures just eking onto a gain of nearly five
Speaker 1: points just ahead we'll get you this morning's top stories,
Speaker 1: plus local headlines and a fuller check of markets. First,
Speaker 1: let's check in with Rob Carolin for a look at
Speaker 1: today's Bloomberg weather forecast. Cloud will be with us throughout
Speaker 1: the morning. We have an area of low pressure headed
Speaker 1: our way, and that's why the sharers will develop for
Speaker 1: the afternoon. High temperatures today in near fifty five, steady
Speaker 1: rain Tonight loose, falling back to fifty to fifty five.
Speaker 1: Storm's gonna move by slowly. Tomorrow's the rain continues. We're
Speaker 1: mild fifty five to sixty. Thursday looks partly to mostly cloudie.
Speaker 1: There could be a few peaks of sun highs near fifty.
Speaker 1: I'm Rob Caroline with your three day forecast on Bloomberg
Speaker 1: eleven three oh broadcasting live from the Bloomberg Interactive Broker's
Speaker 1: studio in New York. Bloomberg Living Free to Washington, d C,
Speaker 1: Bloomberg one to Boston, Bloomberg one six one does San Francisco,
Speaker 1: Bloomberg N sixty to the country, Sirius XM to the
Speaker 1: one nineteen and around the globe the Bloomberg business in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow.
Speaker 1: We are nearly three hours away from the open of
Speaker 1: US trading. Time for the five Things that you need
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Speaker 1: Slash compare up First. Today's Georgia runoff election will decide
Speaker 1: the final Senate contest in the country and combat to Democrat.
Speaker 1: Rafael Warnock held a rally in Georgia last night. The
Speaker 1: differences between me and my opponent a two one for
Speaker 1: us to sleep. Rafael Warnox geop opponent herschel Walker is
Speaker 1: also rallying support in the runoffs final hours. It is
Speaker 1: time for us to stand up, but stand together, because
Speaker 1: what the left has tried to do in the gown
Speaker 1: run against have tried to separate us. Should Republican Georgia
Speaker 1: Senate candidate herschel Walker win, Democrats would control the Senate
Speaker 1: with a fifty fifties split, well about one point nine
Speaker 1: million Georgia voters cast ballots already, Karen and early voting
Speaker 1: and Republican Georgia Congressman By Carter says, it is important
Speaker 1: to keep that we'll have in the committee process, and
Speaker 1: that's extremely important. It also means instead of Chuck Schumer
Speaker 1: being in charge with at least we can count on
Speaker 1: Joe Mansion. Sometimes. Georgia Republican Congressman Buddy Carter made the
Speaker 1: comments on Bloomberg Sound on. The show is live in
Speaker 1: Atlanta today. You can catch it at five pm ball
Speaker 1: Street Time. Oh another major political note here, Nathan white
Speaker 1: House Chief of Staff Ron Plain says President Biden is
Speaker 1: likely to announce he's running for a re election after
Speaker 1: the Christmas and New Year's holidays. Turning to markets now, Karen,
Speaker 1: futures are little change, with investors fearing more fed tightening
Speaker 1: after US services gauge unexpectedly rose yesterday. BNP Party Boy
Speaker 1: chief US economist Carl RICKA. Donna says he expects rates
Speaker 1: to rise into next year. We do think there's another
Speaker 1: fifty basis point tightening in December. We expect another fifty
Speaker 1: basis points in February and then BIPs at the March meeting.
Speaker 1: We're slowing but we're not slowing quite fast enough. BNP
Speaker 1: party boss called Rickadonna says last week's strong labor data
Speaker 1: all so put pressure on the FED. And despite the
Speaker 1: jobs and numbers, Nathan, we are seeing more corporate layoffs
Speaker 1: and Bloomberg Steve Rappaport joins US Live with more. Good morning, Steve,
Speaker 1: Good morning, Karen, and Nathan. PepsiCo is letting hundreds of
Speaker 1: workers go from its North American snack and beverage unit,
Speaker 1: The Wall Street Journal setting an internal memo reports the
Speaker 1: move is intended to simplify the organization and make it
Speaker 1: operate more efficiently. Pepsi announced in October it would cut
Speaker 1: costs after reporting a jumping quarterly sales and profit. The
Speaker 1: company says demand remains high despite passing higher costs on
Speaker 1: to customers. Live in New York. I'm Steve Rappaport, Bloomberg Daybreak.
Speaker 1: All right, Steve, thank you. That's the five things that
Speaker 1: you need to know to start your day. Brought to
Speaker 1: you by Interactive Brokers Again. Futures this morning have been
Speaker 1: struggling for a direction, with SNP and Dow futures both
Speaker 1: Little Change NASDACK futures higher up a tenth of a percent,
Speaker 1: up about fifteen points, and ten year treasury up one
Speaker 1: thirty second deal three point five six percent. Straight ahead,
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg. Thanks he six one on Wall Street.
Speaker 1: Let's bring in Michael bar to check what's going on
Speaker 1: in New York and around the world. Good morning Michael,
Speaker 1: Good morning Nathan. The NYPD says there has been a
Speaker 1: monthly decrease in crime, with the seven major crimes down
Speaker 1: one in November. Meanwhile, hate crimes surged by sevent last month,
Speaker 1: with anti Semitic hate crime soaring by a hundred twenty
Speaker 1: five percent. Mayor Eric Adams, we have normalized hate and
Speaker 1: I continue to say what did the biggest spread of
Speaker 1: this hate is social media? What social media is doing
Speaker 1: to a normalize hate, to give a platform for hate
Speaker 1: to spread hate. Uh, it's just really alarm in. Mayor
Speaker 1: Adams says that's why he attended the conference on Anti
Speaker 1: Semitism in Athens last week. Mayor Adams also talked about
Speaker 1: New Yorker is getting healthier. Adam says the forty four
Speaker 1: million dollar campaigned dub Lifestyle Listen involves diet, exercise, and
Speaker 1: medical care in the hospital of plant based mills are
Speaker 1: now the default for patient lunches and Dennis, don't anyone
Speaker 1: kids you when they tell you that these chronic diseases
Speaker 1: a part of your DNA. It's not. It's part of
Speaker 1: your dinner. It's what you eat every day that has
Speaker 1: caused in many of the chronic diseases we are experiences.
Speaker 1: Mayor Adams says New York City will not continue to
Speaker 1: feed the healthcare crisis. A serial slayer known as the
Speaker 1: Torso Killer, already convicted of eleven homicides, admitted that he
Speaker 1: also killed five women on Long Island in the late
Speaker 1: sixties and early seventies. Richard Conningham was sent in yesterday
Speaker 1: to twenty five years to life in the nine murder
Speaker 1: of twenty three year of Diane Cusick. Two times Emmy
Speaker 1: winner Christie Ali, who starred in the nineteen eighties sitcom Cheers,
Speaker 1: has died. And he died after a short battle with
Speaker 1: cancer at age seventy one. Global News twenty four hours
Speaker 1: a day on the air end on Bloomberg quick Take,
Speaker 1: powered by more than journalists and anialists more than a
Speaker 1: for twenty countries. Michael Barr This is Bloomberg, Nathan. Thank you, Michael.
Speaker 1: Six thirty three on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update, brought to you by tri State out Here.
Speaker 1: Here's John stash Out. All right, Nathan. Three days after
Speaker 1: Jacob de Graham's departure to Texas, the Mets filled his
Speaker 1: spot of the rotation with a future first ballot Hall
Speaker 1: of Famer Justin Verlander. He'll be forty years old when
Speaker 1: the season begins, but he just had one of his
Speaker 1: best seasons, winning the Cy Young with Houston. He's gonna
Speaker 1: make forty three million dollars next two seasons, just like
Speaker 1: his now Mets teammate Max Scherzer. They also used to
Speaker 1: be teammates in Detroit. Trade Turners signed with the Phillies.
Speaker 1: That's an eleven year contract for three hundred million. He'll
Speaker 1: be a teammate of Bryce Harper as they used to
Speaker 1: be in Washington. Are resigning by the Yankees. It's not
Speaker 1: Aaron Judge, it's Brian Cashman, the general manager since and
Speaker 1: now signed through seven. Cashman, at the winter meetings in
Speaker 1: San Diego, said the Yanks will not rush Judge into
Speaker 1: making his decision. Much he had went for the Rangers.
Speaker 1: They had lost their last two five the last six
Speaker 1: Trade held the Blues heading to the third period that
Speaker 1: Rangers pulled out a six four victory. Monday Football, Tom
Speaker 1: Brady Rally Tampa Bay Pass, New Orleans seventeen sixteen. The
Speaker 1: Bucks trailed by thirteen or three minutes left, Brady through
Speaker 1: the game winning TV pass where three seconds left, and
Speaker 1: he now has the most fourth quarter comebacks in NFL history,
Speaker 1: passing Peyton Manny. The Giants game week from Sunday in Washington,
Speaker 1: the rematch of Sunday's time move to prime time. Giants
Speaker 1: and Jets, both currently clinging to wild card playoff hopes,
Speaker 1: are both with very tough games. Sunday, the Giants host
Speaker 1: eleven and one Philadelphia. The Jets visit Buffalo, will try
Speaker 1: to beat the Bills for a second time. John stashanber
Speaker 1: Bloomberg Sports. Nathan all Right, John, thank you. Bloomberg Sports
Speaker 1: is brought to you by Audie. Don't let someone else
Speaker 1: drive off in the OUTI model you've always wanted. Visit
Speaker 1: your local Tri state autie dealer to get behind the
Speaker 1: wheel of yours today, or visit autie offers dot com
Speaker 1: for more information. SFP futures up two points, down futures
Speaker 1: down one, and NASDAC futures are higher by twenty one points.
Speaker 1: That's a game of two tenths per cent. Six thirty
Speaker 1: five on Wall Street. Bloomberg Radio is on the air
Speaker 1: from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred affiliate
Speaker 1: radio stations around the world. I'm Jeff Bullinger and on
Speaker 1: w l W in Cincinnati. I'll be talking about yesterday's
Speaker 1: big drop in the price of Proger shares. I'm Steve
Speaker 1: Kodaskanka and X in Los Angeles. We're talking about an
Speaker 1: l A lawyer filing a lawsuit against Twitter on behalf
Speaker 1: of fired employers who say the company hasn't followed through
Speaker 1: on several spaings. I'm Stephen Karen on Bloomberg d AB
Speaker 1: Radio and London. We've been reporting on the British Prime
Speaker 1: Minister backing down on a monetary house building targetph for
Speaker 1: rebellion from his back bench and page Time. Gina Servettian
Speaker 1: for w c CEO in Minneapolis. I'm talking about a
Speaker 1: failed Sanitizer venture, entangling some members of the family behind
Speaker 1: the Mall of America and New Jersey's American Dream Mega Malls.
Speaker 1: I'm it Corey on w J in Detroit. I'm reporting
Speaker 1: Bisers expanding its manufacturing capabilities in Michigan. And those are
Speaker 1: some of the stories our hundred Bloomberg journalists and analysts
Speaker 1: are working on this morning. Around the world. It's sixty
Speaker 1: six on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Speaking ahead of his meeting with Joe Biden last week,
Speaker 1: French President Emmanuel Macron warned that U S trade policy
Speaker 1: could fragment the West. That might sound alarmous, but he
Speaker 1: was right. While Biden's programs to subsidize clean energy investment
Speaker 1: in high tech manufacturing have much to recommend them, their
Speaker 1: protectionist elements put foreign producers at a big disadvantage, threatening
Speaker 1: international economic cooperation. During his meeting with Macron, Biden conceded
Speaker 1: that the Inflation Reduction Act, with its by American emphasis,
Speaker 1: may need tweaks. It would be better for Biden to
Speaker 1: rethink his basic approach the US, Europe and the world
Speaker 1: as a whole would be better off if liberal trade
Speaker 1: were simply allowed to do its job. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash Opinion or O
Speaker 1: P I n go on the Bloomberg Terminal. This has
Speaker 1: been Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday
Speaker 1: at this time in terminal. Customers can read more at
Speaker 1: O P I n go. Tune in later this morning
Speaker 1: on Bloomberg Radio. We are live today at the Goldman
Speaker 1: Sachs Financial Services Conference, and we have an exclusive interview
Speaker 1: lined up with the CEO Goldman Sachs chief, David Solomon.
Speaker 1: He's going to join us around eight am Wall Street time.
Speaker 1: You can catch that conversation on Bloomberg Radio and watch
Speaker 1: it on Bloomberg Television six thirty eight now on Wall Street.
Speaker 1: Up next, on Bloomberg Daybreak, we're gonna take you live
Speaker 1: to Georgia, where it is election day again. Bloomberg's Joe
Speaker 1: Matthew joins us from Atlanta on this Senate runoff day
Speaker 1: between Democratic income at Raphael Warnock and Republican Herschel Walker.
Speaker 1: This is Bloomberg m Markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quicktape. She's a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. This update brought to you
Speaker 1: by the Jewish Communal Fund. For fifty years, JCFS donor
Speaker 1: advised funds have been helping families create charitable legacies. Start
Speaker 1: now and open a j c F fund before year end.
Speaker 1: Visit j c F n Y dot org. Futures this
Speaker 1: morning are a little change. We are seeing a little
Speaker 1: strength from NASDAG futures. Let we get to the first word,
Speaker 1: breaking news desk for today's morning call. Here's Bill Maloney. Bill,
Speaker 1: good morning, Hey, good morning, Karen. That's right. US futures
Speaker 1: are quiet at yesterday sell off without futures down at
Speaker 1: fourteen points. Smps are unchanged, Nasty futures are higher by eighteen.
Speaker 1: The US A ten yeld at three point five seven percent.
Speaker 1: Gold this up six. Oil is in the red and
Speaker 1: bitcoin is trading a little changed. Taiwan fell one point
Speaker 1: seven percent overnight, while up markets are also trading in
Speaker 1: the red this morning and back in the US on
Speaker 1: the economic front, Betty thirty Trade Balance after the Bellas night,
Speaker 1: the U S Army shows Bell Textron over lockeed Martin
Speaker 1: for the next generation helicopter, and another news Reuter's report
Speaker 1: that Goldman Sachs plans to invest in crypto companies exploding
Speaker 1: lower valuations after the f t X collapse, rapping things up.
Speaker 1: Jape and Morgan was double upgraded State Street, and Banker
Speaker 1: New York. Mellon downgraded at Morgan Stanley, Boston Beer was
Speaker 1: cut to sell at Deutsche Bank, and ge was raised
Speaker 1: to outperform over at Oppenheimer. Live from the First Breaking
Speaker 1: News desktom Bill Malody care all right, Bill, thanks sending
Speaker 1: her live breaking news of her Bloomberg type squawk on
Speaker 1: your terminal squ A w U K and that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with Moore on
Speaker 1: what's going on around the world. Michael Caarin, thank you
Speaker 1: very much. Today is the Senate runoff election in Georgia
Speaker 1: between Democratic incumbent Raphael Warnock and re public and Herschel Walker.
Speaker 1: Last month, Walker got just enough votes to deny Warnock
Speaker 1: needed to win outright. Russian missiles have rained down on Ukraine.
Speaker 1: The strikes came after two explosions at military facilities inside Russia.
Speaker 1: NFL the Bucks beat the st seventeen sixteen NBA, the
Speaker 1: Celtics won, the Warriors lost. NHL, the Rangers and Capitals one.
Speaker 1: The Bruins lost in the shootout. At the World Cup.
Speaker 1: It is the final day of the Round of sixteen.
Speaker 1: Morocco play Spain, Portugal play Switzerland. Global News twenty four
Speaker 1: hours a day on air, end on Bloomberg Quick Take
Speaker 1: power by more than twenty seven under journalist and analysts
Speaker 1: more than a D twenty countries. Michael Bar this is
Speaker 1: Bloomberg Care. All right, Michael bar thank you. It is
Speaker 1: sixty two on Wall Street. Returned to news and science
Speaker 1: and technology now with the Bloomberg and j I T
Speaker 1: STEM Report. It is brought to you buy New Jersey
Speaker 1: Institute of Technology and j I T offers New Jersey's
Speaker 1: first undergraduate degree in fintech tech driven the finance focused
Speaker 1: what will you make it? N j I T. Learn
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Speaker 1: slash Fintech and here's just making news and science, technology, engineering,
Speaker 1: and math. Bloomberg News has learned the U S and
Speaker 1: the European Union are considering new tariffs on Chinese steel
Speaker 1: and aluminum. It would be part of a bid to
Speaker 1: fight carbon emissions and global overcapacity. As a novel approach,
Speaker 1: the U S and the EU would use tariffs usually
Speaker 1: employed to trade disputes to advance their climate agenda. The
Speaker 1: US Federal Trade Commission is investigating several crypto firms of
Speaker 1: our allegations their advertisements were deceptive or misleading. The agency
Speaker 1: and forces laws that require truth in advertising. They include
Speaker 1: rules that individuals disclose when they have been paid for
Speaker 1: endorsements or reviews, and the FTC is not releasing any details.
Speaker 1: And Apple will begin letting customers and eight European countries
Speaker 1: repair their own devices, expanding a program that rolled out
Speaker 1: of the US earlier this year. The offering, known as
Speaker 1: self Service Repair, will now allow users in France, Belgium, Germany, Poland, Spain,
Speaker 1: the UK, Italy and Sweden to buy parts online for
Speaker 1: the iPhone, se iPhone twelve, iPhone thirteen and certain laptops
Speaker 1: so they can conduct their own repairs. I know a
Speaker 1: few husbands who love that idea, and that's a bloomberg
Speaker 1: Hencha I t stem rapport is that. Oh gosh, I
Speaker 1: can't imagine who you could be talking about. All right,
Speaker 1: my husband loves doing that kind of stuff. All right,
Speaker 1: Thank you, Jarrett at sixty four on Wall Street. Now
Speaker 1: it's time to check what's going on in d c if.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: the White House sing inflation moderating President Biden likely to
Speaker 1: make his announcement after the holidays, and the US upgrading
Speaker 1: Taiwan weapons package with newer Patriot missiles. You can read
Speaker 1: more about those stories at Bloomberg dot com or on
Speaker 1: the Bloomberg terminal. But the top political story this morning,
Speaker 1: it is decision day in Georgia between Raphael Warnock and
Speaker 1: Herschel Walker in the Senate runoff. We're joined live this
Speaker 1: morning from Atlanta. Bloomberg Washington correspondent and host of Sound On,
Speaker 1: Joe Matthew, Joe, good morning, Good morning. Of phrases are
Speaker 1: turning into a thing in Georgia. Yeah, they really like
Speaker 1: to do that. And by the way, this will not
Speaker 1: lead to another runoff no matter what happens, but it
Speaker 1: could lead to a recount, So think about that right now.
Speaker 1: This is the fifth time that Raphael Warnock has run
Speaker 1: for this seat. Well, I'm not sure if he's going
Speaker 1: to win it, but if this is within a half
Speaker 1: percentage point, as it may, well then it triggers a recount.
Speaker 1: So Georgia might have to wait a minute. And it's
Speaker 1: all gonna come down to turn out today. And I'm
Speaker 1: gonna tell you, Nathan, it's it's just been pouring, it's foggy,
Speaker 1: it's raw out. It's not a good day to get
Speaker 1: people to stand outside and line up to go to
Speaker 1: the polls, which is going to be a real challenge
Speaker 1: for Herschel Walker seeing record early voting in this race
Speaker 1: that is likely to favor Raphael Warnock, the Walker campaign
Speaker 1: is doing everything it can to get people out on
Speaker 1: election day itself. Well, that is a really interesting point, Joe,
Speaker 1: because a lot of the reports we've been hearing about
Speaker 1: how the early vote has gone for people who have
Speaker 1: shown up at those early polling places, they've been facing
Speaker 1: long line as well. That's true a lot of this.
Speaker 1: You know, when we say early voting, this includes in
Speaker 1: person early voting, and we saw nearly two million people
Speaker 1: get out early and ahead following the advice of the
Speaker 1: Walnut campaign. Obviously, the whole idea. The concept of early
Speaker 1: voting is something that Republicans have been a little bit
Speaker 1: slow to come around on, but have been embracing it lately.
Speaker 1: And with Brian Kemp now backing herschel Walker the governor
Speaker 1: here in the state, that's the one thing that's a
Speaker 1: little bit different than what we saw in the general election.
Speaker 1: Would be a little bit difficult to quantify because there,
Speaker 1: you know, he didn't have herschel Walker, didn't have coattails
Speaker 1: in this runoff election the way he may have uh
Speaker 1: in in the first round. But also Brian Kemp has
Speaker 1: put his machinery and his money behind herschel Walker this time,
Speaker 1: which he did not do the first time around. So
Speaker 1: it's not exactly the same race, and it's being conducted
Speaker 1: in a vacuum, which really changes a lot of the
Speaker 1: contours of the election. Interesting point as well, because we
Speaker 1: saw some of the last ads in this race where
Speaker 1: featuring Brian Kemp with that endorsement of herschel Walker. We've
Speaker 1: also got a Trump factor to consider as well, don't we,
Speaker 1: Because I've been hearing that the former president held a
Speaker 1: tell A rally for herschel Walker last night. Do you
Speaker 1: see that having any impact. It's it's hard to say.
Speaker 1: Look again, it's about getting people to turn out. If
Speaker 1: Donald Trump's holding a tell A rally, which he did
Speaker 1: last night, he did this for Glenn Young in the
Speaker 1: night before the election in Virginia as well, gives him
Speaker 1: a chance to take credit for a win. But you know,
Speaker 1: it's not like people are lining up out of the
Speaker 1: blue to go to this tell A rally. Those those
Speaker 1: are very carefully curated lists of supporters, Trump supporters in
Speaker 1: this particular case. So he's singing to the choir. Whether
Speaker 1: that gets UH these particular voters to bring their friends
Speaker 1: or family or motivate others to get to the polls
Speaker 1: as the question. And we've also seen just how important
Speaker 1: Democrats see this race as being. Given all the spending
Speaker 1: they've put behind the Raphael Warnock campaign, there's something like
Speaker 1: more than two to one advantage in terms of the
Speaker 1: spending output by Democrats in this race. That's true. I
Speaker 1: think we even three to one uh might might be
Speaker 1: the statistic year. And you know, look, we've seen Raphael Warnock,
Speaker 1: and of course he's an incumbent, He's done this a
Speaker 1: lot of times. This is herschel Walker's first outing, but
Speaker 1: he's been doing Warnock multiple events a day, multiple media interviews.
Speaker 1: Last night, we were at a brewery with Senator Warnock.
Speaker 1: That was the way he closed the final message of
Speaker 1: his campaign with rapper Jeezy herschel Walker. Meantime was was
Speaker 1: going to went to a gun store and took his
Speaker 1: bus up around the northern reaches of the state, in
Speaker 1: rural areas where he's trying to pick off voters. Those
Speaker 1: two hundred thousand voters who voted for Brian Kemp the
Speaker 1: first time around it last month but did not vote
Speaker 1: for herschel Walker. That ticket splitting is a big deal.
Speaker 1: Herschel Walker needs to bring them in if he's going
Speaker 1: to win. Raphael Warnock needs to keep them home if
Speaker 1: he wants to keep his job the same. Obviously, you're
Speaker 1: in Atlanta. You're gonna be covering this all day into tomorrow,
Speaker 1: hosting a special edition of Sound On from Georgia's Capital.
Speaker 1: What are you gonna be looking for? Are you gonna
Speaker 1: be talking to his part of your coverage? You know, Actually,
Speaker 1: we're we're looking forward to a conversation with the Secretary
Speaker 1: of State Brad Rathfinsburger, who is of course uh, pretty
Speaker 1: well known resident. Yeah, that's right, based on the perfect
Speaker 1: phone call or one of those perfect phone calls. But
Speaker 1: he's got a big job today and he's no stranger
Speaker 1: to these runofs. He did it two years ago, was
Speaker 1: doing it again today. He'll be with us live on
Speaker 1: Bloomberg at five pm and looking forward to that for sure.
Speaker 1: Joe Matthew, host of Sound on which, as he mentioned,
Speaker 1: you can hear every afternoon at five pm Wall Street
Speaker 1: Time across Bloomberg Radio. And again get much more on
Speaker 1: all the political stories happening in and around the nation's
Speaker 1: capital by going over to Bloomberg dot com or checking
Speaker 1: them out on the Bloomberg Terminal. Looking ahead to the
Speaker 1: market open this morning, futures are looking for some direction today.
Speaker 1: We've got SMP futures little change to the upside. DAL
Speaker 1: futures down nineteen points now, NASDAC future is holding onto
Speaker 1: a gain of sixteen points. That's a gain of about
Speaker 1: a ten percent. Tenure Treasury is up three thirty seconds,
Speaker 1: the yield three point five six percent. This is Bloomberg Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg quick tape,
Speaker 1: She's a Bloomberg business lash and I'm Karen Moscow. And
Speaker 1: markets are struggling for direction this morning. At least futures
Speaker 1: are as traders way the prospects for a slowed down
Speaker 1: in the pace of US rate hikes against data that
Speaker 1: showing tighter policy maybe needed for longer. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, US in P futures or main little change,
Speaker 1: so did Dow futures on Mastack futures are higher, up
Speaker 1: a tenth of upper cent or seventeen points. The decks
Speaker 1: in Germany is down three tenths of upper cent ten.
Speaker 1: Your treasury of three third day seconds, you're three point
Speaker 1: five six percent, and they yield on the two year
Speaker 1: four point three six percent. Not max screwed. Oil is
Speaker 1: down one and a half percent out of dollar twelve,
Speaker 1: but seventy one cents of barrel comex called up half
Speaker 1: percent or nine dollars thirty cents at seventeen ninety sixty.
Speaker 1: At our it's the euro one point oh five one
Speaker 1: five against the dollar. British found one point two two
Speaker 1: one seven and again is a one thirty six point
Speaker 1: three one looking at bitcoin this morning, it's little changed.
Speaker 1: It's just under seventeen thousand dollars. And that's a Bloomberg
Speaker 1: business flash, Nathan. All right, Karen, thank you to six
Speaker 1: fifty six on Wall Street. And this is Bloomberg day Break,
Speaker 1: brought to you by ancient accountants and advisors, the right
Speaker 1: fit tax and accounting firm that you need to succeed.
Speaker 1: Visit them at Ancient dot Com slash v i P
Speaker 1: to learn more. That's ancient dot Com slash v i P.
Speaker 1: And speaking of v i P s, Bloomber Kayley lines
Speaker 1: with a look at some of the pre market movers
Speaker 1: this morning. Morning, Kayley, good morning, Nathan, such a kind introduction,
Speaker 1: Thank you. I have my eye on one stock in
Speaker 1: particular this morning, because really there's not a lot of
Speaker 1: movement out there, but there is definitely a lot of movement.
Speaker 1: For Get Lab the tickers g t LB. This is
Speaker 1: a software company. It's up a whopping seventeen and a
Speaker 1: half percent in pre market trading this morning. It reported
Speaker 1: after the bell last night, nice beaten race quarter. Not
Speaker 1: only did third quarter revenue top expectations, that also lifted
Speaker 1: it's full year forecast. And the reason this is interesting
Speaker 1: and noteworthy is that economic uncertainty is leading to widespread
Speaker 1: cuts in I T budgets in a lot of places,
Speaker 1: but this company is proving resilient in the face of that.
Speaker 1: And that's really the tone we're getting out of the
Speaker 1: analyst research this morning, pointing out that the company is
Speaker 1: continuing to produce results that contrast with its peers RBC
Speaker 1: Capital Markets, noting the durability of revenue growth and because
Speaker 1: of those headwinds, it does seem like the bar was
Speaker 1: pretty low going into these results, but clearly the stock
Speaker 1: is reacting positively to it. After being down fifty percent
Speaker 1: year to date, it's now seeing a nice move in
Speaker 1: pre market, treading another mover that is not quite as
Speaker 1: large as game Stop. It's up a little more than
Speaker 1: one percent. And interesting report out of Axios late yesterday
Speaker 1: saying that it is beginning a round of layoffs game
Speaker 1: Stop is and that maybe the idea that that will
Speaker 1: bring costs down is what is lifting the stock higher.
Speaker 1: What I find interesting and mentally unbiased because I host
Speaker 1: our Crypto show today at one pm on Bloomberg Television.
Speaker 1: But they basically said the team building the company's blockchain
Speaker 1: wallet looks like it's going to be heavily impacted. Interesting
Speaker 1: and also this morning, Kayley a big analyst call on
Speaker 1: some big banks. Yeah, Betsy Grace and the team over
Speaker 1: at Morgan Stanley out with an interesting note this morning,
Speaker 1: double upgrading JP Morgan to overweight from underweight, adding it's
Speaker 1: the most preferred, one of their most preferred names, basically
Speaker 1: talking about operating leverage positively inflecting the consumer and community
Speaker 1: bait taking market share, and relative stability during recessions. So
Speaker 1: that stock is up one point six percent, but be
Speaker 1: and why Melon was downgraded and as a result it's
Speaker 1: down one point three percent, Gray six saying that the
Speaker 1: reason for the cod is that the risk of deposit
Speaker 1: outflows it is persisting while QT goes on, So an
Speaker 1: interesting divergence there between those two banks and overall. Grace
Speaker 1: six says it is not yet time to go long
Speaker 1: on large cop US banks, so definitely an interesting note
Speaker 1: to keep an eye on this morning. Alan, thanks for this, Kayley,
Speaker 1: great have you gone with us? As always Bloomberg's Kayley
Speaker 1: lines keeping an eye on pre market movers this morning.
Speaker 1: Want to mention one other Vivid's smart home is right
Speaker 1: on top of the market. Movers up nearly thirty n
Speaker 1: RG Energy is buying vivin smart home and a deal
Speaker 1: worth two point eight billion dollars in cash. As for
Speaker 1: the broader market, the futures, Little change S and P
Speaker 1: futures are up one point down, futures down ten NASDAC
Speaker 1: futures are higher by twenty two points ten. Your treasuries
Speaker 1: up three thirty seconds, the yield three point five six percent.
Speaker 1: This is Bloomberg Daybreak. I'm Nathan Hager alongside Karen Moscow.
Speaker 1: Bloomberg Surveillance starts now live from the financial capital of
Speaker 1: the world, broadcasting across the globe. This is w bb
Speaker 1: R New York, Bloomberg Living Frio. This excess savings conversation
Speaker 1: from our perspective is starting to run out. The rocket
Speaker 1: fuel from