Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at
Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow. US dot index Future is declining on
Speaker 1: the final trading day of the year as financial markets
Speaker 1: close out the worst year in more than a decade
Speaker 1: for global equities and bonds. We check the markets all
Speaker 1: day long here on Bloomberg s and P Futures or
Speaker 1: down about four tenths of upper cent or fifteen points down,
Speaker 1: futures down a third of upper cent or a hundred
Speaker 1: nine points, and as dack features down four tens of
Speaker 1: uppercent for forty six points. Ten year treasury down nine
Speaker 1: thirty seconds. You know three point eight four percent That
Speaker 1: yield on the two year four point three eight percent.
Speaker 1: NIMEX screwed oil is down a tenth of upper cent
Speaker 1: or eight cents at seventy eight dollars thirty two cents
Speaker 1: a barrel co make school little changed at a dollar
Speaker 1: thirty At eighteen twenty four, seventy announced the euro one
Speaker 1: point six eight two against the dollar, British pound one
Speaker 1: point to zero three seven. The end one one, eight two,
Speaker 1: and bitcoin is down six tent seven percent. It's it
Speaker 1: just under sixteen thousand, five hundred dollars, and that's a
Speaker 1: Bloomberg business flash, John Karen, thanks a lot. That brings
Speaker 1: us to six fifties six on Wall Street. Time to
Speaker 1: take a look at some of the stocks and names
Speaker 1: that are moving to the pre market. For that, we're
Speaker 1: joined by Bloomberg, Radio and TV Markets corresponded pretty grouped.
Speaker 1: For the new year, I resolve to be a little
Speaker 1: less focused on some of the specific names and more
Speaker 1: focused on sectors a worthy cause, I think a worthy
Speaker 1: resolution for sure. I would say that because I just
Speaker 1: I don't know, there's nothing that really stands out and
Speaker 1: excites me this morning. Yeah, I think that's fair. I mean,
Speaker 1: look you, I'm looking at the SPI right now to
Speaker 1: five and five stocks that are training. There only four
Speaker 1: that are in the green right now, so pretty broad
Speaker 1: sell off when you look at it. Some of the
Speaker 1: worst performing companies are actually in the biotech space, there,
Speaker 1: in the commodity space, there in the uh kind of
Speaker 1: um airline space. The ones that were rebounding or had
Speaker 1: little pockets of green this week are all selling off.
Speaker 1: Today's your worst performer. For example, this morning in pre
Speaker 1: market trading's Norwegian Cruise Lines and c l H down
Speaker 1: one point seven percent, and it's joined by some of
Speaker 1: the other kind of volatility players think Airlines, Cruise Lines,
Speaker 1: American Airlines is up there as well, a L down
Speaker 1: one two percent, as well as some of the casino
Speaker 1: names UM which have that exposure to China, which have
Speaker 1: also been kind of a volatility play as of late.
Speaker 1: LVS is for Las Vegas Sands down about one percent
Speaker 1: as well. So you can see, uh, the ones that
Speaker 1: are the most volatile are the ones that are selling
Speaker 1: off the most surprise. Surprise, but there is some green
Speaker 1: on the screen. Like I mentioned, there are two actually
Speaker 1: kind of interesting stories. We have to talk about Tesla
Speaker 1: because Tesla is making its rebound again third day in
Speaker 1: a row. T s l a UM up about seven
Speaker 1: tenths of one percent, and by the way, it is
Speaker 1: now the biggest mover this morning, but not far behind
Speaker 1: it is Murk and this is actually a fundamental story.
Speaker 1: On the last trading day of the year, m r
Speaker 1: K chairs are up about seven tenths of one sent
Speaker 1: and by the way, seeing the most volume in the
Speaker 1: pre market. That title usually goes to Tesla. So today
Speaker 1: Mark actually getting in. This coming after China approves Mark's
Speaker 1: COVID therapy given that they have a shortage of drugs,
Speaker 1: so they've approved Mark's COVID nineteen anti viral for emergency use.
Speaker 1: And of course this comes after Beijing is looking to
Speaker 1: expand and really accelerate their reopening. They have their own drugs,
Speaker 1: but they're not m R and A based and there's
Speaker 1: some anecdotal evidence to suggest that those vaccines in China
Speaker 1: aren't really great. And this is Remember this isn't the vaccine,
Speaker 1: this is the like if you get covid, how you
Speaker 1: treat So it's the Mark. But I remember they had
Speaker 1: already cleared Pax Slovid from fiser Um earlier this year
Speaker 1: because there were last trading day of the year. I was,
Speaker 1: I guess yesterday might qualify for Santa Claus rally. I
Speaker 1: suppose we heard so much about the tax harvesting year
Speaker 1: of does that account for some of the selling? Well,
Speaker 1: we don't know. I think something you have to wait,
Speaker 1: check with my accountant. Yeah, like see see if he
Speaker 1: did something something there? But you mentioned the Santa rally,
Speaker 1: I mean look out of the last five trading days
Speaker 1: of the year, only two in the green TV markets
Speaker 1: corresponded Crittic Group to thanks and looking at stocks as
Speaker 1: a whole right now ahead of they can't show up
Speaker 1: in SMB futures down fifteen points, the DAL futures one
Speaker 1: hundred fourteen points lower, and the anzac Emity futures right
Speaker 1: now are down forty eight points for Critty. For Karen Moscow,
Speaker 1: I'm John Tucker. Bloomberg Surveillance is straight ahead, live from
Speaker 1: the financial capital of the world, broadcasting across the globe.
Speaker 1: This is WBBR, New York, Bloomberg. He lived Trio. Now
Speaker 1: going into next year, everyone is parished, right, gonna have
Speaker 1: this massive recession. Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business
Speaker 1: lash and I'm far in Moscow. It is the final
Speaker 1: trading day of the year. Futures are lower. We go
Speaker 1: to the first Word breaking news desk for today's morning call,
Speaker 1: and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen.
Speaker 1: That's right. US futures are pointing to a lower open
Speaker 1: Without futures down sixty seven points, SAPES drop nine, and
Speaker 1: NASTAC futures a lower by thirty. The US ten year
Speaker 1: at three point eight five percent, Gold is up three,
Speaker 1: oil is in the red, and bitcoin is trading lower
Speaker 1: by point six percent. Shanghai rose half a percent overnight,
Speaker 1: while up and markets are also in the red this
Speaker 1: morning and back in the US on the economic front
Speaker 1: at nine Chicago p m I. In other news, the
Speaker 1: b o J went big again with the third day
Speaker 1: of unscheduled bond purchases and wrapping things up. The S
Speaker 1: and P five hundred is on course for its worst
Speaker 1: year since two thousand and eight. Live from the First
Speaker 1: to Breaking News desk on billm care Alright, Bil, thank you,
Speaker 1: and here live breaking news over your Bloomberg type squawk
Speaker 1: on your terminal SCU you a w K. That's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Karen. A House
Speaker 1: committee has sets released six years of Donald Trump's tax
Speaker 1: returns today, pulling back the curtain on financial records that
Speaker 1: the former president fought for years to keep secret. Southwest
Speaker 1: Airline says it expects to return to a normal flight
Speaker 1: schedule today. The declaration comes after nearly a week of
Speaker 1: cancelations and delays for travelers. Thursday night football, the Cowboys
Speaker 1: beat the Titans in the NBA. The next loss the
Speaker 1: Celtics won in the NHL. The Rangers lost in the
Speaker 1: shootout to the Lightning to one, the Islanders won the
Speaker 1: Capital's lost in overtime to the Senators for three, and
Speaker 1: soccer legend Pelee has died after a battle with cancer.
Speaker 1: He was eighty two Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr, this is Bloomberg, Karen alright,
Speaker 1: Michael Barr, thing Q six forty two on Wall Street.
Speaker 1: Let's turn to news and science and technology now with
Speaker 1: the Bloomberg and j I T Stem Report. And here's
Speaker 1: just making news and science, technology, engineering, and math. U
Speaker 1: S officials approve the US Health officials approval process for
Speaker 1: Biogen controversial for Biogen's controversial Alzheimer's drug was rife with
Speaker 1: the regularities. According to our report by two House committees,
Speaker 1: They called the FDA's collaboration with Biogen while assessing the
Speaker 1: drug excessive. The report also criticized Biogen for setting an
Speaker 1: unjustifiably high yearly price for the product. The Japanese subsidiary
Speaker 1: of SAM bankman Freed's bankrupt cryptocurrency exchange f t X,
Speaker 1: as it will start returning customer assets from the middle
Speaker 1: of February. Ft X jrapans that it's developing systems to
Speaker 1: enable its customers to withdraw their assets. And agricultural commodities
Speaker 1: are heading for the longest stretch of annual gains since
Speaker 1: at least the early nineties, as drought in war got
Speaker 1: production and a road inventories keeping global food inflation simmering.
Speaker 1: The Bloomberg agriculture spot in decks, which includes everything from corn,
Speaker 1: wheat and coffee, is Spoisia cap four years of increases.
Speaker 1: Another bullish driver is China's reopening and as a Bloomberg
Speaker 1: and j I t Stem report, never good when the
Speaker 1: price of coffee is going up. John especially the shifting
Speaker 1: Yeah It's gonna say thanks. Karen sixty three on Wall
Speaker 1: Street timed out to check what's going on at d C.
Speaker 1: Some of the top stories in the nation's capital, include
Speaker 1: Sam Bankman free meeting with Biden aids in the pre
Speaker 1: collapse crypto push. There are increasing calls for Representative elect
Speaker 1: George Santos to call it quits, and Democrats preparing to
Speaker 1: release years of former President Trump's tax returns, the US
Speaker 1: sending billions in a to Ukraine as Russia ramps up
Speaker 1: attacks on the country. Let's take a deeper dive into
Speaker 1: some of these stories this morning with Terry Haynes, founder
Speaker 1: of Pangea Policy, joining us now to talk about those
Speaker 1: latest stories in DC. Always welcome to the last training
Speaker 1: day of the yearth Terry Haynes, And what do you here?
Speaker 1: It's Ben um So who wants to be associated with
Speaker 1: Sam Bankman freeed raise your hands? Oh nobody? Um he
Speaker 1: was at the White House or apparently meeting with some
Speaker 1: White House officials, So um so what gives? And uh
Speaker 1: Democrats Republican is gonna make hey out of this? Well, first,
Speaker 1: Happy New Year to you and everybody on day break, John,
Speaker 1: thank you for having me. I appreciate it. The the well, sure,
Speaker 1: I mean, hey, hey will be made so let's stipulate that.
Speaker 1: But look, you know, Bankman Fried ran around for a
Speaker 1: couple of years, uh, throwing money all over the place
Speaker 1: in Washington, and any time, Uh, you know, you've got
Speaker 1: a donor who's shoes, who turns into the second biggest
Speaker 1: donor in the mid terms, lots of people are gonna
Speaker 1: want to meet with him. Uh. So, you know, meetings
Speaker 1: were hat But at the same time, I don't think
Speaker 1: that Bankmund Freed made any headway on anything that Bankman
Speaker 1: Freed cared ab out to me. You know, certainly he's
Speaker 1: he's in a heap of trouble regardless of any meetings
Speaker 1: he had in Washington. Firstly, Secondly, uh, there was no
Speaker 1: you know, there's a lot of bally who about uh,
Speaker 1: you know, him wanting a particular sort of regulatory regime
Speaker 1: for crypto. There was never any uh, any likelihood that
Speaker 1: cryptil legislation was going to pass in the now dying
Speaker 1: current Congress. Uh. You know, nobody for for one simple reason,
Speaker 1: nobody agrees on what should be done. And the arguments
Speaker 1: that you presented about fifteen minutes ago with uh with
Speaker 1: Connressman Sherman and Congressman mckenry showed that on the one hand,
Speaker 1: you've got uh Mr Sherman, who wants to talk about,
Speaker 1: you know, sort of not regulating cryptio at all and
Speaker 1: walling and off from the you know, kind of the
Speaker 1: real system. On the other hand, uh, soon to be
Speaker 1: chairman mckenry makes a very good point that, uh, you know,
Speaker 1: you're gonna have a situation where if you ignore this
Speaker 1: stuff and wallowed off, well then you know, somebody's somebody's
Speaker 1: gonna be hurt in different ways and we're gonna be
Speaker 1: behind on the responsible regulation of the stuff. And that
Speaker 1: really shows, uh, just how far apart everybody is on crypto.
Speaker 1: So you know, net Net, uh, I think hey will
Speaker 1: be made bankman free, thrown around a lot of money here.
Speaker 1: You know, there's a lot of uh you know, nobody
Speaker 1: wants to be seen with him, of course, and people
Speaker 1: are gonna have to start giving the money back they
Speaker 1: haven't already. But you know, it's I think it's a
Speaker 1: non story compared to the bigger, the bigger fraud. Okay,
Speaker 1: here's another story that seems to keep on giving increasing
Speaker 1: calls for George Santos to call it quits even before
Speaker 1: he's sworn into Congress. Um. The Times had a peace
Speaker 1: um highlighting, among other things, usual disbursements, documenting us documented
Speaker 1: in his campaign filings. Where does this go? Um? Where
Speaker 1: this goes is that you know when last week talked,
Speaker 1: you know, mere days ago, I think about mrs and
Speaker 1: more revelations have come out since then. Yeah, yeah, exactly
Speaker 1: when you know, it seemed, uh, it seem sort of comic.
Speaker 1: And you know now he's being mentioned more and more
Speaker 1: with the same breath with with people like SPF and
Speaker 1: Elizabeth Holmes of Toronto's. Uh. What I said then was
Speaker 1: that I thought he served a maximum of one term
Speaker 1: and uh and probably less. And I'll i'll say today
Speaker 1: that you know that I think we're trending strongly towards
Speaker 1: the probably much less. Uh, and he's probably out of
Speaker 1: office within a couple of months. You've got a clearer,
Speaker 1: clearer picture now, you've got at least three investigations. You'll
Speaker 1: have the NASA DA which has started, the U S
Speaker 1: attorney in Brooklyn is rumored to be looking around at
Speaker 1: some things. And you know, if he gets sworn in, uh,
Speaker 1: you know, Congress I think almost certainly will launch an
Speaker 1: investigation on him quickly. You've got all these questions, which
Speaker 1: again you you talked about earlier in the hours, so
Speaker 1: I won't the labor them. But you know, this is
Speaker 1: gonna be death by a thousand paper cuts for Mr
Speaker 1: Santos pretty quickly. Where's this money come from? Who are
Speaker 1: you really all this sort of stuff? And uh, and
Speaker 1: you know he's not going to be around long frankly. Uh.
Speaker 1: You know the party, his own parties cut them loose.
Speaker 1: The other sides, Uh, the other side's trash and him
Speaker 1: and you know, the big unknowns for me at this
Speaker 1: point really come down to, you know, in the election,
Speaker 1: where was his opponent? The stuff was all out there,
Speaker 1: not really hard to figure out, So I don't know
Speaker 1: what opposition research was doing there. The press wasn't doing
Speaker 1: very much locally anyway. And you know, his own party
Speaker 1: apparently it's some sort of an open secret uh in
Speaker 1: some Republican orders that uh, you know a lot of
Speaker 1: this stuff was not exactly on the up and up.
Speaker 1: So there's gonna be a lot of people having a
Speaker 1: lot to answer for. Um. And let's do this in
Speaker 1: fifteen seconds when the Trump tax returns it released by
Speaker 1: Democrats today, big fewer or dies on the vine or
Speaker 1: what resounding that I think? Uh, you know, so much
Speaker 1: of this uh, the Trump stuff by maocrats and I'm
Speaker 1: by no means the trop apologist. So much of this
Speaker 1: stuff is uh, you know, kind of years too late
Speaker 1: to make much of a difference to anybody but the base.
Speaker 1: Who will you know, a hal a few things and
Speaker 1: that will be it. Terry, thanks as always, and again
Speaker 1: Happy New Year. Thanks for being here, founder of Pangea
Speaker 1: Policy and you can read more about these stories on
Speaker 1: Bloomberg dot com or the Bloomberg Terminal. Also a reminder,
Speaker 1: you can follow all the latest on Bloomberg Radio in Washington,
Speaker 1: d C. That's Bloomberg at one oh five point seven
Speaker 1: fm h D two ahead of the cash open on
Speaker 1: Wall Street well after yesterday's rally. The futures right now
Speaker 1: indicate a lower open on Wall Street. Start with the
Speaker 1: MAS Deck futures. They're down forty points, that's down about
Speaker 1: four tens of a percent, SMP futures down twelve, the
Speaker 1: Dow futures ninety one points lower. You're listening to Bloomberg
Speaker 1: Day Break, Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business apt
Speaker 1: and at Bloomberg Trick Tape. She's a Bloomberg Business Flash,
Speaker 1: and I'm Karen Moscow. Futures are lower on this final
Speaker 1: training day of the year. We checked the markets all
Speaker 1: day long here at Bloomberg. SNP futures down fourteen points
Speaker 1: or a third of up percent. Futures down three tents
Speaker 1: of uppercent or one hundred seven points, and as day
Speaker 1: futures down four tens of uppercent or forty five points.
Speaker 1: Ten year treasury down nine thirty seconds. You have three
Speaker 1: point eight four percent they yield on the two year
Speaker 1: four point three eight percent. Nimex screwed oils down a
Speaker 1: quarter percent or eighteen cents at seventy eight dollars, twenty
Speaker 1: two cents of barrel coll mix gold down a tenth
Speaker 1: of u per cent or two dollars ten cents at
Speaker 1: one thousand, eight hundred twenty three dollars ninety cents announced
Speaker 1: and the Euro one point oh six eight four against
Speaker 1: the dollar. As a Bloomberg Business Flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Karen. A House committee will release six years of
Speaker 1: Donald Trump's tax returns today. There will be some redactions
Speaker 1: of sensitive information. Southwest Airline says it expects to return
Speaker 1: to her nor More flight schedule today. The doctoration comes
Speaker 1: after nearly a week of cancelations and delays for travelers
Speaker 1: in the NFL. The Cowboys beat the Titans in the NBA.
Speaker 1: The next loss Celtics won in the NHL. The Rangers
Speaker 1: lost in the shoot out the Islands one Capitals lost
Speaker 1: in overtime. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr, this is Bloomberg. John all right, Michael,
Speaker 1: thank you, six twenty three on Wall Street. I'm John Soccer.
Speaker 1: This is Bloomberg Daybreak. Questions over crypto legislation being raised
Speaker 1: in the wake of the collapse of the f t X,
Speaker 1: as a new report that says the co founder, Sam
Speaker 1: Bankman Freed held at least four meetings with senior White
Speaker 1: House officials this year, part of a push the influenced
Speaker 1: crypto policy. Democratic Counsel Representative brand Sherman, a member of
Speaker 1: the House of Financial Services Committee, is weighing in on
Speaker 1: the issue. In an interview with Bloomberg's Madison Mills. You
Speaker 1: made your views really crystal clear with that quote. But
Speaker 1: I wonder is this a chicken or an egg thing?
Speaker 1: Could regulation have prevented the bad actor here? I think
Speaker 1: regulation could have been somewhat helpful. But ultimately, when you
Speaker 1: send your money to Bahamas or Cayman Islands, it's for
Speaker 1: the purpose of evading US law. I mean, though, you know,
Speaker 1: Cayman Islands might have be a good place to snorkele,
Speaker 1: but if you choose to bank there or the Bahamas,
Speaker 1: they're you're you're You're seeking to evade the very laws
Speaker 1: that would, on the one hand, enforce our our tax laws,
Speaker 1: on the other hand, protect investors. Some of those investors
Speaker 1: get a little shaky about legislation because every time Congress
Speaker 1: discusses it, they lose a little bit more money. The
Speaker 1: market doesn't like regulation like that. So what is your
Speaker 1: message to the crypto fans on your position? This is
Speaker 1: an enterprise which will probably sail, but if it succeeds
Speaker 1: in it's purpose, its purpose is to create a new
Speaker 1: currency which will disadvantage the average American. It's purpose is
Speaker 1: to have a new currency that competes with the dollar
Speaker 1: by offering one purported advantage. It's right there in the
Speaker 1: name cryptocurrency hidden money, and I don't think we need
Speaker 1: hidden money. I think we need transparent financial transactions. It's
Speaker 1: interesting because that you again make your positioning very clear,
Speaker 1: but some of your colleagues on the Hill have very
Speaker 1: different opinions. I interviewed Representative Patrick McHenry on cryptoregulation, and
Speaker 1: here is what he had to say about the risks
Speaker 1: of that regulation. He was taking advantage of UH a
Speaker 1: lack of clarity and regulation. But we have to understand
Speaker 1: the US is that we do have an open digital
Speaker 1: border UM and new products will emerge, and if we
Speaker 1: don't have a regulatory regime and a rule of law
Speaker 1: that is enforced around UH this new technology, UM, we're
Speaker 1: gonna have our our consumers fall victim to the worst
Speaker 1: actors globally. Does the US miss a chance to be
Speaker 1: a world leader by overregulating crypto? We would lose a
Speaker 1: chance to be a world leader in hidden money, which
Speaker 1: is exactly what cryptocurrency means. We lose a chance to
Speaker 1: help wealthy people evade our tax laws. We lose a
Speaker 1: chance for people like Sam Bankman freed to evade our
Speaker 1: bankruptcy courts. We make it easier for husbands who are
Speaker 1: planning to leave their wives to hide moneys from our
Speaker 1: family courts. This is what innovation is offering us. And
Speaker 1: it also offers a chance for people to bet that, well,
Speaker 1: I'm not leaving my wife, I'm not cheating on my taxes.
Speaker 1: But I want to bet that this becomes such a
Speaker 1: useful tool that I can sell it to somebody who
Speaker 1: does want to use it for those purposes and make
Speaker 1: a profit. That's Democratic Congressman Brad Sherman speaking with Madison
Speaker 1: Mills on Bloomberg Sat Down. You can catch the program
Speaker 1: weekdays five pm Eastern on Bloomberg Radio and here the
Speaker 1: full interview on the Daily Sound On podcast, available on Apples, Spotify,
Speaker 1: and anywhere else that you get your podcasts. Ahead of
Speaker 1: the cash shop on Ball Street this morning, right now,
Speaker 1: the futures are in the red DAL futures down one two,
Speaker 1: smp EMNY futures down thirteen. The Nasdeck futures are down
Speaker 1: fourteen points. Just ahead this morning's top stories, plus your
Speaker 1: local headlines and a check of the markets. But first,
Speaker 1: let's get a look at today's Bloomberg weather forecast. Forty
Speaker 1: six degrees in Central Park. Rob Caroline has the weekend
Speaker 1: weather forecast. Any clowning this this morning will be giving
Speaker 1: way to sunshine. Hides across the Tristate area are mild today,
Speaker 1: fifty climbing up overnight five Rine who's in By late
Speaker 1: to day tomorrow fifty to fifty five. Reigned for New
Speaker 1: Year's Eve lows forty five to fifty. It ends by
Speaker 1: morning New Year's Day, becoming apparently mostly sunny, remaining mild,
Speaker 1: highs fifty to fifty five. I'm Rob Carol Vane with
Speaker 1: your three day forecast. I'm Bloomberg eleven three oh broadcasting
Speaker 1: live from the Bloomberg Interacted Broker Studio in New York,
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine
Speaker 1: to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg sixty to the Country, Sirius xm CHO one nine
Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's coming up
Speaker 1: on six thirty on Wall Street. Good morning, I'm John
Speaker 1: Tucker and I'm Karen Moscow, and we're just about three
Speaker 1: hours away from the open of US trading. It's time
Speaker 1: for the five things that you need to not to
Speaker 1: start your day, brought to you by Innovation Refunds. Your
Speaker 1: business may be eligible to receive eight hey roll tax refund.
Speaker 1: The application takes around eight minutes eight minutes or less
Speaker 1: to see if you're small to medium sized business may
Speaker 1: be eligible for a refund of up to twenty six
Speaker 1: thousand dollars per employee kept on the payroll during the pandemic.
Speaker 1: Find out it get refunds dot Com at First US
Speaker 1: futures are lower as we entered the final trading day
Speaker 1: of the year to mark the worst year in more
Speaker 1: than a decade for global equities and bonds. David Bonson,
Speaker 1: chief investment officer at the Bonson Group, says to look
Speaker 1: for some gains in the new year, even if there
Speaker 1: is a recession. You can have a recession, you can
Speaker 1: have a bear market and still have some things in
Speaker 1: the market do well when other things are not. That's
Speaker 1: really what I expect going into twenty three. David Boonson
Speaker 1: with the Bonson Groups these prices coming down next year,
Speaker 1: but still thinks caution is warranted. And overseas in Ukraine,
Speaker 1: Runchia launched one of its heaviest barrages on major cities
Speaker 1: like Kiev, aiming to destroy civilian targets. At the same time,
Speaker 1: President Biden sign a government funding bill that includes forty
Speaker 1: seven billion dollars in aid for you, and the US
Speaker 1: also considering sending Bradley fighting vehicles to the country. News
Speaker 1: this morning, John tied to collapse Crypto Exchange f t X.
Speaker 1: Meetings between White House officials and former CEO Sam Bankman
Speaker 1: Freed are coming under scrutiny. Bloomberg Dave Rapp Report joins
Speaker 1: US Live with more. Steve good Morning, Good morning, Karen,
Speaker 1: and John. Bankman Freed was banking on making connections with
Speaker 1: the Biden administration to promote his company and the crypto biz.
Speaker 1: Previously disclosed visitor logs show SPF had three meetings with
Speaker 1: top White House officials, and a source confirms to Bloomberg
Speaker 1: there was a fourth meeting with a Biden senior advisor.
Speaker 1: Those connections fell apart after the collapse of f t
Speaker 1: X and Bankman freed subsequent arrest in the Bahamas. We're
Speaker 1: also learning Bahamian action government took quickly action when at
Speaker 1: t X one under having ceased three and a half
Speaker 1: billion dollars in digital assets by the next day. Live
Speaker 1: in New York, I'm Steve Rappaport Bloomberg Day Break. All right, Steve,
Speaker 1: thanks on Capitol Hill. Today, House Committee Center released six
Speaker 1: years of Donald Trump's tax returns. Republicans who soon take
Speaker 1: control of the House, they're threatening to released acts returns
Speaker 1: of Democrats, but US Representative Brendon Boyle says that might
Speaker 1: not have the intended impact. There has been sort of
Speaker 1: a threat from the other side that has created new precedent.
Speaker 1: That's just not so. For two reasons. Every president since
Speaker 1: Nixon has voluntarily released their tax returns every single year.
Speaker 1: That Republicans are threatening to say, release Joe Biden's tax returns,
Speaker 1: well great, they're already public. And that's Democratic Congressman Brendan
Speaker 1: Boyle speaking with Madison Mills on Bloomberg Sound On. Catch
Speaker 1: the program at five pm Eastern on Bloomberg Radio. That's
Speaker 1: the five things you need to know to start your day.
Speaker 1: SMP futures right now thirteen points lower, the down futures
Speaker 1: are down nineties seven points, and then day futures right
Speaker 1: now are forty three points lower after yesterday's rally. This
Speaker 1: is Bloomberg, and that brings us to six thirty one
Speaker 1: on Wall Street Time to bring in Michael Barr for
Speaker 1: Look News Around the World and New York. Good Morning, Michael,
Speaker 1: Good morning John. The anger to a New York Congressman
Speaker 1: elect George Santos is growing. Dozens of his Long Island
Speaker 1: constituents held a demonstration in the congressional district yesterday. We
Speaker 1: were bamboozled, absolutely light too, and we do not want
Speaker 1: this representation in District three. They called on the New
Speaker 1: York Republican to resigned. Santos has been under fire for
Speaker 1: lying about his education, work experience, and even his faith
Speaker 1: and family. The city of Buffalo is trying to get
Speaker 1: back on its feet from a destructive storm. Snow reached
Speaker 1: as high as four feet in the city, contributing to
Speaker 1: dozens of death. Now the weather is warming up and
Speaker 1: there are concerns of flooding from melting snow. President Joe
Speaker 1: Biden Is signed a one point seven trillion dollar bill
Speaker 1: funding government operations through September. Up New York's first legal
Speaker 1: we dispensary is now open for business. Long lines formed
Speaker 1: outside the housing works new Dispensary and Greenwich Village yesterday afternoon,
Speaker 1: the first sale of legal cannabis took place at four
Speaker 1: twenty pm. This man was among the customers standing in
Speaker 1: line for hours. This is the social equity we look for,
Speaker 1: hope for that. You know, we are still need out
Speaker 1: of comportents, so we hope not to still be squeezed
Speaker 1: out in other manners. I see some people don't have
Speaker 1: the capital, some people don't have the properties. They did
Speaker 1: the confetti test ahead of the New Year's eve Ball
Speaker 1: dropped tomorrow night in Times Square, New Year's Eve Ball dropped.
Speaker 1: Co producer Jeffrey strouds, It's gonna be the best time
Speaker 1: I ever. We're gonna start together, ready, five four three
Speaker 1: two one, Three thousand pounds of colorful paper will rain
Speaker 1: down on the city Street Saturday night. Global Neme is
Speaker 1: twenty four hours a day on air and on Bloomberg Quickday,
Speaker 1: powered by more than seven hundred journalists analyists more than
Speaker 1: a hundred twenty countries. Michael Vard, this is Bloomberg, John Michael,
Speaker 1: thank you, and that's this thirty three Wolf Street time
Speaker 1: down for the Bloomberg Sports Report, being brought to you
Speaker 1: by your try State out of the other's Good morning,
Speaker 1: Dan Schwartzman. Good morning, Jentham. The Knicks losing on the
Speaker 1: road in San Antonio. The Spurs get it back from
Speaker 1: the time I started going up the Toto Sharp Talk
Speaker 1: Bell Josh match courtesy the Spurs Radio Network. The Nike's
Speaker 1: falling to the Spurs one fifteen despite forty one points
Speaker 1: eleven rebst from Julius Randall and thirty six points from
Speaker 1: Emmanual Quickly Caldon Johnson leading the Spurs with thirty points
Speaker 1: in the wind. The Rangers falling to the Lightning in
Speaker 1: Tampa Bay two to one in a shootout despite thirty
Speaker 1: nine stais from the grusterk in his New York has
Speaker 1: now lost two games in a row. Meanwhile, the Islanders
Speaker 1: have been passed the Columbus Blue Jackets two to one
Speaker 1: as New York gets goals from bars elm Pejo. The
Speaker 1: Dallas Cowboys improved to twelve and fourth thirteen. Went on
Speaker 1: the road at the Tennessee Titans on Thursday Night Football
Speaker 1: as Dak Prescott throws two second half touchdowns both the
Speaker 1: tight end Dalton Schiltz. Meanwhile, the Jets and Giants in
Speaker 1: action on Sunday with playoff hopes on the line. At
Speaker 1: The Jets are the route this Chattle Seahawks and the
Speaker 1: Giants are home for the Indianapolis Colts. Both teams will
Speaker 1: make the playoffs if they win the remaining two games
Speaker 1: on their schedules. Big loss in soccer's legend, Pelly passes
Speaker 1: away at the age of eighty two from complications due
Speaker 1: to calling cancer, which she had battle since last year.
Speaker 1: Helly won a record three World Cups and played his
Speaker 1: entire career with Brazilian club Santos before playing three seasons
Speaker 1: for the New York Cosmos of the North American Soccer League.
Speaker 1: On Dan Schwartzman with Bloomberg Sports, John all right, Dan,
Speaker 1: thanks very much. The Bloomberg Sports Report brought to you
Speaker 1: by Audie. Don't let someone else drive off of the
Speaker 1: Audi model you've always wanted. Visit your local, try to
Speaker 1: stay the Audi dealer to get behind the wheel of
Speaker 1: yours today, or visit Audi offers dot com for more information.
Speaker 1: After yesterday's rally, we're seeing futures indicate a lower open
Speaker 1: up Wall Street this morning. Down futures down eighty nine
Speaker 1: and s and P futures they're down twelve points. It's
Speaker 1: now sixty on Wall Street. Bloomberg Radio is on the
Speaker 1: air from San Francisco to New York, London to Hong Kong,
Speaker 1: and let's check in now with their global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Pola
Speaker 1: scot ktr H in Houston. We're talking about oil futures
Speaker 1: on track for a near five percent Game two, I'm
Speaker 1: Jeff Bullinger and on w l W in Cincinnati, I'm
Speaker 1: reporting on how employers will likely continue to compete for talent.
Speaker 1: In early twenty three. I'm Kimberly Adams at on w
Speaker 1: b Z in Boston. I'll be reporting on cost conscious
Speaker 1: consumers changing our food delivery habits. I'm Stephen Carrol on
Speaker 1: Bloomberg Dave Radio in London. We've been reporting on Spanish
Speaker 1: inflation slowing more than expected in December at the fifth
Speaker 1: straight month of declines. I'm Gina Servetti and for w
Speaker 1: o AI and San Antonio, I'm talking about Southwest Airlines,
Speaker 1: which plans to return to a normal schedule today after
Speaker 1: a week long meltdown stranded thousands of passengers. And those
Speaker 1: are some of the stories are twenty seven hundred Bloomberg
Speaker 1: journalists and analysts are working on this morning around the world.
Speaker 1: That brings us to sixty seven on Wall Street Time,
Speaker 1: the alf of the Bloomberg Real Estate Report, and well
Speaker 1: that here is Denny's Felma Greeny. If you've noticed a
Speaker 1: lot more fancy homes on the market lately, you're not alone.
Speaker 1: Redfin says sales of luxury homes fell a record of
Speaker 1: more than thirty eight percent to the last quarter compared
Speaker 1: to a year ago. Daryl Fairweather, chief economist at Redfin,
Speaker 1: chalks it up to rising mortgage rates and nervousness about
Speaker 1: the economy. People don't want to buy a luxury eye
Speaker 1: that something they can do without when they're worried about
Speaker 1: being employed or they're shocked Portola. The biggest drops in
Speaker 1: luxury home sales unfolding in some coveted coastal markets. The
Speaker 1: homes in these places are especially expensive. Luxury for the
Speaker 1: whole country means a million dollars, but in the most
Speaker 1: expensive places it means two million dollars or more, so
Speaker 1: they're more expensive to get. The harder it's being hit
Speaker 1: right now. Luxury home sales fell more than fifty in Anaheim,
Speaker 1: and Riverside, California more than sixty pence and say and
Speaker 1: more than six to Nasa County on Long Island. And
Speaker 1: that's the Bloomberg real Estate Report. I'm to these PELGRENI
Speaker 1: al right, thanks to a no doubt of Asia. This morning,
Speaker 1: the Bank of Japan announcing an unprecedented third day of
Speaker 1: unscheduled purchases of bonds Overnight. The Bank of Japan is
Speaker 1: battling speculation. It's trying to add its super account of
Speaker 1: data monetary policy. The purchases are boosting this month's buying
Speaker 1: to about one D twenty eight billion dollars worth of bonds.
Speaker 1: It's a monthly record, according to data compiled by Bloomberg. Well,
Speaker 1: as we check our currencies right now, the yen is
Speaker 1: higher against the dollar of one percent. It now takes
Speaker 1: one D thirty one point six six yen to buy
Speaker 1: one dust dollar. You're listening to Bloomberg Day brae by
Speaker 1: from the Bloomberg Interactive Burger Studios. This is Bloomberg day
Speaker 1: Break for Friday, December. Coming up the shower to the
Speaker 1: lands trading day of a year that stock investors would
Speaker 1: like to forget. The US sends billions in eight to
Speaker 1: Ukraine as Russia ramps up attacks on the country. Meetings
Speaker 1: between Sam Bankman Freed and White House officials draw scrutiny,
Speaker 1: and Democrats prepared to release years of former President Trump's
Speaker 1: tax returns. Calls are louder for New York Representative elect
Speaker 1: George Santos to step down. Plus Buffalo is trying to
Speaker 1: get back on its feet after a deadly blizzard. I'm
Speaker 1: Michael Barr more Ahead, and I'm Dan Schwartzman the Knicks
Speaker 1: Blues on the road at the San Antonio Spurs. I'll
Speaker 1: have that more coming up in sports. That's all strading
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg Eleving Free on New York,
Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business app. And good morning, I'm John
Speaker 1: Tucker and I'm Karen Moscow. Any US knock indise futures
Speaker 1: are lower this morning. We check the markets all day
Speaker 1: long year on Bloomberg radios, and p futures down ten
Speaker 1: points or at quarter percent down futures down at quarter
Speaker 1: percent or eighty three points, and as DACK futures down
Speaker 1: to tens of a percent or twenty six points. In
Speaker 1: the ten year treasury down nine thirty seconds, you have
Speaker 1: three point eight four percent, John, and it is the
Speaker 1: final training day of the year to mark the worst
Speaker 1: year in more than a decade for global equities and bonds.
Speaker 1: With ASDAC in particular, he has taken a beating, losing
Speaker 1: a third of its value. This all comes as the
Speaker 1: Fed titans policy to bring down the highest inflation scene
Speaker 1: in decades. David Bands In, chief investment officer at Bands
Speaker 1: and Groups, sees prices coming down next year, but still
Speaker 1: thinks caution is warranted. The inflation aspect is going to
Speaker 1: surprise to the downside, and yet the valuations of high
Speaker 1: growth stocks remain too high historically to put a lot
Speaker 1: of optimism and indexes or the growth side the fangs store. Therefore,
Speaker 1: we remain value investors and cash flow investors. David Vanson
Speaker 1: with the Banson Group LEAs there will be some opportunity
Speaker 1: gains in the new year, even if there is a recession.
Speaker 1: Well Overseas today, John European stocks are lower. It's a
Speaker 1: shortened day in the UK, with the London Stock Exchange
Speaker 1: closing early. Stocks in Asia, meantime, moved in the other direction,
Speaker 1: posting modest gains overnight. And Bloomberry Daybreak Asia anchor Brian
Speaker 1: Curtis has the details from Hong Kong. Most Asian equity
Speaker 1: benchmarks edged higher. China vowed more stimulus in twenty three
Speaker 1: and an improved relationship with a private sector, and economic
Speaker 1: activity rebounded in several Chinese cities where COVID infections have
Speaker 1: likely peaked. The Donna was steady, while treasury yields picked
Speaker 1: up a little. The yen rallied as the Bank of
Speaker 1: Japan unveiled a third day of unscheduled bond purchases. No
Speaker 1: big end of the year rally here, but no heavy
Speaker 1: selling either. In Hong Kong. Brian Curtis Spoomberg day Break. Brian,
Speaker 1: thanks now to the latest on the war in Ukraine.
Speaker 1: Rush he is continuing attacks on major cities like Kiev,
Speaker 1: scores of missiles accounted for one of his heaviest branches
Speaker 1: of the war, and pressing further with a campaign to
Speaker 1: destroy civilian targets at Ukraine's president Philodamir Zelinsky says he
Speaker 1: believes Russia will launch more attacks before New Year's Eve.
Speaker 1: We'll back here in the US, John, President Biden is
Speaker 1: sending more money to Ukraine. He signed at one point
Speaker 1: seven trillion dollar government funding bill that includes forty seven
Speaker 1: billion in aid for the war torn country. The US
Speaker 1: is also considering sending Bradley fighting vehicles to Ukraine as
Speaker 1: part of a further package of military support. And now
Speaker 1: to the latest on collapse Crypto Exchange f t X
Speaker 1: meetings between White House officials and the former CEO, Sam
Speaker 1: Bankman Freed coming under scrutiny and bloom Brick. Steve Rappaport
Speaker 1: is joining US Live this morning with that story. Steve,
Speaker 1: good Morning, Good morning, John, and Karen. White House officials
Speaker 1: confirmed Bankman Freed met with one of President Biden's senior
Speaker 1: advisors in September. Visitor log show SPF had at least
Speaker 1: three other meetings with top officials in a push to
Speaker 1: build Beltway connections before his crypto firm went belly up.
Speaker 1: While living in the Bahamas, f b SPF also made
Speaker 1: frequent trips to Washington, testifying before Congress and meeting regulators
Speaker 1: were also learning. The Bahamian government took swift action after
Speaker 1: FTX collapsed on November eleventh. By the next day, regulators
Speaker 1: say they had seized three and a half billion dollars
Speaker 1: of digital assets. Live in New York. I'm Steve Rappaport,
Speaker 1: Bloomberg Daybreak. All right, Steve, thanks well. On Capitol Hill today,
Speaker 1: a House committee has sent to release six years of
Speaker 1: Donald Trump's tax returns. The Democratic controlled House Ways and
Speaker 1: Means Committee voted to release the returns last week. Republicans
Speaker 1: who will soon take charge of that committee are threatening
Speaker 1: to retaliate by publishing tax records of Democrats and their allies. You,
Speaker 1: as Representative. Brendan Boyle, a Democrat from Pennsylvania, voted to
Speaker 1: release the former president's taxes. The courts four different times
Speaker 1: found in our favor, including the United States Supreme Court.
Speaker 1: They found that we had a legislative purpose in going
Speaker 1: after these tax returns. And sure enough what we found,
Speaker 1: I mean already the two reports, and they show that
Speaker 1: in fact the I R S was not doing what
Speaker 1: they were supposed to do. They were not doing the
Speaker 1: annual audit of the president's taxes. Democratic Congressman Brandon Boyle
Speaker 1: spoke with Madison Mills on Bloomberg Sound on Catch the
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio and Karent.
Speaker 1: Last week has been a nightmare for travelers across the country,
Speaker 1: especially if you traveled on Southwest Well Now. The airline
Speaker 1: says it plans to return to a normal schedule today
Speaker 1: and Bloomberge Charlie Pellant has the latest on that story.
Speaker 1: The airline says it does expect quote normal operations with
Speaker 1: minimal disruptions. The carrier has been operating a significantly reduced
Speaker 1: schedule for several days as it recovers from disruption caused
Speaker 1: by winter storms and overwhelmed scheduling technology. Southwest says, with
Speaker 1: another holiday weekend full of important connections for our valued
Speaker 1: customers and employees, we are eager to return to a
Speaker 1: state of normalcy in New York. Charlie pet Bloomberg Daybreak,
Speaker 1: Great Charlie, thank you Me Time. In China, COVID infections
Speaker 1: are expected to continue rising into January as the country
Speaker 1: pulls back on strict virus policies. Infections and mortalities are
Speaker 1: protected to peak in January. According to the research from
Speaker 1: Air Affinity, which Shina potentially seeing up to twenty five
Speaker 1: thousand deaths a day next month, now cast a shadow
Speaker 1: over the start of the first lunar New Year festivities
Speaker 1: without pandemic restrictions, but one note may ease concerns. No
Speaker 1: novel COVID nineteen variants have emerged in China, according to
Speaker 1: a global consortium that's tracking coronavirus mutations, and futures are
Speaker 1: lower this morning, with S ANDP futures down fourteen points down,
Speaker 1: futures down one eleven, and NAZDAC futures down forty one.
Speaker 1: Straight ahead your latest local headlines plus the check of sports,
Speaker 1: and this is Bloomberg. Thanks Karen, six or seven Wall Street.
Speaker 1: And now let's bring in Michael barn with more on
Speaker 1: what else is going on to do work and around
Speaker 1: the world. John, thank you very much, sir. New York
Speaker 1: Congressman elect George Santos is said to be telling local
Speaker 1: Republican leaders that he will not seek re election in
Speaker 1: twenty four as his background comes under even more fire.
Speaker 1: The chair of the Nassau County Republican Party road in
Speaker 1: a statement, I don't know what party would endorse him
Speaker 1: as a candidate. It's more possible lies about his schooling
Speaker 1: and family come to light. In May of twenty he
Speaker 1: reported no earned income. In twenty two, he loaned his
Speaker 1: campaign more than a half million dollars after reporting being
Speaker 1: part of a consulting company with a salary of seven
Speaker 1: hundred fifty thousand dollars. Dan Weener, a former Federal Election
Speaker 1: Commission attorney who now leads the Elections and Government Center
Speaker 1: at n y US Brennan Center, spoke to NBC four
Speaker 1: this is an exceptional case, primarily not because he loaned
Speaker 1: his campaign lots of money, and many minute in candidates
Speaker 1: do that, but because all the other details of his
Speaker 1: story about where thought that money have proven to be
Speaker 1: Santos is sent to take office next week and refuses
Speaker 1: to step aside despite calls for him to resign. Fans
Speaker 1: in New York are paying tribute to soccer legend Pelee.
Speaker 1: He died yesterday at a j A D two after
Speaker 1: battling colon cancer. People flocked to the Pale Store in
Speaker 1: Times Square. This man spoke to a d C seven.
Speaker 1: I'm from Resio. I'm said we lost our biggest idol,
Speaker 1: the grace men of our history, Peal, and I'm in
Speaker 1: New York today. It's so crazy to see in Times Square,
Speaker 1: the most important place in the world, and you see name.
Speaker 1: We'll have more on the death of Pale in sports shortly.
Speaker 1: Roads every opened and storm besieged Buffalo as authorities continue
Speaker 1: searching for people who may have died or remained stranded
Speaker 1: after last week's blizzard. Buffalo Niagara International Airport is also
Speaker 1: open again. Erie County Executive Mark poland cards power has
Speaker 1: been restored to all Yourie County residents. I want to
Speaker 1: thank the men and women of a national grid and
Speaker 1: nice egg Erie Counties. Mark poland Car says at least
Speaker 1: forty deaths have been reported in Western New York from
Speaker 1: the blizzard. Fashion icon Vivian Westwood, who played a key
Speaker 1: role in the seventies punk movement, has died. She was
Speaker 1: one global new who's twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Tank, powered by more than
Speaker 1: twenty seven under journalist and analyst more than a hundred
Speaker 1: twenty countries. Michael barn This is Bloomberg, John, Michael, thank you,
Speaker 1: and that brings us to six ten of Wall Street
Speaker 1: time down for the Bloomberg Sports update, being brought to
Speaker 1: you by your tri State out of dealers and good
Speaker 1: morning Dan Schwartzman. Good morning John. The Conboy's improving to
Speaker 1: twelve and four. He's come second down seven. Prescott back
Speaker 1: looking left, throwing it in the back of the ends
Speaker 1: up for sure, trying to crap. Did he get it
Speaker 1: touched out? Shoots that's courtesy of Amazon Prime. The Cowboys
Speaker 1: of the thirteen went on the road at the Tennessee
Speaker 1: Titans on Thursday Night Football as Dak Prescot throws two
Speaker 1: second half touchdowns, both to tight end Dalton Schultz. Both
Speaker 1: the Jets and Giants in action on Sunday with playoff
Speaker 1: holps on the line, as the Jets are on the
Speaker 1: road to Seattle Seahawks, well, the Giants are home for
Speaker 1: the Indianapolis Colts. Both teams will make the playoffs if
Speaker 1: they win the remaining two games on their schedules. The
Speaker 1: Knicks lose on the road to s Antonio Spurs one fifteen,
Speaker 1: despite forty one points and eleven rebounds from Julius Randall
Speaker 1: and thirty six points with them Manuel Quickly Rangers meanwhile
Speaker 1: falling to the Lightning in Tampa Bay two to one
Speaker 1: in a shootout despite thirty nine stays from Ego Shastairkin
Speaker 1: as New York has now lost two games in a
Speaker 1: row the Islanders. Those slip in past the Columbus Blue
Speaker 1: Jackets two to one as New York gets goes from
Speaker 1: Barzl and Pago finding soccer legend peal A passing away
Speaker 1: at the age of eighty two from complications due to
Speaker 1: Cohen cancer, which he had battle since last year. Pali
Speaker 1: won a record three World Cups and played his entire
Speaker 1: career of Brazilian club Santos before playing three seasons for
Speaker 1: the New York Cosmos. On Dan Schwartzman with Bloomberg Sports,
Speaker 1: John all right, Dan, thanks very much the Bloomberg Sports
Speaker 1: report being brought to buy Audi. Don't let somebody else
Speaker 1: drive off on the Audi model. You've always to want
Speaker 1: to visit your local tryin state Audi dealer to get
Speaker 1: behind the wheel of years today, or visit Audi Offers
Speaker 1: dot com for more information ahead of the cash open
Speaker 1: on Wall Street Right now after yesterday's rally, the down
Speaker 1: futures are one hundred two points lower, that's down three
Speaker 1: tenths of a percent. SMP five futures they're thirteen points lower,
Speaker 1: that's down three tenths of a percent and AzaC features
Speaker 1: thirty nine points lower, down about four tenths of a percent.
Speaker 1: Right now, tenure yelled in the US was at four
Speaker 1: that's the three basis points. The two year yield at
Speaker 1: four thirty nine on the Bank of Japan announcing an
Speaker 1: unprecedented third day of unscheduled bond purchases. It's fighting back
Speaker 1: against speculation. It's about the end. It's super accommodative monetary policy.
Speaker 1: You're listening to Bloomberg Daybreak live from coast to coast,
Speaker 1: from New York to San Francisco, Boston to Washington, d C.
Speaker 1: Nationwide on Sirius x them the Bloomberg business appened Bloomberg
Speaker 1: dot com. This is Bloomberg Daybreak and good morning. I'm
Speaker 1: John Tucker. The NMP five hundready enjoyed the best day
Speaker 1: this month yesterday, the jump at one. Still on this
Speaker 1: final trading day, we're closing out the worst year in
Speaker 1: more than a decade for global equities and bonds. On that,
Speaker 1: but let's get you a set up for the trading
Speaker 1: day ahead well with Josh Wine, portfolio manager at Hennessey Funds. Josh,
Speaker 1: thanks for being with us this morning. Did that? Yes,
Speaker 1: they count as the year end Santa Clause rally. It
Speaker 1: felt it. It was it was a big day. Good morning, John. Yeah,
Speaker 1: it felt like maybe a new year's resolution, which maybe
Speaker 1: was broadly, you know, let's get back into stocks, let's
Speaker 1: start the year strong. Uh. You know, given where we
Speaker 1: are in the market, I think it makes sense. I
Speaker 1: think I think next year is gonna look a lot
Speaker 1: different than this year. Okay, so what's in the driver's
Speaker 1: seat right now for risk assets? Sure? Yeah, I think
Speaker 1: you know, amidst the backdrop of a tenure at three
Speaker 1: eight in the mar Get creating at sixteen times give
Speaker 1: or take forward earnings, which would imply about a six
Speaker 1: percent earnings field, I think the market is set up
Speaker 1: nicely for for a big year. I think any any
Speaker 1: of the froth or or any of the optimism that
Speaker 1: was in the market may be unwarranted. This year, I
Speaker 1: think is out and I think that we're at a
Speaker 1: good place. I think that the differential between an earning
Speaker 1: field of roughly six and a ten year of three eight,
Speaker 1: you know that that's spread of over two percent. That's
Speaker 1: pretty compelling. I think over time that has that has
Speaker 1: presaged a big run in the market and I think
Speaker 1: that this year, you know, definitely we could see that
Speaker 1: you know once again, well with respect to earnings. Sure,
Speaker 1: at the end of the day, it's all about how
Speaker 1: much money you're making it in an individual stock company.
Speaker 1: But the sort of damically sort of hanging over everything
Speaker 1: is a FED policy at this front. How do you
Speaker 1: balance the two? Right? Yeah, I mean the FED has
Speaker 1: has obviously been making up for lost time. They've been
Speaker 1: very you know, vigilant, and I think it makes sense.
Speaker 1: I mean, we can argue about were they to accommodative
Speaker 1: and and where they you know, at the backs of
Speaker 1: of investors, and it seems like in retrospect they were.
Speaker 1: But I'm not so sure. I think that you know,
Speaker 1: the market we've had, you know, in the last few months,
Speaker 1: a few small rallies ahead of the SAID saying oh no,
Speaker 1: we're not pivoting or we're not changing our language and
Speaker 1: all that. I think the market has thought that the
Speaker 1: said was starting to nail it, and the SAID repeatedly
Speaker 1: has said no, we're not done until until we're done.
Speaker 1: And so I think that, you know, we are getting closer.
Speaker 1: We we've seen better numbers, you know on inflation. Uh,
Speaker 1: you know, if there's a fear. It's that you know,
Speaker 1: they might you know, solve the inflation problem, but not
Speaker 1: necessarily the price level of problem. I think that you know,
Speaker 1: things like rents and housing prices, which go somewhat hand
Speaker 1: in hand you have been quite high. And I think
Speaker 1: that you know, you know, income has not kept pace
Speaker 1: with that, as well as other things that have accelerated
Speaker 1: in price. So I think that we could see some
Speaker 1: great inflation prints. It doesn't necessarily the me it does
Speaker 1: not necessarily mean that the economy in the market starts,
Speaker 1: you know, running away. I think that, you know, there
Speaker 1: is a case to be made that you know, we
Speaker 1: need lower prices, not just prices that go up at
Speaker 1: a lower rate. So but all that being said, I
Speaker 1: think they have fed, you know, end of year in
Speaker 1: twenty three. You know, if if we are, in fact
Speaker 1: we can get a recession, they have some room to
Speaker 1: cut and and you know kind of react that way,
Speaker 1: which is something that they didn't have for the last
Speaker 1: couple of years. Is are we on the trajectory to
Speaker 1: up pivot? I mean, whatever that means at this point,
Speaker 1: and what's the timing of that. You're seemed to be
Speaker 1: saying that we're going to see rate cuts at the
Speaker 1: end of the year. Well, I think it's certainly a possibility.
Speaker 1: I think no one thought that was a possibility this
Speaker 1: year obviously, but I think that next year, yes, I mean,
Speaker 1: I think if there's one thing that surprised me more
Speaker 1: than inflation or anything else that's been you know, the
Speaker 1: employment picture, you know, you know job you know, all
Speaker 1: these jobs reports. I think everyone has scratched their head
Speaker 1: a little bit, you know, because we've seen some layoffs
Speaker 1: from large cap companies, and certainly that takes some time
Speaker 1: to work through to the unemployment numbers. But in any event,
Speaker 1: I think employment has been very strong. It's hard to
Speaker 1: imagine that that holds up, uh in the first half
Speaker 1: of the year, given what we see with you know,
Speaker 1: kind of the reversal of this wealth of sect that
Speaker 1: we've had, you know, the market and crypto and real estate.
Speaker 1: Everything has come in uh certainly not bullish for the economy. Uh.
Speaker 1: Perhaps bullish for the market if the said ends up
Speaker 1: cutting rates at some point soon. But I think that
Speaker 1: you know, employment uh inevitably must reverse, it would seem.
Speaker 1: I don't think that's you know, going too far out
Speaker 1: on the limb so I think, yeah, I think the economy, uh,
Speaker 1: you know, I think we're gonna have a bad economic
Speaker 1: news is good market news environment at some point during
Speaker 1: this year, which you know, Jimmy feels more normal than
Speaker 1: than bad news or good news. Is is irrelevant in
Speaker 1: terms of what the said. Does you know we knew
Speaker 1: that they were going to raise rates no matter what,
Speaker 1: and they have. Josh, thanks a lot. I appreciate it.
Speaker 1: John h. Wayne, portfolio manager at Hennessy Funds, and happy
Speaker 1: new year to you. Coming up on five eighteen on
Speaker 1: Wall Street. Still at hand on Bloomberg day Break, We're
Speaker 1: gonna check the markets, bring you the latest news and
Speaker 1: business economics and finance. I'm John Tucker, and this thing
Speaker 1: is Bloomberg. Head of the cash open on Wall Street.
Speaker 1: DAL futures right now one one point slower, down three
Speaker 1: tenths of a percent. The SMP even the future is
Speaker 1: fourteen points slower. That's down four tenths of a percent,
Speaker 1: and then as a features down forty two points. Tenure
Speaker 1: yield three eight four. That's a three basis points. This morning,
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