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Speaker 1: My from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: day Break for a Tuesday, October four two. Coming up

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Speaker 1: this hour, the Global Equity Ramley continues for a second day.

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Speaker 1: We are in Europe and Asia with the latest. Investors

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Speaker 1: are wagering central banks may slow the pace of monetary tightening,

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Speaker 1: and the Biden administration plans new restrictions on China's access

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Speaker 1: to U S semiconductor technology. New York City is relocating

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Speaker 1: a humanitarian relief center intended for asylum seekers and queens. Plus,

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Speaker 1: North Korea launches a missile test over Japan. I'm Michael

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Speaker 1: bar More Ahead, I'm John Stashower and sports A Yankee

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Speaker 1: flirted with a no hitter to win at Texas one.

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Speaker 1: That I Football, the forty nine beat the Rams. That's

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Speaker 1: all training ahead on Bloomberg Daybreak on Bloomberg eleven three

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Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one

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Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius

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Speaker 1: x M one nineteen and around the world Old on

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Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business. And

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Speaker 1: Good Morning. I'm Karin Moscow. I'm Nathan Hager. Bloomberg Daybreak

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Speaker 1: is brought to you by se I. Imagine your asset

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Speaker 1: management firms. Operational infrastructure is a competitive advantage. Let s

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Speaker 1: e I show you how at s e I C

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Speaker 1: dot Com slash I m S and US Future is

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Speaker 1: on the rise this morning five o one on Wall Street.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg, SMP Future is a fifty six points to

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Speaker 1: down futures up three hundred seventy one and NASDAG futures

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Speaker 1: up two hundred twelve. And attend your treasury of fourteen

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Speaker 1: thirty seconds, you have three point five eight percent. Nathan

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Speaker 1: here in. This morning's gain in the futures follows the

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Speaker 1: best day for US stocks in two months. The SMP

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Speaker 1: five D index closed up two point six percent. Week

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Speaker 1: manufacturing data helps spur the rally. Some see it as

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Speaker 1: a signed the Fed could soften its approach to rate hikes.

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Speaker 1: Ab Dish Ponde's chief investment officer at Center Stone, the fundamentals,

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Speaker 1: as far as the ound work for a new bolt

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Speaker 1: market are there, you just don't have evaluations are quite

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Speaker 1: there yet, and he certainly don't want the catalyst yet.

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Speaker 1: But I don't see I don't see, you know, a

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Speaker 1: huge collapse or a calamity or anything like that. Center

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Speaker 1: Stones Abonde thinks core inflation is already peaked, hitting a

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Speaker 1: high point in February. Despite some optimism that the Fed

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Speaker 1: may turn in Devish Nathan, central bank officials continue to

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Speaker 1: bang the drum for more rate hikes. New York Fed

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Speaker 1: President John Williams says tightening still has a significant way

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Speaker 1: to go. He's one of thigh FED officials speaking at

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Speaker 1: events today here at any research president and you're Denny

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Speaker 1: says the Fed is should hike one more time and

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Speaker 1: then end it's tightening cycle. I'm totally stumped, mystified surprise

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Speaker 1: that Fed officials don't seen too acknowledge that just focusing

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Speaker 1: on the FED funds rate as part of the monetary

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Speaker 1: tightening cycle is a mistake when you also have q

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Speaker 1: T two and you have a soaring dollar. These are

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Speaker 1: very restrictive monetary developments. Here, it didn't Research president here

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Speaker 1: here Danny says the Fed's final rate hikes should be

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Speaker 1: next month. Well, stocks are rolling across the globe this morning.

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Speaker 1: Karen in Asia overnight, equities posted their biggest daily advanced

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Speaker 1: since March. Let's get the recap from Bloomberg's Juliette Sally

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Speaker 1: in Singapore. Good morning, Juliet, Good morning Nathan and Karen.

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Speaker 1: Australia's benchmark jumped as much as three point six percent,

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Speaker 1: the most in more than two years, after the country's

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Speaker 1: central Bank delivered a smaller than expected interest rate hike,

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Speaker 1: while three year bond yields slumped the most since the

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Speaker 1: rb A cut rates heading into the global financial crisis

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Speaker 1: in two thousand and eight. Japanese stock surge, with the

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Speaker 1: benchmark topics rising around three percent. Liquidity in the region

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Speaker 1: was relatively thin, with China and Hong Kong markets closed

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Speaker 1: for a holiday. In Singapore. Juliette Sally Bloomberg Daybreak A right, Juliet,

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Speaker 1: thank you. We are also seeing a rally in Europe

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Speaker 1: this morning, and we go to London and get the

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Speaker 1: latest live from Bloomberg's U and Parts. Good morning, U

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Speaker 1: and good morning Kanathan. European stocks in the green for

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Speaker 1: a third day to day the benchmark stocks under touching

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Speaker 1: its biggest gain since June. Travel all technology and retail

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Speaker 1: companies posting some of the biggest jumps today. A quick

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Speaker 1: look at the GRR function on the Bloomberg shows that

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Speaker 1: all twenty sectors are lovely shade of green today, and

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Speaker 1: Credit Swiss also gained this morning, a day after those

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Speaker 1: wild durations in the troubled lenders share price in London.

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Speaker 1: I'm your in parts bog Daybreak, All right, you in thanks.

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Speaker 1: Let's stay in the UK now where it is the

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Speaker 1: third day of the Conservative Party's conference. Questions are swirling

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Speaker 1: over whether Prime Minister Liz Trust can rebound from the

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Speaker 1: political crisis created by last week's budget announcement. Let's go

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Speaker 1: to Birmingham, England to get the latest from the conference

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Speaker 1: with Bloomberg day Break. You're a banker, Caroline Hepgurg, Good morning, Caroline,

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Speaker 1: Good morning, Nathan Karen. Some of Liz Trust's top team

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Speaker 1: have been telling Bloomberg that her project is dead in

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Speaker 1: the water already. A humiliating u turn on the top

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Speaker 1: rate of tax from the Chancellor Quasi Quatte has led

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Speaker 1: her own party to question her leadership, which puts her

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Speaker 1: agenda in jeopardy. The Chancellor has promised to bring forwards

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Speaker 1: details of his fiscal plan, and the independent watchdogs assessment

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Speaker 1: so that it comes sly. But one former cabinet minister

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Speaker 1: who spoke to Bluebog predicted the Prime Minister would be

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Speaker 1: gone within a year. Now. The question is how the

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Speaker 1: government can afford the tax cuts that it has promised,

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Speaker 1: and will the poorest in society see their wealthfare payments

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Speaker 1: sacrifice in order to balance the books. In Birmingham, I'm

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Speaker 1: Carolan hed carefferably big daybreak, All right, Caroline, thank you.

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Speaker 1: Back here in the US, US China relations are back

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Speaker 1: in focus. Bloomberg News has learned the White House plans

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Speaker 1: to announce the new restrictions on Beijing's access to U

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Speaker 1: S semiconductor technology. Details now from Bloomberg's Amy Morris in

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Speaker 1: our news room in Washington. Members of Congress have been

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Speaker 1: pushing the White House to tighten controls around semiconductor equipment

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Speaker 1: of China. Now, sources tell Bloomberg News the Commerce Department

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Speaker 1: will roll out a package of rules this week, including

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Speaker 1: formalizing restrictions on technology to produce chips that are designated

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Speaker 1: as fourteen nanometer or better. It will prohibit the sale

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Speaker 1: of tools for logic and memory chip production in China

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Speaker 1: and restrict access to chips used in SuperComp puting and

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Speaker 1: artificial intelligence. In Washington, I maybe Morris Bloomberg Daybreak, Amy thanks.

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Speaker 1: As the war in Ukraine rages on, Elon Musk is

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Speaker 1: weighing in. Recent Twitter posts have the Testa CEO drawing

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Speaker 1: the wrath of Ukrainians, including President Vladimir's Lensky. Bloomberg's Charlie

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Speaker 1: Pellet explains those post surge Ukraine to seek a negotiated

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Speaker 1: solution to the invasion by Russia and to seed Crimea

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Speaker 1: for good Must also launched a Twitter poll asking citizens

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Speaker 1: of occupied areas of eastern Ukraine plus Crimea to decide

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Speaker 1: if they want to live in Russia or Ukraine. The

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Speaker 1: survey comes as Ukraine, Europe, and the US denounced President

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Speaker 1: Vladimir Putin's move to annex four regions and declare them

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Speaker 1: Russian territory. In New York, Charlie Pellet Bloomberg Daybreak, All right, Charlie,

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Speaker 1: thank you. As for Elon Musk's company, Tesla plunge the

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Speaker 1: most in four months yesterday after third quarter deliveries missed estimates,

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Speaker 1: and it looks like investor canthy Wood took that as

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Speaker 1: a buying opera. Tunity Funds backed by Woods. Arc Investment

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Speaker 1: Management bought more than one hundred two thousand shares of

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Speaker 1: Tesla yesterday and marked the firm's first purchase of Tesla

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Speaker 1: since mid June. And we're watching Tesla this morning, shares

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Speaker 1: around more than three in early trading. And are straight

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Speaker 1: ahead your latest local headlines plus a check of sports.

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Speaker 1: This is Bloomberg. It's carried its five oh seven on

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Speaker 1: Wall Street, rain forty five degrees in Central Park. Got

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Speaker 1: a crash northbound West Side Highway to hundred fifty Details

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Speaker 1: coming up in traffic. First Michael Barr with what else

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Speaker 1: is going on in New York and around the world.

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Speaker 1: Morning Michael, Good Morning Nathan. New York City is relocating

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Speaker 1: a humanitarian relief center intended for asylum seekers bust stuff

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Speaker 1: from Texas and southern border states. The tenn City and

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Speaker 1: Orchard Beach has become a magnet for anti immigration protests

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Speaker 1: and for people who are concerned about the migrants. The

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Speaker 1: city plans the house at Fat Facility. New York Mayor

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Speaker 1: Eric Adams says the city is exploring solutions for the

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Speaker 1: incoming asylum seekers. We are not want to be afraid

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Speaker 1: to try different things to solve these unprecedented um problems

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Speaker 1: that we're facing in the city. Mayor Adams says the

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Speaker 1: migrants will be sent to Randall's Island after concerns about

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Speaker 1: flooding issues and Orchard Beach. At least sixteen thousand asylum

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Speaker 1: seekers so far for the last couple of months have

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Speaker 1: been busted up, primarily from Texas. North Korea has fired

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Speaker 1: a ballistic missile over Japan for the first time in

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Speaker 1: five years, forcing Japan to issue evacuation notices and suspend

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Speaker 1: trains during the flight of the nuclear capable weapon that

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Speaker 1: could reach the U. S. Territory of Guam and beyond.

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Speaker 1: The US said it strongly condemns North Korea's dangerous and

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Speaker 1: reckless decision. President Biden and First Lady Jill Biden tour

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Speaker 1: the Puerto Rico ravaged area by Hurricane Fiona. The President

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Speaker 1: offered reassurance the federal government will help the U. S.

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Speaker 1: Territory rebuild. We're gonna make sure you get every single

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Speaker 1: dollar promise. I'm to term it help Puerto Rico bill

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Speaker 1: faster than in the past and stronger and better prepared

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Speaker 1: for the future. Tomorrow, President Biden plans to visit Florida,

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Speaker 1: hit by Hurricane Ian. Florida Governor RHND De Santists pushed

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Speaker 1: back when asked about evacuation measures in Lee County ahead

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Speaker 1: of Ian. County officials have come unto question for ordering

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Speaker 1: evacuations too late after Ian storm track made a late

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Speaker 1: turn south for a more direct hit. Stop stop stop. Okay,

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Speaker 1: it's been this has been dealt with. The Lee County

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Speaker 1: has explained what they did. They went through that. Governor

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Speaker 1: De Santists later said the state will, of course look

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Speaker 1: over the evacuations. More than one hundred people have been

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Speaker 1: killed from Ian. A half a million residents remained without

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Speaker 1: power in Florida. Former President Donald Trump suited CNN for defamation,

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Speaker 1: accusing the network of smearing him to undermine a potential

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Speaker 1: run for re election. In Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quittank, powered by

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Speaker 1: more than twenty seven hundred journalists and analysts more than

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Speaker 1: a hundred twenty count Michael Barr, this is Bloomberg, NA.

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Speaker 1: Thank you. Michael's come up to find ten on Wall Streets.

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Speaker 1: Time for the Bloomberg Sports Up. Thank you, Morny John Stenshower.

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Speaker 1: Your morning to the Yankees first series in Arlington, Texas

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Speaker 1: since Corey Kluber through a no hitter there last season.

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Speaker 1: Almost another Yankee note hitter, Luis Severino, would have taken

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Speaker 1: it into the eighth inning, but Aaron Boone took Severino

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Speaker 1: out of the game after ninety four pitches. Rangers broke

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Speaker 1: up the no hitter, but the Yanks one three to one.

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Speaker 1: Home runs were John Carlos Stanton and Marwin Gonzalez. Not

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Speaker 1: Aaron Judge, He's still at sixty one. Yanks and Rangers

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Speaker 1: play a double header today. The Mets and Nationals played

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Speaker 1: two at City Field after last night's rain out. Atlanta

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Speaker 1: off the suite with the Mets had only four hits

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Speaker 1: lost in Miami for nothing, but the Braves magic number

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Speaker 1: when the n L East is still only one, which

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Speaker 1: would mean to met wild Card series this weekend in

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Speaker 1: City Field, Mets hope that Starling Marte will be able

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Speaker 1: to play. They have missed his bat since he went

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Speaker 1: out with the broken finger. Tony Lrusa says this retirement

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Speaker 1: is final. He was out of managing for a decade.

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Speaker 1: Wint of the Hall of Fame returned to manage the

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Speaker 1: White Sox, now stepping down. He's had health issues. Mother

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Speaker 1: Night Football big plays carried the car Gibow Sage bikes

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Speaker 1: a tackle forty Tibow thirty five, twenty five twenty pricks

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Speaker 1: tackle said sis kay nba are the call that fifty

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Speaker 1: seven yard touchdown came after a thirty two yard TV

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Speaker 1: run by Jeff Wilson and before a fifty two yard

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Speaker 1: pick six meat. The Rams nine giants getting ready to

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Speaker 1: fly to London to play Green Bay on Sunday. QB

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Speaker 1: Daniel Jones's ankle injury said to be improving. John Staff,

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Speaker 1: Bloomberg Sports Nathan, thank you, John SMP futures up forty

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Speaker 1: seven points right now, dal future is surging by three

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Speaker 1: eight points. Nastack futures are higher by a hundred ninety points.

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Speaker 1: British pound one point one three five five strengthening against

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Speaker 1: the dollar as the Conservative Party can friends continues in Birmingham.

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Speaker 1: We check in live with Bloomberg's Caroline Hecker. Next Bloomberg

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Speaker 1: eleven three oh weather cloudy, occasional showers and rain today.

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Speaker 1: Highs only in the upper fifties. Showers will end tomorrow.

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Speaker 1: We'll get into the low sixties. Low seventies are back

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Speaker 1: by Thursday. Right now, rain forty five degrees, markets headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot Com, The Bloomberg Business Outland at Bloomberg Quick takes

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Speaker 1: a Bloomberg Business Lash and I'm Karen Moscow. A rally

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Speaker 1: and global markets extending into a second day, lifting US

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Speaker 1: DUNK Index futures and European shares as investors wagers central

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Speaker 1: banks will have to slow the pace of monetary tightening.

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Speaker 1: We check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg s and P futures, they're up about forty

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Speaker 1: seven points. Dow futures have three hundred two and NASDAGG

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Speaker 1: futures have one hundred eighty six decks. In Germany's up

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Speaker 1: almost two and a half percent. Ten year treasury of

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Speaker 1: fourteen thirty seconds, he had three point five eight percent.

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

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Speaker 1: NIMEX Screwed oil is up a third of upper cent

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Speaker 1: or thirty cents at eighty three dollars nine four cents

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Speaker 1: of barrel co make school that three quarters of a

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Speaker 1: percent or thirteen dollars ten cents at seventeen fifteen ten

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Speaker 1: and ounce the euro point seven against the dollar British

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Speaker 1: found one point one three four two and the yen

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Speaker 1: one forty four point seven seven bitcoin this morning up

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Speaker 1: one point two percent in nineteen thousand, eight hundred dollars.

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Speaker 1: Today we're watching for reports on factory orders and durable

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Speaker 1: goods orders out of ten o'clock Wall Street time, along

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Speaker 1: with the Jolts jobs report. And that's a Bloomberg business flash.

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Speaker 1: Now here's Munchael Bar with Moore on what's going on

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Speaker 1: around the world. Muncle, good morning, Good morning, Karen. North

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Speaker 1: Korea fired a missile over Japan for the first time

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Speaker 1: in five years, further ratcheting up tensions over Kim John

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Speaker 1: UN's nuclear program and prompting a rare public safety warning

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Speaker 1: to be issued by Tokyo. The bodies of Russian soldiers

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Speaker 1: were lying in the streets of a key eastern Ukrainian

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Speaker 1: city today. It follows the retreat that marked the latest

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Speaker 1: defeat from Moscow. In baseball, the Yankees one Aaron Judge

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Speaker 1: still at sixty one homers with the time running out,

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Speaker 1: The Red Sox and the A's won, the Orioles and

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Speaker 1: Giants lost. The Meds and Nationals were postponed because of rain,

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Speaker 1: and we'll try to make it up today Monday Night Football.

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Speaker 1: The forty nine is Beat the Rams nine Global news

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Speaker 1: twenty four hours a day on here and on Bloomberg Quicktake,

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Speaker 1: powered by more than twenty seven hundred journalists and analyist

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Speaker 1: more than a hundred twenty countries. How Michael Barr, this

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Speaker 1: is Bloomberg. Gave it Okay? Michael. Thanks, It's five nineteen

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Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.

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Speaker 1: This is Bloomberg Daybreak. We want to turn down to

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Speaker 1: the latest in UK politics. Prime Minister Liz Trust has

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Speaker 1: given in on one aspect of her budget, but there

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Speaker 1: may be new points of contention within her own Conservative Party.

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Speaker 1: Let's head right over to the Conservative Party conference down

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Speaker 1: today three in Birmingham, England. Bloomberg day Break. You're a banker,

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Speaker 1: Caroline Hepgert joins us live. So what is the latest,

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Speaker 1: Caroline Nathan, Good morning. Yes, we are building up to

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Speaker 1: Liz Trust is big speech, the Prime Minister's speech tomorrow morning.

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Speaker 1: But the bone of contention is this Universal Credit. It's

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Speaker 1: a welfare payment worth about three d and thirty four

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Speaker 1: pounds per month to a single recipient and it's whether

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Speaker 1: or not that benefit will go up in line with

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Speaker 1: inflation or not. This from the Prime Minister this morning

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Speaker 1: on a media interview. No decision has been made yet

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Speaker 1: on the benefit uprating. This is potentially explosive for the government.

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Speaker 1: You're talking about the poorest people in society and whether

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Speaker 1: or not the government actually comes through with something that

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Speaker 1: the previous administration had promised to do. And it comes,

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Speaker 1: Nathan on the back of a u turn around the

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Speaker 1: top rate of tax yesterday. But this welfare payment issue

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Speaker 1: is really perhaps the next you to drop for the government. Well,

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Speaker 1: if she's saying that there's no decision made on this

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Speaker 1: cruise all aspect of the budget, given the cost of

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Speaker 1: living crisis in the UK, I mean, what comes next?

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Speaker 1: How can the trust government rebuild its credibility? Yeah, this

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Speaker 1: is the problem. I mean we saw that Bronco write

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Speaker 1: of sterling and guilt because of the Mini Budget, an

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Speaker 1: announcement on a huge set of tax cutting policies without

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Speaker 1: a real plan as to how that would be funded.

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Speaker 1: Um and it came also without the Fiscal Watchdog giving

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Speaker 1: its judgment, the independent organization that gives its view on

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Speaker 1: government tax and spending plans. Look, there was a bit

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Speaker 1: of movement because Quasi quarteng Um has talked now about

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Speaker 1: bringing forwards the o b R predictions so that that

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Speaker 1: report on the government's fiscal plans would come sooner. The

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Speaker 1: FT says it could come before the end of this month.

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Speaker 1: Our own Bloomberg reports have been pressing ministers on this issue,

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Speaker 1: and I was speaking to the MP Anthony Brownie, sits

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Speaker 1: on the Treasury Select Committee, and he was saying it

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Speaker 1: would be a great idea if we actually knew the

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Speaker 1: costings for the government's plans before the next Bank of

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Speaker 1: England decision on the third of November. But again we

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Speaker 1: still don't know, and that is also part of the

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Speaker 1: credibility issue. It's about messaging, it's about timing, and it's

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Speaker 1: fundamentally also about policy. So this is a very very

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Speaker 1: difficult moment for this government. You know, the Conservatives have

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Speaker 1: been in power for twelve years, Nathan, and of course

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Speaker 1: those trust has only been in power for just about

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Speaker 1: a month here. But are we expecting that we could

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Speaker 1: get further details from the Prime Minister when she makes

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Speaker 1: that speech. Is that's something that could come down at

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Speaker 1: the conference itself, Well, that is possible. I mean, the

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Speaker 1: whole point of the Conservative Party conference is to gather

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Speaker 1: together MPs, counselors, lobbyists, think tanks. It's the sort of

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Speaker 1: whole Conservative universe here at the i c C. It's

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Speaker 1: in in Birmingham this year, in the North of England.

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Speaker 1: So yes, there will be pressure on the Prime Minister

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Speaker 1: to say more. And yet they've been it's slow in

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Speaker 1: terms of releasing the details, and they have um you know,

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Speaker 1: downplayed the market impact in a lot of ways. They've

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Speaker 1: blamed largely still the problems of the government on the

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Speaker 1: inflation shot from the war in Ukraine, and they wanted

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Speaker 1: to take very little responsibility you know, for the unfunded

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Speaker 1: tax cut plans. So yes, all eyes will be on

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Speaker 1: Liz Trust tomorrow. She speaks sometime between ten a and

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Speaker 1: twelve lunchtime, and they'll be of course a big build

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Speaker 1: up before we get to her speech. Quasi kwarteng speech

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Speaker 1: was only twenty minutes long. It was very very brief

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Speaker 1: by conference standards, Nathan, only about a minute left here, Caroline.

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Speaker 1: But what's the level of support among Conservatives for Liz

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Speaker 1: Trust right now? Well, I was speaking to itself this morning.

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Speaker 1: Amongst the voters, extremely dubious is how I'd put it.

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Speaker 1: The latest polling from Savanta Comras puts the Labor Party

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Speaker 1: twenty five point lead over the Conservatives. That is the

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Speaker 1: highest vote share for Labor since Converse started polling. It

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Speaker 1: feels very much in the country as if the polling

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Speaker 1: and voters have tipped towards the Labor Party in a

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Speaker 1: big way versus concernations, and that has happened very quickly,

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Speaker 1: just in the last couple of weeks, as it is

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Speaker 1: just and quasi cassang of come into office. Yeah, it's

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Speaker 1: been pretty stunning to watch, even from this side of

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Speaker 1: the pond. Thanks for this, Caroline. Great having you on

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Speaker 1: with us this morning from Birmingham, England, where the conference

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Speaker 1: of the Conservative Party continues and we will be watching

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Speaker 1: very closely as Prime Minister Liz Trust gives that speech

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Speaker 1: to the culmination of the conference. You want to keep

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Speaker 1: it with Bloomberg Radio to get all the latest on

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Speaker 1: the turmoil within the UK government right now. Looking at

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Speaker 1: the British pound, it's gaining strength against the dollar right

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Speaker 1: now at one point one three zero. As far as

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Speaker 1: futures go, those are gaining strength as WELLS and p

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Speaker 1: futures up forty nine points. Now future is up three

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Speaker 1: twenty three and NASDAC futures are higher by one points.

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Speaker 1: The tenure Treasury is up thirteen thirty seconds. You'll do

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Speaker 1: three point five eight. This is Bloomberg Bloomberg eleven three

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Speaker 1: oh weather clouds, occasional showers and rain. Today breezy with

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Speaker 1: mines only in the upper fifties. Showers line tomorrow low sixties.

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Speaker 1: We'll be back in the low seventies by Thursday. Right now,

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Speaker 1: raining forty five in Central Park. Broadcasting live from the

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Speaker 1: Bloomberg Interactive Broker's studio in New York. Bloomberg E Living

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Speaker 1: Free to Washington, d C. Bloomberg on to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco, Bloomberg N sixty

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Speaker 1: to the country Sirius XM Cho one nine and around

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Speaker 1: the globe the Bloomberg Business app in Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Daybreak thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen Mosko. Our just about

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Speaker 1: four hours away from the open of US trading. Let's

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Speaker 1: get you have to date in the news you need

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Speaker 1: to know at this hour. US futures rising this morning

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Speaker 1: on the heels of the best day for stocks in

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Speaker 1: two months. Still there's room to go lower from here,

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Speaker 1: and that's according to Wealth Enhancement Group Senior VP Nicole Web,

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Speaker 1: the market may come down to kind of that thirteen

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Speaker 1: times to fifteen times multiplier, and when we get there,

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Speaker 1: the SMP looks more fairly priced within reason, closer to

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Speaker 1: three thousand and so we do think when you come

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Speaker 1: through that support of thirty, there's there's probably still room

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Speaker 1: below that to go. Wealth Enhancement Groups Nicole Web says

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Speaker 1: the US is likely and during a period of structurally

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Speaker 1: slower growth. I meantime, Karen FED speakers continue the drumbeat

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Speaker 1: for higher rates. New York Fed President John Williams says

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Speaker 1: tightening still has a significant way to go. Williams is

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Speaker 1: one of five FED officials speaking at events today. Priam

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Speaker 1: iSER ahead of Global Rate Strategy A TV Securities thinks

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Speaker 1: the Fed won't stop hiking anytime soon. We should be

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Speaker 1: pricing in a a session. I think the recession is

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Speaker 1: pretty much baked in the cake for next year in

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Speaker 1: the US, and I don't buy the shallow short recession argument.

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Speaker 1: This could much longer lasting because the fight is going

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Speaker 1: to be reluctant to start to ease. They're so worried

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Speaker 1: about the nineteen seventies that I think they're going to

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Speaker 1: be late on the way to easing policy. So the

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Speaker 1: Tanya is attractive as a risk hedge. A miserable with

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Speaker 1: TV security says rate hikes could continue into next year

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Speaker 1: despite the hawkish rhetoric Nathan. Global stocks are rallying this morning.

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Speaker 1: The MSCI Asia Pacific Index ros more than two percent overnight,

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Speaker 1: and You're up. Stock six is currently up two point

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Speaker 1: two In England card it is the third day of

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Speaker 1: the Conservative Party conference. Questions are swirling over whether Prime

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Speaker 1: Minister List Trust can rebound from last week's budget announcement.

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Speaker 1: Cabinet members tell us Trust will struggle to enact key

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Speaker 1: parts of for economic plan because they're standing in the

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Speaker 1: party is already so damaged. In corporate news this morning,

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Speaker 1: Nathan Elon Musk is weighing in on the war in

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Speaker 1: Ukraine and the Tesla CEO enraged Ukrainians in a series

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Speaker 1: of Twitter posts, saying that the country you should seek

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Speaker 1: a negotiated solution to the invasion by Russia and see

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Speaker 1: crimea for good Ukraine's president vladimir's Lanski response it in

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Speaker 1: a post of his own, questioning whether Must supported Ukraine

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Speaker 1: or Russia. And we have news on US China relations.

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Speaker 1: Karen Bloomberg News has learned the White House plans to

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Speaker 1: announce new restrictions on Beijing's access to U S semiconductor technology.

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Speaker 1: Sources say the Commerce Department will roll out of package

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Speaker 1: of rules this week. And futures this morning are higher.

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Speaker 1: S and P futures up almost fifty points down, futures

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Speaker 1: up three hundred sixteen, NASTAG futures up one hundred nineties seven.

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Speaker 1: The decks in Germany is up about two point six percent.

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Speaker 1: And straight ahead your latest local headlines plus the check

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Speaker 1: of sports, and this is Bloomberg. Thanks and Wall Street.

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Speaker 1: Rain forty five degrees in Central Park, lots of crashes

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Speaker 1: with these white roads. Michael Barr has more on what's

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

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Speaker 1: thank you very much. Nathan. New York City is relocating

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Speaker 1: a humanitarian relief center intended for asylum seekers bus stuff

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Speaker 1: from Texas and southern border states. The tent city at

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Speaker 1: Orchard Beach has become a magnet for antimigration protests and

430
00:24:01,680 --> 00:24:04,280
Speaker 1: for people who are concerned about the migrants. The city

431
00:24:04,280 --> 00:24:07,520
Speaker 1: plans the house of that facility. New York Mayor Eric

432
00:24:07,560 --> 00:24:10,960
Speaker 1: Adams says the city is exploring solutions for the incoming

433
00:24:10,960 --> 00:24:14,000
Speaker 1: asylum seekers and that everyone is safe. We're going to

434
00:24:14,040 --> 00:24:18,720
Speaker 1: provide the public safety. That's my responsibility. My responsibility through

435
00:24:18,840 --> 00:24:22,359
Speaker 1: the Police Commission and Police Department, all about law enforcement

436
00:24:22,560 --> 00:24:25,679
Speaker 1: entities is to make sure that the communities will we

437
00:24:25,800 --> 00:24:30,080
Speaker 1: have any shelter migrants are not that is safe. Mayor

438
00:24:30,119 --> 00:24:33,040
Speaker 1: Adams says the migrants will be sent to Randall's Island

439
00:24:33,359 --> 00:24:37,480
Speaker 1: after concerns about flooding issues in Orchard Beach. North Korea

440
00:24:37,560 --> 00:24:41,120
Speaker 1: launched an intermediate arrange ballistic missile over the Japanese territory

441
00:24:41,200 --> 00:24:44,000
Speaker 1: for the first time in five years. Residents in northern

442
00:24:44,080 --> 00:24:46,480
Speaker 1: Japan were told to take cover as the missile flew

443
00:24:46,520 --> 00:24:49,560
Speaker 1: over and fell into the Pacific Ocean. Japan says North

444
00:24:49,640 --> 00:24:53,879
Speaker 1: Korea's latest missile launch is reckless and strongly condemns it.

445
00:24:54,320 --> 00:24:57,800
Speaker 1: President Biden and the First Lady arrived in hurricane ravaged

446
00:24:57,840 --> 00:25:01,240
Speaker 1: Puerto Rico, hit by Fiona. U s territory was hit

447
00:25:01,280 --> 00:25:04,720
Speaker 1: by Hurricane Maria. Five years ago. The President says he

448
00:25:04,760 --> 00:25:08,040
Speaker 1: wants to make Puerto Rico resilient with sixty million dollars

449
00:25:08,040 --> 00:25:11,800
Speaker 1: in infrastructure aid. And yes, Puerto Rico is a strong place,

450
00:25:12,240 --> 00:25:15,600
Speaker 1: and Puerto Ricans are strong people. But even so, you

451
00:25:15,640 --> 00:25:18,399
Speaker 1: have had to bear so much more than need be

452
00:25:18,920 --> 00:25:20,960
Speaker 1: and you haven't gotten the help in a timely way.

453
00:25:21,440 --> 00:25:25,040
Speaker 1: President Biden will visit Florida to survey ian's damage tomorrow.

454
00:25:25,560 --> 00:25:29,560
Speaker 1: High stakes January sixth trial kicked off in DC District Court.

455
00:25:30,000 --> 00:25:32,560
Speaker 1: Five members of the far right militia group the Oath

456
00:25:32,680 --> 00:25:36,800
Speaker 1: Keepers faced decades behind bars. The defendants are charged with

457
00:25:36,880 --> 00:25:40,800
Speaker 1: seditious conspiracy. Global News twenty four hours a day on

458
00:25:40,960 --> 00:25:44,359
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

459
00:25:44,480 --> 00:25:47,880
Speaker 1: seven hundred journalists and analysted more than one twenty countries.

460
00:25:48,119 --> 00:25:51,200
Speaker 1: I'm Michael Barr, and this is Bloomberg, Nathan, Thanks Michael

461
00:25:56,480 --> 00:25:59,040
Speaker 1: on Wall Street. Time for the Bloomberg Sports update Whichjohn stanshown.

462
00:25:59,160 --> 00:26:01,080
Speaker 1: Maybe it's one of the things you never used to

463
00:26:01,080 --> 00:26:03,080
Speaker 1: see in baseball and now see all the time, a

464
00:26:03,200 --> 00:26:06,280
Speaker 1: manager taking a picture out even when the picture has

465
00:26:06,320 --> 00:26:08,280
Speaker 1: not allowed a hit. Just the third start for Luis

466
00:26:08,320 --> 00:26:11,879
Speaker 1: Sevareno since being injured the playoffs around the corner. Sevareno

467
00:26:12,000 --> 00:26:15,000
Speaker 1: was at ninety four pictures through seven innings and Aaron

468
00:26:15,040 --> 00:26:18,680
Speaker 1: Boone removed him. Decision that sucks to have to make, um,

469
00:26:18,720 --> 00:26:21,199
Speaker 1: because he was, you know, very efficient to you know,

470
00:26:21,640 --> 00:26:23,399
Speaker 1: the decision would have been if he was to eight

471
00:26:23,560 --> 00:26:25,760
Speaker 1: at that point. Um. You know, I didn't really want

472
00:26:25,760 --> 00:26:28,000
Speaker 1: to go more than ninety with him today. I was

473
00:26:28,040 --> 00:26:30,040
Speaker 1: gonna try and let him finish that seventh inning no

474
00:26:30,080 --> 00:26:32,280
Speaker 1: matter what. Rangers broke up the no hitter and the

475
00:26:32,320 --> 00:26:35,040
Speaker 1: shout out eighth and enough Miguel Castro, who just returned

476
00:26:35,040 --> 00:26:36,879
Speaker 1: from injury. Thanks still Wan of Texas three to one.

477
00:26:36,920 --> 00:26:40,160
Speaker 1: John Carlos Stanton hit his thirtieth home run. Aaron Judge

478
00:26:40,200 --> 00:26:43,439
Speaker 1: did not hit his sixty second double heater in Texas. Today,

479
00:26:43,640 --> 00:26:45,760
Speaker 1: Metz the Nationals will play two at City Field. After

480
00:26:45,840 --> 00:26:48,879
Speaker 1: last night's rain out. The Braves had Champagne ready to go,

481
00:26:49,000 --> 00:26:51,480
Speaker 1: but lost in Miami four nothing in their magic numbers

482
00:26:51,480 --> 00:26:54,360
Speaker 1: still one. The Phillies celebrated. They wanted to clinch their

483
00:26:54,400 --> 00:26:56,960
Speaker 1: first playoff wirtsince two thousand and eleven. So the twelve

484
00:26:57,000 --> 00:26:59,919
Speaker 1: playoff teams were known the matchups still to be the turn.

485
00:27:00,200 --> 00:27:02,440
Speaker 1: Week four ended with the forty nine or two to

486
00:27:02,600 --> 00:27:04,720
Speaker 1: nine win over the Rams, who they've now beaten seventh

487
00:27:04,720 --> 00:27:06,879
Speaker 1: straight times in the regular season. All four teams in

488
00:27:06,920 --> 00:27:09,560
Speaker 1: the NFC West are two and two. The Jets or

489
00:27:09,600 --> 00:27:11,840
Speaker 1: two and two, yet to win at home, they host

490
00:27:11,920 --> 00:27:15,120
Speaker 1: Miami Sunday. In the Dolphins quarterback will be Teddy Bridgewater

491
00:27:15,240 --> 00:27:18,720
Speaker 1: to a tongue of below out with his much debated concussion.

492
00:27:18,760 --> 00:27:22,480
Speaker 1: Tyrod Taylor is in concussion protocol and Daniel Jones as

493
00:27:22,520 --> 00:27:24,480
Speaker 1: an injured ankle that is said to be improving. But

494
00:27:24,600 --> 00:27:27,560
Speaker 1: the Giants Sunday in London against Green Bay may have

495
00:27:27,680 --> 00:27:30,760
Speaker 1: to start third strink QB Davis Webb, who's never thrown

496
00:27:30,760 --> 00:27:35,000
Speaker 1: a pass in an NFL game. John Bloomberg Sports, Thank

497
00:27:35,040 --> 00:27:37,119
Speaker 1: you John. It's thirty seven on Wall Street. Time for

498
00:27:37,160 --> 00:27:40,159
Speaker 1: the Tri State Business Report. Here's Bloomberg Scott car. The

499
00:27:40,200 --> 00:27:43,960
Speaker 1: Manhattan housing market is calming down. A report from a praiser, Miller,

500
00:27:44,080 --> 00:27:47,040
Speaker 1: Samuel and Douglas Element Real Estate says sales of co

501
00:27:47,160 --> 00:27:50,119
Speaker 1: ops and condos dropped three point seven percent in the

502
00:27:50,240 --> 00:27:52,760
Speaker 1: third quarter from the previous three months and more than

503
00:27:52,880 --> 00:27:56,119
Speaker 1: eighteen percent from the year before. The median price on

504
00:27:56,240 --> 00:28:00,359
Speaker 1: transactions completed slipped seven point six percent to one one

505
00:28:00,440 --> 00:28:03,760
Speaker 1: five million from the second quarter. Moody's has upgraded New

506
00:28:03,840 --> 00:28:07,560
Speaker 1: Jersey's outlook from stable to positive. The announcement follows a

507
00:28:07,640 --> 00:28:10,760
Speaker 1: string of three credit ratings upgrades with a positive outlook

508
00:28:10,760 --> 00:28:14,280
Speaker 1: from all four major credit rating agencies. Moody says pension

509
00:28:14,359 --> 00:28:18,840
Speaker 1: contributions and maintaining liquidity above historic averages are among the

510
00:28:18,840 --> 00:28:21,960
Speaker 1: factors that could lead to further upgrades. Law firm Rome

511
00:28:22,040 --> 00:28:26,320
Speaker 1: mcgwigan is disbanding after being a downtown Hartford, Connecticut mainstay

512
00:28:26,400 --> 00:28:29,200
Speaker 1: for over forty years. At one time, the law firm,

513
00:28:29,240 --> 00:28:32,360
Speaker 1: based at one State Street downtown, had about twenty partners.

514
00:28:32,640 --> 00:28:36,280
Speaker 1: That's the Bloomberg Try State Business Report. I'm Scott Carr.

515
00:28:36,280 --> 00:28:39,280
Speaker 1: Thank you, Scott. It's on Wall Street. Bloomberg Radio is

516
00:28:39,320 --> 00:28:41,600
Speaker 1: on the air from San Francisco to New York, London

517
00:28:41,680 --> 00:28:43,960
Speaker 1: to Hong Kong. Let's check in with our global news

518
00:28:43,960 --> 00:28:45,640
Speaker 1: team for some of the top stories heard on our

519
00:28:45,640 --> 00:28:51,560
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve

520
00:28:51,640 --> 00:28:54,560
Speaker 1: Podasc on ten ten Wins in New York. We're talking

521
00:28:54,560 --> 00:28:59,200
Speaker 1: about Manhattan's housing market showing signs of cooling down. I'm

522
00:28:59,240 --> 00:29:02,840
Speaker 1: Cornita how one ktr h in Houston. Charities may face

523
00:29:02,920 --> 00:29:06,520
Speaker 1: a funding squeeze with plunging markets and rising inflation. I'm

524
00:29:06,600 --> 00:29:10,040
Speaker 1: Genus Servetti and for WHAM eleven eighty in Rochester, New York.

525
00:29:10,080 --> 00:29:13,719
Speaker 1: I'm reporting that Google's self driving truck program is hauling

526
00:29:13,800 --> 00:29:16,960
Speaker 1: beer from Dallas to Houston under a pilot program for

527
00:29:17,040 --> 00:29:20,480
Speaker 1: Constellation Brands. I'm Stephen Carl and Bloomberg D A B

528
00:29:20,640 --> 00:29:23,320
Speaker 1: Digital Radio and London. We've been reporting on the UK's

529
00:29:23,360 --> 00:29:27,080
Speaker 1: Chancellor bringing forward his fiscal forecast to calm turmoil on

530
00:29:27,120 --> 00:29:30,640
Speaker 1: financial markets. I'm Scott Carr on w T A M

531
00:29:30,680 --> 00:29:33,720
Speaker 1: in Cleveland. I'm reporting at a big federal contract just

532
00:29:33,880 --> 00:29:37,480
Speaker 1: landed by a medical research team at Case Western Reserve University.

533
00:29:37,840 --> 00:29:40,840
Speaker 1: And those are some of the stories our Bloomberg journalists

534
00:29:40,840 --> 00:29:43,120
Speaker 1: and analyst working on this morning around the world. It's

535
00:29:43,160 --> 00:29:45,720
Speaker 1: five thirty nine on Wall Street. The following is an

536
00:29:45,880 --> 00:29:50,240
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the

537
00:29:50,280 --> 00:29:54,560
Speaker 1: Bloomberg Editorial Board. Pension funds are supposed to be among

538
00:29:54,640 --> 00:29:59,360
Speaker 1: the least exciting financial institutions yet. Last week in the UK,

539
00:29:59,600 --> 00:30:03,320
Speaker 1: they were the center of an incipient financial crisis. What

540
00:30:03,520 --> 00:30:06,600
Speaker 1: led to this was a variation on a well known theme,

541
00:30:07,120 --> 00:30:12,320
Speaker 1: leverage meets unforeseen events. The danger when these two collide

542
00:30:12,680 --> 00:30:17,080
Speaker 1: is not confined to any one country, so regulators everywhere

543
00:30:17,200 --> 00:30:20,840
Speaker 1: should take note. While the world's banks are somewhat safer

544
00:30:20,880 --> 00:30:23,640
Speaker 1: than they were before the crash of two thousand eight,

545
00:30:24,000 --> 00:30:28,880
Speaker 1: risks that start outside the traditional financial system still require

546
00:30:29,040 --> 00:30:32,640
Speaker 1: greater attention. The more leverage held by non banks, such

547
00:30:32,680 --> 00:30:37,280
Speaker 1: as pension funds, hedge funds, and insurers, the greater the dangers.

548
00:30:37,640 --> 00:30:42,160
Speaker 1: Regulators need to remember that low probability events aren't zero

549
00:30:42,400 --> 00:30:46,360
Speaker 1: probability events. Eventually they happen, and when they do, they

550
00:30:46,360 --> 00:30:50,920
Speaker 1: can cause serious harm. One day, if regulators do their job,

551
00:30:51,320 --> 00:30:56,680
Speaker 1: pension funds will be boring again. This editorial was written

552
00:30:56,680 --> 00:31:00,240
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please

553
00:31:00,280 --> 00:31:03,440
Speaker 1: go to Bloomberg dot com, slash opinion or opie I

554
00:31:03,680 --> 00:31:07,800
Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg opinion,

555
00:31:07,960 --> 00:31:10,600
Speaker 1: and you can hear Bloomberg opinion editorials every weekday at

556
00:31:10,600 --> 00:31:14,000
Speaker 1: this time. Terminal customers can read more at opie I

557
00:31:14,240 --> 00:31:17,479
Speaker 1: n go Future is moving higher this morning. You're listening

558
00:31:17,520 --> 00:31:24,760
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather, clouds, occasional

559
00:31:24,760 --> 00:31:27,280
Speaker 1: showers and rain today breezy highs in the upper fifties.

560
00:31:27,280 --> 00:31:29,560
Speaker 1: We get into the low sixties tomorrow as showers come

561
00:31:29,600 --> 00:31:32,000
Speaker 1: to an end, bringing a sunshine for Thursday and highs

562
00:31:32,000 --> 00:31:37,840
Speaker 1: in the low seventies. Right now, rain and forty five markets,

563
00:31:37,920 --> 00:31:41,000
Speaker 1: headlines and breaking news twenty four hours a day at

564
00:31:41,040 --> 00:31:44,440
Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg

565
00:31:44,520 --> 00:31:54,760
Speaker 1: Quick Tape is a Bloomberg Business Flash and I'm Karin Moscow.

566
00:31:54,800 --> 00:31:57,560
Speaker 1: A rally and global markets extending into a second day,

567
00:31:57,600 --> 00:32:01,360
Speaker 1: lifting US DOT Index futures and Europeans shares As investors waiter,

568
00:32:01,560 --> 00:32:04,200
Speaker 1: central banks will have to slow the pace of monetary tightening.

569
00:32:04,480 --> 00:32:06,880
Speaker 1: You check the markets every fifteen minutes throughout the trading

570
00:32:06,960 --> 00:32:09,760
Speaker 1: day on Bloomberg s and P Future is up fifty

571
00:32:09,800 --> 00:32:12,280
Speaker 1: two points this morning, Death futures have three hundred thirty

572
00:32:12,320 --> 00:32:15,320
Speaker 1: eight and Nasdaq futures have two hundred four. The decks

573
00:32:15,360 --> 00:32:17,760
Speaker 1: in Germany is up two point six percent. The ten

574
00:32:17,800 --> 00:32:21,000
Speaker 1: year treasury up seventeen thirty seconds, held three point five

575
00:32:21,040 --> 00:32:24,200
Speaker 1: six percent. They yield on the two year for four percent.

576
00:32:24,720 --> 00:32:27,000
Speaker 1: The NIMEX screwed oil is up eight tenths per cent

577
00:32:27,080 --> 00:32:29,400
Speaker 1: or sixty seven cents at eighty four dollars thirty cents

578
00:32:29,400 --> 00:32:32,120
Speaker 1: a barrel. Comics gold is up nine tenths per cent

579
00:32:32,160 --> 00:32:35,480
Speaker 1: or fifteen dollars thirty cents at seventeen seventeen thirty announced.

580
00:32:35,800 --> 00:32:38,720
Speaker 1: The euro point at nine eight six nine against the dollar.

581
00:32:38,760 --> 00:32:42,000
Speaker 1: British found one point one three five one the end

582
00:32:42,040 --> 00:32:45,000
Speaker 1: one forty four point seven zero, and bitcoin is up

583
00:32:45,040 --> 00:32:49,120
Speaker 1: one percent and nineteen thousand, nine hundred fifty dollars. That's

584
00:32:49,160 --> 00:32:51,640
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

585
00:32:51,720 --> 00:32:54,680
Speaker 1: on what's going on around the world. Michael Karen, thank

586
00:32:54,720 --> 00:32:57,840
Speaker 1: you very much. North Korea launched an intermediate range ballistic

587
00:32:57,920 --> 00:33:01,640
Speaker 1: missile over the Japanese territory. Presidents in northern Japan were

588
00:33:01,720 --> 00:33:04,360
Speaker 1: told to take cover as the missile flew over and

589
00:33:04,480 --> 00:33:08,920
Speaker 1: fell into the Pacific Ocean. Ukrainian President Voladimir Zelenski said

590
00:33:08,960 --> 00:33:12,800
Speaker 1: that liberating settlements from Russian occupation is now the trend.

591
00:33:13,440 --> 00:33:16,600
Speaker 1: His comment comes after the strategic eastern town of Lehman

592
00:33:16,800 --> 00:33:20,080
Speaker 1: was fully cleared. The town as part of the regions

593
00:33:20,080 --> 00:33:24,800
Speaker 1: of Vladimir Putin annexed following referendums termed illegal by Ukraine

594
00:33:24,920 --> 00:33:28,400
Speaker 1: and in talents. In baseball, the Yankees one Aaron Judge

595
00:33:28,440 --> 00:33:31,040
Speaker 1: still at sixty one home runs with time running out.

596
00:33:31,400 --> 00:33:34,240
Speaker 1: The Red Sox one, along with the A's, the Orioles

597
00:33:34,320 --> 00:33:38,520
Speaker 1: and Giants lost the Medicine Nationals game postponed Monday Night Football.

598
00:33:38,600 --> 00:33:41,880
Speaker 1: The forty nine is Beat the Rams Global News twenty

599
00:33:41,880 --> 00:33:44,840
Speaker 1: four hours a day on air and on Bloomberg Quicktake,

600
00:33:45,120 --> 00:33:48,320
Speaker 1: powered by more than twenty seven under journalist and analysts

601
00:33:48,400 --> 00:33:51,840
Speaker 1: more than a hundred twenty countries. Michael barn This is Bloomberg.

602
00:33:51,960 --> 00:33:54,360
Speaker 1: Nathan all right, Michael, thank you. It's five forty nine

603
00:33:54,480 --> 00:33:57,760
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.

604
00:33:57,840 --> 00:34:01,360
Speaker 1: This is Bloomberg Daybreak and we're joining now by Ivy Jack,

605
00:34:01,760 --> 00:34:05,160
Speaker 1: head of equity research at north Star Asset Management. As

606
00:34:05,280 --> 00:34:08,120
Speaker 1: we look at futures rising on the back of a

607
00:34:08,320 --> 00:34:11,960
Speaker 1: rally yesterday to start the fourth quarter. Is this bounce

608
00:34:12,080 --> 00:34:18,880
Speaker 1: the trend? Ivy? Um, we will probably have many bounces,

609
00:34:19,160 --> 00:34:22,799
Speaker 1: but you know, I've got to tell you, Um, We're

610
00:34:23,000 --> 00:34:28,600
Speaker 1: still very cautious there are many things going on right now,

611
00:34:29,200 --> 00:34:32,839
Speaker 1: and I believe it is really hard to sustain any

612
00:34:32,960 --> 00:34:36,120
Speaker 1: kind of optimism at this point in time. UM. So

613
00:34:36,239 --> 00:34:39,080
Speaker 1: we're just hoping to you know, make it through the

614
00:34:39,200 --> 00:34:43,120
Speaker 1: fourth quarter and tolerate the level of volatility that we've had.

615
00:34:43,320 --> 00:34:48,000
Speaker 1: We continue to expect. How much further volatility are you expecting?

616
00:34:48,080 --> 00:34:52,040
Speaker 1: What kind of range are you looking at? UM? We

617
00:34:52,080 --> 00:34:54,560
Speaker 1: don't necessarily I would say, have a range per se.

618
00:34:55,280 --> 00:34:58,520
Speaker 1: But again, when you look at going into the wintertime. UM,

619
00:34:59,239 --> 00:35:01,759
Speaker 1: First of all, uh, you know, what's going on in

620
00:35:01,840 --> 00:35:05,120
Speaker 1: the UK is very worrisome in terms of a possible

621
00:35:05,239 --> 00:35:09,839
Speaker 1: currency prices. We're also concerned about the wintertime higher electricity

622
00:35:10,000 --> 00:35:14,160
Speaker 1: and gas bills. UM. We're also concerned the consumer middle

623
00:35:14,200 --> 00:35:17,800
Speaker 1: income and lowand consumers are stretched there and here in

624
00:35:17,880 --> 00:35:20,400
Speaker 1: the US as well. UM. And on top of it,

625
00:35:20,560 --> 00:35:24,480
Speaker 1: when you think of all of the you know, we're

626
00:35:24,520 --> 00:35:27,719
Speaker 1: in a hurricane season for folks down in southern Louisiana

627
00:35:28,320 --> 00:35:32,080
Speaker 1: and the southern areas, and so all of those things

628
00:35:32,160 --> 00:35:36,279
Speaker 1: coming together make it really hard to think about what

629
00:35:36,480 --> 00:35:39,080
Speaker 1: the fourth quarter could be. And on top of that,

630
00:35:39,200 --> 00:35:42,319
Speaker 1: by the way, I didn't even mention coronavirus UM it's

631
00:35:42,320 --> 00:35:44,640
Speaker 1: still with us, and it still could have an impact

632
00:35:44,719 --> 00:35:47,040
Speaker 1: on us in a variety of ways that we might

633
00:35:47,120 --> 00:35:50,120
Speaker 1: not even anticipate. So are you focused more on some

634
00:35:50,280 --> 00:35:54,040
Speaker 1: of those exogenous headwinds than the focus on the FED

635
00:35:54,280 --> 00:35:56,480
Speaker 1: and what it's going to do, not just in the

636
00:35:56,560 --> 00:35:59,280
Speaker 1: fourth quarter but into next year as far as interest

637
00:35:59,400 --> 00:36:02,680
Speaker 1: rates go. No, We're focused on all those things. And

638
00:36:02,760 --> 00:36:04,800
Speaker 1: I think in terms of the FED, I expect the

639
00:36:04,840 --> 00:36:07,040
Speaker 1: FED to continue raising rates. I mean, look here in

640
00:36:07,080 --> 00:36:09,640
Speaker 1: the US, we're still gaining jobs. I think for September

641
00:36:10,080 --> 00:36:13,560
Speaker 1: and we're expecting about two two hundred thousand jobs. So

642
00:36:14,200 --> 00:36:17,440
Speaker 1: you know, even though I think some fundamentals still look strong,

643
00:36:17,640 --> 00:36:19,640
Speaker 1: and I still think the FED has some work to

644
00:36:19,680 --> 00:36:25,440
Speaker 1: do in terms of taming inflation. Um, but again, uh,

645
00:36:25,719 --> 00:36:30,800
Speaker 1: there's just so many things that are unexpected that could happen.

646
00:36:30,920 --> 00:36:33,640
Speaker 1: There's so many variables I would say, negative variables out

647
00:36:33,680 --> 00:36:36,799
Speaker 1: there that again hard to be positive in the fourth quarter.

648
00:36:37,040 --> 00:36:40,200
Speaker 1: I mean, we're gonna maintain a defensive posture going into

649
00:36:40,960 --> 00:36:44,840
Speaker 1: four and so you know, we might have a bounce today,

650
00:36:44,920 --> 00:36:46,960
Speaker 1: but I would tell you, um, you know, I don't

651
00:36:47,040 --> 00:36:49,680
Speaker 1: think it's going to be sustained. A defensive posture going

652
00:36:49,719 --> 00:36:53,080
Speaker 1: into four, So you're expecting that the FED it sounds

653
00:36:53,120 --> 00:36:56,000
Speaker 1: like it's gonna continue with higher for longer interest rates

654
00:36:56,040 --> 00:36:58,919
Speaker 1: for some time and could potentially raise interest rates even

655
00:36:59,000 --> 00:37:02,360
Speaker 1: further into next year. Is that your call? Actually I

656
00:37:02,440 --> 00:37:06,120
Speaker 1: meant to say three, I've gotten ahead. Okay, I'm already

657
00:37:06,160 --> 00:37:10,960
Speaker 1: thinking I'm in twenty. So now we're expecting the fan

658
00:37:11,040 --> 00:37:14,239
Speaker 1: to continue reason going into tree. Okay, good to get

659
00:37:14,280 --> 00:37:16,920
Speaker 1: that clarification. So in terms of defensiveness, what does that

660
00:37:17,000 --> 00:37:19,400
Speaker 1: look like for portfolios? What are you advising your clients?

661
00:37:20,440 --> 00:37:23,000
Speaker 1: So for us, it's interesting because it's the saying that

662
00:37:23,120 --> 00:37:25,200
Speaker 1: I think that you know, in terms of our strategy,

663
00:37:25,320 --> 00:37:28,560
Speaker 1: even during good times, UM, you know, we look for companies,

664
00:37:28,760 --> 00:37:32,440
Speaker 1: particularly that are beneficial to life. UM. So you know,

665
00:37:32,560 --> 00:37:35,120
Speaker 1: we don't invest in things that we can send that

666
00:37:35,280 --> 00:37:38,399
Speaker 1: we consider to be trends, are fats. We also look

667
00:37:38,480 --> 00:37:42,000
Speaker 1: for companies that generate, you know, strong predictable cash flows.

668
00:37:42,440 --> 00:37:45,480
Speaker 1: And look that's across sectors, so it's not necessarily in

669
00:37:45,560 --> 00:37:48,000
Speaker 1: one sector or the other. UM. And I think those

670
00:37:48,000 --> 00:37:50,279
Speaker 1: are the companies that you know, you definitely want to

671
00:37:50,320 --> 00:37:54,200
Speaker 1: be holding right now and just thirty seconds left here

672
00:37:54,239 --> 00:37:56,640
Speaker 1: are you thinking that we are in a recession or

673
00:37:56,880 --> 00:37:59,279
Speaker 1: are we about to be in a recession? And what's

674
00:37:59,320 --> 00:38:02,080
Speaker 1: that look like? Is it a deep one or shallow

675
00:38:03,520 --> 00:38:07,120
Speaker 1: at this point? You know, look, I'm not that inn

676
00:38:07,200 --> 00:38:09,319
Speaker 1: b e er. You know, I can't really say if

677
00:38:09,360 --> 00:38:12,320
Speaker 1: we're in a recession technically, but what I can tell you,

678
00:38:12,440 --> 00:38:15,080
Speaker 1: what we do know is that, look, we know consumer

679
00:38:15,200 --> 00:38:19,080
Speaker 1: spending is slowing. We see manufacturing is slowing, and even

680
00:38:19,120 --> 00:38:22,239
Speaker 1: though we are still gaining jobs, there is evidence all

681
00:38:22,360 --> 00:38:26,719
Speaker 1: around us um that things are slowing down considerably. Now.

682
00:38:27,120 --> 00:38:29,080
Speaker 1: You know, I don't know what the pace of that

683
00:38:29,280 --> 00:38:31,239
Speaker 1: will be, but it's kind of like, you know, you

684
00:38:31,320 --> 00:38:34,200
Speaker 1: see it coming and so you're preparing for the storm ahead.

685
00:38:35,000 --> 00:38:38,040
Speaker 1: Thanks as always to get your thoughts, Ivy really appreciated.

686
00:38:38,080 --> 00:38:41,080
Speaker 1: Ivy jack Had of Equity Research at north Star Asset Management.

687
00:38:41,200 --> 00:38:44,440
Speaker 1: Karen Nathan, thank you. It's on well straight time for

688
00:38:44,480 --> 00:38:48,239
Speaker 1: the Bloomberg Law Report, brought to you by American Arbitration Association.

689
00:38:48,320 --> 00:38:52,640
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,

690
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Speaker 1: a global leader in alternative dispute resolution for over ninety years.

691
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Speaker 1: More at a d r dot org. That's yet to

692
00:38:58,440 --> 00:39:01,760
Speaker 1: the legal stories we're watching this morning from Bloomberg's Jeff Bellinger.

693
00:39:05,080 --> 00:39:08,560
Speaker 1: Union officials say Starbucks agreed to resolve federal Labor Board

694
00:39:08,640 --> 00:39:13,120
Speaker 1: charges that the company unlawfully retaliated against workers for organizing

695
00:39:13,160 --> 00:39:16,160
Speaker 1: activities at a location in New York City. A federal

696
00:39:16,280 --> 00:39:19,960
Speaker 1: judge in Washington State free night transportation of some claims

697
00:39:20,040 --> 00:39:22,400
Speaker 1: and a wage and our suit a ledging its stiff

698
00:39:22,520 --> 00:39:25,960
Speaker 1: more than five hundred truckers on wages at the Health

699
00:39:26,040 --> 00:39:29,440
Speaker 1: of California defeated a proposed class action by a medical

700
00:39:29,560 --> 00:39:32,840
Speaker 1: provider that accused the insurance company of under paying for

701
00:39:32,960 --> 00:39:37,600
Speaker 1: COVID nineteen testing. Bloomberg Law everything you need, all on

702
00:39:37,800 --> 00:39:43,279
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.

703
00:39:43,520 --> 00:39:47,239
Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff,

704
00:39:47,280 --> 00:39:49,879
Speaker 1: thanks now. Another legal story we're watching this month March

705
00:39:49,960 --> 00:39:52,800
Speaker 1: the fiftieth anniversary of the Clean Water Act, and yesterday,

706
00:39:52,880 --> 00:39:54,920
Speaker 1: during the first day of oral arguments in the new

707
00:39:54,960 --> 00:39:58,120
Speaker 1: Supreme Court, Term Justice is considered a case that could

708
00:39:58,160 --> 00:40:00,239
Speaker 1: limit the reach of the Act by allowing you were

709
00:40:00,320 --> 00:40:03,920
Speaker 1: federal restrictions governing development and pollution. The case involves an

710
00:40:03,960 --> 00:40:06,359
Speaker 1: Idaho couples a long battle to build a house about

711
00:40:06,400 --> 00:40:09,120
Speaker 1: three hundred feet from Priest Lake in northern Idaho on

712
00:40:09,239 --> 00:40:12,200
Speaker 1: land that federal regulators say is protected wet lands. For

713
00:40:12,280 --> 00:40:14,840
Speaker 1: where in the case Bloomberg Jon Grasso speaks to environmental

714
00:40:14,880 --> 00:40:17,840
Speaker 1: law professor Pat Parento of the Vermont Law School. A

715
00:40:17,920 --> 00:40:22,279
Speaker 1: lot of this argument was wonky definitions and the Clean

716
00:40:22,400 --> 00:40:26,480
Speaker 1: Water Act. What's the main question? The question of e

717
00:40:26,680 --> 00:40:30,200
Speaker 1: p A and the core of engineers. Jurisdiction under the

718
00:40:30,280 --> 00:40:36,319
Speaker 1: Clean Water Act is a pretty classic environmental regulatory kind

719
00:40:36,400 --> 00:40:38,600
Speaker 1: of question that's come up over and over. I mean

720
00:40:38,640 --> 00:40:41,720
Speaker 1: the Supreme Court, just the fourth case where the Supreme

721
00:40:41,760 --> 00:40:44,760
Speaker 1: Court has had to wrestle with this question of federal

722
00:40:44,840 --> 00:40:47,239
Speaker 1: jurisdiction under the Clean Water Action. What we do have

723
00:40:47,800 --> 00:40:51,240
Speaker 1: in the Clean Water Act and this geographic jurisdiction question

724
00:40:51,760 --> 00:40:55,960
Speaker 1: is a fiendishly complicated scientific question. At the heart of it,

725
00:40:56,480 --> 00:40:59,680
Speaker 1: it really is a line drawing problem. Where do you

726
00:40:59,800 --> 00:41:04,839
Speaker 1: draw all the line between federal jurisdiction and state jurisdiction

727
00:41:05,320 --> 00:41:08,719
Speaker 1: in a watership? The Solicitor General kept saying, you know,

728
00:41:08,880 --> 00:41:11,400
Speaker 1: if we try to draw a bright line, we're going

729
00:41:11,480 --> 00:41:14,520
Speaker 1: to be attacked for picking an arbitrary line, because it

730
00:41:14,680 --> 00:41:17,200
Speaker 1: veries so much across the country. You can imagine the

731
00:41:17,280 --> 00:41:20,440
Speaker 1: different climate between the east and the west, the different

732
00:41:20,520 --> 00:41:24,799
Speaker 1: topography and so forth. So you know, the Court really

733
00:41:24,920 --> 00:41:29,200
Speaker 1: wants something closer to a bright line sort of test,

734
00:41:29,680 --> 00:41:33,920
Speaker 1: but it may not be possible. This is Justice Katangi

735
00:41:34,000 --> 00:41:38,840
Speaker 1: Brown Jackson's first oral argument as a justice, and a

736
00:41:38,920 --> 00:41:42,000
Speaker 1: lot of times in the beginning justices whole back. But

737
00:41:42,520 --> 00:41:45,960
Speaker 1: she was an active question or as they say, oh

738
00:41:46,080 --> 00:41:49,960
Speaker 1: boy was she ever fourth question? Fourth question came from

739
00:41:50,080 --> 00:41:53,640
Speaker 1: Justice Jackson. Amazing to her very first oral argument on

740
00:41:53,680 --> 00:41:56,320
Speaker 1: the Supreme Course. You didn't waste any time, and she

741
00:41:56,480 --> 00:42:00,440
Speaker 1: pressed her questions. I mean, I would say she's forward

742
00:42:00,560 --> 00:42:03,560
Speaker 1: leaning in the direction of the government's position on this case.

743
00:42:03,719 --> 00:42:06,040
Speaker 1: But she asked hard questions on both sides, and like

744
00:42:06,120 --> 00:42:09,239
Speaker 1: I said, several times she interjected herself, so she she

745
00:42:09,480 --> 00:42:12,560
Speaker 1: was not at all reluctant to get right in there

746
00:42:12,840 --> 00:42:16,360
Speaker 1: right away. And that's for mode Law professor pap Parento

747
00:42:16,440 --> 00:42:19,320
Speaker 1: speaking with the Bloomberg student Grosso. Catch more of that interview,

748
00:42:19,400 --> 00:42:22,120
Speaker 1: plus analysis of the latest legal news, by subscribing to

749
00:42:22,120 --> 00:42:25,160
Speaker 1: the Bloomberg Law podcast or downloading this show at Bloomberg

750
00:42:25,280 --> 00:42:28,960
Speaker 1: dot com. Slash podcast. Attorneys can found exceptional legal research

751
00:42:29,000 --> 00:42:32,120
Speaker 1: and business development tools at Bloomberg Law dot com and

752
00:42:32,200 --> 00:42:35,960
Speaker 1: on the Bloomberg terminal at b law go. And futures

753
00:42:36,040 --> 00:42:39,000
Speaker 1: this morning are on the rise, with SMP futures of

754
00:42:39,120 --> 00:42:41,719
Speaker 1: fifty eight points down, futures up three hundred eighty three,

755
00:42:41,840 --> 00:42:46,200
Speaker 1: NASDAG futures up two D four. Our top stories straight ahead.

756
00:42:46,480 --> 00:42:47,560
Speaker 1: This is Bloomberg