Speaker 1: By from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, November two. Coming up this hour. Fd
Speaker 1: X founder Sam Bankman free To apologizes to staff in
Speaker 1: a letter. Credit Sweet warns of a massive fourth quarter loss.
Speaker 1: HP is the latest check company to slash jobs and
Speaker 1: investors away to half does it Economic reports ahead of
Speaker 1: Thanksgiving but deadly mass shooting at a Virginia Walmart. Plus,
Speaker 1: the suspect accused of gunning down people in a gay
Speaker 1: Colorado nightclub has a court appearance today. I'm Michael barr
Speaker 1: More Ahead, I'm John Stashon sports, Ben Simmons returned to Philadelphia.
Speaker 1: The Sixers beat the Nets, the Rangers beat the King.
Speaker 1: St John's beat Syracuse in overtime. That's all straining. Ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg. He Living Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen
Speaker 1: and around the world. Old on Bloomberg Radio Dot Carmen
Speaker 1: the Bloomberg business Side. Good Wednesday morning. I'm Amy Morris.
Speaker 1: I'm Nathan Hagar futures are holding study this morning. We're
Speaker 1: coming up to six o one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes during the trading day.
Speaker 1: On Bloomberg, S and P futures are up three points down,
Speaker 1: futures up twenty three, NASTAC futures are higher by three points.
Speaker 1: Sen Your treasury is up one thirty second. The yield
Speaker 1: three point seven five percent, yield on the two year
Speaker 1: four point five two percent. I'm x screws down one
Speaker 1: point six percent, down a dollar twenty eight at seventy
Speaker 1: nine dollars sixty seven cents. A barrel comex skull down
Speaker 1: one tenth percent or two dollars thirty cents at seventeen
Speaker 1: fifty two fifty announced Amy Nathan will have more on
Speaker 1: the markets in a minute, but first, the latest on
Speaker 1: the fallout from f t X. The founder of the
Speaker 1: collapsed crypto exchange is now apologizing. We get the latest
Speaker 1: with Bloomberg Steve Rappapord, Good morning, Steve, Good morning, Amy
Speaker 1: and Nathan. In the Mia culpa two employees disgraced ft
Speaker 1: X founder Sam bankman Fried said he'd didn't mean for
Speaker 1: any of this to happen and he would give anything
Speaker 1: to go back and do things over again. The crypto
Speaker 1: exchange went belly up about two weeks ago, fueled by
Speaker 1: a credit squeeze, virtual coin sell offs, and what bankman
Speaker 1: Freed calls a run on the bank. He also disclosed
Speaker 1: collateral crashed by fifty one billion dollars as ft X spiraled.
Speaker 1: Bankruptcy proceedings so far paint the company with poor record
Speaker 1: keeping and other questionable practices. Live in New York. I'm
Speaker 1: Steve Rappaport, Bloomberg Bay Break all right, Steve, thank you.
Speaker 1: The collapse of f t X shocked much of the
Speaker 1: financial world, including Cathy Would. The Arc Investment CEO, says
Speaker 1: the exchange clearly lacked oversight. The fact that so many
Speaker 1: people were completely fooled um is quite shocking. And you know,
Speaker 1: I think he had this aura around him or something
Speaker 1: that caused people to to to ask fewer questions than
Speaker 1: might otherwise have been the case. Cathy Would made the
Speaker 1: comments in an interview with Carol Master and Tim Stenovic
Speaker 1: on Bloomberg Viz this week. Catch the show live on
Speaker 1: YouTube weekdays from two to five Eastern. Another major story
Speaker 1: where a following comes from overseas Credit Sweets warning of
Speaker 1: a massive fourth quarter loss. Let's go to London and
Speaker 1: get the latest with Bloomberg's You in Parts, Good Morning
Speaker 1: You in Good Morning, Amy and Nathan. Credit Swiss clients
Speaker 1: pulled as much as eight billion dollars from the bank
Speaker 1: during the first few weeks of this quarter, underlying the
Speaker 1: ongoing concerns over the bank's restructuring efforts after years of scandals.
Speaker 1: The Swiss Bank is warning today it's facing a loss
Speaker 1: of up to one point six billion dollars for the
Speaker 1: final three months of this year, and in China, the
Speaker 1: company is said to be acting at least a third
Speaker 1: of its investment banking workforce. Credit Sweet shares currently down
Speaker 1: almost five percent in London, I'm you in Parts Bloomberg
Speaker 1: day Break, are you in Thanks? Job cuts are continuing
Speaker 1: here in the US as well. The latest in HP,
Speaker 1: the tech company says will eliminate as many as six
Speaker 1: thousand positions over the next three years. HP says declining
Speaker 1: demand from personal computers is cutting into profits and ethan.
Speaker 1: Twitter has also been cutting jobs sharply ever since the
Speaker 1: Elon Musk took over that company, and now we're learning
Speaker 1: it has lost more than half of its in house lawyers.
Speaker 1: Bloomberg's Ed Baxter has that story from our nine sixty
Speaker 1: news room in San Francisco. This includes several senior attorneys,
Speaker 1: and it raises some concerns about the depth of legal
Speaker 1: knowledge that remains with the company. Bloomberg sources say this
Speaker 1: leaves only Head of Litigation James Baker and international legal
Speaker 1: chief for Gina Lima in leadership roles in the department.
Speaker 1: There is enough concern that, the sources say, there may
Speaker 1: not be enough legal expertise remaining in house to know
Speaker 1: which outside law firms are handling certain matters in San Francisco.
Speaker 1: I'm at Baxter Bloomberg Daybreak, Thanks Ed. We're three weeks
Speaker 1: away from the next decision from the Federal Reserve. Central
Speaker 1: Bank officials are speaking on policy. Kansas City Fed President
Speaker 1: Ester George says significant US household savings can have implications
Speaker 1: for how high rates need to rise. While high savings
Speaker 1: is likely to provide momentum a consumption and require higher
Speaker 1: interest rates, it's certainly positive that we see that these
Speaker 1: households are wealthier, less financially constrained, and better ensured. But
Speaker 1: that said, reduced inflation will mean we have to incent
Speaker 1: saving over consumption. Kansas City FED President Ester George made
Speaker 1: the comments in Santiago during a panel discussion hosted by
Speaker 1: the Central Banka Chile. We have a slew of economic
Speaker 1: reports this morning, more than usual ahead of the Thanksgiving
Speaker 1: Day holiday. We get a preview now from Bloomberg Economics
Speaker 1: correspondent Michael McKee, who can't have a holiday until the
Speaker 1: data dump is done. Seven different indicators will be released
Speaker 1: on Thanksgiving Eve. They vary in importance. The capital goods
Speaker 1: section of durable goods orders represents business spending trends, so
Speaker 1: that will get attention. Wall Street watches jobless claims as
Speaker 1: sort of a canary in a coal mine for the
Speaker 1: labor market, and the Fed has made a big deal
Speaker 1: out of the University of Michigan's inflation expectations numbers. Slightly
Speaker 1: less important mortgage applications and new home sales. We know
Speaker 1: higher interest rates are crippling the housing markets. Of interest
Speaker 1: will be whether home prices keep falling. The S and
Speaker 1: P Purchasing Managers indexes will be overshadowed by next week's
Speaker 1: I S M report, and, barring surprise, the minutes of
Speaker 1: the FEDS November second meeting won't likely add much to
Speaker 1: the rate outlook. They're three weeks old and almost everyone
Speaker 1: on the FED has offered their views since that meeting.
Speaker 1: Michael McKee, Bloomberg Daybreak, All right, Mike, thanks, and other news.
Speaker 1: This morning, violent protests broke out of Apple's main iPhone
Speaker 1: making plant in China. Hundreds of workers at the Fox
Speaker 1: con factory battled security personnel after almost a month of
Speaker 1: tough restrictions intended to quash a COVID outbreak. Videos show
Speaker 1: hundreds of workers breaking out of dorm rooms at the
Speaker 1: facility today, and Disney set for a major box officer
Speaker 1: to turn in China. Sours to say it will release
Speaker 1: its latest Avatar film on December six. That would be
Speaker 1: a big lift and a key market for Disney. Previous
Speaker 1: blockbusters have been denied entry amid deteriorating relations between the
Speaker 1: US and China. And we're watching earnings from deer across
Speaker 1: the Bloomberg minal Amy, the agriculture equipment maker, is raising
Speaker 1: its forecast for next year more than an analysts expected.
Speaker 1: SMP futures are higher by four points, staff futures up
Speaker 1: twenty five NASTAC futures higher by five points straight ahead,
Speaker 1: your latest local headlines, and the check of sports. This
Speaker 1: is Bloomberg, all right, Thank you, Nathan, six oh seven
Speaker 1: on Wall Street. Now, let's bring in Michael Barr with
Speaker 1: more on what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Amy.
Speaker 1: Authorities in Chesapeake, Virginia are investigating a mass shooting at
Speaker 1: a walmart last night. Six victims were killed. Police spokesperson
Speaker 1: Leo Kazinski says several others are injured. It's sad, you know,
Speaker 1: we're a couple of days before but Thanksgiving holiday, I mean,
Speaker 1: anytime this is said, I mean, it's just it's just
Speaker 1: just a bad time all around. You know, it's just
Speaker 1: for everybody involved, you know, especially the victims, Like this
Speaker 1: is a horrible Police spokesman Kazinski says it's believed there
Speaker 1: was only one shooter, who was also dead. The FBI
Speaker 1: is now assisting in the investigation. The alleged shooter is
Speaker 1: facing possible hate crime charges in the fatal shooting of
Speaker 1: five people at a Colorado Springs gay nightclub. He has
Speaker 1: a court appearance today. The suspects defense team is Lee
Speaker 1: Anderson Aldrich, but they have listed him as non binary.
Speaker 1: New York Governor Kathy Hokell signed two pieces of legislation
Speaker 1: and trying to prevent hate crimes. Hocal says it aims
Speaker 1: to educate people about what is considered hate speech and
Speaker 1: how that speech could potentially turn into violent acts. Ordinary
Speaker 1: New Yorkers are out there seeing the same thing. I
Speaker 1: want them to be part of our team. I want
Speaker 1: others to come with that early warning system when they
Speaker 1: see this or they hear someone in their schools saying something.
Speaker 1: This is what red flag laws are also all about.
Speaker 1: One bill that Governor Hocal sign requires people convicted of
Speaker 1: a hate crime to undergo hate crime prevention training. Governor
Speaker 1: Hokel has also signed one of the most restrictive laws
Speaker 1: in the US on regulating cryptocurrency mining. The bill triggers
Speaker 1: a two year moratorium on new permits for crypto mining
Speaker 1: companies that are powered by fossil fuels. New York City
Speaker 1: Mayor Eric Adams unveiled new plans to close more streets
Speaker 1: in Midtown Manadano traffic in December. Adams says one part
Speaker 1: calls for a section of Fifth Avenue to be closed
Speaker 1: completely to allow holiday shoppers to walk about but this
Speaker 1: cab driver says, that means less room for cars. But
Speaker 1: I think it's horrible to close it, because you're just
Speaker 1: gonna create great luck everywhere else. You know. It's like
Speaker 1: it's like it's like having a blood clock over here. Meanwhile,
Speaker 1: millions of Americans are hitting the roads for the Thanksgiving
Speaker 1: getaway today. Nearly fifty five million Americans are expected to
Speaker 1: travel at least fifty miles from home. An accountant who
Speaker 1: handled the tax returns of some of the Trump organization
Speaker 1: executives told a jury that Donald Trump reported a total
Speaker 1: of about nine hundred million dollars in operating losses over
Speaker 1: two years. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalist and antally to more than twenty countries.
Speaker 1: How Michael barn this is Bloomberg game. All right? Thank you, Michael,
Speaker 1: Now for the sports report, brought to you by Price
Speaker 1: State Outy. Here's John's dash our all right, Amy. The
Speaker 1: Philadelphia seventy six ers took Place Simmons with the first
Speaker 1: pick of the draft, and Simmons became an all start
Speaker 1: for them. But things went sour, especially in the playoffs.
Speaker 1: Trained last season to Brooklyn. Last day, his first game
Speaker 1: back in Philly, he got booed. He said he expected
Speaker 1: the booze to be louder. He played fairly well eleven
Speaker 1: points eleven assists, though he was held scoreless in the
Speaker 1: fourth quarter as the Sixers beat the Nets one fifteen
Speaker 1: to one oh six. Philly was without its stars. Center
Speaker 1: Joe l emvied he had been very critical of Simmons
Speaker 1: at the end of his time there. Rangers continued the
Speaker 1: road trip in l a down tune up in second period.
Speaker 1: They scored three in the second, the game was three
Speaker 1: three in the third. Jat Sinjin far corner set play
Speaker 1: the license score Chris Pryder. They worked on that for
Speaker 1: a couple of years. We've seen it from time to
Speaker 1: time at it pays off as a banta. Jat set
Speaker 1: the puck in far side prior to gains the guy
Speaker 1: seat and beats Peterson. The Rangers go back off t Yes,
Speaker 1: being the New York aadic Rider added an empty Netta.
Speaker 1: Rangers beat the King's five three plate tonight in Anaheim.
Speaker 1: Devils Tonight host Toronto, New Jersey. Win would be a
Speaker 1: club record fourteen win in a row like the old
Speaker 1: days of the Big Yet St. John's and Syracuse in Brooklyn,
Speaker 1: they went over time the Red Storm one seventy sixty nine.
Speaker 1: They're now six and oh Giants late today for Dallas
Speaker 1: Big Game tomorrow, both teams seven and three Giants, having
Speaker 1: won in Dallas in two phousand sixteen. Bloomberg News reported
Speaker 1: last summer the Glazer family was considering still in at
Speaker 1: least a minority stake in their ownership of Manchester United,
Speaker 1: the Premier League family now admits the air quote exploring
Speaker 1: strategic alternatives. Their ownership has been criticized by fans of
Speaker 1: the team. John Stash were Bloomberg Sports team all right,
Speaker 1: thank you, john S and p Futures two points higher,
Speaker 1: del Futures up thirteen, Nasty Features down five. This is Bloomberg.
Speaker 1: The Bloomberg Sports Report was brought to you by Audie.
Speaker 1: Don't let someone else drive off in the outie model
Speaker 1: you've always wanted. Visit your local try state autie dealer
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Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business Out and at Bloomberg Quick Tape, he's
Speaker 1: a Bloomberg business Flash, Nathan Hager. Futures are holding steady
Speaker 1: ahead of the latest Fed minutes and ahead of a
Speaker 1: slew of economic data this day before Thanksgiving. We checked
Speaker 1: the markets every fifteen minutes during the trading day on
Speaker 1: Bloomberg SMP futures are up a single point right now,
Speaker 1: DALT futures up ten, NASAC futures are lower down by
Speaker 1: one point ten. Your treasury is down one thirty second.
Speaker 1: The yeld three point seven six. You'ld done the two
Speaker 1: year four point five three. Nim X screwed is down
Speaker 1: two percent now down at dollar sixty four seventy nine
Speaker 1: dollars thirty one cents, and barrel comex skull down two
Speaker 1: tenths per cent or two dollar sixty cents at seventeen
Speaker 1: fifty two. Twenty announced the year a one point zero
Speaker 1: three one six against the dollar. The yen one forty
Speaker 1: one point for three. Deer shares are something we're keeping
Speaker 1: an eye on now. With a profit expected to search
Speaker 1: to a record next year, Soaring farm profits continue to
Speaker 1: stoke tractor demand. The world's largest maker of agriculture Machinery
Speaker 1: says NIT and net income for the fiscal year will
Speaker 1: be between eight and eight and a half billion dollars.
Speaker 1: That's after Deer reported fourth quarter earnings that beat the
Speaker 1: average analyst estimate. That's a Bloomberg business flash. And now
Speaker 1: here's Michael Bart the quorum. What's going down around the world.
Speaker 1: Michael Nathan, thank you very much. Seven people, including the
Speaker 1: gun men, are dead and several injured in a shooting
Speaker 1: last night at a Walmart store in Chesapeake, Virginia. A
Speaker 1: statement from Walmart says it is praying for those impacted
Speaker 1: and that it is working closely with law enforcement. Ukrainian
Speaker 1: authorities saying overnight row an attack has struck a hospital
Speaker 1: maternity ward in southern Ukraine, killing a newborn baby. The
Speaker 1: baby's mother and a doctor were pulled alive from the Rebbele.
Speaker 1: In the NBA, the Nets lost in the NHL, the
Speaker 1: Rangers won at the World Cup. Four games are on
Speaker 1: the slate today, including Morocco and Croatia playing right now.
Speaker 1: It is nil nil. Global News twenty four hours a
Speaker 1: day on air end on Bloomberg Quicktech, powered by more
Speaker 1: than twenty seven under journalist analysts in more than a
Speaker 1: hundred twenty countries. How Michael Barr and this is Bloomberg Amy,
Speaker 1: All right, thank you, Michael. It is six nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker studios. This
Speaker 1: is Bloomberg Daybreak. Credit Sweets warning of a massive fourth
Speaker 1: quarter loss. We want to talk about that now. Bloomberg's
Speaker 1: Charlie Wells joins us from London. Charlie, good morning to you.
Speaker 1: Thank you for taking the time with us. Credit Sweet
Speaker 1: says it expects losses in wealth management and in investment banking.
Speaker 1: What is going on and how damaging is this? Amy?
Speaker 1: This is not good and it is very damaging. Credit
Speaker 1: Sweet has in how having a horrific it just really
Speaker 1: cannot escape negative headlines. That actually last month it announced
Speaker 1: a turnaround effort, and part of that effort was to
Speaker 1: retreat from Wall Street, to back away from investment banking,
Speaker 1: and really to lean into wealth management, into private banking.
Speaker 1: And so what we're seeing today is massive outflows of
Speaker 1: money from wealth management at Credit Sweee, and that bodes
Speaker 1: very poorly for this turnaround effort, at least at this point.
Speaker 1: Massive out blows because of the lack of trust what's
Speaker 1: the issue. Trust really is a big part of it.
Speaker 1: So we are seeing, um, you know, the bank, excuse me,
Speaker 1: try to regain some of this trust. There was a
Speaker 1: point earlier in the autumn when Credit Squeeze had a
Speaker 1: lot of social media rumors circulating around it. It It was
Speaker 1: almost treated as a meme stock, and some of that
Speaker 1: negative narrative really seems to have taken an impact on
Speaker 1: the way that clients felt about their money in this bank.
Speaker 1: Earlier this morning, we were talking on Bloomberg Radio about
Speaker 1: the extraordinary general meeting in Zurich. What are some of
Speaker 1: the beams to consider from that? Well, the big theme
Speaker 1: here really is to think about existing shareholders in this bank.
Speaker 1: So just this morning we are seeing that share price
Speaker 1: hit a record low. That is not going to be
Speaker 1: very good news for these shareholders. But the other huge
Speaker 1: theme that they're really thinking about is dilution, because in
Speaker 1: order to turn this bank around, one thing that they're
Speaker 1: going to need to do is to raise four billion
Speaker 1: dollars and they're going to do that by issuing potentially
Speaker 1: by issuing new shares to large investors, but also to
Speaker 1: give the rights offering to existing shareholders. Now, what that
Speaker 1: does is it potentially it potentially dilutes the value of
Speaker 1: these shares by up to about a third um and
Speaker 1: so that is not going to bode well for these
Speaker 1: existing shareholders. But proxy advisors have been saying that shareholders
Speaker 1: should vote in favor of this development. That's Charlie. Is
Speaker 1: this a symptom of trouble with other banks as well
Speaker 1: as this isolated credit suites, what's going on throughout the
Speaker 1: industry as a whole? That this is happening. I mean,
Speaker 1: that's a really good question because it sounds like really
Speaker 1: bad news. And when we think back to the financial crisis,
Speaker 1: you know, we think of a layman and we think
Speaker 1: about the contagion that can come um from you know,
Speaker 1: financial difficulties at a single financial institution. Now, what executives
Speaker 1: have made really clear is that this is not a
Speaker 1: layman moment. The bank is capitalized in a healthy way.
Speaker 1: It's a capital ratio is very healthy. Um. So this
Speaker 1: doesn't necessarily speak to you know, broader problems in the
Speaker 1: banking industry. And actually, when you look back to earnings
Speaker 1: from banks in the third quarter, they were doing pretty well.
Speaker 1: And so there are some themes here that are very
Speaker 1: much unique to Credit Suite, which you know has really
Speaker 1: suffered blow after blow, scandal after scandal in a way
Speaker 1: that other Wall Street giants just have not. Because this
Speaker 1: does not seem sustainable. I'm curious what happens next and
Speaker 1: what you are going to be watching for. We have
Speaker 1: about a minute here, Yeah, so really what we you know,
Speaker 1: most immediately want to see how these shareholders vote today
Speaker 1: that um has been that meeting has been going on
Speaker 1: for a few hours now. UM. You know it is
Speaker 1: expected that they will vote in favor of this four
Speaker 1: billion dollar capital increase, but you know, on a day
Speaker 1: like today, you know, expect the unexpected. But we should
Speaker 1: be hearing about that soon. In the longer term, I
Speaker 1: think something that we really need to focus on is
Speaker 1: is this turnaround strategy strategy that was announced just a
Speaker 1: few weeks ago, is that going to stay the course
Speaker 1: or will it be changes? Those outflows of assets are
Speaker 1: very concerning two banks, and the last time that has happened,
Speaker 1: it seems like there was a bit of a strategic
Speaker 1: shift as far as that capital raise that could put
Speaker 1: this today. This news could potentially bring about a change
Speaker 1: in strategy, but that remains to be seen. When you
Speaker 1: talk about a change in strategy. We have another minute here.
Speaker 1: When you talk about a change in strategy, are you
Speaker 1: talking about in personnel or in restructuring. There's you know,
Speaker 1: there's a lot that that could potentially be done. I
Speaker 1: mean when we think about restructuring, when we think about talent.
Speaker 1: Credit Sweez is a bank that has been you know,
Speaker 1: losing staff left, right and center. Um, they are planning on,
Speaker 1: you know, significant layoffs through to the tune of nine
Speaker 1: thousand people. Um. So you know, is there room to
Speaker 1: maneuver there? I'm not sure because costs are so important
Speaker 1: to to nage up this time as well. But I
Speaker 1: think what this really comes to as well is cultural change.
Speaker 1: So what's at least striking about Credit Sweets. They didn't
Speaker 1: need to take a government bail out during the financial crisis.
Speaker 1: That may actually have encouraged risk taking that you know,
Speaker 1: was unhealthy for the bank, and that cultural change is
Speaker 1: something that they will probably need to focus on very seriously.
Speaker 1: All right, Charlie, thank you very much for bringing us
Speaker 1: up to date on what's going on with Credit Sweets.
Speaker 1: We're going to continue to watch this with you. This
Speaker 1: story is not over yet, and it's going to be interesting.
Speaker 1: To see how it plays out, especially as we approach
Speaker 1: and get into Charlie Bloomberg's Charlie Wells. Thank you for
Speaker 1: taking the time with us this morning. Let's check the
Speaker 1: futures markets now S and P futures up three, DAL
Speaker 1: futures up twelve, Nasdaq futures up five. Ten year Treasury unchanged,
Speaker 1: the yield at three point seven five percent. Two year
Speaker 1: yield at four point five three on Wall Streak. Now
Speaker 1: still ahead on Bloomberg Daybreak, We'll check the markets and
Speaker 1: we'll bring you the latest news in business, economics and finance.
Speaker 1: Stay with it on this Wednesday morning. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather, mostly sunny. We're going up
Speaker 1: to fifty five degrees today with clear skys tonight down
Speaker 1: to thirty five and then for Thanksgiving Day, mostly sunny,
Speaker 1: fifty degrees crimecasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg Elving Freon to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six, one to San Francisco,
Speaker 1: Bloomberg sixty to the country Sirius XM Chad A one
Speaker 1: nine and around the globe. The Bloomberg Business app and
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six
Speaker 1: thirty on Wall Street. Good morning. I'm Any Morris, I'm
Speaker 1: Nathan Hagar. We're about three hours away from the open
Speaker 1: of US training. Time for the five things you need
Speaker 1: to notice start your day. Brought to you by Interactive Brokers.
Speaker 1: Their clients are in interest up to three point three
Speaker 1: three on the idle cash and their brokerage accounts. Visit
Speaker 1: ib kr dot com slash interest rates to earn more
Speaker 1: Up First, the founder of the collapse crypto exchange f
Speaker 1: t X is issuing an apology. Bloomberg Steve Rappaport joins
Speaker 1: US Live with the latest Morning Steve, Good morning, Nathan
Speaker 1: and Amy. In a letter to employees, Sam Bankman Freed
Speaker 1: expressed regret for his oversight failure, adding he wishes the
Speaker 1: company had done many, many things differently. The disgraced ft
Speaker 1: X founder described the perfect storm of credit squeezes, virtual
Speaker 1: coin sell offs, and a run on the bank that
Speaker 1: brought the crypto exchange down two weeks ago. Bankman Freed
Speaker 1: also disclosing the company's collateral spiral to nine billion from
Speaker 1: sixteen billion. Dollars live in New York. I'm Steve Rappaport,
Speaker 1: Bloomberg Daybreak. All right, thank you, Steve. And another major
Speaker 1: story we are following comes from overseas credit Sweets warning
Speaker 1: of a massive fourth quarter loss. The Swiss Bank says
Speaker 1: it will base a laws exceeding one and a half
Speaker 1: billion dollars for the three final months of this Year's
Speaker 1: all that's happening overseas, Amy, there were viol in protests
Speaker 1: at Apple's main iPhone making plant in China. Hundreds of
Speaker 1: workers at the Fox con factory battled security personnel after
Speaker 1: almost a month of tough restrictions intended to quash a
Speaker 1: COVID outbreak, and Nathan Beck here in the US, Bloomberg
Speaker 1: sources say after recent job cuts, there may not be
Speaker 1: enough in house legal expertise at Twitter to know which
Speaker 1: outside law firms are handling certain matters. Even so, Elon
Speaker 1: Musk still has his fair SHAREFF supporters, including Arc Investment
Speaker 1: CEO Cathy Wood. Various metrics that you can count daily,
Speaker 1: they have been going up dramatically. So I know a
Speaker 1: lot of people who decided to quit Twitter because they
Speaker 1: didn't like the censorship and so forth. That was going on,
Speaker 1: so I actually like what he's doing. Cathy Wood with
Speaker 1: ARC Investment made the comments to Bloomberg Business Week, which
Speaker 1: you can catch weekdays at two pm Wall Street Time
Speaker 1: on Bloomberg Radio and streaming live on YouTube. And turning
Speaker 1: to the economy amy, Kansas City Fed President Esther George
Speaker 1: says one thing that could push the Fed to keep
Speaker 1: raising rates is high household savings in the US. Certainly positive.
Speaker 1: We see that these households are wealthier, less financially constrained.
Speaker 1: But that said, reduced inflation will mean we have to
Speaker 1: incent saving over consumption. Kansas City Fed President est George
Speaker 1: made the comments in Santiago, Chile. We could get more
Speaker 1: clues on the Fed's rate path, and the rennutes from
Speaker 1: the latest FED meeting come out this afternoon at two
Speaker 1: pm Wall Street Time. That's the five things you need
Speaker 1: to notice start your day. Brought to you by Interactive Brokers.
Speaker 1: SMP futures are higher by three points now, Dawn futures
Speaker 1: up four teen, NAZDAC futures up eight points. Straight ahead
Speaker 1: your latest local headlines in the check of sports. This
Speaker 1: is Bloomberg, all right, Thank you. Nathan sixty three on
Speaker 1: Wall Street. We bring in Michael barn Out to tell
Speaker 1: us what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Amy. Virginia
Speaker 1: police said seven people, including the suspected gunmen, are dead
Speaker 1: and others are wounded after a shooting at a walmart
Speaker 1: last night. Chesapeake Police spokesman Leo Kazinski was asked whether
Speaker 1: the shooter was killed by law enforcement. I don't believe so,
Speaker 1: but I can't say that for sure, so that's still
Speaker 1: being part of the investigations. It's all because it all
Speaker 1: happened very very quickly, very dynatic, a lot of a
Speaker 1: lot of people involved, a lot of officers the government
Speaker 1: is believed to be an employee or former employee. The
Speaker 1: Virginia shooting comes three days after a person opened fire
Speaker 1: at a gay nightclub in Colorado, killing fine people and
Speaker 1: wounding seventeen. Meanwhile, the suspect and that deadly attack at
Speaker 1: a club q and, Colorado Springs is set to face
Speaker 1: a judge today. A family friend says twenty two year
Speaker 1: old Anderson Lee Aldrich was bullied as a team. New
Speaker 1: York Governor Kathy Hokel signed two pieces of legislation into
Speaker 1: law and trying to prevent hate crimes from taking place.
Speaker 1: Governor Hokel says it aims to educate people about what
Speaker 1: is considered hate speech and how that speech could potentially
Speaker 1: turn into violent acts. We can ignore that there's been
Speaker 1: a loss of civility and respect of individuals, and that
Speaker 1: has been the collateral damage. One measurable require people who
Speaker 1: were convicted of a hate crime to take a training
Speaker 1: course on hate crime prevention. The Supreme Court has cleared
Speaker 1: the way for a House committee to get Donald Trump's
Speaker 1: tax returns. Bloomberg's d Baxter as the story. This covers
Speaker 1: six years of returns as it goes to the House
Speaker 1: Ways and Means Committee, High Court issuing no explanation or
Speaker 1: any public descent. So now the I R s is
Speaker 1: free to provide the returns and could do so immediately.
Speaker 1: The committee will want to act expeditiously because the Republican majority,
Speaker 1: in particular Kevin McCarthy, has said that he will kill
Speaker 1: any such investigations. The committee, in its arguments, said it
Speaker 1: needed returns to consider potential legislation and oversight on presidential compliance.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak a Texas
Speaker 1: judge says she will not lower a nearly fifty million
Speaker 1: dollar punishment against Alex Jones that a jury handed down
Speaker 1: earlier this year. It was ruled the info Wars host
Speaker 1: spreading false conspiracy theories about the Sandy Hook Elementary School massacre.
Speaker 1: Since that August trial in Texas, other judgments against Jones
Speaker 1: in Connecticut I stacked up to a staggering one point
Speaker 1: four billion dollars. Twenty children and six adults died in
Speaker 1: the shooting. On December fourteen, twelve, Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven under journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Amy,
Speaker 1: all right, thank you, Michael. John. Now that the sports
Speaker 1: report brought to you by Try State Autie. Here's John
Speaker 1: stash Our. Thanks Amy. Ben Simmons acquired last season by Brooklyn,
Speaker 1: but he didn't play until this season, and he wasn't
Speaker 1: playing well, nothing like what he did most of his
Speaker 1: time in Philadelphia when he was an All Star, until
Speaker 1: he regressed at the end of this time. They're lately
Speaker 1: encouraging signs for Nets fans. Simmons just had a twenty
Speaker 1: two point game, and last night he made his return
Speaker 1: to Philly in a six ers one fifteen to one
Speaker 1: oh six victory. After I thought, I'm been a good place,
Speaker 1: you know for me to come in here and just
Speaker 1: play basketball. Um, I'm happy. I'm doing what I love.
Speaker 1: So to be out there and have that experience was amazing.
Speaker 1: Obviously it wasn't the result we wanted, as Freshening to
Speaker 1: lose um a game like that, but you know, um,
Speaker 1: I think it's a good step forward. Let's play tonight
Speaker 1: in Toronto. The Rangers will be an Anaheim. They won
Speaker 1: last night in l A. They beat the King's five
Speaker 1: to three, couple of third three goals for Chris Cryer
Speaker 1: at Barkley's overtime in the final the Empire Classic in St.
Speaker 1: John's beat Syracuse seventy six to sixty nine, Andre Kurblo
Speaker 1: twenty three points of the Red Storm. We're now six
Speaker 1: and oh. As the Jets trying to decide whether to
Speaker 1: keep Zack Wilson as they're starting quarterback the previous Harold
Speaker 1: and Young Jets QB. Sam Donald is gonna start Sunday
Speaker 1: for Carolina at the World Cup. Right now, Croatia, who
Speaker 1: lost in the Cup Bottle four years ago, still scoreless
Speaker 1: with Morocco. They're well into the second half first of
Speaker 1: four games in Qutar. Germany and Spain both have their
Speaker 1: World Cup openers coming up. Meanwhile, Christiano Ronaldo confirmed he
Speaker 1: is leaving Manchester United and the team appears to be
Speaker 1: for sale. Bloomberg News had reported back in August the
Speaker 1: Glazer family would sell at least a minority state. They
Speaker 1: now admit they are open to selling. John Stasward, Bloomberg Sports,
Speaker 1: All right, thank you, John. It is six thirty seven
Speaker 1: on Wall Street. Time to take a look at stocks
Speaker 1: and some of the names that are moving in the
Speaker 1: pre market. And for that we are joined by Bloomberg
Speaker 1: Radio and TV Markets correspondent Createy Gupta Created. Good morning,
Speaker 1: what you got? Good morning? Well, I'm actually gonna perhaps
Speaker 1: follow our sports report and talk about the investment reaction
Speaker 1: to the news. Uh, Josh has talked about Manchester United
Speaker 1: shares jumping as much as eleven percent in the pre market.
Speaker 1: Your takers m an you on that news and it's
Speaker 1: interesting because it comes on the heels of kind of
Speaker 1: a sad but perhaps overdue announcement um on Christiano Ronaldo
Speaker 1: and simply a very public um saga between the club
Speaker 1: and him as well. It looks like he is going
Speaker 1: to be leaving the club. That was a believe announced
Speaker 1: yesterday after they reached a mutual agreement. But it's enough
Speaker 1: that plus the news of a partial sale, is enough
Speaker 1: to actually push the shares higher as well. So m
Speaker 1: A and you shares were up about eleven percent in
Speaker 1: the pre market. They have now paired those games to
Speaker 1: about eight per cent. Amy. I don't know if you're
Speaker 1: teering for any particular team this World Cup. I've got
Speaker 1: Spain winning the whole thing. I'll go with that doesn't
Speaker 1: pop hop onto my onboard, I'm on board. There's not
Speaker 1: the only one moving though. Of course, Tesla is always
Speaker 1: in the news, and want to certainly keep watching. T
Speaker 1: s l A is the taker. Shares shop about one
Speaker 1: point six percent in the pre market. Do keep in
Speaker 1: mind it is a low volume and you're probably going
Speaker 1: to see that across the board today in today's trading session.
Speaker 1: But this is actually coming after an analyst upgrade City
Speaker 1: upgrading the e V maker to neutral from a cell
Speaker 1: say that the near term risk reward in Tesla shares
Speaker 1: looks pretty balanced following a year to date pullback of
Speaker 1: more than fifty percent, So a little bit of bottom
Speaker 1: feeding there for that specific company. You remember, it actually
Speaker 1: does move the entire index. Tesla is at the end
Speaker 1: of the day a heavyweight, but has really been exposed
Speaker 1: to the Twitter drama. This idea that as Twitter shares
Speaker 1: move higher on the Elon Musk deal before it was
Speaker 1: taken private, Tesla really got punished the idea that Elon
Speaker 1: Musk split attention would really harm the company. Nevertheless, looks
Speaker 1: like up one point six percent, covering around a hundred
Speaker 1: and seventy two dollars per share. And of course, Amy,
Speaker 1: it is Black Friday on Friday coming up, and keep
Speaker 1: thinking Today's Friday. It's not no we do. I think
Speaker 1: everyone's just ready for a little bit of a break.
Speaker 1: But Nordstrom shares are really going to be in view
Speaker 1: along likes of Macy's, Target, etcetera. But take a look
Speaker 1: at this this morning. J w N actually down and
Speaker 1: under pressure just shy of ten percent. This comes after
Speaker 1: they reported late Tuesday about some earnings numbers. Those earnings
Speaker 1: are still rolling out they're saying that basically, gross margin
Speaker 1: trailed the average analysts estimate. Basically they're not able to
Speaker 1: make enough return based on the supply chain issues, based
Speaker 1: on the consumers. The idea of having higher prices but
Speaker 1: less volume is also something they certainly talked about. They did, however,
Speaker 1: reiterate their full year outlook, so let's see if they
Speaker 1: have some good numbers to report on Friday. All right,
Speaker 1: Thanks so much, Bloomberg Radio and TV Markets correspondent Creaty
Speaker 1: Goopta always a pleasure. Thank you for joining us Creaty
Speaker 1: looking at stocks as a whole ahead of the open.
Speaker 1: The SMP futures up for Dell futures up thirteen, NASDAT
Speaker 1: futures up fifteen, Tenure treasury down, the yield at three
Speaker 1: point seven six percent, the two year yield at four
Speaker 1: point five much more still to come on this Wednesday
Speaker 1: morning edition of Bloomberg day Break. The Bloomberg Sports Report
Speaker 1: was brought to you by Audie. Don't let someone else
Speaker 1: drive off in the Audi model you've always wanted. Visit
Speaker 1: your local try state autie dealer to get behind the
Speaker 1: wheel of yours today. Visit autie Offers dot com for
Speaker 1: more information. Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business at
Speaker 1: and at Bloomberg Cricktake. This is a Bloomburn business lash.
Speaker 1: I'm Nathan Hagar. Futures are holding steady before the pre
Speaker 1: Thanksgiving economic data feast. Let's head right over to the
Speaker 1: First Read break news desk for today's morning call. Here's
Speaker 1: Bill Maloney. Good morning, Bill, Hey, good morning Nathan. You
Speaker 1: His features are quiet right now at death futures of
Speaker 1: eighteen points, sesames gained four and NAZAC futures are higher
Speaker 1: by fifteen. The US ten year old at three point
Speaker 1: seven six percent, Gold is down two, Oil is under pressure,
Speaker 1: but bitcoin is trading higher by two point seven percent.
Speaker 1: Japan rose point six percent overnight, while Europan markets are
Speaker 1: also quiet this morning. Note that Creates Sweets forecast a
Speaker 1: fourth quarter loss of one point six billion back in
Speaker 1: the US on the economic Fronday thirty Durable goods orders
Speaker 1: and initial jobs claims, a November p M I s
Speaker 1: and at ten o'clock Michigan sentiment and new home sales
Speaker 1: after develops to night. Hp INK said they will cut
Speaker 1: up to six thousand jobs over three years. After profit
Speaker 1: and guidance Smith's estimates and regarding earnings this morning, deer
Speaker 1: Beat estimates, wrapping things up over at City Group, Metronic
Speaker 1: Whiz cut to neutral and Tesla was raised to neutral.
Speaker 1: Live on First to Breaking News Desk on the Maloney Nathan,
Speaker 1: all right, Bill, thanks to you live breaking news over
Speaker 1: your Bloomberg type squawk on the terminal, s q U
Speaker 1: A go, that's a Bloomberg business flash. And now here's
Speaker 1: Michael Barr with's more on what's going on around the world. Michael,
Speaker 1: thank you very much, Nathan. Police say six people have
Speaker 1: been killed after a shooter opened fire at Walmart in Chesapeake, Virginia.
Speaker 1: The assailant is also dead. The shooting came three days
Speaker 1: after a person opened fire at a gay nightclub in
Speaker 1: Colorado late Saturday, killing five people and wounding seventeen. One
Speaker 1: person is dead and fourteen others are injured in bomb
Speaker 1: attacks in Jerusalem. The explosions hit two bus stops. In
Speaker 1: the NBA, the Nets lost in the NHL, the Rangers
Speaker 1: won at the World Cup. Four games are on the
Speaker 1: slate today, including Morocco and Croatia, who are playing right now.
Speaker 1: The game is nil nil at Soccer Talk, Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist
Speaker 1: analyst and more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg. Nathan. I cut that in the net. Michael,
Speaker 1: thank you. Or at sixty line on Wall Street. Let's
Speaker 1: turn to news and science and technology Now at the
Speaker 1: Bloomberg n g I T STEM Report. Here's what's making
Speaker 1: news in science, technology, engineering and math. Falling demand from
Speaker 1: personal computers will mean layoffs at HP. The company will
Speaker 1: eliminate as many as six thousand jobs over the next
Speaker 1: three years. HP makes most of its money selling computers.
Speaker 1: According to industry analyst Gartner, global PC shipments plunged almost
Speaker 1: twenty in the third quarter. New York Governor Kathy Hoko
Speaker 1: has signed one of the most restrictive laws in the
Speaker 1: country on regulating cryptocurrency mining. The bill triggers a two
Speaker 1: year moratorium on new permits for crypto mining companies that
Speaker 1: are powered by fossil fuels. New York has become one
Speaker 1: of the biggest crypto mining hubs after China band crypto
Speaker 1: mining last May and Miami Dade County in Florida has
Speaker 1: asked a federal bankruptcy court for immediate permission to end
Speaker 1: its naming rights deal with f t X and strip
Speaker 1: that brand from the arena where the NBA's Miami Heat play.
Speaker 1: The county owns that arena. Negotiated the naming rights deal
Speaker 1: with the collapsed Crypto Exchange. A hearing set for the
Speaker 1: middle of next month. For now, ft X signage remains
Speaker 1: on the building and its name has not been changed.
Speaker 1: And that's the Bloomberg n j I T STEM Report. Amy,
Speaker 1: all right, thank you, Nathan. We're live from the Bloomberg
Speaker 1: Interactive Broker Studios where it is six fifty on Wall
Speaker 1: Street time now to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: Congress feeling the pressure to intervene in a possible rail strike. Also,
Speaker 1: lawmakers might soon get their hands on Donald Trump's tax returns,
Speaker 1: and House Democrats are weighing term limits for top members
Speaker 1: of committees. Want to bring in Bloomberg Government reporter Emily
Speaker 1: Wilkins for more on these stories. Emily, it is a
Speaker 1: holiday shortened week in d C, but that is not
Speaker 1: stopping the flow of all the stories. Let's start with
Speaker 1: the railroad. What is the status with that negotiated deal
Speaker 1: between the railroad and the unions. For a while it
Speaker 1: looked like it was a done deal. What happened well,
Speaker 1: or if you remember back in September, things were a
Speaker 1: little bit rocky. And so what Congress did is this said, Okay,
Speaker 1: you guys can have more time between the unions and
Speaker 1: the railroads. Remember there are twelve unions and they've got
Speaker 1: to come to an agreement with the railroads. One of
Speaker 1: the big concerns for a lot of the railroad workers
Speaker 1: is time off, knowing when they'll be able to take
Speaker 1: time off, being able to take sick days to go
Speaker 1: get medical help when they need to. But that's been
Speaker 1: really difficult for the railways to to negotiate. And so
Speaker 1: at this point we are looking increasingly in danger of
Speaker 1: a strike next month. Uh and that strike could lead
Speaker 1: to further inflation before the holidays, could mean that Christmas
Speaker 1: presents are late, could mean that people are having trouble
Speaker 1: getting around. Uh. So there are lots of groups, the
Speaker 1: Chamber of Commerce, the Consumer Brands Association, National Grade and
Speaker 1: Grade and Feed Association, all urging Congress to step in
Speaker 1: and prevent a rail strike. However, Democrats have been really
Speaker 1: hesitant to do that. Of course, President Biden has frequently
Speaker 1: shown his support for unions, as have Democrats, and they
Speaker 1: want to be seen as on the side of the
Speaker 1: workers here. At the same point, you know, Democrats have
Speaker 1: been grappling with really high inflation and they certainly don't
Speaker 1: want that to get worse just before the holiday season. Um.
Speaker 1: So it really remains to be seen. But but we
Speaker 1: have to kind of set um start, start setting that
Speaker 1: alarm again for when we are counting down to a
Speaker 1: potential strike, um into the deadline for an agreement. All right,
Speaker 1: We're going to continue to watch that. That's also coming
Speaker 1: up pretty quick in the next few weeks. Now. The
Speaker 1: Supreme Court meanwhile, emily cleared the way for a House
Speaker 1: committee to get six years of Donald Trump's tax returns.
Speaker 1: This has been a very long time incoming. How significant
Speaker 1: is this move, Well, I think part of the significance
Speaker 1: is going to depend on what's actually in those tax returns.
Speaker 1: Certainly it's a huge one for Democrats after a three
Speaker 1: year battle. You've had a lot of members of Congress
Speaker 1: who have said that the public deserves to see Trump's
Speaker 1: tax returns, that they deserve that transparency out of someone
Speaker 1: that they've elected president um And I think it's going
Speaker 1: to be down just a question of what these committees
Speaker 1: decided to do on the I R. S can give
Speaker 1: Donald Trump's tax returns, six years of them over to
Speaker 1: the committee immediately, The committee could release them, they could
Speaker 1: review them. But whatever they have to do, they have
Speaker 1: to do it pretty quickly, Amy because they only have
Speaker 1: a couple of weeks left in session to really get
Speaker 1: this done, and they have a ton of other things
Speaker 1: going on, and so I it's a it will be
Speaker 1: interesting to see how Democrats use the tax returns once
Speaker 1: they get them. And I think, of course the big
Speaker 1: story is going to be what is actually in the
Speaker 1: tax returns and what does that tell us about former
Speaker 1: President Trump's business dealings and any potential national security concerns
Speaker 1: that might be in there. And you cover Congress, Emily,
Speaker 1: I was wondering if there was anything specifically you would
Speaker 1: be looking for or watching for, especially if lawmakers are
Speaker 1: able to get their hands on this during the lame
Speaker 1: duck session. I mean, I think it's it's really comes
Speaker 1: up to lawmakers right, because they know that they don't
Speaker 1: have time to say pushed through major legislation on that
Speaker 1: that you know is actually going to be able to
Speaker 1: probably get through both chambers. I think Democrats will probably
Speaker 1: take some time to actually look over the documents, see
Speaker 1: what's their way, their options. I think there were probably
Speaker 1: going to see a different response um if we see
Speaker 1: something particularly concerning within the tax returns versus you know,
Speaker 1: just seeing a tax return where there aren't a ton
Speaker 1: of red flags. Um. And so I think we're just
Speaker 1: very much watching next steps from the House Boys and
Speaker 1: Means Committee, from Chairman Richard neil Um as far as
Speaker 1: what they'll be doing in the next couple of weeks.
Speaker 1: All right, we'll be watching it with you. Now you
Speaker 1: have a story on the Bloomberg terminal, Emily. House Democrats
Speaker 1: looking at term limits for their top committee members. Why so,
Speaker 1: this is actually something that House Republicans have had in
Speaker 1: place and have had in place for a while, and
Speaker 1: the ideas that it allows sort of a talent to
Speaker 1: continue to rise within the party. That you don't have
Speaker 1: a situation where you've had someone be chair of the
Speaker 1: committee for a number of decades and then you've had
Speaker 1: members who really have been able to move up. Remember
Speaker 1: that being chair of committee, it's one of a few
Speaker 1: ways that if you're a member of the House you
Speaker 1: can get real power. You can help determine what legislation moves,
Speaker 1: what that legislation looks like. It's a very powerful position
Speaker 1: to be in. But you have a number of Democrats
Speaker 1: who have served for you know, eight, ten, twelve years
Speaker 1: and they've never gotten their shot at actually having a
Speaker 1: committee gavel. And right now you're seeing a lot of
Speaker 1: churn in Democratic leadership. You're seeing four Speaker Nancy Pelosi,
Speaker 1: Steady Hoyer, Jim Clyber, and the big three all stepped down,
Speaker 1: and you're seeing a new generation of leadership rise up.
Speaker 1: And so some Democrats are hoping that this is the
Speaker 1: year that they can get some term limits for committee chairs.
Speaker 1: There have also been a couple of proposals but out
Speaker 1: there that would suggest term limits and then um if
Speaker 1: someone wanted to continue to serve in the chair, uh,
Speaker 1: Democrats could vote to allow that person to stay or not.
Speaker 1: I will know more after Democrats UM hold their leadership
Speaker 1: elections formally as well as a vote on the rule
Speaker 1: the week after Thanksgiving, and briefly Emily. We only have
Speaker 1: about a minute here, But our Democrats behind this, are
Speaker 1: they united? Because people don't like it when you take
Speaker 1: their toys away. I would kind of I kind of
Speaker 1: think there's some pushback here. There is definitely pushedback. I mean,
Speaker 1: this is certainly not a done deal. Um. It is
Speaker 1: something where you are seeing a push from a lot
Speaker 1: of younger members, but a lot of committee chairs, you know,
Speaker 1: have definitely pushed back. A lot of them. They waited
Speaker 1: their turn to get this role and are and convincing
Speaker 1: argument in the past has been that a lot of
Speaker 1: black and Hispanic and Latino members they had to wait
Speaker 1: to get their committee gavels, and now they're saying, you know,
Speaker 1: we're finally here. We waited, we we put in the years,
Speaker 1: and now you want to take our gavels away from us.
Speaker 1: Of course, some of those chairmen have been in the
Speaker 1: position now for a number of years, so I think
Speaker 1: it'll be interesting to see how that argument evolves. But
Speaker 1: but this is certainly not not a done deal, um.
Speaker 1: But it is an interesting idea that could shake up
Speaker 1: power a little bit in d C. We're gonna watch it. Yeah,
Speaker 1: there's a lot of shaking up going on on Capitol Hill.
Speaker 1: We're gonna keep watching that with you. Thank you so much,
Speaker 1: Bloomberg Government reporter Emily Wilkins. Always a pleasure. And you
Speaker 1: can read more about these stories on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal. And a reminder for you,
Speaker 1: you can follow all of the latest on Bloomberg Radio
Speaker 1: in Washington Bloomberg one and one oh five point seven FM.
Speaker 1: HD two. Futures are higher on this Wednesday morning. S
Speaker 1: and P futures up five points, DAL futures up thirty one,
Speaker 1: Nasdaq futures up nineteen. Much more still to come on
Speaker 1: this Wednesday morning on Bloomberg Radio, Bloomberg Surveillance with Tom
Speaker 1: Keene and Lisa abrama Witz is coming up next, along
Speaker 1: with Nathan Hagar. I'm Amy Morris. This is Bloomberg