WEBVTT - Bloomberg Daybreak: December 30, 2022 - Hour 2 (Radio) 0:00:01.800 --> 0:00:05.200 Markets, headlines and breaking news twenty four hours a day 0:00:05.320 --> 0:00:08.320 at Bloomberg dot Com, the Bloomberg Business Out and at 0:00:08.320 --> 0:00:17.759 Bloomberg Quick Take. This is a Bloomberg Business Flash and 0:00:17.840 --> 0:00:20.880 I'm Karen Moscow. US dot index Future is declining on 0:00:20.920 --> 0:00:23.520 the final trading day of the year as financial markets 0:00:23.520 --> 0:00:25.639 close out the worst year in more than a decade 0:00:25.640 --> 0:00:28.200 for global equities and bonds. We check the markets all 0:00:28.280 --> 0:00:30.520 day long here on Bloomberg s and P Futures or 0:00:30.520 --> 0:00:33.520 down about four tenths of upper cent or fifteen points down, 0:00:33.560 --> 0:00:35.480 futures down a third of upper cent or a hundred 0:00:35.560 --> 0:00:37.760 nine points, and as dack features down four tens of 0:00:37.840 --> 0:00:40.959 uppercent for forty six points. Ten year treasury down nine 0:00:40.960 --> 0:00:43.040 thirty seconds. You know three point eight four percent That 0:00:43.159 --> 0:00:45.400 yield on the two year four point three eight percent. 0:00:45.840 --> 0:00:48.240 NIMEX screwed oil is down a tenth of upper cent 0:00:48.320 --> 0:00:50.400 or eight cents at seventy eight dollars thirty two cents 0:00:50.440 --> 0:00:52.800 a barrel co make school little changed at a dollar 0:00:52.880 --> 0:00:56.080 thirty At eighteen twenty four, seventy announced the euro one 0:00:56.080 --> 0:00:58.560 point six eight two against the dollar, British pound one 0:00:58.600 --> 0:01:01.760 point to zero three seven. The end one one, eight two, 0:01:02.040 --> 0:01:04.680 and bitcoin is down six tent seven percent. It's it 0:01:04.800 --> 0:01:07.760 just under sixteen thousand, five hundred dollars, and that's a 0:01:07.800 --> 0:01:11.360 Bloomberg business flash, John Karen, thanks a lot. That brings 0:01:11.400 --> 0:01:13.319 us to six fifties six on Wall Street. Time to 0:01:13.319 --> 0:01:15.319 take a look at some of the stocks and names 0:01:15.360 --> 0:01:17.039 that are moving to the pre market. For that, we're 0:01:17.080 --> 0:01:20.480 joined by Bloomberg, Radio and TV Markets corresponded pretty grouped. 0:01:20.680 --> 0:01:23.880 For the new year, I resolve to be a little 0:01:23.959 --> 0:01:26.720 less focused on some of the specific names and more 0:01:26.840 --> 0:01:32.480 focused on sectors a worthy cause, I think a worthy 0:01:32.600 --> 0:01:35.200 resolution for sure. I would say that because I just 0:01:35.360 --> 0:01:37.720 I don't know, there's nothing that really stands out and 0:01:37.800 --> 0:01:40.160 excites me this morning. Yeah, I think that's fair. I mean, 0:01:40.160 --> 0:01:42.280 look you, I'm looking at the SPI right now to 0:01:42.319 --> 0:01:45.400 five and five stocks that are training. There only four 0:01:45.640 --> 0:01:47.800 that are in the green right now, so pretty broad 0:01:47.840 --> 0:01:49.720 sell off when you look at it. Some of the 0:01:49.760 --> 0:01:53.960 worst performing companies are actually in the biotech space, there, 0:01:53.960 --> 0:01:57.480 in the commodity space, there in the uh kind of 0:01:57.680 --> 0:02:00.320 um airline space. The ones that were rebounding or had 0:02:00.360 --> 0:02:03.560 little pockets of green this week are all selling off. 0:02:03.680 --> 0:02:06.760 Today's your worst performer. For example, this morning in pre 0:02:06.800 --> 0:02:09.960 market trading's Norwegian Cruise Lines and c l H down 0:02:10.040 --> 0:02:13.200 one point seven percent, and it's joined by some of 0:02:13.200 --> 0:02:16.160 the other kind of volatility players think Airlines, Cruise Lines, 0:02:16.200 --> 0:02:18.480 American Airlines is up there as well, a L down 0:02:18.520 --> 0:02:20.919 one two percent, as well as some of the casino 0:02:21.040 --> 0:02:24.000 names UM which have that exposure to China, which have 0:02:24.040 --> 0:02:26.960 also been kind of a volatility play as of late. 0:02:27.080 --> 0:02:29.440 LVS is for Las Vegas Sands down about one percent 0:02:29.480 --> 0:02:31.440 as well. So you can see, uh, the ones that 0:02:31.480 --> 0:02:33.560 are the most volatile are the ones that are selling 0:02:33.600 --> 0:02:36.399 off the most surprise. Surprise, but there is some green 0:02:36.440 --> 0:02:38.919 on the screen. Like I mentioned, there are two actually 0:02:39.000 --> 0:02:40.920 kind of interesting stories. We have to talk about Tesla 0:02:41.000 --> 0:02:44.760 because Tesla is making its rebound again third day in 0:02:44.760 --> 0:02:47.560 a row. T s l a UM up about seven 0:02:47.560 --> 0:02:49.280 tenths of one percent, and by the way, it is 0:02:49.320 --> 0:02:52.959 now the biggest mover this morning, but not far behind 0:02:52.960 --> 0:02:55.440 it is Murk and this is actually a fundamental story. 0:02:55.520 --> 0:02:57.239 On the last trading day of the year, m r 0:02:57.320 --> 0:03:00.160 K chairs are up about seven tenths of one sent 0:03:00.240 --> 0:03:02.440 and by the way, seeing the most volume in the 0:03:02.440 --> 0:03:04.960 pre market. That title usually goes to Tesla. So today 0:03:05.120 --> 0:03:08.520 Mark actually getting in. This coming after China approves Mark's 0:03:08.600 --> 0:03:11.720 COVID therapy given that they have a shortage of drugs, 0:03:11.720 --> 0:03:16.320 so they've approved Mark's COVID nineteen anti viral for emergency use. 0:03:16.360 --> 0:03:18.960 And of course this comes after Beijing is looking to 0:03:19.000 --> 0:03:23.520 expand and really accelerate their reopening. They have their own drugs, 0:03:23.560 --> 0:03:26.480 but they're not m R and A based and there's 0:03:26.520 --> 0:03:30.080 some anecdotal evidence to suggest that those vaccines in China 0:03:30.160 --> 0:03:34.160 aren't really great. And this is Remember this isn't the vaccine, 0:03:34.160 --> 0:03:36.680 this is the like if you get covid, how you 0:03:36.720 --> 0:03:38.560 treat So it's the Mark. But I remember they had 0:03:38.600 --> 0:03:43.960 already cleared Pax Slovid from fiser Um earlier this year 0:03:44.200 --> 0:03:46.400 because there were last trading day of the year. I was, 0:03:47.040 --> 0:03:51.480 I guess yesterday might qualify for Santa Claus rally. I 0:03:51.560 --> 0:03:54.880 suppose we heard so much about the tax harvesting year 0:03:54.960 --> 0:03:57.760 of does that account for some of the selling? Well, 0:03:57.800 --> 0:03:59.440 we don't know. I think something you have to wait, 0:04:00.200 --> 0:04:02.360 check with my accountant. Yeah, like see see if he 0:04:02.400 --> 0:04:04.880 did something something there? But you mentioned the Santa rally, 0:04:04.920 --> 0:04:07.040 I mean look out of the last five trading days 0:04:07.040 --> 0:04:09.680 of the year, only two in the green TV markets 0:04:09.720 --> 0:04:12.760 corresponded Crittic Group to thanks and looking at stocks as 0:04:12.800 --> 0:04:14.360 a whole right now ahead of they can't show up 0:04:14.360 --> 0:04:18.120 in SMB futures down fifteen points, the DAL futures one 0:04:18.200 --> 0:04:21.200 hundred fourteen points lower, and the anzac Emity futures right 0:04:21.200 --> 0:04:25.680 now are down forty eight points for Critty. For Karen Moscow, 0:04:25.800 --> 0:04:30.760 I'm John Tucker. Bloomberg Surveillance is straight ahead, live from 0:04:30.800 --> 0:04:34.320 the financial capital of the world, broadcasting across the globe. 0:04:34.560 --> 0:04:45.520 This is WBBR, New York, Bloomberg. He lived Trio. Now 0:04:45.560 --> 0:04:48.760 going into next year, everyone is parished, right, gonna have 0:04:48.800 --> 0:04:54.880 this massive recession. Markets headlines and breaking news twenty four 0:04:54.880 --> 0:04:57.920 hours a day at Bloomberg dot Com, the Bloomberg Business 0:04:57.960 --> 0:05:01.640 at and at Bloomberg Quick Tape. He's a Bloomberg Business 0:05:01.680 --> 0:05:09.920 lash and I'm far in Moscow. It is the final 0:05:10.080 --> 0:05:13.440 trading day of the year. Futures are lower. We go 0:05:13.520 --> 0:05:16.200 to the first Word breaking news desk for today's morning call, 0:05:16.320 --> 0:05:19.799 and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. 0:05:19.839 --> 0:05:22.279 That's right. US futures are pointing to a lower open 0:05:22.279 --> 0:05:25.320 Without futures down sixty seven points, SAPES drop nine, and 0:05:25.560 --> 0:05:29.200 NASTAC futures a lower by thirty. The US ten year 0:05:29.360 --> 0:05:31.880 at three point eight five percent, Gold is up three, 0:05:31.960 --> 0:05:34.839 oil is in the red, and bitcoin is trading lower 0:05:34.839 --> 0:05:38.279 by point six percent. Shanghai rose half a percent overnight, 0:05:38.320 --> 0:05:40.320 while up and markets are also in the red this 0:05:40.440 --> 0:05:42.760 morning and back in the US on the economic front 0:05:42.800 --> 0:05:46.159 at nine Chicago p m I. In other news, the 0:05:46.160 --> 0:05:48.880 b o J went big again with the third day 0:05:48.960 --> 0:05:52.720 of unscheduled bond purchases and wrapping things up. The S 0:05:52.800 --> 0:05:55.279 and P five hundred is on course for its worst 0:05:55.360 --> 0:05:58.719 year since two thousand and eight. Live from the First 0:05:58.640 --> 0:06:01.560 to Breaking News desk on billm care Alright, Bil, thank you, 0:06:01.600 --> 0:06:04.000 and here live breaking news over your Bloomberg type squawk 0:06:04.040 --> 0:06:06.320 on your terminal SCU you a w K. That's a 0:06:06.360 --> 0:06:09.120 Bloomberg business flash. Now here's Michael Barr with more on 0:06:09.240 --> 0:06:11.640 what's going on around the world. Michael Karen. A House 0:06:11.640 --> 0:06:14.400 committee has sets released six years of Donald Trump's tax 0:06:14.440 --> 0:06:17.760 returns today, pulling back the curtain on financial records that 0:06:17.839 --> 0:06:21.400 the former president fought for years to keep secret. Southwest 0:06:21.400 --> 0:06:24.159 Airline says it expects to return to a normal flight 0:06:24.200 --> 0:06:28.080 schedule today. The declaration comes after nearly a week of 0:06:28.120 --> 0:06:32.280 cancelations and delays for travelers. Thursday night football, the Cowboys 0:06:32.320 --> 0:06:35.880 beat the Titans in the NBA. The next loss the 0:06:35.880 --> 0:06:38.360 Celtics won in the NHL. The Rangers lost in the 0:06:38.360 --> 0:06:41.680 shootout to the Lightning to one, the Islanders won the 0:06:41.720 --> 0:06:44.719 Capital's lost in overtime to the Senators for three, and 0:06:44.920 --> 0:06:48.000 soccer legend Pelee has died after a battle with cancer. 0:06:48.080 --> 0:06:50.640 He was eighty two Global News twenty four hours a 0:06:50.720 --> 0:06:53.040 day on air and on Bloomberg Quick Take, powered by 0:06:53.080 --> 0:06:55.680 more than twenty seven hundred journalists and analysts more than 0:06:55.720 --> 0:06:59.239 a hundred twenty countries. Michael Barr, this is Bloomberg, Karen alright, 0:06:59.279 --> 0:07:01.600 Michael Barr, thing Q six forty two on Wall Street. 0:07:01.680 --> 0:07:04.040 Let's turn to news and science and technology now with 0:07:04.080 --> 0:07:07.000 the Bloomberg and j I T Stem Report. And here's 0:07:07.000 --> 0:07:10.320 just making news and science, technology, engineering, and math. U 0:07:10.440 --> 0:07:14.480 S officials approve the US Health officials approval process for 0:07:14.600 --> 0:07:19.120 Biogen controversial for Biogen's controversial Alzheimer's drug was rife with 0:07:19.160 --> 0:07:22.280 the regularities. According to our report by two House committees, 0:07:22.480 --> 0:07:25.560 They called the FDA's collaboration with Biogen while assessing the 0:07:25.640 --> 0:07:30.040 drug excessive. The report also criticized Biogen for setting an 0:07:30.120 --> 0:07:35.000 unjustifiably high yearly price for the product. The Japanese subsidiary 0:07:35.040 --> 0:07:38.960 of SAM bankman Freed's bankrupt cryptocurrency exchange f t X, 0:07:39.040 --> 0:07:41.840 as it will start returning customer assets from the middle 0:07:41.880 --> 0:07:45.440 of February. Ft X jrapans that it's developing systems to 0:07:45.560 --> 0:07:49.280 enable its customers to withdraw their assets. And agricultural commodities 0:07:49.320 --> 0:07:51.440 are heading for the longest stretch of annual gains since 0:07:51.440 --> 0:07:54.440 at least the early nineties, as drought in war got 0:07:54.480 --> 0:07:58.000 production and a road inventories keeping global food inflation simmering. 0:07:58.240 --> 0:08:01.600 The Bloomberg agriculture spot in decks, which includes everything from corn, 0:08:01.640 --> 0:08:04.880 wheat and coffee, is Spoisia cap four years of increases. 0:08:04.880 --> 0:08:08.520 Another bullish driver is China's reopening and as a Bloomberg 0:08:08.840 --> 0:08:11.200 and j I t Stem report, never good when the 0:08:11.240 --> 0:08:15.960 price of coffee is going up. John especially the shifting 0:08:16.080 --> 0:08:19.120 Yeah It's gonna say thanks. Karen sixty three on Wall 0:08:19.160 --> 0:08:21.000 Street timed out to check what's going on at d C. 0:08:21.200 --> 0:08:23.600 Some of the top stories in the nation's capital, include 0:08:24.120 --> 0:08:27.840 Sam Bankman free meeting with Biden aids in the pre 0:08:28.040 --> 0:08:32.680 collapse crypto push. There are increasing calls for Representative elect 0:08:32.760 --> 0:08:36.480 George Santos to call it quits, and Democrats preparing to 0:08:36.559 --> 0:08:40.280 release years of former President Trump's tax returns, the US 0:08:40.320 --> 0:08:43.120 sending billions in a to Ukraine as Russia ramps up 0:08:43.160 --> 0:08:46.480 attacks on the country. Let's take a deeper dive into 0:08:46.559 --> 0:08:48.640 some of these stories this morning with Terry Haynes, founder 0:08:48.720 --> 0:08:52.080 of Pangea Policy, joining us now to talk about those 0:08:52.200 --> 0:08:55.880 latest stories in DC. Always welcome to the last training 0:08:56.000 --> 0:08:58.719 day of the yearth Terry Haynes, And what do you here? 0:08:58.960 --> 0:09:02.760 It's Ben um So who wants to be associated with 0:09:03.040 --> 0:09:07.360 Sam Bankman freeed raise your hands? Oh nobody? Um he 0:09:07.520 --> 0:09:09.920 was at the White House or apparently meeting with some 0:09:10.080 --> 0:09:13.719 White House officials, So um so what gives? And uh 0:09:14.320 --> 0:09:19.400 Democrats Republican is gonna make hey out of this? Well, first, 0:09:19.679 --> 0:09:22.040 Happy New Year to you and everybody on day break, John, 0:09:22.559 --> 0:09:26.920 thank you for having me. I appreciate it. The the well, sure, 0:09:27.000 --> 0:09:29.559 I mean, hey, hey will be made so let's stipulate that. 0:09:29.800 --> 0:09:34.959 But look, you know, Bankman Fried ran around for a 0:09:35.040 --> 0:09:38.760 couple of years, uh, throwing money all over the place 0:09:38.840 --> 0:09:42.240 in Washington, and any time, Uh, you know, you've got 0:09:42.280 --> 0:09:45.080 a donor who's shoes, who turns into the second biggest 0:09:45.120 --> 0:09:48.120 donor in the mid terms, lots of people are gonna 0:09:48.160 --> 0:09:50.720 want to meet with him. Uh. So, you know, meetings 0:09:50.800 --> 0:09:54.800 were hat But at the same time, I don't think 0:09:54.960 --> 0:09:59.120 that Bankmund Freed made any headway on anything that Bankman 0:09:59.200 --> 0:10:01.559 Freed cared ab out to me. You know, certainly he's 0:10:01.960 --> 0:10:04.199 he's in a heap of trouble regardless of any meetings 0:10:04.280 --> 0:10:07.959 he had in Washington. Firstly, Secondly, uh, there was no 0:10:08.360 --> 0:10:10.559 you know, there's a lot of bally who about uh, 0:10:10.760 --> 0:10:13.360 you know, him wanting a particular sort of regulatory regime 0:10:13.440 --> 0:10:17.800 for crypto. There was never any uh, any likelihood that 0:10:18.240 --> 0:10:21.520 cryptil legislation was going to pass in the now dying 0:10:22.160 --> 0:10:26.160 current Congress. Uh. You know, nobody for for one simple reason, 0:10:26.440 --> 0:10:29.280 nobody agrees on what should be done. And the arguments 0:10:29.400 --> 0:10:33.160 that you presented about fifteen minutes ago with uh with 0:10:33.240 --> 0:10:36.760 Connressman Sherman and Congressman mckenry showed that on the one hand, 0:10:36.840 --> 0:10:40.280 you've got uh Mr Sherman, who wants to talk about, 0:10:40.440 --> 0:10:42.679 you know, sort of not regulating cryptio at all and 0:10:42.760 --> 0:10:44.839 walling and off from the you know, kind of the 0:10:44.920 --> 0:10:48.000 real system. On the other hand, uh, soon to be 0:10:48.120 --> 0:10:51.199 chairman mckenry makes a very good point that, uh, you know, 0:10:51.280 --> 0:10:53.760 you're gonna have a situation where if you ignore this 0:10:53.880 --> 0:10:57.160 stuff and wallowed off, well then you know, somebody's somebody's 0:10:57.200 --> 0:10:59.120 gonna be hurt in different ways and we're gonna be 0:10:59.240 --> 0:11:02.559 behind on the responsible regulation of the stuff. And that 0:11:02.679 --> 0:11:07.280 really shows, uh, just how far apart everybody is on crypto. 0:11:07.720 --> 0:11:10.520 So you know, net Net, uh, I think hey will 0:11:10.600 --> 0:11:13.600 be made bankman free, thrown around a lot of money here. 0:11:13.800 --> 0:11:16.200 You know, there's a lot of uh you know, nobody 0:11:16.320 --> 0:11:18.040 wants to be seen with him, of course, and people 0:11:18.040 --> 0:11:19.800 are gonna have to start giving the money back they 0:11:19.840 --> 0:11:23.599 haven't already. But you know, it's I think it's a 0:11:23.720 --> 0:11:26.840 non story compared to the bigger, the bigger fraud. Okay, 0:11:26.880 --> 0:11:29.600 here's another story that seems to keep on giving increasing 0:11:29.640 --> 0:11:32.920 calls for George Santos to call it quits even before 0:11:32.960 --> 0:11:37.120 he's sworn into Congress. Um. The Times had a peace 0:11:37.559 --> 0:11:43.319 um highlighting, among other things, usual disbursements, documenting us documented 0:11:43.400 --> 0:11:48.240 in his campaign filings. Where does this go? Um? Where 0:11:48.320 --> 0:11:50.600 this goes is that you know when last week talked, 0:11:51.200 --> 0:11:54.079 you know, mere days ago, I think about mrs and 0:11:54.200 --> 0:11:57.600 more revelations have come out since then. Yeah, yeah, exactly 0:11:57.840 --> 0:12:00.720 when you know, it seemed, uh, it seem sort of comic. 0:12:01.040 --> 0:12:04.560 And you know now he's being mentioned more and more 0:12:04.640 --> 0:12:08.199 with the same breath with with people like SPF and 0:12:08.400 --> 0:12:12.920 Elizabeth Holmes of Toronto's. Uh. What I said then was 0:12:13.160 --> 0:12:15.680 that I thought he served a maximum of one term 0:12:16.200 --> 0:12:21.080 and uh and probably less. And I'll i'll say today 0:12:21.160 --> 0:12:23.600 that you know that I think we're trending strongly towards 0:12:23.679 --> 0:12:27.000 the probably much less. Uh, and he's probably out of 0:12:27.080 --> 0:12:29.959 office within a couple of months. You've got a clearer, 0:12:30.080 --> 0:12:34.560 clearer picture now, you've got at least three investigations. You'll 0:12:34.600 --> 0:12:37.559 have the NASA DA which has started, the U S 0:12:37.600 --> 0:12:40.200 attorney in Brooklyn is rumored to be looking around at 0:12:40.240 --> 0:12:44.760 some things. And you know, if he gets sworn in, uh, 0:12:45.160 --> 0:12:47.240 you know, Congress I think almost certainly will launch an 0:12:47.240 --> 0:12:50.880 investigation on him quickly. You've got all these questions, which 0:12:50.880 --> 0:12:53.360 again you you talked about earlier in the hours, so 0:12:53.440 --> 0:12:55.319 I won't the labor them. But you know, this is 0:12:55.320 --> 0:12:57.559 gonna be death by a thousand paper cuts for Mr 0:12:57.640 --> 0:13:00.880 Santos pretty quickly. Where's this money come from? Who are 0:13:00.960 --> 0:13:03.880 you really all this sort of stuff? And uh, and 0:13:04.920 --> 0:13:07.920 you know he's not going to be around long frankly. Uh. 0:13:08.200 --> 0:13:10.880 You know the party, his own parties cut them loose. 0:13:10.960 --> 0:13:13.600 The other sides, Uh, the other side's trash and him 0:13:14.080 --> 0:13:15.959 and you know, the big unknowns for me at this 0:13:16.040 --> 0:13:19.160 point really come down to, you know, in the election, 0:13:19.280 --> 0:13:21.360 where was his opponent? The stuff was all out there, 0:13:21.400 --> 0:13:23.640 not really hard to figure out, So I don't know 0:13:23.760 --> 0:13:27.600 what opposition research was doing there. The press wasn't doing 0:13:27.720 --> 0:13:30.880 very much locally anyway. And you know, his own party 0:13:31.880 --> 0:13:34.640 apparently it's some sort of an open secret uh in 0:13:34.800 --> 0:13:38.360 some Republican orders that uh, you know a lot of 0:13:38.400 --> 0:13:40.280 this stuff was not exactly on the up and up. 0:13:40.360 --> 0:13:41.839 So there's gonna be a lot of people having a 0:13:41.880 --> 0:13:44.880 lot to answer for. Um. And let's do this in 0:13:45.000 --> 0:13:49.040 fifteen seconds when the Trump tax returns it released by 0:13:49.120 --> 0:13:52.400 Democrats today, big fewer or dies on the vine or 0:13:52.440 --> 0:13:56.439 what resounding that I think? Uh, you know, so much 0:13:56.520 --> 0:14:00.719 of this uh, the Trump stuff by maocrats and I'm 0:14:01.200 --> 0:14:04.000 by no means the trop apologist. So much of this 0:14:04.120 --> 0:14:07.160 stuff is uh, you know, kind of years too late 0:14:07.400 --> 0:14:09.480 to make much of a difference to anybody but the base. 0:14:09.559 --> 0:14:11.360 Who will you know, a hal a few things and 0:14:11.440 --> 0:14:14.000 that will be it. Terry, thanks as always, and again 0:14:14.040 --> 0:14:16.560 Happy New Year. Thanks for being here, founder of Pangea 0:14:16.640 --> 0:14:18.800 Policy and you can read more about these stories on 0:14:18.840 --> 0:14:22.000 Bloomberg dot com or the Bloomberg Terminal. Also a reminder, 0:14:22.040 --> 0:14:25.400 you can follow all the latest on Bloomberg Radio in Washington, 0:14:25.520 --> 0:14:29.560 d C. That's Bloomberg at one oh five point seven 0:14:30.080 --> 0:14:32.480 fm h D two ahead of the cash open on 0:14:32.560 --> 0:14:36.720 Wall Street well after yesterday's rally. The futures right now 0:14:36.800 --> 0:14:39.160 indicate a lower open on Wall Street. Start with the 0:14:39.200 --> 0:14:42.320 MAS Deck futures. They're down forty points, that's down about 0:14:42.320 --> 0:14:45.400 four tens of a percent, SMP futures down twelve, the 0:14:45.480 --> 0:14:49.200 Dow futures ninety one points lower. You're listening to Bloomberg 0:14:49.280 --> 0:14:55.080 Day Break, Markets, headlines and breaking news twenty four hours 0:14:55.120 --> 0:14:58.120 a day at Bloomberg dot com, the Bloomberg Business apt 0:14:58.200 --> 0:15:01.960 and at Bloomberg Trick Tape. She's a Bloomberg Business Flash, 0:15:07.920 --> 0:15:10.640 and I'm Karen Moscow. Futures are lower on this final 0:15:10.760 --> 0:15:12.600 training day of the year. We checked the markets all 0:15:12.680 --> 0:15:15.760 day long here at Bloomberg. SNP futures down fourteen points 0:15:15.880 --> 0:15:18.160 or a third of up percent. Futures down three tents 0:15:18.200 --> 0:15:21.000 of uppercent or one hundred seven points, and as day 0:15:21.040 --> 0:15:24.200 futures down four tens of uppercent or forty five points. 0:15:24.280 --> 0:15:26.480 Ten year treasury down nine thirty seconds. You have three 0:15:26.520 --> 0:15:28.520 point eight four percent they yield on the two year 0:15:28.640 --> 0:15:31.880 four point three eight percent. Nimex screwed oils down a 0:15:31.960 --> 0:15:34.600 quarter percent or eighteen cents at seventy eight dollars, twenty 0:15:34.640 --> 0:15:36.920 two cents of barrel coll mix gold down a tenth 0:15:36.960 --> 0:15:38.840 of u per cent or two dollars ten cents at 0:15:38.880 --> 0:15:41.520 one thousand, eight hundred twenty three dollars ninety cents announced 0:15:41.800 --> 0:15:44.400 and the Euro one point oh six eight four against 0:15:44.440 --> 0:15:47.120 the dollar. As a Bloomberg Business Flash. Now here's Michael 0:15:47.160 --> 0:15:49.640 Barr with more on what's going on around the world. 0:15:49.800 --> 0:15:52.400 Michael Karen. A House committee will release six years of 0:15:52.480 --> 0:15:55.680 Donald Trump's tax returns today. There will be some redactions 0:15:55.720 --> 0:15:59.440 of sensitive information. Southwest Airline says it expects to return 0:15:59.520 --> 0:16:02.720 to her nor More flight schedule today. The doctoration comes 0:16:03.080 --> 0:16:05.960 after nearly a week of cancelations and delays for travelers 0:16:06.200 --> 0:16:10.120 in the NFL. The Cowboys beat the Titans in the NBA. 0:16:10.320 --> 0:16:13.280 The next loss Celtics won in the NHL. The Rangers 0:16:13.360 --> 0:16:15.960 lost in the shoot out the Islands one Capitals lost 0:16:16.000 --> 0:16:18.760 in overtime. Global News twenty four hours a day on 0:16:18.880 --> 0:16:21.600 air and on Bloomberg Quick Take, powered by more than 0:16:21.720 --> 0:16:24.240 twenty seven hundred journalists and analysts more than a hundred 0:16:24.240 --> 0:16:27.360 twenty countries. Michael Barr, this is Bloomberg. John all right, Michael, 0:16:27.400 --> 0:16:30.000 thank you, six twenty three on Wall Street. I'm John Soccer. 0:16:30.160 --> 0:16:34.480 This is Bloomberg Daybreak. Questions over crypto legislation being raised 0:16:34.520 --> 0:16:36.720 in the wake of the collapse of the f t X, 0:16:37.160 --> 0:16:39.240 as a new report that says the co founder, Sam 0:16:39.320 --> 0:16:42.800 Bankman Freed held at least four meetings with senior White 0:16:42.880 --> 0:16:45.800 House officials this year, part of a push the influenced 0:16:45.840 --> 0:16:49.960 crypto policy. Democratic Counsel Representative brand Sherman, a member of 0:16:50.000 --> 0:16:52.680 the House of Financial Services Committee, is weighing in on 0:16:52.800 --> 0:16:56.200 the issue. In an interview with Bloomberg's Madison Mills. You 0:16:56.280 --> 0:17:00.080 made your views really crystal clear with that quote. But 0:17:00.160 --> 0:17:02.160 I wonder is this a chicken or an egg thing? 0:17:02.280 --> 0:17:08.160 Could regulation have prevented the bad actor here? I think 0:17:08.240 --> 0:17:14.000 regulation could have been somewhat helpful. But ultimately, when you 0:17:14.520 --> 0:17:19.200 send your money to Bahamas or Cayman Islands, it's for 0:17:19.320 --> 0:17:22.639 the purpose of evading US law. I mean, though, you know, 0:17:22.760 --> 0:17:25.600 Cayman Islands might have be a good place to snorkele, 0:17:25.800 --> 0:17:29.119 but if you choose to bank there or the Bahamas, 0:17:30.280 --> 0:17:33.000 they're you're you're You're seeking to evade the very laws 0:17:33.080 --> 0:17:36.760 that would, on the one hand, enforce our our tax laws, 0:17:36.840 --> 0:17:41.639 on the other hand, protect investors. Some of those investors 0:17:41.760 --> 0:17:44.680 get a little shaky about legislation because every time Congress 0:17:44.680 --> 0:17:47.240 discusses it, they lose a little bit more money. The 0:17:47.320 --> 0:17:50.080 market doesn't like regulation like that. So what is your 0:17:50.119 --> 0:17:54.680 message to the crypto fans on your position? This is 0:17:54.760 --> 0:17:59.439 an enterprise which will probably sail, but if it succeeds 0:17:59.520 --> 0:18:02.760 in it's purpose, its purpose is to create a new 0:18:02.840 --> 0:18:08.879 currency which will disadvantage the average American. It's purpose is 0:18:09.000 --> 0:18:12.520 to have a new currency that competes with the dollar 0:18:12.640 --> 0:18:15.560 by offering one purported advantage. It's right there in the 0:18:15.680 --> 0:18:21.560 name cryptocurrency hidden money, and I don't think we need 0:18:21.880 --> 0:18:26.640 hidden money. I think we need transparent financial transactions. It's 0:18:26.680 --> 0:18:30.440 interesting because that you again make your positioning very clear, 0:18:30.520 --> 0:18:33.560 but some of your colleagues on the Hill have very 0:18:33.760 --> 0:18:38.720 different opinions. I interviewed Representative Patrick McHenry on cryptoregulation, and 0:18:38.880 --> 0:18:41.840 here is what he had to say about the risks 0:18:42.040 --> 0:18:46.840 of that regulation. He was taking advantage of UH a 0:18:47.080 --> 0:18:50.280 lack of clarity and regulation. But we have to understand 0:18:50.320 --> 0:18:54.760 the US is that we do have an open digital 0:18:54.840 --> 0:18:58.720 border UM and new products will emerge, and if we 0:18:58.760 --> 0:19:01.800 don't have a regulatory regime and a rule of law 0:19:02.480 --> 0:19:08.520 that is enforced around UH this new technology, UM, we're 0:19:08.520 --> 0:19:11.679 gonna have our our consumers fall victim to the worst 0:19:12.280 --> 0:19:15.399 actors globally. Does the US miss a chance to be 0:19:15.480 --> 0:19:20.520 a world leader by overregulating crypto? We would lose a 0:19:20.680 --> 0:19:24.360 chance to be a world leader in hidden money, which 0:19:24.440 --> 0:19:28.800 is exactly what cryptocurrency means. We lose a chance to 0:19:29.000 --> 0:19:34.320 help wealthy people evade our tax laws. We lose a 0:19:34.440 --> 0:19:38.639 chance for people like Sam Bankman freed to evade our 0:19:38.720 --> 0:19:43.639 bankruptcy courts. We make it easier for husbands who are 0:19:43.720 --> 0:19:46.760 planning to leave their wives to hide moneys from our 0:19:46.840 --> 0:19:51.440 family courts. This is what innovation is offering us. And 0:19:51.520 --> 0:19:54.960 it also offers a chance for people to bet that, well, 0:19:55.560 --> 0:19:58.440 I'm not leaving my wife, I'm not cheating on my taxes. 0:19:58.800 --> 0:20:00.760 But I want to bet that this becomes such a 0:20:00.920 --> 0:20:04.000 useful tool that I can sell it to somebody who 0:20:04.080 --> 0:20:06.160 does want to use it for those purposes and make 0:20:06.200 --> 0:20:09.920 a profit. That's Democratic Congressman Brad Sherman speaking with Madison 0:20:10.040 --> 0:20:12.760 Mills on Bloomberg Sat Down. You can catch the program 0:20:12.880 --> 0:20:15.800 weekdays five pm Eastern on Bloomberg Radio and here the 0:20:15.840 --> 0:20:20.400 full interview on the Daily Sound On podcast, available on Apples, Spotify, 0:20:21.080 --> 0:20:25.080 and anywhere else that you get your podcasts. Ahead of 0:20:25.080 --> 0:20:27.479 the cash shop on Ball Street this morning, right now, 0:20:27.520 --> 0:20:30.240 the futures are in the red DAL futures down one two, 0:20:30.600 --> 0:20:34.080 smp EMNY futures down thirteen. The Nasdeck futures are down 0:20:34.200 --> 0:20:37.439 fourteen points. Just ahead this morning's top stories, plus your 0:20:37.520 --> 0:20:41.080 local headlines and a check of the markets. But first, 0:20:41.160 --> 0:20:45.040 let's get a look at today's Bloomberg weather forecast. Forty 0:20:45.119 --> 0:20:48.600 six degrees in Central Park. Rob Caroline has the weekend 0:20:48.680 --> 0:20:52.080 weather forecast. Any clowning this this morning will be giving 0:20:52.080 --> 0:20:55.200 way to sunshine. Hides across the Tristate area are mild today, 0:20:55.320 --> 0:20:59.639 fifty climbing up overnight five Rine who's in By late 0:20:59.680 --> 0:21:02.359 to day tomorrow fifty to fifty five. Reigned for New 0:21:02.440 --> 0:21:04.639 Year's Eve lows forty five to fifty. It ends by 0:21:04.720 --> 0:21:08.119 morning New Year's Day, becoming apparently mostly sunny, remaining mild, 0:21:08.200 --> 0:21:11.280 highs fifty to fifty five. I'm Rob Carol Vane with 0:21:11.359 --> 0:21:17.920 your three day forecast. I'm Bloomberg eleven three oh broadcasting 0:21:18.040 --> 0:21:21.720 live from the Bloomberg Interacted Broker Studio in New York, 0:21:21.880 --> 0:21:25.240 Bloomberg E Living Freedom to Washington, d C, Bloomberg nine 0:21:25.960 --> 0:21:29.160 to Boston, Bloomberg one oh six one to San Francisco, 0:21:29.240 --> 0:21:32.960 Bloomberg sixty to the Country, Sirius xm CHO one nine 0:21:33.320 --> 0:21:36.480 and around the globe the Bloomberg Business apt and Bloomberg 0:21:36.600 --> 0:21:46.080 Radio dot Com. This is Bloomberg Daybreak. It's coming up 0:21:46.119 --> 0:21:48.080 on six thirty on Wall Street. Good morning, I'm John 0:21:48.119 --> 0:21:50.840 Tucker and I'm Karen Moscow, and we're just about three 0:21:50.880 --> 0:21:53.160 hours away from the open of US trading. It's time 0:21:53.200 --> 0:21:54.720 for the five things that you need to not to 0:21:54.800 --> 0:21:57.960 start your day, brought to you by Innovation Refunds. 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