WEBVTT - Bloomberg Daybreak: August 1, 2022 - Hour 2 (Radio) 0:00:01.680 --> 0:00:05.040 Markets, headlines and breaking news twenty four hours a day 0:00:05.160 --> 0:00:08.720 at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg 0:00:08.800 --> 0:00:18.560 Quick Take, This is a Bloomberg business lash and I'm Karen. 0:00:18.640 --> 0:00:22.959 Moscow and European stocks are taking higher. U S Stock 0:00:23.040 --> 0:00:26.720 Index futures are lower this morning, this after last week 0:00:26.840 --> 0:00:28.680 was the best for the U S stock market and 0:00:28.720 --> 0:00:31.680 more than two years. It's also the first trading day 0:00:31.720 --> 0:00:34.840 of the month. Last month, SMP five d gamed nine 0:00:34.880 --> 0:00:37.760 point two percent and we checked the markets every fifteen 0:00:37.800 --> 0:00:40.040 minutes throughout the trading day on Bloomberg S and P 0:00:40.240 --> 0:00:43.800 futures again lower down nine points down, futures down twenty eight. 0:00:43.880 --> 0:00:46.919 NASDAG futures down thirty one. The decks in Germany's up 0:00:46.920 --> 0:00:49.199 four tenths of upper cent ten. Your treasury down to 0:00:49.360 --> 0:00:52.240 thirty seconds, you know, two point six five percent yield 0:00:52.320 --> 0:00:55.080 on the two year two point nine zero percent. Nine 0:00:55.160 --> 0:00:57.280 vex herd oil is down one point nine percent on 0:00:57.360 --> 0:00:59.720 a dollar eighty two and ninety six dollars eighty cents 0:00:59.720 --> 0:01:02.480 of Earl comic schooled at half percent or eight dollars 0:01:02.520 --> 0:01:06.840 forty tents seventy announced the euro one point two five 0:01:06.959 --> 0:01:09.200 seven against the dollar, British pound one point two to 0:01:09.400 --> 0:01:11.800 five six and the yen at one thirty two point 0:01:11.800 --> 0:01:14.000 oh one. And looking at bitcoin, it's down two point 0:01:14.560 --> 0:01:17.280 at twenty three thousand, two hundred ninety dollars. That's a 0:01:17.319 --> 0:01:20.240 Bloomberg business flashdown. Here's Michael Barrow with Moore on what's 0:01:20.280 --> 0:01:22.880 going on around the world. Michael Karen, thank you very much. 0:01:22.920 --> 0:01:26.760 No public events are on president by schedule today. He 0:01:26.840 --> 0:01:30.440 remains in isolation following his rebound with COVID nineteen after 0:01:30.480 --> 0:01:33.880 treatment with the anti viral drug pax almit. Bill Russell, 0:01:33.959 --> 0:01:37.160 who was the cornerstone of the Boston Celtics basketball dynasty 0:01:37.440 --> 0:01:40.640 in the nineteen fifties and sixties, has died. He was eight. 0:01:41.200 --> 0:01:44.000 And Rick Stenson took home four million dollars from winning 0:01:44.040 --> 0:01:48.880 the controversial live golf Bedminster Invitational. Saudi Arabian funded league 0:01:48.880 --> 0:01:52.880 has drawn criticism. Tickets that former President Trump's Bedminster course 0:01:53.320 --> 0:01:55.520 we're being sold for as little as a dollar among 0:01:55.640 --> 0:01:59.040 light crowds. In baseball, the Yankees lost to the Royals, 0:01:59.160 --> 0:02:02.080 the Mets won the sixth rate beating the Marlins. The 0:02:02.120 --> 0:02:05.400 Red Sox down the Brewers, the Cardinals shut out the Nationals, 0:02:05.440 --> 0:02:08.120 five Zip, the Red Sox beat the oriole or the 0:02:08.160 --> 0:02:11.280 Reds Brother beat the Orioles, The White Sox beat the A's, 0:02:11.360 --> 0:02:14.520 the Giants down the Cubs. Global News twenty four hours 0:02:14.520 --> 0:02:17.760 a day on air and on Bloomberg Quickdake, powered by 0:02:17.800 --> 0:02:20.760 more than seven journalists and analysts more than a hundred 0:02:20.760 --> 0:02:24.000 twenty countries. Michael bar This is Bloomberg, Nathan, Thanks Michael. 0:02:24.000 --> 0:02:26.520 At six nineteen on Wall Street Live from the Bloomberg 0:02:26.520 --> 0:02:30.160 Interactive Brokers studios. This is Bloomberg Daybreak and Jeffrey You 0:02:30.520 --> 0:02:32.679 is with US now senior strategist for e m EA 0:02:32.760 --> 0:02:35.320 Markets at b n Y Melon. As we get ready 0:02:35.360 --> 0:02:37.680 to kick off this new trading month following one of 0:02:37.720 --> 0:02:39.880 the best months for stocks in about a year and 0:02:39.919 --> 0:02:42.600 a half, at least in the US. Jeff, good morning. 0:02:42.600 --> 0:02:46.160 Where do you see the momentum for US risk assets? 0:02:46.160 --> 0:02:49.040 As we get this new month started well to be 0:02:49.160 --> 0:02:53.440 Franca was still somewhat hesitant about chasing risk appetite at 0:02:53.440 --> 0:02:57.519 this point in some sudden view which may be not 0:02:57.600 --> 0:02:59.280 as prevalent as it may feel. A cross market and 0:02:59.360 --> 0:03:01.280 the fed stuff, you know, calling it a day, and 0:03:01.400 --> 0:03:04.520 you know, just moving towards a comfortable level, maybe slightly 0:03:04.560 --> 0:03:07.840 above neutral um to be frank, thinking that that's a 0:03:07.880 --> 0:03:09.960 bit of wishful thinking on the part of markets right 0:03:09.960 --> 0:03:13.560 now inflation expectations and not really being anchored yet, and 0:03:13.639 --> 0:03:15.560 not just for the FED, but globally, more needs to 0:03:15.560 --> 0:03:18.280 be done on tightening, So I think that could derail 0:03:18.680 --> 0:03:22.399 some of the sentiment coming through. So we're still relatively 0:03:22.400 --> 0:03:24.720 cautious and heading into the new trading month. Can you 0:03:24.760 --> 0:03:26.919 be a little bit specific on where you think the 0:03:26.960 --> 0:03:30.120 FED is going to go in terms of the tightening um. 0:03:30.160 --> 0:03:32.800 So overall, if we really want to talk about said 0:03:32.960 --> 0:03:36.680 moving towards a rescriptive and then the prior pricing you know, 0:03:37.440 --> 0:03:41.600 close to four percent, and even if I'm higher for example, 0:03:41.880 --> 0:03:45.080 that is absolutely necessary, but we're not seeing that, to 0:03:45.120 --> 0:03:47.600 be frank notes throughout the year um it really you know, 0:03:47.680 --> 0:03:49.520 has been a case and they're trying to touch those 0:03:49.600 --> 0:03:52.240 levels and before the data start to derail the process. 0:03:52.640 --> 0:03:54.440 If I look at the one year one year in 0:03:54.480 --> 0:03:56.640 the US, so we've got to three point nine in 0:03:56.720 --> 0:03:59.240 the June, but now it's some collapsed to about two 0:03:59.240 --> 0:04:02.200 point seven. The market seems very hesitant, and that's where 0:04:02.200 --> 0:04:04.720 the rude awakening and may becomes so that four percent 0:04:04.800 --> 0:04:07.080 in the golden level perhaps still needs to be touched again. 0:04:07.760 --> 0:04:10.080 What data are you going to be looking at in 0:04:10.120 --> 0:04:15.240 the weeks to come as you further navigate this forecast? 0:04:16.000 --> 0:04:19.640 What what's what's got your eye? Well, the first thing 0:04:19.680 --> 0:04:22.159 this week complearly is going to be pay rolls. You know, 0:04:22.160 --> 0:04:25.200 there's always the headline. Pay rolls numbers are a bit noisy. 0:04:25.720 --> 0:04:29.279 So it's more about the average maale earnings those figures 0:04:29.400 --> 0:04:33.360 and you know, any other indication of the labor market tightness. 0:04:33.640 --> 0:04:36.960 Uh So, you know that's where I wouldn't say it's 0:04:36.960 --> 0:04:40.920 going to change market expectations, but you know, any major 0:04:41.000 --> 0:04:44.360 surprise you know coming through saying well abut five percent 0:04:44.400 --> 0:04:47.200 and average early earnings on an annualized basis above point 0:04:47.240 --> 0:04:49.800 five percent, you know, a sequential level. You know, these 0:04:49.800 --> 0:04:51.840 are numbers which will make the market things again because 0:04:51.839 --> 0:04:55.000 some momentum we need to say much. Even though the 0:04:55.120 --> 0:04:58.080 GDP numbers may suggest otherwise that the US economy is 0:04:58.080 --> 0:05:00.160 in relatively better shape and it compared to the to 0:05:00.200 --> 0:05:02.880 the world, um, it's far less exposed to say, energy 0:05:02.960 --> 0:05:05.760 supply shocks and the use of the Russia, Ukraine. Also 0:05:05.839 --> 0:05:07.680 in all of that put together, it means there is 0:05:07.839 --> 0:05:10.360 greater upside risk of the US economy and that's something 0:05:10.400 --> 0:05:12.640 that markets need to take in mind now. And it's 0:05:12.680 --> 0:05:15.960 interesting just this morning looking at the markets are seeing 0:05:16.000 --> 0:05:21.440 this sort of divergence between European risk assets and US futures, 0:05:21.440 --> 0:05:25.480 some pretty decent gains for European stocks. What's behind that? 0:05:26.680 --> 0:05:29.559 So now that is there's somewhat protecting them. They're given 0:05:29.760 --> 0:05:32.839 how the p m I numbers are not just a 0:05:32.880 --> 0:05:35.039 before Europe and that if you look at the Czech 0:05:35.080 --> 0:05:37.679 Republic for from Poland for example, that these are countries 0:05:37.720 --> 0:05:41.000 which are heavily integrated into the Eurozone supply chain and 0:05:41.040 --> 0:05:45.640 then manufacturing pm MY numbers are just absolutely collapsing. Right. So, um, 0:05:45.760 --> 0:05:47.960 I think the evaluations are coming through, you know, euro 0:05:48.080 --> 0:05:51.839 at these levels and social well above parity now but 0:05:51.920 --> 0:05:54.680 still maybe creating a bit of a possibility and tail wind. 0:05:54.920 --> 0:05:57.760 Um So the broader risk environment that is I'm playing 0:05:57.760 --> 0:06:00.560 a role. Um. But ultimately if you expect the worst 0:06:00.600 --> 0:06:03.159 may be over, then gently people and maybe putting money 0:06:03.200 --> 0:06:06.320 back to work. The ECB probably will have a narrow 0:06:06.400 --> 0:06:09.240 window of tightening compared to the FED, especially if gas 0:06:09.279 --> 0:06:11.640 supplies are going to be disrupted at the winter months 0:06:11.600 --> 0:06:15.760 and into next year. But in the net net, global 0:06:15.839 --> 0:06:19.600 risk appetite every reason to remain cautious. The FED there's 0:06:19.640 --> 0:06:22.640 still the main stumbling block. But also you know China 0:06:22.720 --> 0:06:25.040 growth it still stops start obvious, still have the war 0:06:25.120 --> 0:06:27.039 to contend with, so a lot of issues out there 0:06:27.080 --> 0:06:30.080 which need to be resolved in our last thirty seconds here, Jeff, 0:06:30.080 --> 0:06:33.040 we're the bulk of earning season here. What's your read 0:06:33.080 --> 0:06:35.640 on where earnings go from here? Um, I think go 0:06:35.640 --> 0:06:38.240 earnings now you're starting to see, you knows some divergence 0:06:38.880 --> 0:06:41.920 between on a global basis of those which are exposed 0:06:41.920 --> 0:06:44.800 to the global cycle and those you know which are not. 0:06:44.920 --> 0:06:47.000 And again this is where the US really is in 0:06:47.120 --> 0:06:50.279 better shape. But compared to Europe all the cixical names, 0:06:50.279 --> 0:06:52.160 if we look at where the flows are going, Um, 0:06:52.400 --> 0:06:54.880 these are the current these are the sectors, and these 0:06:54.880 --> 0:06:58.080 are the economies which are underperforming. So this is where 0:06:58.080 --> 0:07:01.240 the divergence will continue to from. You could argue that 0:07:01.480 --> 0:07:03.839 if there's more flow application going to the US and 0:07:03.880 --> 0:07:06.560 that's tightening financial conditions and by the dollar, it helps 0:07:06.560 --> 0:07:09.200 equity markets that it's all going to make life difficult 0:07:09.200 --> 0:07:11.040 for the rest of the bulb. Great to have you 0:07:11.080 --> 0:07:13.560 with us again, jeff Thanks for this, Jeffrey, you senior 0:07:13.600 --> 0:07:16.600 strategist E M. E A at b N Y Melon. 0:07:16.840 --> 0:07:20.040 Right now, SMP futures are down eight points, Stown futures 0:07:20.040 --> 0:07:23.480 down twenty nine sword ANASTACK futures. As we mentioned European 0:07:23.480 --> 0:07:25.920 stocks moving higher. We have the decks in Germany up 0:07:25.960 --> 0:07:28.040 almost four tenths per cent, to CAC in Paris is 0:07:28.120 --> 0:07:31.440 higher by three tenths per cent. Ten your treasury little 0:07:31.520 --> 0:07:33.840 change the yield two point six four on the tenure 0:07:33.880 --> 0:07:35.600 note and the yield on the two year right now 0:07:35.640 --> 0:07:39.760 two point eight nine per cent. You're listening to Bloomberg 0:07:40.000 --> 0:07:49.440 Daybreak Bloomberg eleven three oh weather. These morning showers a 0:07:49.480 --> 0:07:51.640 give way to clouds and the high near eighty today, 0:07:51.680 --> 0:07:55.400 afternoon shower thundershower possible tomorrow with a high back near ninety, 0:07:55.800 --> 0:07:58.760 sunny near ninety for Wednesday. Right now sixty nine in 0:07:58.800 --> 0:08:05.000 Central Park, live from the Bloomberg Interactive Brooker Studios. This 0:08:05.120 --> 0:08:09.000 is Bloomberg day Break for a Monday, August one coming 0:08:09.040 --> 0:08:11.320 up this shour. Traders begin a new month with a 0:08:11.440 --> 0:08:14.480 slew of earnings in focus. One FED president said there's 0:08:14.520 --> 0:08:16.880 a long way to go to hit two percent. Inflation, 0:08:17.120 --> 0:08:20.520 concerned in China grows amid worse than expected economic data, 0:08:20.680 --> 0:08:23.360 and Senator Joe Manchin makes his pitch in favor of 0:08:23.400 --> 0:08:26.440 the climate tax. Film speeding cameras in New York City 0:08:26.480 --> 0:08:30.360 togain operating two seven starting today Blossom. The death toll 0:08:30.480 --> 0:08:33.440 rises from last week's flooding in Kentucky. I'm Michael larn 0:08:33.559 --> 0:08:36.080 four a half, I'm John Stafshower and fourth sixth raight 0:08:36.120 --> 0:08:38.240 win for the Mets, the Yankees blost to the ninth 0:08:38.280 --> 0:08:41.360 inning and widespread reaction to the passing of NBA legend 0:08:41.400 --> 0:08:46.439 and Bill Russell. That's all straight ahead on Bloomberg day 0:08:46.440 --> 0:08:51.160 Break on Bloomberg. He liveing free on New York Bloomberg one, Washington, 0:08:51.280 --> 0:08:54.600 d C Bloomberg one oh six one, Boston Bloomberg nine 0:08:54.640 --> 0:08:58.800 sixties and Francisco syrius XM one nineteen and around the 0:08:58.800 --> 0:09:02.079 world on Bloomberg Radio dot Com and via the Bloomberg 0:09:02.160 --> 0:09:09.400 Business A good morning, I'm Nathan Hagar and I'm Karen 0:09:09.480 --> 0:09:12.800 Moscow and US DO index futures are lower this morning. 0:09:12.800 --> 0:09:14.560 We are coming up to six one on Wall Street, 0:09:14.559 --> 0:09:16.640 and we check the markets every fifteen minutes throughout the 0:09:16.679 --> 0:09:20.040 trading day. On Bloomberg SMP futures down about nine points, 0:09:20.320 --> 0:09:22.839 DWAL future is down twenty six and NASDAG futures down 0:09:22.880 --> 0:09:26.080 twenty eight. The decks in Germany is up a third 0:09:26.160 --> 0:09:29.160 of upper set ten. Your treasury down to thirty seconds. 0:09:29.160 --> 0:09:31.720 Heal two point six five percent. They yield on the 0:09:31.720 --> 0:09:35.000 two year two point eight nine percent. Di mack screwed 0:09:35.040 --> 0:09:37.320 oil is down one point eight percent on a dollar 0:09:37.440 --> 0:09:39.920 seventy five and ninety six dollars eighty seven a cent 0:09:40.080 --> 0:09:42.880 of barrel, and bitcoin this morning down two percent at 0:09:43.920 --> 0:09:47.000 three twenty dollars. Nathan no Well fuadtures are on the 0:09:47.000 --> 0:09:48.760 back foot of it this morning, Karen, as we kick 0:09:48.800 --> 0:09:51.760 off a new trading month, looking ahead to Friday's jobs report. 0:09:51.800 --> 0:09:54.920 Than the debate continues on the health of the US economy. 0:09:55.000 --> 0:09:58.600 Regent Atlantic Capital Chief investment Officer Andy Kapern says, the 0:09:58.679 --> 0:10:02.720 environment's uncertain, but still sticking with value. You should continue 0:10:02.760 --> 0:10:04.439 to stick with what has worked for you so far 0:10:04.520 --> 0:10:07.440 this year, and that is precisely sticking with value, which 0:10:07.520 --> 0:10:09.920 is heaving on energy and heavy on materials and industrials. 0:10:10.040 --> 0:10:14.000 The underlying price of those commodities, they're fundamentally undersupplied. Andy 0:10:14.080 --> 0:10:17.360 Kapern with Regent Atlantic Capital says focusing on value and 0:10:17.440 --> 0:10:20.559 quality can still generate returns in a volatile market. Well 0:10:20.600 --> 0:10:23.360 over the weekend, Nathan, we've got more comments on FED policy. 0:10:23.400 --> 0:10:26.720 Minneapolis Fed President Neil cash Cary said he's not worried 0:10:26.760 --> 0:10:29.800 about whether the US is in a technical recession. He says, 0:10:29.800 --> 0:10:32.880 a central bank is focused squarely on inflation. We're gonna 0:10:32.880 --> 0:10:35.280 do everything we can to try to avoid a recession, 0:10:35.559 --> 0:10:38.120 but we are committed to bringing inflation down and we're 0:10:38.120 --> 0:10:39.840 going to do what we need to do, and we 0:10:39.880 --> 0:10:42.600 are a long way away from achieving an economy that 0:10:42.720 --> 0:10:44.760 is back at two percent inflation, and that's where we 0:10:44.800 --> 0:10:47.160 need to get to. Neil cash Cary said he does 0:10:47.200 --> 0:10:50.240 not see evidence of a US wage price spiral. He 0:10:50.320 --> 0:10:53.160 made the comments on CBSS Face the Nation heard Sundays 0:10:53.200 --> 0:10:56.480 on Bloomberg Radio. Well, stocks are coming off a banner month, Karen, 0:10:56.520 --> 0:10:59.560 but that trend may not continue, according to too high 0:10:59.559 --> 0:11:02.199 profile analysts. Let's get more in this live report from 0:11:02.200 --> 0:11:05.960 Bloomberg's John Tucker. John Nathan earnings results are holding up 0:11:05.960 --> 0:11:08.520 better than feared. Of the fifty percent of the S 0:11:08.559 --> 0:11:11.920 and P five companies that have reported, more than half 0:11:11.960 --> 0:11:16.080 have beaten estimates. Still, Goldman Sack strategist David Constance says 0:11:16.400 --> 0:11:19.600 the rate of earning speeds is trailing the average pace 0:11:19.720 --> 0:11:22.800 that's been set in the last five quarters and Morgan Standards. 0:11:22.800 --> 0:11:25.480 Mike Wilson says the rebounding stocks is likely to be 0:11:25.520 --> 0:11:28.959 short lived as estimates are cut further in the economy 0:11:29.200 --> 0:11:32.080 heads into contraction and a note this morning, Wilson also 0:11:32.120 --> 0:11:34.480 says the bomb market he's assuming the Fed is gonna 0:11:34.640 --> 0:11:37.720 get inflation under control, which is good for fixed income, 0:11:37.840 --> 0:11:40.600 but not stocks. Live in New York on John Tucker 0:11:40.640 --> 0:11:43.280 Bloomberg Daybreak. All right, John, thank you. Another big week 0:11:43.320 --> 0:11:45.680 on Wall Street with economic data and earning is set 0:11:45.720 --> 0:11:47.920 to be the main drivers. Once again, we get more 0:11:48.000 --> 0:11:51.440 from Bloomberg's Turley Pillett. While investors keep an eye on 0:11:51.520 --> 0:11:55.120 the economic data, including a Job's report, they're also focused 0:11:55.160 --> 0:11:58.880 on what corporations are saying about the second half. Solita 0:11:58.920 --> 0:12:02.600 Marceli is chief investment officer for the America's at UBS 0:12:02.679 --> 0:12:05.880 Global Wealth Management. This earning season. We heard a lot 0:12:05.920 --> 0:12:08.760 of talk of recession, but we haven't seen any indication 0:12:09.000 --> 0:12:11.760 and the results Lots of earnings this week across a 0:12:11.840 --> 0:12:15.080 broad swath of industries. Amongst some of the names A 0:12:15.280 --> 0:12:20.880 M D, Airbnb, Caterpillar, Lift, Uber, Marriott, Occidental, Petroleum, Starbucks, 0:12:20.880 --> 0:12:25.720 and Young Brands in New York Charlie Pellett Bloombird Day Break, OK, Charlie, 0:12:25.720 --> 0:12:28.600 thank you. US shail drillers are expected to post accord 0:12:28.640 --> 0:12:31.400 profits this week, and after a decade of Steve losses, 0:12:31.440 --> 0:12:34.920 it looks like shale is finally blossoming. Bloomberg's Rnita Young 0:12:35.000 --> 0:12:37.800 joins US Live with that. Good morning, Rinita, Good morning Nathan. 0:12:38.000 --> 0:12:41.480 Estimates compiled by Bloomberg show the top twenty eight publicly 0:12:41.520 --> 0:12:45.880 traded US independent oil producers generated twenty five point five 0:12:45.920 --> 0:12:48.720 billion dollars in free cash flow in the second quarter. 0:12:49.120 --> 0:12:51.400 That's about a quarter of what they lost over the 0:12:51.400 --> 0:12:56.640 past decade. Fracking revolutionized global energy markets by enabling American 0:12:56.720 --> 0:13:01.160 drillers to harvest shield resources that had previously been untouchable. 0:13:01.520 --> 0:13:04.640 The US went from a declining crew producer to the 0:13:04.640 --> 0:13:09.000 world's dominant oil and gas source, but at an astronomical cost. 0:13:09.320 --> 0:13:13.000 The twenty eight companies lost about one fifteen billion dollars 0:13:13.000 --> 0:13:16.280 in the decade leading up to the COVID nineteen pandemic. 0:13:16.800 --> 0:13:19.440 Live in New York. I'm reneeding young, Bloomberg day Break, 0:13:19.640 --> 0:13:21.839 all right, reneed to thank you about turning over seas Now. 0:13:22.040 --> 0:13:25.280 HSBC shares are at five point nine percent in London 0:13:25.320 --> 0:13:28.360 after the bank turned in a strong earning support. It 0:13:28.440 --> 0:13:31.959 beat profit estimates, vound to restore quarterly dividends and fed 0:13:32.040 --> 0:13:35.200 it off a call to split up. HSBC. CFO You 0:13:35.360 --> 0:13:38.800 and Stevenson spoke to Bloomberg from Hong Kong. Rising rights 0:13:38.880 --> 0:13:42.000 is certainly beneficial to us. Interesting gum was up t 0:13:42.720 --> 0:13:45.000 Q two on Q two, revenues were up twelve for 0:13:45.080 --> 0:13:47.800 st overall, we also kept cost flat, so we had 0:13:48.000 --> 0:13:50.760 an enormous amount of operating leverage. We also had a 0:13:50.840 --> 0:13:53.360 one off tax benefit too, so we're very pleased with 0:13:53.400 --> 0:13:57.119 these results. Chief financial Officer You and Stevenson says HSBC 0:13:57.360 --> 0:13:59.920 is paying close attention to its China real estate ex 0:14:00.520 --> 0:14:02.920 pilot said the eurobe now Karen, where the economic focus 0:14:03.040 --> 0:14:05.280 this week is on the Bank of England. Bloomberg Daybreak, 0:14:05.280 --> 0:14:08.440 europpost Stephen Carroll joins us from London with details. Good morning, Stephen, 0:14:08.760 --> 0:14:11.080 Good morning Nathan and Karen. The Bank of England was 0:14:11.120 --> 0:14:13.640 the first of the major central banks to high rates 0:14:13.679 --> 0:14:17.120 after the pandemic, but now it's playing catch up. Governor 0:14:17.160 --> 0:14:20.080 Andrew Bailey has promised to act forcefully to tackle inflation 0:14:20.120 --> 0:14:22.160 that's running at a forty year high in the UK. 0:14:22.720 --> 0:14:25.600 Markets now see a seventy chance of a fifty basis 0:14:25.600 --> 0:14:28.200 point hike on Thursday. That would be the largest by 0:14:28.200 --> 0:14:31.520 the bank in twenty seven years. This as it's warning 0:14:31.520 --> 0:14:35.280 that inflation cut it eleven percent this year. Live in London, 0:14:35.320 --> 0:14:38.240 I'm Stephen Carroll Bloomberg. Daybreak, Stephen, Thank you Back here 0:14:38.240 --> 0:14:40.800 in the US, we're focused on politics, Bloomberg said. Baxter 0:14:40.840 --> 0:14:44.280 has the story. Senator Mansion says, it all just makes sense. 0:14:44.320 --> 0:14:46.880 We've taken three point five troy and of spending down 0:14:46.920 --> 0:14:51.120 to four dred million of investing without raising any taxes whatsoever. 0:14:51.240 --> 0:14:53.240 And he says he doesn't know now what all the 0:14:53.360 --> 0:14:55.560 dramas about. I didn't know if we could get a deal. 0:14:55.680 --> 0:14:57.560 I did not know if we could come to an agreement, 0:14:57.680 --> 0:14:59.640 So why would I put people through this all this 0:14:59.760 --> 0:15:02.240 draw And he's also making a public pitch to get 0:15:02.320 --> 0:15:05.800 Senator Kirsten's cinema on board. The vote expected this week 0:15:06.080 --> 0:15:09.680 in San Francisco. I'm at Baxter Bloomberg, Gay Break alright, thanks, 0:15:09.800 --> 0:15:12.760 SMP futures down five point, staff features down ten, danste 0:15:12.920 --> 0:15:16.440 futures down eighteen straight ahead, your latest local headlines plus 0:15:16.440 --> 0:15:23.920 a check of sports. This is Bloomberg six oh seven 0:15:23.920 --> 0:15:25.960 on Wall Street where at sixty nine degrees with the 0:15:26.120 --> 0:15:29.840 rain continuing in Central Park westbound seventy eight is closed 0:15:29.840 --> 0:15:32.480 in Warren Township between eggs. It's thirty six and thirty three. 0:15:32.720 --> 0:15:35.120 Details coming up in traffic first, Michael Barr with what 0:15:35.200 --> 0:15:38.480 else is going on for your ride? Michael, thank you 0:15:38.560 --> 0:15:41.920 very much. Nathan smile. You're on traffic camera. Starting today, 0:15:41.920 --> 0:15:45.360 about two thousand speed cameras begin running twenty four hours 0:15:45.360 --> 0:15:48.080 a day every day across New York City. If you're 0:15:48.120 --> 0:15:50.600 caught speeding by the camera, you'll get a fifty dollar 0:15:50.720 --> 0:15:54.040 fine in the mail. However, experts say it usually when 0:15:54.080 --> 0:15:57.600 out result with points on your license. Kentucky Governor Andy 0:15:57.600 --> 0:16:00.760 but Sheer says housing, water, and cell phones service are 0:16:00.760 --> 0:16:04.160 among the priorities the state is focused on bringing back 0:16:04.160 --> 0:16:06.840 to people who have lost everything and last week's deadly 0:16:06.840 --> 0:16:11.240 flooding in eastern Kentucky are confirmed. Count of Kentuckians we've 0:16:11.280 --> 0:16:14.720 lost is now reached twenty eight and we expect that 0:16:14.800 --> 0:16:18.520 there will be more and that that number will grow. 0:16:18.800 --> 0:16:21.840 Governor but Sheer. There are stepped up efforts to slow 0:16:21.880 --> 0:16:24.200 the spread of the monkey pox virus in the US 0:16:24.280 --> 0:16:28.880 despite rising case numbers and limited vaccines applies. There are 0:16:29.000 --> 0:16:32.440 now more than five thousand confirmed cases of monkeypox across 0:16:32.480 --> 0:16:36.000 the US. Officials state cases are concentrated among men who 0:16:36.000 --> 0:16:38.880 have had sex with other men, but because monkey pox 0:16:39.000 --> 0:16:42.880 is spread by skin to skin contact, Dr Alack Patel 0:16:42.960 --> 0:16:45.680 says anyone could catch it. Individuals were in an at 0:16:45.760 --> 0:16:48.760 risk community, will have come in contact with others who 0:16:48.800 --> 0:16:51.400 have symptoms of monkey pox. Are encouraged to go get 0:16:51.400 --> 0:16:54.880 a vaccine, but right now we're seeing long lines in 0:16:54.960 --> 0:16:57.960 order to get the vaccine. Dr Patel spoke to ABC. 0:16:58.280 --> 0:17:01.040 It comes as the New York City Health Department declared 0:17:01.080 --> 0:17:04.920 monkeypox of public health emergency over the weekend. President Biden 0:17:04.920 --> 0:17:09.280 remains in isolation following his rebound with COVID nineteen after 0:17:09.359 --> 0:17:13.000 treatment with an anti viral drug. Dr Darien Sutton says, 0:17:13.000 --> 0:17:16.879 Pat Slovitt is still preventing severe disease and depths even 0:17:17.000 --> 0:17:20.120 when there's a rebound case. Given that what we've seen 0:17:20.160 --> 0:17:22.000 and what we don't know in this pandemic and how 0:17:22.040 --> 0:17:24.080 this virus can change, especially in the setting of the 0:17:24.080 --> 0:17:27.360 omicron variant, I'd recommend that within the ten to even 0:17:27.400 --> 0:17:30.400 fourteen days of your diagnosis of COVID nineteen, you continue 0:17:30.400 --> 0:17:32.679 to wear that well fitting mass around others to decrease 0:17:32.680 --> 0:17:36.160 your risk of transmission. Dr Sutton spoke to ABC. We've 0:17:36.200 --> 0:17:39.359 lost some greats. NBA legend Bill Russell has died at 0:17:39.400 --> 0:17:43.440 eighty eight, more in Sports Ahead, star Treck, actress Nachelle Nichols, 0:17:43.440 --> 0:17:46.440 who broke ground for blacks playing Lieutenant or Hera, has 0:17:46.480 --> 0:17:49.440 died at age eighty nine. And Pat Carroll, the voice 0:17:49.440 --> 0:17:51.840 of Ursula in the Disney classic The Little Mermaid, has 0:17:51.920 --> 0:17:55.520 noted at age. Global News twenty four hours a day 0:17:55.600 --> 0:17:58.680 on air and on Bloomberg Quicktake powered by more than 0:17:59.640 --> 0:18:03.120 journalist sinantalist more than twenty countries. Michael Barr and this 0:18:03.200 --> 0:18:10.080 is Bloomberg name, all right, thank you, Michael. Just about 0:18:10.080 --> 0:18:11.920 six cent on Wall Street this time for the Bloomberg 0:18:11.920 --> 0:18:15.159 Sports Update with John and Nathan. Indeed, NBA legend Bill 0:18:15.240 --> 0:18:17.600 Russell dying peacefully yesterday in his whole at the age 0:18:17.600 --> 0:18:20.320 of eighty eight. You could argue where Russell ranks among 0:18:20.359 --> 0:18:22.720 the greatest players NBA history. He certainly in the conversation 0:18:22.760 --> 0:18:25.920 from a defensive standpoint, he may well have been the best. 0:18:25.920 --> 0:18:28.640 As a rebounder. He averaged twenty three rebounds a game 0:18:28.640 --> 0:18:30.840 he once had fifty one and what is not up 0:18:30.840 --> 0:18:33.960 for debate because it was the greatest winner in NBA history. 0:18:34.040 --> 0:18:37.440 Russell won eleven championships with the Celtics, eight in a row. 0:18:38.000 --> 0:18:39.960 In the last two. He not only played, he was 0:18:40.000 --> 0:18:42.680 the head coach. He played in ten game sevens. He 0:18:42.800 --> 0:18:45.720 won all ten during his career and after Russell often 0:18:45.800 --> 0:18:48.439 a voice against racial and social injustice. Billy Jene King 0:18:48.520 --> 0:18:51.960 yesterday called him a once in a generation activist athlete. 0:18:51.960 --> 0:18:55.520 Barack Obama statement yesterday read as tall as Russell stood, 0:18:55.600 --> 0:18:59.280 his legacy as a player in person rises higher. At stadium, 0:18:59.320 --> 0:19:01.800 Yankees trail the Royals for nothing. That led six for 0:19:02.000 --> 0:19:04.159 after d J will Mayhu two run Homer and Anthony 0:19:04.200 --> 0:19:06.880 Rizzo three run Schapa with one out in the ninth, 0:19:06.880 --> 0:19:10.159 the three run homer by Kansas City Salvador Perez v. 0:19:10.240 --> 0:19:12.600 Clay Holmes, who had not given up a homer all 0:19:12.680 --> 0:19:14.200 year in the Royals at the Yanks eight to six 0:19:14.280 --> 0:19:17.239 in Miami season I nineteen hits for them, at three, 0:19:17.280 --> 0:19:20.720 eight for Jeff McNeil, Marc Kenna, Francisco Lindor a nine 0:19:20.800 --> 0:19:22.879 to three route. So after a two game sweep of 0:19:22.880 --> 0:19:25.440 the Yankees, a three game sweep of the Marlins, the 0:19:25.520 --> 0:19:27.359 Mets manager A Buck show Walt, how hard it is 0:19:27.400 --> 0:19:29.720 to win three games in a row on the road 0:19:29.760 --> 0:19:33.119 and Swain Ballpark in the Major League. That's suppressives. Our 0:19:33.160 --> 0:19:35.399 guys came out without the top of the intensity you 0:19:35.480 --> 0:19:40.200 need to facing a Lopez. Uh, that's you know, he 0:19:40.280 --> 0:19:42.440 face you good pitching here from speaking, a good pitcher 0:19:42.480 --> 0:19:44.800 in the Metro. Now in Washington with Max Sherz are 0:19:44.840 --> 0:19:46.920 on the mount tonight facing his old team, and then 0:19:46.960 --> 0:19:50.239 tomorrow the season debut of Jacob Grim John Stashal War 0:19:50.280 --> 0:19:53.280 Bloomberg Sports Nathan all Right, John, thank you. SMP future 0:19:53.359 --> 0:19:55.800 is now down eight point. Stout futures down twenty six. 0:19:55.920 --> 0:19:58.959 Nastack futures are lower by thirty one points. Ten your 0:19:58.960 --> 0:20:02.160 treasuries down fourth thirty seconds, the yield two point six six. 0:20:02.840 --> 0:20:08.840 This is Bloomberg Bloomberg eleven three oh weather morning showers 0:20:08.840 --> 0:20:10.680 to give away to mostly cloudy skies today and ahn 0:20:10.760 --> 0:20:13.440 your eighty degrees will be back near ninety tomorrow with 0:20:13.520 --> 0:20:17.800 an afternoon shower thundershower possible sunny near ninety for Wednesday. 0:20:17.920 --> 0:20:23.240 Right now sixty nine in Central Park, broadcasting live from 0:20:23.240 --> 0:20:27.080 the Bloomberg Interactive Broker Studio in New York. Bloomberg E 0:20:27.119 --> 0:20:30.360 living free to Washington, d C, Bloomberg ninety nine one 0:20:30.520 --> 0:20:33.720 to Boston, Bloomberg one O six one to San Francisco, 0:20:33.800 --> 0:20:37.280 Bloomberg n sixty to the Country Sirius XM H one 0:20:37.320 --> 0:20:40.240 nine tea, and around the globe to Bloomberg Business app 0:20:40.400 --> 0:20:50.000 and Bloomberg Radio dot Com. This is Bloomberg Daybreak six 0:20:50.040 --> 0:20:52.760 thirty on Wall Street. Good morning, I'm Nathan Hagar and 0:20:52.800 --> 0:20:55.600 I'm Karen Moscow, and we are just about three hours 0:20:55.640 --> 0:20:57.600 away from the open of you West trading time for 0:20:57.640 --> 0:20:59.400 the five things that you need to know to start 0:20:59.440 --> 0:21:03.720 your day on See you by Interactive Brokers. Interactive Brokers 0:21:03.720 --> 0:21:07.120 Global Analysts helps you find new global investment opportunities today. 0:21:07.200 --> 0:21:11.159 Versify your portfolio and discover undervalued companies that may have 0:21:11.280 --> 0:21:14.280 greater growth potential. Try i v k our Global Analysts 0:21:14.280 --> 0:21:16.359