1 00:00:01,240 --> 00:00:04,760 Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day 2 00:00:04,800 --> 00:00:08,600 Speaker 1: Break for Tuesday, December two. Coming up this hour, the 3 00:00:08,640 --> 00:00:12,080 Speaker 1: Bank of Japan shocks markets with a big policy pivot. 4 00:00:12,119 --> 00:00:16,239 Speaker 1: The January six Committee recommends severe punishment for former President Trump. 5 00:00:16,400 --> 00:00:18,919 Speaker 1: F t X co founder Sam Bankman Freed could be 6 00:00:19,000 --> 00:00:21,800 Speaker 1: on his way home from the Bahamas, and Twitter turmoil 7 00:00:21,920 --> 00:00:25,239 Speaker 1: continues after Elon must stay silent over his role at 8 00:00:25,280 --> 00:00:28,880 Speaker 1: the company. Los Angeles jury finds disgraced movie mogul Harvey 9 00:00:28,880 --> 00:00:32,279 Speaker 1: Weinstein guilty of rape. Plus protesters target a New York 10 00:00:32,320 --> 00:00:36,320 Speaker 1: councilman for supporting Drag Story Hour. I'm Michael Lauren Ahead, 11 00:00:36,360 --> 00:00:38,920 Speaker 1: I'm John stash Our Sports, the Factors beat the Rams. 12 00:00:38,920 --> 00:00:41,199 Speaker 1: The Islanders got shot out the Red Hot Necks. So 13 00:00:41,280 --> 00:00:46,520 Speaker 1: it's Golden State Cannet. That's all trading Ahead on Bloomberg 14 00:00:46,600 --> 00:00:51,680 Speaker 1: day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, 15 00:00:51,760 --> 00:00:55,400 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:55,440 --> 00:00:59,680 Speaker 1: sixties and Francisco Sirius XM one nine Team and around 17 00:00:59,680 --> 00:01:02,400 Speaker 1: the world Old on Bloomberg Radio dot Com and via 18 00:01:02,480 --> 00:01:09,200 Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagar and 19 00:01:09,240 --> 00:01:12,199 Speaker 1: I'm Karen Moscow, and US DOT index futures are little 20 00:01:12,319 --> 00:01:14,640 Speaker 1: change this morning. We check the markets all day long 21 00:01:14,760 --> 00:01:17,640 Speaker 1: here on Bloomberg radios, and p future is little change. 22 00:01:17,680 --> 00:01:20,720 Speaker 1: So are down futures nowsday futures lower down a quarter 23 00:01:20,760 --> 00:01:23,240 Speaker 1: percent or twenty five points that decks in Germany's down 24 00:01:23,280 --> 00:01:25,920 Speaker 1: a quarter percent as well, and a tenure treasury down 25 00:01:25,920 --> 00:01:29,600 Speaker 1: twenty thirty seconds, you know, three point six six percent, Nathan, Karen. 26 00:01:29,640 --> 00:01:32,360 Speaker 1: We begin overseas with the Bank of Japan sparking big 27 00:01:32,360 --> 00:01:35,360 Speaker 1: market moves. This morning. In a hawkish shift, b O 28 00:01:35,480 --> 00:01:39,120 Speaker 1: j Governor Harhiko Coroda doubled the cap on tenure yields, 29 00:01:39,319 --> 00:01:43,080 Speaker 1: paving the way for possible policy normalization under a new governor. 30 00:01:43,360 --> 00:01:47,240 Speaker 1: The yen has strengthened sharply in response, while government bonds slump. 31 00:01:47,440 --> 00:01:49,240 Speaker 1: The Bank of Japan is billing the move as a 32 00:01:49,240 --> 00:01:52,600 Speaker 1: way to enhance monetary easy, but Blue Bay Asset Management 33 00:01:52,640 --> 00:01:55,280 Speaker 1: portfolio manager Russell Matthew says it could be the start 34 00:01:55,280 --> 00:01:58,120 Speaker 1: of an exit from stimulus policy. Do we think that 35 00:01:58,160 --> 00:02:00,520 Speaker 1: this is just an oscillated move asolute not? This is 36 00:02:00,560 --> 00:02:06,960 Speaker 1: the beginning of normalization they've been increasingly struggling to hold uh, 37 00:02:07,480 --> 00:02:10,760 Speaker 1: you know, the the the the their hard policy mixed 38 00:02:10,760 --> 00:02:13,639 Speaker 1: the emergency policy mix that that that's now sort of 39 00:02:13,760 --> 00:02:16,360 Speaker 1: changed and we're on the we're on the pathway to 40 00:02:16,480 --> 00:02:19,280 Speaker 1: normalization um and the market is going to be pretty 41 00:02:19,320 --> 00:02:22,280 Speaker 1: volatile as we progress along that path. Russell Matthews along 42 00:02:22,280 --> 00:02:24,160 Speaker 1: with others that blue they have long predicted the b 43 00:02:24,320 --> 00:02:26,280 Speaker 1: o J's hawk is shift and taking a look at 44 00:02:26,280 --> 00:02:28,280 Speaker 1: the end right now it is stronger against the dollar 45 00:02:28,360 --> 00:02:30,480 Speaker 1: by three and a half percent at one thirty two 46 00:02:30,560 --> 00:02:33,239 Speaker 1: point three two Well Nathan training in the Asia Pacific 47 00:02:33,320 --> 00:02:36,000 Speaker 1: overnight was dominated by the BOJ news and let's get 48 00:02:36,000 --> 00:02:38,840 Speaker 1: the recap from Bloomberg's and abound rulers in Sydney. What 49 00:02:38,960 --> 00:02:41,080 Speaker 1: policy makers are now going to allow is the ten 50 00:02:41,200 --> 00:02:44,160 Speaker 1: year yield to reach point five percent on its trading 51 00:02:44,200 --> 00:02:46,880 Speaker 1: band that had previously been set the upper limited point 52 00:02:46,960 --> 00:02:50,000 Speaker 1: to five percent. So a huge change for US yields 53 00:02:50,040 --> 00:02:53,359 Speaker 1: moving higher. Stocks slumping across the board, particular in those 54 00:02:53,400 --> 00:02:57,280 Speaker 1: sectors that are more sensitive to rising yields like property, texts, 55 00:02:57,440 --> 00:03:01,000 Speaker 1: financials though absolutely jumping with the likes of Mitsubishi UFJ. 56 00:03:01,120 --> 00:03:03,560 Speaker 1: That's a huge lender there in Japan, rising by the 57 00:03:03,600 --> 00:03:06,960 Speaker 1: most in six years. Otherwise, the major story markets today 58 00:03:06,960 --> 00:03:09,320 Speaker 1: with what's happening in China. We are continuing to monitor 59 00:03:09,360 --> 00:03:11,799 Speaker 1: that COVID outbreak there. We did see the cs I 60 00:03:11,880 --> 00:03:15,160 Speaker 1: three hundred trading in the red in Sydney. I'm Annabel 61 00:03:15,280 --> 00:03:18,840 Speaker 1: Rule's Bloombow daybreak. All right, Annabel, thanks, Let's stay overseas 62 00:03:18,880 --> 00:03:21,680 Speaker 1: for another story out of Asia. Social media posts in 63 00:03:21,800 --> 00:03:25,040 Speaker 1: China signal COVID deaths may be much higher than Beijing's 64 00:03:25,080 --> 00:03:28,639 Speaker 1: official count. Now China confirms it has changed the method 65 00:03:28,639 --> 00:03:31,880 Speaker 1: for county fatalities, narrowing the definition of a COVID death. 66 00:03:32,240 --> 00:03:35,600 Speaker 1: China reported just five fatalities tied to the virus today. 67 00:03:36,160 --> 00:03:39,280 Speaker 1: Bon yeels across the glober rising this morning, Nathan, Thanks 68 00:03:39,280 --> 00:03:41,480 Speaker 1: to that policy shift from the Bank of Japan and 69 00:03:41,600 --> 00:03:44,040 Speaker 1: US stock index futures are a little change after four 70 00:03:44,120 --> 00:03:47,480 Speaker 1: days of losses initially propelled by hawkish rhetoric from the FED. 71 00:03:47,880 --> 00:03:51,080 Speaker 1: Optimism about a policy pivot could finally be waning. But 72 00:03:51,160 --> 00:03:53,720 Speaker 1: if not and stocks push higher, Former New York Fed 73 00:03:53,760 --> 00:03:56,640 Speaker 1: President Bill Dudley said that could lead to more tightening. 74 00:03:56,960 --> 00:03:59,280 Speaker 1: The market thinks that the federal blank, what's the umployer 75 00:03:59,320 --> 00:04:02,320 Speaker 1: rate starts going market is basically saying that the Fed 76 00:04:02,400 --> 00:04:04,120 Speaker 1: doesn't mean what it says. That they're saying this to 77 00:04:04,240 --> 00:04:07,119 Speaker 1: try to talk tough, but when the going gets difficult, 78 00:04:07,400 --> 00:04:09,280 Speaker 1: the Fed will fold. I don't believe that. I think 79 00:04:09,280 --> 00:04:11,560 Speaker 1: Paul's going to do what he says. And former New 80 00:04:11,600 --> 00:04:14,520 Speaker 1: York Fed governor and Bloomberg opinion columnist Bill Dudley may 81 00:04:14,560 --> 00:04:17,520 Speaker 1: the comments on Bloomberg Surveillance catch the program weekday mornings 82 00:04:17,520 --> 00:04:20,280 Speaker 1: on Bloomberg radio and television. Are subscribed to the Daily 83 00:04:20,279 --> 00:04:23,760 Speaker 1: Bloomberg Surveillance podcast on Apple's Spotify and anywhere else you 84 00:04:23,800 --> 00:04:26,440 Speaker 1: get your podcasts. Turning to politics, now, Karen, we have 85 00:04:26,520 --> 00:04:30,719 Speaker 1: major development centered on Donald Trump. House Committee has recommended 86 00:04:30,760 --> 00:04:33,360 Speaker 1: the former president be prosecuted for his role in the 87 00:04:33,440 --> 00:04:36,360 Speaker 1: January sixth assault on the U. S. Capital. This marks 88 00:04:36,440 --> 00:04:39,280 Speaker 1: the first ever such referral of a former president. After 89 00:04:39,320 --> 00:04:44,040 Speaker 1: a seventeen month investigation, Democratic Maryland Congressman Jamie Raskin says 90 00:04:44,040 --> 00:04:47,440 Speaker 1: Trump would be disqualified from holding office if convicted. The 91 00:04:47,440 --> 00:04:51,960 Speaker 1: committee has developed significant evidence that President Trump intended to 92 00:04:52,200 --> 00:04:57,640 Speaker 1: disrupt the peaceful transfer transition of power under our constitution. 93 00:04:58,279 --> 00:05:01,640 Speaker 1: Maryland Congressman Jamie Raskin said, as former President Trump failed 94 00:05:01,640 --> 00:05:05,520 Speaker 1: in his constitutional duty, well turning from politics to crypto Now, Nathan, 95 00:05:05,520 --> 00:05:07,400 Speaker 1: it was a wild day in Core for former f 96 00:05:07,480 --> 00:05:10,080 Speaker 1: t X CEO Sam Bankman Freed, who can now be 97 00:05:10,160 --> 00:05:12,359 Speaker 1: headed back to the US sooner than we thought. And 98 00:05:12,360 --> 00:05:15,359 Speaker 1: Bloomberg Steve Rappaport joins US Live with that story. Steve, 99 00:05:15,400 --> 00:05:18,400 Speaker 1: good morning, Good Morning, Karen, and Nathan. Mixed messages took 100 00:05:18,400 --> 00:05:21,160 Speaker 1: center stage in court, with Bankman Freed and his attorney 101 00:05:21,200 --> 00:05:23,640 Speaker 1: not on the same page. SPF said in court he 102 00:05:23,680 --> 00:05:25,599 Speaker 1: was ready to face the music in the US, but 103 00:05:25,640 --> 00:05:27,920 Speaker 1: at the same hearing, his local lawyer said he was 104 00:05:28,000 --> 00:05:30,440 Speaker 1: unaware of the plan. Later in the day, Jarn Roberts 105 00:05:30,480 --> 00:05:33,760 Speaker 1: appeared to reverse himself, telling reporters Bankman Freed would not 106 00:05:33,800 --> 00:05:36,520 Speaker 1: fight extradition to the US, where he faces charges of 107 00:05:36,520 --> 00:05:39,520 Speaker 1: fraud over the sudden collapse of f t X. Last week, 108 00:05:39,520 --> 00:05:42,400 Speaker 1: he vowed to fight extradition, but sources tell Bloomberg the 109 00:05:42,480 --> 00:05:45,120 Speaker 1: change in heart is in part motivated by the expectation 110 00:05:45,160 --> 00:05:46,880 Speaker 1: that he will be able to get bail here in 111 00:05:46,880 --> 00:05:50,200 Speaker 1: the US. Live in New York, I'm Steve Rappaport, Bloomberg Daybreak, 112 00:05:50,240 --> 00:05:52,039 Speaker 1: All right, Steve, thanks, and wouldn't be a day in 113 00:05:52,040 --> 00:05:54,400 Speaker 1: December if we didn't have more news on Twitter. The 114 00:05:54,520 --> 00:05:57,599 Speaker 1: latest development has Elon Musk saying the company will now 115 00:05:57,760 --> 00:06:01,920 Speaker 1: limit voting on Twitter policy matters two Blue members. Bloomberg 116 00:06:02,000 --> 00:06:05,400 Speaker 1: said Baxter has the story. This coming after fifty seven 117 00:06:05,440 --> 00:06:08,040 Speaker 1: percent of the respondents to his poll about whether he 118 00:06:08,080 --> 00:06:11,800 Speaker 1: should step down said yes. Musk does say that this 119 00:06:11,920 --> 00:06:15,039 Speaker 1: was in response to somebody who had messaged him earlier 120 00:06:15,080 --> 00:06:18,560 Speaker 1: in the day. Now there were more than ten million 121 00:06:18,839 --> 00:06:22,359 Speaker 1: votes saying that he should relinquish his role. Musk also 122 00:06:22,400 --> 00:06:25,760 Speaker 1: tweeted that nobody wanted his job and that it would 123 00:06:25,760 --> 00:06:30,320 Speaker 1: be impossible to find a successor, although he didn't directly 124 00:06:30,360 --> 00:06:35,040 Speaker 1: address whether he was going to step down. In San Francisco, 125 00:06:35,120 --> 00:06:39,080 Speaker 1: I'm at Baxter Bloomberg Daybreak, Okay and thanks SMP. Futures 126 00:06:39,200 --> 00:06:42,080 Speaker 1: right now down four points, Stown Future is higher by 127 00:06:42,080 --> 00:06:44,920 Speaker 1: six nas Neck future is lower by thirty points, and 128 00:06:44,960 --> 00:06:47,880 Speaker 1: the tenure treasuries down twenty one thirty seconds now, the 129 00:06:47,920 --> 00:06:49,920 Speaker 1: yield three point six six percent, yield on the two 130 00:06:49,960 --> 00:06:53,120 Speaker 1: year four point seven percent, the en one thirty two 131 00:06:53,120 --> 00:06:55,760 Speaker 1: point four one against the dollars. Straight ahead, your latest 132 00:06:55,800 --> 00:06:59,560 Speaker 1: local headlines, and a check of sports. This is Bloomberg, 133 00:07:03,320 --> 00:07:05,640 Speaker 1: six oh seven on Wall Street, thirty two degrees in 134 00:07:05,680 --> 00:07:08,520 Speaker 1: Central Park, looking for sunshine in a high near forty today, 135 00:07:08,800 --> 00:07:12,240 Speaker 1: getting down to the upper twenties tonight with clear, partly 136 00:07:12,280 --> 00:07:15,040 Speaker 1: cloudy conditions. Let's bring in Michael Barr for a look 137 00:07:15,040 --> 00:07:16,400 Speaker 1: at what else is going on in New York and 138 00:07:16,440 --> 00:07:18,800 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. Los 139 00:07:18,840 --> 00:07:23,040 Speaker 1: Angeles jurors found his Grace movie mogul Harvey Weinstein guilty 140 00:07:23,120 --> 00:07:26,240 Speaker 1: of rape and sexual assault of one of the four 141 00:07:26,280 --> 00:07:29,920 Speaker 1: accusers he was charged with abusing. Weinstein was found guilty 142 00:07:29,960 --> 00:07:33,840 Speaker 1: after a woman said he appeared uninvited at her hotel 143 00:07:33,960 --> 00:07:38,480 Speaker 1: room door during a Los Angeles film festival in Weinstein, 144 00:07:38,600 --> 00:07:41,480 Speaker 1: who is two years into a twenty three years sentence 145 00:07:41,560 --> 00:07:44,760 Speaker 1: for a rape and sexual assault conviction in New York, 146 00:07:45,040 --> 00:07:47,880 Speaker 1: could get up to twenty four years in prison in 147 00:07:48,000 --> 00:07:52,480 Speaker 1: California when he's sentenced. New York Council member Eric Mancher 148 00:07:52,600 --> 00:07:55,960 Speaker 1: says he was targeted by a group that calls itself 149 00:07:56,040 --> 00:08:00,560 Speaker 1: Gaze against Groomer's. Bacher says over the weekend they protested 150 00:08:00,640 --> 00:08:04,680 Speaker 1: outside the Drag Story Hour, in which person in drag 151 00:08:04,760 --> 00:08:08,600 Speaker 1: reads children's books to kids at a public library and Chelsea. 152 00:08:08,880 --> 00:08:13,800 Speaker 1: It's a very successful and popular program around the country. Unfortunately, 153 00:08:14,400 --> 00:08:19,240 Speaker 1: on the Internet there are these very dark and unhinged 154 00:08:20,080 --> 00:08:24,320 Speaker 1: of memes that really have convinced some of these people 155 00:08:24,400 --> 00:08:28,960 Speaker 1: that children are being sexually groomed, says two of the 156 00:08:28,960 --> 00:08:32,080 Speaker 1: protesters arrested made it as far as the lobby in 157 00:08:32,120 --> 00:08:36,560 Speaker 1: his apartment building. Congressman elect George Santos of Long Island, 158 00:08:36,800 --> 00:08:39,520 Speaker 1: who helped Republicans flip a House seat, is now in 159 00:08:39,559 --> 00:08:42,440 Speaker 1: the hot seat. The New York Times report is now 160 00:08:42,520 --> 00:08:46,319 Speaker 1: calling into question parts of his resume. On the campaign trail, 161 00:08:46,400 --> 00:08:50,240 Speaker 1: Santos talented his experience as a Wall Street financier, but 162 00:08:50,320 --> 00:08:54,240 Speaker 1: the Times now reports that Santos never worked at Goldman Sacks, 163 00:08:54,320 --> 00:08:57,280 Speaker 1: as he claimed. His opponent in the last month's race, 164 00:08:57,400 --> 00:09:00,840 Speaker 1: Robert Zimmerman, the House Ethics Committee, I got to investigate 165 00:09:00,840 --> 00:09:04,560 Speaker 1: these allegations. An attorney for Santos fired back, saying George 166 00:09:04,559 --> 00:09:07,760 Speaker 1: Santos represents the kind of progress that the left is 167 00:09:07,800 --> 00:09:12,760 Speaker 1: so threatened by. A gay, Latino, immigrant and Republican. A 168 00:09:12,840 --> 00:09:15,880 Speaker 1: dedication ceremony was held in Central Park for a group 169 00:09:15,920 --> 00:09:19,040 Speaker 1: of black and Hispanic men became known as the Central 170 00:09:19,040 --> 00:09:22,320 Speaker 1: Park Five. An entrance to the park was renamed as 171 00:09:22,520 --> 00:09:25,600 Speaker 1: the Gate of Exonerated in honor of the five men 172 00:09:25,679 --> 00:09:29,520 Speaker 1: wrongly convicted for attack and rape in the park. New 173 00:09:29,600 --> 00:09:33,160 Speaker 1: York Mayor Eric Adams, we should be having school trips 174 00:09:33,160 --> 00:09:36,080 Speaker 1: to talk about this story. The men were cleared in 175 00:09:36,080 --> 00:09:38,839 Speaker 1: two thousand two. Global News twenty four hours a day 176 00:09:38,880 --> 00:09:41,400 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 177 00:09:41,480 --> 00:09:44,320 Speaker 1: twenty seven hundred journalists analysts in more than a hundred 178 00:09:44,320 --> 00:09:47,560 Speaker 1: twenty countries. I'm Michael bar This is Bloomberg, Nathan. Thanks Michael. 179 00:09:52,280 --> 00:09:54,400 Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg 180 00:09:54,400 --> 00:09:56,280 Speaker 1: Sports Update, brought to you by Tri State Aunty with 181 00:09:56,320 --> 00:09:59,120 Speaker 1: John Stashown. All right, Nathan Nixon, Rangers of both ones 182 00:09:59,240 --> 00:10:01,200 Speaker 1: set in a row, look to keep the streets going 183 00:10:01,240 --> 00:10:04,040 Speaker 1: tonight at the Garden. Nixon Warriors always a hot te 184 00:10:04,120 --> 00:10:06,480 Speaker 1: kid when Golden State comes in. Although no Steph Curry 185 00:10:06,480 --> 00:10:09,040 Speaker 1: and the Warriors are under five hundred. The Rangers play 186 00:10:09,080 --> 00:10:12,720 Speaker 1: in Pittsburgh, Islanders where in Colorado. Scoreless through sixty five 187 00:10:12,760 --> 00:10:14,920 Speaker 1: minutes and the only one goal scored in the shootout 188 00:10:15,160 --> 00:10:17,760 Speaker 1: and the Ads won one. Nothing Isles got forty six 189 00:10:17,800 --> 00:10:20,440 Speaker 1: days Fromelia Sorokin, but they now lost four of their 190 00:10:20,520 --> 00:10:22,920 Speaker 1: last five Rams and Packers figured to be two of 191 00:10:22,920 --> 00:10:25,520 Speaker 1: the best of the NFC. They are certainly not Green 192 00:10:25,600 --> 00:10:28,400 Speaker 1: Bay and fifteen degree Weather. On twenty four to twelve, 193 00:10:28,440 --> 00:10:31,120 Speaker 1: the Rams, with their tenth loss, tie the record for 194 00:10:31,160 --> 00:10:33,920 Speaker 1: most defeats by a defending Super Bowl champions short working 195 00:10:34,000 --> 00:10:37,040 Speaker 1: for the Jets. They host Jacksonville Thursday. If Mike White 196 00:10:37,080 --> 00:10:40,720 Speaker 1: can't play, it'll be Zack Wilson against the Jacks Trevor Lawrence. 197 00:10:40,720 --> 00:10:43,320 Speaker 1: They were the first two picks of draft. Lawrence has 198 00:10:43,320 --> 00:10:46,000 Speaker 1: been playing great for Jacksonville, is only game out of 199 00:10:46,040 --> 00:10:49,160 Speaker 1: first place. But Wilson returned Sunday to the Whites injury. 200 00:10:49,440 --> 00:10:51,320 Speaker 1: Wasn't as bad as he was before he got bench, 201 00:10:51,320 --> 00:10:53,920 Speaker 1: when he certainly made some mistakes. His coach was Robert Sala, 202 00:10:54,120 --> 00:10:57,920 Speaker 1: this kid's gonna be a good quarterback. Um, they're the 203 00:10:57,920 --> 00:11:00,240 Speaker 1: the NFL and this this new instant call off the 204 00:11:00,440 --> 00:11:02,160 Speaker 1: world that we're in just does not want to give 205 00:11:02,200 --> 00:11:05,719 Speaker 1: people time and uh, and so we look at him 206 00:11:05,760 --> 00:11:09,040 Speaker 1: and he has just nitpicked with it and just with 207 00:11:09,080 --> 00:11:11,360 Speaker 1: a fine tooth comb. Everything that he does pretty much 208 00:11:11,440 --> 00:11:13,760 Speaker 1: must win for the Jets. Thursday, have they hope to 209 00:11:13,840 --> 00:11:16,080 Speaker 1: make the playoffs and City Field, the Mets introduced their 210 00:11:16,080 --> 00:11:19,440 Speaker 1: new Japanese import, Codai Senga Secligo puts down of the 211 00:11:19,440 --> 00:11:21,640 Speaker 1: Mets bullpen in the past seven years. He signed with 212 00:11:21,720 --> 00:11:25,200 Speaker 1: San Diego. Tom Brownie, who pitched for Cincinnati for eleven years. 213 00:11:25,200 --> 00:11:27,320 Speaker 1: Once to a perfect game has passed away. Brownie was 214 00:11:27,360 --> 00:11:30,840 Speaker 1: sixty two. John Stash, Bloomberg Sports nack all right, John 215 00:11:30,840 --> 00:11:33,400 Speaker 1: Thags and Bloomberg Sports was brought to you by Audie. 216 00:11:33,440 --> 00:11:35,559 Speaker 1: Don't let someone else drive off in the outie model 217 00:11:36,160 --> 00:11:39,280 Speaker 1: you've always wanted. Visit your local Christ State autie dealer 218 00:11:39,360 --> 00:11:41,560 Speaker 1: to get behind the wheel of yours today, or visit 219 00:11:41,559 --> 00:11:45,600 Speaker 1: outie Offers dot com for more information. Right now, SMP 220 00:11:45,720 --> 00:11:48,960 Speaker 1: futures are down two point, staff futures up twenty two, 221 00:11:49,280 --> 00:11:52,480 Speaker 1: NASTAC futures are lower by twenty four points. The real 222 00:11:52,480 --> 00:11:55,720 Speaker 1: actions in the treasury and currency markets this morning. The 223 00:11:55,760 --> 00:11:58,640 Speaker 1: ten years down twenty one thirty seconds yield three point 224 00:11:58,679 --> 00:12:04,720 Speaker 1: six six per cent. Live from coast to coast, from 225 00:12:04,720 --> 00:12:07,880 Speaker 1: New York to San Francisco, Boston to Washington, d C 226 00:12:08,320 --> 00:12:11,600 Speaker 1: nationwide on Sirius x amp, the Bloomberg Business app, and 227 00:12:11,640 --> 00:12:16,480 Speaker 1: Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm 228 00:12:16,559 --> 00:12:20,040 Speaker 1: Nathan Hagar, continuing to look at the market reaction following 229 00:12:20,040 --> 00:12:24,080 Speaker 1: the surprise announcement from the Bank of Japan raising doubling 230 00:12:24,160 --> 00:12:27,560 Speaker 1: the cap on tenure yields UH in a move that 231 00:12:27,679 --> 00:12:31,520 Speaker 1: was expected after the next governor of the Bank of 232 00:12:31,600 --> 00:12:35,080 Speaker 1: Japan is seated. Let's bring in liz An Saunders to 233 00:12:35,160 --> 00:12:39,160 Speaker 1: get her reaction to this, Chief investment strategist at Charles Schwab, 234 00:12:39,520 --> 00:12:42,320 Speaker 1: Liz Ann, Good morning. We're seeing a big move in 235 00:12:42,360 --> 00:12:46,440 Speaker 1: the yen this morning and a selloff in US treasuries. 236 00:12:46,600 --> 00:12:50,040 Speaker 1: What do you make of this bo j decision? Well, 237 00:12:50,040 --> 00:12:53,440 Speaker 1: it was it was clearly a surprise that you know, 238 00:12:53,520 --> 00:12:57,280 Speaker 1: Japan represented an outlier in terms of tighter monetary policy. 239 00:12:57,520 --> 00:13:01,240 Speaker 1: We saw already the reaction by by the end and 240 00:13:01,640 --> 00:13:04,600 Speaker 1: UH and yields. But I I think that it just 241 00:13:04,760 --> 00:13:09,640 Speaker 1: puts now one last bit of further pressure up on 242 00:13:09,920 --> 00:13:12,240 Speaker 1: global rates. And what a lot of people don't realize 243 00:13:12,280 --> 00:13:15,440 Speaker 1: is if you correlate the US economy, that's my Bailly Wook. 244 00:13:15,480 --> 00:13:19,960 Speaker 1: Obviously two rates. There's a higher correlation between the U 245 00:13:20,040 --> 00:13:23,920 Speaker 1: S economy and global rates than there is between the 246 00:13:24,000 --> 00:13:27,160 Speaker 1: US economy and US rates. So you're just not adding 247 00:13:27,200 --> 00:13:30,360 Speaker 1: another central bank into the mix here. Okay, So what 248 00:13:30,559 --> 00:13:35,679 Speaker 1: kind of pressure could we see on treasury yields going forward? 249 00:13:35,760 --> 00:13:38,200 Speaker 1: What kind of steepening do you think we could be 250 00:13:38,240 --> 00:13:42,959 Speaker 1: in for? Well, and I'm not you guys have had 251 00:13:42,960 --> 00:13:46,240 Speaker 1: on Kathy Jones, my my counterpart, She's are our fixed 252 00:13:46,240 --> 00:13:50,000 Speaker 1: income strategists. I I spend my day mostly in the 253 00:13:50,000 --> 00:13:53,240 Speaker 1: the equity world, but we actually, you know, her group 254 00:13:53,320 --> 00:13:59,000 Speaker 1: has been suggesting lengthen and duration under the view that 255 00:13:59,160 --> 00:14:02,240 Speaker 1: even if and even based on what the fetish said, 256 00:14:02,280 --> 00:14:05,000 Speaker 1: the terminal rate may be slightly higher than what was 257 00:14:05,040 --> 00:14:09,240 Speaker 1: expected prefl and C meeting. I think the market across boats, 258 00:14:09,240 --> 00:14:12,560 Speaker 1: fixed income and equities is now pricing in a weaker 259 00:14:12,600 --> 00:14:17,160 Speaker 1: economy and probably more definitive procession, which event eventually puts 260 00:14:17,160 --> 00:14:21,160 Speaker 1: some maybe further downward pressure on yield. So near term 261 00:14:21,240 --> 00:14:24,680 Speaker 1: we would expect more inversion, but then you'll start to 262 00:14:24,720 --> 00:14:28,440 Speaker 1: see the potential of of the recession get priced in 263 00:14:29,040 --> 00:14:33,120 Speaker 1: across the curve. Well, what are the implications than for equities? 264 00:14:33,160 --> 00:14:35,200 Speaker 1: As you say they are your Bailey Wick. If we 265 00:14:35,360 --> 00:14:40,320 Speaker 1: see further weakness in the dollar, the further flight potentially 266 00:14:40,960 --> 00:14:47,000 Speaker 1: into the yen, What could that potentially mean for US equities. Well, 267 00:14:47,200 --> 00:14:51,680 Speaker 1: we know the impact that the strong dollar has had 268 00:14:51,760 --> 00:14:54,960 Speaker 1: on equities. There's a lot of other factors obviously that 269 00:14:54,840 --> 00:14:58,440 Speaker 1: the trobe equities into the bear market um somewhat related 270 00:14:58,480 --> 00:15:01,000 Speaker 1: to the stronger dollar, with aggressiveness of the Fed, the 271 00:15:01,000 --> 00:15:04,040 Speaker 1: pace at which they've been raising interest rates. The dollar 272 00:15:04,840 --> 00:15:08,640 Speaker 1: strength worked its way into lower corporate earnings, at least 273 00:15:08,640 --> 00:15:13,320 Speaker 1: for multinational companies, because for every one dollar move higher 274 00:15:13,640 --> 00:15:16,760 Speaker 1: in the dollar, you you tend to I mean one 275 00:15:16,800 --> 00:15:18,760 Speaker 1: percent moved higher on the dollar, you tend to get 276 00:15:18,800 --> 00:15:22,160 Speaker 1: about half of that down in terms of earnings estimates. 277 00:15:22,160 --> 00:15:24,960 Speaker 1: A bit of a stability and or weakness in the 278 00:15:25,040 --> 00:15:29,160 Speaker 1: dollar could be a positive feeder into earnings forecast, but 279 00:15:29,200 --> 00:15:32,000 Speaker 1: there are a lot of other downward pressures on earnings 280 00:15:32,040 --> 00:15:35,960 Speaker 1: forecast looking into three. So maybe if we see a 281 00:15:35,960 --> 00:15:39,360 Speaker 1: week er dollar can be at least a marginal benefit 282 00:15:39,520 --> 00:15:42,560 Speaker 1: to corporate earnings. But when you add into the mix 283 00:15:42,880 --> 00:15:46,400 Speaker 1: just the deterioration in the economy, the increasing unit labor cost, 284 00:15:46,480 --> 00:15:51,240 Speaker 1: lower productivity, waning top line growth tied to inflation having 285 00:15:51,240 --> 00:15:54,200 Speaker 1: world over, I think the path of leash resistance for 286 00:15:54,200 --> 00:15:56,640 Speaker 1: forward estimates is still quite a bit down. Does that 287 00:15:56,840 --> 00:15:59,920 Speaker 1: have any effect on the FED to have one more 288 00:16:00,080 --> 00:16:03,760 Speaker 1: or central bank potentially in the hawk ish camp with 289 00:16:03,960 --> 00:16:07,160 Speaker 1: so many other central banks now, I don't think so. 290 00:16:07,480 --> 00:16:09,400 Speaker 1: Maybe on the margin they pay attention to it, but 291 00:16:09,440 --> 00:16:12,520 Speaker 1: there's very little, if any reference typically to what other 292 00:16:12,600 --> 00:16:16,160 Speaker 1: central banks are doing. So no, I would I would not. 293 00:16:16,480 --> 00:16:18,360 Speaker 1: I think the path there on is the path there on, 294 00:16:18,400 --> 00:16:21,280 Speaker 1: and not show this announcement today by Corona really moves 295 00:16:21,280 --> 00:16:23,360 Speaker 1: the needle all that much for the fact. All right, well, 296 00:16:23,400 --> 00:16:26,560 Speaker 1: we do have more data for this data dependent FED. 297 00:16:26,600 --> 00:16:29,720 Speaker 1: We get new housing information later. I was looking at 298 00:16:29,720 --> 00:16:33,560 Speaker 1: your Twitter feed noting that home builder sentiment is near 299 00:16:33,720 --> 00:16:37,120 Speaker 1: its COVID low. What are you expecting from the housing 300 00:16:37,160 --> 00:16:40,240 Speaker 1: starts that we get today? So I don't. I don't 301 00:16:40,280 --> 00:16:43,560 Speaker 1: try to forecast, you know, individual economic numbers, but the 302 00:16:43,560 --> 00:16:46,600 Speaker 1: housing data has been absolutely abysmal. You know, for all 303 00:16:46,640 --> 00:16:50,560 Speaker 1: the debate about recession no recession, there's no question pockets 304 00:16:50,560 --> 00:16:53,720 Speaker 1: of the economy are in recession and the pretty ugly 305 00:16:53,760 --> 00:16:57,480 Speaker 1: recession housing and how many housing related areas being one 306 00:16:57,520 --> 00:16:59,800 Speaker 1: of them. When you look at the plunge in something 307 00:16:59,840 --> 00:17:04,000 Speaker 1: like b h B Housing Market Index, it does start 308 00:17:04,040 --> 00:17:06,040 Speaker 1: to look like, Okay, how much worse can it kept 309 00:17:06,080 --> 00:17:08,120 Speaker 1: from here? Not to try to call a bottom there, 310 00:17:08,280 --> 00:17:12,880 Speaker 1: because that's a sentiment indicator that tends to lead other areas, 311 00:17:12,880 --> 00:17:17,200 Speaker 1: whether it's building permits, whether it's housing starts. So before 312 00:17:17,240 --> 00:17:20,879 Speaker 1: you get any meaningful lift in something like housing starts 313 00:17:20,880 --> 00:17:24,000 Speaker 1: building permits, you probably want or need to see a 314 00:17:24,000 --> 00:17:28,280 Speaker 1: bit more stabilization in that leading indicator of a housing 315 00:17:28,320 --> 00:17:31,920 Speaker 1: market sediment. We're certainly not there yet. Thanks as always, LIZI, 316 00:17:31,960 --> 00:17:34,520 Speaker 1: and great having you on with us this morning. Lizzie Saunders, 317 00:17:34,840 --> 00:17:39,840 Speaker 1: chief investment strategist at Charles Schwab. Right now, SMP futures 318 00:17:39,840 --> 00:17:42,840 Speaker 1: are little changed to the downside. Now futures are still 319 00:17:42,880 --> 00:17:45,399 Speaker 1: highed by thirty two points. That's again of a tenth percent. 320 00:17:45,480 --> 00:17:49,240 Speaker 1: Nasdaq future is still lower, down nineteen points, a decline 321 00:17:49,240 --> 00:17:51,920 Speaker 1: of two tenths per cent. There, the tenure Treasury is 322 00:17:51,960 --> 00:17:55,639 Speaker 1: down twenty one thirty seconds. Yield on the benchmark tenor 323 00:17:55,680 --> 00:18:02,520 Speaker 1: note three point six six percent. This is Bloomberg Markets 324 00:18:02,600 --> 00:18:05,680 Speaker 1: headlines and breaking news twenty four hours a day, at 325 00:18:05,720 --> 00:18:09,600 Speaker 1: Bloomberg dot Com and Bloomberg Business and at Bloomberg Quicktake. 326 00:18:09,880 --> 00:18:18,840 Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow. 327 00:18:18,880 --> 00:18:21,600 Speaker 1: This update brought to you by s E. I imagine 328 00:18:21,600 --> 00:18:26,320 Speaker 1: your asset management firms operational infrastructure as a competitive advantage. 329 00:18:26,600 --> 00:18:28,840 Speaker 1: Let see I show you how at se i C 330 00:18:29,080 --> 00:18:32,359 Speaker 1: dot com slash I M s and futures are a 331 00:18:32,400 --> 00:18:35,359 Speaker 1: little change this morning. The tenure Treasury is down twenty 332 00:18:35,400 --> 00:18:38,200 Speaker 1: one thirty seconds here three point six six percent, yield 333 00:18:38,240 --> 00:18:40,960 Speaker 1: on the two year four point to seven percent. And 334 00:18:41,040 --> 00:18:43,520 Speaker 1: I'm ex scrude oilis' winted at third percent of one 335 00:18:43,560 --> 00:18:46,560 Speaker 1: dollar at seventy six dollars nineteen cents of barrel. The 336 00:18:46,640 --> 00:18:49,639 Speaker 1: yen this morning it is at one thirty two point 337 00:18:49,720 --> 00:18:53,000 Speaker 1: three six jumping against the dollar, up three point four percent. 338 00:18:53,240 --> 00:18:55,560 Speaker 1: And as a Bloomberg Business Flash. Now here's Michael Barr 339 00:18:55,640 --> 00:18:58,080 Speaker 1: with more on what's going on around the world. Michael Darn, 340 00:18:58,119 --> 00:19:00,320 Speaker 1: thank you very much. A House Committee record, and did 341 00:19:00,320 --> 00:19:03,040 Speaker 1: that Donald Trump be prosecuted for his role in the 342 00:19:03,160 --> 00:19:06,600 Speaker 1: January sixth assault on the US capital, the first ever 343 00:19:06,640 --> 00:19:11,120 Speaker 1: such referral of a former president. Representative Jamie Raskin said 344 00:19:11,160 --> 00:19:14,960 Speaker 1: it would disqualify Trump from holding office if convicted. The 345 00:19:15,000 --> 00:19:18,440 Speaker 1: Supreme Court granted the temporary stay on the immigration restriction, 346 00:19:18,480 --> 00:19:21,879 Speaker 1: known as Title forty two. It was expiring tomorrow, but 347 00:19:22,040 --> 00:19:26,080 Speaker 1: nineteen Republican led states filed an appeal. Monday night football, 348 00:19:26,160 --> 00:19:29,679 Speaker 1: the Packers beat the Rams twelve in the NHL. The 349 00:19:29,760 --> 00:19:32,639 Speaker 1: Islanders lost in his shootout to the Avalanche one zip. 350 00:19:32,920 --> 00:19:36,120 Speaker 1: The Capitals and Bruins were winners. Global News twenty four 351 00:19:36,119 --> 00:19:39,479 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 352 00:19:39,480 --> 00:19:42,119 Speaker 1: by more than twenty seven hundred journalists and analysts more 353 00:19:42,119 --> 00:19:46,119 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, 354 00:19:46,240 --> 00:19:48,960 Speaker 1: Thanks Michael. At six three on Wall Street. I'm Nathan 355 00:19:49,000 --> 00:19:51,479 Speaker 1: Hagar and this is Bloomberg day Break. Let's get more 356 00:19:51,520 --> 00:19:54,320 Speaker 1: now on that recommendation from the January six Committee that 357 00:19:54,359 --> 00:19:57,679 Speaker 1: Donald Trump, the former president, be prosecuted for alleged crimes 358 00:19:57,680 --> 00:20:00,200 Speaker 1: tied to the insurrection at the Capitol Committee me pres 359 00:20:00,240 --> 00:20:03,600 Speaker 1: voted unanimously that the former president should face four federal 360 00:20:03,640 --> 00:20:07,679 Speaker 1: criminal charges linked to efforts to overturn the election. For 361 00:20:07,720 --> 00:20:11,119 Speaker 1: the legal perspective on this situation, let's hear from former 362 00:20:11,160 --> 00:20:14,880 Speaker 1: federal prosecutor Michael Zelden. As the committee prepares to hand 363 00:20:14,880 --> 00:20:18,080 Speaker 1: over its evidence that they've collected over the past seventeen months, 364 00:20:18,440 --> 00:20:21,760 Speaker 1: Michael Zelden sat down with our Washington correspondent Joe Matthew 365 00:20:21,800 --> 00:20:24,679 Speaker 1: to discuss what comes next. Let's listen in what does 366 00:20:24,760 --> 00:20:27,680 Speaker 1: d o J do when all of this material arrives. 367 00:20:28,119 --> 00:20:30,600 Speaker 1: They read it, and they assess it, and they evaluated 368 00:20:30,640 --> 00:20:34,160 Speaker 1: in relationship to the material that they are themselves independently 369 00:20:34,200 --> 00:20:38,320 Speaker 1: gathering in their grand jury investigation. And then in the 370 00:20:38,520 --> 00:20:41,320 Speaker 1: review process they make determinations as to whether or not 371 00:20:41,359 --> 00:20:44,399 Speaker 1: they believe they have a prosecutable case that they can 372 00:20:44,440 --> 00:20:48,240 Speaker 1: win at trial and sustain on appeal, and if so, 373 00:20:48,480 --> 00:20:50,919 Speaker 1: then they make a decision whether to charge. And do 374 00:20:50,960 --> 00:20:53,640 Speaker 1: you have a gut check after everything you've heard here, 375 00:20:53,720 --> 00:20:56,760 Speaker 1: or give us a sense of the competing cultures between 376 00:20:56,800 --> 00:20:59,480 Speaker 1: d o J and Congress. They've got their own investigation 377 00:20:59,520 --> 00:21:02,719 Speaker 1: going there, eventually learning more than the committee did, except 378 00:21:02,720 --> 00:21:05,080 Speaker 1: that they don't have to prove anything beyond the reasonable doubt. 379 00:21:05,560 --> 00:21:09,239 Speaker 1: They just have to have evidence that they feel is 380 00:21:09,359 --> 00:21:13,360 Speaker 1: sufficient to justify a referral. The Justice Mormon that has 381 00:21:13,359 --> 00:21:16,280 Speaker 1: to be able to marshal that evidence and the facts 382 00:21:16,320 --> 00:21:20,800 Speaker 1: supporting it to have a jury reach a verdict beyond 383 00:21:20,800 --> 00:21:24,200 Speaker 1: the reasonable doubts. So it's a different standard that each has. 384 00:21:24,560 --> 00:21:28,400 Speaker 1: That said, of course, they're looking at the same category 385 00:21:28,400 --> 00:21:31,880 Speaker 1: of witnesses and they're gathering the same types of testimony, 386 00:21:31,880 --> 00:21:35,080 Speaker 1: with the big difference being that d o J, because 387 00:21:35,080 --> 00:21:38,640 Speaker 1: of its subpoena power in the context of a criminal investigation, 388 00:21:38,960 --> 00:21:43,520 Speaker 1: has been able to breach the stone walling of false 389 00:21:43,600 --> 00:21:47,280 Speaker 1: claims of executive privilege. So they've been getting the testimony 390 00:21:47,400 --> 00:21:50,639 Speaker 1: that the Congress could not get. So they've got stuff 391 00:21:50,680 --> 00:21:54,560 Speaker 1: that's additive to what the Congress was not able to get. 392 00:21:55,280 --> 00:21:57,800 Speaker 1: How much of this is about Donald Trump versus his 393 00:21:57,920 --> 00:22:00,800 Speaker 1: co conspirators? John Eastman was named by the committee today, 394 00:22:01,160 --> 00:22:06,040 Speaker 1: Others were listed uh in the summary of the forthcoming report. 395 00:22:06,560 --> 00:22:08,800 Speaker 1: Are they all in really big trouble? Or is this 396 00:22:08,880 --> 00:22:13,440 Speaker 1: a Donald Trump's story? They alleged conspiracies here, and conspiracies 397 00:22:13,440 --> 00:22:17,480 Speaker 1: require more than one person, And so there are people 398 00:22:17,640 --> 00:22:21,280 Speaker 1: here who have jeopardy and you know, I expect are 399 00:22:21,640 --> 00:22:25,560 Speaker 1: represented by hopefully good lawyers, because the system works best 400 00:22:25,600 --> 00:22:28,879 Speaker 1: when everyone has good lawyers. And I think that there 401 00:22:28,920 --> 00:22:31,400 Speaker 1: are a lot of people who are going to be 402 00:22:31,480 --> 00:22:35,800 Speaker 1: facing very difficult decisions about whether to fight this or 403 00:22:35,880 --> 00:22:40,240 Speaker 1: begin now to cooperate. There's a category of crimes here, 404 00:22:40,480 --> 00:22:45,200 Speaker 1: or potential crimes here that hasn't been explicitly set forth 405 00:22:45,320 --> 00:22:47,679 Speaker 1: in the report, but which are implied in the report, 406 00:22:47,960 --> 00:22:52,359 Speaker 1: which is sub suborning, perjury and witness tampering. And that's 407 00:22:52,440 --> 00:22:56,600 Speaker 1: the testimony. Some people like Hopes Hick said that before 408 00:22:56,680 --> 00:22:59,920 Speaker 1: she testified, she got a call which said a sense, 409 00:23:00,000 --> 00:23:03,879 Speaker 1: really he's watching. He can help you. You know, you 410 00:23:03,920 --> 00:23:09,120 Speaker 1: can not recall things. Even if you recall him. That stuff, 411 00:23:09,160 --> 00:23:15,000 Speaker 1: if provable, are very serious charges against lawyers for suborting 412 00:23:15,040 --> 00:23:17,960 Speaker 1: the perjury and for witness tampering for those who gave 413 00:23:18,000 --> 00:23:22,120 Speaker 1: the directions to pass along the will protect you if 414 00:23:22,160 --> 00:23:24,800 Speaker 1: you do the right thing, and if they have evidence 415 00:23:24,800 --> 00:23:28,240 Speaker 1: sufficient uh to that, then I think you're going to 416 00:23:28,320 --> 00:23:32,280 Speaker 1: see a lot of people rushing to cooperate. That's former 417 00:23:32,280 --> 00:23:36,200 Speaker 1: federal prosecutor Michael Zeldin speaking with our Washington correspondent Joe 418 00:23:36,280 --> 00:23:39,000 Speaker 1: Matthew on Bloomberg sound On. Stay with us for more 419 00:23:39,160 --> 00:23:41,800 Speaker 1: legal analysis of this story as it continues to develop 420 00:23:42,320 --> 00:23:44,960 Speaker 1: and catch more conversations like this one on the Daily 421 00:23:45,040 --> 00:23:49,520 Speaker 1: Sound On podcast. Subscribe on Apple, Spotify, or anywhere else 422 00:23:49,560 --> 00:23:51,880 Speaker 1: you get your podcast. We're gonna check in live with 423 00:23:52,000 --> 00:23:54,239 Speaker 1: Joe Matthew to get more on the fallout from that 424 00:23:54,440 --> 00:23:58,080 Speaker 1: January six decision. First, we get a look at today's 425 00:23:58,080 --> 00:24:02,439 Speaker 1: Bloomberg weather forecast. Sunshine will be considerable today thanks the 426 00:24:02,480 --> 00:24:04,840 Speaker 1: high pressure off to our west. Temperatures will be up 427 00:24:04,840 --> 00:24:07,320 Speaker 1: close to forty degrees this afternonal stay in the thirties 428 00:24:07,400 --> 00:24:10,760 Speaker 1: later today in the suburbs, clear tonight to thirty. North 429 00:24:10,800 --> 00:24:13,320 Speaker 1: and west of town. It's probably dropping into the teen's overnight. 430 00:24:13,640 --> 00:24:16,520 Speaker 1: High pressure will bring a sunshine tomorrow to forty. Rain 431 00:24:16,640 --> 00:24:21,120 Speaker 1: arrives Thursday afternoon, highest close to forty. I'm Rob Caroline 432 00:24:21,200 --> 00:24:26,840 Speaker 1: with your three day forecast on Bloomberg eleven three oh 433 00:24:27,119 --> 00:24:31,680 Speaker 1: broadcasting live from the Bloomberg Interactive Broker's studio in New York. 434 00:24:31,760 --> 00:24:35,720 Speaker 1: Bloomberg Eloving Freedom to Washington, d C, Bloomberg nine one 435 00:24:35,840 --> 00:24:39,080 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 436 00:24:39,119 --> 00:24:42,359 Speaker 1: Bloomberg nine sixty to the Country, Sirius XM H O 437 00:24:42,440 --> 00:24:45,600 Speaker 1: one nine and around the globe. The Bloomberg Business app 438 00:24:45,720 --> 00:24:55,160 Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak. We're 439 00:24:55,160 --> 00:24:57,200 Speaker 1: coming up to six thirty on Wall Street. Good morning. 440 00:24:57,240 --> 00:25:00,320 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just 441 00:25:00,400 --> 00:25:02,960 Speaker 1: about three hours away from the open of US training. 442 00:25:03,000 --> 00:25:04,480 Speaker 1: It's time for the five Things, so you need to 443 00:25:04,480 --> 00:25:06,639 Speaker 1: notice start your day. Brought to you by i v 444 00:25:06,840 --> 00:25:10,760 Speaker 1: k R. Investment Advisers switched to Interactive Brokers for lowest 445 00:25:10,760 --> 00:25:15,080 Speaker 1: cost global trading and turnkey custody solutions, no ticket charges 446 00:25:15,119 --> 00:25:17,040 Speaker 1: and no conflicts of your interests at i v k 447 00:25:17,240 --> 00:25:21,040 Speaker 1: R dot com slash r i a up. First. Bank 448 00:25:21,080 --> 00:25:25,120 Speaker 1: of Japan Governor Howuruhiku Kuroda shocked markets overnight by adjusting 449 00:25:25,119 --> 00:25:28,399 Speaker 1: the central banks yield curve control program, and Bloomberg Daybreak 450 00:25:28,400 --> 00:25:31,720 Speaker 1: Asia anchor Brian Curtis as the details. The shocking move 451 00:25:31,800 --> 00:25:34,080 Speaker 1: sparked a massive jump in the en and a big 452 00:25:34,160 --> 00:25:36,400 Speaker 1: drop in the NICK. The b o J will now 453 00:25:36,440 --> 00:25:39,280 Speaker 1: allow Japan's ten year bond yields to rise to about 454 00:25:39,280 --> 00:25:41,920 Speaker 1: half a percentage point. That's up from the previous upper 455 00:25:41,960 --> 00:25:44,840 Speaker 1: limit of a quarter percentage point. The central Bank kept 456 00:25:44,880 --> 00:25:48,320 Speaker 1: its target on the yield unchanged around zero percent, and 457 00:25:48,400 --> 00:25:51,359 Speaker 1: left it short term interest rate at minus zero point 458 00:25:51,359 --> 00:25:55,080 Speaker 1: one percent. Brian Curtis, Bloomberg Daybreak, Brian, thanks and taking 459 00:25:55,080 --> 00:25:56,880 Speaker 1: a look at the en right now is at one 460 00:25:57,000 --> 00:26:00,760 Speaker 1: thirty two point three five against the dollar. Japan. I'm sorry. 461 00:26:00,840 --> 00:26:03,879 Speaker 1: In China, Karen, social media posts are signaling the COVID 462 00:26:03,920 --> 00:26:07,040 Speaker 1: deaths may be much higher than Beijing's official count, and 463 00:26:07,080 --> 00:26:09,720 Speaker 1: now China confirms it has changed the method for accounting 464 00:26:09,720 --> 00:26:13,800 Speaker 1: its fatalities, narrowing the definition of a COVID death. Just today, 465 00:26:13,880 --> 00:26:17,280 Speaker 1: China reported only five fatalities tied to the virus. Well 466 00:26:17,320 --> 00:26:20,000 Speaker 1: back in the US, Nathan futures are little change after 467 00:26:20,040 --> 00:26:23,200 Speaker 1: forties of losses, initially propelled by hawkish Fed rhetoric that's 468 00:26:23,200 --> 00:26:25,440 Speaker 1: on a recession or ramping up, but former New York 469 00:26:25,480 --> 00:26:28,520 Speaker 1: Fed President Bill Dudley says he expects a downturn to 470 00:26:28,560 --> 00:26:31,679 Speaker 1: be relatively controlled. I don't expect the recession quite yet. 471 00:26:31,760 --> 00:26:34,760 Speaker 1: In the COMMUNI still has considerable Ford momentum. I think 472 00:26:34,800 --> 00:26:38,040 Speaker 1: the recession, when it finally does occur, will be mild. 473 00:26:38,240 --> 00:26:41,040 Speaker 1: This is the recession. If it occurs, it's completely induced 474 00:26:41,080 --> 00:26:43,680 Speaker 1: by the FED to generate more slack in the labor market. 475 00:26:44,040 --> 00:26:46,720 Speaker 1: Former New York Fed Governor and Bloomberg Opinion columnist Bill 476 00:26:46,800 --> 00:26:49,280 Speaker 1: Dudley made the comments on Bloomberg Survey Lance Catch the 477 00:26:49,280 --> 00:26:52,560 Speaker 1: program weekday mornings on Bloomberg Radio and Television, and Politics 478 00:26:52,600 --> 00:26:55,000 Speaker 1: Care in the House Committee has recommended former President Donald 479 00:26:55,000 --> 00:26:57,440 Speaker 1: Trump he prosecuted for his role in the January sixth 480 00:26:57,440 --> 00:27:00,359 Speaker 1: assault on the US capital, marking the first ever such 481 00:27:00,440 --> 00:27:03,080 Speaker 1: referral of a former president on a decision on whether 482 00:27:03,119 --> 00:27:06,640 Speaker 1: the prosecute lies with the Justice Department and from politics. 483 00:27:06,640 --> 00:27:08,480 Speaker 1: To Crypto Nathan, it was a wild day in court 484 00:27:08,520 --> 00:27:11,280 Speaker 1: for Sam bankmunt Free. The former ft X CEO could 485 00:27:11,280 --> 00:27:13,920 Speaker 1: be headed back to the US sooner than we thought of. Bloomberg. 486 00:27:13,920 --> 00:27:16,680 Speaker 1: Steve Rappaport joins US Live with Moore Steve, good morning, 487 00:27:16,760 --> 00:27:19,240 Speaker 1: Good morning, Karen and Nathan. It's never a good sign 488 00:27:19,240 --> 00:27:21,359 Speaker 1: when the attorney and the defendant are not on the 489 00:27:21,400 --> 00:27:24,639 Speaker 1: same page. That scenario unfolded in court yesterday when Bankman 490 00:27:24,680 --> 00:27:26,639 Speaker 1: Fried said he was ready to waive his right to 491 00:27:26,680 --> 00:27:29,200 Speaker 1: fight extradition to the US. The change of heart, though, 492 00:27:29,240 --> 00:27:31,679 Speaker 1: caught his local lawyer off guard, who said he was 493 00:27:31,760 --> 00:27:34,359 Speaker 1: not aware of the plan. Jeron Roberts later in the 494 00:27:34,400 --> 00:27:37,280 Speaker 1: daith Hold Reporters, Bankman Freed would not fight extradition to 495 00:27:37,320 --> 00:27:39,760 Speaker 1: the US, where he's charged with fraud related to the 496 00:27:39,760 --> 00:27:41,800 Speaker 1: collapse of f t X Live in New York. I'm 497 00:27:41,840 --> 00:27:45,119 Speaker 1: Steve Rappaport Bloomberg Daybreak. Okay, Steve, thank you. That's the 498 00:27:45,119 --> 00:27:46,800 Speaker 1: five things you need to know to start your day, 499 00:27:46,840 --> 00:27:49,959 Speaker 1: brought to you by Interactive Brokers and SMP. Futures right 500 00:27:50,000 --> 00:27:52,359 Speaker 1: now are little changed to the upside down. Futures are 501 00:27:52,400 --> 00:27:56,120 Speaker 1: higher by forty points, nastack futures are lower by eleven 502 00:27:56,200 --> 00:27:59,320 Speaker 1: local headlines and a check of sports. Next, this is 503 00:27:59,400 --> 00:28:06,119 Speaker 1: Bloomberg at six one on Wall Street. Now, Michael Barr 504 00:28:06,160 --> 00:28:07,760 Speaker 1: is back with more on what's going on in New 505 00:28:07,840 --> 00:28:10,160 Speaker 1: York and around the world. Good morning, Michael, Good morning 506 00:28:10,240 --> 00:28:13,639 Speaker 1: Nathan Disgrace. Movie mogul Harvey Weinstein has been convicted by 507 00:28:13,640 --> 00:28:17,159 Speaker 1: a Los Angeles jury of three more sexual assault charges 508 00:28:17,440 --> 00:28:21,240 Speaker 1: involving a former Italian actress in The jury could not 509 00:28:21,280 --> 00:28:25,120 Speaker 1: agree on other charges involving other recusers, including one represented 510 00:28:25,320 --> 00:28:28,639 Speaker 1: by attorney Gloria Allred, who says her client, though is 511 00:28:28,680 --> 00:28:33,480 Speaker 1: focused on the guilty verdicts that that was justice, so 512 00:28:33,560 --> 00:28:37,760 Speaker 1: she's thinking of others in addition to herself. Weinstein is 513 00:28:37,800 --> 00:28:40,440 Speaker 1: already serving a twenty three years sentence in New York. 514 00:28:40,960 --> 00:28:44,040 Speaker 1: Drag Story Hour and a New York City council member 515 00:28:44,080 --> 00:28:47,600 Speaker 1: who supports it are the latest targets of protests. Councilman 516 00:28:47,800 --> 00:28:52,680 Speaker 1: Eric Bacher says protesters galvanized by online conspiracy theories trying 517 00:28:52,760 --> 00:28:55,640 Speaker 1: to disrupt the weekend reading event at a New York 518 00:28:55,680 --> 00:28:59,880 Speaker 1: City public library and Chelsea Butcher also says two protesters 519 00:29:00,080 --> 00:29:02,720 Speaker 1: is made it into the lobby of his apartment nearby. 520 00:29:02,800 --> 00:29:07,840 Speaker 1: It's a really disgusting conspiracy theory that people have latched onto, 521 00:29:07,880 --> 00:29:11,000 Speaker 1: and it's they're they're really taking this way too far. 522 00:29:11,200 --> 00:29:15,280 Speaker 1: Police arrested to protesters for trespassing. The Supreme Court is 523 00:29:15,320 --> 00:29:19,000 Speaker 1: temporarily blocking in order that would lift pandemic error restrictions 524 00:29:19,000 --> 00:29:22,280 Speaker 1: on asylum seekers. However, it is leaving open the prospect 525 00:29:22,320 --> 00:29:25,480 Speaker 1: of lifting the restrictions by tomorrow. On titled forty two, 526 00:29:25,800 --> 00:29:28,800 Speaker 1: doctors say more people die from heart attacks between December 527 00:29:29,520 --> 00:29:32,840 Speaker 1: and January one compared to any other week of the year. 528 00:29:33,160 --> 00:29:37,480 Speaker 1: The leading factors include family stress, unhealthy eating, and excess 529 00:29:37,520 --> 00:29:41,680 Speaker 1: of alcohol, which can result in holiday hearts syndrome that's 530 00:29:41,720 --> 00:29:45,960 Speaker 1: when bene drinking causes irregular heartbeats. Dr Eugene Yang is 531 00:29:46,000 --> 00:29:50,600 Speaker 1: a chronologist at UW Medicine. It's not just an issue 532 00:29:50,640 --> 00:29:53,120 Speaker 1: that holiday heart is a benign condition. It actually is 533 00:29:53,160 --> 00:29:57,200 Speaker 1: a very potentially serious condition that causes people to develop 534 00:29:57,280 --> 00:30:00,560 Speaker 1: heart failure symptoms. Dr Yang Global. It was twenty four 535 00:30:00,560 --> 00:30:02,880 Speaker 1: hours a day on airand on Bloomberg Quick Tech Power 536 00:30:02,920 --> 00:30:05,480 Speaker 1: by more than the journalists analysts more than a hundred 537 00:30:05,480 --> 00:30:08,800 Speaker 1: twenty countries. Michael Bard, this is Bloomberg, Nathan. Thanks Michael 538 00:30:13,400 --> 00:30:15,960 Speaker 1: six three on Wall Street Time for the Bloomberg Sports Update, 539 00:30:15,960 --> 00:30:17,640 Speaker 1: brought to you by try stayed out of Here's John 540 00:30:18,200 --> 00:30:20,080 Speaker 1: all right, Nathan Chili. Night in Green Bay and the 541 00:30:20,120 --> 00:30:22,440 Speaker 1: Packers kept their faint playoff hopes a lot beat the 542 00:30:22,520 --> 00:30:25,959 Speaker 1: Rams twelve Aaron Rodgers now one nine straight Monday Night 543 00:30:25,960 --> 00:30:29,160 Speaker 1: as Baker Mayfield, the Rams new quarterback, did better when 544 00:30:29,160 --> 00:30:31,640 Speaker 1: he hadn't practiced with them a week after he debuted 545 00:30:31,880 --> 00:30:33,880 Speaker 1: with a comeback win. May feel through the deception got 546 00:30:33,920 --> 00:30:36,920 Speaker 1: sacked five times. The next game is Thursday, Jets to 547 00:30:36,960 --> 00:30:39,760 Speaker 1: the much improved Jaguars that met life with the Jets 548 00:30:39,760 --> 00:30:42,360 Speaker 1: just lost in Detroit. Lot of criticism of Jets coach 549 00:30:42,440 --> 00:30:46,080 Speaker 1: Robert Sala for faulty clock management during the Jets final drop. 550 00:30:46,160 --> 00:30:48,240 Speaker 1: I was trying to beat New York on a challenge 551 00:30:48,360 --> 00:30:50,360 Speaker 1: and that's the one I overthought. It didn't matter. We're 552 00:30:50,360 --> 00:30:53,360 Speaker 1: not playing for downs at the situation, UM, We're playing 553 00:30:53,360 --> 00:30:56,160 Speaker 1: for time and UM. And when you look at it all, 554 00:30:56,920 --> 00:31:00,560 Speaker 1: I definitely probably cost us one more snap in that 555 00:31:00,840 --> 00:31:04,600 Speaker 1: in that transaction. So I'm uh something that I definitely 556 00:31:04,600 --> 00:31:07,240 Speaker 1: need to be better. I definitely overthought it, and uh, 557 00:31:07,440 --> 00:31:08,760 Speaker 1: I wish I could have that one batter. Had the 558 00:31:08,840 --> 00:31:10,640 Speaker 1: Jets had more time, they could have gained some more 559 00:31:10,680 --> 00:31:12,680 Speaker 1: yards in their game tying field goal attempt might not 560 00:31:12,720 --> 00:31:14,320 Speaker 1: have had to be a fifty eight yard A lot 561 00:31:14,320 --> 00:31:16,080 Speaker 1: of talk also about the end of that Giants went 562 00:31:16,160 --> 00:31:19,760 Speaker 1: at Washington, the commander's upset about an illegal formation penalty 563 00:31:19,800 --> 00:31:22,200 Speaker 1: that wiped out a touchdown and then a non pass 564 00:31:22,240 --> 00:31:26,480 Speaker 1: interference call on their last play. The Giants visit Minnesota Saturday. 565 00:31:26,520 --> 00:31:29,760 Speaker 1: Philadelphia visits Dallas. Eagles. Quarterback jail And Hurts may not 566 00:31:29,840 --> 00:31:33,760 Speaker 1: play got injured shoulder. Islanders lost at Colorado one nothing 567 00:31:33,840 --> 00:31:36,080 Speaker 1: and a shoot at our. Rangers played tonight in Pittsburgh. 568 00:31:36,160 --> 00:31:38,640 Speaker 1: Rangers have won seventh straight, and so have the Knicks. 569 00:31:38,680 --> 00:31:42,040 Speaker 1: They host Golden State. Today's a national holiday in Argentina 570 00:31:42,080 --> 00:31:45,160 Speaker 1: as they honor the World Cup champions down Station Bloomberg 571 00:31:45,200 --> 00:31:47,640 Speaker 1: Sports Nathan and Bloomberg Sports John was brought to you 572 00:31:47,680 --> 00:31:49,720 Speaker 1: by out a don't let someone else drive off in 573 00:31:49,720 --> 00:31:52,360 Speaker 1: the Audi model you've always wanted. Visit your local Tri 574 00:31:52,560 --> 00:31:55,880 Speaker 1: state Audie dealer to get behind the wheel of yours today, 575 00:31:56,160 --> 00:32:00,040 Speaker 1: or visit Autie Offers dot com for more information. In 576 00:32:01,680 --> 00:32:04,680 Speaker 1: six thirty five on Wall Street, Bloomberg Radio is on 577 00:32:04,720 --> 00:32:07,080 Speaker 1: the air from San Francisco to New York, London to 578 00:32:07,160 --> 00:32:09,360 Speaker 1: Hong Kong. Let's check in with our global news team 579 00:32:09,400 --> 00:32:11,120 Speaker 1: for some of the top stories heard on our three 580 00:32:11,160 --> 00:32:17,960 Speaker 1: hundred affiliate radio stations around the world. I'm Corney Donahoan 581 00:32:18,080 --> 00:32:21,480 Speaker 1: Kerl Dan Dallas. The child hair industry is bracing for 582 00:32:21,560 --> 00:32:25,520 Speaker 1: the end of pandemic assistem. I'm Steve Podisc on wf 583 00:32:25,680 --> 00:32:29,040 Speaker 1: L A, Champa Bay. We're talking about local financial services 584 00:32:29,120 --> 00:32:33,400 Speaker 1: from Dynasty Financial Partners nixing its plans to go publish. 585 00:32:33,480 --> 00:32:36,040 Speaker 1: I'm Klin had killed Blomberg, dab Mado and London. We've 586 00:32:36,040 --> 00:32:38,000 Speaker 1: been a pushing on the market pullout from the bank 587 00:32:38,040 --> 00:32:42,040 Speaker 1: in Japan's decision to loosen its meals curve control. D 588 00:32:42,120 --> 00:32:45,400 Speaker 1: Cory on w w J and Detroit. I'm reporting two 589 00:32:45,480 --> 00:32:49,000 Speaker 1: new Amazon Fresh locations in the area have been identified. 590 00:32:50,560 --> 00:32:53,520 Speaker 1: Those are some of the stories our hundred Bloomberg journalists 591 00:32:53,520 --> 00:32:55,680 Speaker 1: and analysts to working on this morning around the world. 592 00:32:56,000 --> 00:32:58,960 Speaker 1: It's sixty six on Wall Street. The following is an 593 00:32:59,120 --> 00:33:02,880 Speaker 1: editorial for Bloomberg Opinion. This editorial was written by the 594 00:33:02,920 --> 00:33:06,760 Speaker 1: Bloomberg Editorial Board. There's no climate security for the world 595 00:33:06,840 --> 00:33:11,320 Speaker 1: without a protected Amazon. Brazil's President elect Louis Nacio Lula 596 00:33:11,400 --> 00:33:13,880 Speaker 1: da Silva told a cheering crowd at climate talks in 597 00:33:14,000 --> 00:33:18,600 Speaker 1: Egypt last month He's right. Limiting global warming requires saving 598 00:33:18,680 --> 00:33:22,760 Speaker 1: the planet's largest rainforest, which shriveled under outgoing President Jayir 599 00:33:22,840 --> 00:33:27,240 Speaker 1: Bolsonado after the previous government's neglect. Lula deserves credit for 600 00:33:27,320 --> 00:33:29,920 Speaker 1: putting the Amazon back on the agenda, but he has 601 00:33:30,000 --> 00:33:33,120 Speaker 1: little time to waste. His first priority should be to 602 00:33:33,200 --> 00:33:38,240 Speaker 1: revive forest oversight agencies, expand protections for indigenous people in lands, 603 00:33:38,520 --> 00:33:41,360 Speaker 1: and crack down on surging violence in the Amazon region. 604 00:33:41,840 --> 00:33:44,880 Speaker 1: That will require Lula to reach beyond his core supporters 605 00:33:45,040 --> 00:33:47,960 Speaker 1: and persuade a broad cross section of Brazilians to embrace 606 00:33:48,040 --> 00:33:51,920 Speaker 1: a greener future. If Brazil's president elect hopes to halt 607 00:33:51,960 --> 00:33:55,160 Speaker 1: deforestation in the Amazon, he can't do it alone. This 608 00:33:55,400 --> 00:33:58,440 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 609 00:33:58,480 --> 00:34:01,680 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion 610 00:34:01,960 --> 00:34:04,120 Speaker 1: or O P I N go on the Bloomberg Terminal. 611 00:34:04,320 --> 00:34:08,080 Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials 612 00:34:08,120 --> 00:34:11,040 Speaker 1: every weekday at this time. Terminal customers can read more 613 00:34:11,440 --> 00:34:14,600 Speaker 1: at O P I n go. Another story of imports 614 00:34:14,640 --> 00:34:17,480 Speaker 1: just crossed the Bloomberg Terminal moments to go under regulatory 615 00:34:17,520 --> 00:34:20,360 Speaker 1: pressure and the threat of lawsuits, they could bring billions 616 00:34:20,400 --> 00:34:23,560 Speaker 1: of dollars in damages. Three M just announced that it 617 00:34:23,560 --> 00:34:27,279 Speaker 1: will stop making so called forever chemicals and discontinue their 618 00:34:27,400 --> 00:34:31,239 Speaker 1: use by the end of five. The industrial conglomerate says 619 00:34:31,280 --> 00:34:33,719 Speaker 1: the move will mean pretax charges of one point three 620 00:34:33,760 --> 00:34:38,800 Speaker 1: to two point three billion dollars. Forever chemicals were first 621 00:34:38,920 --> 00:34:42,000 Speaker 1: created in researching the atomic bomb in World War Two. 622 00:34:42,040 --> 00:34:44,560 Speaker 1: They held three M develop hundreds of different products over 623 00:34:44,640 --> 00:34:48,000 Speaker 1: more than seventy years, including Scotch guard, but thou they 624 00:34:48,040 --> 00:34:50,799 Speaker 1: are a potential liability for three M that could reach 625 00:34:51,440 --> 00:34:56,120 Speaker 1: thirty billion dollars. Future is little changed ahead of the open. 626 00:34:56,200 --> 00:35:07,320 Speaker 1: You're listening to Bloomberg Daybreak, m Markets, headlines and breaking 627 00:35:07,360 --> 00:35:10,239 Speaker 1: news twenty four hours a day, at Bloomberg dot Com, 628 00:35:10,360 --> 00:35:13,920 Speaker 1: the Bloomberg Business Out and at Bloomberg Quicktape. This is 629 00:35:13,960 --> 00:35:23,239 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and SMP 630 00:35:23,440 --> 00:35:25,600 Speaker 1: futures are a little change this morning. We got to 631 00:35:25,640 --> 00:35:28,080 Speaker 1: the First Word breaking news desk for today's morning call, 632 00:35:28,160 --> 00:35:31,240 Speaker 1: and here's Bell Maloney, Bill, good morning, Hey, good morning. 633 00:35:31,320 --> 00:35:33,719 Speaker 1: Can that's right. US futures are quiet right now. A 634 00:35:33,800 --> 00:35:36,239 Speaker 1: depth futures hired by nineteen points, SAPs are down to 635 00:35:36,520 --> 00:35:40,320 Speaker 1: and NAZI futures are lower by twenty three. The US 636 00:35:40,520 --> 00:35:43,200 Speaker 1: ten yield at three point six five percent, Gold is 637 00:35:43,280 --> 00:35:46,240 Speaker 1: up twenty Oil is also in the green, and bitcoin 638 00:35:46,400 --> 00:35:49,600 Speaker 1: is trading higher by one point two percent. Japan fell 639 00:35:49,719 --> 00:35:51,759 Speaker 1: two and a half percent overnight as the b o 640 00:35:51,840 --> 00:35:55,319 Speaker 1: J adjusted its yield curve control program. And here PR 641 00:35:55,400 --> 00:35:58,239 Speaker 1: markets are trading quiet this morning. Back in the US 642 00:35:58,280 --> 00:36:00,760 Speaker 1: on the Economic Frinday thirty House and Stars and building 643 00:36:00,840 --> 00:36:04,080 Speaker 1: permits and regarding earnings. Look for General Mills report in 644 00:36:04,120 --> 00:36:07,480 Speaker 1: the pre market. Nike and FedEx both report after the 645 00:36:07,560 --> 00:36:10,319 Speaker 1: bell rapping things up. Spirit Are was cutshold A Deutsch 646 00:36:10,320 --> 00:36:13,400 Speaker 1: A Maka Siena was raised overweight over at GP. Morgan 647 00:36:14,200 --> 00:36:17,520 Speaker 1: live from the first breaking newsscom Boomloding. Karen, all right, Phil, 648 00:36:17,560 --> 00:36:19,600 Speaker 1: thank you to hear live breaking news over your Bloomberg 649 00:36:19,680 --> 00:36:22,600 Speaker 1: type squalk on your Terminalscue you a w K and 650 00:36:22,640 --> 00:36:25,160 Speaker 1: that's a Bloomberg business flash. Now here's Michael Barb with 651 00:36:25,280 --> 00:36:27,680 Speaker 1: Moore on what's going on around the world. Michael, Karen, 652 00:36:27,719 --> 00:36:30,480 Speaker 1: thank you very much. The House January six Committee is 653 00:36:30,560 --> 00:36:34,120 Speaker 1: urging the Justice Department to bring criminal charges against former 654 00:36:34,239 --> 00:36:38,879 Speaker 1: President Donald Trump for the violent Capitol Riot. The bipartisan 655 00:36:38,920 --> 00:36:42,160 Speaker 1: panel says Trump and his associates helped him launch a 656 00:36:42,239 --> 00:36:45,960 Speaker 1: pressure campaign to try to overturn his twenty election loss. 657 00:36:46,480 --> 00:36:50,160 Speaker 1: A jury in Los Angeles found disgrace film producer Harvey 658 00:36:50,200 --> 00:36:54,200 Speaker 1: Weinstein guilty of three counts of sexual assaults, including rape. 659 00:36:54,680 --> 00:36:58,160 Speaker 1: Monday Night Football, the Packers beat the Rams twelve in 660 00:36:58,280 --> 00:37:00,960 Speaker 1: the NHL, The Islanders Austin to shoot out to the 661 00:37:01,000 --> 00:37:04,880 Speaker 1: Avalanche one ZIP, the Capitols, and Bruins were winners Global 662 00:37:04,960 --> 00:37:07,279 Speaker 1: News twenty four hours a day on air and on 663 00:37:07,360 --> 00:37:11,719 Speaker 1: Bloomberg Quicktake, powered by more than hundred journalists and analysts 664 00:37:11,719 --> 00:37:14,480 Speaker 1: and more than a hundred twenty countries. Michael Bar this 665 00:37:14,800 --> 00:37:17,279 Speaker 1: is Bloomberg, Karen all right, Michael Barr, thank you at 666 00:37:17,280 --> 00:37:19,200 Speaker 1: a six forty two on Wall Street. And let's turn 667 00:37:19,239 --> 00:37:21,920 Speaker 1: to news and science and technology now at the Bloomberg 668 00:37:21,960 --> 00:37:24,680 Speaker 1: and j I T STEM Report. It's fronto U buy. 669 00:37:24,760 --> 00:37:27,960 Speaker 1: New Jersey Institute of Technology n g i T offers 670 00:37:28,000 --> 00:37:32,000 Speaker 1: New Jersey's first undergraduate degree in fintech tech driven finance 671 00:37:32,080 --> 00:37:34,160 Speaker 1: focused What will you make It n j I T. 672 00:37:34,800 --> 00:37:36,640 Speaker 1: Learn more at n j I T dot E d 673 00:37:36,760 --> 00:37:40,440 Speaker 1: U slash Fintech Now, here's just making news and science, technology, 674 00:37:40,520 --> 00:37:44,120 Speaker 1: engineering and math. Ukraine reached a deal with Elon, Musk 675 00:37:44,120 --> 00:37:47,440 Speaker 1: SpaceX to receive thousands more Sterlink and Tennis to help 676 00:37:47,520 --> 00:37:50,640 Speaker 1: counter Russian air attacks. According to a top government official, 677 00:37:51,000 --> 00:37:54,120 Speaker 1: more than ten thousand of the devices which provide internet 678 00:37:54,239 --> 00:37:57,400 Speaker 1: service beamed down from satellites will be sent to Ukraine 679 00:37:57,480 --> 00:38:00,920 Speaker 1: in the coming months. Two people who had Yahoo email 680 00:38:00,920 --> 00:38:04,759 Speaker 1: accounts to gain access to ring home security cameras have 681 00:38:04,920 --> 00:38:08,000 Speaker 1: been charged over a week long swatting spree. They placed 682 00:38:08,040 --> 00:38:12,200 Speaker 1: twelve hoax calls taunting police, and the swatting incidents prompted 683 00:38:12,239 --> 00:38:16,240 Speaker 1: the FBI t issue psc S in late urging users 684 00:38:16,280 --> 00:38:19,360 Speaker 1: of smart home security cameras to use anique passwords with 685 00:38:19,440 --> 00:38:23,880 Speaker 1: two factor authentication. And Mercedes is launching five electric models 686 00:38:23,960 --> 00:38:27,400 Speaker 1: to embed itself at a popular electric vehicle SUV market. 687 00:38:27,760 --> 00:38:30,160 Speaker 1: By the end of next year. The carmaker plans to 688 00:38:30,280 --> 00:38:33,680 Speaker 1: have an all electric version of every model in its portfolio. 689 00:38:34,040 --> 00:38:36,840 Speaker 1: By it aims to sell only e vs and countries 690 00:38:36,880 --> 00:38:39,440 Speaker 1: that have enough chargers to make that feasible. And as 691 00:38:39,520 --> 00:38:42,400 Speaker 1: a Bloomberg n j I t STEM report, Nathan, the 692 00:38:42,560 --> 00:38:45,840 Speaker 1: switch continues, right, Karen, thank you. We're coming up to 693 00:38:45,920 --> 00:38:49,200 Speaker 1: six on Wall Street. Time to switch gears and check 694 00:38:49,239 --> 00:38:51,680 Speaker 1: what's going on in d C, where the top stories 695 00:38:51,760 --> 00:38:56,200 Speaker 1: include a unanimous January six committee recommending criminal charges for 696 00:38:56,320 --> 00:39:01,160 Speaker 1: former President Donald Trump, also making news, a huge spending 697 00:39:01,239 --> 00:39:04,400 Speaker 1: bill just released on Capitol Hill ahead of a year 698 00:39:04,480 --> 00:39:09,160 Speaker 1: in deadline, President Biden condemning anti Semitism is quote violent 699 00:39:09,440 --> 00:39:12,359 Speaker 1: venom at a Hanukah event, and the White House now 700 00:39:12,480 --> 00:39:16,520 Speaker 1: pleading for border cash with migrant limits in limbo. Let's 701 00:39:16,520 --> 00:39:19,560 Speaker 1: bring in Joe Matthew, Now, our Washington correspondent, host of 702 00:39:19,719 --> 00:39:23,759 Speaker 1: sound On on Bloomberg Radio. Joe, Good Morning History was 703 00:39:23,880 --> 00:39:26,200 Speaker 1: made yesterday, and it seems as though the House January 704 00:39:26,280 --> 00:39:29,239 Speaker 1: six committee had that in mind. Well, that's right. They 705 00:39:29,320 --> 00:39:34,080 Speaker 1: completed their work seventeen months and more than a thousand witnesses. 706 00:39:34,120 --> 00:39:35,960 Speaker 1: It's pretty remarkable. And I was in the room for 707 00:39:36,000 --> 00:39:38,680 Speaker 1: this final meeting. It was very brief, Nathan, just about 708 00:39:38,680 --> 00:39:40,680 Speaker 1: an hour long, and you could hear a pin drop 709 00:39:40,800 --> 00:39:44,280 Speaker 1: as this panel rolled out its recommendation for the Department 710 00:39:44,320 --> 00:39:47,720 Speaker 1: of Justice to bring criminal charges against not only Donald Trump. 711 00:39:47,800 --> 00:39:51,080 Speaker 1: That would be unprecedented, of course, an unprecedented referral. It 712 00:39:51,120 --> 00:39:53,239 Speaker 1: would be an unprecedented follow up if they in fact 713 00:39:53,280 --> 00:39:56,480 Speaker 1: did indict either a former or sitting president. We've never 714 00:39:56,560 --> 00:39:59,160 Speaker 1: seen either happen. But there were other names there as well. 715 00:39:59,680 --> 00:40:03,920 Speaker 1: In John Eastman, donald Trump's former lawyer, who who crafted 716 00:40:03,960 --> 00:40:08,920 Speaker 1: the whole plan to include alternate slates of electors. They 717 00:40:08,960 --> 00:40:12,680 Speaker 1: were both named in the room inside the report that 718 00:40:12,760 --> 00:40:16,440 Speaker 1: they dropped. Others, including Rudy Giuliani, were also referred for 719 00:40:16,520 --> 00:40:20,279 Speaker 1: criminal charges. Now, as we've said over the last weeks, Joe, 720 00:40:20,400 --> 00:40:24,239 Speaker 1: this is a recommendation. It's not something that's actually going 721 00:40:24,320 --> 00:40:27,640 Speaker 1: to lead to charges. But what's your sense about whether 722 00:40:27,760 --> 00:40:31,200 Speaker 1: this puts more pressure on the Justice Department? Well, it does. 723 00:40:31,320 --> 00:40:33,760 Speaker 1: I mean the fact that this happened yesterday is important. 724 00:40:33,800 --> 00:40:36,200 Speaker 1: It's not going, to your point, lead to any sort 725 00:40:36,239 --> 00:40:39,320 Speaker 1: of formal indictment or or or formal charges. That was 726 00:40:39,440 --> 00:40:41,640 Speaker 1: not the point of this committee. In fact, they argued 727 00:40:41,680 --> 00:40:44,880 Speaker 1: it at some point internally about whether this should happen. 728 00:40:45,360 --> 00:40:49,080 Speaker 1: The idea of the committee was to lay down for history, 729 00:40:49,200 --> 00:40:52,880 Speaker 1: for posterity, exactly what happened on the sixth, why it happened, 730 00:40:52,880 --> 00:40:55,440 Speaker 1: how it happened, so people a hundred years from now 731 00:40:55,880 --> 00:40:58,080 Speaker 1: it could go back and read this account. But of 732 00:40:58,200 --> 00:41:01,040 Speaker 1: course we've got this new layer are here, and it 733 00:41:01,200 --> 00:41:05,439 Speaker 1: is important as the Justice Department continues its own investigation. 734 00:41:05,560 --> 00:41:08,080 Speaker 1: This is adding essentially to what d o J already 735 00:41:08,160 --> 00:41:10,040 Speaker 1: has And of course, look it's not like this hasn't 736 00:41:10,080 --> 00:41:13,080 Speaker 1: been on television and and and made public here, so 737 00:41:13,160 --> 00:41:15,000 Speaker 1: they've got a good sense of what's going on. But 738 00:41:15,600 --> 00:41:17,880 Speaker 1: it adds pressure to do o J to do something. 739 00:41:18,000 --> 00:41:21,120 Speaker 1: Remembering that this case has a special council attached to it, 740 00:41:21,640 --> 00:41:23,799 Speaker 1: they are well down the road in their own investigation 741 00:41:23,840 --> 00:41:26,759 Speaker 1: and will likely factor in some of what came from 742 00:41:26,800 --> 00:41:29,240 Speaker 1: the committee here. But keep in mind, this special counsel 743 00:41:29,680 --> 00:41:32,879 Speaker 1: could also on earth information that the Committee Nathan never 744 00:41:33,000 --> 00:41:36,080 Speaker 1: had and and potentially adding to the pressure on the 745 00:41:36,200 --> 00:41:40,040 Speaker 1: former president. Not just this report and these referrals, but 746 00:41:40,440 --> 00:41:43,560 Speaker 1: we've got a decision coming from another committee on what 747 00:41:43,719 --> 00:41:46,239 Speaker 1: to do about the former president's tax returns. Yeah, this 748 00:41:46,360 --> 00:41:47,960 Speaker 1: is gonna be a pretty big deal today, in fact 749 00:41:48,000 --> 00:41:50,680 Speaker 1: that it should coincide with the start of sound on. 750 00:41:50,840 --> 00:41:53,840 Speaker 1: So I'll invite everyone to join us around five o'clock 751 00:41:53,960 --> 00:41:57,040 Speaker 1: Washington time, because the House Ways and Means Committee is 752 00:41:57,080 --> 00:42:00,160 Speaker 1: going to gabble into session later in the afternoon, and 753 00:42:00,200 --> 00:42:02,520 Speaker 1: then they're expecting to go behind closed doors to talk 754 00:42:02,560 --> 00:42:05,760 Speaker 1: about and potentially vote on releasing and it is expected 755 00:42:05,800 --> 00:42:09,280 Speaker 1: that they will releasing at least portions of Donald Trump's 756 00:42:09,320 --> 00:42:13,440 Speaker 1: tax returns that that the Supreme Court handed over to 757 00:42:13,560 --> 00:42:15,920 Speaker 1: Ways and Means a couple of weeks ago. Now you 758 00:42:15,960 --> 00:42:17,600 Speaker 1: look at the calendar here, they don't have a lot 759 00:42:17,680 --> 00:42:20,120 Speaker 1: of time, so it was unclear exactly what they were 760 00:42:20,120 --> 00:42:22,440 Speaker 1: going to do with this. The idea originally was that 761 00:42:22,520 --> 00:42:24,799 Speaker 1: they could craft some sort of legislation that would force 762 00:42:24,880 --> 00:42:28,560 Speaker 1: presidential candidates to reveal their tax returns and so forth. 763 00:42:28,640 --> 00:42:30,839 Speaker 1: But now Richie Neal, the chair of Ways and Means, 764 00:42:31,400 --> 00:42:33,960 Speaker 1: is sitting on this pile of information they've been seeking 765 00:42:34,040 --> 00:42:36,799 Speaker 1: for years. It is likely, as I mentioned, that at 766 00:42:36,880 --> 00:42:39,960 Speaker 1: least some of it will be released publicly. Even Nancy Pelosi, 767 00:42:40,000 --> 00:42:41,880 Speaker 1: though when asked about it, couldn't say this is not 768 00:42:42,040 --> 00:42:44,840 Speaker 1: something that she uh, she knew about and or or 769 00:42:44,960 --> 00:42:48,040 Speaker 1: had seen herself. Ways and Means will make that call. 770 00:42:48,200 --> 00:42:50,160 Speaker 1: And my goodness, this is something that Donald Trump has 771 00:42:50,160 --> 00:42:52,719 Speaker 1: been trying to prevent for years, not only because it 772 00:42:52,800 --> 00:42:55,480 Speaker 1: might show he doesn't pay taxes, Nathan, but that he 773 00:42:55,640 --> 00:42:57,480 Speaker 1: is nowhere near as wealthy as he claims to be. 774 00:42:57,719 --> 00:43:00,600 Speaker 1: And speaking of a pile of information, and boy did 775 00:43:00,680 --> 00:43:03,800 Speaker 1: we get one overnight with the release finally of a 776 00:43:03,920 --> 00:43:06,160 Speaker 1: four year spending bill. This thing is a brick joe. 777 00:43:06,560 --> 00:43:10,960 Speaker 1: That's one point seven trillion dollars the omnibus that will 778 00:43:11,120 --> 00:43:14,080 Speaker 1: likely pass and and and as opposed to a short 779 00:43:14,200 --> 00:43:16,840 Speaker 1: term cr that would kick us into the new year. Uh, 780 00:43:16,960 --> 00:43:19,200 Speaker 1: there's a lot of work went into this. Over the weekend. 781 00:43:19,680 --> 00:43:21,520 Speaker 1: We knew that there was a deal on the top line. 782 00:43:21,560 --> 00:43:24,839 Speaker 1: Now we've got the language underneath, and it sets up 783 00:43:24,880 --> 00:43:28,239 Speaker 1: a Senate vote for Thursday. That's likely how this is 784 00:43:28,239 --> 00:43:31,000 Speaker 1: gonna go, Nathan, based on everything we've talked about so far. 785 00:43:31,080 --> 00:43:34,040 Speaker 1: I'll point you to the Electoral Count Act. There is 786 00:43:34,080 --> 00:43:37,400 Speaker 1: an agreement between the leaders to include this in the 787 00:43:37,520 --> 00:43:40,719 Speaker 1: omnibus that would essentially prevent another January six. It's not 788 00:43:40,800 --> 00:43:45,439 Speaker 1: a comprehensive voting reform bill, but it removes the vice 789 00:43:45,520 --> 00:43:47,959 Speaker 1: president from the role that you remember Mike Pence played 790 00:43:48,000 --> 00:43:50,719 Speaker 1: on January six a couple of years ago in certifying 791 00:43:50,800 --> 00:43:54,279 Speaker 1: the election to essentially prevent another coup from happening, and 792 00:43:54,400 --> 00:43:58,000 Speaker 1: streamlining that process to make it much more difficult to 793 00:43:58,120 --> 00:44:00,840 Speaker 1: try to challenge a presidential action. That's going to be 794 00:44:00,920 --> 00:44:03,040 Speaker 1: in this bill as well, which is a big deal. Yeah, 795 00:44:03,040 --> 00:44:05,560 Speaker 1: it is one of those reforms that Democrats, particularly, we're 796 00:44:05,640 --> 00:44:09,160 Speaker 1: pushing for, uh, following the events of January six. Thanks 797 00:44:09,239 --> 00:44:12,560 Speaker 1: for this as always, Joe Matthew, host of Sound On 798 00:44:12,680 --> 00:44:15,680 Speaker 1: which you can catch every weekday afternoon at five pm 799 00:44:15,800 --> 00:44:19,200 Speaker 1: Wall Street Time across Bloomberg Radio. As Joe mentioned, lots 800 00:44:19,320 --> 00:44:22,600 Speaker 1: of reasons to tune in this afternoon, particularly with that 801 00:44:22,719 --> 00:44:25,720 Speaker 1: decision expected from House Ways and Means on the former 802 00:44:25,800 --> 00:44:28,560 Speaker 1: president's tax returns. Read much more about all these stories 803 00:44:28,600 --> 00:44:31,200 Speaker 1: on Bloomberg dot Com or on the Bloomberg terminal. You 804 00:44:31,200 --> 00:44:34,759 Speaker 1: can listen to Bloomberg Radio in Washington and Bloomberg and 805 00:44:34,920 --> 00:44:37,960 Speaker 1: one oh five point seven FM h D two Right now. 806 00:44:38,120 --> 00:44:42,280 Speaker 1: SMP futures little change to lower now, DAL futures eating again, 807 00:44:42,440 --> 00:44:45,040 Speaker 1: up thirty three points or a tenth percent, NAZDAC futures 808 00:44:45,600 --> 00:44:48,440 Speaker 1: down two tenths percent, down twenty one points. The tenure 809 00:44:48,520 --> 00:44:53,040 Speaker 1: Treasury UH down seventeen thirty seconds, so off the session lows. 810 00:44:53,160 --> 00:44:56,560 Speaker 1: The yield now at three point six four percent. You're 811 00:44:56,640 --> 00:45:04,800 Speaker 1: listening to Bloomberg Daybreak, Markets, headlines and breaking news twenty 812 00:45:04,840 --> 00:45:07,680 Speaker 1: four hours a day at Bloomberg dot Com, at Bloomberg 813 00:45:07,719 --> 00:45:18,279 Speaker 1: Business Outland, at Bloomberg Quicktake's a Bloomberg Business Flash and 814 00:45:18,320 --> 00:45:21,640 Speaker 1: I'm Karin Moscow. And SMP futures are lower this morning. 815 00:45:21,719 --> 00:45:23,919 Speaker 1: They're done about a tenth of upper center, about five 816 00:45:24,000 --> 00:45:26,839 Speaker 1: points down. Futures are little change, and NASTACK futures down 817 00:45:26,880 --> 00:45:29,360 Speaker 1: three tenths per cent or thirty three points. The decks 818 00:45:29,400 --> 00:45:31,840 Speaker 1: in Germany's down four tenths of a per cent. We 819 00:45:31,960 --> 00:45:33,880 Speaker 1: checked the markets all day long here on Bloomberg. The 820 00:45:34,000 --> 00:45:36,560 Speaker 1: ten year treasury down seventeen thirty seconds, you have three 821 00:45:36,600 --> 00:45:38,520 Speaker 1: point six four percent, and they yield on the two 822 00:45:38,600 --> 00:45:41,920 Speaker 1: year four point to six percent. Nine excrude oils on 823 00:45:41,960 --> 00:45:44,000 Speaker 1: the rise of what in the third percent of a 824 00:45:44,080 --> 00:45:47,160 Speaker 1: dollar at seventy six dollars nineteen cents of barrel comes 825 00:45:47,200 --> 00:45:49,320 Speaker 1: gold is at one point one percent or twenty dollars 826 00:45:49,400 --> 00:45:52,719 Speaker 1: ten cents at eighteen seventeen eighty announced, the Euro one 827 00:45:52,760 --> 00:45:55,319 Speaker 1: point six four one against the dollar, British pound one 828 00:45:55,320 --> 00:45:57,920 Speaker 1: point to one six eight, the yenni's jumping a three 829 00:45:57,920 --> 00:46:00,200 Speaker 1: point four percent against the dollar at one thirty two 830 00:46:00,280 --> 00:46:03,439 Speaker 1: point three seven, and bitcoin this morning at one point 831 00:46:03,480 --> 00:46:06,400 Speaker 1: two percent at about sixteen eight hundred dollars. And that's 832 00:46:06,400 --> 00:46:09,160 Speaker 1: a Bloomberg business flash. Nathan, all right, Karen, thank you 833 00:46:09,239 --> 00:46:12,360 Speaker 1: to six fifty six on Wall Street. Bloomberg surveillance is 834 00:46:12,400 --> 00:46:14,759 Speaker 1: straight ahead. But first we're plying Bloomberg Radio and TV 835 00:46:14,880 --> 00:46:17,960 Speaker 1: Markets correspondent pretty gooped his eyes away from the move 836 00:46:18,040 --> 00:46:20,480 Speaker 1: in the yenda. Give us a look at what's happening 837 00:46:20,719 --> 00:46:24,200 Speaker 1: in the stock market in the pre market trade are 838 00:46:24,239 --> 00:46:27,120 Speaker 1: we seeing any movement from the Bank of Japan decision 839 00:46:27,680 --> 00:46:31,799 Speaker 1: UH in equities this morning? We absolutely are. And where 840 00:46:31,960 --> 00:46:34,319 Speaker 1: my two worlds collide on FX and stocks, and that's 841 00:46:34,320 --> 00:46:37,400 Speaker 1: the best You actually look at the Japanese equity e 842 00:46:37,480 --> 00:46:40,920 Speaker 1: t F E w J is the taker chairs are 843 00:46:40,960 --> 00:46:43,200 Speaker 1: about one point eight percent in the pre market, So 844 00:46:43,280 --> 00:46:46,799 Speaker 1: you are seeing those Japanese ETFs a really skyrocket here. 845 00:46:46,840 --> 00:46:48,239 Speaker 1: And it's important to keep in mind that the ad 846 00:46:48,400 --> 00:46:50,320 Speaker 1: rs are probably going to as well once the normal 847 00:46:50,440 --> 00:46:53,879 Speaker 1: trading session actually opens. Keep an eye on just how 848 00:46:53,960 --> 00:46:56,200 Speaker 1: big this move is, because what it'll do then is 849 00:46:56,280 --> 00:47:00,239 Speaker 1: disincentivize any kind of funds into the US equity market. 850 00:47:00,320 --> 00:47:03,399 Speaker 1: Because the Japanese equity market is performing so strongly. It's 851 00:47:03,440 --> 00:47:05,279 Speaker 1: kind of a little bit of a tradeoff, similar to 852 00:47:05,320 --> 00:47:07,439 Speaker 1: the way you're going to see a tradeoff in dollar 853 00:47:07,480 --> 00:47:09,799 Speaker 1: yen and the currency pair. Nathan, this is a very 854 00:47:09,840 --> 00:47:12,279 Speaker 1: exciting story for a lot of the folks who who 855 00:47:12,400 --> 00:47:14,440 Speaker 1: bet that at some point the b o J was 856 00:47:14,480 --> 00:47:18,280 Speaker 1: going to crack. Yeah, one more central bank joining the parade, 857 00:47:18,400 --> 00:47:21,279 Speaker 1: maybe a little bit earlier than a lot of economists 858 00:47:21,360 --> 00:47:24,040 Speaker 1: were expecting. And you know, one thing that we've been 859 00:47:24,080 --> 00:47:26,920 Speaker 1: talking about in the last few days. Is Morgan Stanley 860 00:47:27,120 --> 00:47:30,240 Speaker 1: moving individual stocks. They're back at it again this morning. 861 00:47:30,400 --> 00:47:33,240 Speaker 1: They are back at it again this morning. ConAgra Brands 862 00:47:33,480 --> 00:47:35,440 Speaker 1: in the cross hairs and Morgan Stanley c A G 863 00:47:36,160 --> 00:47:38,200 Speaker 1: is the ticker up about three tenths of one percent 864 00:47:38,280 --> 00:47:40,120 Speaker 1: in the free market, which doesn't sound like a lot, 865 00:47:40,239 --> 00:47:42,200 Speaker 1: but given the fact that the market is slightly lower 866 00:47:42,239 --> 00:47:44,640 Speaker 1: and interesting low volume across the board, we'll call it 867 00:47:44,680 --> 00:47:47,280 Speaker 1: a little bit of a win here. Upgraded to overweight 868 00:47:47,360 --> 00:47:50,120 Speaker 1: over at the firm the Morgan Stanley expecting the packaged 869 00:47:50,160 --> 00:47:54,640 Speaker 1: food sector broadly to maintain its relative outperformance through three. 870 00:47:54,680 --> 00:47:58,680 Speaker 1: It's also raising j M Schmucker s. J M is 871 00:47:58,719 --> 00:48:00,880 Speaker 1: your ticker there to eat cool weight. Um, we're not 872 00:48:00,960 --> 00:48:02,759 Speaker 1: seeing a ton of trading in that name just yet, 873 00:48:02,800 --> 00:48:06,080 Speaker 1: but ConAgra Brands already seeing some movement. Nathan, wait till 874 00:48:06,120 --> 00:48:08,600 Speaker 1: lunchtime for the peanut, butter and jelly crowd movement on that. 875 00:48:08,880 --> 00:48:11,080 Speaker 1: What else are you looking at this morning? Critic Lucid 876 00:48:11,200 --> 00:48:12,640 Speaker 1: is one thing that's catching my eye. It's a shame 877 00:48:12,760 --> 00:48:16,319 Speaker 1: ed ludlower Bloomer technology correspondent isn't actually here to talk 878 00:48:16,320 --> 00:48:18,239 Speaker 1: about it this morning. L C I d is your 879 00:48:18,239 --> 00:48:21,880 Speaker 1: taker up about four point eight percent in the pre markets. 880 00:48:21,880 --> 00:48:24,280 Speaker 1: Comes after the company said it's completed it's stock sale 881 00:48:24,320 --> 00:48:30,279 Speaker 1: program and raised get this, Nathan, one point five billion dollars. Yeah, 882 00:48:30,360 --> 00:48:32,560 Speaker 1: and just just enough to cover the bills to pay 883 00:48:32,600 --> 00:48:36,120 Speaker 1: the bills um, just enough in time, by the way, 884 00:48:36,120 --> 00:48:38,680 Speaker 1: I should say, when no one's really doing a ton 885 00:48:38,760 --> 00:48:41,000 Speaker 1: of stock raising right now, especially in this kind of 886 00:48:41,080 --> 00:48:43,879 Speaker 1: market where the equity market is taking such a massive head. 887 00:48:43,920 --> 00:48:47,200 Speaker 1: Lucid Group nevertheless really able to shore up their balance sheet. There. 888 00:48:47,400 --> 00:48:50,560 Speaker 1: I'll leave you with one more. Verona Pharma vr n 889 00:48:50,640 --> 00:48:53,160 Speaker 1: A is your ticker. This is a massive move share 890 00:48:53,200 --> 00:48:57,160 Speaker 1: searching about percent excuse me in u s pre market trading. 891 00:48:57,239 --> 00:49:00,200 Speaker 1: The drug developer achieving positive result in their face three 892 00:49:00,239 --> 00:49:04,239 Speaker 1: trial evaluating nebulized something. I'm just gonna skip right over 893 00:49:04,320 --> 00:49:07,319 Speaker 1: that word for the maintenance treatment of chronic upstremes at 894 00:49:07,320 --> 00:49:10,000 Speaker 1: pulmonary disease. It's a lot of jargon for they got 895 00:49:10,440 --> 00:49:13,359 Speaker 1: positive results on a disease drug. Yeah, very important news 896 00:49:13,400 --> 00:49:16,600 Speaker 1: in the pharmacspace. Thanks as always, Bloomberg Radio and TV 897 00:49:16,719 --> 00:49:21,160 Speaker 1: Markets correspondent creating Groupta looking under a little change stock 898 00:49:21,280 --> 00:49:24,680 Speaker 1: market six fifty nine, on Wall Street on Nathan Hagar 899 00:49:24,719 --> 00:49:31,040 Speaker 1: with Karen Moscow Bloomberg surveillance starts right now by from 900 00:49:31,120 --> 00:49:34,640 Speaker 1: the financial capital of the world, broadcasting across the globe. 901 00:49:34,880 --> 00:49:38,480 Speaker 1: This is WVBR New York Bloomberg. He living three O. 902 00:49:45,320 --> 00:49:47,600 Speaker 1: The market is convinced and won't be dissuaded. And I 903 00:49:47,600 --> 00:49:50,120 Speaker 1: don't thinking to hurry from the idea that the economy