1 00:00:01,840 --> 00:00:05,240 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,360 --> 00:00:09,480 Speaker 1: at Bloomberg dot Com, at Bloomberg Business Outland, at Bloomberg Picktape. 3 00:00:09,680 --> 00:00:18,800 Speaker 1: This is a Bloomberg Business Flash. But I'm Karen Moscow. 4 00:00:18,840 --> 00:00:21,360 Speaker 1: You must not indise future is lower this morning along 5 00:00:21,400 --> 00:00:24,040 Speaker 1: with European shares and the concerned. The resolve at central 6 00:00:24,040 --> 00:00:26,599 Speaker 1: banks and continue their fine against inflation will tip the 7 00:00:26,640 --> 00:00:29,600 Speaker 1: economy into recession. And we check the markets all day 8 00:00:29,600 --> 00:00:33,160 Speaker 1: long here on Bloomberg SMP futures down more than one percent, 9 00:00:33,200 --> 00:00:35,720 Speaker 1: down fifty four points, Dow and NASDACK future is also 10 00:00:35,800 --> 00:00:37,959 Speaker 1: down more than one percent, with Dow futures down four 11 00:00:38,000 --> 00:00:41,159 Speaker 1: hundred twelve points and nastack futures down a hundred twenty one. 12 00:00:41,400 --> 00:00:43,760 Speaker 1: Can your treasury down twelve thirty seconds? He on three 13 00:00:43,800 --> 00:00:45,960 Speaker 1: point four nine percent and they yield on the two 14 00:00:46,040 --> 00:00:48,800 Speaker 1: year at four point to five percent, And that's a 15 00:00:48,840 --> 00:00:52,280 Speaker 1: Bloomberg Business flash. Nathan all right, Karen, thanks for coming 16 00:00:52,320 --> 00:00:54,880 Speaker 1: up to five fifty six on Wall Street's side for 17 00:00:54,880 --> 00:00:57,920 Speaker 1: our daily Bloomberg lob Brief exploring legal issues in the news, 18 00:00:57,920 --> 00:01:00,280 Speaker 1: and today we focus on a New York aw that 19 00:01:00,320 --> 00:01:04,640 Speaker 1: temporarily lifts the statute of limitations on civil sexual abuse 20 00:01:04,680 --> 00:01:07,600 Speaker 1: and harassment claims, and it is expected to lead to 21 00:01:07,640 --> 00:01:10,560 Speaker 1: a flood of lawsuits. Hundreds of alleged victims of sought 22 00:01:10,640 --> 00:01:13,720 Speaker 1: legal advice in recent days, and companies are calling outside 23 00:01:13,720 --> 00:01:17,720 Speaker 1: attorneys to prepare for potential claims. That's according to interviews 24 00:01:17,720 --> 00:01:20,640 Speaker 1: with lawyers from across the country. Lawsuits have already been 25 00:01:20,680 --> 00:01:24,600 Speaker 1: filed against former president Donald Trump, comedian Bill Cosby, and 26 00:01:24,840 --> 00:01:28,600 Speaker 1: billionaire Leon Black over allegations they assaulted women decades ago, 27 00:01:29,080 --> 00:01:32,759 Speaker 1: which their lawyers deny. For more, Bloomberg's June Grosso speaks 28 00:01:32,760 --> 00:01:37,040 Speaker 1: with legal reporter Eric Larson kind of plaintiff sua company 29 00:01:37,160 --> 00:01:39,920 Speaker 1: to hold them accountable for alleged abuse even if the 30 00:01:39,959 --> 00:01:44,160 Speaker 1: alleged abuser is deceased. Yes, in fact, that has already happened. 31 00:01:44,160 --> 00:01:48,360 Speaker 1: In the case of Atlantic Records, part of Warner Music Group. 32 00:01:48,600 --> 00:01:53,200 Speaker 1: Warner Music is being dued because the Atlantic Record founder 33 00:01:53,600 --> 00:01:58,160 Speaker 1: allegedly decades ago, more than forty years ago, sexually abused women. 34 00:01:58,400 --> 00:02:01,360 Speaker 1: So now the company, you know, saying that they're looking 35 00:02:01,400 --> 00:02:04,400 Speaker 1: into these allegations, interviewing people who may have been around 36 00:02:04,440 --> 00:02:07,120 Speaker 1: back then, saying that many of the individuals who would 37 00:02:07,120 --> 00:02:10,359 Speaker 1: have been witnessing our deceased or in their eighties or nineties. 38 00:02:10,480 --> 00:02:13,760 Speaker 1: So clearly this case there's a good illustration of how 39 00:02:13,800 --> 00:02:17,240 Speaker 1: difficult it might be for some of these defendants to 40 00:02:17,760 --> 00:02:21,280 Speaker 1: defend themselves. Notably the suit against Bill Cosby. You know, 41 00:02:21,400 --> 00:02:25,200 Speaker 1: it also named NBC Universal Media as a defendant because 42 00:02:25,240 --> 00:02:27,880 Speaker 1: it aired the Cosby Show in a different World, you know, 43 00:02:27,960 --> 00:02:32,080 Speaker 1: to Echather the cousby starting. So NBC Universal is accused 44 00:02:32,160 --> 00:02:35,160 Speaker 1: of especially turning a blind eye to cause these conducts 45 00:02:35,200 --> 00:02:37,840 Speaker 1: for years. A similar claim made against one of the 46 00:02:38,000 --> 00:02:41,320 Speaker 1: music groups. Of course, both companies are expected to fit 47 00:02:41,400 --> 00:02:44,480 Speaker 1: those very strongly in court, and a lot of these 48 00:02:44,520 --> 00:02:48,639 Speaker 1: claims are expected to be settled before a lawsuit is 49 00:02:48,680 --> 00:02:52,600 Speaker 1: even filed, to avoid the publicity associated with it. So 50 00:02:52,720 --> 00:02:56,960 Speaker 1: plaintiff lawyers best chance is before they even filed the suit, 51 00:02:57,639 --> 00:02:59,440 Speaker 1: That's right. That's why a few of the lawyers, I 52 00:02:59,480 --> 00:03:01,760 Speaker 1: suppose to you said that what we end up seeing 53 00:03:01,760 --> 00:03:04,360 Speaker 1: in court, actual lawsuits that are filed are really just 54 00:03:04,400 --> 00:03:06,360 Speaker 1: going to be the tip of the iceberg, and that 55 00:03:06,480 --> 00:03:08,480 Speaker 1: a lot of these claims are are going to be 56 00:03:08,520 --> 00:03:12,440 Speaker 1: resolved before anything becomes public, and that as these plane 57 00:03:12,480 --> 00:03:14,959 Speaker 1: emplawyers know, you know, some of these claims may be 58 00:03:15,120 --> 00:03:18,320 Speaker 1: so serious that a company will simply want to settle 59 00:03:18,360 --> 00:03:21,040 Speaker 1: them just to keep them from becoming public. That they 60 00:03:21,040 --> 00:03:24,480 Speaker 1: can use that as part of their settlement strategy. So 61 00:03:24,840 --> 00:03:27,720 Speaker 1: I'm not sure if that increases the amount of money 62 00:03:27,760 --> 00:03:30,080 Speaker 1: that they get paid or whatnot. I'm sure that every 63 00:03:30,080 --> 00:03:32,280 Speaker 1: settlement is going to be handled a little bit differently, 64 00:03:32,360 --> 00:03:36,240 Speaker 1: but clearly the reputational damage is potentially significant for some 65 00:03:36,320 --> 00:03:39,320 Speaker 1: of these employers. If you can imagine as Bloomberg Legal 66 00:03:39,320 --> 00:03:41,840 Speaker 1: reporter Eric Larson speaking with our June Grosso on this 67 00:03:41,920 --> 00:03:44,760 Speaker 1: new New York law that temporarily lifts the statue of 68 00:03:44,800 --> 00:03:48,640 Speaker 1: limitations on civil sexual abuse claims. You can catch more 69 00:03:48,680 --> 00:03:51,280 Speaker 1: of that interview, plus analysis of the latest legal news, 70 00:03:51,480 --> 00:03:54,600 Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading the 71 00:03:54,640 --> 00:03:59,200 Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find 72 00:03:59,200 --> 00:04:03,240 Speaker 1: exceptional legal research and business development tools at Bloomberg Law 73 00:04:03,320 --> 00:04:06,440 Speaker 1: dot com and on the Bloomberg terminal b law Go. 74 00:04:07,480 --> 00:04:10,240 Speaker 1: Looking ahead to the market open looks like more losses 75 00:04:10,320 --> 00:04:13,800 Speaker 1: for Friday, SMP futures down fifty one points, Stown futures 76 00:04:13,800 --> 00:04:17,080 Speaker 1: down three in Nastack futures are lower by a hundred 77 00:04:17,080 --> 00:04:19,719 Speaker 1: thirteen points the ten. Your treasury is down thirteen thirty 78 00:04:19,760 --> 00:04:21,960 Speaker 1: seconds deal three point four nine percent, yield on the 79 00:04:21,960 --> 00:04:24,520 Speaker 1: two year four point to five percent, and I'm ex 80 00:04:24,520 --> 00:04:26,480 Speaker 1: Scrooge down two and a half percent now down a 81 00:04:26,520 --> 00:04:30,320 Speaker 1: buck one barrel comex Scold up two tenths per center, 82 00:04:30,520 --> 00:04:34,919 Speaker 1: three dollars higher at seventy nine eighty per ounce. Euro 83 00:04:35,040 --> 00:04:37,279 Speaker 1: one point zero six to five against the dollar. The 84 00:04:37,440 --> 00:04:40,000 Speaker 1: end one thirty seven point one two. We'll get a 85 00:04:40,080 --> 00:04:42,679 Speaker 1: check of the business headlines, all the news you need 86 00:04:42,960 --> 00:04:46,720 Speaker 1: to start your day. Our two of Bloomberg day Break 87 00:04:46,839 --> 00:04:54,760 Speaker 1: starts right now. Markets, headlines and breaking news twenty four 88 00:04:54,800 --> 00:04:57,840 Speaker 1: hours a day at Bloomberg dot Com, bloo Bloomberg Business 89 00:04:57,839 --> 00:05:01,040 Speaker 1: apt and at Bloomberg Quick Take three. He's a Bloomberg 90 00:05:01,120 --> 00:05:10,080 Speaker 1: Business Flash and I'm Karen Moscow US not Index futures 91 00:05:10,120 --> 00:05:12,680 Speaker 1: are lower this morning, along with European shares and the 92 00:05:12,760 --> 00:05:15,440 Speaker 1: concerned the resolve of central banks to continue their fight 93 00:05:15,480 --> 00:05:18,800 Speaker 1: against inflation will tip the economy into recession. You check 94 00:05:18,839 --> 00:05:20,840 Speaker 1: the markets all day long year at Bloomberg S and P. 95 00:05:21,040 --> 00:05:23,160 Speaker 1: Future is down forty eight points or one at a 96 00:05:23,200 --> 00:05:26,240 Speaker 1: quarter percent down. Futures down three hundred sixty seven points 97 00:05:26,279 --> 00:05:28,720 Speaker 1: or one point one percent, and NAZDAC futures down a 98 00:05:28,800 --> 00:05:31,440 Speaker 1: hundred twelve points or one percent. The decks in Germany's 99 00:05:31,440 --> 00:05:34,080 Speaker 1: down about eight tents of a percent. Ten year treasury 100 00:05:34,120 --> 00:05:36,720 Speaker 1: down thirteen thirty seconds, heel three point four nine percent, 101 00:05:36,760 --> 00:05:39,120 Speaker 1: the yield on the two year four point to five percent. 102 00:05:39,560 --> 00:05:41,960 Speaker 1: Nine X screwed oil is down two points seven percent, 103 00:05:42,000 --> 00:05:44,240 Speaker 1: down two dollars six cents at seventy four dollars five 104 00:05:44,279 --> 00:05:46,800 Speaker 1: cents of barrel comics called up two tens percent or 105 00:05:46,800 --> 00:05:49,559 Speaker 1: three dollars thirty cents at seventeen ninety one ten an ounce. 106 00:05:49,960 --> 00:05:52,400 Speaker 1: The euro one point oh six to four against the dollar, 107 00:05:52,480 --> 00:05:54,880 Speaker 1: British found one point to one six five and the 108 00:05:54,960 --> 00:05:57,719 Speaker 1: ends one thirty seven point oh six. And bitcoin is 109 00:05:57,720 --> 00:06:01,040 Speaker 1: down to in a quarter percent at seventy thousand dollars. 110 00:06:01,240 --> 00:06:03,760 Speaker 1: And that's a bloomberg business flash. Now here's Amy Morris 111 00:06:03,760 --> 00:06:06,520 Speaker 1: with Moore on what's going on around the world. Amy, 112 00:06:06,839 --> 00:06:10,000 Speaker 1: thank you, Karen. Ukrainian authorities say Russia has launched a 113 00:06:10,080 --> 00:06:13,800 Speaker 1: major missile attack on energy of facilities and infrastructure are 114 00:06:13,920 --> 00:06:17,480 Speaker 1: Ukrainian Air Force spokesman says Russia today fired more than 115 00:06:17,640 --> 00:06:21,400 Speaker 1: sixty missiles. A huge aquarium in the center of Berlin 116 00:06:21,600 --> 00:06:24,599 Speaker 1: has burst, spilling more than two hundred sixty four thousand 117 00:06:24,640 --> 00:06:27,720 Speaker 1: gallons of water and debris, causing a wave of destruction 118 00:06:27,960 --> 00:06:30,960 Speaker 1: at the sea life tourist attraction. They're looking into the cause, 119 00:06:30,960 --> 00:06:34,200 Speaker 1: but for now they're blaming freezing temperatures. In sports, the Caps, 120 00:06:34,200 --> 00:06:36,840 Speaker 1: Bruins and Devils lose. The Rangers win. The World Cup 121 00:06:36,839 --> 00:06:40,479 Speaker 1: final between Argentina and France. Is Sunday Global News twenty 122 00:06:40,480 --> 00:06:42,560 Speaker 1: four hours a day on errand on Bloomberg Quick Take, 123 00:06:42,600 --> 00:06:45,719 Speaker 1: powered by more than twenty hundred journalists and analysts in 124 00:06:45,720 --> 00:06:48,440 Speaker 1: more than one hundred twenty countries. I'm Amy Morris. This 125 00:06:48,600 --> 00:06:51,960 Speaker 1: is Bloomberg. Nathan all right, Amy, Thanks, it's two now 126 00:06:52,000 --> 00:06:55,200 Speaker 1: on Wall Street. This is Bloomberg Daybreak. I'm Nathan Hagar. 127 00:06:55,600 --> 00:06:58,359 Speaker 1: That's Karen Moscow. And we've got some other stories making 128 00:06:58,400 --> 00:07:01,400 Speaker 1: news this morning. So let's get right to the Beijing's 129 00:07:01,560 --> 00:07:05,360 Speaker 1: rapidly spreading COVID outbreak has turned the Chinese capital into 130 00:07:05,400 --> 00:07:09,920 Speaker 1: a virtual ghost town. We've seen stores close, restaurants turn empty, 131 00:07:09,960 --> 00:07:13,080 Speaker 1: residents staying home either because they have COVID or afraid 132 00:07:13,080 --> 00:07:16,600 Speaker 1: they'll catch it. While officials have abandoned efforts to track 133 00:07:16,680 --> 00:07:21,320 Speaker 1: case numbers. Anecdotal evidence suggest entire families and offices in 134 00:07:21,360 --> 00:07:24,000 Speaker 1: Beijing have become infected in the span of just days. 135 00:07:24,720 --> 00:07:27,240 Speaker 1: Safe to say, it could prove a difficult issue, to 136 00:07:27,240 --> 00:07:31,800 Speaker 1: say the very least for China's less developed healthcare system. 137 00:07:31,920 --> 00:07:35,200 Speaker 1: Real issues, they're Karen, Oh, indeed, all right, Nathan, While 138 00:07:35,240 --> 00:07:37,560 Speaker 1: we turn to the markets now and Bank of America, 139 00:07:37,640 --> 00:07:41,200 Speaker 1: which is saying that global equity funds saw big inflows 140 00:07:41,240 --> 00:07:43,560 Speaker 1: ahead of this week's f O, m C and ECB 141 00:07:43,800 --> 00:07:47,000 Speaker 1: rate hikes, then hawkish comments triggered a sharp sell off 142 00:07:47,000 --> 00:07:50,800 Speaker 1: in equities. Strategist led by Michael Hartnett say a policy 143 00:07:50,920 --> 00:07:54,600 Speaker 1: mistake by central banks could result in a hard economic 144 00:07:54,720 --> 00:07:58,520 Speaker 1: landing next year. Well. Meantime, the largest U. S steelmaker 145 00:07:58,960 --> 00:08:02,400 Speaker 1: is warning its shareholder as the recession concerns could affect demand. 146 00:08:02,520 --> 00:08:06,440 Speaker 1: New Core says it's steel mills business will report considerably 147 00:08:06,760 --> 00:08:09,720 Speaker 1: lower earnings in the fourth quarter due to lower shipments, 148 00:08:09,760 --> 00:08:14,640 Speaker 1: and it also notes average selling prices are down well, Nathan. 149 00:08:14,720 --> 00:08:18,560 Speaker 1: Amazon is making more moves in the premium video space. 150 00:08:18,640 --> 00:08:22,600 Speaker 1: It's partnering with Games Workshop Group to develop film and 151 00:08:22,640 --> 00:08:28,200 Speaker 1: television productions, with initial work focusing on the Warhammer forty 152 00:08:28,320 --> 00:08:32,240 Speaker 1: universe Warhammer for e K, as it's known by fans. 153 00:08:32,600 --> 00:08:37,000 Speaker 1: It's a franchise that already includes popular tabletop games, over 154 00:08:37,120 --> 00:08:41,600 Speaker 1: three hundred novels, and has licenses content for several successful 155 00:08:41,760 --> 00:08:44,920 Speaker 1: video games. Warhammer forty K Navan. Yeah, I guess I'm 156 00:08:44,960 --> 00:08:47,480 Speaker 1: gonna have to catch up with see if my kids 157 00:08:47,559 --> 00:08:50,760 Speaker 1: know anything about that. I am lost when it comes 158 00:08:50,800 --> 00:08:53,000 Speaker 1: to video games. All right, let's get right back to 159 00:08:53,080 --> 00:08:56,480 Speaker 1: this market check in now with Tracy mcmillion, head of 160 00:08:56,480 --> 00:09:01,360 Speaker 1: Global Asset Allocations Strategy of Wells Fargo. This is no game, Tracy, 161 00:09:01,400 --> 00:09:05,319 Speaker 1: as we watch this sell off continue on the back 162 00:09:05,440 --> 00:09:09,959 Speaker 1: of really hawkish rhetoric from central banks, what is this 163 00:09:10,160 --> 00:09:16,880 Speaker 1: market getting set for? Yeah, so definitely markets are keying 164 00:09:16,960 --> 00:09:20,600 Speaker 1: off the said latest policy decision, and you know, add 165 00:09:20,679 --> 00:09:25,640 Speaker 1: to that the the CBS hawkish comments yesterday, and you know, 166 00:09:25,800 --> 00:09:31,679 Speaker 1: markets are are really starting to, um, I guess recognize 167 00:09:31,720 --> 00:09:35,640 Speaker 1: the reality of a recession, a recession probably here in 168 00:09:35,640 --> 00:09:38,600 Speaker 1: the US and a global recession and what that means. 169 00:09:38,800 --> 00:09:42,520 Speaker 1: And you know the unemployment, the earnings contraction that comes 170 00:09:42,600 --> 00:09:46,240 Speaker 1: with that. So you know what what markets are now 171 00:09:46,440 --> 00:09:51,200 Speaker 1: looking at is that reality, and they don't typically bottom 172 00:09:51,760 --> 00:09:55,880 Speaker 1: until the central banks are are finished tightening, so you know, 173 00:09:55,920 --> 00:10:00,679 Speaker 1: we won't necessarily see a recovery as long as we're 174 00:10:00,679 --> 00:10:05,920 Speaker 1: we're um, we have restrictive monetary policy, so you know, UM, 175 00:10:05,960 --> 00:10:10,320 Speaker 1: we think that markets are probably in for more choppiness, UM, 176 00:10:10,480 --> 00:10:15,600 Speaker 1: for a difficult ride as we move into three more 177 00:10:15,679 --> 00:10:19,040 Speaker 1: chopping us or a downward trajectory. You say that the 178 00:10:19,080 --> 00:10:23,120 Speaker 1: market doesn't hit bottom until after a recession. What kind 179 00:10:23,120 --> 00:10:26,959 Speaker 1: of bottom can we be looking for here? Yeah, so, um, 180 00:10:27,760 --> 00:10:33,439 Speaker 1: today we have a price target at the end of 181 00:10:34,360 --> 00:10:37,880 Speaker 1: three of forty four hundred on the SMP five hundred, 182 00:10:38,080 --> 00:10:41,040 Speaker 1: and so you know, from where we are today, that's 183 00:10:41,080 --> 00:10:45,160 Speaker 1: about fourteen percent higher. But we think that markets could 184 00:10:45,200 --> 00:10:49,640 Speaker 1: go down to the mid to lower three thousands, and 185 00:10:49,720 --> 00:10:52,960 Speaker 1: that's where we think that the risk reward tradeoff is 186 00:10:53,000 --> 00:10:56,280 Speaker 1: going to be much more attractive. At thirty five hundred, 187 00:10:56,360 --> 00:11:00,520 Speaker 1: for example, to our rand target, that's about any five 188 00:11:00,520 --> 00:11:04,720 Speaker 1: percent upside, So we'd be looking for those opportunities around 189 00:11:04,800 --> 00:11:07,280 Speaker 1: the mid three thousands. If we get down to the 190 00:11:07,320 --> 00:11:11,880 Speaker 1: lower three thousands, that's probably another good opportunity to put 191 00:11:11,920 --> 00:11:16,560 Speaker 1: cash to work. And we're just shy of on the 192 00:11:16,720 --> 00:11:19,880 Speaker 1: SMP five hundred right now, for those keeping score, where 193 00:11:19,920 --> 00:11:24,120 Speaker 1: do you see those potentials, those pockets for opportunity heading 194 00:11:24,160 --> 00:11:28,000 Speaker 1: into the new year, Tracy, Yes, And heading into the 195 00:11:28,000 --> 00:11:30,600 Speaker 1: new year, we're going to continue to be defensive, So 196 00:11:30,800 --> 00:11:34,600 Speaker 1: that means US sets that are international assets, and we 197 00:11:34,720 --> 00:11:39,760 Speaker 1: like large tap companies over mid tap companies UH and 198 00:11:39,880 --> 00:11:44,040 Speaker 1: small cap companies. And we also like UM the sectors 199 00:11:44,160 --> 00:11:49,760 Speaker 1: that have higher quality earnings. So that's for US UM, UH, 200 00:11:49,880 --> 00:11:55,199 Speaker 1: information technology, energy, we like healthcare. We'd stay away from 201 00:11:55,240 --> 00:11:59,839 Speaker 1: consumer discretionary and reads that are more economically sensitive and 202 00:12:00,280 --> 00:12:04,520 Speaker 1: within fixed income UM. We like the short term part 203 00:12:04,559 --> 00:12:07,760 Speaker 1: of the curve because of those higher rates and the 204 00:12:07,800 --> 00:12:11,960 Speaker 1: optionality that it provides UM, and we like long term 205 00:12:12,040 --> 00:12:14,800 Speaker 1: because we are seeing these rates that are higher than 206 00:12:14,840 --> 00:12:19,120 Speaker 1: they've been over the course of the last decade. Are 207 00:12:19,160 --> 00:12:22,840 Speaker 1: you looking for further earnings revision? Setting into this conversation, 208 00:12:22,960 --> 00:12:27,320 Speaker 1: we just noted the new core is UH predicting considerably 209 00:12:27,360 --> 00:12:30,520 Speaker 1: lower earnings, and we've had this sort of parade of 210 00:12:30,880 --> 00:12:35,680 Speaker 1: companies forecasting further downward revisions for earnings. Is that something 211 00:12:35,720 --> 00:12:40,120 Speaker 1: that's part of the theme for you in Yeah, I 212 00:12:40,240 --> 00:12:44,439 Speaker 1: definitely is we're looking for earnings estimates to come down 213 00:12:45,160 --> 00:12:48,679 Speaker 1: quite a bit from from where they are today. UM 214 00:12:48,679 --> 00:12:53,640 Speaker 1: Our earnings estimate on the SMP five hundred is two 215 00:12:53,640 --> 00:12:59,720 Speaker 1: oh five, and so that is significantly below the two 216 00:13:00,040 --> 00:13:04,440 Speaker 1: it's keen that is the top line estimate for analysts, 217 00:13:04,440 --> 00:13:08,680 Speaker 1: and significantly below the bottoms up estimates which are still 218 00:13:08,720 --> 00:13:14,920 Speaker 1: around two. So in our last minute here, Tracy, what's 219 00:13:15,160 --> 00:13:19,480 Speaker 1: the possibility that we could see a Santa rally at 220 00:13:19,520 --> 00:13:21,160 Speaker 1: the end of this year? Is is that just out 221 00:13:21,160 --> 00:13:25,480 Speaker 1: the window at this point? Well, I guess anything's possible, 222 00:13:25,600 --> 00:13:28,920 Speaker 1: especially with very thin trading here at the end of 223 00:13:28,960 --> 00:13:34,080 Speaker 1: the year. UM. Any directionality can push markets UM significantly 224 00:13:34,200 --> 00:13:38,800 Speaker 1: higher or significantly lower UM. But I'd say that, you know, 225 00:13:38,880 --> 00:13:41,880 Speaker 1: given the news that we've gotten over the past couple 226 00:13:41,920 --> 00:13:45,000 Speaker 1: of days, we just really have gotten nothing to support 227 00:13:45,040 --> 00:13:50,239 Speaker 1: a bulk case, so UM a Santa rally is probably 228 00:13:50,360 --> 00:13:55,720 Speaker 1: unlikely this year. All right, Thanks as always Tracy McMillian. 229 00:13:55,880 --> 00:13:59,319 Speaker 1: See how things go. And we do have the possibility 230 00:13:59,360 --> 00:14:02,720 Speaker 1: for yet more of vlatility, especially today as a lot 231 00:14:02,760 --> 00:14:07,120 Speaker 1: of these options contracts come doing Triple Witch and Tracy McMillian, 232 00:14:07,200 --> 00:14:10,839 Speaker 1: head of Global Asset Allocations Strategy, at Wells Fargo with 233 00:14:10,920 --> 00:14:15,240 Speaker 1: us this morning as we watch the selling continue around 234 00:14:15,320 --> 00:14:18,880 Speaker 1: the world. SMP futures right now are down fifty three point, 235 00:14:18,880 --> 00:14:21,960 Speaker 1: STAFF futures down four or five, NASTAC futures are lower 236 00:14:22,000 --> 00:14:24,360 Speaker 1: by a hundred twenty five points. The decks in Germany 237 00:14:24,400 --> 00:14:26,640 Speaker 1: down just about one percent. The CACK in Paris is 238 00:14:26,640 --> 00:14:29,080 Speaker 1: lower by one and a quarter percent. So it's a 239 00:14:29,160 --> 00:14:32,680 Speaker 1: sell off across the board. In risk assets, tenure treasuries 240 00:14:32,680 --> 00:14:35,680 Speaker 1: down thirteen thirty seconds, the old three point four nine 241 00:14:35,680 --> 00:14:38,120 Speaker 1: percent yield on the two year right now four point 242 00:14:38,160 --> 00:14:40,600 Speaker 1: to five percent, and nime X screwed as lower as well, 243 00:14:40,640 --> 00:14:43,760 Speaker 1: down two point six percent, trading at seventy four dollars 244 00:14:44,120 --> 00:14:47,280 Speaker 1: sixteen cents of barrel. Much more to come. Stay with us. 245 00:14:47,360 --> 00:14:54,200 Speaker 1: You're listening to Bloomberg Daybreak, Markets, headlines and breaking news 246 00:14:54,280 --> 00:14:56,920 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 247 00:14:56,960 --> 00:15:00,480 Speaker 1: Bloomberg Business At and a Bloomberg Quick Take. She's a 248 00:15:00,520 --> 00:15:09,760 Speaker 1: Bloomberg Business Flash. Hey, good morning. I'm Karen Moscow, and 249 00:15:09,840 --> 00:15:12,120 Speaker 1: futures are falling this morning. We check the markets all 250 00:15:12,160 --> 00:15:15,680 Speaker 1: day long here on Bloomberg Radio with SMP futures UH 251 00:15:15,800 --> 00:15:18,360 Speaker 1: down one point three percent on fifty one points this morning. 252 00:15:18,360 --> 00:15:20,680 Speaker 1: Down futures down one point two percent or three hundred 253 00:15:20,720 --> 00:15:23,400 Speaker 1: eighty seven points, and NASDAG futures are falling one point 254 00:15:23,440 --> 00:15:26,600 Speaker 1: one percent or hundred twenty seven points. Tenure treasury down 255 00:15:26,640 --> 00:15:29,160 Speaker 1: twelve thirty seconds. He on three point four nine percent. 256 00:15:29,240 --> 00:15:31,720 Speaker 1: They yield on the two year four point to five percent. 257 00:15:32,160 --> 00:15:34,520 Speaker 1: Nine X. Screwed oil is down two points seven percent 258 00:15:34,600 --> 00:15:37,480 Speaker 1: or two dollars two cents at seventy four dollars nine 259 00:15:37,520 --> 00:15:40,200 Speaker 1: cents of barrel. And that's a Bloomberg business flash. Now 260 00:15:40,240 --> 00:15:42,800 Speaker 1: here's Amy Morris with Moore on what's going on around 261 00:15:42,800 --> 00:15:45,640 Speaker 1: the world. Any good morning, Thank you, Karen, good morning. 262 00:15:45,640 --> 00:15:48,600 Speaker 1: The White House is encouraging Americans to get their updated 263 00:15:48,640 --> 00:15:51,560 Speaker 1: COVID nineteen backs seem to prevent the spread of the 264 00:15:51,640 --> 00:15:55,200 Speaker 1: virus over the winter. White House COVID nineteen Response Coordinator 265 00:15:55,280 --> 00:15:59,280 Speaker 1: doctor As she Jas says COVID cases and hospitalizations are 266 00:15:59,320 --> 00:16:02,800 Speaker 1: on the rye across the country. Confidential data of about 267 00:16:02,840 --> 00:16:06,440 Speaker 1: a hundred twelve thousand taxpayers inadvertently published by the I 268 00:16:06,560 --> 00:16:10,280 Speaker 1: r S over the summer was mistakenly published again in 269 00:16:10,360 --> 00:16:14,680 Speaker 1: late November, including names and contact information and sports the Caps, 270 00:16:14,720 --> 00:16:17,760 Speaker 1: Bruins and Devils lose. The Rangers win. The World Cup 271 00:16:17,760 --> 00:16:21,360 Speaker 1: final between Argentina and Frances Set for Sunday. Global News 272 00:16:21,400 --> 00:16:23,920 Speaker 1: twenty four hours a day on errand on Bloomberg Quick Take, 273 00:16:24,000 --> 00:16:27,080 Speaker 1: powered by more than twenty seven hundred journalists and analysts 274 00:16:27,080 --> 00:16:30,320 Speaker 1: in more than one hundred twenty countries. I maybe Morris. 275 00:16:30,320 --> 00:16:33,160 Speaker 1: This is Bloomberg, Nathan, Thanks Amy. It's five twenty three 276 00:16:33,160 --> 00:16:35,320 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar. This is 277 00:16:35,440 --> 00:16:38,640 Speaker 1: Bloomberg Daybreak on the morning. We're talking markets. It has 278 00:16:38,640 --> 00:16:42,000 Speaker 1: been quite the week for the SMP five, sharp gains 279 00:16:42,040 --> 00:16:45,760 Speaker 1: and losses tied to inflation data and the FED decision. Now, 280 00:16:45,840 --> 00:16:48,560 Speaker 1: let's look at the path ahead with Bridgewater Associates co 281 00:16:48,720 --> 00:16:52,280 Speaker 1: Chief investment officer Greg Jensen. He says to expect the 282 00:16:52,400 --> 00:16:55,560 Speaker 1: downturn in the US and that it will last longer 283 00:16:55,920 --> 00:16:59,600 Speaker 1: than previous recessions. Greg Jensen's worried the Fed maybe over 284 00:16:59,720 --> 00:17:02,320 Speaker 1: tie name's he already had to say in a conversation 285 00:17:02,440 --> 00:17:07,679 Speaker 1: with Bloomberg's Guy Johnson and Alex Steele. If China reopens successfully, 286 00:17:07,720 --> 00:17:10,080 Speaker 1: how much of accounts weights is that to the down 287 00:17:10,160 --> 00:17:14,359 Speaker 1: draft you're talking about in Weston markets. Well, in some 288 00:17:14,400 --> 00:17:16,520 Speaker 1: ways it's helpful into certain countries, it will certainly be 289 00:17:16,560 --> 00:17:20,920 Speaker 1: helpful UM and and we do think while the timing 290 00:17:20,920 --> 00:17:24,200 Speaker 1: on that's unknown, it'll it'll be beneficial. Although it's worth 291 00:17:24,240 --> 00:17:27,080 Speaker 1: noting that China did not do the type of balance 292 00:17:27,119 --> 00:17:32,160 Speaker 1: sheet actions that US European policymakers did in the sense 293 00:17:32,200 --> 00:17:36,360 Speaker 1: that UM Chinese small and medium businesses are coming out 294 00:17:36,400 --> 00:17:38,399 Speaker 1: of this with much worse balance sheets than they had 295 00:17:38,520 --> 00:17:41,399 Speaker 1: shut down these businesses. You've allowed them not to default 296 00:17:41,440 --> 00:17:43,600 Speaker 1: on their debt, but you haven't forgiven the debt that's 297 00:17:43,600 --> 00:17:46,960 Speaker 1: been piled up just to live while these business have 298 00:17:47,000 --> 00:17:49,080 Speaker 1: been shut down. So you come out with much bigger 299 00:17:49,119 --> 00:17:52,120 Speaker 1: overhanging China. But the other point I make is as 300 00:17:52,200 --> 00:17:54,800 Speaker 1: China opens, this is not a great thing for the 301 00:17:54,840 --> 00:17:56,880 Speaker 1: U For the U S and Europe. China has been 302 00:17:57,200 --> 00:17:59,320 Speaker 1: a blessing in a sense to the U S and 303 00:17:59,320 --> 00:18:02,600 Speaker 1: European and me because it's been such a disinflationary force 304 00:18:02,720 --> 00:18:06,040 Speaker 1: into a global inflation. China opening and the effect that's 305 00:18:06,040 --> 00:18:08,720 Speaker 1: gonna have on commodity prices and competing for a raw 306 00:18:08,760 --> 00:18:12,160 Speaker 1: materials in the world while the US and Europe are 307 00:18:12,320 --> 00:18:16,160 Speaker 1: entering recession will probably make the central banking dilemma worse 308 00:18:16,359 --> 00:18:19,439 Speaker 1: and potentially draw down, particularly the countries that don't benefit 309 00:18:19,440 --> 00:18:23,280 Speaker 1: as much from Chinese growth, um draw down those economies 310 00:18:23,280 --> 00:18:26,680 Speaker 1: while China picks up. So this is not a great 311 00:18:26,720 --> 00:18:30,560 Speaker 1: thing for the European and US economies, particularly the countries 312 00:18:30,840 --> 00:18:32,960 Speaker 1: that don't have a tremendous amount of exports to China 313 00:18:33,160 --> 00:18:37,960 Speaker 1: and and have monetary policy that is you know, has 314 00:18:38,080 --> 00:18:40,920 Speaker 1: very significant inflation problems to begin with. You're seriously bumming 315 00:18:40,960 --> 00:18:42,159 Speaker 1: me out. I want to go into my bed with 316 00:18:42,240 --> 00:18:44,280 Speaker 1: suit cans and gold bars. So tell me what I'm 317 00:18:44,280 --> 00:18:45,919 Speaker 1: supposed to go hide out in this? Why sit in 318 00:18:45,960 --> 00:18:49,200 Speaker 1: cash for the next few years? Well, I think, first off, 319 00:18:49,680 --> 00:18:54,040 Speaker 1: cash at you know, at these levels are is is competitive. 320 00:18:54,160 --> 00:18:56,080 Speaker 1: You know that's gonna be one of the dilemmas, right, 321 00:18:56,119 --> 00:18:58,679 Speaker 1: So this year you saw it as the interest rate 322 00:18:58,680 --> 00:19:01,720 Speaker 1: has changed a lot, that the change had a big effect. 323 00:19:02,200 --> 00:19:04,359 Speaker 1: Now the bigger deal is going to be the level difference. Right, 324 00:19:04,400 --> 00:19:08,840 Speaker 1: The yield on cash is competitive with the yield and 325 00:19:08,840 --> 00:19:11,919 Speaker 1: equity markets, with obviously the yielded bond markets. So I 326 00:19:11,920 --> 00:19:14,320 Speaker 1: do think you're gonna see more people draw into cash, 327 00:19:14,440 --> 00:19:17,000 Speaker 1: and it's not terrible at at those levels, it's a 328 00:19:17,240 --> 00:19:20,960 Speaker 1: it's a pretty reasonable choice. Secondly, um, I do think 329 00:19:20,960 --> 00:19:23,280 Speaker 1: we're at a turning point where the growth story is 330 00:19:23,280 --> 00:19:25,199 Speaker 1: going to be the bigger deal. So while we do 331 00:19:25,240 --> 00:19:27,520 Speaker 1: think inflation for a variety of reasons will lag and 332 00:19:27,560 --> 00:19:29,439 Speaker 1: be staker and more of a problem than While the 333 00:19:29,480 --> 00:19:33,119 Speaker 1: recent inflation reports are no big surprise, you're gonna get 334 00:19:33,680 --> 00:19:37,960 Speaker 1: probably a mix of inflation reports going forward, and and 335 00:19:38,000 --> 00:19:39,560 Speaker 1: so where do you hide. I mean, we do think 336 00:19:39,560 --> 00:19:42,800 Speaker 1: inflation next bonds are attractive long term inflation has not 337 00:19:42,880 --> 00:19:45,720 Speaker 1: been priced into markets, and if the economy we gets 338 00:19:45,760 --> 00:19:47,960 Speaker 1: a lot, real yields will need to fall. So we 339 00:19:48,000 --> 00:19:51,119 Speaker 1: think that's an area that's that's reasonable. And some of 340 00:19:51,160 --> 00:19:54,320 Speaker 1: the emerging markets that haven't had the inflation problem, particularly 341 00:19:54,359 --> 00:19:57,720 Speaker 1: that can benefit from the tail wind from China's they reopen. 342 00:19:58,160 --> 00:20:00,680 Speaker 1: Those are the types of things where they're decent opportunities. 343 00:20:00,840 --> 00:20:03,399 Speaker 1: But overall, it's not great out there, and cash is 344 00:20:03,400 --> 00:20:06,320 Speaker 1: not a terrible seeing assets don't always go up. Even 345 00:20:06,320 --> 00:20:08,480 Speaker 1: though we've had that, um, you know, we've had that 346 00:20:08,520 --> 00:20:12,200 Speaker 1: feeling over the last decade. That's Bridgewater Associates co Chief 347 00:20:12,200 --> 00:20:16,000 Speaker 1: investment Officer Greg Jensen speaking with Bloomberg's Guy Johnson and 348 00:20:16,080 --> 00:20:18,119 Speaker 1: Alex Steel. You can catch more of that interview on 349 00:20:18,119 --> 00:20:21,960 Speaker 1: Bloomberg dot com and on the Bloomberg Terminal. Assets are 350 00:20:21,960 --> 00:20:24,960 Speaker 1: moving lower this morning. We have SMP futures down to 351 00:20:25,040 --> 00:20:27,440 Speaker 1: fifty one points are one in the third percent down. 352 00:20:27,480 --> 00:20:29,880 Speaker 1: Futures are lower by three undred ninety five points. That's 353 00:20:29,880 --> 00:20:32,679 Speaker 1: a decline of one point two percent. NASTAC futures are 354 00:20:32,720 --> 00:20:35,520 Speaker 1: lower by one point one percent or a hundred twenty 355 00:20:35,560 --> 00:20:38,600 Speaker 1: five points. The tenure treasury is down thirteen thirty seconds, 356 00:20:38,640 --> 00:20:41,320 Speaker 1: yield three point four nine percent. We've got this morning's 357 00:20:41,359 --> 00:20:44,040 Speaker 1: top stories, local headlines, and a fuller check of markets 358 00:20:44,080 --> 00:20:50,920 Speaker 1: straight ahead. First, let's get you your Bloomberg weekend weather forecast. Ramy, 359 00:20:51,000 --> 00:20:53,560 Speaker 1: breezy day across the Tri State area will have temperatures 360 00:20:53,560 --> 00:20:56,280 Speaker 1: between forty five and fifty the safternoon. The rain ends 361 00:20:56,280 --> 00:20:58,600 Speaker 1: as a few showers during the evening. It'll start the 362 00:20:58,600 --> 00:21:00,960 Speaker 1: clear overnight lows near thirty live in town, twenties for 363 00:21:01,040 --> 00:21:05,160 Speaker 1: the suburbs. Sunshine and breezy Tomorrow, highest ranging from forty five. 364 00:21:05,480 --> 00:21:07,920 Speaker 1: It will be mostly sunny colder Sunday, with a high 365 00:21:07,920 --> 00:21:10,919 Speaker 1: of thirty five to your forty. I'm Rob Carolyn with 366 00:21:10,960 --> 00:21:17,879 Speaker 1: your three day forecast on Bloomberg eleven three oh broadcasting 367 00:21:17,920 --> 00:21:21,640 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York. 368 00:21:21,760 --> 00:21:25,720 Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg one 369 00:21:25,840 --> 00:21:29,080 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 370 00:21:29,119 --> 00:21:32,600 Speaker 1: Bloomberg No. Six to the country, Sirius XM Cho one 371 00:21:32,640 --> 00:21:35,600 Speaker 1: nine team, and around the globe, the Bloomberg Business app 372 00:21:35,720 --> 00:21:45,720 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak and 373 00:21:45,760 --> 00:21:48,119 Speaker 1: it is coming up to five thirty on Wall Street. 374 00:21:48,160 --> 00:21:51,359 Speaker 1: Good morning. I'm Karen Moscow, I'm Nathan Hagar. Bloomberg day 375 00:21:51,359 --> 00:21:53,520 Speaker 1: Break is brought to you by se I. Imagine your 376 00:21:53,520 --> 00:21:57,440 Speaker 1: asset management firms operational infrastructure as a competitive advantage. Let 377 00:21:57,560 --> 00:21:59,880 Speaker 1: se I show you how at se I C dot 378 00:22:00,119 --> 00:22:02,800 Speaker 1: M slash I M S. And we are nearly four 379 00:22:02,840 --> 00:22:05,200 Speaker 1: hours away from the open of US trading. Let's get 380 00:22:05,200 --> 00:22:06,560 Speaker 1: you up to date on the news you need to know. 381 00:22:06,600 --> 00:22:09,600 Speaker 1: At this hour. US futures are lower as concerns and 382 00:22:09,680 --> 00:22:13,520 Speaker 1: linger over Central Bank tightening. Only home builders, healthcare, and 383 00:22:13,560 --> 00:22:17,159 Speaker 1: oil and gas companies posted gains in yesterday's session, and 384 00:22:17,200 --> 00:22:20,480 Speaker 1: the energy sector could be poised for more outsized returns 385 00:22:20,560 --> 00:22:22,600 Speaker 1: in the coming year. And as of you from Goldman 386 00:22:22,640 --> 00:22:28,800 Speaker 1: Sacks headed a commodity research Jeff Curry returns, you know, 387 00:22:29,000 --> 00:22:33,320 Speaker 1: so far we're headed towards somewhere around twenty three returns 388 00:22:33,359 --> 00:22:38,000 Speaker 1: and in two. So this is a continuation of the 389 00:22:38,080 --> 00:22:41,440 Speaker 1: strong returns that we've been seen over the last several years. 390 00:22:41,680 --> 00:22:44,399 Speaker 1: Jeff Curry with Goldman Sacks believes commodities could be the 391 00:22:44,400 --> 00:22:47,680 Speaker 1: best performing asset class next year. Well, global stocks, Karen, 392 00:22:47,720 --> 00:22:49,760 Speaker 1: are headed for a weekly slide as the FED, the 393 00:22:49,760 --> 00:22:52,399 Speaker 1: Bank of England, and the European Central Bank all dash 394 00:22:52,440 --> 00:22:55,800 Speaker 1: hopes for more devilish policy. Megan Green, Global Chief economistic 395 00:22:55,800 --> 00:22:59,919 Speaker 1: Crowle Institute says, despite the hawkish tone, inflation could prove sticky. 396 00:23:00,440 --> 00:23:02,600 Speaker 1: I think the Fed is really considered that it will 397 00:23:02,600 --> 00:23:04,879 Speaker 1: be stickier than the market seemed to be pricing in 398 00:23:04,920 --> 00:23:07,800 Speaker 1: and I think that's reasonable. The big question is why 399 00:23:07,840 --> 00:23:10,240 Speaker 1: the Fed didn't think that three months ago with their 400 00:23:10,240 --> 00:23:15,280 Speaker 1: previous economic projections, And the Fed doesn't really clarify that. 401 00:23:15,640 --> 00:23:18,320 Speaker 1: Megan Green with Cole Institute spoke on Bloomberg's Balance of 402 00:23:18,359 --> 00:23:21,040 Speaker 1: Power with David Weston. You can catch a weekday's noon 403 00:23:21,160 --> 00:23:24,560 Speaker 1: Eastern on Bloomberg Radio and Television. Well, turning to politics now, 404 00:23:24,680 --> 00:23:27,760 Speaker 1: Nathan how, Speaker Nancy Pelosi and Senate Majority Leader Chuck 405 00:23:27,800 --> 00:23:30,720 Speaker 1: Schumer are saying President Biden should run for re election 406 00:23:30,800 --> 00:23:34,760 Speaker 1: in four The support pushes back against some Democrats, urging 407 00:23:34,760 --> 00:23:37,960 Speaker 1: the party to elevate a younger generation of leaders, saying 408 00:23:37,960 --> 00:23:40,080 Speaker 1: in d C. Congress is working on two bills to 409 00:23:40,160 --> 00:23:42,720 Speaker 1: limit or ban the use of TikTok. Florida Senator Marco 410 00:23:42,800 --> 00:23:45,639 Speaker 1: Rubio's bill would totally ban the social media app. He 411 00:23:45,760 --> 00:23:49,360 Speaker 1: is very concerned about China's access to users private information. Well, 412 00:23:49,480 --> 00:23:52,080 Speaker 1: turning to Twitter now, Nathan Elon Muski is making moves 413 00:23:52,119 --> 00:23:55,040 Speaker 1: again to regulate content on the platform. Twitter is is 414 00:23:55,080 --> 00:23:58,560 Speaker 1: spending me accounts as several journalists Bloomberg Steve Rappaport joins 415 00:23:58,640 --> 00:24:01,160 Speaker 1: US Live with that story. Steve, good Morning, Good Morning, Karen, 416 00:24:01,200 --> 00:24:04,639 Speaker 1: and Nathan Elon Musk suspended reporters from several outlets for 417 00:24:04,720 --> 00:24:07,840 Speaker 1: posting real time locations of his private jet. Though tracking 418 00:24:07,840 --> 00:24:10,919 Speaker 1: planes is available through public flight data. Musk says the 419 00:24:10,960 --> 00:24:14,439 Speaker 1: accounts violated Twitter's policy on doxing, a term used for 420 00:24:14,520 --> 00:24:17,879 Speaker 1: exposing private information. About someone to subject them to harassment. 421 00:24:18,200 --> 00:24:21,200 Speaker 1: Musk tweeted reporters received a seven day time out, adding 422 00:24:21,359 --> 00:24:23,560 Speaker 1: some time away from Twitter is good for the soul. 423 00:24:23,840 --> 00:24:27,639 Speaker 1: Live in New York. I'm Steve Rapp report Bloomberg Bay Break. Okay, Steve, thanks. 424 00:24:27,760 --> 00:24:30,560 Speaker 1: SMP futures down fifty two points, Style futures down three 425 00:24:30,680 --> 00:24:33,480 Speaker 1: ninety nine. Now NASZAC futures are lower by a hundred 426 00:24:33,520 --> 00:24:36,439 Speaker 1: twenty five points. The tenure treasury is down thirteen thirty seconds. 427 00:24:36,480 --> 00:24:39,200 Speaker 1: You know three point four nine. I'm x scrudges down 428 00:24:39,200 --> 00:24:42,959 Speaker 1: two point six percent at barrel. The euro is at 429 00:24:42,960 --> 00:24:45,840 Speaker 1: one point zero six to five against the dollar. Local 430 00:24:45,880 --> 00:24:49,520 Speaker 1: headlines and a check off sports up next. This is Bloomberg. 431 00:24:53,400 --> 00:24:55,600 Speaker 1: It's five thirty one on Wall Street, and Amy Morris 432 00:24:55,600 --> 00:24:57,280 Speaker 1: has more on what's going on in New York and 433 00:24:57,359 --> 00:25:01,280 Speaker 1: around the world. Amy, Good morning. Nathan Annetiquette reporting its 434 00:25:01,280 --> 00:25:05,160 Speaker 1: first pediatric death of the flu. Seasoned health officials say 435 00:25:05,200 --> 00:25:07,320 Speaker 1: a child under the age of nine has passed away 436 00:25:07,359 --> 00:25:10,520 Speaker 1: in New Haven County. Officials are urging everyone over the 437 00:25:10,560 --> 00:25:13,000 Speaker 1: age of six months old to get a flu shot 438 00:25:13,040 --> 00:25:15,800 Speaker 1: as soon as possible. This as health officials are worried 439 00:25:15,800 --> 00:25:19,800 Speaker 1: about a COVID surge emerging in New York City. Epidemiologist 440 00:25:19,920 --> 00:25:23,399 Speaker 1: Eric Fiegelding tells ABC masking is really only part of it. 441 00:25:23,560 --> 00:25:28,119 Speaker 1: Masking is only one element of the total strategy to 442 00:25:28,280 --> 00:25:32,639 Speaker 1: mitigate against COVID. There's also testing, which the White House 443 00:25:33,080 --> 00:25:37,199 Speaker 1: has just announced UM free testing UM kids mailed to 444 00:25:37,359 --> 00:25:40,800 Speaker 1: every address in America. Cases and hospitalizations are on the rise. 445 00:25:40,880 --> 00:25:44,280 Speaker 1: After the Thanksgiving gatherings, the Senate passed a funding bill 446 00:25:44,320 --> 00:25:47,080 Speaker 1: to keep the federal government operating for one more week. 447 00:25:47,200 --> 00:25:50,679 Speaker 1: Senate Majority Leader Chuck Schumer says this gives lawmakers a 448 00:25:50,720 --> 00:25:53,440 Speaker 1: little more time to pass a year long spending bill 449 00:25:53,520 --> 00:25:55,960 Speaker 1: before they have to leave for their holiday break next week. 450 00:25:56,000 --> 00:25:59,320 Speaker 1: Hopefully we'll finish the job passing a package that will 451 00:25:59,400 --> 00:26:01,960 Speaker 1: keep the government been fully funded into next fall. The 452 00:26:01,960 --> 00:26:05,439 Speaker 1: new deadline is December. A woman from Medicine, New Jersey, 453 00:26:05,480 --> 00:26:08,800 Speaker 1: is among four people charged with providing financial assistance to 454 00:26:08,960 --> 00:26:13,439 Speaker 1: Islamic State. Seema Rahman is charged with providing material support 455 00:26:13,480 --> 00:26:16,840 Speaker 1: to a foreign terrorist organization. Authorities say she and three 456 00:26:16,880 --> 00:26:20,440 Speaker 1: others used cryptocurrency, go fund me and PayPal to raise 457 00:26:20,520 --> 00:26:24,320 Speaker 1: what they call blood money. Legislation prompted by Gabby Petito's 458 00:26:24,359 --> 00:26:27,879 Speaker 1: murder is waiting for President Biden's signature. Parents of the 459 00:26:27,880 --> 00:26:30,920 Speaker 1: New York Native are backing the Help Find the Missing Act, 460 00:26:31,160 --> 00:26:34,040 Speaker 1: which requires information on missing people to be entered into 461 00:26:34,080 --> 00:26:38,080 Speaker 1: the FBI's internal database then shared with the Department of Justice. 462 00:26:38,440 --> 00:26:40,680 Speaker 1: Under state law in New York is already required to 463 00:26:40,720 --> 00:26:43,320 Speaker 1: share information on the missing, but New Jersey and Connecticut 464 00:26:43,359 --> 00:26:45,879 Speaker 1: or not. Global News twenty four hours a day on 465 00:26:46,000 --> 00:26:48,680 Speaker 1: errand on Bloomberg quick Take, powered by more than twenty 466 00:26:48,720 --> 00:26:51,240 Speaker 1: seven hundred journalists and analysts and more than one hundred 467 00:26:51,280 --> 00:26:54,720 Speaker 1: twenty countries. I'm anymore is this is Bloomberg? Nathan? Thanks 468 00:26:59,640 --> 00:27:02,119 Speaker 1: five three on Wall Street time for the Bloomberg Sports Update, 469 00:27:02,119 --> 00:27:04,040 Speaker 1: brought to you by Try State Out. He Here's John's 470 00:27:04,480 --> 00:27:06,520 Speaker 1: all right, Nathan. So many teams have been shelling out 471 00:27:06,560 --> 00:27:09,080 Speaker 1: so much money, and the Yankees did commit three hundred 472 00:27:09,160 --> 00:27:12,000 Speaker 1: and sixty million dollars, but they already had Aaron Judge. 473 00:27:12,040 --> 00:27:14,640 Speaker 1: The Yanks had not added any one of real significance, 474 00:27:15,000 --> 00:27:17,560 Speaker 1: and now they had Carlos rodon Z r. A. Each 475 00:27:17,600 --> 00:27:20,639 Speaker 1: of the last two seasons was under three thirty year 476 00:27:20,680 --> 00:27:22,080 Speaker 1: old left. He comes to the Yanks with a six 477 00:27:22,200 --> 00:27:24,880 Speaker 1: year hundred and sixty two million dollar deal. Radon, once 478 00:27:24,920 --> 00:27:27,840 Speaker 1: the fourth overall pick of the two thousand fourteen draft 479 00:27:27,840 --> 00:27:30,119 Speaker 1: by the White Sox, spent this past season with the Giants. 480 00:27:30,160 --> 00:27:32,760 Speaker 1: He could be facing them in his Yankee debut. That's 481 00:27:32,760 --> 00:27:36,399 Speaker 1: who the Yanks open three season against. Nixon. Rangers have 482 00:27:36,520 --> 00:27:38,640 Speaker 1: both now won five games in a row. Nick's bring 483 00:27:38,680 --> 00:27:41,320 Speaker 1: that streak into a game tonight in Chicago, where they 484 00:27:41,320 --> 00:27:43,639 Speaker 1: won it overtime just two nights ago. Rangers last night 485 00:27:43,680 --> 00:27:46,119 Speaker 1: beat Toronto three one at the Garden, and three of 486 00:27:46,160 --> 00:27:49,240 Speaker 1: the five wins in the Street, Rangers allowed only one goal. 487 00:27:49,320 --> 00:27:51,360 Speaker 1: As for the Devils, they went a span of over 488 00:27:51,480 --> 00:27:54,200 Speaker 1: seven weeks, losing only three times. They've now dropped four 489 00:27:54,240 --> 00:27:57,200 Speaker 1: games in the past week, beaten by Philadelphia to to 490 00:27:57,240 --> 00:27:59,800 Speaker 1: one Eve, though the Devil's outshot the Flyers forty nine 491 00:28:00,200 --> 00:28:04,800 Speaker 1: the four. Brock Purdy, the NFL's only undefeated quarterback, last 492 00:28:04,800 --> 00:28:07,359 Speaker 1: player taking in the draft. He's gone from third string 493 00:28:07,400 --> 00:28:11,919 Speaker 1: to first his first ever road game to thirteen victory 494 00:28:11,920 --> 00:28:14,120 Speaker 1: at Seattle. That's the niners seventh win in a row. 495 00:28:14,480 --> 00:28:17,840 Speaker 1: They clinched the NFC West during the wind streak. They're 496 00:28:17,880 --> 00:28:21,800 Speaker 1: allowing only eleven points a games. Seahawks slump continues. That 497 00:28:21,880 --> 00:28:24,320 Speaker 1: helps the Giants in their quest to make the playoffs. 498 00:28:24,320 --> 00:28:28,040 Speaker 1: There's an NFL triple header tomorrow and then Sunday Jets 499 00:28:28,080 --> 00:28:31,639 Speaker 1: home for Red Hot Detroit. Sunday Night, the Giants visit Washington. 500 00:28:31,960 --> 00:28:35,280 Speaker 1: John Stasher, Bloomberg Sports, Nathan Okay, John stash Our, thank 501 00:28:35,320 --> 00:28:37,720 Speaker 1: you for that. The Bloomberg Sports Report was brought to 502 00:28:37,760 --> 00:28:40,960 Speaker 1: you by Autie. Don't let someone else drive off in 503 00:28:40,960 --> 00:28:44,600 Speaker 1: the outie model you've always wanted. Visit your locals Price 504 00:28:44,640 --> 00:28:47,160 Speaker 1: State Autie Dealer to get behind the wheel of yours today, 505 00:28:47,240 --> 00:28:52,600 Speaker 1: or visit outie Offers dot com for more information on 506 00:28:52,680 --> 00:28:54,120 Speaker 1: Wall Street. Want to keep you up to date on 507 00:28:54,160 --> 00:28:56,480 Speaker 1: what's happening on the roads. There's a bad crash north 508 00:28:56,480 --> 00:28:59,800 Speaker 1: found New Jersey Turnpike ahead of exit thirteen. Several lanes closed. 509 00:28:59,840 --> 00:29:02,760 Speaker 1: This is because there was a deadly accident involving a 510 00:29:02,800 --> 00:29:07,560 Speaker 1: tanker fuel truck, so expect significant delays again northbound Turnpike 511 00:29:07,640 --> 00:29:11,400 Speaker 1: before exit thirteen. It's now time for the Tri State 512 00:29:11,440 --> 00:29:14,680 Speaker 1: Business Report. Here's Bloomberg's a cory. The state of New 513 00:29:14,760 --> 00:29:18,640 Speaker 1: York is banning pet stores from selling dogs, cats, and rabbits. 514 00:29:18,880 --> 00:29:21,920 Speaker 1: A new law taking effect at the end of four 515 00:29:22,320 --> 00:29:24,760 Speaker 1: is meant to prevent the sale of animals raised by 516 00:29:24,760 --> 00:29:29,200 Speaker 1: commercial breeders accused of keeping them in inhumane conditions. A 517 00:29:29,240 --> 00:29:32,880 Speaker 1: group of apartments at Mercedes House, a luxury residential and 518 00:29:32,920 --> 00:29:36,880 Speaker 1: retail complex on Manhattan's West Side, is in contract to 519 00:29:36,960 --> 00:29:39,400 Speaker 1: sell for a little more than one hundred million dollars, 520 00:29:39,840 --> 00:29:43,400 Speaker 1: sources tell Bloomberg. Empire Capital Holdings is buying the one 521 00:29:43,480 --> 00:29:47,360 Speaker 1: hundred sixty two rental units. Investco acquire the units years 522 00:29:47,360 --> 00:29:50,520 Speaker 1: ago for one hundred seventy million dollars. A New York 523 00:29:50,560 --> 00:29:54,680 Speaker 1: based developer known for a luxury apartment complexes and formerly 524 00:29:54,760 --> 00:29:58,640 Speaker 1: owning the hotel Chelsea is betting on Miami's recent boom. 525 00:29:58,880 --> 00:30:02,440 Speaker 1: Should Treat Group is expanding it's Miami Presidents is The 526 00:30:02,440 --> 00:30:04,840 Speaker 1: company seeks to start sales next year or to three 527 00:30:04,920 --> 00:30:08,160 Speaker 1: hundred seventy eight unit condominium tower in that city. That 528 00:30:08,280 --> 00:30:11,960 Speaker 1: your Bloomberg drs Dague business report. I'm d Corey. Thanks 529 00:30:11,960 --> 00:30:14,240 Speaker 1: said it's coming up to five thirty seven on Wall Street. 530 00:30:14,560 --> 00:30:18,680 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 531 00:30:18,800 --> 00:30:21,960 Speaker 1: was written by the Bloomberg Editorial Board for all the 532 00:30:22,040 --> 00:30:27,600 Speaker 1: acrimonies surrounding immigration. Americans generally support two goals, giving undocumented 533 00:30:27,640 --> 00:30:30,120 Speaker 1: immigrants brought to the US as children a pathway to 534 00:30:30,200 --> 00:30:33,520 Speaker 1: legal status and securing the border. With only days left 535 00:30:33,600 --> 00:30:36,920 Speaker 1: in the current Congress, lawmakers have an opportunity to deliver 536 00:30:37,040 --> 00:30:40,760 Speaker 1: a breakthrough on both priorities. A proposal by Senators Tom 537 00:30:40,880 --> 00:30:44,400 Speaker 1: Tillis and Kirsen Cinema would provide a path to citizenship 538 00:30:44,600 --> 00:30:47,880 Speaker 1: for some two million undocumented immigrants known as dreamers, who 539 00:30:47,920 --> 00:30:49,760 Speaker 1: have lived in the US for much of their lives. 540 00:30:50,440 --> 00:30:52,600 Speaker 1: It would also extend a rule that allows for the 541 00:30:52,720 --> 00:30:55,640 Speaker 1: expedited removal of border crossers for at least a year. 542 00:30:56,040 --> 00:30:59,080 Speaker 1: The framework produces solid winds for each party at the 543 00:30:59,160 --> 00:31:02,560 Speaker 1: same time. Either side gets everything it wants. That's the 544 00:31:02,640 --> 00:31:05,560 Speaker 1: sign of a good compromise, and Congress should get it done. 545 00:31:05,960 --> 00:31:09,080 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 546 00:31:09,160 --> 00:31:12,000 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 547 00:31:12,080 --> 00:31:14,840 Speaker 1: opinion or O P I N go on the Bloomberg terminal. 548 00:31:15,120 --> 00:31:18,200 Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg 549 00:31:18,240 --> 00:31:22,200 Speaker 1: opinion editorials every weekday. At this time, terminal customers can 550 00:31:22,280 --> 00:31:26,080 Speaker 1: read more at O P I N GO. We're coming 551 00:31:26,160 --> 00:31:29,800 Speaker 1: up to on Wall Street now. SMP futures are down 552 00:31:30,000 --> 00:31:32,640 Speaker 1: forty eight points, Stown futures down three seventy one and 553 00:31:32,720 --> 00:31:36,080 Speaker 1: Nasdaq futures on the decline by a hundred thirteen points. 554 00:31:36,120 --> 00:31:38,440 Speaker 1: We're gonna get much more on this market. Sell off 555 00:31:38,600 --> 00:31:41,800 Speaker 1: straight ahead. Our investors pricing in a threat of recession. 556 00:31:42,320 --> 00:31:47,280 Speaker 1: Tracy McMillian, head of Global Asset at Wells Fargo, joins us. Next, 557 00:31:47,480 --> 00:31:56,160 Speaker 1: this is Bloomberg Live from the Bloomberg Interactive Burger Studios. 558 00:31:56,240 --> 00:32:00,440 Speaker 1: This is Bloomberg day Break for Friday, December six. Coming 559 00:32:00,480 --> 00:32:04,720 Speaker 1: up this hour, Uncertainty in markets over fed, tightening concerns. 560 00:32:05,320 --> 00:32:09,560 Speaker 1: Democratic leaders track a Biden run in a crackdown on 561 00:32:09,680 --> 00:32:13,960 Speaker 1: TikTok games, steam in congress, and Twitter suspends some accounts 562 00:32:14,080 --> 00:32:17,800 Speaker 1: covering Elon Musk. I'm Amy Morris. New York City is 563 00:32:17,840 --> 00:32:21,600 Speaker 1: cracking down on unlicensed cannabis products, while the state is 564 00:32:21,640 --> 00:32:25,600 Speaker 1: prohibiting pet stores from selling cats and dogs. I'm John 565 00:32:25,640 --> 00:32:28,040 Speaker 1: stash Hour Sports. The Yankees have signed free agent picture 566 00:32:28,080 --> 00:32:31,360 Speaker 1: Carlos Braddon the Rangers, one of the Devil's Lost One 567 00:32:31,480 --> 00:32:37,280 Speaker 1: in Seattle. That's all s Train ahead on Bloomberg Daybreak 568 00:32:37,600 --> 00:32:41,240 Speaker 1: on Bloomberg eleven Free on New York, Bloomberg nine one, 569 00:32:41,400 --> 00:32:45,320 Speaker 1: Washington d C, Bloomberg one oh six one, Boston, Bloomberg 570 00:32:45,440 --> 00:32:49,200 Speaker 1: nine sixties, San Francisco, Sirius x M one nine team, 571 00:32:49,440 --> 00:32:52,320 Speaker 1: and around the world on Bloomberg Radio dot com and 572 00:32:52,480 --> 00:32:59,640 Speaker 1: via the Bloomberg Business App. Good morning, I'm Nathan Hagar 573 00:33:00,080 --> 00:33:03,040 Speaker 1: and I'm Karen Moscow, US knock Indise. Futures are following 574 00:33:03,120 --> 00:33:05,480 Speaker 1: this morning. We checked the markets all day long here 575 00:33:05,600 --> 00:33:09,320 Speaker 1: on Bloomberg Radio and SMP. Futures are down about four 576 00:33:09,360 --> 00:33:12,240 Speaker 1: e two points this morning. Down futures down three fifteen. 577 00:33:12,280 --> 00:33:15,080 Speaker 1: That's down about nine tenths of uppercent. NASDAG future is 578 00:33:15,120 --> 00:33:17,840 Speaker 1: down about one percent or one hundred nine points. The 579 00:33:18,000 --> 00:33:21,000 Speaker 1: decks in Germany's down seven tenths of upper cent ten. 580 00:33:21,040 --> 00:33:23,600 Speaker 1: Your treasury down ten thirty seconds, you know, three point 581 00:33:23,640 --> 00:33:25,800 Speaker 1: for eight percent and a yield on the two year 582 00:33:25,920 --> 00:33:29,160 Speaker 1: four point to five percent. Nathan Karin. This morning's drop 583 00:33:29,280 --> 00:33:32,840 Speaker 1: in futures comes with concern over Central Bank tightening. The 584 00:33:33,040 --> 00:33:37,680 Speaker 1: SNP slid two and a half percent yesterday. Only home builders, healthcare, 585 00:33:37,760 --> 00:33:41,040 Speaker 1: and oil and gas companies posted gains. The commodity space 586 00:33:41,120 --> 00:33:43,440 Speaker 1: could be set up for more gains in the new year. 587 00:33:43,800 --> 00:33:46,320 Speaker 1: That's the view from Goldman Sachs, head of Commodity Research 588 00:33:46,400 --> 00:33:50,680 Speaker 1: Jeff Curry. What happens when China, the largest commodity consumer 589 00:33:50,720 --> 00:33:53,400 Speaker 1: in the world, the largest oil and border in the world, 590 00:33:53,720 --> 00:33:57,040 Speaker 1: begins to rebound significantly in the first part of next year, 591 00:33:57,320 --> 00:34:00,480 Speaker 1: It's going to tighten all these markets tremendously and put 592 00:34:00,520 --> 00:34:03,080 Speaker 1: a lot of upward pressure on prices in Jeff Kerry, 593 00:34:03,160 --> 00:34:06,000 Speaker 1: Goldman Sachs thinks commodities will be the best performing asset 594 00:34:06,080 --> 00:34:10,320 Speaker 1: class of global stocks. Meantime, nathan are headed for a 595 00:34:10,440 --> 00:34:13,480 Speaker 1: weekly slide. Is the FED, Bank of England and European 596 00:34:13,600 --> 00:34:17,280 Speaker 1: Central Bank dash hopes for more devish policy making. Green 597 00:34:17,360 --> 00:34:21,680 Speaker 1: Global chief Economistic Cruel Institute says central banks and markets 598 00:34:21,719 --> 00:34:24,400 Speaker 1: seem to be working against each other. The Fed is 599 00:34:24,440 --> 00:34:28,120 Speaker 1: effectively saying we're really serious guys to the markets, and 600 00:34:28,200 --> 00:34:30,920 Speaker 1: the markets keep trying to call their bluff. I think 601 00:34:30,960 --> 00:34:33,960 Speaker 1: both hoping that infletion will come down faster, but also 602 00:34:34,080 --> 00:34:36,480 Speaker 1: expecting a recession at some point in the middle of 603 00:34:36,520 --> 00:34:39,560 Speaker 1: the year, and questioning how strong the feds res al 604 00:34:39,680 --> 00:34:43,560 Speaker 1: really is to continue keeping policy tight making Grain with 605 00:34:43,680 --> 00:34:46,840 Speaker 1: Cruel Institute made a comments on Bloomberg's balance of power 606 00:34:46,920 --> 00:34:49,760 Speaker 1: with David weston Catch the Show weekdays at noon Eastern 607 00:34:49,840 --> 00:34:52,839 Speaker 1: on Bloomberg Radio and Television. Well in Asia overnight care 608 00:34:52,880 --> 00:34:54,920 Speaker 1: in the market sentiment was risk off as well in 609 00:34:55,040 --> 00:34:58,200 Speaker 1: reaction to the week central bank moves. Bloomberg Daybreak Asia 610 00:34:58,200 --> 00:35:01,920 Speaker 1: anchor Brian Curtis has more from Hong Kong. Asian stocks 611 00:35:01,960 --> 00:35:05,800 Speaker 1: traded mixed to lower as investors wrestled with Hawkey Central Banks. 612 00:35:05,920 --> 00:35:09,000 Speaker 1: Shares in Hong Kong and Maitland. China reversed early losses 613 00:35:09,239 --> 00:35:12,680 Speaker 1: while US futures were relatively stable. The threat of US 614 00:35:12,760 --> 00:35:15,960 Speaker 1: delisting ease for about two hundred companies from Hong Kong 615 00:35:16,040 --> 00:35:19,560 Speaker 1: and China, and that aided sentiment, and China pledge to 616 00:35:19,600 --> 00:35:23,320 Speaker 1: implement new measures for the property sector. Brian Curtis Spoomberg 617 00:35:23,440 --> 00:35:26,399 Speaker 1: Radio Right, Brian, thanks so. Turning to politics now, top 618 00:35:26,480 --> 00:35:30,439 Speaker 1: Democrats and Congress are backing Joe Biden and four How's figger. 619 00:35:30,520 --> 00:35:33,560 Speaker 1: Nancy Pelosi and sent A Majority leader Chuck Schumer both 620 00:35:33,640 --> 00:35:36,640 Speaker 1: tell CNN that President Biden should run for re election, 621 00:35:37,000 --> 00:35:39,560 Speaker 1: even as some Democrats urged the party to elevate a 622 00:35:39,680 --> 00:35:42,759 Speaker 1: younger generation of leaders. Is a person with a great 623 00:35:42,880 --> 00:35:46,799 Speaker 1: vision for our country. He's been involved for a long time, 624 00:35:46,840 --> 00:35:50,840 Speaker 1: so his great knowledge of the issues and the challenges 625 00:35:50,960 --> 00:35:54,240 Speaker 1: we face. In an interview on CNN, Pelosi said Biden 626 00:35:54,320 --> 00:35:57,640 Speaker 1: has been a great president, and Schumer added heat support 627 00:35:57,719 --> 00:36:01,279 Speaker 1: Biden all the way. Staying indec Karen, Congress appears to 628 00:36:01,320 --> 00:36:05,680 Speaker 1: be getting impatient with security concerns over China's influence on TikTok. 629 00:36:06,000 --> 00:36:09,080 Speaker 1: Bloomberg said Baxter has more on that story. Congress is 630 00:36:09,160 --> 00:36:11,759 Speaker 1: working on two bills that would limit or ban the 631 00:36:11,920 --> 00:36:14,400 Speaker 1: use of TikTok in the US. The first is the 632 00:36:14,440 --> 00:36:16,600 Speaker 1: one that passed the Senate this week, banning the use 633 00:36:16,680 --> 00:36:20,000 Speaker 1: of the platform on government owned mobile phones. House Speaker 634 00:36:20,080 --> 00:36:22,359 Speaker 1: Nancy Pelosi says she doesn't know if the House can 635 00:36:22,400 --> 00:36:25,279 Speaker 1: get to it this session. The second is Marco Rubio's 636 00:36:25,320 --> 00:36:28,920 Speaker 1: bill that would totally ban the website. Rubio says he 637 00:36:29,200 --> 00:36:32,880 Speaker 1: is very concerned about China's control and access to users 638 00:36:32,960 --> 00:36:36,560 Speaker 1: private information. The move to do something is definitely picked 639 00:36:36,640 --> 00:36:40,240 Speaker 1: up steam in San Francisco. I'm at Baxter Bloomberg Daybreak 640 00:36:40,360 --> 00:36:42,959 Speaker 1: alreat and thanks so returning to Twitter now Elon Musk 641 00:36:43,120 --> 00:36:46,239 Speaker 1: is making moves again to regulate content on the platform. 642 00:36:46,320 --> 00:36:49,880 Speaker 1: Twitter is now suspending the accounts of several journalists Bloomberg 643 00:36:49,920 --> 00:36:52,800 Speaker 1: Steve Rappaport joins us live at that story. See good morning, 644 00:36:52,920 --> 00:36:55,640 Speaker 1: Good morning, Karen and Nathan. People in the news business 645 00:36:55,760 --> 00:36:58,400 Speaker 1: made the news when Twitter blocked accounts of reporters from 646 00:36:58,400 --> 00:37:00,840 Speaker 1: The New York Times, The Washington Post, then other outlets. 647 00:37:01,040 --> 00:37:04,240 Speaker 1: Elon Musk says they were denied access for tracking private jets, 648 00:37:04,320 --> 00:37:09,600 Speaker 1: including his must describe sharing that information as basically assassination coordinates, 649 00:37:09,880 --> 00:37:12,000 Speaker 1: even though his jet can be tracked by using publicly 650 00:37:12,040 --> 00:37:15,080 Speaker 1: available flight data. The Twitter boss then conducted a poll 651 00:37:15,160 --> 00:37:18,040 Speaker 1: asking users when he should reinstate those accounts who disclosed 652 00:37:18,080 --> 00:37:21,719 Speaker 1: his exact location, the majority voting to remove the bands immediately, 653 00:37:22,080 --> 00:37:25,480 Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve. Thanks. 654 00:37:25,520 --> 00:37:28,480 Speaker 1: We have more news from one of Elon Musk's other companies, Tesla. 655 00:37:28,719 --> 00:37:31,239 Speaker 1: A day after he sold more shares, Tesla announced it's 656 00:37:31,280 --> 00:37:34,440 Speaker 1: ramping up suv production at its factory in Austin, Texas. 657 00:37:34,680 --> 00:37:37,520 Speaker 1: That story from Bloomberg's Charlie Pellett. It's a sign that 658 00:37:37,640 --> 00:37:40,680 Speaker 1: the electric carmaker is making up for lost time at 659 00:37:40,760 --> 00:37:44,480 Speaker 1: the money losing plant. Tesla shared the new production number 660 00:37:44,560 --> 00:37:47,799 Speaker 1: in a tweet. The milestone comes a week after Bloomberg 661 00:37:47,880 --> 00:37:50,840 Speaker 1: News report of the CEO Elon Musk, had asked the 662 00:37:50,880 --> 00:37:53,760 Speaker 1: head of the company's China division to get the Austin 663 00:37:53,880 --> 00:37:57,440 Speaker 1: factory up to speed. Extrapolated out over a year, that 664 00:37:57,560 --> 00:38:00,960 Speaker 1: production rate would get Tesla to about one hundred fifty 665 00:38:01,040 --> 00:38:04,320 Speaker 1: six thousand vehicles, which is still short of the annual 666 00:38:04,400 --> 00:38:08,080 Speaker 1: target of two hundred fifty thousand, but the company promoted 667 00:38:08,200 --> 00:38:11,680 Speaker 1: in its third quarter letter to shareholders in New York. 668 00:38:11,800 --> 00:38:14,640 Speaker 1: Charlie Pellott Bloomberg day Break, All right, Charlie, thank you. 669 00:38:14,719 --> 00:38:17,359 Speaker 1: A more news out of the Bahamas on disgraced ft 670 00:38:17,600 --> 00:38:20,280 Speaker 1: X founder Sam Bank been freed after a judge denied 671 00:38:20,320 --> 00:38:23,200 Speaker 1: a request for bail. The former CEO made a new 672 00:38:23,280 --> 00:38:28,000 Speaker 1: bail application before the Bahamas Supreme Court, as according to Reuter's. 673 00:38:28,080 --> 00:38:30,560 Speaker 1: Local media reports say the bail application is said to 674 00:38:30,640 --> 00:38:34,359 Speaker 1: be heard in mid January, and futures are following this morning. 675 00:38:34,520 --> 00:38:37,560 Speaker 1: S and P futures down one percent down forty one 676 00:38:37,640 --> 00:38:40,319 Speaker 1: points down. Futures are down three hundred points or nine 677 00:38:40,400 --> 00:38:43,040 Speaker 1: tenths of a percent, and NASDAC futures down a hundred 678 00:38:43,080 --> 00:38:45,839 Speaker 1: three points are also nine tenths of a percent. Straight 679 00:38:45,840 --> 00:38:48,360 Speaker 1: ahead your latest local headlines, plus a check of sports, 680 00:38:48,440 --> 00:38:54,400 Speaker 1: and this is Bloomberg. I think you, Karen. It is 681 00:38:54,560 --> 00:38:58,400 Speaker 1: uh forty two degrees rainy in Central Park. We expect 682 00:38:58,440 --> 00:38:59,960 Speaker 1: the rain to continue through the day. It's going to 683 00:39:00,120 --> 00:39:03,080 Speaker 1: breezy with high sneer fifty degrees. It will turn partly 684 00:39:03,120 --> 00:39:06,240 Speaker 1: cloudy overnight though as the rain ends, as showers flows 685 00:39:06,440 --> 00:39:08,840 Speaker 1: in the mid thirties. Time not it will take a 686 00:39:08,880 --> 00:39:10,640 Speaker 1: look at some of the other stories making news in 687 00:39:10,760 --> 00:39:12,520 Speaker 1: New York and around the world. For that way, You're 688 00:39:12,600 --> 00:39:15,720 Speaker 1: joined by Bloomberg's Amy Morris. Good morning, Amy, Good morning, Nathan. 689 00:39:15,800 --> 00:39:19,760 Speaker 1: New York City cracking down on illegal, unlicensed cannabis products. 690 00:39:19,840 --> 00:39:23,080 Speaker 1: Authorities have seized more than one hundred thousand items worth 691 00:39:23,160 --> 00:39:25,479 Speaker 1: more than four million dollars in an effort to clear 692 00:39:25,560 --> 00:39:28,680 Speaker 1: the way for licensed vendors as the state tries to 693 00:39:28,840 --> 00:39:33,279 Speaker 1: legalize and tax the marijuana market. COVID cases, hospitalizations, and 694 00:39:33,400 --> 00:39:37,680 Speaker 1: deaths are all on the rise after Thanksgiving gatherings. Epidemiologist 695 00:39:37,880 --> 00:39:41,480 Speaker 1: Eric Fengel Dane tells ABC that the biggest jump is 696 00:39:41,520 --> 00:39:43,840 Speaker 1: in New York City. New York City is seeing the 697 00:39:44,000 --> 00:39:48,000 Speaker 1: fastest surge of cases. They're not just high transmission, but 698 00:39:48,080 --> 00:39:51,600 Speaker 1: they're all UH. They're also at high community levels and 699 00:39:51,800 --> 00:39:55,120 Speaker 1: wastewater surging. Also in New York City. Dr Figel Dane 700 00:39:55,160 --> 00:39:57,960 Speaker 1: recommends you wear a mask on public transit or when 701 00:39:57,960 --> 00:40:01,000 Speaker 1: you're in public. The Senate has past a one week 702 00:40:01,080 --> 00:40:04,200 Speaker 1: government funding bill intended to avert a Saturday shutdown. Senate 703 00:40:04,239 --> 00:40:07,600 Speaker 1: Majority Leader Chuck Schumer says the extension will let lawmakers 704 00:40:07,640 --> 00:40:11,880 Speaker 1: finish negotiations for next year's spending. No drama, no gridlock, 705 00:40:12,440 --> 00:40:15,239 Speaker 1: no government shutdown this week. It's a win for the 706 00:40:15,320 --> 00:40:18,879 Speaker 1: American people. The bill gives negotiators until December twenty three 707 00:40:18,960 --> 00:40:21,640 Speaker 1: to hash out agreements on the roughly one point seven 708 00:40:21,719 --> 00:40:26,080 Speaker 1: trillion dollar fiscal spending package. The state of New York 709 00:40:26,239 --> 00:40:30,040 Speaker 1: is banning pet stores from selling dogs, cats, and rabbits. 710 00:40:30,360 --> 00:40:33,480 Speaker 1: Pet stores fought against this bill, arguing it would effectively 711 00:40:33,480 --> 00:40:35,800 Speaker 1: put them out of business. The New York Times reports 712 00:40:35,880 --> 00:40:38,680 Speaker 1: the aim is to stop these so called puppy mill pipeline. 713 00:40:39,040 --> 00:40:41,960 Speaker 1: The band takes effect at the end of as the 714 00:40:42,080 --> 00:40:44,960 Speaker 1: U S Africa Leaders Summit comes to a close. Secretary 715 00:40:45,000 --> 00:40:48,200 Speaker 1: of State Anthony B. Lincoln reaffirmed the US commitment to 716 00:40:48,360 --> 00:40:52,399 Speaker 1: providing aid for African nations impacted by famine and war. 717 00:40:52,600 --> 00:40:55,520 Speaker 1: Much of this assistance has gone to African countries which 718 00:40:55,560 --> 00:40:58,840 Speaker 1: have been disproportionately impacted by the drivers of hunger, COVID 719 00:40:59,320 --> 00:41:03,759 Speaker 1: climate and conflicts, and by President Putin's warren Ukraine, which 720 00:41:03,800 --> 00:41:07,000 Speaker 1: has made a serious crisis much worse. Lincoln says the 721 00:41:07,120 --> 00:41:10,160 Speaker 1: United States has provided more than eleven billion dollars in 722 00:41:10,200 --> 00:41:14,080 Speaker 1: the past year to address global hunger and improve nutrition. 723 00:41:14,400 --> 00:41:16,719 Speaker 1: Global News twenty four hours a day on air end 724 00:41:16,760 --> 00:41:20,040 Speaker 1: on Bloomberg Quickdake, powered by more than twenty seven hundred 725 00:41:20,120 --> 00:41:23,040 Speaker 1: journalists and analysts in more than one hundred twenty countries. 726 00:41:23,440 --> 00:41:26,800 Speaker 1: I'm Amy Morris. This is Bloomberg Nathan. Okay, Amy, Thanks. 727 00:41:31,600 --> 00:41:33,440 Speaker 1: I'm now for a Bloomberg Sports update, brought to you 728 00:41:33,560 --> 00:41:36,560 Speaker 1: by Tri stayed Out. A good morning, John stennshop your morning, Nathan. 729 00:41:36,600 --> 00:41:39,320 Speaker 1: The Yankees have now checked off the first two items 730 00:41:39,400 --> 00:41:41,799 Speaker 1: on their off season to do list. Number one, keep 731 00:41:41,840 --> 00:41:45,080 Speaker 1: Aaron Judge. Number two was at a quality starting pitcher, 732 00:41:45,120 --> 00:41:47,040 Speaker 1: and they've now done that with the edition of Carlos 733 00:41:47,160 --> 00:41:49,399 Speaker 1: raddan thirty year old left He gets a six year 734 00:41:49,440 --> 00:41:52,040 Speaker 1: deal hundred and sixty two million. He's been at All 735 00:41:52,080 --> 00:41:54,719 Speaker 1: Star twice the last two seasons, first with the White 736 00:41:54,760 --> 00:41:56,560 Speaker 1: Sox in this passion with the Giants, his e r 737 00:41:56,600 --> 00:41:59,600 Speaker 1: A was under three. Next on the Yankee shopping list, 738 00:41:59,640 --> 00:42:02,480 Speaker 1: could be an outfielder at the Garden. Rangers scored once 739 00:42:02,520 --> 00:42:04,560 Speaker 1: in each period, the last two by Jimmy VC. They 740 00:42:04,640 --> 00:42:06,640 Speaker 1: made it five wins in a row, three one over 741 00:42:06,719 --> 00:42:09,080 Speaker 1: Toronto and Newark. The Devil's gonna early go from jack 742 00:42:09,200 --> 00:42:12,480 Speaker 1: Us to his sixteenth, but Philadelphia got forty eight season. 743 00:42:12,640 --> 00:42:14,960 Speaker 1: Carter Hart and the Flyers won two to one, and 744 00:42:15,000 --> 00:42:16,839 Speaker 1: that's the Devil's fourth loss in a row. The Nicks, 745 00:42:16,840 --> 00:42:20,239 Speaker 1: who one Wednesday at Chicago, play there again tonight. Nicks 746 00:42:20,280 --> 00:42:22,880 Speaker 1: have won their last five nets are winners, are four straight, 747 00:42:22,920 --> 00:42:25,799 Speaker 1: eight of nine, and they're in Toronto. Steph Curry won't 748 00:42:25,840 --> 00:42:28,160 Speaker 1: play for Golden State in Philadelphia. He's gonna miss a 749 00:42:28,200 --> 00:42:30,880 Speaker 1: few weeks with an injured shoulder, and with him, the 750 00:42:30,920 --> 00:42:33,920 Speaker 1: Warriors are under five hundred forty. Niners stay red hot. 751 00:42:34,000 --> 00:42:36,400 Speaker 1: Their seventh win in a row. It came in Seattle 752 00:42:37,280 --> 00:42:41,000 Speaker 1: comes lap throws down the sideline wide at George Kettle, 753 00:42:41,320 --> 00:42:45,440 Speaker 1: thirty twenty cuts, sit side, ten cut, sit side again, 754 00:42:45,960 --> 00:42:54,960 Speaker 1: tops down. Said sisters came to our fifty four yard 755 00:42:55,040 --> 00:42:57,799 Speaker 1: or second of two touchdown hookups between the rookie Brock 756 00:42:57,880 --> 00:43:00,520 Speaker 1: Purdy and George Kittle. The Niners one one, thirteen, they've 757 00:43:00,560 --> 00:43:03,560 Speaker 1: clinched the NFC West Seahawks have lost four or five. 758 00:43:03,640 --> 00:43:06,200 Speaker 1: That helps the Giants who are in contention with Seattle 759 00:43:06,480 --> 00:43:09,520 Speaker 1: to the last two NFC playoff spots. Washington part of 760 00:43:09,600 --> 00:43:12,800 Speaker 1: that battle. Giants go there on Sunday night. Jos the 761 00:43:12,800 --> 00:43:15,760 Speaker 1: actual our Bloomberg Sports. All right, John, thank you. Bloomberg 762 00:43:15,800 --> 00:43:17,799 Speaker 1: Sports was brought to you by Audie. Don't let someone 763 00:43:17,840 --> 00:43:20,040 Speaker 1: else drive off in the Audi model you've always wanted. 764 00:43:20,360 --> 00:43:22,680 Speaker 1: Visit your local price state Audi dealer to get behind 765 00:43:22,680 --> 00:43:25,680 Speaker 1: the wheel of yours today, or visit Autie offers dot 766 00:43:25,760 --> 00:43:28,360 Speaker 1: com for more information. On the road this morning, be 767 00:43:28,480 --> 00:43:31,440 Speaker 1: on the lookout for a bad crash northbound New Jersey 768 00:43:31,520 --> 00:43:34,719 Speaker 1: Turnpike just before exit thirteen. We're hearing his number of 769 00:43:34,880 --> 00:43:38,440 Speaker 1: lanes are closed. It's because of a deadly accident involving 770 00:43:38,480 --> 00:43:41,080 Speaker 1: a tanker fuel truck so if you're headed that way, 771 00:43:41,200 --> 00:43:45,760 Speaker 1: expect significant delays. Again. It's on the northbound Turnpike ahead 772 00:43:45,800 --> 00:43:54,520 Speaker 1: of exit thirteen in New Jersey. Live from coast to coast, 773 00:43:54,680 --> 00:43:58,040 Speaker 1: from New York to San Francisco, Boston to Washington, d C. 774 00:43:58,480 --> 00:44:02,320 Speaker 1: Nationwide on Sirius, SIMP, the Bloomberg Business app, and Bloomberg 775 00:44:02,400 --> 00:44:07,480 Speaker 1: dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hagar. 776 00:44:07,520 --> 00:44:09,759 Speaker 1: Want to get right to this market now as we 777 00:44:10,080 --> 00:44:14,799 Speaker 1: end a very volatile week following some hawkish rhetoric from 778 00:44:14,880 --> 00:44:17,440 Speaker 1: central banks around the world. We are joined live this 779 00:44:17,600 --> 00:44:22,080 Speaker 1: morning by Jeffrey You, senior strategist at b n y Melon. Jeff, 780 00:44:22,160 --> 00:44:23,960 Speaker 1: it's good to speak with you this morning. Is this 781 00:44:24,080 --> 00:44:26,440 Speaker 1: a market that's starting to come to grips with the 782 00:44:26,560 --> 00:44:29,799 Speaker 1: idea that central banks mean what they say when they 783 00:44:29,880 --> 00:44:33,200 Speaker 1: say that rates are going to stay higher for longer, Well, 784 00:44:33,239 --> 00:44:35,520 Speaker 1: it's about time to right now. This has been within 785 00:44:35,600 --> 00:44:38,200 Speaker 1: our expectations, you know, throughout you know, in our Year Ahead, 786 00:44:38,239 --> 00:44:42,759 Speaker 1: we are highlighted that that said the part would be high, 787 00:44:43,040 --> 00:44:45,840 Speaker 1: not extremely high, but high as in five percent at 788 00:44:45,920 --> 00:44:48,319 Speaker 1: least some bucks for longer and stressing up a longer 789 00:44:48,400 --> 00:44:52,719 Speaker 1: side of things. Because I'm the FED. Once real rates higher, uh, 790 00:44:52,840 --> 00:44:55,320 Speaker 1: and if inflation is going to be stubborn, you know, 791 00:44:55,400 --> 00:45:00,040 Speaker 1: than rates the real rates and cannot come off and 792 00:45:00,480 --> 00:45:04,400 Speaker 1: with just relying on the non moordinar side and alone, right, 793 00:45:04,480 --> 00:45:07,719 Speaker 1: so you need to to push the envelope on the 794 00:45:07,800 --> 00:45:10,160 Speaker 1: non north side. And were with the ECB and and 795 00:45:10,239 --> 00:45:12,440 Speaker 1: I was saying, they say the economy is in a 796 00:45:12,520 --> 00:45:14,920 Speaker 1: better place, so you know, demanded them. They're both on 797 00:45:15,040 --> 00:45:18,279 Speaker 1: domestic side of things. And you know from the international 798 00:45:18,440 --> 00:45:20,480 Speaker 1: you know, push especially of China, the opening in that 799 00:45:20,560 --> 00:45:22,600 Speaker 1: benefits to the Eurozone as well. So if the inflation 800 00:45:22,719 --> 00:45:24,719 Speaker 1: risks to the upside, then you know, why not keep 801 00:45:24,760 --> 00:45:26,480 Speaker 1: great them higher for longer? And I think the ECB 802 00:45:26,760 --> 00:45:28,960 Speaker 1: markets adjusting higher terminal rates as well. You know, that 803 00:45:29,040 --> 00:45:32,120 Speaker 1: was something that's unexpected and would also highlight way three 804 00:45:32,160 --> 00:45:34,400 Speaker 1: months or four months, and the POJ might join the 805 00:45:34,520 --> 00:45:39,359 Speaker 1: fray as well. So is recession fear replacing inflation fear 806 00:45:39,560 --> 00:45:43,799 Speaker 1: as the bigger risk for this market? On the contrary, right, 807 00:45:43,920 --> 00:45:46,640 Speaker 1: And at this point is really really clear here, I 808 00:45:46,760 --> 00:45:50,440 Speaker 1: think central banks are actually more hawkish because they are 809 00:45:50,560 --> 00:45:54,600 Speaker 1: less worried about recession. Markets need to get their sequencing right. 810 00:45:55,080 --> 00:45:58,560 Speaker 1: It's because economies have been so resilient such as that 811 00:45:58,640 --> 00:46:01,080 Speaker 1: central banks are willing to push the envelopes a bit. Right. 812 00:46:01,280 --> 00:46:03,239 Speaker 1: The central banks have said and in the past now 813 00:46:03,360 --> 00:46:06,120 Speaker 1: that some pain is needed, of course, but you know, 814 00:46:06,160 --> 00:46:08,160 Speaker 1: they're not going to destroy the economy or anything, you know, 815 00:46:08,239 --> 00:46:10,520 Speaker 1: and like that. It's just in short, there's a lid 816 00:46:10,640 --> 00:46:12,800 Speaker 1: on demand. That because in the U S side the 817 00:46:12,880 --> 00:46:15,520 Speaker 1: labor market strong and in Eurozone we've had strong fiscal 818 00:46:15,600 --> 00:46:20,440 Speaker 1: support um that demand um easing has not come at 819 00:46:20,520 --> 00:46:23,719 Speaker 1: strong enopper pace. So in the central banks feel comfortable 820 00:46:23,960 --> 00:46:26,319 Speaker 1: pushing things forward a bit, I mean evenly a Bank 821 00:46:26,360 --> 00:46:28,040 Speaker 1: of England for example, and I think they're making a 822 00:46:28,320 --> 00:46:31,200 Speaker 1: policy area here, and they're pointing to the fact that 823 00:46:31,239 --> 00:46:33,480 Speaker 1: demand has been a bit more resilient than expected, and 824 00:46:33,800 --> 00:46:35,719 Speaker 1: looking at the data today, you know, probably does less 825 00:46:35,760 --> 00:46:37,680 Speaker 1: the case in the UK compares to the Eurozone and 826 00:46:37,760 --> 00:46:40,680 Speaker 1: in the US. But it's the fact that economies are 827 00:46:40,880 --> 00:46:43,400 Speaker 1: stronger than expected which is allowing central banks to do 828 00:46:43,560 --> 00:46:46,520 Speaker 1: what they're doing, rather than suddenly thinking, oh, central banks 829 00:46:46,520 --> 00:46:48,640 Speaker 1: are pushing for a recession. You know, those sequence is 830 00:46:48,719 --> 00:46:52,320 Speaker 1: completely wrong. So how do you read the new Summary 831 00:46:52,320 --> 00:46:55,440 Speaker 1: of Economic Predictions? From the Federal Reserve. Then they're calling 832 00:46:55,520 --> 00:46:59,880 Speaker 1: for higher unemployment into the next year or so it is. 833 00:47:00,160 --> 00:47:03,760 Speaker 1: Is that more of a rhetorical move by the Federal 834 00:47:03,840 --> 00:47:10,440 Speaker 1: Reserve or could we see the labor market start to crack? Um. So, 835 00:47:10,840 --> 00:47:12,600 Speaker 1: I don't want to be over dramatic about this, but 836 00:47:12,719 --> 00:47:15,560 Speaker 1: the labor market growth is going to slow, right, So 837 00:47:15,680 --> 00:47:17,759 Speaker 1: we need to look at the first derivative universities the 838 00:47:17,800 --> 00:47:21,520 Speaker 1: second derivative, right, because standards are so high right now, 839 00:47:21,680 --> 00:47:25,400 Speaker 1: because the labor market has been hot in many economies 840 00:47:25,480 --> 00:47:28,879 Speaker 1: around the world. Right when things begin to slow, that's 841 00:47:28,920 --> 00:47:31,400 Speaker 1: what we're looking for, that inflection point when growth starts 842 00:47:31,440 --> 00:47:34,640 Speaker 1: to slow, not cracking, not suddenly unemployment and rising aggressively 843 00:47:34,880 --> 00:47:38,400 Speaker 1: or anything like that. So first you go employment, so um, 844 00:47:39,000 --> 00:47:42,200 Speaker 1: employment growth slows and then maybe unemployment is going to 845 00:47:42,239 --> 00:47:45,320 Speaker 1: start to rise. The maps and natural progression of the 846 00:47:45,400 --> 00:47:48,239 Speaker 1: slowdown that's needed, that is part of the cycle. So 847 00:47:48,280 --> 00:47:50,360 Speaker 1: again going back to my first point, now that so 848 00:47:50,600 --> 00:47:52,640 Speaker 1: some pain so to speak, in the which in share 849 00:47:52,719 --> 00:47:55,960 Speaker 1: Powell and others than have them highlighted. Governor Bailias highlighted 850 00:47:56,000 --> 00:47:59,640 Speaker 1: as well that natural parts of the process where the 851 00:48:00,200 --> 00:48:04,080 Speaker 1: labor market is less hot and then inflation comes back 852 00:48:04,120 --> 00:48:07,360 Speaker 1: to target. But as the dot plots have them indicated, 853 00:48:07,440 --> 00:48:10,080 Speaker 1: and you need to be consistent here. Once we get 854 00:48:10,239 --> 00:48:13,320 Speaker 1: labor market down towards of normalized levels, then you no 855 00:48:13,520 --> 00:48:17,000 Speaker 1: longer need restrictive rates, right, then rates can start to 856 00:48:17,080 --> 00:48:20,000 Speaker 1: come down. Right. It's just we're not there yet. Uh. 857 00:48:20,120 --> 00:48:22,160 Speaker 1: And this new regime we're in, I just still think 858 00:48:22,200 --> 00:48:23,920 Speaker 1: the markets are still getting used to when you know, 859 00:48:24,040 --> 00:48:27,320 Speaker 1: after over a decade of in a relatively use monetary policy. 860 00:48:27,640 --> 00:48:29,920 Speaker 1: So in our last minute here, Jeff, what is the 861 00:48:30,000 --> 00:48:34,600 Speaker 1: trajectory for markets into the new year with more central 862 00:48:34,640 --> 00:48:38,600 Speaker 1: bank tightening to come? Um So, in the market are 863 00:48:38,680 --> 00:48:41,359 Speaker 1: going to be mixed? Um So, a lot of will 864 00:48:41,440 --> 00:48:43,600 Speaker 1: the hinge on? So you know where central banks and 865 00:48:43,760 --> 00:48:45,960 Speaker 1: end up of course, so you know that's where we 866 00:48:46,000 --> 00:48:47,640 Speaker 1: start on the defensive. No, No, the war is going 867 00:48:47,680 --> 00:48:49,400 Speaker 1: to play a role, but also in a China reopening 868 00:48:49,520 --> 00:48:51,640 Speaker 1: is going to play a role as well. And I 869 00:48:51,680 --> 00:48:54,040 Speaker 1: think on that note, a lot of experty markets globally, 870 00:48:54,040 --> 00:48:57,000 Speaker 1: you know, could benefit in Asia, you know, in Europe 871 00:48:57,080 --> 00:48:59,200 Speaker 1: and of the service detector, and also in the industrial 872 00:48:59,239 --> 00:49:01,319 Speaker 1: sector in the US on the margins in a mine, 873 00:49:01,320 --> 00:49:03,359 Speaker 1: as for example, you know they start in competitive We've 874 00:49:03,400 --> 00:49:06,239 Speaker 1: had reports today of China starting to purchase something the 875 00:49:06,320 --> 00:49:08,359 Speaker 1: iron ale and bolt them as well. So those things 876 00:49:08,400 --> 00:49:11,120 Speaker 1: that could be positive at Central banks will start lean 877 00:49:11,239 --> 00:49:13,160 Speaker 1: against it. But I don't think they're going to crack 878 00:49:13,200 --> 00:49:16,400 Speaker 1: the Columny or Crashlade markets or anything like that. So difficult, 879 00:49:16,760 --> 00:49:19,200 Speaker 1: but because position is so light, there will be opportunities happen. 880 00:49:19,880 --> 00:49:21,920 Speaker 1: Thanks so much for this, Jeff great as always to 881 00:49:22,000 --> 00:49:25,000 Speaker 1: get your thoughts Jeffrey Mellon or Jeffrey you, I should 882 00:49:25,040 --> 00:49:27,400 Speaker 1: say it works for b n Y Melon as the 883 00:49:27,480 --> 00:49:30,680 Speaker 1: senior strategist again. Thanks Jeffer. Joining us here this morning 884 00:49:30,760 --> 00:49:35,040 Speaker 1: on Bloomberg Daybreak, as we continue to watch markets move lower, 885 00:49:35,239 --> 00:49:37,960 Speaker 1: SMP futures now down one point two percent to drop 886 00:49:38,000 --> 00:49:40,319 Speaker 1: a forty seven points. STOW futures are lower by three 887 00:49:40,360 --> 00:49:43,120 Speaker 1: hundred fifty six points. That's the decline of one point 888 00:49:43,200 --> 00:49:46,520 Speaker 1: one percent. NASDAC futures down one percent or a hundred 889 00:49:46,600 --> 00:49:49,320 Speaker 1: fifteen points. This is Bloomberg