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

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Speaker 1: Daybreak for Wednesday, November two. Coming up this hour. Fd

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Speaker 1: X founder Sam Bankman free To apologizes to staff in

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Speaker 1: a letter. Credit Sweet warns of a massive fourth quarter loss.

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Speaker 1: HP is the latest check company to slash jobs and

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Speaker 1: investors away to half does it Economic reports ahead of

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Speaker 1: Thanksgiving but deadly mass shooting at a Virginia Walmart. Plus,

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Speaker 1: the suspect accused of gunning down people in a gay

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Speaker 1: Colorado nightclub has a court appearance today. I'm Michael barr

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Speaker 1: More Ahead, I'm John Stashon sports, Ben Simmons returned to Philadelphia.

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Speaker 1: The Sixers beat the Nets, the Rangers beat the King.

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Speaker 1: St John's beat Syracuse in overtime. That's all straining. Ahead

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Speaker 1: on Bloomberg Daybreak on Bloomberg. He Living Free on New York,

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

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Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen

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Speaker 1: and around the world. Old on Bloomberg Radio Dot Carmen

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Speaker 1: the Bloomberg business Side. Good Wednesday morning. I'm Amy Morris.

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Speaker 1: I'm Nathan Hagar futures are holding study this morning. We're

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Speaker 1: coming up to six o one on Wall Street, and

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Speaker 1: we checked the markets every fifteen minutes during the trading day.

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Speaker 1: On Bloomberg, S and P futures are up three points down,

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Speaker 1: futures up twenty three, NASTAC futures are higher by three points.

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Speaker 1: Sen Your treasury is up one thirty second. The yield

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Speaker 1: three point seven five percent, yield on the two year

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Speaker 1: four point five two percent. I'm x screws down one

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Speaker 1: point six percent, down a dollar twenty eight at seventy

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Speaker 1: nine dollars sixty seven cents. A barrel comex skull down

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Speaker 1: one tenth percent or two dollars thirty cents at seventeen

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Speaker 1: fifty two fifty announced Amy Nathan will have more on

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Speaker 1: the markets in a minute, but first, the latest on

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Speaker 1: the fallout from f t X. The founder of the

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Speaker 1: collapsed crypto exchange is now apologizing. We get the latest

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Speaker 1: with Bloomberg Steve Rappapord, Good morning, Steve, Good morning, Amy

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Speaker 1: and Nathan. In the Mia culpa two employees disgraced ft

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Speaker 1: X founder Sam bankman Fried said he'd didn't mean for

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Speaker 1: any of this to happen and he would give anything

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Speaker 1: to go back and do things over again. The crypto

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Speaker 1: exchange went belly up about two weeks ago, fueled by

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Speaker 1: a credit squeeze, virtual coin sell offs, and what bankman

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Speaker 1: Freed calls a run on the bank. He also disclosed

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Speaker 1: collateral crashed by fifty one billion dollars as ft X spiraled.

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Speaker 1: Bankruptcy proceedings so far paint the company with poor record

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Speaker 1: keeping and other questionable practices. Live in New York. I'm

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Speaker 1: Steve Rappaport, Bloomberg Bay Break all right, Steve, thank you.

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Speaker 1: The collapse of f t X shocked much of the

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Speaker 1: financial world, including Cathy Would. The Arc Investment CEO, says

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Speaker 1: the exchange clearly lacked oversight. The fact that so many

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Speaker 1: people were completely fooled um is quite shocking. And you know,

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Speaker 1: I think he had this aura around him or something

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Speaker 1: that caused people to to to ask fewer questions than

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Speaker 1: might otherwise have been the case. Cathy Would made the

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Speaker 1: comments in an interview with Carol Master and Tim Stenovic

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Speaker 1: on Bloomberg Viz this week. Catch the show live on

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Speaker 1: YouTube weekdays from two to five Eastern. Another major story

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Speaker 1: where a following comes from overseas Credit Sweets warning of

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Speaker 1: a massive fourth quarter loss. Let's go to London and

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Speaker 1: get the latest with Bloomberg's You in Parts, Good Morning

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Speaker 1: You in Good Morning, Amy and Nathan. Credit Swiss clients

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Speaker 1: pulled as much as eight billion dollars from the bank

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Speaker 1: during the first few weeks of this quarter, underlying the

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Speaker 1: ongoing concerns over the bank's restructuring efforts after years of scandals.

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Speaker 1: The Swiss Bank is warning today it's facing a loss

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Speaker 1: of up to one point six billion dollars for the

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Speaker 1: final three months of this year, and in China, the

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Speaker 1: company is said to be acting at least a third

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Speaker 1: of its investment banking workforce. Credit Sweet shares currently down

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Speaker 1: almost five percent in London, I'm you in Parts Bloomberg

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Speaker 1: day Break, are you in Thanks? Job cuts are continuing

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Speaker 1: here in the US as well. The latest in HP,

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Speaker 1: the tech company says will eliminate as many as six

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Speaker 1: thousand positions over the next three years. HP says declining

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Speaker 1: demand from personal computers is cutting into profits and ethan.

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Speaker 1: Twitter has also been cutting jobs sharply ever since the

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Speaker 1: Elon Musk took over that company, and now we're learning

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Speaker 1: it has lost more than half of its in house lawyers.

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Speaker 1: Bloomberg's Ed Baxter has that story from our nine sixty

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Speaker 1: news room in San Francisco. This includes several senior attorneys,

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Speaker 1: and it raises some concerns about the depth of legal

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Speaker 1: knowledge that remains with the company. Bloomberg sources say this

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Speaker 1: leaves only Head of Litigation James Baker and international legal

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Speaker 1: chief for Gina Lima in leadership roles in the department.

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Speaker 1: There is enough concern that, the sources say, there may

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Speaker 1: not be enough legal expertise remaining in house to know

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Speaker 1: which outside law firms are handling certain matters in San Francisco.

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Speaker 1: I'm at Baxter Bloomberg Daybreak, Thanks Ed. We're three weeks

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Speaker 1: away from the next decision from the Federal Reserve. Central

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Speaker 1: Bank officials are speaking on policy. Kansas City Fed President

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Speaker 1: Ester George says significant US household savings can have implications

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Speaker 1: for how high rates need to rise. While high savings

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Speaker 1: is likely to provide momentum a consumption and require higher

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Speaker 1: interest rates, it's certainly positive that we see that these

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Speaker 1: households are wealthier, less financially constrained, and better ensured. But

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Speaker 1: that said, reduced inflation will mean we have to incent

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Speaker 1: saving over consumption. Kansas City FED President Ester George made

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Speaker 1: the comments in Santiago during a panel discussion hosted by

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Speaker 1: the Central Banka Chile. We have a slew of economic

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Speaker 1: reports this morning, more than usual ahead of the Thanksgiving

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Speaker 1: Day holiday. We get a preview now from Bloomberg Economics

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Speaker 1: correspondent Michael McKee, who can't have a holiday until the

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Speaker 1: data dump is done. Seven different indicators will be released

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Speaker 1: on Thanksgiving Eve. They vary in importance. The capital goods

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Speaker 1: section of durable goods orders represents business spending trends, so

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Speaker 1: that will get attention. Wall Street watches jobless claims as

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Speaker 1: sort of a canary in a coal mine for the

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Speaker 1: labor market, and the Fed has made a big deal

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Speaker 1: out of the University of Michigan's inflation expectations numbers. Slightly

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Speaker 1: less important mortgage applications and new home sales. We know

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Speaker 1: higher interest rates are crippling the housing markets. Of interest

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Speaker 1: will be whether home prices keep falling. The S and

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Speaker 1: P Purchasing Managers indexes will be overshadowed by next week's

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Speaker 1: I S M report, and, barring surprise, the minutes of

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Speaker 1: the FEDS November second meeting won't likely add much to

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Speaker 1: the rate outlook. They're three weeks old and almost everyone

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Speaker 1: on the FED has offered their views since that meeting.

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Speaker 1: Michael McKee, Bloomberg Daybreak, All right, Mike, thanks, and other news.

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Speaker 1: This morning, violent protests broke out of Apple's main iPhone

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Speaker 1: making plant in China. Hundreds of workers at the Fox

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Speaker 1: con factory battled security personnel after almost a month of

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Speaker 1: tough restrictions intended to quash a COVID outbreak. Videos show

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Speaker 1: hundreds of workers breaking out of dorm rooms at the

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Speaker 1: facility today, and Disney set for a major box officer

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Speaker 1: to turn in China. Sours to say it will release

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Speaker 1: its latest Avatar film on December six. That would be

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Speaker 1: a big lift and a key market for Disney. Previous

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Speaker 1: blockbusters have been denied entry amid deteriorating relations between the

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Speaker 1: US and China. And we're watching earnings from deer across

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Speaker 1: the Bloomberg minal Amy, the agriculture equipment maker, is raising

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Speaker 1: its forecast for next year more than an analysts expected.

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Speaker 1: SMP futures are higher by four points, staff futures up

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Speaker 1: twenty five NASTAC futures higher by five points straight ahead,

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Speaker 1: your latest local headlines, and the check of sports. This

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Speaker 1: is Bloomberg, all right, Thank you, Nathan, six oh seven

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Speaker 1: on Wall Street. Now, let's bring in Michael Barr with

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Speaker 1: more on what else is going on in New York

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Speaker 1: and around the world. Good morning, Michael, Good morning Amy.

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Speaker 1: Authorities in Chesapeake, Virginia are investigating a mass shooting at

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Speaker 1: a walmart last night. Six victims were killed. Police spokesperson

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Speaker 1: Leo Kazinski says several others are injured. It's sad, you know,

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Speaker 1: we're a couple of days before but Thanksgiving holiday, I mean,

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Speaker 1: anytime this is said, I mean, it's just it's just

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Speaker 1: just a bad time all around. You know, it's just

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Speaker 1: for everybody involved, you know, especially the victims, Like this

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Speaker 1: is a horrible Police spokesman Kazinski says it's believed there

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Speaker 1: was only one shooter, who was also dead. The FBI

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Speaker 1: is now assisting in the investigation. The alleged shooter is

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Speaker 1: facing possible hate crime charges in the fatal shooting of

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Speaker 1: five people at a Colorado Springs gay nightclub. He has

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Speaker 1: a court appearance today. The suspects defense team is Lee

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Speaker 1: Anderson Aldrich, but they have listed him as non binary.

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Speaker 1: New York Governor Kathy Hokell signed two pieces of legislation

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Speaker 1: and trying to prevent hate crimes. Hocal says it aims

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Speaker 1: to educate people about what is considered hate speech and

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Speaker 1: how that speech could potentially turn into violent acts. Ordinary

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Speaker 1: New Yorkers are out there seeing the same thing. I

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Speaker 1: want them to be part of our team. I want

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Speaker 1: others to come with that early warning system when they

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Speaker 1: see this or they hear someone in their schools saying something.

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Speaker 1: This is what red flag laws are also all about.

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Speaker 1: One bill that Governor Hocal sign requires people convicted of

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Speaker 1: a hate crime to undergo hate crime prevention training. Governor

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Speaker 1: Hokel has also signed one of the most restrictive laws

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Speaker 1: in the US on regulating cryptocurrency mining. The bill triggers

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Speaker 1: a two year moratorium on new permits for crypto mining

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Speaker 1: companies that are powered by fossil fuels. New York City

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Speaker 1: Mayor Eric Adams unveiled new plans to close more streets

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Speaker 1: in Midtown Manadano traffic in December. Adams says one part

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Speaker 1: calls for a section of Fifth Avenue to be closed

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Speaker 1: completely to allow holiday shoppers to walk about but this

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Speaker 1: cab driver says, that means less room for cars. But

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Speaker 1: I think it's horrible to close it, because you're just

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Speaker 1: gonna create great luck everywhere else. You know. It's like

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Speaker 1: it's like it's like having a blood clock over here. Meanwhile,

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Speaker 1: millions of Americans are hitting the roads for the Thanksgiving

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Speaker 1: getaway today. Nearly fifty five million Americans are expected to

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Speaker 1: travel at least fifty miles from home. An accountant who

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Speaker 1: handled the tax returns of some of the Trump organization

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Speaker 1: executives told a jury that Donald Trump reported a total

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Speaker 1: of about nine hundred million dollars in operating losses over

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Speaker 1: two years. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

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Speaker 1: seven hundred journalist and antally to more than twenty countries.

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Speaker 1: How Michael barn this is Bloomberg game. All right? Thank you, Michael,

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Speaker 1: Now for the sports report, brought to you by Price

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Speaker 1: State Outy. Here's John's dash our all right, Amy. The

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Speaker 1: Philadelphia seventy six ers took Place Simmons with the first

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Speaker 1: pick of the draft, and Simmons became an all start

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Speaker 1: for them. But things went sour, especially in the playoffs.

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Speaker 1: Trained last season to Brooklyn. Last day, his first game

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Speaker 1: back in Philly, he got booed. He said he expected

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Speaker 1: the booze to be louder. He played fairly well eleven

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Speaker 1: points eleven assists, though he was held scoreless in the

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Speaker 1: fourth quarter as the Sixers beat the Nets one fifteen

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Speaker 1: to one oh six. Philly was without its stars. Center

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Speaker 1: Joe l emvied he had been very critical of Simmons

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Speaker 1: at the end of his time there. Rangers continued the

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Speaker 1: road trip in l a down tune up in second period.

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Speaker 1: They scored three in the second, the game was three

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Speaker 1: three in the third. Jat Sinjin far corner set play

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Speaker 1: the license score Chris Pryder. They worked on that for

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Speaker 1: a couple of years. We've seen it from time to

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Speaker 1: time at it pays off as a banta. Jat set

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Speaker 1: the puck in far side prior to gains the guy

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Speaker 1: seat and beats Peterson. The Rangers go back off t Yes,

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Speaker 1: being the New York aadic Rider added an empty Netta.

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Speaker 1: Rangers beat the King's five three plate tonight in Anaheim.

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Speaker 1: Devils Tonight host Toronto, New Jersey. Win would be a

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Speaker 1: club record fourteen win in a row like the old

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Speaker 1: days of the Big Yet St. John's and Syracuse in Brooklyn,

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Speaker 1: they went over time the Red Storm one seventy sixty nine.

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Speaker 1: They're now six and oh Giants late today for Dallas

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Speaker 1: Big Game tomorrow, both teams seven and three Giants, having

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Speaker 1: won in Dallas in two phousand sixteen. Bloomberg News reported

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Speaker 1: last summer the Glazer family was considering still in at

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Speaker 1: least a minority stake in their ownership of Manchester United,

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Speaker 1: the Premier League family now admits the air quote exploring

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Speaker 1: ahead of the latest Fed minutes and ahead of a

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Speaker 1: slew of economic data this day before Thanksgiving. We checked

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Speaker 1: Bloomberg SMP futures are up a single point right now,

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Speaker 1: The yeld three point seven six. You'ld done the two

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Speaker 1: two percent now down at dollar sixty four seventy nine

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Speaker 1: dollars thirty one cents, and barrel comex skull down two

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Speaker 1: fifty two. Twenty announced the year a one point zero

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Speaker 1: three one six against the dollar. The yen one forty

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Speaker 1: one point for three. Deer shares are something we're keeping

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Speaker 1: an eye on now. With a profit expected to search

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Speaker 1: to a record next year, Soaring farm profits continue to

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Speaker 1: stoke tractor demand. The world's largest maker of agriculture Machinery

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Speaker 1: says NIT and net income for the fiscal year will

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Speaker 1: be between eight and eight and a half billion dollars.

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Speaker 1: That's after Deer reported fourth quarter earnings that beat the

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Speaker 1: average analyst estimate. That's a Bloomberg business flash. And now

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Speaker 1: here's Michael Bart the quorum. What's going down around the world.

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Speaker 1: Michael Nathan, thank you very much. Seven people, including the

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Speaker 1: gun men, are dead and several injured in a shooting

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Speaker 1: last night at a Walmart store in Chesapeake, Virginia. A

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Speaker 1: and that it is working closely with law enforcement. Ukrainian

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Speaker 1: authorities saying overnight row an attack has struck a hospital

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Speaker 1: maternity ward in southern Ukraine, killing a newborn baby. The

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Speaker 1: baby's mother and a doctor were pulled alive from the Rebbele.

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Speaker 1: In the NBA, the Nets lost in the NHL, the

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Speaker 1: Rangers won at the World Cup. Four games are on

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Speaker 1: the slate today, including Morocco and Croatia playing right now.

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Speaker 1: It is nil nil. Global News twenty four hours a

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Speaker 1: day on air end on Bloomberg Quicktech, powered by more

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Speaker 1: than twenty seven under journalist analysts in more than a

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Speaker 1: hundred twenty countries. How Michael Barr and this is Bloomberg Amy,

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Speaker 1: All right, thank you, Michael. It is six nineteen on

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Speaker 1: Wall Street Live from the Bloomberg Interactive Broker studios. This

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Speaker 1: is Bloomberg Daybreak. Credit Sweets warning of a massive fourth

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Speaker 1: quarter loss. We want to talk about that now. Bloomberg's

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Speaker 1: Charlie Wells joins us from London. Charlie, good morning to you.

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Speaker 1: Thank you for taking the time with us. Credit Sweet

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Speaker 1: says it expects losses in wealth management and in investment banking.

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Speaker 1: What is going on and how damaging is this? Amy?

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Speaker 1: This is not good and it is very damaging. Credit

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Speaker 1: Sweet has in how having a horrific it just really

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Speaker 1: cannot escape negative headlines. That actually last month it announced

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Speaker 1: a turnaround effort, and part of that effort was to

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Speaker 1: retreat from Wall Street, to back away from investment banking,

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Speaker 1: and really to lean into wealth management, into private banking.

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Speaker 1: And so what we're seeing today is massive outflows of

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Speaker 1: money from wealth management at Credit Sweee, and that bodes

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Speaker 1: very poorly for this turnaround effort, at least at this point.

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Speaker 1: Massive out blows because of the lack of trust what's

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Speaker 1: the issue. Trust really is a big part of it.

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Speaker 1: So we are seeing, um, you know, the bank, excuse me,

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Speaker 1: try to regain some of this trust. There was a

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Speaker 1: point earlier in the autumn when Credit Squeeze had a

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Speaker 1: lot of social media rumors circulating around it. It It was

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Speaker 1: almost treated as a meme stock, and some of that

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Speaker 1: negative narrative really seems to have taken an impact on

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Speaker 1: the way that clients felt about their money in this bank.

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Speaker 1: Earlier this morning, we were talking on Bloomberg Radio about

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Speaker 1: the extraordinary general meeting in Zurich. What are some of

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Speaker 1: the beams to consider from that? Well, the big theme

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Speaker 1: here really is to think about existing shareholders in this bank.

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Speaker 1: So just this morning we are seeing that share price

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Speaker 1: hit a record low. That is not going to be

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Speaker 1: very good news for these shareholders. But the other huge

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Speaker 1: theme that they're really thinking about is dilution, because in

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Speaker 1: order to turn this bank around, one thing that they're

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Speaker 1: going to need to do is to raise four billion

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Speaker 1: dollars and they're going to do that by issuing potentially

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Speaker 1: by issuing new shares to large investors, but also to

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Speaker 1: give the rights offering to existing shareholders. Now, what that

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Speaker 1: does is it potentially it potentially dilutes the value of

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Speaker 1: these shares by up to about a third um and

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Speaker 1: so that is not going to bode well for these

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Speaker 1: existing shareholders. But proxy advisors have been saying that shareholders

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Speaker 1: should vote in favor of this development. That's Charlie. Is

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Speaker 1: this a symptom of trouble with other banks as well

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Speaker 1: as this isolated credit suites, what's going on throughout the

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Speaker 1: industry as a whole? That this is happening. I mean,

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Speaker 1: that's a really good question because it sounds like really

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Speaker 1: bad news. And when we think back to the financial crisis,

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Speaker 1: you know, we think of a layman and we think

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Speaker 1: about the contagion that can come um from you know,

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Speaker 1: financial difficulties at a single financial institution. Now, what executives

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Speaker 1: have made really clear is that this is not a

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Speaker 1: layman moment. The bank is capitalized in a healthy way.

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Speaker 1: It's a capital ratio is very healthy. Um. So this

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Speaker 1: doesn't necessarily speak to you know, broader problems in the

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Speaker 1: banking industry. And actually, when you look back to earnings

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Speaker 1: from banks in the third quarter, they were doing pretty well.

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Speaker 1: And so there are some themes here that are very

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Speaker 1: much unique to Credit Suite, which you know has really

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Speaker 1: suffered blow after blow, scandal after scandal in a way

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Speaker 1: that other Wall Street giants just have not. Because this

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Speaker 1: does not seem sustainable. I'm curious what happens next and

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Speaker 1: what you are going to be watching for. We have

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Speaker 1: about a minute here, Yeah, so really what we you know,

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Speaker 1: most immediately want to see how these shareholders vote today

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Speaker 1: that um has been that meeting has been going on

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Speaker 1: for a few hours now. UM. You know it is

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Speaker 1: expected that they will vote in favor of this four

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Speaker 1: billion dollar capital increase, but you know, on a day

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Speaker 1: like today, you know, expect the unexpected. But we should

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Speaker 1: be hearing about that soon. In the longer term, I

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Speaker 1: think something that we really need to focus on is

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Speaker 1: is this turnaround strategy strategy that was announced just a

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Speaker 1: few weeks ago, is that going to stay the course

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Speaker 1: or will it be changes? Those outflows of assets are

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Speaker 1: very concerning two banks, and the last time that has happened,

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Speaker 1: it seems like there was a bit of a strategic

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Speaker 1: shift as far as that capital raise that could put

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Speaker 1: this today. This news could potentially bring about a change

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Speaker 1: in strategy, but that remains to be seen. When you

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Speaker 1: talk about a change in strategy. We have another minute here.

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Speaker 1: When you talk about a change in strategy, are you

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Speaker 1: talking about in personnel or in restructuring. There's you know,

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Speaker 1: there's a lot that that could potentially be done. I

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Speaker 1: mean when we think about restructuring, when we think about talent.

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Speaker 1: Credit Sweez is a bank that has been you know,

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Speaker 1: losing staff left, right and center. Um, they are planning on,

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Speaker 1: you know, significant layoffs through to the tune of nine

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Speaker 1: thousand people. Um. So you know, is there room to

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Speaker 1: maneuver there? I'm not sure because costs are so important

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Speaker 1: to to nage up this time as well. But I

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Speaker 1: think what this really comes to as well is cultural change.

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Speaker 1: So what's at least striking about Credit Sweets. They didn't

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Speaker 1: need to take a government bail out during the financial crisis.

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Speaker 1: That may actually have encouraged risk taking that you know,

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Speaker 1: was unhealthy for the bank, and that cultural change is

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Speaker 1: something that they will probably need to focus on very seriously.

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Speaker 1: All right, Charlie, thank you very much for bringing us

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Speaker 1: up to date on what's going on with Credit Sweets.

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Speaker 1: We're going to continue to watch this with you. This

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Speaker 1: story is not over yet, and it's going to be interesting.

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Speaker 1: To see how it plays out, especially as we approach

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Speaker 1: and get into Charlie Bloomberg's Charlie Wells. Thank you for

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Speaker 1: taking the time with us this morning. Let's check the

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Speaker 1: futures markets now S and P futures up three, DAL

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Speaker 1: futures up twelve, Nasdaq futures up five. Ten year Treasury unchanged,

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Speaker 1: the yield at three point seven five percent. Two year

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Speaker 1: yield at four point five three on Wall Streak. Now

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Speaker 1: still ahead on Bloomberg Daybreak, We'll check the markets and

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Speaker 1: we'll bring you the latest news in business, economics and finance.

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Speaker 1: Stay with it on this Wednesday morning. This is Bloomberg

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Speaker 1: Bloomberg eleven three oh weather, mostly sunny. We're going up

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Speaker 1: to fifty five degrees today with clear skys tonight down

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Speaker 1: to thirty five and then for Thanksgiving Day, mostly sunny,

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Speaker 1: fifty degrees crimecasting live from the Bloomberg Interactive Broker Studio

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Speaker 1: nine and around the globe. The Bloomberg Business app and

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Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six

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Speaker 1: thirty on Wall Street. Good morning. I'm Any Morris, I'm

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Speaker 1: Nathan Hagar. We're about three hours away from the open

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Speaker 1: of US training. Time for the five things you need

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Speaker 1: ib kr dot com slash interest rates to earn more

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Speaker 1: Up First, the founder of the collapse crypto exchange f

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Speaker 1: t X is issuing an apology. Bloomberg Steve Rappaport joins

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Speaker 1: US Live with the latest Morning Steve, Good morning, Nathan

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Speaker 1: and Amy. In a letter to employees, Sam Bankman Freed

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Speaker 1: expressed regret for his oversight failure, adding he wishes the

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Speaker 1: company had done many, many things differently. The disgraced ft

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Speaker 1: X founder described the perfect storm of credit squeezes, virtual

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Speaker 1: coin sell offs, and a run on the bank that

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Speaker 1: brought the crypto exchange down two weeks ago. Bankman Freed

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Speaker 1: also disclosing the company's collateral spiral to nine billion from

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Speaker 1: sixteen billion. Dollars live in New York. I'm Steve Rappaport,

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Speaker 1: Bloomberg Daybreak. All right, thank you, Steve. And another major

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Speaker 1: story we are following comes from overseas credit Sweets warning

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Speaker 1: of a massive fourth quarter loss. The Swiss Bank says

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Speaker 1: it will base a laws exceeding one and a half

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Speaker 1: billion dollars for the three final months of this Year's

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Speaker 1: all that's happening overseas, Amy, there were viol in protests

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Speaker 1: at Apple's main iPhone making plant in China. Hundreds of

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Speaker 1: workers at the Fox con factory battled security personnel after

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Speaker 1: almost a month of tough restrictions intended to quash a

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Speaker 1: COVID outbreak, and Nathan Beck here in the US, Bloomberg

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Speaker 1: sources say after recent job cuts, there may not be

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Speaker 1: enough in house legal expertise at Twitter to know which

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Speaker 1: outside law firms are handling certain matters. Even so, Elon

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Speaker 1: Musk still has his fair SHAREFF supporters, including Arc Investment

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Speaker 1: CEO Cathy Wood. Various metrics that you can count daily,

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Speaker 1: they have been going up dramatically. So I know a

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Speaker 1: lot of people who decided to quit Twitter because they

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Speaker 1: didn't like the censorship and so forth. That was going on,

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Speaker 1: so I actually like what he's doing. Cathy Wood with

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Speaker 1: ARC Investment made the comments to Bloomberg Business Week, which

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Speaker 1: you can catch weekdays at two pm Wall Street Time

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Speaker 1: on Bloomberg Radio and streaming live on YouTube. And turning

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Speaker 1: to the economy amy, Kansas City Fed President Esther George

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Speaker 1: says one thing that could push the Fed to keep

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Speaker 1: raising rates is high household savings in the US. Certainly positive.

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Speaker 1: We see that these households are wealthier, less financially constrained.

430
00:23:04,040 --> 00:23:08,000
Speaker 1: But that said, reduced inflation will mean we have to

431
00:23:08,080 --> 00:23:12,320
Speaker 1: incent saving over consumption. Kansas City Fed President est George

432
00:23:12,320 --> 00:23:14,840
Speaker 1: made the comments in Santiago, Chile. We could get more

433
00:23:14,840 --> 00:23:17,600
Speaker 1: clues on the Fed's rate path, and the rennutes from

434
00:23:17,600 --> 00:23:19,840
Speaker 1: the latest FED meeting come out this afternoon at two

435
00:23:19,840 --> 00:23:22,240
Speaker 1: pm Wall Street Time. That's the five things you need

436
00:23:22,280 --> 00:23:24,920
Speaker 1: to notice start your day. Brought to you by Interactive Brokers.

437
00:23:25,240 --> 00:23:28,240
Speaker 1: SMP futures are higher by three points now, Dawn futures

438
00:23:28,280 --> 00:23:31,320
Speaker 1: up four teen, NAZDAC futures up eight points. Straight ahead

439
00:23:31,320 --> 00:23:33,760
Speaker 1: your latest local headlines in the check of sports. This

440
00:23:33,960 --> 00:23:40,080
Speaker 1: is Bloomberg, all right, Thank you. Nathan sixty three on

441
00:23:40,119 --> 00:23:41,960
Speaker 1: Wall Street. We bring in Michael barn Out to tell

442
00:23:42,000 --> 00:23:43,720
Speaker 1: us what else is going on in New York and

443
00:23:43,880 --> 00:23:46,760
Speaker 1: around the world. Good morning, Michael, Good morning Amy. Virginia

444
00:23:46,800 --> 00:23:50,359
Speaker 1: police said seven people, including the suspected gunmen, are dead

445
00:23:50,760 --> 00:23:53,480
Speaker 1: and others are wounded after a shooting at a walmart

446
00:23:53,600 --> 00:23:57,520
Speaker 1: last night. Chesapeake Police spokesman Leo Kazinski was asked whether

447
00:23:57,560 --> 00:24:00,320
Speaker 1: the shooter was killed by law enforcement. I don't believe so,

448
00:24:00,359 --> 00:24:01,760
Speaker 1: but I can't say that for sure, so that's still

449
00:24:01,800 --> 00:24:03,760
Speaker 1: being part of the investigations. It's all because it all

450
00:24:03,760 --> 00:24:05,960
Speaker 1: happened very very quickly, very dynatic, a lot of a

451
00:24:05,960 --> 00:24:08,159
Speaker 1: lot of people involved, a lot of officers the government

452
00:24:08,240 --> 00:24:11,399
Speaker 1: is believed to be an employee or former employee. The

453
00:24:11,480 --> 00:24:14,560
Speaker 1: Virginia shooting comes three days after a person opened fire

454
00:24:14,600 --> 00:24:17,720
Speaker 1: at a gay nightclub in Colorado, killing fine people and

455
00:24:17,760 --> 00:24:21,600
Speaker 1: wounding seventeen. Meanwhile, the suspect and that deadly attack at

456
00:24:21,600 --> 00:24:24,480
Speaker 1: a club q and, Colorado Springs is set to face

457
00:24:24,520 --> 00:24:27,920
Speaker 1: a judge today. A family friend says twenty two year

458
00:24:27,960 --> 00:24:31,520
Speaker 1: old Anderson Lee Aldrich was bullied as a team. New

459
00:24:31,600 --> 00:24:35,000
Speaker 1: York Governor Kathy Hokel signed two pieces of legislation into

460
00:24:35,040 --> 00:24:38,040
Speaker 1: law and trying to prevent hate crimes from taking place.

461
00:24:38,240 --> 00:24:41,320
Speaker 1: Governor Hokel says it aims to educate people about what

462
00:24:41,480 --> 00:24:45,080
Speaker 1: is considered hate speech and how that speech could potentially

463
00:24:45,119 --> 00:24:47,879
Speaker 1: turn into violent acts. We can ignore that there's been

464
00:24:47,960 --> 00:24:51,760
Speaker 1: a loss of civility and respect of individuals, and that

465
00:24:51,800 --> 00:24:56,720
Speaker 1: has been the collateral damage. One measurable require people who

466
00:24:56,760 --> 00:24:59,040
Speaker 1: were convicted of a hate crime to take a training

467
00:24:59,080 --> 00:25:03,080
Speaker 1: course on hate crime prevention. The Supreme Court has cleared

468
00:25:03,119 --> 00:25:05,840
Speaker 1: the way for a House committee to get Donald Trump's

469
00:25:05,840 --> 00:25:09,719
Speaker 1: tax returns. Bloomberg's d Baxter as the story. This covers

470
00:25:09,760 --> 00:25:11,880
Speaker 1: six years of returns as it goes to the House

471
00:25:11,880 --> 00:25:15,639
Speaker 1: Ways and Means Committee, High Court issuing no explanation or

472
00:25:15,720 --> 00:25:18,480
Speaker 1: any public descent. So now the I R s is

473
00:25:18,520 --> 00:25:21,440
Speaker 1: free to provide the returns and could do so immediately.

474
00:25:21,880 --> 00:25:25,480
Speaker 1: The committee will want to act expeditiously because the Republican majority,

475
00:25:25,480 --> 00:25:28,600
Speaker 1: in particular Kevin McCarthy, has said that he will kill

476
00:25:28,600 --> 00:25:32,800
Speaker 1: any such investigations. The committee, in its arguments, said it

477
00:25:32,880 --> 00:25:38,000
Speaker 1: needed returns to consider potential legislation and oversight on presidential compliance.

478
00:25:38,440 --> 00:25:41,680
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak a Texas

479
00:25:41,800 --> 00:25:44,720
Speaker 1: judge says she will not lower a nearly fifty million

480
00:25:44,760 --> 00:25:47,920
Speaker 1: dollar punishment against Alex Jones that a jury handed down

481
00:25:47,960 --> 00:25:51,160
Speaker 1: earlier this year. It was ruled the info Wars host

482
00:25:51,200 --> 00:25:55,040
Speaker 1: spreading false conspiracy theories about the Sandy Hook Elementary School massacre.

483
00:25:55,560 --> 00:25:58,919
Speaker 1: Since that August trial in Texas, other judgments against Jones

484
00:25:58,920 --> 00:26:01,960
Speaker 1: in Connecticut I stacked up to a staggering one point

485
00:26:02,359 --> 00:26:05,520
Speaker 1: four billion dollars. Twenty children and six adults died in

486
00:26:05,560 --> 00:26:09,600
Speaker 1: the shooting. On December fourteen, twelve, Global News twenty four

487
00:26:09,680 --> 00:26:13,080
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

488
00:26:13,080 --> 00:26:15,760
Speaker 1: by more than twenty seven under journalists and analysts more

489
00:26:15,760 --> 00:26:19,480
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Amy,

490
00:26:19,840 --> 00:26:24,640
Speaker 1: all right, thank you, Michael. John. Now that the sports

491
00:26:24,640 --> 00:26:27,160
Speaker 1: report brought to you by Try State Autie. Here's John

492
00:26:27,200 --> 00:26:30,639
Speaker 1: stash Our. Thanks Amy. Ben Simmons acquired last season by Brooklyn,

493
00:26:30,680 --> 00:26:32,560
Speaker 1: but he didn't play until this season, and he wasn't

494
00:26:32,560 --> 00:26:34,919
Speaker 1: playing well, nothing like what he did most of his

495
00:26:34,960 --> 00:26:37,160
Speaker 1: time in Philadelphia when he was an All Star, until

496
00:26:37,200 --> 00:26:39,840
Speaker 1: he regressed at the end of this time. They're lately

497
00:26:39,960 --> 00:26:42,639
Speaker 1: encouraging signs for Nets fans. Simmons just had a twenty

498
00:26:42,640 --> 00:26:45,040
Speaker 1: two point game, and last night he made his return

499
00:26:45,119 --> 00:26:47,520
Speaker 1: to Philly in a six ers one fifteen to one

500
00:26:47,520 --> 00:26:50,040
Speaker 1: oh six victory. After I thought, I'm been a good place,

501
00:26:50,240 --> 00:26:51,639
Speaker 1: you know for me to come in here and just

502
00:26:51,760 --> 00:26:55,080
Speaker 1: play basketball. Um, I'm happy. I'm doing what I love.

503
00:26:55,119 --> 00:26:57,840
Speaker 1: So to be out there and have that experience was amazing.

504
00:26:58,000 --> 00:27:00,119
Speaker 1: Obviously it wasn't the result we wanted, as Freshening to

505
00:27:00,200 --> 00:27:03,480
Speaker 1: lose um a game like that, but you know, um,

506
00:27:03,600 --> 00:27:05,720
Speaker 1: I think it's a good step forward. Let's play tonight

507
00:27:05,760 --> 00:27:08,479
Speaker 1: in Toronto. The Rangers will be an Anaheim. They won

508
00:27:08,560 --> 00:27:10,280
Speaker 1: last night in l A. They beat the King's five

509
00:27:10,359 --> 00:27:12,600
Speaker 1: to three, couple of third three goals for Chris Cryer

510
00:27:12,640 --> 00:27:16,200
Speaker 1: at Barkley's overtime in the final the Empire Classic in St.

511
00:27:16,240 --> 00:27:19,880
Speaker 1: John's beat Syracuse seventy six to sixty nine, Andre Kurblo

512
00:27:20,200 --> 00:27:22,320
Speaker 1: twenty three points of the Red Storm. We're now six

513
00:27:22,320 --> 00:27:24,680
Speaker 1: and oh. As the Jets trying to decide whether to

514
00:27:24,800 --> 00:27:28,560
Speaker 1: keep Zack Wilson as they're starting quarterback the previous Harold

515
00:27:28,640 --> 00:27:31,880
Speaker 1: and Young Jets QB. Sam Donald is gonna start Sunday

516
00:27:31,960 --> 00:27:35,159
Speaker 1: for Carolina at the World Cup. Right now, Croatia, who

517
00:27:35,200 --> 00:27:38,000
Speaker 1: lost in the Cup Bottle four years ago, still scoreless

518
00:27:38,040 --> 00:27:40,680
Speaker 1: with Morocco. They're well into the second half first of

519
00:27:40,800 --> 00:27:43,640
Speaker 1: four games in Qutar. Germany and Spain both have their

520
00:27:43,880 --> 00:27:47,520
Speaker 1: World Cup openers coming up. Meanwhile, Christiano Ronaldo confirmed he

521
00:27:47,600 --> 00:27:50,800
Speaker 1: is leaving Manchester United and the team appears to be

522
00:27:50,880 --> 00:27:53,359
Speaker 1: for sale. Bloomberg News had reported back in August the

523
00:27:53,440 --> 00:27:56,800
Speaker 1: Glazer family would sell at least a minority state. They

524
00:27:56,840 --> 00:28:00,880
Speaker 1: now admit they are open to selling. John Stasward, Bloomberg Sports,

525
00:28:01,680 --> 00:28:04,119
Speaker 1: All right, thank you, John. It is six thirty seven

526
00:28:04,200 --> 00:28:06,360
Speaker 1: on Wall Street. Time to take a look at stocks

527
00:28:06,359 --> 00:28:08,280
Speaker 1: and some of the names that are moving in the

528
00:28:08,280 --> 00:28:11,040
Speaker 1: pre market. And for that we are joined by Bloomberg

529
00:28:11,119 --> 00:28:14,879
Speaker 1: Radio and TV Markets correspondent Createy Gupta Created. Good morning,

530
00:28:14,920 --> 00:28:18,040
Speaker 1: what you got? Good morning? Well, I'm actually gonna perhaps

531
00:28:18,160 --> 00:28:21,360
Speaker 1: follow our sports report and talk about the investment reaction

532
00:28:21,400 --> 00:28:24,760
Speaker 1: to the news. Uh, Josh has talked about Manchester United

533
00:28:24,800 --> 00:28:28,359
Speaker 1: shares jumping as much as eleven percent in the pre market.

534
00:28:28,400 --> 00:28:31,720
Speaker 1: Your takers m an you on that news and it's

535
00:28:31,760 --> 00:28:34,439
Speaker 1: interesting because it comes on the heels of kind of

536
00:28:34,480 --> 00:28:39,400
Speaker 1: a sad but perhaps overdue announcement um on Christiano Ronaldo

537
00:28:39,480 --> 00:28:43,240
Speaker 1: and simply a very public um saga between the club

538
00:28:43,280 --> 00:28:44,800
Speaker 1: and him as well. It looks like he is going

539
00:28:44,840 --> 00:28:47,560
Speaker 1: to be leaving the club. That was a believe announced

540
00:28:47,680 --> 00:28:51,040
Speaker 1: yesterday after they reached a mutual agreement. But it's enough

541
00:28:51,200 --> 00:28:53,120
Speaker 1: that plus the news of a partial sale, is enough

542
00:28:53,160 --> 00:28:55,240
Speaker 1: to actually push the shares higher as well. So m

543
00:28:55,280 --> 00:28:57,720
Speaker 1: A and you shares were up about eleven percent in

544
00:28:57,720 --> 00:28:59,880
Speaker 1: the pre market. They have now paired those games to

545
00:29:00,240 --> 00:29:02,520
Speaker 1: about eight per cent. Amy. I don't know if you're

546
00:29:02,600 --> 00:29:05,840
Speaker 1: teering for any particular team this World Cup. I've got

547
00:29:05,880 --> 00:29:09,600
Speaker 1: Spain winning the whole thing. I'll go with that doesn't

548
00:29:09,960 --> 00:29:13,320
Speaker 1: pop hop onto my onboard, I'm on board. There's not

549
00:29:13,360 --> 00:29:15,640
Speaker 1: the only one moving though. Of course, Tesla is always

550
00:29:15,640 --> 00:29:17,440
Speaker 1: in the news, and want to certainly keep watching. T

551
00:29:17,720 --> 00:29:19,640
Speaker 1: s l A is the taker. Shares shop about one

552
00:29:19,680 --> 00:29:21,840
Speaker 1: point six percent in the pre market. Do keep in

553
00:29:21,880 --> 00:29:23,560
Speaker 1: mind it is a low volume and you're probably going

554
00:29:23,600 --> 00:29:26,520
Speaker 1: to see that across the board today in today's trading session.

555
00:29:26,560 --> 00:29:29,360
Speaker 1: But this is actually coming after an analyst upgrade City

556
00:29:29,480 --> 00:29:32,080
Speaker 1: upgrading the e V maker to neutral from a cell

557
00:29:32,440 --> 00:29:35,000
Speaker 1: say that the near term risk reward in Tesla shares

558
00:29:35,040 --> 00:29:37,720
Speaker 1: looks pretty balanced following a year to date pullback of

559
00:29:37,920 --> 00:29:40,600
Speaker 1: more than fifty percent, So a little bit of bottom

560
00:29:40,600 --> 00:29:43,320
Speaker 1: feeding there for that specific company. You remember, it actually

561
00:29:43,360 --> 00:29:45,400
Speaker 1: does move the entire index. Tesla is at the end

562
00:29:45,400 --> 00:29:48,600
Speaker 1: of the day a heavyweight, but has really been exposed

563
00:29:48,600 --> 00:29:51,160
Speaker 1: to the Twitter drama. This idea that as Twitter shares

564
00:29:51,440 --> 00:29:54,680
Speaker 1: move higher on the Elon Musk deal before it was

565
00:29:54,720 --> 00:29:58,200
Speaker 1: taken private, Tesla really got punished the idea that Elon

566
00:29:58,280 --> 00:30:02,560
Speaker 1: Musk split attention would really harm the company. Nevertheless, looks

567
00:30:02,560 --> 00:30:04,760
Speaker 1: like up one point six percent, covering around a hundred

568
00:30:04,800 --> 00:30:07,400
Speaker 1: and seventy two dollars per share. And of course, Amy,

569
00:30:07,440 --> 00:30:10,760
Speaker 1: it is Black Friday on Friday coming up, and keep

570
00:30:10,800 --> 00:30:13,480
Speaker 1: thinking Today's Friday. It's not no we do. I think

571
00:30:13,480 --> 00:30:15,400
Speaker 1: everyone's just ready for a little bit of a break.

572
00:30:15,400 --> 00:30:17,880
Speaker 1: But Nordstrom shares are really going to be in view

573
00:30:17,920 --> 00:30:20,640
Speaker 1: along likes of Macy's, Target, etcetera. But take a look

574
00:30:20,640 --> 00:30:23,080
Speaker 1: at this this morning. J w N actually down and

575
00:30:23,200 --> 00:30:26,120
Speaker 1: under pressure just shy of ten percent. This comes after

576
00:30:26,160 --> 00:30:30,040
Speaker 1: they reported late Tuesday about some earnings numbers. Those earnings

577
00:30:30,040 --> 00:30:33,080
Speaker 1: are still rolling out they're saying that basically, gross margin

578
00:30:33,360 --> 00:30:36,560
Speaker 1: trailed the average analysts estimate. Basically they're not able to

579
00:30:36,640 --> 00:30:39,760
Speaker 1: make enough return based on the supply chain issues, based

580
00:30:39,800 --> 00:30:44,120
Speaker 1: on the consumers. The idea of having higher prices but

581
00:30:44,240 --> 00:30:47,520
Speaker 1: less volume is also something they certainly talked about. They did, however,

582
00:30:47,560 --> 00:30:50,280
Speaker 1: reiterate their full year outlook, so let's see if they

583
00:30:50,320 --> 00:30:52,840
Speaker 1: have some good numbers to report on Friday. All right,

584
00:30:52,920 --> 00:30:56,240
Speaker 1: Thanks so much, Bloomberg Radio and TV Markets correspondent Creaty

585
00:30:56,280 --> 00:30:59,040
Speaker 1: Goopta always a pleasure. Thank you for joining us Creaty

586
00:30:59,160 --> 00:31:01,520
Speaker 1: looking at stocks as a whole ahead of the open.

587
00:31:01,560 --> 00:31:05,760
Speaker 1: The SMP futures up for Dell futures up thirteen, NASDAT

588
00:31:05,840 --> 00:31:10,960
Speaker 1: futures up fifteen, Tenure treasury down, the yield at three

589
00:31:10,960 --> 00:31:13,800
Speaker 1: point seven six percent, the two year yield at four

590
00:31:13,840 --> 00:31:17,600
Speaker 1: point five much more still to come on this Wednesday

591
00:31:17,720 --> 00:31:22,840
Speaker 1: morning edition of Bloomberg day Break. The Bloomberg Sports Report

592
00:31:22,920 --> 00:31:24,960
Speaker 1: was brought to you by Audie. Don't let someone else

593
00:31:25,040 --> 00:31:27,840
Speaker 1: drive off in the Audi model you've always wanted. Visit

594
00:31:27,880 --> 00:31:29,720
Speaker 1: your local try state autie dealer to get behind the

595
00:31:29,720 --> 00:31:32,360
Speaker 1: wheel of yours today. Visit autie Offers dot com for

596
00:31:32,440 --> 00:31:40,000
Speaker 1: more information. Markets headlines and breaking news twenty four hours

597
00:31:40,000 --> 00:31:42,960
Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business at

598
00:31:43,080 --> 00:31:52,400
Speaker 1: and at Bloomberg Cricktake. This is a Bloomburn business lash.

599
00:31:52,960 --> 00:31:55,920
Speaker 1: I'm Nathan Hagar. Futures are holding steady before the pre

600
00:31:56,000 --> 00:31:59,280
Speaker 1: Thanksgiving economic data feast. Let's head right over to the

601
00:31:59,280 --> 00:32:01,760
Speaker 1: First Read break news desk for today's morning call. Here's

602
00:32:01,760 --> 00:32:05,200
Speaker 1: Bill Maloney. Good morning, Bill, Hey, good morning Nathan. You

603
00:32:05,360 --> 00:32:07,760
Speaker 1: His features are quiet right now at death futures of

604
00:32:07,880 --> 00:32:11,160
Speaker 1: eighteen points, sesames gained four and NAZAC futures are higher

605
00:32:11,360 --> 00:32:14,400
Speaker 1: by fifteen. The US ten year old at three point

606
00:32:14,520 --> 00:32:17,720
Speaker 1: seven six percent, Gold is down two, Oil is under pressure,

607
00:32:17,960 --> 00:32:21,240
Speaker 1: but bitcoin is trading higher by two point seven percent.

608
00:32:21,600 --> 00:32:24,440
Speaker 1: Japan rose point six percent overnight, while Europan markets are

609
00:32:24,480 --> 00:32:27,520
Speaker 1: also quiet this morning. Note that Creates Sweets forecast a

610
00:32:27,600 --> 00:32:31,200
Speaker 1: fourth quarter loss of one point six billion back in

611
00:32:31,240 --> 00:32:33,840
Speaker 1: the US on the economic Fronday thirty Durable goods orders

612
00:32:33,880 --> 00:32:37,440
Speaker 1: and initial jobs claims, a November p M I s

613
00:32:37,480 --> 00:32:40,440
Speaker 1: and at ten o'clock Michigan sentiment and new home sales

614
00:32:40,760 --> 00:32:42,840
Speaker 1: after develops to night. Hp INK said they will cut

615
00:32:42,880 --> 00:32:45,600
Speaker 1: up to six thousand jobs over three years. After profit

616
00:32:45,640 --> 00:32:48,880
Speaker 1: and guidance Smith's estimates and regarding earnings this morning, deer

617
00:32:49,160 --> 00:32:52,080
Speaker 1: Beat estimates, wrapping things up over at City Group, Metronic

618
00:32:52,080 --> 00:32:54,960
Speaker 1: Whiz cut to neutral and Tesla was raised to neutral.

619
00:32:55,560 --> 00:32:58,320
Speaker 1: Live on First to Breaking News Desk on the Maloney Nathan,

620
00:32:58,440 --> 00:33:00,400
Speaker 1: all right, Bill, thanks to you live breaking news over

621
00:33:00,440 --> 00:33:03,040
Speaker 1: your Bloomberg type squawk on the terminal, s q U

622
00:33:03,240 --> 00:33:05,520
Speaker 1: A go, that's a Bloomberg business flash. And now here's

623
00:33:05,560 --> 00:33:08,360
Speaker 1: Michael Barr with's more on what's going on around the world. Michael,

624
00:33:08,440 --> 00:33:10,720
Speaker 1: thank you very much, Nathan. Police say six people have

625
00:33:10,800 --> 00:33:14,800
Speaker 1: been killed after a shooter opened fire at Walmart in Chesapeake, Virginia.

626
00:33:15,080 --> 00:33:18,400
Speaker 1: The assailant is also dead. The shooting came three days

627
00:33:18,440 --> 00:33:20,920
Speaker 1: after a person opened fire at a gay nightclub in

628
00:33:20,960 --> 00:33:25,760
Speaker 1: Colorado late Saturday, killing five people and wounding seventeen. One

629
00:33:25,840 --> 00:33:29,040
Speaker 1: person is dead and fourteen others are injured in bomb

630
00:33:29,040 --> 00:33:33,000
Speaker 1: attacks in Jerusalem. The explosions hit two bus stops. In

631
00:33:33,040 --> 00:33:36,240
Speaker 1: the NBA, the Nets lost in the NHL, the Rangers

632
00:33:36,280 --> 00:33:38,960
Speaker 1: won at the World Cup. Four games are on the

633
00:33:39,000 --> 00:33:43,000
Speaker 1: slate today, including Morocco and Croatia, who are playing right now.

634
00:33:43,440 --> 00:33:46,520
Speaker 1: The game is nil nil at Soccer Talk, Global News

635
00:33:46,520 --> 00:33:49,280
Speaker 1: twenty four hours a day on air and on Bloomberg

636
00:33:49,320 --> 00:33:52,440
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist

637
00:33:52,480 --> 00:33:55,440
Speaker 1: analyst and more than a hundred twenty countries. I'm Michael Barr,

638
00:33:55,520 --> 00:33:58,640
Speaker 1: and this is Bloomberg. Nathan. I cut that in the net. Michael,

639
00:33:58,760 --> 00:34:01,120
Speaker 1: thank you. Or at sixty line on Wall Street. Let's

640
00:34:01,160 --> 00:34:03,200
Speaker 1: turn to news and science and technology Now at the

641
00:34:03,200 --> 00:34:05,720
Speaker 1: Bloomberg n g I T STEM Report. Here's what's making

642
00:34:05,720 --> 00:34:09,239
Speaker 1: news in science, technology, engineering and math. Falling demand from

643
00:34:09,239 --> 00:34:12,200
Speaker 1: personal computers will mean layoffs at HP. The company will

644
00:34:12,200 --> 00:34:14,719
Speaker 1: eliminate as many as six thousand jobs over the next

645
00:34:14,760 --> 00:34:18,040
Speaker 1: three years. HP makes most of its money selling computers.

646
00:34:18,120 --> 00:34:22,280
Speaker 1: According to industry analyst Gartner, global PC shipments plunged almost

647
00:34:22,360 --> 00:34:25,600
Speaker 1: twenty in the third quarter. New York Governor Kathy Hoko

648
00:34:25,640 --> 00:34:27,719
Speaker 1: has signed one of the most restrictive laws in the

649
00:34:27,760 --> 00:34:31,440
Speaker 1: country on regulating cryptocurrency mining. The bill triggers a two

650
00:34:31,520 --> 00:34:34,440
Speaker 1: year moratorium on new permits for crypto mining companies that

651
00:34:34,480 --> 00:34:37,040
Speaker 1: are powered by fossil fuels. New York has become one

652
00:34:37,080 --> 00:34:40,280
Speaker 1: of the biggest crypto mining hubs after China band crypto

653
00:34:40,320 --> 00:34:43,560
Speaker 1: mining last May and Miami Dade County in Florida has

654
00:34:43,600 --> 00:34:46,560
Speaker 1: asked a federal bankruptcy court for immediate permission to end

655
00:34:46,560 --> 00:34:49,920
Speaker 1: its naming rights deal with f t X and strip

656
00:34:50,040 --> 00:34:53,680
Speaker 1: that brand from the arena where the NBA's Miami Heat play.

657
00:34:54,120 --> 00:34:57,080
Speaker 1: The county owns that arena. Negotiated the naming rights deal

658
00:34:57,120 --> 00:35:00,040
Speaker 1: with the collapsed Crypto Exchange. A hearing set for the

659
00:35:00,080 --> 00:35:02,760
Speaker 1: middle of next month. For now, ft X signage remains

660
00:35:02,800 --> 00:35:05,600
Speaker 1: on the building and its name has not been changed.

661
00:35:05,680 --> 00:35:09,440
Speaker 1: And that's the Bloomberg n j I T STEM Report. Amy,

662
00:35:09,600 --> 00:35:12,200
Speaker 1: all right, thank you, Nathan. We're live from the Bloomberg

663
00:35:12,239 --> 00:35:15,600
Speaker 1: Interactive Broker Studios where it is six fifty on Wall

664
00:35:15,640 --> 00:35:18,719
Speaker 1: Street time now to check what's going on in d C.

665
00:35:19,280 --> 00:35:22,240
Speaker 1: Some of the top stories in our nation's capital include

666
00:35:22,280 --> 00:35:26,600
Speaker 1: Congress feeling the pressure to intervene in a possible rail strike. Also,

667
00:35:26,680 --> 00:35:30,360
Speaker 1: lawmakers might soon get their hands on Donald Trump's tax returns,

668
00:35:30,680 --> 00:35:34,000
Speaker 1: and House Democrats are weighing term limits for top members

669
00:35:34,000 --> 00:35:37,240
Speaker 1: of committees. Want to bring in Bloomberg Government reporter Emily

670
00:35:37,280 --> 00:35:40,000
Speaker 1: Wilkins for more on these stories. Emily, it is a

671
00:35:40,080 --> 00:35:43,200
Speaker 1: holiday shortened week in d C, but that is not

672
00:35:43,280 --> 00:35:45,880
Speaker 1: stopping the flow of all the stories. Let's start with

673
00:35:45,920 --> 00:35:49,600
Speaker 1: the railroad. What is the status with that negotiated deal

674
00:35:49,680 --> 00:35:51,920
Speaker 1: between the railroad and the unions. For a while it

675
00:35:51,960 --> 00:35:55,120
Speaker 1: looked like it was a done deal. What happened well,

676
00:35:55,280 --> 00:35:57,640
Speaker 1: or if you remember back in September, things were a

677
00:35:57,640 --> 00:36:00,640
Speaker 1: little bit rocky. And so what Congress did is this said, Okay,

678
00:36:00,719 --> 00:36:03,680
Speaker 1: you guys can have more time between the unions and

679
00:36:03,719 --> 00:36:06,359
Speaker 1: the railroads. Remember there are twelve unions and they've got

680
00:36:06,360 --> 00:36:08,600
Speaker 1: to come to an agreement with the railroads. One of

681
00:36:08,600 --> 00:36:11,520
Speaker 1: the big concerns for a lot of the railroad workers

682
00:36:11,600 --> 00:36:14,439
Speaker 1: is time off, knowing when they'll be able to take

683
00:36:14,440 --> 00:36:17,080
Speaker 1: time off, being able to take sick days to go

684
00:36:17,120 --> 00:36:20,200
Speaker 1: get medical help when they need to. But that's been

685
00:36:20,200 --> 00:36:23,480
Speaker 1: really difficult for the railways to to negotiate. And so

686
00:36:23,520 --> 00:36:26,040
Speaker 1: at this point we are looking increasingly in danger of

687
00:36:26,120 --> 00:36:29,160
Speaker 1: a strike next month. Uh and that strike could lead

688
00:36:29,160 --> 00:36:32,320
Speaker 1: to further inflation before the holidays, could mean that Christmas

689
00:36:32,360 --> 00:36:34,600
Speaker 1: presents are late, could mean that people are having trouble

690
00:36:34,640 --> 00:36:37,360
Speaker 1: getting around. Uh. So there are lots of groups, the

691
00:36:37,440 --> 00:36:40,560
Speaker 1: Chamber of Commerce, the Consumer Brands Association, National Grade and

692
00:36:40,680 --> 00:36:44,359
Speaker 1: Grade and Feed Association, all urging Congress to step in

693
00:36:44,480 --> 00:36:47,959
Speaker 1: and prevent a rail strike. However, Democrats have been really

694
00:36:48,000 --> 00:36:52,800
Speaker 1: hesitant to do that. Of course, President Biden has frequently

695
00:36:52,800 --> 00:36:56,440
Speaker 1: shown his support for unions, as have Democrats, and they

696
00:36:56,480 --> 00:36:58,719
Speaker 1: want to be seen as on the side of the

697
00:36:58,760 --> 00:37:01,920
Speaker 1: workers here. At the same point, you know, Democrats have

698
00:37:01,960 --> 00:37:05,239
Speaker 1: been grappling with really high inflation and they certainly don't

699
00:37:05,239 --> 00:37:08,440
Speaker 1: want that to get worse just before the holiday season. Um.

700
00:37:08,480 --> 00:37:10,400
Speaker 1: So it really remains to be seen. But but we

701
00:37:10,480 --> 00:37:13,759
Speaker 1: have to kind of set um start, start setting that

702
00:37:13,800 --> 00:37:16,920
Speaker 1: alarm again for when we are counting down to a

703
00:37:17,000 --> 00:37:21,560
Speaker 1: potential strike, um into the deadline for an agreement. All right,

704
00:37:21,560 --> 00:37:23,719
Speaker 1: We're going to continue to watch that. That's also coming

705
00:37:23,800 --> 00:37:25,799
Speaker 1: up pretty quick in the next few weeks. Now. The

706
00:37:25,840 --> 00:37:28,640
Speaker 1: Supreme Court meanwhile, emily cleared the way for a House

707
00:37:28,680 --> 00:37:31,640
Speaker 1: committee to get six years of Donald Trump's tax returns.

708
00:37:31,719 --> 00:37:35,080
Speaker 1: This has been a very long time incoming. How significant

709
00:37:35,200 --> 00:37:38,360
Speaker 1: is this move, Well, I think part of the significance

710
00:37:38,480 --> 00:37:41,600
Speaker 1: is going to depend on what's actually in those tax returns.

711
00:37:41,640 --> 00:37:44,239
Speaker 1: Certainly it's a huge one for Democrats after a three

712
00:37:44,320 --> 00:37:47,200
Speaker 1: year battle. You've had a lot of members of Congress

713
00:37:47,200 --> 00:37:49,560
Speaker 1: who have said that the public deserves to see Trump's

714
00:37:49,560 --> 00:37:52,760
Speaker 1: tax returns, that they deserve that transparency out of someone

715
00:37:52,840 --> 00:37:55,680
Speaker 1: that they've elected president um And I think it's going

716
00:37:55,719 --> 00:37:58,000
Speaker 1: to be down just a question of what these committees

717
00:37:58,040 --> 00:38:00,479
Speaker 1: decided to do on the I R. S can give

718
00:38:01,120 --> 00:38:03,920
Speaker 1: Donald Trump's tax returns, six years of them over to

719
00:38:03,960 --> 00:38:07,120
Speaker 1: the committee immediately, The committee could release them, they could

720
00:38:07,200 --> 00:38:09,680
Speaker 1: review them. But whatever they have to do, they have

721
00:38:09,760 --> 00:38:12,400
Speaker 1: to do it pretty quickly, Amy because they only have

722
00:38:12,520 --> 00:38:15,520
Speaker 1: a couple of weeks left in session to really get

723
00:38:15,520 --> 00:38:17,400
Speaker 1: this done, and they have a ton of other things

724
00:38:17,440 --> 00:38:20,640
Speaker 1: going on, and so I it's a it will be

725
00:38:20,680 --> 00:38:24,160
Speaker 1: interesting to see how Democrats use the tax returns once

726
00:38:24,200 --> 00:38:26,400
Speaker 1: they get them. And I think, of course the big

727
00:38:26,400 --> 00:38:29,520
Speaker 1: story is going to be what is actually in the

728
00:38:29,600 --> 00:38:32,920
Speaker 1: tax returns and what does that tell us about former

729
00:38:32,960 --> 00:38:37,920
Speaker 1: President Trump's business dealings and any potential national security concerns

730
00:38:38,000 --> 00:38:41,320
Speaker 1: that might be in there. And you cover Congress, Emily,

731
00:38:41,360 --> 00:38:43,839
Speaker 1: I was wondering if there was anything specifically you would

732
00:38:43,840 --> 00:38:47,359
Speaker 1: be looking for or watching for, especially if lawmakers are

733
00:38:47,360 --> 00:38:49,160
Speaker 1: able to get their hands on this during the lame

734
00:38:49,239 --> 00:38:53,200
Speaker 1: duck session. I mean, I think it's it's really comes

735
00:38:53,239 --> 00:38:55,640
Speaker 1: up to lawmakers right, because they know that they don't

736
00:38:55,680 --> 00:39:00,960
Speaker 1: have time to say pushed through major legislation on that

737
00:39:00,960 --> 00:39:02,760
Speaker 1: that you know is actually going to be able to

738
00:39:02,800 --> 00:39:06,840
Speaker 1: probably get through both chambers. I think Democrats will probably

739
00:39:06,920 --> 00:39:09,520
Speaker 1: take some time to actually look over the documents, see

740
00:39:09,520 --> 00:39:12,840
Speaker 1: what's their way, their options. I think there were probably

741
00:39:12,840 --> 00:39:15,800
Speaker 1: going to see a different response um if we see

742
00:39:16,000 --> 00:39:19,359
Speaker 1: something particularly concerning within the tax returns versus you know,

743
00:39:19,520 --> 00:39:22,200
Speaker 1: just seeing a tax return where there aren't a ton

744
00:39:22,239 --> 00:39:24,920
Speaker 1: of red flags. Um. And so I think we're just

745
00:39:25,040 --> 00:39:27,640
Speaker 1: very much watching next steps from the House Boys and

746
00:39:27,680 --> 00:39:30,839
Speaker 1: Means Committee, from Chairman Richard neil Um as far as

747
00:39:30,880 --> 00:39:32,760
Speaker 1: what they'll be doing in the next couple of weeks.

748
00:39:33,000 --> 00:39:34,799
Speaker 1: All right, we'll be watching it with you. Now you

749
00:39:34,840 --> 00:39:37,680
Speaker 1: have a story on the Bloomberg terminal, Emily. House Democrats

750
00:39:37,760 --> 00:39:42,920
Speaker 1: looking at term limits for their top committee members. Why so,

751
00:39:43,080 --> 00:39:45,600
Speaker 1: this is actually something that House Republicans have had in

752
00:39:45,680 --> 00:39:47,880
Speaker 1: place and have had in place for a while, and

753
00:39:47,920 --> 00:39:50,640
Speaker 1: the ideas that it allows sort of a talent to

754
00:39:50,680 --> 00:39:54,120
Speaker 1: continue to rise within the party. That you don't have

755
00:39:54,160 --> 00:39:56,400
Speaker 1: a situation where you've had someone be chair of the

756
00:39:56,400 --> 00:39:59,000
Speaker 1: committee for a number of decades and then you've had

757
00:39:59,040 --> 00:40:01,760
Speaker 1: members who really have been able to move up. Remember

758
00:40:01,800 --> 00:40:04,399
Speaker 1: that being chair of committee, it's one of a few

759
00:40:04,400 --> 00:40:06,120
Speaker 1: ways that if you're a member of the House you

760
00:40:06,120 --> 00:40:09,440
Speaker 1: can get real power. You can help determine what legislation moves,

761
00:40:09,480 --> 00:40:12,680
Speaker 1: what that legislation looks like. It's a very powerful position

762
00:40:12,719 --> 00:40:15,200
Speaker 1: to be in. But you have a number of Democrats

763
00:40:15,239 --> 00:40:19,240
Speaker 1: who have served for you know, eight, ten, twelve years

764
00:40:19,280 --> 00:40:21,880
Speaker 1: and they've never gotten their shot at actually having a

765
00:40:21,920 --> 00:40:24,799
Speaker 1: committee gavel. And right now you're seeing a lot of

766
00:40:24,920 --> 00:40:28,719
Speaker 1: churn in Democratic leadership. You're seeing four Speaker Nancy Pelosi,

767
00:40:29,120 --> 00:40:32,800
Speaker 1: Steady Hoyer, Jim Clyber, and the big three all stepped down,

768
00:40:32,960 --> 00:40:36,040
Speaker 1: and you're seeing a new generation of leadership rise up.

769
00:40:36,400 --> 00:40:38,880
Speaker 1: And so some Democrats are hoping that this is the

770
00:40:38,960 --> 00:40:41,800
Speaker 1: year that they can get some term limits for committee chairs.

771
00:40:42,040 --> 00:40:44,040
Speaker 1: There have also been a couple of proposals but out

772
00:40:44,040 --> 00:40:46,839
Speaker 1: there that would suggest term limits and then um if

773
00:40:46,840 --> 00:40:49,200
Speaker 1: someone wanted to continue to serve in the chair, uh,

774
00:40:49,360 --> 00:40:52,360
Speaker 1: Democrats could vote to allow that person to stay or not.

775
00:40:52,960 --> 00:40:56,719
Speaker 1: I will know more after Democrats UM hold their leadership

776
00:40:56,760 --> 00:40:59,879
Speaker 1: elections formally as well as a vote on the rule

777
00:41:00,200 --> 00:41:03,480
Speaker 1: the week after Thanksgiving, and briefly Emily. We only have

778
00:41:03,520 --> 00:41:06,359
Speaker 1: about a minute here, But our Democrats behind this, are

779
00:41:06,360 --> 00:41:09,400
Speaker 1: they united? Because people don't like it when you take

780
00:41:09,440 --> 00:41:11,000
Speaker 1: their toys away. I would kind of I kind of

781
00:41:11,040 --> 00:41:14,680
Speaker 1: think there's some pushback here. There is definitely pushedback. I mean,

782
00:41:14,880 --> 00:41:17,560
Speaker 1: this is certainly not a done deal. Um. It is

783
00:41:17,600 --> 00:41:19,279
Speaker 1: something where you are seeing a push from a lot

784
00:41:19,280 --> 00:41:21,960
Speaker 1: of younger members, but a lot of committee chairs, you know,

785
00:41:22,000 --> 00:41:24,280
Speaker 1: have definitely pushed back. A lot of them. They waited

786
00:41:24,320 --> 00:41:27,880
Speaker 1: their turn to get this role and are and convincing

787
00:41:27,960 --> 00:41:30,600
Speaker 1: argument in the past has been that a lot of

788
00:41:30,880 --> 00:41:34,319
Speaker 1: black and Hispanic and Latino members they had to wait

789
00:41:34,360 --> 00:41:36,480
Speaker 1: to get their committee gavels, and now they're saying, you know,

790
00:41:36,560 --> 00:41:39,840
Speaker 1: we're finally here. We waited, we we put in the years,

791
00:41:39,960 --> 00:41:42,399
Speaker 1: and now you want to take our gavels away from us.

792
00:41:42,680 --> 00:41:45,080
Speaker 1: Of course, some of those chairmen have been in the

793
00:41:45,120 --> 00:41:47,960
Speaker 1: position now for a number of years, so I think

794
00:41:47,960 --> 00:41:51,400
Speaker 1: it'll be interesting to see how that argument evolves. But

795
00:41:51,400 --> 00:41:54,400
Speaker 1: but this is certainly not not a done deal, um.

796
00:41:54,520 --> 00:41:57,040
Speaker 1: But it is an interesting idea that could shake up

797
00:41:57,080 --> 00:42:00,319
Speaker 1: power a little bit in d C. We're gonna watch it. Yeah,

798
00:42:00,360 --> 00:42:02,719
Speaker 1: there's a lot of shaking up going on on Capitol Hill.

799
00:42:02,719 --> 00:42:04,839
Speaker 1: We're gonna keep watching that with you. Thank you so much,

800
00:42:05,160 --> 00:42:09,040
Speaker 1: Bloomberg Government reporter Emily Wilkins. Always a pleasure. And you

801
00:42:09,040 --> 00:42:11,919
Speaker 1: can read more about these stories on Bloomberg dot com

802
00:42:12,080 --> 00:42:14,799
Speaker 1: or on the Bloomberg terminal. And a reminder for you,

803
00:42:14,800 --> 00:42:17,320
Speaker 1: you can follow all of the latest on Bloomberg Radio

804
00:42:17,400 --> 00:42:21,400
Speaker 1: in Washington Bloomberg one and one oh five point seven FM.

805
00:42:21,600 --> 00:42:25,320
Speaker 1: HD two. Futures are higher on this Wednesday morning. S

806
00:42:25,400 --> 00:42:28,399
Speaker 1: and P futures up five points, DAL futures up thirty one,

807
00:42:28,600 --> 00:42:32,680
Speaker 1: Nasdaq futures up nineteen. Much more still to come on

808
00:42:32,760 --> 00:42:36,319
Speaker 1: this Wednesday morning on Bloomberg Radio, Bloomberg Surveillance with Tom

809
00:42:36,400 --> 00:42:39,680
Speaker 1: Keene and Lisa abrama Witz is coming up next, along

810
00:42:39,680 --> 00:42:42,960
Speaker 1: with Nathan Hagar. I'm Amy Morris. This is Bloomberg