Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for a Monday, November fourteen two. Coming up
Speaker 1: this hour, President Biden meets with China's she Jing Ping,
Speaker 1: has tensions between the two countries simmer. A win for
Speaker 1: Democrats is the party cements control of the Senate. Stocks
Speaker 1: start the day coming off their best week since June,
Speaker 1: and a top Fed official says there's still a ways
Speaker 1: to go before stopping interest rate heights. Sandy Hook Memorial
Speaker 1: for the twenty six people killed opens to the public,
Speaker 1: plus the t s A is investigating Howlman got on
Speaker 1: off Frontier Airlines flight with two box cutters. I'm Michael
Speaker 1: blar More, I'm John stash Our on Sports eight one
Speaker 1: Barkley with the Giants to victory over Euston the Nixon
Speaker 1: Nets lost to win for the Rangers. That's all Strady
Speaker 1: Ahead on Bloomberg day Break on Bloomberg eleven Free on
Speaker 1: New York, Bloomberg N one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius
Speaker 1: x M one nineteen and around the world on Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US DOT index
Speaker 1: futures are lower this morning. We're coming up to five
Speaker 1: o one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. U
Speaker 1: S and P Future is down about twenty points this morning.
Speaker 1: Down Future is down a hundred twenty and NASDAG Future
Speaker 1: is down eighty nine ten. Your treasury, Treasury down thirty seconds,
Speaker 1: three point eight nine percent. They yield on the two
Speaker 1: year four point three eight percent. Nathan, Karen, we begin
Speaker 1: this morning with a high powered meeting underway between the
Speaker 1: leaders of the US and China. Discussions have begun between
Speaker 1: Presidents Joe Biden and Shi Jinping in Bali, Indonesia. They
Speaker 1: are meeting on the sidelines of the G twenty summit.
Speaker 1: Bloomberg Stephen Angel is there and has the very latest.
Speaker 1: They're high stakes. Obviously, is the first face to face
Speaker 1: meeting since Joe Biden became president between himself and s jn. Ping.
Speaker 1: They've met many times before. They've had five conversations over
Speaker 1: the phone or video ofference since he became president. They've
Speaker 1: accumulated some sixty seven hours face to face over the years.
Speaker 1: Of course, as Joe Biden was Vice president under Obama,
Speaker 1: so they know each other. But there are so many
Speaker 1: sticking issues as the relationship between China and the United
Speaker 1: States has in many accounts deteriorated to the point where
Speaker 1: they've cut off military to military dialogue. They've cut off
Speaker 1: some climate change cooperation. Following that controversial visit by the
Speaker 1: House Speaker Nancy Pelosi to Taiwan Bloomberg, Stephen angle in
Speaker 1: Bali says the Biden administrations played down expectations for this meeting,
Speaker 1: casting it as a first step rather than a decisive showdown. Still, Nathan,
Speaker 1: President Biden says he's coming into this meeting with President
Speaker 1: She in a strong position after a better than expected
Speaker 1: mid term election. Democrats have retained control of the Senate.
Speaker 1: Afterword that Katherine Cortez Master won re election in Nevada,
Speaker 1: the Red Way for Republicans did not come to pass.
Speaker 1: We get more from Bloomberg, said Baxter. There's growing thought
Speaker 1: that it was voters repudiating extremism and a election deniers.
Speaker 1: Republican Governor Chris Sanunu on ABC says the party needs
Speaker 1: to stand up and take notice. There's a sense of
Speaker 1: extremism that I think a lot of Republicans were painted with,
Speaker 1: rightfully or not, and senna majority of Leader Truck Schumer.
Speaker 1: Many Republican leaders actually encouraged the threats of violence, the violence,
Speaker 1: the denial of an election. The House is still in
Speaker 1: the balance, but Democrats pretty much need to run the
Speaker 1: table to win the House. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg day break. Thanks to turning to markets now,
Speaker 1: stocks are coming off their best week since June. Tech
Speaker 1: was the big winner following last week's inflation report. The
Speaker 1: NASTAC one hundred climbed nine point eight percent on Thursday
Speaker 1: and Friday for its best to day games since two
Speaker 1: thousand eight. Ryan Dietrich is chief market strategist at the
Speaker 1: Carson Group. But we are optimistic. We made another major
Speaker 1: market low in October. Six of the last seventeen bear
Speaker 1: markets ended in October. M could be another one, and again,
Speaker 1: expectations are so low that any good news can continue
Speaker 1: to push this beach ball higher. The Carson Groups. Ryan
Speaker 1: Dietrich says the SMP fire is up eleven percent since
Speaker 1: the end of September. Well. At the same time, Nathan
Speaker 1: stocks are likely to end next year almost unchanged from
Speaker 1: their current level. That's according to Morgan Stanley's Michael Wilson,
Speaker 1: the top rated strategists a volatile path to get to
Speaker 1: his three year end SNP target. It's about two percent
Speaker 1: below where stocks closed on Friday. Wilson expects equities to
Speaker 1: fall as earnings estimates come down, before rebounding in the
Speaker 1: second half of next year. Well Many strategist Karen say
Speaker 1: the key for the markets will be the FED pivoting
Speaker 1: from its rate hike cycle. However, FED Governor Christopher Waller
Speaker 1: says there is still a ways to go before they
Speaker 1: stop raising interest rates. Waller told a conference in Sydney
Speaker 1: this morning the rates will stay high for a while
Speaker 1: until inflation gets closer to the Fed's target. Well. Nathan
Speaker 1: Goleman Sacks sees a significant decline in inflation next year.
Speaker 1: The firm expects the core PC measure to decline to
Speaker 1: two point nine percent by December three. It's currently at
Speaker 1: five point one percent. Goleman points to saw fitting supply
Speaker 1: chain problems that peak and a shelter inflation and slower
Speaker 1: wage growth. All Right, we want to bring you up
Speaker 1: to date now on the latest developments involving FTX. Authorities
Speaker 1: in the Bahamas are investigating whether there was criminal misconduct
Speaker 1: in the collapse of the crypto exchange. Police and regulators
Speaker 1: interviewed co founder Sam BigMan Freed on Saturday. They're growing
Speaker 1: signs f t X customers have little chance of recovering
Speaker 1: their deposits. The head of rival exchange, Binance cz Jau,
Speaker 1: says the industry can't leave it to regulators to police wrongdoing.
Speaker 1: No one can protect a backlayer. To be very frank,
Speaker 1: if a guy is very good at lying and very
Speaker 1: good at just pretending to be well, he's not somebody
Speaker 1: wants to vital let the law. The law is not
Speaker 1: going to prevent that. The law can help to reduce
Speaker 1: that um as the industry players wish would be more
Speaker 1: vocal about it, which is that very strong standards for
Speaker 1: the industry finances. C z Jaw was involved in a
Speaker 1: public feud with Sam Bankman Fried's f t X, a
Speaker 1: dispute that played out as part of the collapse of
Speaker 1: f t X last week. We turn our attention now
Speaker 1: to Elon Musk, the world's richest man, as he has
Speaker 1: too much work on his plate. Is currently the CEO
Speaker 1: of Twitter, Tesla, and SpaceX, plus a few other ventures.
Speaker 1: Speaking at a business conference running alongside the G twenty,
Speaker 1: must says the amount that he tortures himself is quote
Speaker 1: next level. I mean, I'm really working at the absolute
Speaker 1: most amount that I can work from mordingful nine seven
Speaker 1: days a week. Um, so there's not something I'd recommend. Frankly,
Speaker 1: Um yeah. Moscow took over Twitter earlier this month, has
Speaker 1: already fired around half the firm staff and into the
Speaker 1: company's work from home policy. Not to another corporate story
Speaker 1: this morning, Roche says along awaited experimental drug for Alzheimer's
Speaker 1: disease failed in a pair of large studies. It is
Speaker 1: another disappointment in a research field that's been marred with failures.
Speaker 1: Rose shares right now are down five in Europe and finally,
Speaker 1: Nathan London has lost its crown as Europe's biggest stock market.
Speaker 1: It's now behind Paris as economic growth continued, concerns way
Speaker 1: on UK assets. Meantime, China's relaxation COVID rules is boosting
Speaker 1: French luxury shares. Currency movements have also been an advantage
Speaker 1: for Parish as the pounds week in against the dollar.
Speaker 1: This year, the euro has spared slightly better, weakening around nine.
Speaker 1: And straight ahead, we have your latest local headlines plus
Speaker 1: the check of sports, and this is Bloomberg. Thank you, Karen.
Speaker 1: It's five oh seven on Wall Street with thirty nine
Speaker 1: degrees in Central Park, head only to the upper forties today.
Speaker 1: We gotta crash northbound New York State through way in
Speaker 1: your exit ten. Michael Bars here with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The long awaited memorial to the victims
Speaker 1: of the Sandy Hook Elementary School shooting officially open to
Speaker 1: the public as today, drawing visitors steadily throughout the day.
Speaker 1: The circular memorial pool stood in front of the engraved
Speaker 1: names of the twenty first graders and six educators killed
Speaker 1: a short distance from the Connecticut school nearly ten years ago.
Speaker 1: There was no ceremony, in keeping with New Town tradition
Speaker 1: of marking anniversaries and other remembrances of the shooting with
Speaker 1: quiet reflection, just what Jenny Hubbard and other Sandy Hook
Speaker 1: parents and families were hoping for. When you have a
Speaker 1: tragedy like Sandy Hook, or any other tragedy that rocks
Speaker 1: any community. It's nice to have a place that marks
Speaker 1: that moment. It will be ten years next month at
Speaker 1: Jenny's daughter Katherine Hubbard, just six, was killed in the
Speaker 1: Sandy Hook shooting. Former Vice President Mike Pence is talking
Speaker 1: about what happened during the January six attack ahead of
Speaker 1: his new book released. Pence on ABC condemned then President
Speaker 1: Trump's actions that day, saying he endangered his family and
Speaker 1: everyone in the Capitol. He says the President's words were
Speaker 1: reckless and it was clear he decided to be part
Speaker 1: of the problem. But I turned to my daughter, who
Speaker 1: was standing nearby, when I said, it doesn't encouraged to
Speaker 1: break the law. Takes courage to uphold the law. Mike
Speaker 1: Pence's new book, entitled So Help Me God, comes out tomorrow.
Speaker 1: More hospitals are reporting a surge of patients young and
Speaker 1: old with RSV and the flu, the most and earliest
Speaker 1: in years. Connecticut hospitals are considering asking for National Guard help.
Speaker 1: Dr Ian Michaelo, Connecticut Children's med Center Hartford says that
Speaker 1: there e r is full with longer wait times. Some
Speaker 1: people are putting a twin Dammi the younger children. Unfortunately,
Speaker 1: the sixth of some morning air ways, they can't deal
Speaker 1: with the secretions as easily as older children, so those
Speaker 1: tends to be the sicker children. Dr Michaelo says older
Speaker 1: patients potentially getting pneumonia is also a concern. There are
Speaker 1: new concerns about airport security after what happened on the
Speaker 1: Frontier Airlines plane late last week. The t s A
Speaker 1: is sending some agents back to training after a man
Speaker 1: board at a Frontier Airlines flight in northern Kentucky with
Speaker 1: two box cutters and reportedly threatened to harm other passengers.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: under journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barne, this is Berg NA. Thanks Michael. Almost five
Speaker 1: ten on Wall Street time for the Bloomberg Sports Update Party.
Speaker 1: If I try state outing. Good morning, John Stashup, Good Morning.
Speaker 1: Eighth of the Day began with a report that during
Speaker 1: the bye week, the Giants held contract tops with Sa
Speaker 1: Kwan Barkley, but the two sides are far apart and
Speaker 1: won't talk again until after the season. Barkley is having
Speaker 1: a terrific season. Yesterday he was busy, thirty five carries
Speaker 1: a hundred and fifty two yards of the Giants went
Speaker 1: to him late in the game, handoff, Barkley runs right again,
Speaker 1: don't touch down. Giants sick kan Berkley put two yards out.
Speaker 1: It's just six rushing touchdown of the season, and the
Speaker 1: Giants answer Houston with seven of their own with one
Speaker 1: to come. Fan to call. Barkley now leads the NFL,
Speaker 1: and Roschi is a big reason why the Giants are
Speaker 1: seven and two. They meet used to the met like
Speaker 1: twenty four to sixteen couple of Daniel Jones t D passes.
Speaker 1: The defense allowed only one t D and another winnable
Speaker 1: game for Blew this Sunday at home against Detroit Giantstown's
Speaker 1: sole possession of second place NFC East as Dallas lost
Speaker 1: in overtime at Green Bay Packers end of five game,
Speaker 1: losing three game of the day, maybe the season. In Buffalo,
Speaker 1: the Bills led Minnesota by seventeen of the second half.
Speaker 1: The game appeared over, went up four. They stopped the
Speaker 1: Vikings of the one yard line, but Josh Allen fumbled
Speaker 1: a snap. The Vikes recovered for a go ahead touchdown.
Speaker 1: The Bills still tied the game of Minnesota one thirty
Speaker 1: three thirty and overtime. The Vikings are eight and one
Speaker 1: two games at the Garden. First. The next they got
Speaker 1: outscored by Oklahoma City one forty five to one thirty five.
Speaker 1: The thundershot sixty three percent Rangers then beat Arizona four
Speaker 1: to one. Neat's the second straight game with the Staples Center.
Speaker 1: They beat the Clippers, but they lost to the Lakers,
Speaker 1: who were without Lebron James Anthony Davis scored thirty seven.
Speaker 1: The Lakers won won sixteen one oh three. John Stash Downward,
Speaker 1: Bloomberg Sports, Okay, John, thank you. SMP futures right now
Speaker 1: are down seventeen points, sound features down a hundred. NASDAC
Speaker 1: futures are lower by eighty points. We look at the
Speaker 1: path ahead for this market. Lori Calvacina, head of US
Speaker 1: Equity Strategy at RBC Capital Markets, durin US. Next, this
Speaker 1: is Bloomberg. Bloomberg Sports was brought to you by Audie.
Speaker 1: Don't let someone else drive off in the Outie model.
Speaker 1: You've always wanted visit your local price state. Audie Wheeler
Speaker 1: kept behind the Wheel of Yours today, or visit autie
Speaker 1: Offers dot com for more information, markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg picktap. This is
Speaker 1: a Bloomberg Business flash and I'm Karen Moscow. US dot
Speaker 1: Index futures are falling while a European benchmark takes higher,
Speaker 1: Treasury yields advancing. The dollar flipped to a gain after
Speaker 1: weekend comments from Federal Reserve Governor Christopher Waller that policymakers
Speaker 1: had a ways to go before ending interest rate hikes.
Speaker 1: And we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg, SNP futures down at seventeen points
Speaker 1: this morning down futures down a hundred and nastack future
Speaker 1: is down seventy eight The decks in Germany's up four
Speaker 1: tenths of upper cent ten year treasury down seventeen thirty
Speaker 1: seconds he three point eight seven percent. They yield on
Speaker 1: the two year four point three six percent. Nimex screwn
Speaker 1: oil is down one on the dollar, six and eighty
Speaker 1: seven dollars ninety cents a barrel. Comex School down six
Speaker 1: tenths percent or ten dollars ten cents at seventeen fifty
Speaker 1: nine forty announced the euro one point two nine five
Speaker 1: against the dollar, British found one point one seven six
Speaker 1: five and the end one forty point three four. And
Speaker 1: look at a bitcoin this morning is higher of more
Speaker 1: than two percent at sixteen thousand, seven hundred dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael cool Big,
Speaker 1: Good morning, Karen. President Joe Biden is meeting right now
Speaker 1: with Chinese President Chi Jing pay for their first in
Speaker 1: person meeting since the US president took office nearly two
Speaker 1: years ago. Their meeting on the sidelines of the G
Speaker 1: twenty seven in Indonesia. Both men entered the highly anticipated
Speaker 1: meeting with Bolster political standing at home. A bomb in
Speaker 1: this den Bull's popular tourist district killed at least six
Speaker 1: people and wounded eighty one, with Turkish officials saying day
Speaker 1: suspect the terror attack. In the NFL, the Giants one
Speaker 1: Forts were also winners. In the NBA, the Knicks, Nets
Speaker 1: and Warriors lost the Wizards one. In hockey, the Rangers
Speaker 1: and Bruins One Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake Power by more than
Speaker 1: twenty seven hundred journalists and analyst more than twenty countries.
Speaker 1: Michael mar this is Bloomberg, Nathan. Thanks Michael. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Day Breaking as we get the new
Speaker 1: trading weeks started. We're joined by Lori Calvacina, head of
Speaker 1: US Equity Strategy at RBC Capital Markets. Lori, it's great
Speaker 1: to speak with you. As always, this week is getting
Speaker 1: started with this meeting now under way between Presidents Biden
Speaker 1: and she on the G twenty sidelines. Could this meeting
Speaker 1: between the world's two biggest economic leaders be a catalyst
Speaker 1: for markets? Well, thanks for having me as always. You know,
Speaker 1: I think it depends on what actually ends up coming
Speaker 1: out of the meeting. I think right now, all focus
Speaker 1: is still on the said, We're still digesting a lot
Speaker 1: of earnings reports and of course Russia Ukraine. UM So,
Speaker 1: you know, I think that this is an issue that
Speaker 1: investors are watching, but for now, I think it's probably
Speaker 1: more of a B story than in a story. Okay, well,
Speaker 1: let's look at what could be the potential a story.
Speaker 1: This morning, I got to think that it's the cooler
Speaker 1: that expected inflation print we got that last week, especially
Speaker 1: the rally that it sparked. I wonder what you make
Speaker 1: of that rally and whether it has legs. So, you know,
Speaker 1: it's a great question. You know. I think there was
Speaker 1: a lot that happened last week. It felt like it
Speaker 1: was one of the busiest weeks we've had from major
Speaker 1: news events in quite some time. And I think the
Speaker 1: issue of cooling inflation implications, you know, I think on
Speaker 1: net it's very good for markets. But at the same time,
Speaker 1: I do think this is a complicated story. And one
Speaker 1: of the things we said in our weekly that came
Speaker 1: out this morning, and we wrote this even before you know,
Speaker 1: we saw the news that came out last night on
Speaker 1: from of the new said commentary. But we said, you know,
Speaker 1: we we just expect a return of hawkish rhetoric um
Speaker 1: even if there is more of a more of a
Speaker 1: debate between the hawks and the doves. But we think
Speaker 1: that hawkish rhetoric will serve to keep a little on
Speaker 1: equity prices and can keep conditions volatile for a while.
Speaker 1: So I do think that this was a step in
Speaker 1: the right direction, and the FED narrative and the economic
Speaker 1: narrative just the idea that we can keep this to
Speaker 1: a short, shallow, near term recession as opposed to a longer,
Speaker 1: nastier one that hits later next year. Um, but I
Speaker 1: do think we have to contend with the rhetoric. Yeah,
Speaker 1: we did hear from a FED governor Waller saying that
Speaker 1: it's too soon to think about stopping rate hikes. I
Speaker 1: didn't hear him say that it's too soon to talk
Speaker 1: about slowing rate hikes. What does this inflation print mean
Speaker 1: for the FEDS rate hiking path in your view? So
Speaker 1: in in my in my mind, and you know, really
Speaker 1: thinking about the views of our economists. Um, you know,
Speaker 1: they did sort of raise their estimate on terminal, but
Speaker 1: they also do have a step down baked in. And
Speaker 1: I think that that is, you know, sort of the
Speaker 1: light at the end of the tunnel, so to speak,
Speaker 1: that you know, things are headed in the right direction
Speaker 1: from an equity market perspective. So I still think it's
Speaker 1: good news. We heard from Mike Wilson as well from
Speaker 1: Morgan Stanley. Of course, one of the top rated strategists
Speaker 1: on Wall Street. He's saying that he doesn't think stocks
Speaker 1: are going to really move much in terms of the
Speaker 1: level into next year, maybe going up a bit before
Speaker 1: going or going down bit before going back up. What
Speaker 1: kind of volatility are you looking for in this market
Speaker 1: into next year? So, you know, I probably agree with
Speaker 1: Mice on this to some extent. We've got a forty
Speaker 1: one hundred target bake. Then at the end of next year,
Speaker 1: we've been assuming we'd end this year around thirty eight hundred.
Speaker 1: Of course we're a little bit about that right now. Um,
Speaker 1: But really, one of the things we found that's remarkable
Speaker 1: is that the stock market, if you look at SMP
Speaker 1: five hundred pricing, has been trading in line with two
Speaker 1: thousand twos trading and bast when you saw January peak,
Speaker 1: summer low, big October low, you rallied pretty seriercely into Thanksgiving,
Speaker 1: and then you turned around and gave it all back
Speaker 1: and retested the October low the following March. And when
Speaker 1: I think about the earning stock drop, I think that
Speaker 1: that is a reasonable way to think about how this
Speaker 1: path may unfold, simply because we've done some work in terms,
Speaker 1: just softening EPs expectations for next year, but we still
Speaker 1: have a lot of work to do to get those
Speaker 1: right sides, and I think you're not going to do
Speaker 1: that until March. It's possible for equities to bottom well
Speaker 1: in advance of earnings revisions, stopping their downward aisen. In fact,
Speaker 1: that's usually what happens. But at the same time, we
Speaker 1: do think investors need certainty on the e to really
Speaker 1: understand where pees are and to feel comfortable stepping in.
Speaker 1: So I would say buckle up. I think it's going
Speaker 1: to be challenging. Yeah, And I know also you've been
Speaker 1: thinking a lot about what the impact of the mid
Speaker 1: term elections is going to be for several weeks. Even
Speaker 1: into these mid terms, given that we still don't have
Speaker 1: a firm idea of how the majorities are going to
Speaker 1: shake out next year, is there more pricing for in
Speaker 1: terms of politics for this market. So I think there
Speaker 1: could be. I think that if we end up with
Speaker 1: a narrow house majority, you know, to be honest, I
Speaker 1: think that is largely big don at this point, and
Speaker 1: we thought that equities a lot of that move off
Speaker 1: the October low was driven by the improvement in the
Speaker 1: polling data and the betting market data for Republicans. Republicans
Speaker 1: a disappoint expectations, So I think that can potentially damp
Speaker 1: in some of the enthusiasm for the race. I don't
Speaker 1: know if that's the right way to think about it,
Speaker 1: but I think that's how people feel at the moment
Speaker 1: based on my conversations. UM, I think if the House
Speaker 1: ends up not going to the Republican because I think
Speaker 1: that's a negative market event, you know. For now, I
Speaker 1: know one of your competitors I've used outlets is still
Speaker 1: projecting that the Republicans will take that narrowly. So you know,
Speaker 1: I see if downside if that doesn't pan out, But
Speaker 1: I think the upside based on the election itself is
Speaker 1: pretty limited, you know, if if the Republicans have that
Speaker 1: narrow majority. Thanks as always, Lorie, good talking with you
Speaker 1: this morning. Lorie Calvacina, head of US Equity Strategy at
Speaker 1: RBC Capital Markets, And right now, futures are pointing to
Speaker 1: a modestly lower open, with SMP futures right now down
Speaker 1: sixteen points, Stown futures down ninety six. Nasdaq futures are
Speaker 1: lower by seventy nine points. Ten Your Treasuries down seventeen
Speaker 1: thirty seconds, the yield at three point eight seven percent,
Speaker 1: a gain of about six basis points yield on the
Speaker 1: two year four point three six just at shy of
Speaker 1: four point three seven. You're listening to Bloomberg Daybreak. Bloomberg
Speaker 1: day Break is brought to you by Peepack Private Wealth Management.
Speaker 1: Peapack Private Wealth Management knows that the portfolio is more
Speaker 1: than a collection of assets. It's a path to your
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Speaker 1: This is Bloomberg Daybreak and it's Final thirty on Wall Street.
Speaker 1: Good morning. I'm Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak
Speaker 1: RANTO you by Sei built on advanced technologies in fifty
Speaker 1: years of innovation. Sei for his asset Managers, a comprehensive
Speaker 1: and flexible operations outsourcing platform. Go to se i C
Speaker 1: dot com slash managers and we're just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. U S Dock index features are lower
Speaker 1: this morning as we await details of a high powered
Speaker 1: meeting between Presidents Joe Biden and she Jin Ping. That
Speaker 1: two are speaking in Bali, Indonesia the d twenty Summit.
Speaker 1: President Biden gave us a preview of the talks during
Speaker 1: a stop in Cambodia. I know I'm coming a strong
Speaker 1: but I don't need that. I know she didn't can
Speaker 1: asked for more time and than any other world leader.
Speaker 1: I know him well, he knows me. Pres we have
Speaker 1: very little misunderstanding. We just got to figure out where
Speaker 1: the red lines are. Where we are one of the
Speaker 1: most important features, and President Biden's administration is casting the
Speaker 1: meeting as a first step rather than a decisive showdown.
Speaker 1: Back here in the US, Karen stocks are coming off
Speaker 1: their best week since June, but last week's inflation print
Speaker 1: is unlikely to carry this rally for much longer. That's
Speaker 1: according to UBS Senior Vice president Brent To O'Connor. Juana's
Speaker 1: you need to see a lot of other conditions here
Speaker 1: before we are believers of this market bottom. Things like
Speaker 1: we need to see that two year come out in
Speaker 1: a little bit and legitimate bottoming and things like housing
Speaker 1: or I s M. And so I'm telling my families
Speaker 1: to expect to go down from here. Brend O'Connor juana's
Speaker 1: with UBS as an unsustainable labor markets keeping inflation high well.
Speaker 1: Nathan Morgan Samley's Mike Wilson shares that varished sentiment. He
Speaker 1: says stocks will end next year almost unchanged from their
Speaker 1: current level. Wilson expects stocks and earnings estimates to fall
Speaker 1: before rebounding in the second half of three. At the
Speaker 1: same time, Karen Goldman Sachs forecast a significant drop in
Speaker 1: inflation next year, firmcy supply chains easing a peak and
Speaker 1: shelter inflation, and slower wage growth. But that does not
Speaker 1: mean the Federal Reserve will pivot from its rate hike cycle.
Speaker 1: Despike calls along those lines. Fed Governor Christopher Waller says
Speaker 1: there's still a ways to go before they stop hiking rates. Well,
Speaker 1: turning to Crypto Now, Nathan. Authorities in the Bahamas are
Speaker 1: investigating whether there was criminal miscont in the collapse of
Speaker 1: the crypto Exchange f t X. Police and regulators interviewed
Speaker 1: co founder Sam Bankman Freed on Saturday. Now, the head
Speaker 1: of rival exchange Finance cz Jaw, says the industry can't
Speaker 1: leave it to regulators to police wrongdoing. There is quite
Speaker 1: a lot of players in the in our space that
Speaker 1: try to cut corners to grow quickly, and that actually
Speaker 1: destroys costumer trust. When they don't trust them, they come,
Speaker 1: they don't go to them, they actually go to the
Speaker 1: platform they trust. Finances c z Jaw was involved in
Speaker 1: a public feud with Sam Bankman Freeds f t X
Speaker 1: ahead of the firm's rapid collapse. And this is Bloomberg.
Speaker 1: Thanks on Wall Street, thirty nine degrees in Central Park.
Speaker 1: We got accident clean up in Elizabeth Bayway Avenue is
Speaker 1: closed at Greer Avenue. More coming up in traffic First
Speaker 1: Michael Barr with more on what's happening in New York
Speaker 1: and around the world. Michael, thank you very much. Nathan.
Speaker 1: The long awaited memorial to the victims of the Sandy
Speaker 1: Hook elementary school shooting in Connecticut officially open to the
Speaker 1: public yesterday. There was no Sarah money and, keeping with
Speaker 1: the new town's tradition of marketing anniversaries and other remembrances
Speaker 1: of the shooting with quiet reflection, twenty children and six
Speaker 1: educators were killed ten years ago. Next month, ahead of
Speaker 1: his new book release, former Vice President Mike Penn, speaking
Speaker 1: with ABC S David Muir, condemned then President Trump's actions
Speaker 1: on January six. Pence says, the President's words that day
Speaker 1: at the rally endangered me and my family and everyone
Speaker 1: at the Capitol. Members were barricaded inside the House chamber,
Speaker 1: and in the middle of it all, you can see
Speaker 1: that the President has tweeted tom The President tweets Mike
Speaker 1: Pence didn't have the courage to do what should have
Speaker 1: been done. It angered me. But I turned to my daughter,
Speaker 1: who was standing nearby, and I said, it doesn't take
Speaker 1: courage to break the law, takes courage to uphold the law.
Speaker 1: I mean, the President's words were reckless. It was clear
Speaker 1: he decided to be part of the problem. Pence's bucks,
Speaker 1: so help me, God comes out tomorrow. A new turning
Speaker 1: point in the war in Ukraine. Russian forests were driven
Speaker 1: out of curse On. Now Ukraine is saying it has
Speaker 1: recaptured another village, this time in the eastern Nunbas region.
Speaker 1: A man is in custoday after a scare aboard the
Speaker 1: Frontier Airlines flight at the part at Cincinnati Northern Kentucky
Speaker 1: International Airport on Friday for Tampa, but diverted to Atlanta,
Speaker 1: where police arrested a passenger allegedly discovered with a box cutter.
Speaker 1: This man was on that flight, saying the passenger began
Speaker 1: attracting attention even while boarding. He was swearing as he's
Speaker 1: walking down, and then he had clothes falling out of
Speaker 1: his bag. He's like dropping shoes throughout the way. Authorities
Speaker 1: say they found a second box cutter and the passengers
Speaker 1: carry on. A bomb in his Stan Bull's popular tourist
Speaker 1: district killed at least six people and wounded eight one,
Speaker 1: with Turkish officials saying they suspect a terror attack. A
Speaker 1: person is in custody. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Tank, powered by
Speaker 1: more than twenty seven hundred journalists and analysts are more
Speaker 1: than a hundred twenty countries him Michael Barr and this
Speaker 1: is Bloomberg Nathan. Thanks Michael. Almost five thirty six on
Speaker 1: Wall Street time for the Bloomberg Sports Update, brought to
Speaker 1: you by tri State out of your John Stats Show.
Speaker 1: Thanks nathanother win for the Giants now seven and two.
Speaker 1: But this win unlike the others the Giants five times
Speaker 1: they have rallied on the fourth woar. This time they
Speaker 1: never trailed against Euston, who has the NFL's worst record.
Speaker 1: The Giants won twenty four and sixteen couple of Daniel
Speaker 1: Jones t D passes. S Quon Barkley also scored. He
Speaker 1: had thirty five carries for a hundred and fifty two yards.
Speaker 1: But after the game, a lot of attention paid to
Speaker 1: a report that there were recently contract talks and the
Speaker 1: two sides were far apart. It is what is happened.
Speaker 1: I'm just happy that we able to tell these have conversation. UM.
Speaker 1: I know how they feel about me. Um, they spoke
Speaker 1: very high on me. But like I said, we were
Speaker 1: able to get anything done going to Boue weekend. I
Speaker 1: agree with Joe just you know, block it up and
Speaker 1: for for the rest of the season and make sure
Speaker 1: distract and come out of it. Joe changed the GM.
Speaker 1: Barky did say he wants to be a giant for like.
Speaker 1: Minnesota is eight and one, a wild overtime win at
Speaker 1: Buffalo Josh Allen and the fourth quarter and the ot
Speaker 1: had three turnovers, including a fumbled snap at the one
Speaker 1: yard line that was recovered for a Vikings touchdown. Miami
Speaker 1: now leads the a f C east of Dolphins blew
Speaker 1: out Cleveland. Kansas City is an a f C best
Speaker 1: seven and two with a win over Jacksonville. Fort t
Speaker 1: d passes for Patrick Mahomes, three for Aaron Rodgers. Green
Speaker 1: Bay end of the five game losing streak. They beat
Speaker 1: Dallas and overtime. They beat their former coach, Mike McCarthy
Speaker 1: first ever game in Germany won by Tampa Bay over
Speaker 1: Seattle Indianapolis, his first game for new coach Jets Saturday
Speaker 1: had never been a coach before the Colts won at
Speaker 1: Las Vegas, the l A Rams Super Bowl champs a
Speaker 1: year ago and now three and six after the loss
Speaker 1: to Arizona last night, the forty Niners rallied past the
Speaker 1: Chargers two to six teen, no defense by the nixt
Speaker 1: They lost to Oklahoma City at the Garden one five
Speaker 1: to one third five is the thundershot six. Then that's
Speaker 1: after bidding. The Clippers in l A lost to the
Speaker 1: Lakers in l A one sixteen to one oh three.
Speaker 1: The Rangers of the Guarden last night be in Arizona
Speaker 1: four to one. John stash Award Bloomberg sports Nathan taking
Speaker 1: John thirty seven on Wall Street Time for the Trent
Speaker 1: State Business Report. Here's Bloomberg's Joan Doneager. Blockchain is helping
Speaker 1: fraud investigators in the City Manhattan d A Alvin Bragg
Speaker 1: says the office is frozen more than one point three
Speaker 1: million dollars in cryptocurrency during fraud investigations in the past
Speaker 1: ten months. Bitcoin Daily says the office is returning the
Speaker 1: bitcoin to victims. New York had been considered a trailblazer
Speaker 1: in terms of pay. New York City's minimum wage first
Speaker 1: reached fifteen dollars an hour nearly four years ago, but
Speaker 1: The Time says recently the minimum wages of a number
Speaker 1: of cities have left New York behind. The richest art
Speaker 1: season in history is only getting richer after last week's
Speaker 1: one and a half billion dollar auction of the late
Speaker 1: Paul Allen's art assets, in which sixty works became the
Speaker 1: largest single owners. They ill by value. There is follow
Speaker 1: up in the next week. Southby's, Christie's and Phillips are
Speaker 1: all set to auction about two thousand lots, estimated to
Speaker 1: total a little less than two billion dollars with the
Speaker 1: Try State Business Report on Joan Donnager. Thanks John eight
Speaker 1: on Wall Street. Bloomberg Radios on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred of fillion radio
Speaker 1: stations around the world. I'm Steve Polos, Kan K and
Speaker 1: X in Los Angeles. We're talking about a mysterious lack
Speaker 1: of early twentysomethings in the workforce, um Courtney, Donahoan K,
Speaker 1: Terry H in Houston. Traders Bracing with OPEC and the
Speaker 1: International Energy Agency out with forecasts this week. I'm Stephen
Speaker 1: Carol on Bloomberg d A B Digital Radio in London.
Speaker 1: We've been reporting on Presidents She and Biden meeting face
Speaker 1: to face at the G twenty and balley. Those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Already the poorest country in the Western Hemisphere, Haiti is
Speaker 1: on the brink of collapse. Gang warfare and rolling anti
Speaker 1: government protests have blocked the distribution of food, fuel, and water,
Speaker 1: and rising crime has forced tens of thousands of Haitians
Speaker 1: to flee. At the request of Prime Minister Ariel Henri,
Speaker 1: the U S and its regional partners have been exploring
Speaker 1: a possible armed intervention. They should think twice. While Haiti's
Speaker 1: rich neighbors must do more to help, sending foreign troops
Speaker 1: risks an even greater disaster. The Biden administration should instead
Speaker 1: focus on building the capacity of Haitians themselves and provide
Speaker 1: humanitarian relief directly to agencies with a proven record of
Speaker 1: distributing funds effectively. Sustained diplomatic engagement and security assistance, not military,
Speaker 1: every intervention holds the best chance for success. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg Opinion.
Speaker 1: Please go to Bloomberg dot com slash Opinion or ope
Speaker 1: I n go on the Bloomberg terminal. This has been
Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at
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Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow
Speaker 1: US dot index futures are following this morning and we
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg. Right now, S and P futures are down
Speaker 1: nineteen points, DALN futures down a hundred twenty one and
Speaker 1: NASDAGG futures down ninety one. The decks in Germany higher
Speaker 1: up to tens of upper set. The tenure treasury down
Speaker 1: nineteen thirty seconds. You'l three point eight eight percent yield
Speaker 1: on the two year four point three eight percent. NIMEX
Speaker 1: scrude oil is down nine tenths per center eighty two
Speaker 1: cents at eighty eight dollars, fifteen cents of barrel comic
Speaker 1: school down six tenths percent or eleven dollars thirty cents
Speaker 1: is seventeen fifty eight ten an ounce. The Euro is
Speaker 1: at one point oh two nine two against the dollar.
Speaker 1: British found one point one eight and again one forty
Speaker 1: point six four Bitcoin this morning up two and a
Speaker 1: half percent at sixteen thousand, seven hundred eighty dollars. Has
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. Joe Biden and shi Jing Ping shook
Speaker 1: hands today to kick off the first in person meeting
Speaker 1: between the leaders of the U S and China since
Speaker 1: the pandemic began, with both calling for reduced tensions between
Speaker 1: the world's largest economies. The two men met on the
Speaker 1: sidelines of the G twenty summit in Bali, Indonesia. Biden
Speaker 1: also met with Australia Indonesia, Japan, and South Korea leaders
Speaker 1: the National Transportation Safety Board. They are in Dallas to
Speaker 1: try to figure out what caused two historic military planes
Speaker 1: to collide at a weekend air show. Six people were
Speaker 1: killed in the NFL. The Giants one forty Niners were
Speaker 1: also winners in the NBA, The Knicks, Nets, and Warriors lost.
Speaker 1: The Wizards won in hockey, the Rangers and Bruins won.
Speaker 1: The Capital's lost. Global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven hundred journalists and analysts and more than
Speaker 1: a hundred twenty countries. Michael Barn this is Bloomberg, Nathan.
Speaker 1: All right, Michael, thanks for coming up to five forty
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brokers studios.
Speaker 1: This is Bloomberg day Break. Let's get more now on
Speaker 1: this bi lat between Presidents Biden and she and the
Speaker 1: outlook in the nation's capital with Democrats having a much
Speaker 1: better than expected showing in the mid term elections. Terry
Speaker 1: Haynes is back with us this morning, founder of Pangia Policy. Terry,
Speaker 1: it's good to speak with you this morning as we
Speaker 1: continue to watch headlines come down from this meeting between
Speaker 1: Presidents Biden and She. Ahead of it, the President said
Speaker 1: that he's coming into the meeting from a position of
Speaker 1: strength after the Democrats, uh stronger than expected showing last week.
Speaker 1: Do you agree with that? I think, good morning, Nathan.
Speaker 1: I think that you make your best case uh, domestically
Speaker 1: and geopolitically internationally, And so President Biden is doing that.
Speaker 1: I don't think he's Realistically, I don't think he's standing
Speaker 1: is much affected. Uh. Now that said, I'll say a
Speaker 1: point in the President's favor, which is that if he'd
Speaker 1: gotten absolutely in his party, had gotten absolutely shellacked last Tuesday, Uh,
Speaker 1: that that would have been a would have given rise
Speaker 1: to a geopolitical perception uh that he has less clout
Speaker 1: in his own country. So uh, you know, I'll give
Speaker 1: him a little bit on that. Yeah, But fundamentally it
Speaker 1: doesn't matter very much. What are you expecting to come
Speaker 1: out of this meeting? The White House set expectations pretty
Speaker 1: low ahead of it. Are you looking for any deliverables
Speaker 1: or is this just about sort of easing the existing tensions.
Speaker 1: I think you said it well, with easing the existing tensions, uh,
Speaker 1: And I find Interestingly, I find in a large part
Speaker 1: through Bloomberg reporting too, that that's how the Chinese are
Speaker 1: framing it as well. Uh. The President, she said that
Speaker 1: it really talked about the mutual responsibility of China and
Speaker 1: the United States and need to find the right direction
Speaker 1: elevate the relationship, expects that China and the United States
Speaker 1: will properly handle the relationship. It's an interesting shift of
Speaker 1: rhetoric from them because during the Communist Party conference, it
Speaker 1: was much more about China, this China, that China feels,
Speaker 1: you know, understand our legitimacy, all the rest. So, uh,
Speaker 1: that's a bit of a different tone. I don't expect
Speaker 1: it to move into a much of a different substance,
Speaker 1: but uh, but the tone shift is interesting and helpful. Frankly,
Speaker 1: I want to get your take on where things stand,
Speaker 1: uh in the mid terms. Obviously we haven't quite worked
Speaker 1: out what the full majorities are going to look like
Speaker 1: in the House, but Democrats are retaining a majority or
Speaker 1: at least a voting majority in the Senate. What's that
Speaker 1: gonna mean for policy making, not just in the lame
Speaker 1: Duck but for the next two years generally speaking? You know,
Speaker 1: and I'm a bit of a doubtlier on this, I think,
Speaker 1: and largely because of the excitement surrounding the election, But
Speaker 1: fundamentally it's not gonna look a whole lot different than
Speaker 1: it does today. You're still gonna have grid luck on
Speaker 1: the vast majority of domestic issues. You're going to continue
Speaker 1: to have UH fiscal stability because there's been this truce
Speaker 1: between the parties for the last decade to basically on
Speaker 1: basic government funding, pretty much continue the status quo as
Speaker 1: is with minor minor adjustments and UH. And you're going
Speaker 1: to continue to have unanimity on foreign policy, particularly on
Speaker 1: Chinese issues. So fundamentally, I think it's not going to
Speaker 1: look a whole lot different now. The one thing that
Speaker 1: that I think is ought to be concerning the markets
Speaker 1: coming forward is that I think there's an elevated risk.
Speaker 1: I'm not saying it's likely, but I think there's an
Speaker 1: elevated risk of problems with the debt limit, debt ceiling,
Speaker 1: and therefore potential government default. When you've got two fundamental
Speaker 1: parties where there really wasn't much of a change election,
Speaker 1: you know, you had UH all twenty eight of the
Speaker 1: Senate incumbents, one re election of the House one reelection,
Speaker 1: that sort of thing. Uh, They're gonna be scrabbling for
Speaker 1: every little advantage they can. So my concern is that
Speaker 1: uh kind of the those folks in both parties who
Speaker 1: are looking to make a differentiation, uh, really kind of
Speaker 1: elevates the fault potential more than they through the dead ceiling,
Speaker 1: more than they would have otherwise. Thirty seconds left here, Terry,
Speaker 1: how much of a leadership fight is either Nancy Pelosi
Speaker 1: or Kevin McCarthy in for Uh, Well, I think McCarthy
Speaker 1: is in for a fight. Uh that I've have said that.
Speaker 1: You know, there's the problem with factions is that is
Speaker 1: one Republican put it. I'd love a majority of one
Speaker 1: because then I am the majority and uh and and
Speaker 1: you know, can do you know, move things the way
Speaker 1: I want. But I think there's gonna be a lot
Speaker 1: of discussion around McCarthy and the Republican leadership team in
Speaker 1: the wake of what they perceived to be a disappointment.
Speaker 1: I think this is Pelosi can pretty much do what
Speaker 1: she wants, all right, Terry Haynes as always good to
Speaker 1: get your thoughts. Terry Haynes, Founder of Pangia Policy. Karen
Speaker 1: Nathan It is five fifty three on Wall Street time
Speaker 1: for the Bloomberg Law Report. It has brought to you
Speaker 1: by American Arbitration Association Business. Its views are inevitable, Resolve
Speaker 1: faster with the American Arbitration Association, the global leader in
Speaker 1: alternative dispute resolution for over ninety years. More at a
Speaker 1: e er dot org. Now, let's get to the legal
Speaker 1: stories we are watching this morning. From Bloomberg's Jeff Bellinger,
Speaker 1: Big Laws hiring frenzy is over. Many highly profitable firms
Speaker 1: have begun cutting junior lawyers, and the pressure on headcounts
Speaker 1: is likely to grow in the new year. A proposed
Speaker 1: federal class action accuses Apple of recording users private activity
Speaker 1: on mobile apps without their consent. A federal court in
Speaker 1: Northern California dismissed a lawsuit accusing Metal platforms favoring job
Speaker 1: applicants on temporary work visas over American citizens. Bloomberg Law
Speaker 1: everything you need on one legal research platform, guidance analysis,
Speaker 1: and Bloomberg market Intelligence. Find out more at Bloomberg Law
Speaker 1: dot com. All right, Jeff, thank you know. Another legal
Speaker 1: story we're watching the U S Supreme Courts and mixed
Speaker 1: signals about the fate of a nineteen seventy eight law
Speaker 1: that gets preferenced in Native America and adopting and fostering
Speaker 1: American Indian children. During oral arguments, several members of the
Speaker 1: Chorus conservative majority question whether parts of the Indian Child
Speaker 1: Welfare Act could be squared with the equal protection claws
Speaker 1: and other constitutional provisions. For more in the case, Bloomberg's
Speaker 1: June Grosso speaks to Ben Kappelman, a partner at Dorsey
Speaker 1: and Whitney, tell us about the basic arguments of the challengers. Sure,
Speaker 1: there are three kind of constitutional principles that the challengers
Speaker 1: are pointing to for their reasons why they believe EQUA
Speaker 1: is invalid. One is equal protection um, the constitutional idea
Speaker 1: that we can't discriminate on the basis of race. Another
Speaker 1: basis that they point to is they assert that in
Speaker 1: enacting EQUA, Congress overstepped it's authority to regulate um Native Americans.
Speaker 1: And then the third idea is what's called the anti
Speaker 1: commandeering principle, which is a doctrine that says the federal
Speaker 1: government um only have so much control over things that
Speaker 1: happen in state courts, and that state governments participated these
Speaker 1: arguments went on for three hours, which is long even
Speaker 1: for the new Supreme Court format. Um, was there a
Speaker 1: particular area that the justices were concerned about or did it?
Speaker 1: Was it broad? So there was, and I think from
Speaker 1: that UM we can see some of the tea leaves
Speaker 1: of how this case might turn out. UM. Despite I
Speaker 1: think a lot of interest in this case because of
Speaker 1: those equal protection racial classification issues, the Justice has spent
Speaker 1: most of their time questioning the attorneys on both sides
Speaker 1: about the scope of Congress's authority to enact statutes involving
Speaker 1: Native Americans. So, you know, we won't know what the
Speaker 1: justices are thinking until we get their opinion. But it's
Speaker 1: interesting that of that three hours, most of it was
Speaker 1: not spent on the on the racial issue and more
Speaker 1: on how broad is Convers's authority in this area. And
Speaker 1: I spen Kappelman, a partner at Dorsey and Whitney, speaking
Speaker 1: at the Bloomberg stud in Grosso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news, by subscribing to
Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg
Speaker 1: dot com. Slash Podcast. Attorneys given exceptional legal research and
Speaker 1: business development tools at Bloomberg law dot com and on
Speaker 1: the Bloomberg terminal at b law Go. It is currently
Speaker 1: thirty eight degrees. Partly cloudy skies and futures this morning
Speaker 1: moving lower, S ANDP futures down sixteen points at our
Speaker 1: top story straight Ahead, This is Bloomberg