1 00:00:01,920 --> 00:00:05,240 Speaker 1: Five from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,280 --> 00:00:09,000 Speaker 1: Day right for Thursday, October six two. Coming up this hour. 3 00:00:09,360 --> 00:00:13,680 Speaker 1: Beneficials say the expectation for rate cuts next year is misplaced. 4 00:00:13,920 --> 00:00:17,079 Speaker 1: The U S slam's OPEC's decision to cur production. Elon 5 00:00:17,160 --> 00:00:20,080 Speaker 1: musk me have wanted to slash his takeover price for Twitter, 6 00:00:20,160 --> 00:00:22,720 Speaker 1: and hundreds of billions of dollars in market value have 7 00:00:22,840 --> 00:00:26,160 Speaker 1: it wiped away In the first month of this trust's government. 8 00:00:26,280 --> 00:00:28,960 Speaker 1: New York City Council members are calling for housing asylum 9 00:00:29,040 --> 00:00:32,000 Speaker 1: seekers and hotels and church uses to the Randall's Island. 10 00:00:32,000 --> 00:00:34,880 Speaker 1: Plus more missile launches from North Korea on Michael Lawn. 11 00:00:35,000 --> 00:00:37,839 Speaker 1: More ahead, I'm John stash Own Sports. The baseball regular 12 00:00:37,880 --> 00:00:40,720 Speaker 1: season enter The Yankees lost the Mets one. They begin 13 00:00:40,800 --> 00:00:45,760 Speaker 1: the post season tomorrow night. That's all trendy head on 14 00:00:45,880 --> 00:00:49,240 Speaker 1: Bloomberg Day Break on Bloomberg eleven three on New York, 15 00:00:49,440 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,400 --> 00:00:58,560 Speaker 1: Bloomberg nine sixties and Francisco syrius x M one nine 17 00:00:58,600 --> 00:01:01,840 Speaker 1: team and around the world the Bloomberg Radio dot Com 18 00:01:01,920 --> 00:01:08,959 Speaker 1: and via the Bloomberg Business good morning. I'm Nathan Hagar 19 00:01:09,280 --> 00:01:12,319 Speaker 1: and I'm Karen Moscow. US DOT index futures are lower 20 00:01:12,400 --> 00:01:14,280 Speaker 1: this morning. We are coming up to five o one 21 00:01:14,280 --> 00:01:16,319 Speaker 1: on Wall Street, and we check the markets every fifteen 22 00:01:16,319 --> 00:01:19,360 Speaker 1: minutes throughout the trading day. On Bloomberg, SMP Future is 23 00:01:19,400 --> 00:01:21,959 Speaker 1: down fifteen points this morning, dowal Future is down a 24 00:01:22,000 --> 00:01:24,560 Speaker 1: hundred three, and Nastack Future is down forty four. The 25 00:01:24,600 --> 00:01:27,080 Speaker 1: decks in Germany is up about two tenths of a percent. 26 00:01:27,480 --> 00:01:30,600 Speaker 1: Ten year treasury that'll change YELD three point seven five percent, 27 00:01:30,640 --> 00:01:33,240 Speaker 1: and a yield on the two year four point one 28 00:01:33,400 --> 00:01:36,600 Speaker 1: five percent. Nathan Well, Karen. This drop in US futures 29 00:01:36,600 --> 00:01:39,600 Speaker 1: follows a late day comeback on Wall Street after falling 30 00:01:39,640 --> 00:01:41,720 Speaker 1: as much as one point eight percent. The S and 31 00:01:41,760 --> 00:01:45,040 Speaker 1: P five hundred ended yesterday session down two tenths percent, 32 00:01:45,400 --> 00:01:48,840 Speaker 1: fueled by a big options trade. Aaron Kennon, CEO at 33 00:01:48,840 --> 00:01:51,760 Speaker 1: clear heartbreass that management says that drop in earnings isn't 34 00:01:51,760 --> 00:01:55,360 Speaker 1: being priced in yet. I think a very shallow recession, 35 00:01:55,560 --> 00:01:58,440 Speaker 1: I would argue, is probably priced in. But if we 36 00:01:58,640 --> 00:02:02,040 Speaker 1: are seeing some sort of double digit decline and let's 37 00:02:02,040 --> 00:02:07,280 Speaker 1: say sp earnings next year, that's probably not yet priced 38 00:02:07,480 --> 00:02:11,320 Speaker 1: into the market. Aaron kennon a clear hartbreast that management 39 00:02:11,320 --> 00:02:14,040 Speaker 1: says tomorrow's jobs report will be a key indicator for 40 00:02:14,040 --> 00:02:17,160 Speaker 1: the path ahead. Well. Fedow Reserve officials are repeating the 41 00:02:17,200 --> 00:02:20,080 Speaker 1: mantra Nathan, and they don't plan to cut interest rates 42 00:02:20,120 --> 00:02:22,840 Speaker 1: the next year. San Francisco FED President Mary Daily in 43 00:02:22,880 --> 00:02:25,920 Speaker 1: Atlanta FED Chief Rafael Bostic are the latest to bang 44 00:02:25,960 --> 00:02:28,600 Speaker 1: the drum on the need to keep tightening. We spoke 45 00:02:28,720 --> 00:02:31,840 Speaker 1: yesterday with Daily. I see us as raising to a 46 00:02:32,000 --> 00:02:36,400 Speaker 1: level that we believe is restrictive enough to bring inflation down, 47 00:02:36,680 --> 00:02:40,000 Speaker 1: and then holding it there until we see inflation truly 48 00:02:40,040 --> 00:02:44,600 Speaker 1: get close to two and and demonstrate that price stability 49 00:02:44,639 --> 00:02:48,359 Speaker 1: is restored. Barry Daly's comments are being echoed by Atlanta 50 00:02:48,400 --> 00:02:51,440 Speaker 1: FED President Raphael Bostick, who says rates still need to 51 00:02:51,440 --> 00:02:53,840 Speaker 1: go much higher. I'd like to reach a point where 52 00:02:53,919 --> 00:02:57,040 Speaker 1: policy is moderately restrictive, somewhere between four and four and 53 00:02:57,040 --> 00:02:58,880 Speaker 1: a half percent, by the end of this year, and 54 00:02:58,919 --> 00:03:00,880 Speaker 1: then hold of that level all and see how the 55 00:03:00,919 --> 00:03:05,160 Speaker 1: economy and prices react. Atlanta FED President Raphael Bostake says 56 00:03:05,160 --> 00:03:08,520 Speaker 1: there are encouraging signs on inflation, but he still sees 57 00:03:08,560 --> 00:03:11,960 Speaker 1: the overall picture as challenging. Let's turn to oil now, Karen. 58 00:03:12,000 --> 00:03:15,160 Speaker 1: A production cut by OPEC is making waves. Right now, 59 00:03:15,240 --> 00:03:18,000 Speaker 1: Prices are steady a day after OPEC and its allies 60 00:03:18,040 --> 00:03:21,080 Speaker 1: agreed to the biggest production cut since twenty twenty. The 61 00:03:21,080 --> 00:03:24,360 Speaker 1: alliance plans to slash daily output by two million barrels. 62 00:03:24,639 --> 00:03:27,760 Speaker 1: Saw the Energy Minister, Prince Abdulazi has been salmon. Spoke 63 00:03:27,800 --> 00:03:31,280 Speaker 1: with us in Vienna. I don't want people to chink 64 00:03:31,480 --> 00:03:34,920 Speaker 1: that this is one waste in this case. No, it's 65 00:03:34,960 --> 00:03:39,400 Speaker 1: a variety of controuting uncertainties, and they could go yesterday 66 00:03:39,640 --> 00:03:43,000 Speaker 1: altogether and to the positive side utra the negative side, 67 00:03:43,120 --> 00:03:46,000 Speaker 1: or it could be accompanition. Saw the Energy Minister, Prince 68 00:03:46,000 --> 00:03:49,000 Speaker 1: Abdulazi has been salmon, says. The US led initiative to 69 00:03:49,040 --> 00:03:51,560 Speaker 1: slap a price cap on Russian oil is adding to 70 00:03:51,680 --> 00:03:55,080 Speaker 1: uncertainty in the market. Check prices now. Nimex screws up 71 00:03:55,080 --> 00:03:57,560 Speaker 1: about a tenth percent of eight cents at eighties seven 72 00:03:57,560 --> 00:04:00,160 Speaker 1: dollars eighty four cents of barrel Brent is higher by 73 00:04:00,200 --> 00:04:03,840 Speaker 1: two tenths percent at ninety three dollars fifty three cents. Well, Nathan, 74 00:04:03,840 --> 00:04:06,360 Speaker 1: the White House is pushing back against OPEC's decision to 75 00:04:06,440 --> 00:04:09,680 Speaker 1: curb production, calling the move on necessary and short sighted. 76 00:04:09,960 --> 00:04:13,320 Speaker 1: We discussed the matter with National Economic Council Director Briands. 77 00:04:13,760 --> 00:04:16,520 Speaker 1: As the President mentioned, we think it's unnecessary if you 78 00:04:16,600 --> 00:04:20,719 Speaker 1: look at the global environment, where supply continues to be 79 00:04:20,880 --> 00:04:24,240 Speaker 1: the predominant challenge. We've been working for some time to 80 00:04:24,839 --> 00:04:28,560 Speaker 1: take action and encourage action globally to make sure that 81 00:04:28,640 --> 00:04:32,480 Speaker 1: supply actually matches demand. White House Economic Advisor Brian d 82 00:04:32,640 --> 00:04:35,080 Speaker 1: says the US will released ten million barrels from the 83 00:04:35,080 --> 00:04:39,000 Speaker 1: Strategic Petroleum Reserve this mob. He's also calling on gasoline 84 00:04:39,000 --> 00:04:42,560 Speaker 1: companies to close the gap between wholesale and retail prices 85 00:04:42,600 --> 00:04:45,360 Speaker 1: at the pump. In the UK this morning, political turmoil 86 00:04:45,480 --> 00:04:48,640 Speaker 1: is still weighing on investor sentiment. Karen. Hundreds of billions 87 00:04:48,640 --> 00:04:50,840 Speaker 1: of dollars have been wiped from the nations stock and 88 00:04:51,000 --> 00:04:54,279 Speaker 1: bond markets in the first month of Liz Trust's government. 89 00:04:54,560 --> 00:04:57,360 Speaker 1: Let's get more live from Bloomberg's U and Potts in London. 90 00:04:57,360 --> 00:05:00,320 Speaker 1: Good morning, En, Good morning Nathan and Karen. Three hundred 91 00:05:00,400 --> 00:05:03,520 Speaker 1: and forty billion dollars. That's the total knocked off the 92 00:05:03,560 --> 00:05:06,119 Speaker 1: value of UK stocks and bonds over the past month. 93 00:05:06,400 --> 00:05:09,240 Speaker 1: While that's it's globally have been royal by central banks, tightening, 94 00:05:09,520 --> 00:05:12,640 Speaker 1: confidence in the UK has taken a real battering. The 95 00:05:12,680 --> 00:05:15,440 Speaker 1: September sell off on the new government's unfunded tax cuts 96 00:05:15,440 --> 00:05:17,800 Speaker 1: saw the pound hits a record low against the dollar, 97 00:05:18,120 --> 00:05:20,760 Speaker 1: intervention by the Bank of England and a swift climbed 98 00:05:20,760 --> 00:05:24,000 Speaker 1: down by the Chancellor. One strategist, though, says some investors 99 00:05:24,040 --> 00:05:27,920 Speaker 1: currently consider the UK as uninvestable. In London, i'mmun parts 100 00:05:27,920 --> 00:05:29,800 Speaker 1: of both day Break, are you and thank you? All? 101 00:05:29,839 --> 00:05:31,680 Speaker 1: Back here in the U s we're learning more about 102 00:05:31,680 --> 00:05:35,080 Speaker 1: the details behind Elon must takeover of Twitter. Turns out 103 00:05:35,160 --> 00:05:37,440 Speaker 1: he was pushing for a lower price behind the scenes, 104 00:05:37,520 --> 00:05:40,719 Speaker 1: and we get the details from Bloombery's Lisa Mateo. Sources 105 00:05:40,720 --> 00:05:44,000 Speaker 1: say Musks representatives and Twitter held talks in the past 106 00:05:44,040 --> 00:05:46,320 Speaker 1: few weeks about a buy out for less than fifty 107 00:05:46,320 --> 00:05:48,640 Speaker 1: four dollars and twenty cents of share, but they didn't 108 00:05:48,680 --> 00:05:51,560 Speaker 1: go anywhere. The New York Times reported musk Hat saught 109 00:05:51,600 --> 00:05:54,719 Speaker 1: a thirty percent reduction in the price this week, Must 110 00:05:54,760 --> 00:05:56,599 Speaker 1: set in a letter to Twitter that he would be 111 00:05:56,600 --> 00:05:59,320 Speaker 1: willing to complete the deal for the original price. In 112 00:05:59,360 --> 00:06:02,920 Speaker 1: another development, the two sides agreed to postpone the billionaire's 113 00:06:03,040 --> 00:06:06,680 Speaker 1: long awaited deposition today in the company's lawsuit aimed at 114 00:06:06,760 --> 00:06:09,400 Speaker 1: forcing him to go through with the forty four billion 115 00:06:09,480 --> 00:06:13,359 Speaker 1: dollar buy out. Lisa Mateo, Bloomberg Daybreak, Lisa, thanks, we 116 00:06:13,400 --> 00:06:16,000 Speaker 1: have word of more corporate job cuts. This morning. General 117 00:06:16,000 --> 00:06:20,560 Speaker 1: Electric is slashing positions that it's onshore wind turbine manufacturing business. 118 00:06:20,720 --> 00:06:23,760 Speaker 1: Bloomberg News is lergy E will reduce its US onshore 119 00:06:23,760 --> 00:06:27,120 Speaker 1: wind workforce by twenty that it's the hundreds of jobs. 120 00:06:27,440 --> 00:06:30,040 Speaker 1: The move is designed to counter mounting losses at its 121 00:06:30,080 --> 00:06:33,320 Speaker 1: renewable energy unit. And finally, Nathan News on the pandemic. 122 00:06:33,400 --> 00:06:36,560 Speaker 1: This morning, American Express is ending her requirement that employees 123 00:06:36,600 --> 00:06:39,599 Speaker 1: need to be vaccinated against COVID nineteen to enter the office. 124 00:06:39,640 --> 00:06:42,440 Speaker 1: Let me get the story from Bloomberg's Charlie Pillett. List 125 00:06:42,520 --> 00:06:46,440 Speaker 1: takes effect November one st It applies to offices across 126 00:06:46,480 --> 00:06:50,719 Speaker 1: the United States, Canada, Australia, and New Zealand, all according 127 00:06:50,720 --> 00:06:53,960 Speaker 1: to an internal memo two staff seen by Bloomberg. The 128 00:06:54,000 --> 00:06:56,520 Speaker 1: New York based credit card company has been one of 129 00:06:56,520 --> 00:07:00,279 Speaker 1: the few financial firms to embrace remote work in the 130 00:07:00,320 --> 00:07:05,360 Speaker 1: aftermath of the pandemic in New York. Charlie Pellett Bloomberg Daybreak. Charlie. Thanks. 131 00:07:05,360 --> 00:07:07,920 Speaker 1: Bloomberg day Break is brought to you by SEI. Asset 132 00:07:07,960 --> 00:07:10,080 Speaker 1: managers don't get results that are off the charts when 133 00:07:10,080 --> 00:07:12,520 Speaker 1: their solutions are off the shelf. Learned how SEI is 134 00:07:12,560 --> 00:07:16,280 Speaker 1: operating platform can turn infrastructure into a competitive advantage at 135 00:07:16,400 --> 00:07:19,920 Speaker 1: se i C dot Com, slash Tech. This is Bloomberg 136 00:07:23,520 --> 00:07:25,280 Speaker 1: and it's south five oh seven on Wall Street. It's 137 00:07:25,280 --> 00:07:27,960 Speaker 1: fifty six degrees in Central Park. Got problems getting on 138 00:07:27,960 --> 00:07:31,000 Speaker 1: the New Jersey Turnpike this morning. If you're in East Brunswick, 139 00:07:31,440 --> 00:07:33,760 Speaker 1: fill you in on that shortly. First, Michael Barr has 140 00:07:33,800 --> 00:07:35,440 Speaker 1: more on what's going on in New York and around 141 00:07:35,480 --> 00:07:37,960 Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York 142 00:07:38,040 --> 00:07:41,880 Speaker 1: City Council members are proposing housing asylum seekers and hotels 143 00:07:41,960 --> 00:07:45,960 Speaker 1: and churches. The ideas from last night's council meeting income 144 00:07:46,040 --> 00:07:49,280 Speaker 1: after Mayor Eric Adams now wants to house migrants in 145 00:07:49,360 --> 00:07:53,080 Speaker 1: a tent city at Randall's Island. Mayor Adams scrapped the 146 00:07:53,080 --> 00:07:56,600 Speaker 1: original idea of having the Migrant Relief Center in Orchard 147 00:07:56,640 --> 00:08:01,160 Speaker 1: Beach after opposition both sides of the debate. However, critics 148 00:08:01,160 --> 00:08:04,320 Speaker 1: say the new Randall's Island location will still have the 149 00:08:04,360 --> 00:08:08,440 Speaker 1: same problems, including access from migrants to get jobs, healthcare, 150 00:08:08,560 --> 00:08:11,960 Speaker 1: and schools. President Biden will be in New York today. 151 00:08:12,120 --> 00:08:14,760 Speaker 1: You will visit a jobs event at an IBM campus 152 00:08:14,760 --> 00:08:18,400 Speaker 1: in Poughkeepsie. The President will also attend a Democratic fundraiser 153 00:08:18,480 --> 00:08:23,360 Speaker 1: in New Jersey. Yesterday, President Biden visited southwest Florida, pledging 154 00:08:23,400 --> 00:08:26,560 Speaker 1: support for storm victims who lost everything to Hurricane Ian. 155 00:08:27,080 --> 00:08:29,000 Speaker 1: I promise you we're gonna be with you every step 156 00:08:29,000 --> 00:08:31,920 Speaker 1: of the way. The people of Florida to all of you, 157 00:08:32,360 --> 00:08:35,240 Speaker 1: We're in this together. The President got a warm welcome 158 00:08:35,280 --> 00:08:38,920 Speaker 1: from Florida Governor Rhndas Santis. Mr. President, welcome to Florida. 159 00:08:39,080 --> 00:08:43,960 Speaker 1: We appreciate working together across various levels of government. President 160 00:08:44,000 --> 00:08:47,040 Speaker 1: Biden says Republican Governor Dessentis has done a good job. 161 00:08:47,400 --> 00:08:51,760 Speaker 1: Biden said he and DeSantis have put politics aside, focused 162 00:08:51,760 --> 00:08:55,080 Speaker 1: on the storm and have been in complete lockstep. More 163 00:08:55,120 --> 00:08:58,319 Speaker 1: than thirty people, primarily children, were killed today when a 164 00:08:58,400 --> 00:09:02,800 Speaker 1: gunman opened fire in a wild care center in northeastern Thailand. 165 00:09:03,120 --> 00:09:05,880 Speaker 1: At He said, the gunman took his own life. It's 166 00:09:05,880 --> 00:09:09,120 Speaker 1: a tragic discovering in a horrific crime. Four family members 167 00:09:09,160 --> 00:09:13,160 Speaker 1: kidnapped from a business in central California have been found dead. 168 00:09:13,360 --> 00:09:16,480 Speaker 1: Merced County Sheriff Vernon Mornker has said last night that 169 00:09:16,600 --> 00:09:20,080 Speaker 1: one suspect is hospitalized after trying to kill himself, but 170 00:09:20,240 --> 00:09:24,320 Speaker 1: there may be other suspects just lived inside. Because this 171 00:09:24,400 --> 00:09:27,080 Speaker 1: was completely totally senseless. We have a whole family wiped 172 00:09:27,080 --> 00:09:30,400 Speaker 1: out and for what we don't know yet. Authorities had 173 00:09:30,440 --> 00:09:33,920 Speaker 1: released surveillance video of a man kidnapping the baby, the 174 00:09:34,040 --> 00:09:37,760 Speaker 1: child's mother, father, and uncle. On Monday. North Korea fire 175 00:09:37,840 --> 00:09:41,360 Speaker 1: two suspected short range ballistic missiles today towards waters where 176 00:09:41,440 --> 00:09:45,400 Speaker 1: US aircraft carrier had been deployed, ratcheting up tensions in 177 00:09:45,440 --> 00:09:48,480 Speaker 1: the region. It came shortly after North Korea condemned the 178 00:09:48,520 --> 00:09:52,640 Speaker 1: Biden administration for redeploying the USS Ronald Reagan aircraft carrier 179 00:09:53,160 --> 00:09:56,520 Speaker 1: to a group of waters east of the Peninsula. Global 180 00:09:56,520 --> 00:09:58,840 Speaker 1: News twenty four hours a day on air and on 181 00:09:58,880 --> 00:10:01,720 Speaker 1: Bloomberg Quicktake Power about more than twenty seven hundred journalists 182 00:10:01,720 --> 00:10:04,520 Speaker 1: and analyists more than a hundred twenty countries. Michael barrb. 183 00:10:04,600 --> 00:10:11,400 Speaker 1: This is Bloomberg Nathan. Thank you, Michael. Tune up to 184 00:10:11,480 --> 00:10:13,800 Speaker 1: five ten on Wall Street time for the Bloomberg Sports Update. 185 00:10:13,800 --> 00:10:15,679 Speaker 1: Good morning, John Stashow, Good morning. The eighth of the 186 00:10:15,679 --> 00:10:18,720 Speaker 1: baseball regular season is over. The Dodgers won a hundred 187 00:10:18,800 --> 00:10:20,719 Speaker 1: and eleven games, the most of the Nation of the 188 00:10:20,800 --> 00:10:23,960 Speaker 1: Lakes since the nineteen o six Cubs, Mats and Braves 189 00:10:24,000 --> 00:10:26,920 Speaker 1: both won a hundred one finished tied for first, but 190 00:10:27,000 --> 00:10:30,280 Speaker 1: Atlanta won the season series ten to nine, and that's 191 00:10:30,280 --> 00:10:32,280 Speaker 1: why the Braves have the first round by and the 192 00:10:32,320 --> 00:10:34,240 Speaker 1: Mets have to play a best of three Wild Cards 193 00:10:34,280 --> 00:10:37,080 Speaker 1: series with San Diego. All the games at City Field. 194 00:10:37,080 --> 00:10:39,800 Speaker 1: The openers tomorrow night with a terrific pitching matchup. It 195 00:10:39,800 --> 00:10:43,160 Speaker 1: will be maxters or against the Padres, you Darvish. Mets 196 00:10:43,160 --> 00:10:46,280 Speaker 1: finished up beating Washington nine to two. Jeff McNeill got 197 00:10:46,280 --> 00:10:48,080 Speaker 1: the day off and he was able to just barely 198 00:10:48,440 --> 00:10:51,360 Speaker 1: pulled off the Dodgers Freddie Freeman and win the National 199 00:10:51,440 --> 00:10:54,679 Speaker 1: League batting title. McNeil hit three twenty six. He hit 200 00:10:54,720 --> 00:10:59,200 Speaker 1: two forty nine. Last season of hard work. Um, you know, 201 00:10:59,280 --> 00:11:01,079 Speaker 1: trying to get back to who you know the player 202 00:11:01,080 --> 00:11:02,679 Speaker 1: I knew I could be you know, after last year, 203 00:11:02,679 --> 00:11:04,680 Speaker 1: and the last year wasn't a great year for me, 204 00:11:04,800 --> 00:11:07,360 Speaker 1: so um, you know I kind of wanted to, you know, 205 00:11:07,400 --> 00:11:10,080 Speaker 1: get back to you know who I am, and um, 206 00:11:10,120 --> 00:11:11,920 Speaker 1: you know, it was lucky enough to be rewarded for that. 207 00:11:12,080 --> 00:11:15,080 Speaker 1: Aaron Judge didn't play the Yankee season ending four two 208 00:11:15,160 --> 00:11:17,400 Speaker 1: loss in Texas, so he did not win the batting 209 00:11:17,400 --> 00:11:19,439 Speaker 1: title that would have given him the Triple Crown. Judge 210 00:11:19,440 --> 00:11:22,080 Speaker 1: been a second to the Twins. Luisa ray As, the 211 00:11:22,120 --> 00:11:24,400 Speaker 1: guy who caught the ball that Judge hit for his 212 00:11:24,440 --> 00:11:27,640 Speaker 1: record breaking sixty second on run, has already been offered 213 00:11:27,679 --> 00:11:30,520 Speaker 1: two million dollars by a sports member abilia auction house 214 00:11:30,559 --> 00:11:32,959 Speaker 1: at Giants practice before they leave for London. Daniel Jones 215 00:11:33,320 --> 00:11:35,679 Speaker 1: limited with his ankle, Andrea Jones has not yet been 216 00:11:35,720 --> 00:11:37,439 Speaker 1: ruled out for the game of Green Bay. A welcome 217 00:11:37,480 --> 00:11:40,160 Speaker 1: site the return of center Nick Gates, who in Week 218 00:11:40,200 --> 00:11:42,880 Speaker 1: two last year suffered a fractured leg injury that required 219 00:11:42,960 --> 00:11:45,920 Speaker 1: seven surgeries. It was feared was gonna end Gates his 220 00:11:46,000 --> 00:11:48,760 Speaker 1: career Week five against Tonight Colts and Broncos in Denver. 221 00:11:49,120 --> 00:11:51,760 Speaker 1: John Stash Neward Bloomberg Sports Nathan, thank you, john S 222 00:11:51,840 --> 00:11:53,960 Speaker 1: and P futures are lower by twelve points now, Deal 223 00:11:54,040 --> 00:11:56,760 Speaker 1: futures down eight two nast AT futures down thirty one points. 224 00:11:56,800 --> 00:11:59,000 Speaker 1: Nime X screwed up a third percent now at eight 225 00:11:59,040 --> 00:12:02,040 Speaker 1: eight oh four. A Bear Earl talk about Opex decision 226 00:12:02,080 --> 00:12:08,520 Speaker 1: next with Will Kennedy of Bloomberg News Bloomberg eleven three 227 00:12:08,559 --> 00:12:12,400 Speaker 1: oh weather sunny, low seventies today and tomorrow for the weekend. 228 00:12:12,559 --> 00:12:15,079 Speaker 1: It's still gonna be sunny, but cooler. We're only around 229 00:12:15,120 --> 00:12:19,679 Speaker 1: sixty degrees Saturday, low sixties on Sunday. Currently fifty six 230 00:12:22,120 --> 00:12:25,480 Speaker 1: markets headlines and breaking news twenty four hours a day 231 00:12:25,640 --> 00:12:28,319 Speaker 1: at Bloomberg dot com for the Bloomberg Business Out and 232 00:12:28,480 --> 00:12:37,880 Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Lash and 233 00:12:38,000 --> 00:12:41,720 Speaker 1: I'm Karen Moscow. US Dock Index futures a race gains 234 00:12:41,720 --> 00:12:45,600 Speaker 1: and are moving lower. European stocks they're trading modestly higher. 235 00:12:45,640 --> 00:12:49,640 Speaker 1: Investors are debating whether higher oil prices were further weekend growth, 236 00:12:49,679 --> 00:12:53,280 Speaker 1: potentially slowing Central banks rate high cycles. We checked the 237 00:12:53,280 --> 00:12:56,160 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 238 00:12:56,240 --> 00:12:59,200 Speaker 1: U S and P futures. They're down seventeen points now 239 00:12:59,320 --> 00:13:02,320 Speaker 1: dal futures on A hundred twenty and nasday features down fifty. 240 00:13:02,360 --> 00:13:04,959 Speaker 1: The decks in Germany's up tenth of up percent ten, 241 00:13:05,040 --> 00:13:07,480 Speaker 1: your treasury down to thirty seconds, you have three point 242 00:13:07,520 --> 00:13:09,880 Speaker 1: seven six percent, the yield on the two year four 243 00:13:09,920 --> 00:13:12,840 Speaker 1: point one six percent. Nine makes crude oil is up 244 00:13:12,880 --> 00:13:15,079 Speaker 1: two tenths per cent, or sixteen cents at eighty seven 245 00:13:15,120 --> 00:13:17,600 Speaker 1: dollars ninety three cents of Daryl call make schooled up 246 00:13:17,600 --> 00:13:20,079 Speaker 1: a quarter percent or three dollars ninety cents at seventeen 247 00:13:20,120 --> 00:13:23,319 Speaker 1: twenty four seventy announced the euro point in nine eight 248 00:13:23,440 --> 00:13:25,760 Speaker 1: nine one against the dollar, British bound one point one 249 00:13:25,800 --> 00:13:28,840 Speaker 1: to night the one forty four point seven one, and 250 00:13:28,880 --> 00:13:31,079 Speaker 1: looking at bitcoin, it's up eight tens of per cent 251 00:13:31,440 --> 00:13:34,800 Speaker 1: at twenty thousand, one hundred fifty dollars, and that's a 252 00:13:34,840 --> 00:13:37,599 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 253 00:13:37,760 --> 00:13:40,839 Speaker 1: what's going on around the world. Michael, good morning, Good morning, Karen. 254 00:13:40,880 --> 00:13:44,079 Speaker 1: We're learning more about a tragedy in northeastern Thailand. More 255 00:13:44,120 --> 00:13:46,880 Speaker 1: than thirty people were killed today when a gunman opened 256 00:13:46,960 --> 00:13:51,720 Speaker 1: fire in a childcare center. At least thirty people were killed, 257 00:13:51,760 --> 00:13:55,440 Speaker 1: including children, before the gunman took his own life, according 258 00:13:55,480 --> 00:14:01,520 Speaker 1: to authorities. President Biden visited the hurricane ravaged area in 259 00:14:01,679 --> 00:14:05,480 Speaker 1: Florida from Ian He says that they are going to 260 00:14:05,520 --> 00:14:07,680 Speaker 1: be there every step of the way to help the 261 00:14:07,760 --> 00:14:12,840 Speaker 1: victims of that storm. In baseball, the last game of 262 00:14:12,880 --> 00:14:15,679 Speaker 1: the regular season, the Yankees lost Mets one over the 263 00:14:15,800 --> 00:14:19,640 Speaker 1: Nationals nine to the Red Sox loss. The Orioles split 264 00:14:19,680 --> 00:14:22,320 Speaker 1: a double header with the Blue Jays. Global News twenty 265 00:14:22,320 --> 00:14:25,080 Speaker 1: four hours a day on air end on Bloomberg quick Take, 266 00:14:25,120 --> 00:14:28,120 Speaker 1: powered by more than journalists and analysts more than a 267 00:14:28,160 --> 00:14:32,400 Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg Nathan. Thanks Michael. 268 00:14:32,440 --> 00:14:34,920 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 269 00:14:34,920 --> 00:14:37,880 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak, and we are 270 00:14:37,920 --> 00:14:41,160 Speaker 1: continuing to watch oil prices this morning, following the decision 271 00:14:41,200 --> 00:14:44,240 Speaker 1: from OPEC and its allies to cut production by two 272 00:14:44,240 --> 00:14:47,400 Speaker 1: million barrels a day starting next month. Also keeping an 273 00:14:47,400 --> 00:14:50,240 Speaker 1: eye on it for us is Will Kennedy, Senior Executive 274 00:14:50,320 --> 00:14:54,200 Speaker 1: editor for Energy and Commodities for Bloomberg News, who joins 275 00:14:54,280 --> 00:14:57,360 Speaker 1: us now, Well, good morning. We're seeing kind of modest 276 00:14:57,520 --> 00:15:00,760 Speaker 1: gains I think across the crude mark it this morning 277 00:15:00,840 --> 00:15:04,080 Speaker 1: is there's some sort of indecision right now for oil 278 00:15:04,120 --> 00:15:07,160 Speaker 1: traders about what this production cut is going to mean 279 00:15:07,480 --> 00:15:10,880 Speaker 1: going forward for price not necessarily. I think what we 280 00:15:10,920 --> 00:15:13,320 Speaker 1: should do is look at the move over the several 281 00:15:13,400 --> 00:15:16,560 Speaker 1: days since big price cuts started to be discussed amongst 282 00:15:16,560 --> 00:15:18,360 Speaker 1: OPEC members. So if we look at the week as 283 00:15:18,400 --> 00:15:21,280 Speaker 1: a whole, we're up about ten percent, which is a 284 00:15:21,360 --> 00:15:24,880 Speaker 1: very meaningful move in the price. You know, almost eighty 285 00:15:24,920 --> 00:15:27,960 Speaker 1: eight dollars in the New York contract, close to ninety 286 00:15:27,960 --> 00:15:31,480 Speaker 1: four in the vent contract in London. Uh, these prices 287 00:15:31,480 --> 00:15:34,760 Speaker 1: are significantly higher from where they were a week ago. 288 00:15:34,880 --> 00:15:37,000 Speaker 1: So the market has responded to an over a number 289 00:15:37,040 --> 00:15:40,320 Speaker 1: of days as as it became clear that a large 290 00:15:40,360 --> 00:15:43,880 Speaker 1: cut would be the result of the meeting, so people 291 00:15:43,880 --> 00:15:46,600 Speaker 1: were buying into it. And then when the meeting ended, 292 00:15:46,640 --> 00:15:50,880 Speaker 1: as as people have been predicted, UMU, the frice sort 293 00:15:50,880 --> 00:15:53,000 Speaker 1: of settled down a little bit. This is a large 294 00:15:53,000 --> 00:15:55,560 Speaker 1: cut sort of on paper though, right because there are 295 00:15:55,600 --> 00:15:58,520 Speaker 1: a lot of members of the OPEC cartel that still 296 00:15:58,760 --> 00:16:02,120 Speaker 1: haven't been meeting. They're action quotas. That's why two million 297 00:16:02,160 --> 00:16:05,200 Speaker 1: bowels does not mean two million bowels. Two million bowels 298 00:16:05,200 --> 00:16:08,360 Speaker 1: probably means something between eight hundred thousand and one million 299 00:16:08,360 --> 00:16:11,360 Speaker 1: bows a day. For the reasons that you say that 300 00:16:11,440 --> 00:16:14,840 Speaker 1: many countries aren't already meeting their obligations, so they won't 301 00:16:14,840 --> 00:16:17,640 Speaker 1: be cutting after this agreement, but I wouldn't see that 302 00:16:17,680 --> 00:16:22,080 Speaker 1: as a reason not to believe this is significant. Global 303 00:16:22,120 --> 00:16:24,360 Speaker 1: al demand is probably just over one hundred million bolls 304 00:16:24,360 --> 00:16:27,000 Speaker 1: a day, so potentially you're talking about taking almost one 305 00:16:27,000 --> 00:16:30,640 Speaker 1: percent of the world's oil off the market, and that 306 00:16:30,720 --> 00:16:33,840 Speaker 1: can have a significant impact. And of course the rationale 307 00:16:33,880 --> 00:16:38,080 Speaker 1: that we're hearing from members of OPEC is the uncertainty 308 00:16:38,200 --> 00:16:42,440 Speaker 1: around the outlook for oil demand is what's sparking this move. 309 00:16:42,880 --> 00:16:45,360 Speaker 1: I guess given the war in Ukraine, does that sort 310 00:16:45,360 --> 00:16:51,480 Speaker 1: of hold water that argument from ALPEC. It's one, it's 311 00:16:51,480 --> 00:16:54,000 Speaker 1: one way to look at the market, um but there 312 00:16:54,000 --> 00:16:56,800 Speaker 1: are factors in both directions. So yes, there's been a 313 00:16:56,880 --> 00:17:01,680 Speaker 1: lot of uncertainty about the direction of demand as people 314 00:17:01,720 --> 00:17:04,040 Speaker 1: worry that the global economy is slowing in the face 315 00:17:04,080 --> 00:17:07,320 Speaker 1: of tighter monetary policy, and that title monitory policy itself 316 00:17:07,320 --> 00:17:10,280 Speaker 1: can wear and oil prices. A stronger doyle. The stronger 317 00:17:10,320 --> 00:17:12,880 Speaker 1: dollar has been historically been bad file prices. And one 318 00:17:12,880 --> 00:17:15,560 Speaker 1: thing that we've seen in recent weeks is that when 319 00:17:15,560 --> 00:17:18,760 Speaker 1: the dollar was rallying hard, oil prices were falling. So 320 00:17:18,840 --> 00:17:21,359 Speaker 1: from that perspective, there has been some weakness. And you 321 00:17:21,359 --> 00:17:24,119 Speaker 1: can see the argument from the overduces that they wanted 322 00:17:24,160 --> 00:17:26,639 Speaker 1: to show up vices, but there are many arguments that 323 00:17:26,720 --> 00:17:31,440 Speaker 1: point in the other direction. Inventories globally remain relatively low. 324 00:17:32,000 --> 00:17:35,480 Speaker 1: The US has emptied a lot of its strategical strategic 325 00:17:35,520 --> 00:17:38,800 Speaker 1: petroleum reserved to keep prices down. How much further can 326 00:17:38,840 --> 00:17:42,159 Speaker 1: it go through the winter? Chinese demand could pick up 327 00:17:42,200 --> 00:17:46,480 Speaker 1: after the National Congress in Beijing as they backtrack from 328 00:17:46,720 --> 00:17:51,440 Speaker 1: COVID zero, perhaps, So there are reasons on the other 329 00:17:51,480 --> 00:17:53,280 Speaker 1: side as well. And I don't think the outlook through 330 00:17:53,320 --> 00:17:57,480 Speaker 1: the winter is necessarily clear. Yeah, it certainly isn't given 331 00:17:58,000 --> 00:18:01,480 Speaker 1: the energy crunch that Europe is face sing particularly, But 332 00:18:01,600 --> 00:18:05,400 Speaker 1: when we think about elevated oil prices and the the 333 00:18:05,600 --> 00:18:09,920 Speaker 1: OPEC cartel trying to shore up oil prices, I mean, 334 00:18:09,920 --> 00:18:11,920 Speaker 1: what does that mean given that we're looking at Brent 335 00:18:12,040 --> 00:18:14,399 Speaker 1: above a ninety handle right now? I mean, that seems 336 00:18:14,400 --> 00:18:18,000 Speaker 1: pretty elevated, doesn't it. It is, And if you look 337 00:18:18,040 --> 00:18:20,840 Speaker 1: at product prices, especially prices that people pay for diesel, 338 00:18:20,920 --> 00:18:22,639 Speaker 1: which is what they would use if they're trying to 339 00:18:22,640 --> 00:18:26,119 Speaker 1: replace ultra expensive natural gas. It's what some people in 340 00:18:26,640 --> 00:18:29,920 Speaker 1: the US and Europe used to heat their homes. Those prices, 341 00:18:30,119 --> 00:18:32,720 Speaker 1: prices look firm, although it's worth saying we're still a 342 00:18:32,760 --> 00:18:35,120 Speaker 1: long way off of you know, the prices we saw 343 00:18:35,240 --> 00:18:38,199 Speaker 1: around a hundred thirty dollars in the immediate aftermath of 344 00:18:38,320 --> 00:18:42,760 Speaker 1: Russian's invasion Russia's invasion of Ukraine. But it adds to 345 00:18:42,760 --> 00:18:47,920 Speaker 1: a picture where energy is expensive, where consumers and businesses 346 00:18:47,960 --> 00:18:51,359 Speaker 1: are already grappling, especially in Europe, with extremely high natural 347 00:18:51,400 --> 00:18:55,760 Speaker 1: gas prices, of extremely high electricity prices, And it just 348 00:18:55,880 --> 00:18:59,840 Speaker 1: adds to a picture of energy secure, scarcity and elevated 349 00:19:00,040 --> 00:19:03,159 Speaker 1: energy costs globally. About thirty seconds left here. Are you 350 00:19:03,240 --> 00:19:06,960 Speaker 1: looking for further shifts in the oil trade balance following 351 00:19:06,960 --> 00:19:10,720 Speaker 1: this decision? Well, one thing that we should put on 352 00:19:10,760 --> 00:19:15,160 Speaker 1: people's vedas is in early December, Russia stop. You will 353 00:19:15,200 --> 00:19:18,080 Speaker 1: stop buying Russian crude oil entirely, and that will change 354 00:19:18,480 --> 00:19:20,600 Speaker 1: the crude oil trade around the world. They will have 355 00:19:20,640 --> 00:19:23,320 Speaker 1: to find new customers in Asia. And one key question 356 00:19:23,880 --> 00:19:26,360 Speaker 1: for the market going forward is will they find those 357 00:19:26,359 --> 00:19:29,760 Speaker 1: customers or will Russia be false to reduce all production 358 00:19:29,800 --> 00:19:33,000 Speaker 1: because it's existing markets are closed. Thanks for this will 359 00:19:33,080 --> 00:19:35,720 Speaker 1: great having you on with us. Will Kennedy, Senior Executive 360 00:19:35,800 --> 00:19:39,879 Speaker 1: editor for Energy and Commodities for Bloomberg News and looking 361 00:19:39,880 --> 00:19:43,160 Speaker 1: at prices now, Nimex crudes up three tenths per center 362 00:19:43,200 --> 00:19:45,760 Speaker 1: twenty six cents at eighty eight oh two a barrel Brent. 363 00:19:45,880 --> 00:19:49,120 Speaker 1: The international benchmark is also up about three tenths per 364 00:19:49,119 --> 00:19:53,080 Speaker 1: cent at ninety three dollars sixty nine cents. Futures are 365 00:19:53,080 --> 00:19:56,359 Speaker 1: moving lower. SMP futures down fourteen points, staff futures down 366 00:19:56,400 --> 00:20:00,320 Speaker 1: a hundred, and NASTAC futures are lower by thirty eight points. 367 00:20:00,720 --> 00:20:08,320 Speaker 1: You're listening to Bloomberg Taper Bloomberg eleven three oh weather, 368 00:20:08,400 --> 00:20:11,720 Speaker 1: sunshine and low seventies today, Keep it that way tomorrow. 369 00:20:12,000 --> 00:20:14,720 Speaker 1: Cooler air moves in for the weekends Saturday only getting 370 00:20:14,760 --> 00:20:17,960 Speaker 1: up to near sixty degrees low sixties for Sunday. Right 371 00:20:17,960 --> 00:20:23,800 Speaker 1: now fifty six in Central Park, broadcasting live from the 372 00:20:23,920 --> 00:20:27,840 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg e Living 373 00:20:27,920 --> 00:20:32,320 Speaker 1: free to Washington, d C. Bloomberg nine to Boston, Bloomberg 374 00:20:32,359 --> 00:20:35,560 Speaker 1: What All six one to San Francisco, Bloomberg nom sixteen 375 00:20:35,640 --> 00:20:38,240 Speaker 1: to the country, Sirius XM to the one nine team, 376 00:20:38,359 --> 00:20:41,560 Speaker 1: and around the globe, the Bloomberg Business at and Bloomberg 377 00:20:41,640 --> 00:20:51,240 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 378 00:20:51,240 --> 00:20:53,520 Speaker 1: on Wall Street. Good morning. I'm Nathan Hager and I'm 379 00:20:53,600 --> 00:20:56,479 Speaker 1: Karen Moscow. We are just about four hours away from 380 00:20:56,520 --> 00:20:58,240 Speaker 1: the open of US trading. Let's get you up to 381 00:20:58,320 --> 00:20:59,880 Speaker 1: date on the news. You need to know what this show. 382 00:21:00,000 --> 00:21:03,240 Speaker 1: Our US futures are lower in MU did action this morning. 383 00:21:03,520 --> 00:21:06,480 Speaker 1: That's after stock snapped a two day winning streak yesterday. 384 00:21:06,720 --> 00:21:10,080 Speaker 1: Main Stake Capital Management foundery David Kudla says, right now 385 00:21:10,200 --> 00:21:14,240 Speaker 1: it's time to be defensive the classic sixty portfolio. It's 386 00:21:14,280 --> 00:21:18,479 Speaker 1: down more than this year. Liquid alternatives that offer an 387 00:21:18,520 --> 00:21:22,119 Speaker 1: opportunity for a positive return because of the strategies of 388 00:21:22,200 --> 00:21:26,520 Speaker 1: shorting stocks actually generate positive returns. David cool Love with 389 00:21:26,560 --> 00:21:29,520 Speaker 1: Mainstake Capital says it's wishful thinking to believe that rate 390 00:21:29,600 --> 00:21:32,720 Speaker 1: hikes will bring down inflation anytime soon. While still Karen 391 00:21:32,760 --> 00:21:35,800 Speaker 1: fed officials keep banging the drum for tighter policy, insisting 392 00:21:35,840 --> 00:21:38,040 Speaker 1: they do not plan to cut rates next year. San 393 00:21:38,080 --> 00:21:41,520 Speaker 1: Francisco FED president Mary Daily spoke with Bloomberg yesterday. It's 394 00:21:41,560 --> 00:21:44,600 Speaker 1: also very damaging to the economy to have this level 395 00:21:44,640 --> 00:21:47,280 Speaker 1: of inflation, so we're committed to bringing it down in 396 00:21:47,600 --> 00:21:50,440 Speaker 1: staying the course until we're well and truly done. Mary 397 00:21:50,520 --> 00:21:53,240 Speaker 1: Daly's comments about inflation are being echoed by Atlanta FED 398 00:21:53,280 --> 00:21:57,359 Speaker 1: President Raphael Bostik, who also says rates need to go higher. Meantime, 399 00:21:57,400 --> 00:21:59,600 Speaker 1: the price of oil is holding steady after opec a 400 00:21:59,640 --> 00:22:03,159 Speaker 1: great to slash daily output by two million barrels. Saudi 401 00:22:03,280 --> 00:22:06,320 Speaker 1: Energy Minister Prince Abdulzie has Been Salmon sat down with 402 00:22:06,400 --> 00:22:09,360 Speaker 1: US in Vienna and said the move does not necessarily 403 00:22:09,400 --> 00:22:12,200 Speaker 1: mean the market should price in more cuts in the future. 404 00:22:12,400 --> 00:22:16,960 Speaker 1: We wanted to give the market are direction and input. 405 00:22:17,200 --> 00:22:20,200 Speaker 1: That's why we extended the agreement to end of conies. 406 00:22:20,880 --> 00:22:24,520 Speaker 1: But we still have the same tours in our guidance 407 00:22:24,560 --> 00:22:28,280 Speaker 1: to the market. Is Kusen, Saudi Energy Minister Prince Abdulazie 408 00:22:28,320 --> 00:22:31,359 Speaker 1: has been Salmon said the US led initiative to slap 409 00:22:31,359 --> 00:22:34,159 Speaker 1: a price cap on Russian oil is adding uncertainty to 410 00:22:34,160 --> 00:22:36,800 Speaker 1: the market. Checking prices right now now. I'm ex Scrude 411 00:22:36,800 --> 00:22:39,359 Speaker 1: oil is up half percent at eighty eight dollars sixty 412 00:22:39,480 --> 00:22:42,320 Speaker 1: cents of barrel. Brent is up half percent at ninety 413 00:22:42,320 --> 00:22:45,040 Speaker 1: three dollars eighty three cents. The White House is expressing 414 00:22:45,080 --> 00:22:48,480 Speaker 1: frustration with opex move, Karen. The Biden administration calls it 415 00:22:48,520 --> 00:22:52,200 Speaker 1: unnecessary and shortsighted, saying the move alignes OPEC with Russia. 416 00:22:52,480 --> 00:22:55,520 Speaker 1: In response, Economic advisor Brian These says the US will 417 00:22:55,560 --> 00:22:59,240 Speaker 1: release ten million barrels from the Strategic Petroleum Reserve this month. 418 00:22:59,640 --> 00:23:02,359 Speaker 1: And a couple of notes in corporate news this morning, Nathan, 419 00:23:02,440 --> 00:23:05,359 Speaker 1: starting with Twitter, it turns out billionaire Elon Musk was 420 00:23:05,400 --> 00:23:08,119 Speaker 1: reportedly pushing to buy the company for a lower price 421 00:23:08,119 --> 00:23:10,760 Speaker 1: than previously agreed upon. He'll now go through with the 422 00:23:10,840 --> 00:23:13,600 Speaker 1: deal on its original terms. And Bloomberg News has learned 423 00:23:13,640 --> 00:23:16,840 Speaker 1: General Electric is cutting jobs. GE will reduce its US 424 00:23:16,840 --> 00:23:21,000 Speaker 1: on shore wind workforce by twenty to counter mounting losses 425 00:23:21,080 --> 00:23:23,960 Speaker 1: at its renewable energy unit S and p Future is 426 00:23:24,000 --> 00:23:26,399 Speaker 1: lower down fifteen points this morning, Death futures down a 427 00:23:26,480 --> 00:23:29,440 Speaker 1: hundred three and NASDAG futures down fort Each shoe straight 428 00:23:29,480 --> 00:23:32,600 Speaker 1: ahead your latest local headlines, plus a check of sports 429 00:23:32,720 --> 00:23:40,000 Speaker 1: and this is Bloomberg. Thanks Karen. Three on Wall Street, 430 00:23:40,000 --> 00:23:42,879 Speaker 1: fifty six degrees in Central Park. Still problems getting on 431 00:23:42,920 --> 00:23:46,120 Speaker 1: the north bounded Jersey Turnpike on Route eighteen. Say more 432 00:23:46,119 --> 00:23:48,280 Speaker 1: in traffic First Michael Barr with what else is going 433 00:23:48,320 --> 00:23:50,320 Speaker 1: on in New York and around the world. Michael, thank 434 00:23:50,359 --> 00:23:53,600 Speaker 1: you very much. Nathan IBM will announce plans to invest 435 00:23:53,640 --> 00:23:57,720 Speaker 1: twenty billion dollars over the next decade during a visit 436 00:23:57,760 --> 00:24:00,800 Speaker 1: by President Joe Biden to the company's camp is in Poughkeepsie, 437 00:24:00,840 --> 00:24:03,880 Speaker 1: New York. President Biden will also be in New Jersey 438 00:24:03,920 --> 00:24:08,440 Speaker 1: today for a Democratic fundraiser. Yesterday, President Biden was in Florida. 439 00:24:09,000 --> 00:24:11,560 Speaker 1: The President laid out some of the benefits available to 440 00:24:11,640 --> 00:24:14,920 Speaker 1: storm victims who lost property during Hurricane Ian. If you 441 00:24:14,960 --> 00:24:18,199 Speaker 1: don't have in shorts, or if you're under insured and 442 00:24:18,280 --> 00:24:20,719 Speaker 1: you found a place to rent where your car has 443 00:24:20,760 --> 00:24:23,840 Speaker 1: been destroyed, you're entitled up maybe entitle up to thirty 444 00:24:23,880 --> 00:24:27,640 Speaker 1: seven thousand, nine hundred dollars in federal funds. Biden received 445 00:24:27,640 --> 00:24:30,760 Speaker 1: a warm welcome from Florida Governor Around the centers, New 446 00:24:30,840 --> 00:24:34,119 Speaker 1: York City Council members are proposing housing asylum seekers and 447 00:24:34,200 --> 00:24:37,920 Speaker 1: hotels and churches. The ideas from last night's Council meet 448 00:24:37,960 --> 00:24:41,440 Speaker 1: income after Mayor Eric Adams now wants to house migrants 449 00:24:41,440 --> 00:24:44,720 Speaker 1: in tense city at Randall's Island near Adams scrapped the 450 00:24:44,720 --> 00:24:48,119 Speaker 1: original idea of having the migrant relief center in Orchard 451 00:24:48,160 --> 00:24:51,600 Speaker 1: Beach after opposition from both sides of the debate. However, 452 00:24:51,920 --> 00:24:55,159 Speaker 1: critics say the new Randall's Island location will still have 453 00:24:55,240 --> 00:24:59,240 Speaker 1: the same problems, including access from migrants to get jobs, healthcare, 454 00:24:59,320 --> 00:25:03,040 Speaker 1: and school. More than thirty people, primarily children, were killed 455 00:25:03,040 --> 00:25:05,760 Speaker 1: today when a gunman opened fire in the child care 456 00:25:05,840 --> 00:25:09,399 Speaker 1: center in northeastern Thailand. Authorities say the gunman took his 457 00:25:09,440 --> 00:25:13,240 Speaker 1: own life. North Korea has launched two ballistic missiles into 458 00:25:13,240 --> 00:25:16,879 Speaker 1: its eastern waters after the U. S redeployed an aircraft 459 00:25:16,920 --> 00:25:20,159 Speaker 1: carrier in response to the North's earlier launch of a 460 00:25:20,240 --> 00:25:25,240 Speaker 1: nuclear capable missile over Japan. Japanese from Minister Fumio Kashita 461 00:25:25,440 --> 00:25:30,920 Speaker 1: said the North Korean action was absolutely intolerable. Today's launches 462 00:25:31,000 --> 00:25:34,760 Speaker 1: came as the US aircraft carrier USS Renald Reagan returned 463 00:25:34,760 --> 00:25:38,400 Speaker 1: to waters east to South Korea. Meanwhile, Tuesday's launches were 464 00:25:38,640 --> 00:25:41,119 Speaker 1: North korea sixth round of weapons test in less than 465 00:25:41,160 --> 00:25:44,359 Speaker 1: two weeks that has been condemned by the US and 466 00:25:44,520 --> 00:25:47,480 Speaker 1: other countries. Secretary of Saint Anthony B. Lincoln spoke to 467 00:25:47,520 --> 00:25:51,600 Speaker 1: reporters concerning Tuesday's missile launches. We are taking appropriate defense 468 00:25:51,640 --> 00:25:54,000 Speaker 1: and to turn steps with allies and partners. We've called 469 00:25:54,000 --> 00:25:57,080 Speaker 1: for UN Security Council meeting uh and we're consulting with 470 00:25:57,200 --> 00:26:00,600 Speaker 1: our partners on next steps. UM. I also want to 471 00:26:00,600 --> 00:26:03,320 Speaker 1: make very clear that our commitment to the defense of 472 00:26:03,760 --> 00:26:08,000 Speaker 1: our allies and partners Koree in Japan uh ISH is ironclad. 473 00:26:08,520 --> 00:26:11,320 Speaker 1: Secretary B. Lincoln Global News twenty four hours a day 474 00:26:11,320 --> 00:26:13,119 Speaker 1: on air and on Bloomberg Quick Take, Power a boy, 475 00:26:13,160 --> 00:26:15,080 Speaker 1: more than the twenty seven hundred journalists, analysts more than 476 00:26:15,080 --> 00:26:18,080 Speaker 1: a hundred, twenty countries, and Michael bar this is Bloomberg. Nathan. 477 00:26:18,080 --> 00:26:24,920 Speaker 1: Thanks Michael. Almost five six on Wall Street time for 478 00:26:24,920 --> 00:26:27,240 Speaker 1: the Bloomberg Sports Update with John Stanshown. All right, Nathan, 479 00:26:27,280 --> 00:26:30,040 Speaker 1: the baseball regular season is over. The new playoff format 480 00:26:30,040 --> 00:26:33,160 Speaker 1: has twelve teams, the most ever includes the Phillies, who 481 00:26:33,160 --> 00:26:35,320 Speaker 1: hadn't been to the postseasons in two thousand eleven, and 482 00:26:35,359 --> 00:26:37,400 Speaker 1: the Mariners who hadn't gone to two thousand and one, 483 00:26:37,480 --> 00:26:41,200 Speaker 1: also include the Yankees and meth Yanks. One games went 484 00:26:41,280 --> 00:26:43,760 Speaker 1: just forty two and thirty two. After the All Star break, 485 00:26:43,800 --> 00:26:46,040 Speaker 1: they lost the finale at Texas Sport of two and 486 00:26:46,080 --> 00:26:48,960 Speaker 1: will now await the winner of the wild Cards series 487 00:26:49,000 --> 00:26:51,399 Speaker 1: between Cleveland and Tampa Bay. And that's one a hundred 488 00:26:51,400 --> 00:26:54,120 Speaker 1: and one games. But because they got swept in Atlanta 489 00:26:54,200 --> 00:26:56,440 Speaker 1: last weekend, they have to play a wild card series 490 00:26:56,480 --> 00:26:59,800 Speaker 1: against San Diego. The opener the best of three tomorrow nights. 491 00:27:00,040 --> 00:27:03,640 Speaker 1: The field match Serzer opposing the Padres. You Darvis Mets 492 00:27:03,640 --> 00:27:05,840 Speaker 1: finished up with a nine to win over Washington. James 493 00:27:05,840 --> 00:27:08,560 Speaker 1: Bacan hit a three one homer Francisco and Georga threw 494 00:27:08,600 --> 00:27:11,399 Speaker 1: on double. Jeff McNeil did not play, finished with a 495 00:27:11,440 --> 00:27:14,320 Speaker 1: three twenty six average that one McNeil the National League 496 00:27:14,359 --> 00:27:17,120 Speaker 1: batting title. He hit just to forty nine. A year ago, 497 00:27:17,240 --> 00:27:20,960 Speaker 1: the Royals fired manager Mike Naffini. The Angels announced Phil Nevin, 498 00:27:21,000 --> 00:27:23,280 Speaker 1: who took over when Joe Madden was fired, will return 499 00:27:23,400 --> 00:27:27,040 Speaker 1: next season. Wait five NFL begins with Colts, Broncos and Denver. 500 00:27:27,160 --> 00:27:30,159 Speaker 1: The Giants headed to London to play Green Bays Sunday. 501 00:27:30,160 --> 00:27:32,280 Speaker 1: It's not known if Giants give me Daniel Jones can 502 00:27:32,320 --> 00:27:35,520 Speaker 1: play due to an injured ankle on Sunday's a little bit, 503 00:27:35,800 --> 00:27:37,680 Speaker 1: a little bit away, So I think I'll continue to 504 00:27:37,720 --> 00:27:40,000 Speaker 1: progress throughout the week and see how I feel. But 505 00:27:40,640 --> 00:27:44,159 Speaker 1: uh confident my ability to uh throw from the pocket, 506 00:27:44,160 --> 00:27:47,520 Speaker 1: throw outside of the pocket, and and uh place Jones 507 00:27:47,560 --> 00:27:50,440 Speaker 1: can't play. It's like the third stringer Davis Webb will 508 00:27:50,440 --> 00:27:53,920 Speaker 1: start to Tyrod Taylor is in concussion protocol. Webb never 509 00:27:53,960 --> 00:27:57,400 Speaker 1: thrown a pass in the NFL regular season again. John Stashwar, 510 00:27:57,480 --> 00:28:00,840 Speaker 1: Boomberg Sports. Thanks John seven wall Street time for the 511 00:28:00,840 --> 00:28:04,679 Speaker 1: Tri State Business Report with Bloomberg Scott car. Residential sales 512 00:28:04,720 --> 00:28:08,360 Speaker 1: have started at Manhattan's two twenty two East Broadway. New 513 00:28:08,440 --> 00:28:12,040 Speaker 1: York Business Journal reports seventy luxury condos went on sale 514 00:28:12,040 --> 00:28:15,040 Speaker 1: this week at the property on Manhattan's lower east side. 515 00:28:15,440 --> 00:28:19,720 Speaker 1: Developer Optimum Asset Management says the project under construction plans 516 00:28:19,760 --> 00:28:23,600 Speaker 1: occupancy for early three. A group of investors out of 517 00:28:23,640 --> 00:28:26,159 Speaker 1: Brooklyn have just paid two point three million for a 518 00:28:26,200 --> 00:28:30,160 Speaker 1: forty three year old office building in Glastonbury, Connecticut. Three 519 00:28:30,320 --> 00:28:33,840 Speaker 1: ll C s Zon and Mint Equities and MS Parkway 520 00:28:34,119 --> 00:28:36,400 Speaker 1: closed the deal this week on the over sixty four 521 00:28:36,440 --> 00:28:40,200 Speaker 1: thousand square foot building on Western Boulevard. Parents in New 522 00:28:40,280 --> 00:28:43,120 Speaker 1: Jersey can now file for an up to five dollar 523 00:28:43,200 --> 00:28:46,360 Speaker 1: per child tax credit and get the credit next year 524 00:28:46,440 --> 00:28:49,760 Speaker 1: instead of the way it was apparently mistakenly written that 525 00:28:49,840 --> 00:28:53,760 Speaker 1: would have delayed payouts of the credit until four. Governor 526 00:28:53,840 --> 00:28:56,600 Speaker 1: Murphy signed a correction to the bill this week. That's 527 00:28:56,600 --> 00:29:00,720 Speaker 1: the Bloomberg Tri State Business Report. I'm Scott Carr Right, Scott. Thanks, 528 00:29:00,720 --> 00:29:02,640 Speaker 1: five thirty eight on Wall Street. Now, let's check in 529 00:29:02,640 --> 00:29:04,480 Speaker 1: with our global news team for some of the top 530 00:29:04,520 --> 00:29:07,760 Speaker 1: stories heard on our three hundred affiliate Bloomberg Radio stations 531 00:29:07,800 --> 00:29:13,320 Speaker 1: around the world. I'm Steve Potos, Content and Wins in 532 00:29:13,360 --> 00:29:16,400 Speaker 1: New York. We're talking about IBM's plan to invest twenty 533 00:29:16,440 --> 00:29:21,400 Speaker 1: billion dollars in future technology and US chipmates um Courney, 534 00:29:21,480 --> 00:29:25,000 Speaker 1: Donahoean wh S and Louisville Forward raising the price of 535 00:29:25,040 --> 00:29:28,400 Speaker 1: the hot selling electric fin fifty lightning pick up. I'm 536 00:29:28,400 --> 00:29:31,560 Speaker 1: Stephen Carol and Bloomberg d A B Digital Radio in London. 537 00:29:31,640 --> 00:29:34,280 Speaker 1: We've been reporting on new research showing the benefits of 538 00:29:34,320 --> 00:29:37,200 Speaker 1: the Prime Minister's tax cuts being wiped out by more 539 00:29:37,280 --> 00:29:40,400 Speaker 1: people paying a higher rate of tax. I'm Gina servet 540 00:29:40,480 --> 00:29:43,240 Speaker 1: I in for k CBS from San Francisco. I'm talking 541 00:29:43,240 --> 00:29:47,000 Speaker 1: about Uber's former security chief being found guilty of concealing 542 00:29:47,000 --> 00:29:50,120 Speaker 1: a massive data breach. I'm Scott Carr on w d 543 00:29:50,160 --> 00:29:52,880 Speaker 1: c H in Washington. I'm reporting, believe it or not, 544 00:29:53,040 --> 00:29:56,520 Speaker 1: Amazon's big new ongoing HQ two project is not the 545 00:29:56,560 --> 00:29:59,760 Speaker 1: biggest mixed use project underway in the region. That was 546 00:29:59,800 --> 00:30:03,240 Speaker 1: just of the stories are Bloomberg journalists and analysts working 547 00:30:03,240 --> 00:30:05,720 Speaker 1: on this morning. It's thirty nine on Wall Street. The 548 00:30:05,800 --> 00:30:10,280 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 549 00:30:10,360 --> 00:30:14,000 Speaker 1: written by the Bloomberg Editorial Board. In the days since 550 00:30:14,080 --> 00:30:19,080 Speaker 1: Vladimir Putin ordered Russia's largest mobilizations since World War Two, 551 00:30:19,520 --> 00:30:23,640 Speaker 1: hundreds of thousands of Russians have fled the country. Some 552 00:30:23,760 --> 00:30:27,280 Speaker 1: of the country's neighbors are now fretting about the consequences. 553 00:30:27,520 --> 00:30:32,200 Speaker 1: But while frontline nations are understandably reluctant to absorb new 554 00:30:32,240 --> 00:30:35,920 Speaker 1: waves of Russian exiles, closing the doors to them will 555 00:30:35,960 --> 00:30:40,360 Speaker 1: only strengthen Putin. In contrast, allowing them in would help 556 00:30:40,440 --> 00:30:45,160 Speaker 1: drain Putin's war machine. Which is already struggling with mounting casualties. 557 00:30:45,600 --> 00:30:49,440 Speaker 1: The plight of Russians seeking to avoid the battlefield pales 558 00:30:49,560 --> 00:30:53,120 Speaker 1: in comparison to the suffering Putin has inflicted on the 559 00:30:53,160 --> 00:30:57,040 Speaker 1: people of Ukraine. Yet giving more Russians away out would 560 00:30:57,040 --> 00:31:01,600 Speaker 1: erode Putin's ability to prosecute his assault. The West should 561 00:31:01,640 --> 00:31:04,680 Speaker 1: make the most of it. LUs editorial was written by 562 00:31:04,720 --> 00:31:08,200 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go 563 00:31:08,280 --> 00:31:11,680 Speaker 1: to Bloomberg dot com, Slash Opinion or OPI I N 564 00:31:11,760 --> 00:31:15,920 Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion 565 00:31:16,240 --> 00:31:23,240 Speaker 1: and you are listening to Bloomberg Daybreak. Bloomberg Compinion editorials 566 00:31:23,240 --> 00:31:25,480 Speaker 1: can be heard every week at this time. Terminal customers 567 00:31:25,520 --> 00:31:28,080 Speaker 1: can read more at op I n go Right outs 568 00:31:28,120 --> 00:31:30,520 Speaker 1: fifty six degrees in Central Park. We're heading up to 569 00:31:30,520 --> 00:31:34,200 Speaker 1: the low seventies today and tomorrow low sixties. For the weekend, 570 00:31:37,320 --> 00:31:40,720 Speaker 1: markets headlines and breaking news twenty four hours a day 571 00:31:40,840 --> 00:31:43,840 Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at 572 00:31:43,840 --> 00:31:53,440 Speaker 1: Bloomberg Quicktap. This is a Bloomberg Business Flash and I'm 573 00:31:53,520 --> 00:31:57,400 Speaker 1: Karen Moscow and US dot index futures are lower this morning, 574 00:31:57,440 --> 00:32:01,800 Speaker 1: while European shares are little ages, investors debate whether higher 575 00:32:01,840 --> 00:32:05,560 Speaker 1: oil prices would further weaken growth, potentially slowing the rate 576 00:32:05,600 --> 00:32:07,960 Speaker 1: high cycles of central banks. We checked the markets every 577 00:32:07,960 --> 00:32:11,560 Speaker 1: fifteen minutes throughout the trading day on Bloomberg SMP futures 578 00:32:11,560 --> 00:32:14,080 Speaker 1: down twenty points, death features down a hundred thirty eight, 579 00:32:14,320 --> 00:32:17,560 Speaker 1: NASTACK futures down sixty one. The decks in Germany is 580 00:32:17,640 --> 00:32:20,240 Speaker 1: little change. Ten year treasury down one thirty second. You 581 00:32:20,280 --> 00:32:22,440 Speaker 1: have three point seven five percent. They yield on the 582 00:32:22,480 --> 00:32:25,600 Speaker 1: two year four point one five percent. Nine max scred 583 00:32:25,680 --> 00:32:28,360 Speaker 1: oil is little change. Now at eighty seven dollars, seventy 584 00:32:28,360 --> 00:32:31,040 Speaker 1: four cents of barrel comes called up two tenths per 585 00:32:31,080 --> 00:32:33,600 Speaker 1: cent or three dollars thirty cents and seventeen twenty four 586 00:32:33,680 --> 00:32:37,320 Speaker 1: ten an ounce. The euro point eight against the dollar, 587 00:32:37,360 --> 00:32:39,720 Speaker 1: British found one point one to seven nine, the yen 588 00:32:39,800 --> 00:32:43,080 Speaker 1: one four point seven two, and bitcoin is of nine 589 00:32:43,080 --> 00:32:46,280 Speaker 1: ten percent to twenty thousand, one hundred sixty dollars. That's 590 00:32:46,280 --> 00:32:48,960 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 591 00:32:49,040 --> 00:32:51,440 Speaker 1: of us going on around the world. Michael Karen, thank 592 00:32:51,480 --> 00:32:54,400 Speaker 1: you very much. More than thirty people, primarily children, were 593 00:32:54,480 --> 00:32:56,720 Speaker 1: killed today when a gunman opened a fire in a 594 00:32:56,800 --> 00:33:01,120 Speaker 1: childcare center in northeastern Thailand. Already said the attacker it 595 00:33:01,160 --> 00:33:04,440 Speaker 1: took his own life. According to Time media reports, the 596 00:33:04,480 --> 00:33:07,320 Speaker 1: gunmen also used knives in the attack and then fled 597 00:33:07,320 --> 00:33:11,000 Speaker 1: the building. North Korea has launched two ballistic missiles into 598 00:33:11,040 --> 00:33:13,960 Speaker 1: its eastern waters after the U. S redeployed an aircraft 599 00:33:14,040 --> 00:33:17,200 Speaker 1: carrier in response to the North earlier launch of a 600 00:33:17,280 --> 00:33:21,360 Speaker 1: nuclear capable missile over Japan. In baseball, on the last 601 00:33:21,400 --> 00:33:23,960 Speaker 1: day of the regular season, the Yankees lost the Mets 602 00:33:24,040 --> 00:33:27,320 Speaker 1: wand over the Nationals nine to the Red Sox lost 603 00:33:27,440 --> 00:33:29,800 Speaker 1: the Orioles split a double header with the Blue Jays 604 00:33:30,040 --> 00:33:33,520 Speaker 1: the Giants. In these one Global News twenty four hours 605 00:33:33,520 --> 00:33:35,720 Speaker 1: a day on it or and on Bloomberg Quick Take, 606 00:33:35,760 --> 00:33:39,160 Speaker 1: powered by more than seven hundred journalist antalist more than 607 00:33:39,200 --> 00:33:43,600 Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael, 608 00:33:43,600 --> 00:33:46,320 Speaker 1: thank you. We're coming up to nine on Wall Street 609 00:33:46,320 --> 00:33:49,640 Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg 610 00:33:49,720 --> 00:33:52,520 Speaker 1: Daybreak and we're joined now by Ben Laidler. Global Market 611 00:33:52,600 --> 00:33:55,040 Speaker 1: strategist at each HORO. We've got a lot to think 612 00:33:55,080 --> 00:33:58,160 Speaker 1: about this morning for markets. Ben was not just the 613 00:33:58,480 --> 00:34:02,440 Speaker 1: FED outlook and the risk of recession, but now the 614 00:34:02,560 --> 00:34:07,640 Speaker 1: outlook for global energy commodities with OPEC making its move. 615 00:34:07,840 --> 00:34:11,600 Speaker 1: Does the decision to cut back production by the cartel 616 00:34:11,920 --> 00:34:14,239 Speaker 1: affect your outlook for markets for the rest of this year? 617 00:34:16,560 --> 00:34:20,480 Speaker 1: Not really, UM. I certainly think the open decision is 618 00:34:20,480 --> 00:34:22,320 Speaker 1: a bit of a wake up call for commodity markets. 619 00:34:22,640 --> 00:34:25,560 Speaker 1: And we've obviously been worried about focused on demand fears 620 00:34:25,560 --> 00:34:28,000 Speaker 1: from recession and China and everything else, and this is 621 00:34:28,040 --> 00:34:29,960 Speaker 1: just a reminder I think of how tight the supply 622 00:34:30,080 --> 00:34:33,400 Speaker 1: side is, UM, whether it's open it, whether it's a 623 00:34:33,440 --> 00:34:36,759 Speaker 1: lack of new drilling, all of this just offsetting the 624 00:34:36,800 --> 00:34:39,360 Speaker 1: demand slowdown and I think putting us in a regime 625 00:34:39,400 --> 00:34:42,480 Speaker 1: of sort of high for longer, you know, commodities. UM. 626 00:34:42,480 --> 00:34:44,759 Speaker 1: Having said all that, though ninety dollar oil is not 627 00:34:45,239 --> 00:34:48,240 Speaker 1: twenty dollar oil, which is where we've come from. UM. 628 00:34:48,280 --> 00:34:50,120 Speaker 1: You know, natural gas prices here in Europe with more 629 00:34:50,160 --> 00:34:52,520 Speaker 1: than halved in the last month or so, so I 630 00:34:52,560 --> 00:34:54,920 Speaker 1: think you know that that's how I think you sort 631 00:34:54,920 --> 00:34:57,080 Speaker 1: of square that circle. Sort of high for longer the commodities, 632 00:34:57,120 --> 00:35:01,479 Speaker 1: but still the inflation relief, and it's about inflation. UM. 633 00:35:01,680 --> 00:35:04,240 Speaker 1: Inflation has been driving everything, has been driving central banks, 634 00:35:04,280 --> 00:35:08,000 Speaker 1: it's been driving procession risks, it's been driving earnings risks. 635 00:35:08,120 --> 00:35:10,240 Speaker 1: So I think people just need to stay laser focused 636 00:35:10,239 --> 00:35:13,960 Speaker 1: on that. If headline inflation is falling as it is, 637 00:35:14,000 --> 00:35:17,200 Speaker 1: and all the lead indicators, whether it's commodities, whether it's 638 00:35:17,200 --> 00:35:20,040 Speaker 1: p MS, whether it's housing, whether it's even the jobs 639 00:35:20,120 --> 00:35:22,360 Speaker 1: jobs data we saw, if all those lead indicators of 640 00:35:22,400 --> 00:35:25,440 Speaker 1: easing up and we get visibility that inflation is going 641 00:35:25,480 --> 00:35:28,640 Speaker 1: to keep coming down, then I think that gives us 642 00:35:28,680 --> 00:35:30,920 Speaker 1: some visibility that we're not that far away from this 643 00:35:31,280 --> 00:35:33,320 Speaker 1: the top of this dead hiking cycle. Is there a 644 00:35:33,400 --> 00:35:37,200 Speaker 1: risk though, that the production cut for oil could add 645 00:35:37,200 --> 00:35:41,240 Speaker 1: to inflationary pressures if we start to see gas prices 646 00:35:41,280 --> 00:35:45,080 Speaker 1: go up. Yes, but I think they've got to go 647 00:35:45,160 --> 00:35:47,479 Speaker 1: up a lot. Mean again, where it's only for brain 648 00:35:47,600 --> 00:35:49,640 Speaker 1: where you know, we were up and over hundred twenty 649 00:35:49,640 --> 00:35:51,120 Speaker 1: now we're done at nineties, So I think they've got 650 00:35:51,120 --> 00:35:52,680 Speaker 1: to go up a lot. I think to really sort 651 00:35:52,719 --> 00:35:55,920 Speaker 1: of derail that UM sort of broader story A and B. 652 00:35:56,719 --> 00:36:00,160 Speaker 1: You know what's okay, doing they're responding to the weaker demand. So, 653 00:36:00,400 --> 00:36:03,040 Speaker 1: you know, because of the recession fees, because of the 654 00:36:03,080 --> 00:36:06,160 Speaker 1: concerns on China, you know, demand is sort of loosening off, 655 00:36:06,280 --> 00:36:09,320 Speaker 1: so UM I would prefer a lot of lower rower prices, 656 00:36:09,640 --> 00:36:12,680 Speaker 1: but again, ninety dollars a lot better than dred and twenty. 657 00:36:12,760 --> 00:36:15,200 Speaker 1: I still think this is a I still think inflation 658 00:36:15,239 --> 00:36:17,279 Speaker 1: is coming down. I still think that begins to give 659 00:36:17,320 --> 00:36:19,080 Speaker 1: us a visibility on the top of this FED interest 660 00:36:19,120 --> 00:36:23,040 Speaker 1: rate cycle over the next two three weeks that gives us. 661 00:36:23,080 --> 00:36:25,359 Speaker 1: That means that four percent was the peak for US 662 00:36:25,400 --> 00:36:27,800 Speaker 1: tenure bond yields. I think these are the catalysts for 663 00:36:27,840 --> 00:36:30,200 Speaker 1: the fourth quarter. That means I think that this market 664 00:36:30,280 --> 00:36:32,959 Speaker 1: is building up bottom here. It is interesting, though, because 665 00:36:33,000 --> 00:36:35,799 Speaker 1: we keep hearing from Fed officials that they think that 666 00:36:35,880 --> 00:36:38,239 Speaker 1: interest rates are going to keep having to go up 667 00:36:38,320 --> 00:36:41,200 Speaker 1: or at least stay elevated for quite some time into 668 00:36:41,280 --> 00:36:43,680 Speaker 1: next year. You think that the Fed pivot's gonna come 669 00:36:43,719 --> 00:36:47,160 Speaker 1: sooner though. I don't think they're gonna pivot. I think 670 00:36:47,200 --> 00:36:49,360 Speaker 1: what we're gonna see, we've got three more rate hikes 671 00:36:49,360 --> 00:36:51,200 Speaker 1: I think still to come. I just think they're going 672 00:36:51,239 --> 00:36:53,560 Speaker 1: to be less big, so so maybe one more sony 673 00:36:53,600 --> 00:36:55,359 Speaker 1: five than a fifties than a twenty five, and then 674 00:36:55,400 --> 00:36:59,240 Speaker 1: we're done. Um. I think, you know, it was certainly 675 00:36:59,239 --> 00:37:01,000 Speaker 1: a long way from cut interest rates, but I think 676 00:37:01,000 --> 00:37:03,840 Speaker 1: market at this point, which just takes in visibility that 677 00:37:03,880 --> 00:37:05,960 Speaker 1: we're not too far from the top. So if we've 678 00:37:05,960 --> 00:37:08,399 Speaker 1: got three more hikes to come, that takes us through 679 00:37:08,400 --> 00:37:10,080 Speaker 1: to the beginning of the beginning of the year. I think, 680 00:37:10,120 --> 00:37:12,320 Speaker 1: you know, the first stage of this building at bottom 681 00:37:12,440 --> 00:37:14,560 Speaker 1: is just beginning to see the top of the fit cycle. 682 00:37:15,200 --> 00:37:17,400 Speaker 1: I think the you know, the next bull market starts 683 00:37:17,400 --> 00:37:19,919 Speaker 1: and the Fed starts cutting interest rate, We're not there yet, 684 00:37:20,200 --> 00:37:22,640 Speaker 1: but I think, you know, the first step to that 685 00:37:22,760 --> 00:37:24,680 Speaker 1: is just getting visibility on top of the cycle. I 686 00:37:24,680 --> 00:37:26,560 Speaker 1: think that's what the market is sort of feeding, you know, 687 00:37:26,600 --> 00:37:29,319 Speaker 1: feeling out right now, just about thirty seconds left here, 688 00:37:29,360 --> 00:37:30,880 Speaker 1: it sounds like you're thinking, we're going to get more 689 00:37:30,920 --> 00:37:33,680 Speaker 1: of that visibility from the jobs report that comes out tomorrow. 690 00:37:33,719 --> 00:37:36,719 Speaker 1: What's your call there, Yeah, I hope. So. I mean 691 00:37:36,719 --> 00:37:38,440 Speaker 1: that's really sort of the missing link because they say 692 00:37:38,480 --> 00:37:40,719 Speaker 1: all the other lead indicators, you know, whether it be 693 00:37:40,800 --> 00:37:43,480 Speaker 1: commodities to housing, have all sort of moved lower. The 694 00:37:43,480 --> 00:37:45,560 Speaker 1: missing links being the job market. Again, the sort of 695 00:37:45,560 --> 00:37:48,840 Speaker 1: adults survey was was reassuring, but uh, you know, the 696 00:37:48,880 --> 00:37:52,000 Speaker 1: non farm payrolls numbers a real deal. Hopefully anything below 697 00:37:52,040 --> 00:37:54,680 Speaker 1: three hundred thousands I think will be taken world by markets. 698 00:37:55,560 --> 00:37:58,240 Speaker 1: Thanks has always been great getting your thoughts spend Laidler, 699 00:37:58,280 --> 00:38:02,080 Speaker 1: Global market Strategists at Toro Karen. Thanks Nathan. It is 700 00:38:02,120 --> 00:38:04,400 Speaker 1: five fifty three on Wall Street. Time for the Bloomberg 701 00:38:04,480 --> 00:38:06,920 Speaker 1: Law Report. Let's get to the legal stories we're watching 702 00:38:06,960 --> 00:38:12,880 Speaker 1: this morning. From Bloomberg's Jeff Bellinger, the I r S 703 00:38:12,920 --> 00:38:15,920 Speaker 1: has extended the tax deadlines for residents and businesses in 704 00:38:16,040 --> 00:38:19,239 Speaker 1: North and South Carolina that were impacted by Hurricane Ian. 705 00:38:19,360 --> 00:38:23,720 Speaker 1: Deadlines were already extended for Florida victims. Three professional sports 706 00:38:23,800 --> 00:38:27,040 Speaker 1: leagues and four universities known to their sports programs filed 707 00:38:27,080 --> 00:38:30,000 Speaker 1: lawsuits and a Chicago federal court they're seeking to shut 708 00:38:30,040 --> 00:38:33,880 Speaker 1: down online sales of counterfeit team merchandise. A lawsuit filed 709 00:38:33,880 --> 00:38:37,400 Speaker 1: in federal court in Massachusetts charges that Liberty Mutual failed 710 00:38:37,440 --> 00:38:40,799 Speaker 1: to pay hourly call center agents for required tasks at 711 00:38:40,800 --> 00:38:43,799 Speaker 1: the start of their shifts and after meal breaks. Bloomberg 712 00:38:43,880 --> 00:38:48,000 Speaker 1: Law everything you need, all on one legal research platform, 713 00:38:48,160 --> 00:38:52,640 Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more 714 00:38:52,680 --> 00:38:55,880 Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you. 715 00:38:55,920 --> 00:38:58,919 Speaker 1: Now another legal story we're watching. Elon Musk says he's 716 00:38:58,960 --> 00:39:01,439 Speaker 1: ready to go ahead with forty four billion dollar deal 717 00:39:01,520 --> 00:39:03,960 Speaker 1: to buy Twitter, but the trial over his attempt to 718 00:39:04,000 --> 00:39:07,200 Speaker 1: walk away from the deal is still scheduled for October 719 00:39:07,280 --> 00:39:10,720 Speaker 1: seventeenth and Delaware chance to record. So why hasn't Twitter 720 00:39:10,800 --> 00:39:13,279 Speaker 1: made a move to pause the trial proceedings? For more? 721 00:39:13,360 --> 00:39:16,560 Speaker 1: Bloombery student Grosso speaks to Eric Kelly, a professor at 722 00:39:16,600 --> 00:39:20,200 Speaker 1: Columbia Law School. His offer was made with a proviso 723 00:39:20,480 --> 00:39:23,920 Speaker 1: that the Delaware Chancery Court enter an immediate stay of 724 00:39:24,000 --> 00:39:27,520 Speaker 1: Twitter's fight and adjourn the trial. His offer came with 725 00:39:27,560 --> 00:39:31,240 Speaker 1: the proviso that there'll be an immediate stay of Twitter's 726 00:39:31,320 --> 00:39:34,879 Speaker 1: legal fight and an adjournman of the trial. Twitter has 727 00:39:34,920 --> 00:39:38,640 Speaker 1: not done that. Is this a case of fool me once? 728 00:39:38,880 --> 00:39:42,239 Speaker 1: Shame on you, fool me twice, shame on me, fool 729 00:39:42,320 --> 00:39:46,080 Speaker 1: me three, four or five times, shame on Twitter. Well 730 00:39:46,160 --> 00:39:48,880 Speaker 1: that was a nice try by Mr Boss, but quite frankly, 731 00:39:49,080 --> 00:39:51,840 Speaker 1: you know the imagery of Lucy holding the football and 732 00:39:51,920 --> 00:39:54,480 Speaker 1: Charlie Brown running up to kick the football again. I 733 00:39:54,560 --> 00:39:57,040 Speaker 1: think is definitely in play here, right. The fact of 734 00:39:57,040 --> 00:39:59,799 Speaker 1: the matter is that letter sort of says, I am 735 00:40:00,040 --> 00:40:02,840 Speaker 1: gonna undertake to agree to do what I've already agreed 736 00:40:02,880 --> 00:40:04,759 Speaker 1: to do and was trying to back out on. And 737 00:40:04,840 --> 00:40:08,759 Speaker 1: so when you really read that letter closely, yes, it's 738 00:40:08,800 --> 00:40:11,000 Speaker 1: signals that he's had a change of heart, that he's 739 00:40:11,040 --> 00:40:13,719 Speaker 1: willing to try to close this deal on its original terms. 740 00:40:13,760 --> 00:40:17,480 Speaker 1: That's great news for Twitter, but it doesn't really put 741 00:40:17,480 --> 00:40:21,279 Speaker 1: his money where his mouth is. It's conditioned on an 742 00:40:21,280 --> 00:40:26,479 Speaker 1: immediate stay of all proceedings and on the debt commitments closing. Well, 743 00:40:26,640 --> 00:40:28,680 Speaker 1: you know, the fact of the matter is that doesn't 744 00:40:28,719 --> 00:40:31,279 Speaker 1: really change any of the positions that he was in. 745 00:40:31,440 --> 00:40:33,719 Speaker 1: All it does is his signals that he's now more 746 00:40:33,840 --> 00:40:37,279 Speaker 1: open to closing on these particular terms. So Twitter would 747 00:40:37,320 --> 00:40:40,880 Speaker 1: be foolish if they said, Okay, now that you've signaled 748 00:40:40,920 --> 00:40:45,440 Speaker 1: this relatively limp willingness to go forward, we should just 749 00:40:45,560 --> 00:40:48,480 Speaker 1: put everything on hold, even though we're careening towards this 750 00:40:48,640 --> 00:40:51,520 Speaker 1: on October seventeenth day, you know, if part of what 751 00:40:51,600 --> 00:40:55,600 Speaker 1: was motivating him to issue this letter was sort of 752 00:40:55,640 --> 00:40:59,200 Speaker 1: a fear of walking into that deposition room. Well, if 753 00:40:59,239 --> 00:41:01,840 Speaker 1: that's you know, has come to Jesus moment in deciding 754 00:41:01,840 --> 00:41:03,799 Speaker 1: he's going to soften up on this deal, why would 755 00:41:03,800 --> 00:41:06,360 Speaker 1: Twitter ever want to put on the brakes on their lawsuit? 756 00:41:06,960 --> 00:41:10,280 Speaker 1: What kinds of things can Twitter do now to protect itself? 757 00:41:10,719 --> 00:41:14,360 Speaker 1: I would expect that Twitter is trying to make sure 758 00:41:14,520 --> 00:41:16,640 Speaker 1: that there are concessions there that are a little bit 759 00:41:16,640 --> 00:41:19,960 Speaker 1: more concrete than merely a repetition of the promise that 760 00:41:20,000 --> 00:41:22,440 Speaker 1: he made back in April to close the deal. So, 761 00:41:22,520 --> 00:41:26,160 Speaker 1: for example, they might have him stipulate the various legal 762 00:41:26,160 --> 00:41:29,640 Speaker 1: outcomes and essentially say, I'm going to agree that to 763 00:41:29,719 --> 00:41:32,200 Speaker 1: certain performance is in fact the right order here and 764 00:41:32,239 --> 00:41:35,919 Speaker 1: concede my liability on the issue. Or alternatively, they might say, Okay, 765 00:41:35,920 --> 00:41:37,880 Speaker 1: if you want to go through this deal, it's going 766 00:41:37,920 --> 00:41:40,239 Speaker 1: to take a few more days or weeks to get 767 00:41:40,280 --> 00:41:43,200 Speaker 1: things lined up. We would like you to immediately put 768 00:41:43,480 --> 00:41:46,759 Speaker 1: enough cash and stock in other companies like Tesla and 769 00:41:46,800 --> 00:41:49,680 Speaker 1: SpaceX into an escrow account so that if you try 770 00:41:49,719 --> 00:41:51,439 Speaker 1: to back out on it, we don't have to try 771 00:41:51,440 --> 00:41:54,480 Speaker 1: to haul you into court for a specific performance decree. 772 00:41:54,520 --> 00:41:56,800 Speaker 1: We'll just have a judge attached that account and have 773 00:41:56,920 --> 00:41:58,880 Speaker 1: that will kind of put your money where your mouth is. 774 00:42:00,280 --> 00:42:03,040 Speaker 1: And as very Tally are, professor at Columbia Law School, 775 00:42:03,080 --> 00:42:06,080 Speaker 1: speaking with Bloomberg stun Grosso. Catch more of that interview 776 00:42:06,120 --> 00:42:09,279 Speaker 1: plus analysis of the latest legal news by subscribing to 777 00:42:09,280 --> 00:42:12,320 Speaker 1: the Bloomberg Law Podcast or downloading this show at Bloomberg 778 00:42:12,360 --> 00:42:15,960 Speaker 1: dot com slash Podcasts Attorneys. You can find exceptional legal 779 00:42:15,960 --> 00:42:19,360 Speaker 1: research and business development tools at Bloomberg Law dot com 780 00:42:19,360 --> 00:42:22,920 Speaker 1: and on the Bloomberg terminal at b law Go. Future 781 00:42:22,960 --> 00:42:25,560 Speaker 1: is this morning or lower SMP Future is down twenty 782 00:42:25,560 --> 00:42:28,000 Speaker 1: two points down features down a hundred fifty four and 783 00:42:28,080 --> 00:42:31,879 Speaker 1: Nasday features car down seventy one, ten year treasury down 784 00:42:31,960 --> 00:42:34,960 Speaker 1: to thirty seconds, seal three point seven six per cent 785 00:42:35,480 --> 00:42:37,719 Speaker 1: and the yield on the two year four point one 786 00:42:37,960 --> 00:42:40,480 Speaker 1: six per cent and still ahead on Bloomberg Daybreak and 787 00:42:40,560 --> 00:42:42,880 Speaker 1: check on the business headlines and all the news you 788 00:42:42,920 --> 00:42:46,040 Speaker 1: need to start your day. And this is Bloomberg