Speaker 1: My from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for a Tuesday, October four two. Coming up
Speaker 1: this hour, the Global Equity Ramley continues for a second day.
Speaker 1: We are in Europe and Asia with the latest. Investors
Speaker 1: are wagering central banks may slow the pace of monetary tightening,
Speaker 1: and the Biden administration plans new restrictions on China's access
Speaker 1: to U S semiconductor technology. New York City is relocating
Speaker 1: a humanitarian relief center intended for asylum seekers and queens. Plus,
Speaker 1: North Korea launches a missile test over Japan. I'm Michael
Speaker 1: bar More Ahead, I'm John Stashower and sports A Yankee
Speaker 1: flirted with a no hitter to win at Texas one.
Speaker 1: That I Football, the forty nine beat the Rams. That's
Speaker 1: all training ahead on Bloomberg Daybreak on Bloomberg eleven three
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: x M one nineteen and around the world Old on
Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business. And
Speaker 1: Good Morning. I'm Karin Moscow. I'm Nathan Hager. Bloomberg Daybreak
Speaker 1: is brought to you by se I. Imagine your asset
Speaker 1: management firms. Operational infrastructure is a competitive advantage. Let s
Speaker 1: e I show you how at s e I C
Speaker 1: dot Com slash I m S and US Future is
Speaker 1: on the rise this morning five o one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SMP Future is a fifty six points to
Speaker 1: down futures up three hundred seventy one and NASDAG futures
Speaker 1: up two hundred twelve. And attend your treasury of fourteen
Speaker 1: thirty seconds, you have three point five eight percent. Nathan
Speaker 1: here in. This morning's gain in the futures follows the
Speaker 1: best day for US stocks in two months. The SMP
Speaker 1: five D index closed up two point six percent. Week
Speaker 1: manufacturing data helps spur the rally. Some see it as
Speaker 1: a signed the Fed could soften its approach to rate hikes.
Speaker 1: Ab Dish Ponde's chief investment officer at Center Stone, the fundamentals,
Speaker 1: as far as the ound work for a new bolt
Speaker 1: market are there, you just don't have evaluations are quite
Speaker 1: there yet, and he certainly don't want the catalyst yet.
Speaker 1: But I don't see I don't see, you know, a
Speaker 1: huge collapse or a calamity or anything like that. Center
Speaker 1: Stones Abonde thinks core inflation is already peaked, hitting a
Speaker 1: high point in February. Despite some optimism that the Fed
Speaker 1: may turn in Devish Nathan, central bank officials continue to
Speaker 1: bang the drum for more rate hikes. New York Fed
Speaker 1: President John Williams says tightening still has a significant way
Speaker 1: to go. He's one of thigh FED officials speaking at
Speaker 1: events today here at any research president and you're Denny
Speaker 1: says the Fed is should hike one more time and
Speaker 1: then end it's tightening cycle. I'm totally stumped, mystified surprise
Speaker 1: that Fed officials don't seen too acknowledge that just focusing
Speaker 1: on the FED funds rate as part of the monetary
Speaker 1: tightening cycle is a mistake when you also have q
Speaker 1: T two and you have a soaring dollar. These are
Speaker 1: very restrictive monetary developments. Here, it didn't Research president here
Speaker 1: here Danny says the Fed's final rate hikes should be
Speaker 1: next month. Well, stocks are rolling across the globe this morning.
Speaker 1: Karen in Asia overnight, equities posted their biggest daily advanced
Speaker 1: since March. Let's get the recap from Bloomberg's Juliette Sally
Speaker 1: in Singapore. Good morning, Juliet, Good morning Nathan and Karen.
Speaker 1: Australia's benchmark jumped as much as three point six percent,
Speaker 1: the most in more than two years, after the country's
Speaker 1: central Bank delivered a smaller than expected interest rate hike,
Speaker 1: while three year bond yields slumped the most since the
Speaker 1: rb A cut rates heading into the global financial crisis
Speaker 1: in two thousand and eight. Japanese stock surge, with the
Speaker 1: benchmark topics rising around three percent. Liquidity in the region
Speaker 1: was relatively thin, with China and Hong Kong markets closed
Speaker 1: for a holiday. In Singapore. Juliette Sally Bloomberg Daybreak A right, Juliet,
Speaker 1: thank you. We are also seeing a rally in Europe
Speaker 1: this morning, and we go to London and get the
Speaker 1: latest live from Bloomberg's U and Parts. Good morning, U
Speaker 1: and good morning Kanathan. European stocks in the green for
Speaker 1: a third day to day the benchmark stocks under touching
Speaker 1: its biggest gain since June. Travel all technology and retail
Speaker 1: companies posting some of the biggest jumps today. A quick
Speaker 1: look at the GRR function on the Bloomberg shows that
Speaker 1: all twenty sectors are lovely shade of green today, and
Speaker 1: Credit Swiss also gained this morning, a day after those
Speaker 1: wild durations in the troubled lenders share price in London.
Speaker 1: I'm your in parts bog Daybreak, All right, you in thanks.
Speaker 1: Let's stay in the UK now where it is the
Speaker 1: third day of the Conservative Party's conference. Questions are swirling
Speaker 1: over whether Prime Minister Liz Trust can rebound from the
Speaker 1: political crisis created by last week's budget announcement. Let's go
Speaker 1: to Birmingham, England to get the latest from the conference
Speaker 1: with Bloomberg day Break. You're a banker, Caroline Hepgurg, Good morning, Caroline,
Speaker 1: Good morning, Nathan Karen. Some of Liz Trust's top team
Speaker 1: have been telling Bloomberg that her project is dead in
Speaker 1: the water already. A humiliating u turn on the top
Speaker 1: rate of tax from the Chancellor Quasi Quatte has led
Speaker 1: her own party to question her leadership, which puts her
Speaker 1: agenda in jeopardy. The Chancellor has promised to bring forwards
Speaker 1: details of his fiscal plan, and the independent watchdogs assessment
Speaker 1: so that it comes sly. But one former cabinet minister
Speaker 1: who spoke to Bluebog predicted the Prime Minister would be
Speaker 1: gone within a year. Now. The question is how the
Speaker 1: government can afford the tax cuts that it has promised,
Speaker 1: and will the poorest in society see their wealthfare payments
Speaker 1: sacrifice in order to balance the books. In Birmingham, I'm
Speaker 1: Carolan hed carefferably big daybreak, All right, Caroline, thank you.
Speaker 1: Back here in the US, US China relations are back
Speaker 1: in focus. Bloomberg News has learned the White House plans
Speaker 1: to announce the new restrictions on Beijing's access to U
Speaker 1: S semiconductor technology. Details now from Bloomberg's Amy Morris in
Speaker 1: our news room in Washington. Members of Congress have been
Speaker 1: pushing the White House to tighten controls around semiconductor equipment
Speaker 1: of China. Now, sources tell Bloomberg News the Commerce Department
Speaker 1: will roll out a package of rules this week, including
Speaker 1: formalizing restrictions on technology to produce chips that are designated
Speaker 1: as fourteen nanometer or better. It will prohibit the sale
Speaker 1: of tools for logic and memory chip production in China
Speaker 1: and restrict access to chips used in SuperComp puting and
Speaker 1: artificial intelligence. In Washington, I maybe Morris Bloomberg Daybreak, Amy thanks.
Speaker 1: As the war in Ukraine rages on, Elon Musk is
Speaker 1: weighing in. Recent Twitter posts have the Testa CEO drawing
Speaker 1: the wrath of Ukrainians, including President Vladimir's Lensky. Bloomberg's Charlie
Speaker 1: Pellet explains those post surge Ukraine to seek a negotiated
Speaker 1: solution to the invasion by Russia and to seed Crimea
Speaker 1: for good Must also launched a Twitter poll asking citizens
Speaker 1: of occupied areas of eastern Ukraine plus Crimea to decide
Speaker 1: if they want to live in Russia or Ukraine. The
Speaker 1: survey comes as Ukraine, Europe, and the US denounced President
Speaker 1: Vladimir Putin's move to annex four regions and declare them
Speaker 1: Russian territory. In New York, Charlie Pellet Bloomberg Daybreak, All right, Charlie,
Speaker 1: thank you. As for Elon Musk's company, Tesla plunge the
Speaker 1: most in four months yesterday after third quarter deliveries missed estimates,
Speaker 1: and it looks like investor canthy Wood took that as
Speaker 1: a buying opera. Tunity Funds backed by Woods. Arc Investment
Speaker 1: Management bought more than one hundred two thousand shares of
Speaker 1: Tesla yesterday and marked the firm's first purchase of Tesla
Speaker 1: since mid June. And we're watching Tesla this morning, shares
Speaker 1: around more than three in early trading. And are straight
Speaker 1: ahead your latest local headlines plus a check of sports.
Speaker 1: This is Bloomberg. It's carried its five oh seven on
Speaker 1: Wall Street, rain forty five degrees in Central Park. Got
Speaker 1: a crash northbound West Side Highway to hundred fifty Details
Speaker 1: coming up in traffic. First Michael Barr with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Morning Michael, Good Morning Nathan. New York City is relocating
Speaker 1: a humanitarian relief center intended for asylum seekers bust stuff
Speaker 1: from Texas and southern border states. The tenn City and
Speaker 1: Orchard Beach has become a magnet for anti immigration protests
Speaker 1: and for people who are concerned about the migrants. The
Speaker 1: city plans the house at Fat Facility. New York Mayor
Speaker 1: Eric Adams says the city is exploring solutions for the
Speaker 1: incoming asylum seekers. We are not want to be afraid
Speaker 1: to try different things to solve these unprecedented um problems
Speaker 1: that we're facing in the city. Mayor Adams says the
Speaker 1: migrants will be sent to Randall's Island after concerns about
Speaker 1: flooding issues and Orchard Beach. At least sixteen thousand asylum
Speaker 1: seekers so far for the last couple of months have
Speaker 1: been busted up, primarily from Texas. North Korea has fired
Speaker 1: a ballistic missile over Japan for the first time in
Speaker 1: five years, forcing Japan to issue evacuation notices and suspend
Speaker 1: trains during the flight of the nuclear capable weapon that
Speaker 1: could reach the U. S. Territory of Guam and beyond.
Speaker 1: The US said it strongly condemns North Korea's dangerous and
Speaker 1: reckless decision. President Biden and First Lady Jill Biden tour
Speaker 1: the Puerto Rico ravaged area by Hurricane Fiona. The President
Speaker 1: offered reassurance the federal government will help the U. S.
Speaker 1: Territory rebuild. We're gonna make sure you get every single
Speaker 1: dollar promise. I'm to term it help Puerto Rico bill
Speaker 1: faster than in the past and stronger and better prepared
Speaker 1: for the future. Tomorrow, President Biden plans to visit Florida,
Speaker 1: hit by Hurricane Ian. Florida Governor RHND De Santists pushed
Speaker 1: back when asked about evacuation measures in Lee County ahead
Speaker 1: of Ian. County officials have come unto question for ordering
Speaker 1: evacuations too late after Ian storm track made a late
Speaker 1: turn south for a more direct hit. Stop stop stop. Okay,
Speaker 1: it's been this has been dealt with. The Lee County
Speaker 1: has explained what they did. They went through that. Governor
Speaker 1: De Santists later said the state will, of course look
Speaker 1: over the evacuations. More than one hundred people have been
Speaker 1: killed from Ian. A half a million residents remained without
Speaker 1: power in Florida. Former President Donald Trump suited CNN for defamation,
Speaker 1: accusing the network of smearing him to undermine a potential
Speaker 1: run for re election. In Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quittank, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty count Michael Barr, this is Bloomberg, NA.
Speaker 1: Thank you. Michael's come up to find ten on Wall Streets.
Speaker 1: Time for the Bloomberg Sports Up. Thank you, Morny John Stenshower.
Speaker 1: Your morning to the Yankees first series in Arlington, Texas
Speaker 1: since Corey Kluber through a no hitter there last season.
Speaker 1: Almost another Yankee note hitter, Luis Severino, would have taken
Speaker 1: it into the eighth inning, but Aaron Boone took Severino
Speaker 1: out of the game after ninety four pitches. Rangers broke
Speaker 1: up the no hitter, but the Yanks one three to one.
Speaker 1: Home runs were John Carlos Stanton and Marwin Gonzalez. Not
Speaker 1: Aaron Judge, He's still at sixty one. Yanks and Rangers
Speaker 1: play a double header today. The Mets and Nationals played
Speaker 1: two at City Field after last night's rain out. Atlanta
Speaker 1: off the suite with the Mets had only four hits
Speaker 1: lost in Miami for nothing, but the Braves magic number
Speaker 1: when the n L East is still only one, which
Speaker 1: would mean to met wild Card series this weekend in
Speaker 1: City Field, Mets hope that Starling Marte will be able
Speaker 1: to play. They have missed his bat since he went
Speaker 1: out with the broken finger. Tony Lrusa says this retirement
Speaker 1: is final. He was out of managing for a decade.
Speaker 1: Wint of the Hall of Fame returned to manage the
Speaker 1: White Sox, now stepping down. He's had health issues. Mother
Speaker 1: Night Football big plays carried the car Gibow Sage bikes
Speaker 1: a tackle forty Tibow thirty five, twenty five twenty pricks
Speaker 1: tackle said sis kay nba are the call that fifty
Speaker 1: seven yard touchdown came after a thirty two yard TV
Speaker 1: run by Jeff Wilson and before a fifty two yard
Speaker 1: pick six meat. The Rams nine giants getting ready to
Speaker 1: fly to London to play Green Bay on Sunday. QB
Speaker 1: Daniel Jones's ankle injury said to be improving. John Staff,
Speaker 1: Bloomberg Sports Nathan, thank you, John SMP futures up forty
Speaker 1: seven points right now, dal future is surging by three
Speaker 1: eight points. Nastack futures are higher by a hundred ninety points.
Speaker 1: British pound one point one three five five strengthening against
Speaker 1: the dollar as the Conservative Party can friends continues in Birmingham.
Speaker 1: We check in live with Bloomberg's Caroline Hecker. Next Bloomberg
Speaker 1: eleven three oh weather cloudy, occasional showers and rain today.
Speaker 1: Highs only in the upper fifties. Showers will end tomorrow.
Speaker 1: We'll get into the low sixties. Low seventies are back
Speaker 1: by Thursday. Right now, rain forty five degrees, markets headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, The Bloomberg Business Outland at Bloomberg Quick takes
Speaker 1: a Bloomberg Business Lash and I'm Karen Moscow. A rally
Speaker 1: and global markets extending into a second day, lifting US
Speaker 1: DUNK Index futures and European shares as investors wagers central
Speaker 1: banks will have to slow the pace of monetary tightening.
Speaker 1: We check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg s and P futures, they're up about forty
Speaker 1: seven points. Dow futures have three hundred two and NASDAGG
Speaker 1: futures have one hundred eighty six decks. In Germany's up
Speaker 1: almost two and a half percent. Ten year treasury of
Speaker 1: fourteen thirty seconds, he had three point five eight percent.
Speaker 1: They yield on the two year four point one percent.
Speaker 1: NIMEX Screwed oil is up a third of upper cent
Speaker 1: or thirty cents at eighty three dollars nine four cents
Speaker 1: of barrel co make school that three quarters of a
Speaker 1: percent or thirteen dollars ten cents at seventeen fifteen ten
Speaker 1: and ounce the euro point seven against the dollar British
Speaker 1: found one point one three four two and the yen
Speaker 1: one forty four point seven seven bitcoin this morning up
Speaker 1: one point two percent in nineteen thousand, eight hundred dollars.
Speaker 1: Today we're watching for reports on factory orders and durable
Speaker 1: goods orders out of ten o'clock Wall Street time, along
Speaker 1: with the Jolts jobs report. And that's a Bloomberg business flash.
Speaker 1: Now here's Munchael Bar with Moore on what's going on
Speaker 1: around the world. Muncle, good morning, Good morning, Karen. North
Speaker 1: Korea fired a missile over Japan for the first time
Speaker 1: in five years, further ratcheting up tensions over Kim John
Speaker 1: UN's nuclear program and prompting a rare public safety warning
Speaker 1: to be issued by Tokyo. The bodies of Russian soldiers
Speaker 1: were lying in the streets of a key eastern Ukrainian
Speaker 1: city today. It follows the retreat that marked the latest
Speaker 1: defeat from Moscow. In baseball, the Yankees one Aaron Judge
Speaker 1: still at sixty one homers with the time running out,
Speaker 1: The Red Sox and the A's won, the Orioles and
Speaker 1: Giants lost. The Meds and Nationals were postponed because of rain,
Speaker 1: and we'll try to make it up today Monday Night Football.
Speaker 1: The forty nine is Beat the Rams nine Global news
Speaker 1: twenty four hours a day on here and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analyist
Speaker 1: more than a hundred twenty countries. How Michael Barr, this
Speaker 1: is Bloomberg. Gave it Okay? Michael. Thanks, It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. We want to turn down to
Speaker 1: the latest in UK politics. Prime Minister Liz Trust has
Speaker 1: given in on one aspect of her budget, but there
Speaker 1: may be new points of contention within her own Conservative Party.
Speaker 1: Let's head right over to the Conservative Party conference down
Speaker 1: today three in Birmingham, England. Bloomberg day Break. You're a banker,
Speaker 1: Caroline Hepgert joins us live. So what is the latest,
Speaker 1: Caroline Nathan, Good morning. Yes, we are building up to
Speaker 1: Liz Trust is big speech, the Prime Minister's speech tomorrow morning.
Speaker 1: But the bone of contention is this Universal Credit. It's
Speaker 1: a welfare payment worth about three d and thirty four
Speaker 1: pounds per month to a single recipient and it's whether
Speaker 1: or not that benefit will go up in line with
Speaker 1: inflation or not. This from the Prime Minister this morning
Speaker 1: on a media interview. No decision has been made yet
Speaker 1: on the benefit uprating. This is potentially explosive for the government.
Speaker 1: You're talking about the poorest people in society and whether
Speaker 1: or not the government actually comes through with something that
Speaker 1: the previous administration had promised to do. And it comes,
Speaker 1: Nathan on the back of a u turn around the
Speaker 1: top rate of tax yesterday. But this welfare payment issue
Speaker 1: is really perhaps the next you to drop for the government. Well,
Speaker 1: if she's saying that there's no decision made on this
Speaker 1: cruise all aspect of the budget, given the cost of
Speaker 1: living crisis in the UK, I mean, what comes next?
Speaker 1: How can the trust government rebuild its credibility? Yeah, this
Speaker 1: is the problem. I mean we saw that Bronco write
Speaker 1: of sterling and guilt because of the Mini Budget, an
Speaker 1: announcement on a huge set of tax cutting policies without
Speaker 1: a real plan as to how that would be funded.
Speaker 1: Um and it came also without the Fiscal Watchdog giving
Speaker 1: its judgment, the independent organization that gives its view on
Speaker 1: government tax and spending plans. Look, there was a bit
Speaker 1: of movement because Quasi quarteng Um has talked now about
Speaker 1: bringing forwards the o b R predictions so that that
Speaker 1: report on the government's fiscal plans would come sooner. The
Speaker 1: FT says it could come before the end of this month.
Speaker 1: Our own Bloomberg reports have been pressing ministers on this issue,
Speaker 1: and I was speaking to the MP Anthony Brownie, sits
Speaker 1: on the Treasury Select Committee, and he was saying it
Speaker 1: would be a great idea if we actually knew the
Speaker 1: costings for the government's plans before the next Bank of
Speaker 1: England decision on the third of November. But again we
Speaker 1: still don't know, and that is also part of the
Speaker 1: credibility issue. It's about messaging, it's about timing, and it's
Speaker 1: fundamentally also about policy. So this is a very very
Speaker 1: difficult moment for this government. You know, the Conservatives have
Speaker 1: been in power for twelve years, Nathan, and of course
Speaker 1: those trust has only been in power for just about
Speaker 1: a month here. But are we expecting that we could
Speaker 1: get further details from the Prime Minister when she makes
Speaker 1: that speech. Is that's something that could come down at
Speaker 1: the conference itself, Well, that is possible. I mean, the
Speaker 1: whole point of the Conservative Party conference is to gather
Speaker 1: together MPs, counselors, lobbyists, think tanks. It's the sort of
Speaker 1: whole Conservative universe here at the i c C. It's
Speaker 1: in in Birmingham this year, in the North of England.
Speaker 1: So yes, there will be pressure on the Prime Minister
Speaker 1: to say more. And yet they've been it's slow in
Speaker 1: terms of releasing the details, and they have um you know,
Speaker 1: downplayed the market impact in a lot of ways. They've
Speaker 1: blamed largely still the problems of the government on the
Speaker 1: inflation shot from the war in Ukraine, and they wanted
Speaker 1: to take very little responsibility you know, for the unfunded
Speaker 1: tax cut plans. So yes, all eyes will be on
Speaker 1: Liz Trust tomorrow. She speaks sometime between ten a and
Speaker 1: twelve lunchtime, and they'll be of course a big build
Speaker 1: up before we get to her speech. Quasi kwarteng speech
Speaker 1: was only twenty minutes long. It was very very brief
Speaker 1: by conference standards, Nathan, only about a minute left here, Caroline.
Speaker 1: But what's the level of support among Conservatives for Liz
Speaker 1: Trust right now? Well, I was speaking to itself this morning.
Speaker 1: Amongst the voters, extremely dubious is how I'd put it.
Speaker 1: The latest polling from Savanta Comras puts the Labor Party
Speaker 1: twenty five point lead over the Conservatives. That is the
Speaker 1: highest vote share for Labor since Converse started polling. It
Speaker 1: feels very much in the country as if the polling
Speaker 1: and voters have tipped towards the Labor Party in a
Speaker 1: big way versus concernations, and that has happened very quickly,
Speaker 1: just in the last couple of weeks, as it is
Speaker 1: just and quasi cassang of come into office. Yeah, it's
Speaker 1: been pretty stunning to watch, even from this side of
Speaker 1: the pond. Thanks for this, Caroline. Great having you on
Speaker 1: with us this morning from Birmingham, England, where the conference
Speaker 1: of the Conservative Party continues and we will be watching
Speaker 1: very closely as Prime Minister Liz Trust gives that speech
Speaker 1: to the culmination of the conference. You want to keep
Speaker 1: it with Bloomberg Radio to get all the latest on
Speaker 1: the turmoil within the UK government right now. Looking at
Speaker 1: the British pound, it's gaining strength against the dollar right
Speaker 1: now at one point one three zero. As far as
Speaker 1: futures go, those are gaining strength as WELLS and p
Speaker 1: futures up forty nine points. Now future is up three
Speaker 1: twenty three and NASDAC futures are higher by one points.
Speaker 1: The tenure Treasury is up thirteen thirty seconds. You'll do
Speaker 1: three point five eight. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather clouds, occasional showers and rain. Today breezy with
Speaker 1: mines only in the upper fifties. Showers line tomorrow low sixties.
Speaker 1: We'll be back in the low seventies by Thursday. Right now,
Speaker 1: raining forty five in Central Park. Broadcasting live from the
Speaker 1: Bloomberg Interactive Broker's studio in New York. Bloomberg E Living
Speaker 1: Free to Washington, d C. Bloomberg on to Boston, Bloomberg
Speaker 1: one O six one to San Francisco, Bloomberg N sixty
Speaker 1: to the country Sirius XM Cho one nine and around
Speaker 1: the globe the Bloomberg Business app in Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Mosko. Our just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you have to date in the news you need
Speaker 1: to know at this hour. US futures rising this morning
Speaker 1: on the heels of the best day for stocks in
Speaker 1: two months. Still there's room to go lower from here,
Speaker 1: and that's according to Wealth Enhancement Group Senior VP Nicole Web,
Speaker 1: the market may come down to kind of that thirteen
Speaker 1: times to fifteen times multiplier, and when we get there,
Speaker 1: the SMP looks more fairly priced within reason, closer to
Speaker 1: three thousand and so we do think when you come
Speaker 1: through that support of thirty, there's there's probably still room
Speaker 1: below that to go. Wealth Enhancement Groups Nicole Web says
Speaker 1: the US is likely and during a period of structurally
Speaker 1: slower growth. I meantime, Karen FED speakers continue the drumbeat
Speaker 1: for higher rates. New York Fed President John Williams says
Speaker 1: tightening still has a significant way to go. Williams is
Speaker 1: one of five FED officials speaking at events today. Priam
Speaker 1: iSER ahead of Global Rate Strategy A TV Securities thinks
Speaker 1: the Fed won't stop hiking anytime soon. We should be
Speaker 1: pricing in a a session. I think the recession is
Speaker 1: pretty much baked in the cake for next year in
Speaker 1: the US, and I don't buy the shallow short recession argument.
Speaker 1: This could much longer lasting because the fight is going
Speaker 1: to be reluctant to start to ease. They're so worried
Speaker 1: about the nineteen seventies that I think they're going to
Speaker 1: be late on the way to easing policy. So the
Speaker 1: Tanya is attractive as a risk hedge. A miserable with
Speaker 1: TV security says rate hikes could continue into next year
Speaker 1: despite the hawkish rhetoric Nathan. Global stocks are rallying this morning.
Speaker 1: The MSCI Asia Pacific Index ros more than two percent overnight,
Speaker 1: and You're up. Stock six is currently up two point
Speaker 1: two In England card it is the third day of
Speaker 1: the Conservative Party conference. Questions are swirling over whether Prime
Speaker 1: Minister List Trust can rebound from last week's budget announcement.
Speaker 1: Cabinet members tell us Trust will struggle to enact key
Speaker 1: parts of for economic plan because they're standing in the
Speaker 1: party is already so damaged. In corporate news this morning,
Speaker 1: Nathan Elon Musk is weighing in on the war in
Speaker 1: Ukraine and the Tesla CEO enraged Ukrainians in a series
Speaker 1: of Twitter posts, saying that the country you should seek
Speaker 1: a negotiated solution to the invasion by Russia and see
Speaker 1: crimea for good Ukraine's president vladimir's Lanski response it in
Speaker 1: a post of his own, questioning whether Must supported Ukraine
Speaker 1: or Russia. And we have news on US China relations.
Speaker 1: Karen Bloomberg News has learned the White House plans to
Speaker 1: announce new restrictions on Beijing's access to U S semiconductor technology.
Speaker 1: Sources say the Commerce Department will roll out of package
Speaker 1: of rules this week. And futures this morning are higher.
Speaker 1: S and P futures up almost fifty points down, futures
Speaker 1: up three hundred sixteen, NASTAG futures up one hundred nineties seven.
Speaker 1: The decks in Germany is up about two point six percent.
Speaker 1: And straight ahead your latest local headlines plus the check
Speaker 1: of sports, and this is Bloomberg. Thanks and Wall Street.
Speaker 1: Rain forty five degrees in Central Park, lots of crashes
Speaker 1: with these white roads. Michael Barr has more on what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. New York City is relocating
Speaker 1: a humanitarian relief center intended for asylum seekers bus stuff
Speaker 1: from Texas and southern border states. The tent city at
Speaker 1: Orchard Beach has become a magnet for antimigration protests and
Speaker 1: for people who are concerned about the migrants. The city
Speaker 1: plans the house of that facility. New York Mayor Eric
Speaker 1: Adams says the city is exploring solutions for the incoming
Speaker 1: asylum seekers and that everyone is safe. We're going to
Speaker 1: provide the public safety. That's my responsibility. My responsibility through
Speaker 1: the Police Commission and Police Department, all about law enforcement
Speaker 1: entities is to make sure that the communities will we
Speaker 1: have any shelter migrants are not that is safe. Mayor
Speaker 1: Adams says the migrants will be sent to Randall's Island
Speaker 1: after concerns about flooding issues in Orchard Beach. North Korea
Speaker 1: launched an intermediate arrange ballistic missile over the Japanese territory
Speaker 1: for the first time in five years. Residents in northern
Speaker 1: Japan were told to take cover as the missile flew
Speaker 1: over and fell into the Pacific Ocean. Japan says North
Speaker 1: Korea's latest missile launch is reckless and strongly condemns it.
Speaker 1: President Biden and the First Lady arrived in hurricane ravaged
Speaker 1: Puerto Rico, hit by Fiona. U s territory was hit
Speaker 1: by Hurricane Maria. Five years ago. The President says he
Speaker 1: wants to make Puerto Rico resilient with sixty million dollars
Speaker 1: in infrastructure aid. And yes, Puerto Rico is a strong place,
Speaker 1: and Puerto Ricans are strong people. But even so, you
Speaker 1: have had to bear so much more than need be
Speaker 1: and you haven't gotten the help in a timely way.
Speaker 1: President Biden will visit Florida to survey ian's damage tomorrow.
Speaker 1: High stakes January sixth trial kicked off in DC District Court.
Speaker 1: Five members of the far right militia group the Oath
Speaker 1: Keepers faced decades behind bars. The defendants are charged with
Speaker 1: seditious conspiracy. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysted more than one twenty countries.
Speaker 1: I'm Michael Barr, and this is Bloomberg, Nathan, Thanks Michael
Speaker 1: on Wall Street. Time for the Bloomberg Sports update Whichjohn stanshown.
Speaker 1: Maybe it's one of the things you never used to
Speaker 1: see in baseball and now see all the time, a
Speaker 1: manager taking a picture out even when the picture has
Speaker 1: not allowed a hit. Just the third start for Luis
Speaker 1: Sevareno since being injured the playoffs around the corner. Sevareno
Speaker 1: was at ninety four pictures through seven innings and Aaron
Speaker 1: Boone removed him. Decision that sucks to have to make, um,
Speaker 1: because he was, you know, very efficient to you know,
Speaker 1: the decision would have been if he was to eight
Speaker 1: at that point. Um. You know, I didn't really want
Speaker 1: to go more than ninety with him today. I was
Speaker 1: gonna try and let him finish that seventh inning no
Speaker 1: matter what. Rangers broke up the no hitter and the
Speaker 1: shout out eighth and enough Miguel Castro, who just returned
Speaker 1: from injury. Thanks still Wan of Texas three to one.
Speaker 1: John Carlos Stanton hit his thirtieth home run. Aaron Judge
Speaker 1: did not hit his sixty second double heater in Texas. Today,
Speaker 1: Metz the Nationals will play two at City Field. After
Speaker 1: last night's rain out. The Braves had Champagne ready to go,
Speaker 1: but lost in Miami four nothing in their magic numbers
Speaker 1: still one. The Phillies celebrated. They wanted to clinch their
Speaker 1: first playoff wirtsince two thousand and eleven. So the twelve
Speaker 1: playoff teams were known the matchups still to be the turn.
Speaker 1: Week four ended with the forty nine or two to
Speaker 1: nine win over the Rams, who they've now beaten seventh
Speaker 1: straight times in the regular season. All four teams in
Speaker 1: the NFC West are two and two. The Jets or
Speaker 1: two and two, yet to win at home, they host
Speaker 1: Miami Sunday. In the Dolphins quarterback will be Teddy Bridgewater
Speaker 1: to a tongue of below out with his much debated concussion.
Speaker 1: Tyrod Taylor is in concussion protocol and Daniel Jones as
Speaker 1: an injured ankle that is said to be improving. But
Speaker 1: the Giants Sunday in London against Green Bay may have
Speaker 1: to start third strink QB Davis Webb, who's never thrown
Speaker 1: a pass in an NFL game. John Bloomberg Sports, Thank
Speaker 1: you John. It's thirty seven on Wall Street. Time for
Speaker 1: the Tri State Business Report. Here's Bloomberg Scott car. The
Speaker 1: Manhattan housing market is calming down. A report from a praiser, Miller,
Speaker 1: Samuel and Douglas Element Real Estate says sales of co
Speaker 1: ops and condos dropped three point seven percent in the
Speaker 1: third quarter from the previous three months and more than
Speaker 1: eighteen percent from the year before. The median price on
Speaker 1: transactions completed slipped seven point six percent to one one
Speaker 1: five million from the second quarter. Moody's has upgraded New
Speaker 1: Jersey's outlook from stable to positive. The announcement follows a
Speaker 1: string of three credit ratings upgrades with a positive outlook
Speaker 1: from all four major credit rating agencies. Moody says pension
Speaker 1: contributions and maintaining liquidity above historic averages are among the
Speaker 1: factors that could lead to further upgrades. Law firm Rome
Speaker 1: mcgwigan is disbanding after being a downtown Hartford, Connecticut mainstay
Speaker 1: for over forty years. At one time, the law firm,
Speaker 1: based at one State Street downtown, had about twenty partners.
Speaker 1: That's the Bloomberg Try State Business Report. I'm Scott Carr.
Speaker 1: Thank you, Scott. It's on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve
Speaker 1: Podasc on ten ten Wins in New York. We're talking
Speaker 1: about Manhattan's housing market showing signs of cooling down. I'm
Speaker 1: Cornita how one ktr h in Houston. Charities may face
Speaker 1: a funding squeeze with plunging markets and rising inflation. I'm
Speaker 1: Genus Servetti and for WHAM eleven eighty in Rochester, New York.
Speaker 1: I'm reporting that Google's self driving truck program is hauling
Speaker 1: beer from Dallas to Houston under a pilot program for
Speaker 1: Constellation Brands. I'm Stephen Carl and Bloomberg D A B
Speaker 1: Digital Radio and London. We've been reporting on the UK's
Speaker 1: Chancellor bringing forward his fiscal forecast to calm turmoil on
Speaker 1: financial markets. I'm Scott Carr on w T A M
Speaker 1: in Cleveland. I'm reporting at a big federal contract just
Speaker 1: landed by a medical research team at Case Western Reserve University.
Speaker 1: And those are some of the stories our Bloomberg journalists
Speaker 1: and analyst working on this morning around the world. It's
Speaker 1: five thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. Pension funds are supposed to be among
Speaker 1: the least exciting financial institutions yet. Last week in the UK,
Speaker 1: they were the center of an incipient financial crisis. What
Speaker 1: led to this was a variation on a well known theme,
Speaker 1: leverage meets unforeseen events. The danger when these two collide
Speaker 1: is not confined to any one country, so regulators everywhere
Speaker 1: should take note. While the world's banks are somewhat safer
Speaker 1: than they were before the crash of two thousand eight,
Speaker 1: risks that start outside the traditional financial system still require
Speaker 1: greater attention. The more leverage held by non banks, such
Speaker 1: as pension funds, hedge funds, and insurers, the greater the dangers.
Speaker 1: Regulators need to remember that low probability events aren't zero
Speaker 1: probability events. Eventually they happen, and when they do, they
Speaker 1: can cause serious harm. One day, if regulators do their job,
Speaker 1: pension funds will be boring again. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or opie I
Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday at
Speaker 1: this time. Terminal customers can read more at opie I
Speaker 1: n go Future is moving higher this morning. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather, clouds, occasional
Speaker 1: showers and rain today breezy highs in the upper fifties.
Speaker 1: We get into the low sixties tomorrow as showers come
Speaker 1: to an end, bringing a sunshine for Thursday and highs
Speaker 1: in the low seventies. Right now, rain and forty five markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape is a Bloomberg Business Flash and I'm Karin Moscow.
Speaker 1: A rally and global markets extending into a second day,
Speaker 1: lifting US DOT Index futures and Europeans shares As investors waiter,
Speaker 1: central banks will have to slow the pace of monetary tightening.
Speaker 1: You check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg s and P Future is up fifty
Speaker 1: two points this morning, Death futures have three hundred thirty
Speaker 1: eight and Nasdaq futures have two hundred four. The decks
Speaker 1: in Germany is up two point six percent. The ten
Speaker 1: year treasury up seventeen thirty seconds, held three point five
Speaker 1: six percent. They yield on the two year for four percent.
Speaker 1: The NIMEX screwed oil is up eight tenths per cent
Speaker 1: or sixty seven cents at eighty four dollars thirty cents
Speaker 1: a barrel. Comics gold is up nine tenths per cent
Speaker 1: or fifteen dollars thirty cents at seventeen seventeen thirty announced.
Speaker 1: The euro point at nine eight six nine against the dollar.
Speaker 1: British found one point one three five one the end
Speaker 1: one forty four point seven zero, and bitcoin is up
Speaker 1: one percent and nineteen thousand, nine hundred fifty dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. North Korea launched an intermediate range ballistic
Speaker 1: missile over the Japanese territory. Presidents in northern Japan were
Speaker 1: told to take cover as the missile flew over and
Speaker 1: fell into the Pacific Ocean. Ukrainian President Voladimir Zelenski said
Speaker 1: that liberating settlements from Russian occupation is now the trend.
Speaker 1: His comment comes after the strategic eastern town of Lehman
Speaker 1: was fully cleared. The town as part of the regions
Speaker 1: of Vladimir Putin annexed following referendums termed illegal by Ukraine
Speaker 1: and in talents. In baseball, the Yankees one Aaron Judge
Speaker 1: still at sixty one home runs with time running out.
Speaker 1: The Red Sox one, along with the A's, the Orioles
Speaker 1: and Giants lost the Medicine Nationals game postponed Monday Night Football.
Speaker 1: The forty nine is Beat the Rams Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven under journalist and analysts
Speaker 1: more than a hundred twenty countries. Michael barn This is Bloomberg.
Speaker 1: Nathan all right, Michael, thank you. It's five forty nine
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak and we're joining now by Ivy Jack,
Speaker 1: head of equity research at north Star Asset Management. As
Speaker 1: we look at futures rising on the back of a
Speaker 1: rally yesterday to start the fourth quarter. Is this bounce
Speaker 1: the trend? Ivy? Um, we will probably have many bounces,
Speaker 1: but you know, I've got to tell you, Um, We're
Speaker 1: still very cautious there are many things going on right now,
Speaker 1: and I believe it is really hard to sustain any
Speaker 1: kind of optimism at this point in time. UM. So
Speaker 1: we're just hoping to you know, make it through the
Speaker 1: fourth quarter and tolerate the level of volatility that we've had.
Speaker 1: We continue to expect. How much further volatility are you expecting?
Speaker 1: What kind of range are you looking at? UM? We
Speaker 1: don't necessarily I would say, have a range per se.
Speaker 1: But again, when you look at going into the wintertime. UM,
Speaker 1: First of all, uh, you know, what's going on in
Speaker 1: the UK is very worrisome in terms of a possible
Speaker 1: currency prices. We're also concerned about the wintertime higher electricity
Speaker 1: and gas bills. UM. We're also concerned the consumer middle
Speaker 1: income and lowand consumers are stretched there and here in
Speaker 1: the US as well. UM. And on top of it,
Speaker 1: when you think of all of the you know, we're
Speaker 1: in a hurricane season for folks down in southern Louisiana
Speaker 1: and the southern areas, and so all of those things
Speaker 1: coming together make it really hard to think about what
Speaker 1: the fourth quarter could be. And on top of that,
Speaker 1: by the way, I didn't even mention coronavirus UM it's
Speaker 1: still with us, and it still could have an impact
Speaker 1: on us in a variety of ways that we might
Speaker 1: not even anticipate. So are you focused more on some
Speaker 1: of those exogenous headwinds than the focus on the FED
Speaker 1: and what it's going to do, not just in the
Speaker 1: fourth quarter but into next year as far as interest
Speaker 1: rates go. No, We're focused on all those things. And
Speaker 1: I think in terms of the FED, I expect the
Speaker 1: FED to continue raising rates. I mean, look here in
Speaker 1: the US, we're still gaining jobs. I think for September
Speaker 1: and we're expecting about two two hundred thousand jobs. So
Speaker 1: you know, even though I think some fundamentals still look strong,
Speaker 1: and I still think the FED has some work to
Speaker 1: do in terms of taming inflation. Um, but again, uh,
Speaker 1: there's just so many things that are unexpected that could happen.
Speaker 1: There's so many variables I would say, negative variables out
Speaker 1: there that again hard to be positive in the fourth quarter.
Speaker 1: I mean, we're gonna maintain a defensive posture going into
Speaker 1: four and so you know, we might have a bounce today,
Speaker 1: but I would tell you, um, you know, I don't
Speaker 1: think it's going to be sustained. A defensive posture going
Speaker 1: into four, So you're expecting that the FED it sounds
Speaker 1: like it's gonna continue with higher for longer interest rates
Speaker 1: for some time and could potentially raise interest rates even
Speaker 1: further into next year. Is that your call? Actually I
Speaker 1: meant to say three, I've gotten ahead. Okay, I'm already
Speaker 1: thinking I'm in twenty. So now we're expecting the fan
Speaker 1: to continue reason going into tree. Okay, good to get
Speaker 1: that clarification. So in terms of defensiveness, what does that
Speaker 1: look like for portfolios? What are you advising your clients?
Speaker 1: So for us, it's interesting because it's the saying that
Speaker 1: I think that you know, in terms of our strategy,
Speaker 1: even during good times, UM, you know, we look for companies,
Speaker 1: particularly that are beneficial to life. UM. So you know,
Speaker 1: we don't invest in things that we can send that
Speaker 1: we consider to be trends, are fats. We also look
Speaker 1: for companies that generate, you know, strong predictable cash flows.
Speaker 1: And look that's across sectors, so it's not necessarily in
Speaker 1: one sector or the other. UM. And I think those
Speaker 1: are the companies that you know, you definitely want to
Speaker 1: be holding right now and just thirty seconds left here
Speaker 1: are you thinking that we are in a recession or
Speaker 1: are we about to be in a recession? And what's
Speaker 1: that look like? Is it a deep one or shallow
Speaker 1: at this point? You know, look, I'm not that inn
Speaker 1: b e er. You know, I can't really say if
Speaker 1: we're in a recession technically, but what I can tell you,
Speaker 1: what we do know is that, look, we know consumer
Speaker 1: spending is slowing. We see manufacturing is slowing, and even
Speaker 1: though we are still gaining jobs, there is evidence all
Speaker 1: around us um that things are slowing down considerably. Now.
Speaker 1: You know, I don't know what the pace of that
Speaker 1: will be, but it's kind of like, you know, you
Speaker 1: see it coming and so you're preparing for the storm ahead.
Speaker 1: Thanks as always to get your thoughts, Ivy really appreciated.
Speaker 1: Ivy jack Had of Equity Research at north Star Asset Management.
Speaker 1: Karen Nathan, thank you. It's on well straight time for
Speaker 1: the Bloomberg Law Report, brought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,
Speaker 1: a global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d r dot org. That's yet to
Speaker 1: the legal stories we're watching this morning from Bloomberg's Jeff Bellinger.
Speaker 1: Union officials say Starbucks agreed to resolve federal Labor Board
Speaker 1: charges that the company unlawfully retaliated against workers for organizing
Speaker 1: activities at a location in New York City. A federal
Speaker 1: judge in Washington State free night transportation of some claims
Speaker 1: and a wage and our suit a ledging its stiff
Speaker 1: more than five hundred truckers on wages at the Health
Speaker 1: of California defeated a proposed class action by a medical
Speaker 1: provider that accused the insurance company of under paying for
Speaker 1: COVID nineteen testing. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff,
Speaker 1: thanks now. Another legal story we're watching this month March
Speaker 1: the fiftieth anniversary of the Clean Water Act, and yesterday,
Speaker 1: during the first day of oral arguments in the new
Speaker 1: Supreme Court, Term Justice is considered a case that could
Speaker 1: limit the reach of the Act by allowing you were
Speaker 1: federal restrictions governing development and pollution. The case involves an
Speaker 1: Idaho couples a long battle to build a house about
Speaker 1: three hundred feet from Priest Lake in northern Idaho on
Speaker 1: land that federal regulators say is protected wet lands. For
Speaker 1: where in the case Bloomberg Jon Grasso speaks to environmental
Speaker 1: law professor Pat Parento of the Vermont Law School. A
Speaker 1: lot of this argument was wonky definitions and the Clean
Speaker 1: Water Act. What's the main question? The question of e
Speaker 1: p A and the core of engineers. Jurisdiction under the
Speaker 1: Clean Water Act is a pretty classic environmental regulatory kind
Speaker 1: of question that's come up over and over. I mean
Speaker 1: the Supreme Court, just the fourth case where the Supreme
Speaker 1: Court has had to wrestle with this question of federal
Speaker 1: jurisdiction under the Clean Water Action. What we do have
Speaker 1: in the Clean Water Act and this geographic jurisdiction question
Speaker 1: is a fiendishly complicated scientific question. At the heart of it,
Speaker 1: it really is a line drawing problem. Where do you
Speaker 1: draw all the line between federal jurisdiction and state jurisdiction
Speaker 1: in a watership? The Solicitor General kept saying, you know,
Speaker 1: if we try to draw a bright line, we're going
Speaker 1: to be attacked for picking an arbitrary line, because it
Speaker 1: veries so much across the country. You can imagine the
Speaker 1: different climate between the east and the west, the different
Speaker 1: topography and so forth. So you know, the Court really
Speaker 1: wants something closer to a bright line sort of test,
Speaker 1: but it may not be possible. This is Justice Katangi
Speaker 1: Brown Jackson's first oral argument as a justice, and a
Speaker 1: lot of times in the beginning justices whole back. But
Speaker 1: she was an active question or as they say, oh
Speaker 1: boy was she ever fourth question? Fourth question came from
Speaker 1: Justice Jackson. Amazing to her very first oral argument on
Speaker 1: the Supreme Course. You didn't waste any time, and she
Speaker 1: pressed her questions. I mean, I would say she's forward
Speaker 1: leaning in the direction of the government's position on this case.
Speaker 1: But she asked hard questions on both sides, and like
Speaker 1: I said, several times she interjected herself, so she she
Speaker 1: was not at all reluctant to get right in there
Speaker 1: right away. And that's for mode Law professor pap Parento
Speaker 1: speaking with the Bloomberg student Grosso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news, by subscribing to
Speaker 1: the Bloomberg Law podcast or downloading this show at Bloomberg
Speaker 1: dot com. Slash podcast. Attorneys can found exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b law go. And futures
Speaker 1: this morning are on the rise, with SMP futures of
Speaker 1: fifty eight points down, futures up three hundred eighty three,
Speaker 1: NASDAG futures up two D four. Our top stories straight ahead.
Speaker 1: This is Bloomberg