Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is is Bloomberg
Speaker 1: day Break for Thursday, October two. Coming up this hour,
Speaker 1: stocks drop by concerned strong inflation and hawkish monetary policy
Speaker 1: will further hit growth. We hear from two more FETE
Speaker 1: officials about the path of rate heights. Tesla shares fall
Speaker 1: at sales misestimates and they take it to London. Wheleass
Speaker 1: trust his government looks close to in floating. Justice Department
Speaker 1: prosecutors believe they have enough evidence to George Donald Trump.
Speaker 1: Plus doctors are concerned about children and R s V.
Speaker 1: Michael blah More ahead, I'm John Stashower and sports. The
Speaker 1: Yankees lost Game one of the Alcs and used to
Speaker 1: the Nixon Nets. Both lost their season opener. That's All's
Speaker 1: train ahead on Bloomberg day Break on Bloomberg eleven three,
Speaker 1: on New York Bloomberg nine one, Washington d C, Bloomberg
Speaker 1: one oh six one, Boston Bloomberg nine sixties and Francisco
Speaker 1: Syrius Exam one nineteen and around the world on Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business App. Good morning,
Speaker 1: I'm Nathan Hagar, and I'm Karen Moscow futures are lower
Speaker 1: this morning. We're coming up to five oh one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On bloomberg S and P Future
Speaker 1: is down about nineteen points down. Future is down forty
Speaker 1: four NASDAC features down nineties seven. The decks in Germany's
Speaker 1: down eight tenths of upper sent ten year treasury down
Speaker 1: six thirty seconds, yield four point one five percent. They
Speaker 1: yield on a two year four point five nine percent
Speaker 1: nine next screw an oil up one point six percent
Speaker 1: of a dollar thirty six and eighty six cents of
Speaker 1: barrel comics call that will changed at sixteen thirty four
Speaker 1: twenty announced and the euro point nine two against the dollar.
Speaker 1: Nathan Karen. This morning's drop in futures comes after stocks
Speaker 1: snapped a two day winning streak on Wall Street. Treasury
Speaker 1: yields are trading your multi year highs. On Mountain concern,
Speaker 1: a hawk ish Fed will raise the odds of a
Speaker 1: hard landing market. Veteran Dennis Gartman says don't expect the
Speaker 1: Fed the change course anytime soon. So one. Once the
Speaker 1: Fed begins to change its policies, it moves rates farther
Speaker 1: and lasts longer than anybody ever wants to anticipate. When
Speaker 1: they when they ease monetary policy, they take rate slower
Speaker 1: than anybody believes for a longer period of time. When
Speaker 1: they tighten, they take rates higher for a longer period
Speaker 1: of time than anybody wants to anticipate. I think it's
Speaker 1: going to be at least until late in maybe four
Speaker 1: before the long awaited pivot occurs. Dennis Gartman, the former
Speaker 1: publisher of The Garment Letter, thinks stocks will remain in
Speaker 1: a bear market for some time. Well, Nathan, it will
Speaker 1: be another busy day for Feds speak with four different
Speaker 1: officials talking at separate events. Yesterday's Chicago Fed President Charles
Speaker 1: Evans said he's hopeful the current path for interest rates
Speaker 1: will be enough to bring down inflation. Wages are going up,
Speaker 1: and that's not that's not a bad thing, but if
Speaker 1: it gets caught up in costs price uh, you know,
Speaker 1: spiral that that would be bad. And so making sure
Speaker 1: that we've got monetary policy at a sufficiently restrictive stance
Speaker 1: so that we're not seen inflation. We're trying to get
Speaker 1: it down. Chicago Fed President Charles Evans and his colleagues
Speaker 1: have aggressively raised benchmark interest rates this year from nearly
Speaker 1: zero to just above three percent, and expect another big
Speaker 1: rate increase in next month's meeting. Karen we spoke about
Speaker 1: the move with Federal Reserve Bank of St. Louis President
Speaker 1: James Bullard. The November meeting has been more or less
Speaker 1: priced in the market at at the seventy five basis
Speaker 1: point number. Again, you know, I think you do want
Speaker 1: to wait till you actually get to the meeting, see
Speaker 1: what the situation is there. The December meeting is a
Speaker 1: little farther away. We will have more data at that point. St.
Speaker 1: Louis FED President James Bullard made the comments in an
Speaker 1: exclusive interview with Bloomberg's Kathleen Hayes here. More of the
Speaker 1: conversation coming up later in the program. Well, let's start
Speaker 1: to earnings now, Nathan. We get results from nearly two
Speaker 1: dozen companies in the S and P five D today.
Speaker 1: Disappointing numbers from Tesla after the bell has shares down
Speaker 1: six percent this morning. Sales fell short of estimates, and
Speaker 1: that's being blamed delivery and production bottlenecks. Still. CEO Elon
Speaker 1: Musk says demand for his company's cars remains strong. We're
Speaker 1: looking forward to a record breaking pupil, so it really
Speaker 1: you know, knock on wood, it looks like we'll have
Speaker 1: an epic end of her and Elon must says. Tesla
Speaker 1: could repurchase five to ten billion dollars of its shares,
Speaker 1: subject to board approval and review. The stock has lost
Speaker 1: more than a third of its value so far this year.
Speaker 1: It is a different story at IBM this morning, Karen,
Speaker 1: the company reported better than expected sales and affirmed its
Speaker 1: cash flow forecast. And let's say that's as signed. Demand
Speaker 1: for software mainframe computers and hybrid cloud services remains study
Speaker 1: well in Asia. Overnight, Nathan stocks fell but came off
Speaker 1: their lowest levels. That's after Bloomberg News reported China is
Speaker 1: considering relaxing quarantine rules. Let's get the recap from Bloomberg's
Speaker 1: Juliette Sally in Singapore. Good morning, Juliette, Good morning Nathan
Speaker 1: and Karen the off show. You one gained from record
Speaker 1: lows against the greenback on the news, Well, China cs
Speaker 1: I three hundred erased earlier losses. Chinese Xox in Hong
Speaker 1: Kong also paired earlier steep losses. On news. China is
Speaker 1: holding emergency talks with chip firms after US curbs. The
Speaker 1: Ossi dollar declined as hiring down under almost stalled in September,
Speaker 1: and Japan's benchmark bond yield climbed above the Central Banks
Speaker 1: policy ceiling, prompting monetary authorities to announce an unscheduled bond
Speaker 1: purchase to rain it back in In Singapore, juliet Sally
Speaker 1: Bloomberg Daybreak, Juliette Thanks in Europe this morning, It's all
Speaker 1: about politics. UK Prime Minister Liz Trust's government could be
Speaker 1: on the brink of collapse. Let's go to Learning and
Speaker 1: the LAist Life with Bloomberg's U and Parts. Good Morning,
Speaker 1: Good morning, Nathan and Karen. It has been a chaotic
Speaker 1: twenty four hours at Westminster. One of the most senior
Speaker 1: members of the British government has been fired. As she went,
Speaker 1: she criticized the Prime Minister and accused list Trust of
Speaker 1: breaking key pledges. Later, dramatic scenes in Parliament with the
Speaker 1: ports of lawmakers man handled into voting with the governments.
Speaker 1: Just weeks after she took over. Many members of our
Speaker 1: own Conservative Party are openly saying they want Liz Trust
Speaker 1: to go. Who would replace is another question in London,
Speaker 1: Paul Daybreak, all right, you and thank you. Now to
Speaker 1: the latest in the war in Ukraine. President Vladimir'szlenski is
Speaker 1: now urging people to use as little electricity as possible.
Speaker 1: He says Russia has destroyed much of the country's power
Speaker 1: infrastructure with Iranian made explosive drones. Ukraine is assembling its
Speaker 1: own army of drones to monitor the front lies. It's
Speaker 1: enlisted actor Mark Hamill to help bring it together through
Speaker 1: Ukraine's United twenty four fundraising arm The Star Wars actor
Speaker 1: tells Bloomberg President Zelenski asked him to join the effort
Speaker 1: very simply. Ukraine needs drones, and you know they define
Speaker 1: war outcomes. They are They protect their land, their people there,
Speaker 1: They monitor the border, their their eyes in the sky.
Speaker 1: Mark Hamill's spoke of our Washington correspondent Joe Matthew on
Speaker 1: Bloomberg Sound on Catch the Show weekdays at five pm
Speaker 1: Eastern on Bloomberg Radio, and I said, futures right now
Speaker 1: are down seventeen points now, futures down twenty four, nastac
Speaker 1: few tchers are lower by ninety two points ten. Your
Speaker 1: treasuries down five thirty seconds, the old four point one
Speaker 1: five percent, you old on the two year four point
Speaker 1: five eight and NIMEX screwed right now is up one
Speaker 1: point six percent at eighty six dollars of barrel. Straight ahead,
Speaker 1: your latest local headlines, and a check of sports. This
Speaker 1: is Bloomberg five oh seven on Wall Street. Were forty
Speaker 1: five degrees in Central Park on an overturned vehicle on
Speaker 1: the westbound l I E. It's by Utopia Parkway. Details
Speaker 1: coming up in traffic. First, Michael Bars here with what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Good morning Michael, Good morning Nathan. A group of Justice
Speaker 1: Department prosecutors believe there is sufficient evidence to charge Donald
Speaker 1: Trump with obstruction of justice. Bloomberg. Sources say they are
Speaker 1: building other cases as well. Sources say they believe all
Speaker 1: charges should be complete by the end of the year.
Speaker 1: Former President Trump has finished his deposition in the case
Speaker 1: brought by a woman who claims he's sexually assaulted her
Speaker 1: and then to fame their online saying she was a liar.
Speaker 1: Trump has claimed the entire defamation lawsuits should be dismissed
Speaker 1: because he was president and was immune to charges. In
Speaker 1: New York Trump once again said E. Gene Carroll was
Speaker 1: lying and quote not his type. Former Vice President Mike
Speaker 1: Penn said he would not necessarily vote for Donald Trump
Speaker 1: if he runs for president in Pennce has been visiting
Speaker 1: early voting states, fueling speculation he might run for president.
Speaker 1: At an appearance at Georgetown University, a student aspens if
Speaker 1: you would vote for his former running mate in the
Speaker 1: next presidential election. If Donald Trump is the Republican nominee
Speaker 1: for president in twent trench fool, will you vote for him? Well,
Speaker 1: there might be somebody else I'd prefer more. The former
Speaker 1: Vice president predicted Republican wins in the midterm elections, but
Speaker 1: took veiled jabs at candidates who run on opposition to
Speaker 1: Democrats without offering policy alternate Hospitals and at least twenty
Speaker 1: six states and the District of Columbia say they are
Speaker 1: struggling with a surge and pediatric respiratory illnesses like RSV,
Speaker 1: flu and the common cold. The early wave of infections
Speaker 1: is raising alarm bells for children's healthcare teams as flu
Speaker 1: season approaches. Connecticut Children's Hospital physician in chief Dr Juan
Speaker 1: Salazar says two years of pandemic measures may have left
Speaker 1: kids immune systems unprepared for the unusual respiratory viruses, which
Speaker 1: has dramatically altered the normal epidemiology of this virus RSC specifically,
Speaker 1: and the other viruses rhinovirus, adnovirus and the introvirus which
Speaker 1: have been We're more severe than they normally are. Dr
Speaker 1: Salazar says the timing is off generally. This is something
Speaker 1: seen in late winter early spring. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, Nathan,
Speaker 1: Thank you, Michael. Coming up to five Tan on Wall Street.
Speaker 1: Time for the Bloomberg Sports Updade, brought to you by
Speaker 1: Try State Outie. Here's John stan Shower, Thanks Nathan. The
Speaker 1: Alcs underway and Houston. Good start for the Yankee second
Speaker 1: any whole run for Harrison. Beata continues to provide surprising power.
Speaker 1: His fourth homer of the postseason. Astros tied it up
Speaker 1: in Game one was one one sixth inning OH two
Speaker 1: and Gary L. Frank sits left. Stanton is going back
Speaker 1: at the wall looking up Sailetta and the Lantrys. Crofter
Speaker 1: boxing for Uli Guriel and the Astros lead at two
Speaker 1: to one. They'll pitch to McCormick. It's ash Rives a
Speaker 1: pretty heat to right center, just going back at the wall,
Speaker 1: looking up, kiss a goodbye chas McCormick coast Tea and
Speaker 1: the Astros go up three to one. K B m
Speaker 1: E both home runs hit off Clark Schmidt and in
Speaker 1: later Jeremy Paenia homer off Rankie Mantas. The Astros one
Speaker 1: for to two, remained unbeaten in the postseason. Thirty nine
Speaker 1: year old Justin Burlander gave up that Beder home run
Speaker 1: and only two other hits. He struck out eleven in two. Tonight,
Speaker 1: Luis Sevreno on the mound for the Yankster San Diego.
Speaker 1: The Phillies, having won the NLCS opener to nothing, led
Speaker 1: for nothing, but the Padres came back to within eight
Speaker 1: to five. Five on fifth and he wants Soto had
Speaker 1: a big hit and so did Padres. Capture Austin Nola.
Speaker 1: He was facing his brother. Nicks and Nets both lost
Speaker 1: their openers in different fashion. Tight game in Memphis after
Speaker 1: the Knicks rallied from nineteen down, but the Grizzlies pulled
Speaker 1: it out in overtime one fifteen, one twelve. John Brant
Speaker 1: thirty four points. Julius Randall led the Knicks with twenty
Speaker 1: four rough opener for r. J. Barry shot three of
Speaker 1: eighteen in Brooklyn. All Pelicans their stars. Zion Williamson back
Speaker 1: after missing last season. He scored twenty five. New Orleans
Speaker 1: won one thirty to one oh eight. Kevin Durant led
Speaker 1: the Nets with thirty two. Kyrie you Irving shot six
Speaker 1: of nineteen. John Stasward Bloomberg Sports, Nathan John thank USMP
Speaker 1: futures down sixteen points, now Dal futures down eighteen nez
Speaker 1: Deck futures lower by eighty eight points. Tesla shares down
Speaker 1: five and a half percent in the pre market on
Speaker 1: disappointing third quarter sales. We'll talk about the numbers next.
Speaker 1: Ford Ives, senior equity research analyst at Wedbush Securities. This
Speaker 1: is Bloomberg. The Bloomberg Sports Report was brought to you
Speaker 1: by Audie. Don't let someone else drive off in the
Speaker 1: Audi model. You've always wanted. Visit your local Tri state
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Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com The Bloomberg Business Outland at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg Business large and I'm Karen Moscow.
Speaker 1: European stocks and US stock index futures are falling amid
Speaker 1: rising von yields, with investors concerned that strong inflation and
Speaker 1: Hakish monetary policy will further slow the global economy. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg s and p Future is down about fifteen points.
Speaker 1: Staff futures down twelve nasdack futures down on the decks
Speaker 1: in Germany's down six tenths of uppercent. Ten year treasury
Speaker 1: down two thirty seconds, held four point one four percent
Speaker 1: yield on the two year four point five eight percent.
Speaker 1: Nimex screwed oil up one point six percent of a
Speaker 1: dollar thirty six at eighty six cents of arrol comics
Speaker 1: gold up two tens per cent or three dollars seventy
Speaker 1: cents at sixteen thirty seven ninety an ounce. The euro
Speaker 1: point nine seven eight four against the dollar, British pound
Speaker 1: one point one eight zero and the N one forty
Speaker 1: nine point age six, and bitcoin is down a third
Speaker 1: of u percent at nineteen thousand, one hundred dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen. Russia has declared its intention to increase
Speaker 1: its targeting of Ukraine's power, water, and other vital infrastructure
Speaker 1: in its latest phase of the nearly eight month old war.
Speaker 1: Ukrainian President of Voladimir Zelenski says that Moscow's forces have
Speaker 1: destroyed thirty percent of the country's power stations since October tenth.
Speaker 1: At least one person is dead after a sixty hard
Speaker 1: crash in thick fall on Interstate five in Lynn County, Oregon.
Speaker 1: Big rigs and cars were n't able to see stop
Speaker 1: traffic in front of them. In baseball, the Yankees lost
Speaker 1: Game one of the a LCS against the Astros four two.
Speaker 1: In the NLCS, the Padres even the series at a
Speaker 1: game of piece after beating the Phillies eight five. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take powered by more than seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg an Thanks Michael. It's five nineteen
Speaker 1: on Wall Street Life from the Bloomberg Interactor Broker Studios.
Speaker 1: This is Bloomberg Daybreak, and we continue to watch shares
Speaker 1: of Tesla this morning, dropping about five and a half
Speaker 1: percent in the pre market. Elon Musk's electric carmaker came
Speaker 1: in with sales at came in short of Wall Street estimates.
Speaker 1: Let's get more on the earnings now. Dan Ives joins
Speaker 1: us senior analyst at web Bush Securities. Dan, it's great
Speaker 1: to speak with you, and I know you've been bullish
Speaker 1: on this company and the e V sector more oddly
Speaker 1: for a long time. Here does this quarter shake your confidence? Yeah? Look,
Speaker 1: it's been a Cinderella story for Tests of the last
Speaker 1: three years and they're hitting a rough patch. And I
Speaker 1: think that's what you saw last night in terms of earnings. Now,
Speaker 1: I believe it's more of logestics and demand driven. But
Speaker 1: for Musk, it's a moment of truth to get Testa
Speaker 1: through this rough patch, and that's the street is going
Speaker 1: to be digesting now, what's must need to do to
Speaker 1: get through the rough patch. I mean he's been talking
Speaker 1: about issues with supply chain bottlenecks, delivery difficulties for for
Speaker 1: quite some time here, not even just before this earnings period. Yeah,
Speaker 1: and well, Tessa has seen what other automakers are around
Speaker 1: the world in terms of logestics issues, some battery prob
Speaker 1: from a component perspective. But but the issue here is
Speaker 1: the Bears are going to say this is demand driven
Speaker 1: and that's an excuse, and and that's now this is
Speaker 1: going to be a critical three to six months to
Speaker 1: Tessa to show they could get their sea legs back
Speaker 1: and start to hit that fifty saying growth target, which
Speaker 1: looks like they're going to come unto that in Q
Speaker 1: four and for the year. And that's why you're going
Speaker 1: to see the negative knee jerk reaction today. How much
Speaker 1: of a headwind is China? He called out China specifically,
Speaker 1: saying they're in a recession of sorts in the property sector.
Speaker 1: But there's still an ongoing risk, isn't there that potentiality
Speaker 1: for shutdowns from COVID could affect the Shanghai factory. Yeah,
Speaker 1: it's a great classic China it's the hearts and lungs
Speaker 1: of the Tesla story. That's that's key, the both thesis,
Speaker 1: and that's where they're hitting some of the issues wigistics
Speaker 1: and even around the edges on demand. So it's a
Speaker 1: it's really an arms hury He's going on in China
Speaker 1: with domestic players as well as Tesla, and that's why
Speaker 1: this is all happening as Musk is juggling all these
Speaker 1: different balls, with Twitter of course front and center, and
Speaker 1: I think you're starting to see a little bloom come
Speaker 1: off the rows in terms of the way the Street
Speaker 1: used Musk and the Tesla story, I would now just
Speaker 1: a critical juncture. Yeah, jugglings balls is a good way
Speaker 1: to put it. I did want to ask you about
Speaker 1: the Twitter saga, whether that may have been more of
Speaker 1: a distraction than even Musk might have let on, even
Speaker 1: with all the tweeting he was doing during that buyout drama. Well,
Speaker 1: I think that's part of the problem. You don't want
Speaker 1: to see Musk focus shifting, and the last thing you
Speaker 1: want to see is the Twitter situations that him just
Speaker 1: actually focused on Tesla and then the bigger elephant in
Speaker 1: the room continues to be Muscle more Tesla stock to
Speaker 1: potentially fund the Twitter deal with some financing looking like
Speaker 1: could fall apart. That is the perfect storm combined with
Speaker 1: what we saw with the soft delivery number. What about
Speaker 1: other products cyber truck, for example, it's been so long
Speaker 1: since it was introduced and we still haven't seen actual
Speaker 1: cyber trucks in the show rooms. Is that a problem?
Speaker 1: It is a it's a boy that crowed wolf problem,
Speaker 1: and especially at the time you need that to hit
Speaker 1: in two thousand twenty three with GM rivan Ford and
Speaker 1: others coming up and going ap to ev pickup trucks.
Speaker 1: And that's why Musk No ultimately talks cheap need to execute,
Speaker 1: and I think you're starting to see patients were thin
Speaker 1: on some of the musk antics. Fiber truck needs to
Speaker 1: hit over the next year, otherwise they're gonna lose share.
Speaker 1: You got about a minute left here, Dan, We got
Speaker 1: a lot of tech earnings to get to next week
Speaker 1: with Apple, Amazon, Microsoft, a few others reporting. What are
Speaker 1: you looking at. I think it's most important tech earnings
Speaker 1: season potentially in the last two years because of what's
Speaker 1: happened overall demand store. In terms of the macro tech
Speaker 1: needs to prove that the resilience is their enterprise spend. Microsoft,
Speaker 1: that's gonna be keen in terms of cloud as well
Speaker 1: as with Amazon. And then probably the most important name
Speaker 1: for earning season across the board, not just tech, is Apple.
Speaker 1: What's the consumer spending on? Is the iPhone fourteen product
Speaker 1: cycle happening? Look, I think Bart's worse in the bite
Speaker 1: in terms of attack. I view it next weeks more
Speaker 1: as a positive catalyst rather than something to fear. In
Speaker 1: just ten seconds, are you sticking with the outperform on Tesla?
Speaker 1: Sticking with outperform remains one of the most disruptive technology
Speaker 1: companies out there, but it wasn't rainbows and roses, and
Speaker 1: I think that's what you can see the stock down.
Speaker 1: I think they get through the rough patch, and right
Speaker 1: now the stock is down nearly six percent in the
Speaker 1: pre market. Dan, i'ves web Bush security is always great
Speaker 1: to talk with you. Thanks for joining us this morning
Speaker 1: on Bloomberg day Break. Looking ahead to the market open,
Speaker 1: uh NAZAC futures are leading the declines. Tesla's pretty heavy there.
Speaker 1: Nasdack Future is down right now. Down Future is down.
Speaker 1: SMP futures are lower by seventeen points and the tenure
Speaker 1: treasuries down four thirty seconds for yield of four point
Speaker 1: one five per cent. You're listening to Bloomberg Daybreak Bloomberg
Speaker 1: eleventh three oh weather sunny, breezy, upper fifties today, low sixties,
Speaker 1: sunny Tomorrow, will be in the upper sixties by Saturday.
Speaker 1: Showers develop on Sunday. Right now forty five in Central Park,
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Speaker 1: we are just about four hours away from the open
Speaker 1: of US training. Let's get you have to day to
Speaker 1: the news you need to know. At this shower, US
Speaker 1: futures are lower, adding to yesterday's losses when stocks is
Speaker 1: snapping a two gay when stocks snapped rather a two
Speaker 1: day winning streak. Concerns continue to swirl about hawkish FED
Speaker 1: policy and how it will impact growth. Silver Crest Head
Speaker 1: of Investment Policy Robert Teeter says timing will be everything.
Speaker 1: The timeline question I think is in focus here and
Speaker 1: it's a matter of do we get inflation under control?
Speaker 1: Do we get the Fed pausing before you start to
Speaker 1: see some of that pass through, whether it's lagged effects
Speaker 1: or otherwise, onto the consumer and onto earnings. And so
Speaker 1: that's really the race that's in place right now is
Speaker 1: which happens first, the break in inflation or a break
Speaker 1: in the economy. Robert Teeter with Silver Crest Downset Management
Speaker 1: says if consumer spending days strong, it will help the
Speaker 1: Fed bring down inflation. Now, today will be another busy
Speaker 1: one for Fed speakers, Karen. Four different officials appear at
Speaker 1: separative today Yesterday are Kathleen Hayes sat down with St.
Speaker 1: Louis FED President James Bullard, who indicated there's still no
Speaker 1: clear timeline for a FED pivot. We started off at
Speaker 1: a very low level. That's why we've moved so fast,
Speaker 1: so far, so quickly. But at some point we'll get
Speaker 1: to a level that the Committee judges will be sufficient
Speaker 1: to put meaningful downloard pressure on inflation. Then we'll be
Speaker 1: able to adjust from there, and we'll bring you more
Speaker 1: of our conversation with St. Louis FED President James Bullard
Speaker 1: later in the program. Meantime, the FED gets another key
Speaker 1: day to point this morning with weekly jobless claims. You
Speaker 1: out at eight thirty a m. Wall Street time. Well,
Speaker 1: let's turn to earnings now, Nathan. Nearly two dozen companies
Speaker 1: in the S and P five d or por today
Speaker 1: meantime shares of Tesla. They're down five and a half
Speaker 1: percent after sales game, in short of estimates. Still, CEO
Speaker 1: Elon Must says demand remains strong despite bottlenecks. Were enough trains?
Speaker 1: Who weren't enough car carriers? Do you actually support the wave?
Speaker 1: Has it got too big? And CEO Elon Must says
Speaker 1: Tesla could repurchase up to ten billion dollars of its
Speaker 1: share subject at board approval and review. It's a different
Speaker 1: story at IBM this morning, Karen, that stock is up
Speaker 1: three percent after reporting better than expected sales and affirming
Speaker 1: its cash flow forecast. And over in Europe today, Nathan,
Speaker 1: it's all about politics. UK Prime Minister Liz Trust's government
Speaker 1: could be on the brink of collapse. Trust fired one
Speaker 1: minister over security breach and two others were heard resigning
Speaker 1: before reserving that decision. There are growing calls from her
Speaker 1: party for Trust to resign immediately. Straight ahead your latest
Speaker 1: local headlines plus a check of sports, and this is Bloomberg.
Speaker 1: Thanks on Wall Street, forty five degrees in Central Park,
Speaker 1: Gotta crash westbound Jackie Robinson Parkway, a Union Turnpike. More
Speaker 1: coming up in traffic. First Michael Barr with what else
Speaker 1: is going on in New York and around the world. Michael,
Speaker 1: thank you very much, Nathan. A group of Justice Department
Speaker 1: prosecutors believe there is sufficient evidence to challenge Donald Trump
Speaker 1: with obstruction of justice. Bloomberg's head box to as the story.
Speaker 1: Secutors and FBI involved in the investigations. Further, Department of
Speaker 1: Justice feel there is now enough evidence to move forward
Speaker 1: with a case for obstruction. Bloomberg sources say they are
Speaker 1: building other cases though as well, but are looking at
Speaker 1: all the angles before moving forward on them. The sources
Speaker 1: say they feel all charges should be complete by the
Speaker 1: end of the year, and if nothing else, they can
Speaker 1: proceed with obstruction. In San Francisco, I'm at Baxter Bloomberg Daybreak.
Speaker 1: President Biden is back campaigning again today, this time in Pennsylvania,
Speaker 1: where one race could decide which party controls the US
Speaker 1: Senate next year. The President heading back to Pittsburgh to
Speaker 1: hindland his infrastructure plan that helped fix a bridge that
Speaker 1: collapse their last winter. Democratic Senate candidate John Fetterman will
Speaker 1: join him. In addition to the flu and COVID, there's
Speaker 1: another illness kid should be mindful of. It's called r
Speaker 1: S v. It causes running noses, decrease and appetite, coughing, sneezing, fever,
Speaker 1: and wheezing. All Health pediatric infectious diseases specialist Dr Thomas
Speaker 1: Murray says COVID as weak and kids immune systems not
Speaker 1: because of the virus itself, but because kids have been
Speaker 1: isolated for so long. I think their new system just
Speaker 1: hasn't seen the number of viruses a typical child prior
Speaker 1: to the pandemic would have seen. And therefore, when you
Speaker 1: have five or six different viruses, you can become sick
Speaker 1: with one right after the other. Dr Murray says rs
Speaker 1: V is straining the hospital system. The US has raised
Speaker 1: concerns with Saudi Arabia about an American citizen whom the
Speaker 1: kingdom sentenced the sixteen years in prison for posting tweets
Speaker 1: critical of the Saudi government. Sad Ibrahim Almani was taken
Speaker 1: into custody last November when traveling to Ria to visit
Speaker 1: his family. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts in more than a
Speaker 1: hundred twenty countries. I'm Michael Vard. This is Bloomberg Nathan.
Speaker 1: Thanks Michael on Wall Street. Time for the Bloomberg Sports Up.
Speaker 1: They brought to you by Try State Out of Years,
Speaker 1: John stash Hour Nathan. The Houston Astros in the American
Speaker 1: League Championship Series for the sixth year a row that
Speaker 1: includes two ALCS wins over the Yankees. Astros made it
Speaker 1: to the World Series last year without the injured Justin Verlander.
Speaker 1: Now he's back at age thirty nine, had a brilliant
Speaker 1: regular season, and in Game one in Houston, Verlander went
Speaker 1: six in things, allowed just three hits, struck out eleven
Speaker 1: at one point six in a row. The Astros hit
Speaker 1: three solo home runs off the Yankee bullpen. They beat
Speaker 1: the Yanks in Game one, four to two. After Verlander left,
Speaker 1: the Houston bullpen added six more strikeouts, so seventeen for
Speaker 1: the game. Aaron Judd, well aware of how good the
Speaker 1: Astros pitching is. You got a great staff of the
Speaker 1: talk the bottom um. He only got great arms out
Speaker 1: of the pen. You know, they can are effected on
Speaker 1: both sides of the plate. You know, righty's and lefties
Speaker 1: and kinda starting pitchers that can work you know only
Speaker 1: one or two pitches, but you know mixing you know,
Speaker 1: three or four pitches. So it's a it's a tough
Speaker 1: matchup that's you know you want to against. So we
Speaker 1: got in front of Judge made a terrific catch in
Speaker 1: right field, saving a couple of runs for the Yanks,
Speaker 1: squandered some earlier scoring chances, also had the tie and
Speaker 1: run on in the ad Matt Carpenter and Josh Donaldson
Speaker 1: had rough nights. They combined to strike out seven times.
Speaker 1: Game two is tonight and LCS Title one Padres game
Speaker 1: from four nothing downbeat the Phillies eight to five. The
Speaker 1: Knicks open the season in Memphis, trailed by nineteen came
Speaker 1: back a Can Reddish three pointner set the game to overtime.
Speaker 1: Reddish as his best game as a Nick. The twenty
Speaker 1: two points off defense with the Grizzlies one one fifteen
Speaker 1: to one twelve. John Brand scored thirty four except their
Speaker 1: home opener tomorrow at Bartney's, All Pelicans blew out the
Speaker 1: Nets one thirty to one oh eight. Rangers Tonight host
Speaker 1: San Josette, John Stashill, Bloomberg Sports Nathan thanks John seven
Speaker 1: on Wall Street Time for the Tri State Business Report
Speaker 1: with Bloomberg Stunies Pellegrini. Some tough times for local home builders.
Speaker 1: New Jersey baysed tuugh Nannian is cutting its earnings outlook.
Speaker 1: The Red Bank home builder is citing inflation, mortgage rates,
Speaker 1: supply chain issues, and Hurricane Ian in a whole we
Speaker 1: works business model absolutely imploded. Well now there is new
Speaker 1: evidence that flexible office space in New York City is
Speaker 1: making a comeback. The Instant Group tells bus journals increase
Speaker 1: are increasing and the biggest interest is from small companies
Speaker 1: with three to nine desks. Some good news for Connecticut
Speaker 1: work from Homer's Comcast is expanding faster internet service. That's
Speaker 1: his rival Frontier rolls out its fiber optic cable. New
Speaker 1: York pet food maker Bark expanding, adding French bulldog, Boxer,
Speaker 1: German Shepherd and Golden Rechiever to its lineup of breed
Speaker 1: specific products. And a new business is opening. Markue's Caviare
Speaker 1: has just launched its new location in Grand Central at
Speaker 1: the market there near Murray's Cheese and Say Bars with
Speaker 1: the chry to say business report, I'm Denise Pellegrini. Alright, Denise,
Speaker 1: thank you. Eight on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. Um Corney Donahoe
Speaker 1: on k Fabian Omaha trucking Giant night Swift as warning
Speaker 1: of a rapid slowdown in the freight market. I'm Steve
Speaker 1: Podas kan K and X in Los Angeles. We're talking
Speaker 1: about the shrinking amount of cargo going through the port
Speaker 1: of l A. I'm TODs Peligreny on w w J
Speaker 1: in Detroit. G M is considering a mid size Hummer
Speaker 1: um Corney Donahoe on kerl Dan Dallas. Fewer Americans are
Speaker 1: planning winter vacations due to inflation. I'm Caroline Headed Bloomberg
Speaker 1: d A B. Dishdo in London. We've been reporting on
Speaker 1: the pressure on the Prime Minister in the Trust after
Speaker 1: more resignations and chaotic scenes in Flament and those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts working on this morning around the world. It's
Speaker 1: five thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. With its ground war in Ukraine faltering,
Speaker 1: Russia has intensified its use of unmanned drone to attack
Speaker 1: Ukraine's critical infrastructure and signaled a willingness to conduct similar
Speaker 1: strikes against the West. Last week, Russian President Vladimir Putin
Speaker 1: suggested that any critically important object of transport, energy, or utilities. Infrastructure,
Speaker 1: regardless of location, could be fair game. In the face
Speaker 1: of such threats, US and European leaders should ramp up
Speaker 1: efforts to protect critical infrastructure and make clear that any
Speaker 1: deliberate acts of sabotage will bring an equally punishing response.
Speaker 1: Russia's threats against critical infrastructure represent a dangerous escalation. Swift
Speaker 1: and coordinated action to strengthen the West defenses is the
Speaker 1: best response. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or ope I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Open, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday. At this time. Terminal customers can
Speaker 1: read more at O P I n go. SMP futures
Speaker 1: are down eleven points. DOW futures are in the green
Speaker 1: now just barely up four points, NASDAC futures still in
Speaker 1: the red, down sixty seven points. This is Bloomberg. The
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
Speaker 1: let someone else drive off in the Outie model. You've
Speaker 1: always wanted to visit your local tri state autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: autie Offers dot com for more information, markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business lash. Europeans stocks are lower. US stock
Speaker 1: index futures are as well, but trimming their declines just
Speaker 1: a bit. This coming as amid rising bond yields, with
Speaker 1: investors concerned that strong inflation and hawkish monetary policy will
Speaker 1: further slow the global economy. We check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP future
Speaker 1: is now not about nine points down, futures are a
Speaker 1: little changed, and NASDAG futures are down fifty nine. That's
Speaker 1: down about half percent still. DAX in Germany's down six
Speaker 1: tenths of upper set. Now. Looking at the ten year treasury,
Speaker 1: it is little change now the yield four point one
Speaker 1: three per cent. The yield him A two year four
Speaker 1: point five seven percent. Nine X curt oil is up
Speaker 1: about two percent of a dollar sixty nine at eighty
Speaker 1: seven dollars twenty four cents of barrel Comics gold is
Speaker 1: up three tens per cent, or five dollars at sixteen
Speaker 1: thirty nine twenty announced the euro point nine seven eight
Speaker 1: four against the dollar, British found one point one two
Speaker 1: oh eight the N one forty nine point eight three
Speaker 1: and big coin is down about two tens percent in
Speaker 1: nineteen thousand one d fifty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. Starting today,
Speaker 1: Russian President Putin has declared martial law in the four
Speaker 1: border regions of Ukraine that the Russia illegally nexed, giving
Speaker 1: authorities they're more power to crack down on the population.
Speaker 1: This as Ukraine braces today for four hour blackouts in
Speaker 1: response the recent Russian missile and drone attacks on the
Speaker 1: country's power infrastructure. List Trust's UK premiership is on the
Speaker 1: brink of collapse. Tory MPs openly said she should go.
Speaker 1: A tumultuous day in parliament yesterday saw Trust fire a
Speaker 1: senior minister. In baseball, the Yankees lost Game one of
Speaker 1: the a LCS against the Astros four two. In the NLCS,
Speaker 1: the Padres even the series at the Game of Piece
Speaker 1: after beating the Phillies eight five. In the NBA, the
Speaker 1: Knicks lost their opener against the Grizzlies and overtime one
Speaker 1: one twelve, the Nets lost the Wizards. One. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Bard, this is Bloomberg, Nathan, Michael. Thanks,
Speaker 1: It's five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and Daniel
Speaker 1: Morris is with us now chief market strategist at BNP
Speaker 1: Party Asset Management. Daniel, it's great to speak with you
Speaker 1: this morning. We're coming off two straight days of gains
Speaker 1: to start the week. We gave some of that back yesterday.
Speaker 1: This morning things are looking kind of choppy. What's the
Speaker 1: trajectory for this market for you? Uh, well, I guess
Speaker 1: I think it comes down to your horizon. The fact
Speaker 1: that we've had a bit of a rally coming into
Speaker 1: the earning season and doesn't surprise us if you think
Speaker 1: that sentiment has just been so negative. You look at bowls, bears, ratios,
Speaker 1: pook called ratios. You know, no one likes equities, but
Speaker 1: that means if you get a bit of good news
Speaker 1: in that environment, you can get a balance. And we
Speaker 1: were anticipating with the earning season on balance that it
Speaker 1: was going to come out to be just fine. Uh,
Speaker 1: given that earnings expectations had already been lowered a lot,
Speaker 1: that left room for positive earning surprises. It'll come down
Speaker 1: to what kind of guidance we get on the outlook.
Speaker 1: But given that growth right now in the US is
Speaker 1: still pretty solid, it seems unlikely that that CEOs are
Speaker 1: going to be really pessimistic. So we think that that
Speaker 1: impetus in the near term is probably still there. But
Speaker 1: when you think about what the Fed is doing, you know,
Speaker 1: eventually those interest rate hikes are going to tell that's
Speaker 1: the point, But we think it's not quite yet that
Speaker 1: it's really going to hit equities again. Now we've heard
Speaker 1: from more FED speakers just in the last day, sort
Speaker 1: of signaling that they've at least hope that the interest
Speaker 1: rate hikes and the projections they put forward are going
Speaker 1: to do something to tamp inflation down. What does that
Speaker 1: tell you about what the FED rate hike path could
Speaker 1: look like into next year. Well, it really is going
Speaker 1: to depend how inflation of alls. And I think i'll
Speaker 1: us have learned to be quite humble when it comes
Speaker 1: to predicting the path in inflation, so won't hazard too
Speaker 1: much about where it might go. But I think it
Speaker 1: depending on which direction it takes. If we do see
Speaker 1: a peak, uh, and it starts to go down, that
Speaker 1: give the FED and opening to perhaps pause or pivot
Speaker 1: sooner than they said that they will. If, on the
Speaker 1: other hand, it stays high. And there's certainly reasons we
Speaker 1: think that could be the case, given the pressure we've
Speaker 1: had in in shelter inflation, what we're seeing now in services,
Speaker 1: you know, the FEDS you know, currently says they're going
Speaker 1: to keep rates uh kind of right easy in and
Speaker 1: high until the end of the end of next year.
Speaker 1: So it's whether that happens or they can pivot sooner.
Speaker 1: It just is a bit of wait and see. What
Speaker 1: does that wait and see mean for stocks in the
Speaker 1: medium term? I mean rates elevated right now? That puts
Speaker 1: pressure on stocks anyway, doesn't it. Well, I think you
Speaker 1: you've seen a change in the dynamic of what's driving
Speaker 1: stocks so up to now. I guess for most of
Speaker 1: this year it's been the fact that interest rates have
Speaker 1: gone up dramatically. That's driven most of the decline we've
Speaker 1: had in ECUs so far. You know, your interest rates
Speaker 1: are going up, row rates are going up, discount rate
Speaker 1: going up, so that reduces the multiple, particularly for growth stocks,
Speaker 1: and that's that's been the key driver. We think that
Speaker 1: process is more or less over. We don't think expectations
Speaker 1: need to go up much more from here. We're already
Speaker 1: quite high nearly five percent. But the next leg, the
Speaker 1: next you if you will, that has to drop is
Speaker 1: going to be the impact of that increase in interest
Speaker 1: rates on growth, economic growth, and are ultimately corporate earnings.
Speaker 1: And again we haven't seen that yet, but at some
Speaker 1: point it's got to common. I think that's going to
Speaker 1: be the vulnerability for the market when we start pricing
Speaker 1: in a decline in earnings instead of an increase in earnings.
Speaker 1: This is what you have now with consensus ess to its.
Speaker 1: With the vulnerabilities out there, Daniel, where do you look
Speaker 1: for opportunity? Are there certain sectors or styles in the
Speaker 1: market that are less insulated from tighter monetary policy. Well, ultimately,
Speaker 1: if we're moving into a recession, of course you want
Speaker 1: to be defensively positioned anyway. But I think one thing
Speaker 1: that perhaps is in the process of changing. I mean,
Speaker 1: for most of this year it's been clear than a
Speaker 1: performance of growth docks versus value because of that increase
Speaker 1: in interest rates and the impact on the multiple. If
Speaker 1: we're right that rates have more or less top down, uh,
Speaker 1: that pressure should should lack As you get closer to
Speaker 1: a recession, growth becomes that much more important, So that
Speaker 1: should increase the interesting growth as a style. And then
Speaker 1: particularly at some point the FED will pivot, interest rates
Speaker 1: will start to fall, and that's going to drag on
Speaker 1: the value sector because you think of financials, lower growth
Speaker 1: should be bad for Commodity is also a big part
Speaker 1: of value. So we think you're gonna see, you know,
Speaker 1: at some point in rotation and see some outperformance of growth.
Speaker 1: If that's quite yet, maybe not, but it's something we
Speaker 1: might anticipate in the month's hut at some point. All right, Daniel,
Speaker 1: thanks as always. Daniel Morris's chief market strategist at BNP
Speaker 1: party Bomb Asset Management Karen Nathan. It is five fifties
Speaker 1: three on Wall Street. It's time now for our daily
Speaker 1: Bloomberg lob reef exploring legal issues in the news, brought
Speaker 1: to you by American Arbitration Association. Business disputes are inevitable
Speaker 1: result anster with the American Arbitration Association, the global leader
Speaker 1: in alternative dispute resolution for over ninety years. More at
Speaker 1: a d R dot org. Now here's a legal story
Speaker 1: we're following this morning. After three and a half years
Speaker 1: of investigating the FBI's investigation into the Trump campaigns alleged
Speaker 1: Russia connections, Special counsel John Durham has lost the only
Speaker 1: two cases to go to trial on Tuesday, had jury
Speaker 1: found Igor d Chenko, the Russian analyst who was the
Speaker 1: primary source for the Steel dossier, not guilty of lying
Speaker 1: to the FBI about where he got his information. The
Speaker 1: investigation has cost the taxpayers more than five point eight
Speaker 1: million dollars with little to show for it. For more
Speaker 1: of Bloomberg, Joon Grassos speaks to Bloomberg legal reporter Eric Larson. So,
Speaker 1: then the remaining four counts were all about one person
Speaker 1: and one call. That's correct. There's all about whether or not,
Speaker 1: Mr Vanchenko truly believed that an anonymous phone call that
Speaker 1: he got in two thousand sixteen from a tipster, the
Speaker 1: one who had the tip about the well developed conspiracy
Speaker 1: between the Trump campaign and the Kremlin. Whether or not
Speaker 1: he truly believed that that caller was a guy named
Speaker 1: Sergean Million, who was the president of the Russian American
Speaker 1: Chamber of Commerce at the time. So it was his belief.
Speaker 1: He said in his FBI interview that he believed that's
Speaker 1: who the person was who had called, and the FBI said,
Speaker 1: not only do they believe that it wasn't him who called,
Speaker 1: but that the call never happened. But they didn't really
Speaker 1: present enough evidence to prove that. I don't know how
Speaker 1: you bring a federal case over what someone believed at
Speaker 1: the time. It seems awfully the fin was stretching it.
Speaker 1: It did seem, you know, bin a stay. The evidence
Speaker 1: that was presented. It wasn't very hard evidence. It could
Speaker 1: go sort of either way about whether or not he
Speaker 1: believed it. So the jury apparently felt the same. I mean,
Speaker 1: as we know, back in May, the first case from
Speaker 1: his investigation to go to trial against former Clinton campaign
Speaker 1: lawyer Michael Stuffman also ended in acquittal, and he was
Speaker 1: also charged with lying to the FBI by the Trump
Speaker 1: Russia tips. So to bring these narrow cases about telling
Speaker 1: you know, what amounts of fairly small lies, I guess
Speaker 1: you could say alleged lives that that's really what this
Speaker 1: is focusing on. After all of this time and money spent.
Speaker 1: Is not a terribly good book for the Special Council.
Speaker 1: How big a defeat is this coming on top of
Speaker 1: the last acquittal? And you know, prosecutors don't usually lose cases.
Speaker 1: It's unusual because if they're bringing a case, they think
Speaker 1: they have enough evidence to prove it beyond a reasonable death. Well,
Speaker 1: there's of course speculation that these trials were really about
Speaker 1: putting the FBI agents on the stand, whether or not
Speaker 1: that's the proper use of the federal criminal trial, you know,
Speaker 1: but that's what's certainly a lot of dorms to Own
Speaker 1: supporters and Trump supporters have been saying, is not all
Speaker 1: these verdicts, you know, they're beside. The point doesn't matter.
Speaker 1: It was exposing these FBI agents, getting details of the
Speaker 1: investigation out in the open. It's like, yeah, you're right,
Speaker 1: Usually the government, you know, comes in a case like
Speaker 1: this with the upper hand, and then usually they also
Speaker 1: come at it with a lot more evidence. So you know,
Speaker 1: we'll see what its final report doesn't assuming it'll be
Speaker 1: pretty damning, mostly about the FBI and as Bloomberg the
Speaker 1: Legal reporter Eric Larson speaking with Bloomberg student Grosso. Catch
Speaker 1: more of that interview, plus analysis of the latest legal
Speaker 1: news by subscribing to the Bloomberg Law Podcast or downloading
Speaker 1: the show at Bloomberg dot com slash podcast. Attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at b
Speaker 1: law Go SNP Futures they're down about eleven points down,
Speaker 1: futures remain little change and nasday futures down sixty five
Speaker 1: ten year Treasury down to thirties seconds Field four point
Speaker 1: one four percent and still ahead. On Bloomberg Daybreak and
Speaker 1: check on the business headlines and all the news you
Speaker 1: need to start your day. And this is Bloomberg