Speaker 1: Five from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Day right for Thursday, October six two. Coming up this hour.
Speaker 1: Beneficials say the expectation for rate cuts next year is misplaced.
Speaker 1: The U S slam's OPEC's decision to cur production. Elon
Speaker 1: musk me have wanted to slash his takeover price for Twitter,
Speaker 1: and hundreds of billions of dollars in market value have
Speaker 1: it wiped away In the first month of this trust's government.
Speaker 1: New York City Council members are calling for housing asylum
Speaker 1: seekers and hotels and church uses to the Randall's Island.
Speaker 1: Plus more missile launches from North Korea on Michael Lawn.
Speaker 1: More ahead, I'm John stash Own Sports. The baseball regular
Speaker 1: season enter The Yankees lost the Mets one. They begin
Speaker 1: the post season tomorrow night. That's all trendy head on
Speaker 1: Bloomberg Day Break on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco syrius x M one nine
Speaker 1: team and around the world the Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business good morning. I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow. US DOT index futures are lower
Speaker 1: this morning. We are coming up to five o one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg, SMP Future is
Speaker 1: down fifteen points this morning, dowal Future is down a
Speaker 1: hundred three, and Nastack Future is down forty four. The
Speaker 1: decks in Germany is up about two tenths of a percent.
Speaker 1: Ten year treasury that'll change YELD three point seven five percent,
Speaker 1: and a yield on the two year four point one
Speaker 1: five percent. Nathan Well, Karen. This drop in US futures
Speaker 1: follows a late day comeback on Wall Street after falling
Speaker 1: as much as one point eight percent. The S and
Speaker 1: P five hundred ended yesterday session down two tenths percent,
Speaker 1: fueled by a big options trade. Aaron Kennon, CEO at
Speaker 1: clear heartbreass that management says that drop in earnings isn't
Speaker 1: being priced in yet. I think a very shallow recession,
Speaker 1: I would argue, is probably priced in. But if we
Speaker 1: are seeing some sort of double digit decline and let's
Speaker 1: say sp earnings next year, that's probably not yet priced
Speaker 1: into the market. Aaron kennon a clear hartbreast that management
Speaker 1: says tomorrow's jobs report will be a key indicator for
Speaker 1: the path ahead. Well. Fedow Reserve officials are repeating the
Speaker 1: mantra Nathan, and they don't plan to cut interest rates
Speaker 1: the next year. San Francisco FED President Mary Daily in
Speaker 1: Atlanta FED Chief Rafael Bostic are the latest to bang
Speaker 1: the drum on the need to keep tightening. We spoke
Speaker 1: yesterday with Daily. I see us as raising to a
Speaker 1: level that we believe is restrictive enough to bring inflation down,
Speaker 1: and then holding it there until we see inflation truly
Speaker 1: get close to two and and demonstrate that price stability
Speaker 1: is restored. Barry Daly's comments are being echoed by Atlanta
Speaker 1: FED President Raphael Bostick, who says rates still need to
Speaker 1: go much higher. I'd like to reach a point where
Speaker 1: policy is moderately restrictive, somewhere between four and four and
Speaker 1: a half percent, by the end of this year, and
Speaker 1: then hold of that level all and see how the
Speaker 1: economy and prices react. Atlanta FED President Raphael Bostake says
Speaker 1: there are encouraging signs on inflation, but he still sees
Speaker 1: the overall picture as challenging. Let's turn to oil now, Karen.
Speaker 1: A production cut by OPEC is making waves. Right now,
Speaker 1: Prices are steady a day after OPEC and its allies
Speaker 1: agreed to the biggest production cut since twenty twenty. The
Speaker 1: alliance plans to slash daily output by two million barrels.
Speaker 1: Saw the Energy Minister, Prince Abdulazi has been salmon. Spoke
Speaker 1: with us in Vienna. I don't want people to chink
Speaker 1: that this is one waste in this case. No, it's
Speaker 1: a variety of controuting uncertainties, and they could go yesterday
Speaker 1: altogether and to the positive side utra the negative side,
Speaker 1: or it could be accompanition. Saw the Energy Minister, Prince
Speaker 1: Abdulazi has been salmon, says. The US led initiative to
Speaker 1: slap a price cap on Russian oil is adding to
Speaker 1: uncertainty in the market. Check prices now. Nimex screws up
Speaker 1: about a tenth percent of eight cents at eighties seven
Speaker 1: dollars eighty four cents of barrel Brent is higher by
Speaker 1: two tenths percent at ninety three dollars fifty three cents. Well, Nathan,
Speaker 1: the White House is pushing back against OPEC's decision to
Speaker 1: curb production, calling the move on necessary and short sighted.
Speaker 1: We discussed the matter with National Economic Council Director Briands.
Speaker 1: As the President mentioned, we think it's unnecessary if you
Speaker 1: look at the global environment, where supply continues to be
Speaker 1: the predominant challenge. We've been working for some time to
Speaker 1: take action and encourage action globally to make sure that
Speaker 1: supply actually matches demand. White House Economic Advisor Brian d
Speaker 1: says the US will released ten million barrels from the
Speaker 1: Strategic Petroleum Reserve this mob. He's also calling on gasoline
Speaker 1: companies to close the gap between wholesale and retail prices
Speaker 1: at the pump. In the UK this morning, political turmoil
Speaker 1: is still weighing on investor sentiment. Karen. Hundreds of billions
Speaker 1: of dollars have been wiped from the nations stock and
Speaker 1: bond markets in the first month of Liz Trust's government.
Speaker 1: Let's get more live from Bloomberg's U and Potts in London.
Speaker 1: Good morning, En, Good morning Nathan and Karen. Three hundred
Speaker 1: and forty billion dollars. That's the total knocked off the
Speaker 1: value of UK stocks and bonds over the past month.
Speaker 1: While that's it's globally have been royal by central banks, tightening,
Speaker 1: confidence in the UK has taken a real battering. The
Speaker 1: September sell off on the new government's unfunded tax cuts
Speaker 1: saw the pound hits a record low against the dollar,
Speaker 1: intervention by the Bank of England and a swift climbed
Speaker 1: down by the Chancellor. One strategist, though, says some investors
Speaker 1: currently consider the UK as uninvestable. In London, i'mmun parts
Speaker 1: of both day Break, are you and thank you? All?
Speaker 1: Back here in the U s we're learning more about
Speaker 1: the details behind Elon must takeover of Twitter. Turns out
Speaker 1: he was pushing for a lower price behind the scenes,
Speaker 1: and we get the details from Bloombery's Lisa Mateo. Sources
Speaker 1: say Musks representatives and Twitter held talks in the past
Speaker 1: few weeks about a buy out for less than fifty
Speaker 1: four dollars and twenty cents of share, but they didn't
Speaker 1: go anywhere. The New York Times reported musk Hat saught
Speaker 1: a thirty percent reduction in the price this week, Must
Speaker 1: set in a letter to Twitter that he would be
Speaker 1: willing to complete the deal for the original price. In
Speaker 1: another development, the two sides agreed to postpone the billionaire's
Speaker 1: long awaited deposition today in the company's lawsuit aimed at
Speaker 1: forcing him to go through with the forty four billion
Speaker 1: dollar buy out. Lisa Mateo, Bloomberg Daybreak, Lisa, thanks, we
Speaker 1: have word of more corporate job cuts. This morning. General
Speaker 1: Electric is slashing positions that it's onshore wind turbine manufacturing business.
Speaker 1: Bloomberg News is lergy E will reduce its US onshore
Speaker 1: wind workforce by twenty that it's the hundreds of jobs.
Speaker 1: The move is designed to counter mounting losses at its
Speaker 1: renewable energy unit. And finally, Nathan News on the pandemic.
Speaker 1: This morning, American Express is ending her requirement that employees
Speaker 1: need to be vaccinated against COVID nineteen to enter the office.
Speaker 1: Let me get the story from Bloomberg's Charlie Pillett. List
Speaker 1: takes effect November one st It applies to offices across
Speaker 1: the United States, Canada, Australia, and New Zealand, all according
Speaker 1: to an internal memo two staff seen by Bloomberg. The
Speaker 1: New York based credit card company has been one of
Speaker 1: the few financial firms to embrace remote work in the
Speaker 1: aftermath of the pandemic in New York. Charlie Pellett Bloomberg Daybreak. Charlie. Thanks.
Speaker 1: Bloomberg day Break is brought to you by SEI. Asset
Speaker 1: managers don't get results that are off the charts when
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Speaker 1: se i C dot Com, slash Tech. This is Bloomberg
Speaker 1: and it's south five oh seven on Wall Street. It's
Speaker 1: fifty six degrees in Central Park. Got problems getting on
Speaker 1: the New Jersey Turnpike this morning. If you're in East Brunswick,
Speaker 1: fill you in on that shortly. First, Michael Barr has
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York
Speaker 1: City Council members are proposing housing asylum seekers and hotels
Speaker 1: and churches. The ideas from last night's council meeting income
Speaker 1: after Mayor Eric Adams now wants to house migrants in
Speaker 1: a tent city at Randall's Island. Mayor Adams scrapped the
Speaker 1: original idea of having the Migrant Relief Center in Orchard
Speaker 1: Beach after opposition both sides of the debate. However, critics
Speaker 1: say the new Randall's Island location will still have the
Speaker 1: same problems, including access from migrants to get jobs, healthcare,
Speaker 1: and schools. President Biden will be in New York today.
Speaker 1: You will visit a jobs event at an IBM campus
Speaker 1: in Poughkeepsie. The President will also attend a Democratic fundraiser
Speaker 1: in New Jersey. Yesterday, President Biden visited southwest Florida, pledging
Speaker 1: support for storm victims who lost everything to Hurricane Ian.
Speaker 1: I promise you we're gonna be with you every step
Speaker 1: of the way. The people of Florida to all of you,
Speaker 1: We're in this together. The President got a warm welcome
Speaker 1: from Florida Governor Rhndas Santis. Mr. President, welcome to Florida.
Speaker 1: We appreciate working together across various levels of government. President
Speaker 1: Biden says Republican Governor Dessentis has done a good job.
Speaker 1: Biden said he and DeSantis have put politics aside, focused
Speaker 1: on the storm and have been in complete lockstep. More
Speaker 1: than thirty people, primarily children, were killed today when a
Speaker 1: gunman opened fire in a wild care center in northeastern Thailand.
Speaker 1: At He said, the gunman took his own life. It's
Speaker 1: a tragic discovering in a horrific crime. Four family members
Speaker 1: kidnapped from a business in central California have been found dead.
Speaker 1: Merced County Sheriff Vernon Mornker has said last night that
Speaker 1: one suspect is hospitalized after trying to kill himself, but
Speaker 1: there may be other suspects just lived inside. Because this
Speaker 1: was completely totally senseless. We have a whole family wiped
Speaker 1: out and for what we don't know yet. Authorities had
Speaker 1: released surveillance video of a man kidnapping the baby, the
Speaker 1: child's mother, father, and uncle. On Monday. North Korea fire
Speaker 1: two suspected short range ballistic missiles today towards waters where
Speaker 1: US aircraft carrier had been deployed, ratcheting up tensions in
Speaker 1: the region. It came shortly after North Korea condemned the
Speaker 1: Biden administration for redeploying the USS Ronald Reagan aircraft carrier
Speaker 1: to a group of waters east of the Peninsula. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake Power about more than twenty seven hundred journalists
Speaker 1: and analyists more than a hundred twenty countries. Michael barrb.
Speaker 1: This is Bloomberg Nathan. Thank you, Michael. Tune up to
Speaker 1: five ten on Wall Street time for the Bloomberg Sports Update.
Speaker 1: Good morning, John Stashow, Good morning. The eighth of the
Speaker 1: baseball regular season is over. The Dodgers won a hundred
Speaker 1: and eleven games, the most of the Nation of the
Speaker 1: Lakes since the nineteen o six Cubs, Mats and Braves
Speaker 1: both won a hundred one finished tied for first, but
Speaker 1: Atlanta won the season series ten to nine, and that's
Speaker 1: why the Braves have the first round by and the
Speaker 1: Mets have to play a best of three Wild Cards
Speaker 1: series with San Diego. All the games at City Field.
Speaker 1: The openers tomorrow night with a terrific pitching matchup. It
Speaker 1: will be maxters or against the Padres, you Darvish. Mets
Speaker 1: finished up beating Washington nine to two. Jeff McNeill got
Speaker 1: the day off and he was able to just barely
Speaker 1: pulled off the Dodgers Freddie Freeman and win the National
Speaker 1: League batting title. McNeil hit three twenty six. He hit
Speaker 1: two forty nine. Last season of hard work. Um, you know,
Speaker 1: trying to get back to who you know the player
Speaker 1: I knew I could be you know, after last year,
Speaker 1: and the last year wasn't a great year for me,
Speaker 1: so um, you know I kind of wanted to, you know,
Speaker 1: get back to you know who I am, and um,
Speaker 1: you know, it was lucky enough to be rewarded for that.
Speaker 1: Aaron Judge didn't play the Yankee season ending four two
Speaker 1: loss in Texas, so he did not win the batting
Speaker 1: title that would have given him the Triple Crown. Judge
Speaker 1: been a second to the Twins. Luisa ray As, the
Speaker 1: guy who caught the ball that Judge hit for his
Speaker 1: record breaking sixty second on run, has already been offered
Speaker 1: two million dollars by a sports member abilia auction house
Speaker 1: at Giants practice before they leave for London. Daniel Jones
Speaker 1: limited with his ankle, Andrea Jones has not yet been
Speaker 1: ruled out for the game of Green Bay. A welcome
Speaker 1: site the return of center Nick Gates, who in Week
Speaker 1: two last year suffered a fractured leg injury that required
Speaker 1: seven surgeries. It was feared was gonna end Gates his
Speaker 1: career Week five against Tonight Colts and Broncos in Denver.
Speaker 1: John Stash Neward Bloomberg Sports Nathan, thank you, john S
Speaker 1: and P futures are lower by twelve points now, Deal
Speaker 1: futures down eight two nast AT futures down thirty one points.
Speaker 1: Nime X screwed up a third percent now at eight
Speaker 1: eight oh four. A Bear Earl talk about Opex decision
Speaker 1: next with Will Kennedy of Bloomberg News Bloomberg eleven three
Speaker 1: oh weather sunny, low seventies today and tomorrow for the weekend.
Speaker 1: It's still gonna be sunny, but cooler. We're only around
Speaker 1: sixty degrees Saturday, low sixties on Sunday. Currently fifty six
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com for the Bloomberg Business Out and
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Lash and
Speaker 1: I'm Karen Moscow. US Dock Index futures a race gains
Speaker 1: and are moving lower. European stocks they're trading modestly higher.
Speaker 1: Investors are debating whether higher oil prices were further weekend growth,
Speaker 1: potentially slowing Central banks rate high cycles. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: U S and P futures. They're down seventeen points now
Speaker 1: dal futures on A hundred twenty and nasday features down fifty.
Speaker 1: The decks in Germany's up tenth of up percent ten,
Speaker 1: your treasury down to thirty seconds, you have three point
Speaker 1: seven six percent, the yield on the two year four
Speaker 1: point one six percent. Nine makes crude oil is up
Speaker 1: two tenths per cent, or sixteen cents at eighty seven
Speaker 1: dollars ninety three cents of Daryl call make schooled up
Speaker 1: a quarter percent or three dollars ninety cents at seventeen
Speaker 1: twenty four seventy announced the euro point in nine eight
Speaker 1: nine one against the dollar, British bound one point one
Speaker 1: to night the one forty four point seven one, and
Speaker 1: looking at bitcoin, it's up eight tens of per cent
Speaker 1: at twenty thousand, one hundred fifty dollars, and that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, good morning, Good morning, Karen.
Speaker 1: We're learning more about a tragedy in northeastern Thailand. More
Speaker 1: than thirty people were killed today when a gunman opened
Speaker 1: fire in a childcare center. At least thirty people were killed,
Speaker 1: including children, before the gunman took his own life, according
Speaker 1: to authorities. President Biden visited the hurricane ravaged area in
Speaker 1: Florida from Ian He says that they are going to
Speaker 1: be there every step of the way to help the
Speaker 1: victims of that storm. In baseball, the last game of
Speaker 1: the regular season, the Yankees lost Mets one over the
Speaker 1: Nationals nine to the Red Sox loss. The Orioles split
Speaker 1: a double header with the Blue Jays. Global News twenty
Speaker 1: four hours a day on air end on Bloomberg quick Take,
Speaker 1: powered by more than journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg Nathan. Thanks Michael.
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak, and we are
Speaker 1: continuing to watch oil prices this morning, following the decision
Speaker 1: from OPEC and its allies to cut production by two
Speaker 1: million barrels a day starting next month. Also keeping an
Speaker 1: eye on it for us is Will Kennedy, Senior Executive
Speaker 1: editor for Energy and Commodities for Bloomberg News, who joins
Speaker 1: us now, Well, good morning. We're seeing kind of modest
Speaker 1: gains I think across the crude mark it this morning
Speaker 1: is there's some sort of indecision right now for oil
Speaker 1: traders about what this production cut is going to mean
Speaker 1: going forward for price not necessarily. I think what we
Speaker 1: should do is look at the move over the several
Speaker 1: days since big price cuts started to be discussed amongst
Speaker 1: OPEC members. So if we look at the week as
Speaker 1: a whole, we're up about ten percent, which is a
Speaker 1: very meaningful move in the price. You know, almost eighty
Speaker 1: eight dollars in the New York contract, close to ninety
Speaker 1: four in the vent contract in London. Uh, these prices
Speaker 1: are significantly higher from where they were a week ago.
Speaker 1: So the market has responded to an over a number
Speaker 1: of days as as it became clear that a large
Speaker 1: cut would be the result of the meeting, so people
Speaker 1: were buying into it. And then when the meeting ended,
Speaker 1: as as people have been predicted, UMU, the frice sort
Speaker 1: of settled down a little bit. This is a large
Speaker 1: cut sort of on paper though, right because there are
Speaker 1: a lot of members of the OPEC cartel that still
Speaker 1: haven't been meeting. They're action quotas. That's why two million
Speaker 1: bowels does not mean two million bowels. Two million bowels
Speaker 1: probably means something between eight hundred thousand and one million
Speaker 1: bows a day. For the reasons that you say that
Speaker 1: many countries aren't already meeting their obligations, so they won't
Speaker 1: be cutting after this agreement, but I wouldn't see that
Speaker 1: as a reason not to believe this is significant. Global
Speaker 1: al demand is probably just over one hundred million bolls
Speaker 1: a day, so potentially you're talking about taking almost one
Speaker 1: percent of the world's oil off the market, and that
Speaker 1: can have a significant impact. And of course the rationale
Speaker 1: that we're hearing from members of OPEC is the uncertainty
Speaker 1: around the outlook for oil demand is what's sparking this move.
Speaker 1: I guess given the war in Ukraine, does that sort
Speaker 1: of hold water that argument from ALPEC. It's one, it's
Speaker 1: one way to look at the market, um but there
Speaker 1: are factors in both directions. So yes, there's been a
Speaker 1: lot of uncertainty about the direction of demand as people
Speaker 1: worry that the global economy is slowing in the face
Speaker 1: of tighter monetary policy, and that title monitory policy itself
Speaker 1: can wear and oil prices. A stronger doyle. The stronger
Speaker 1: dollar has been historically been bad file prices. And one
Speaker 1: thing that we've seen in recent weeks is that when
Speaker 1: the dollar was rallying hard, oil prices were falling. So
Speaker 1: from that perspective, there has been some weakness. And you
Speaker 1: can see the argument from the overduces that they wanted
Speaker 1: to show up vices, but there are many arguments that
Speaker 1: point in the other direction. Inventories globally remain relatively low.
Speaker 1: The US has emptied a lot of its strategical strategic
Speaker 1: petroleum reserved to keep prices down. How much further can
Speaker 1: it go through the winter? Chinese demand could pick up
Speaker 1: after the National Congress in Beijing as they backtrack from
Speaker 1: COVID zero, perhaps, So there are reasons on the other
Speaker 1: side as well. And I don't think the outlook through
Speaker 1: the winter is necessarily clear. Yeah, it certainly isn't given
Speaker 1: the energy crunch that Europe is face sing particularly, But
Speaker 1: when we think about elevated oil prices and the the
Speaker 1: OPEC cartel trying to shore up oil prices, I mean,
Speaker 1: what does that mean given that we're looking at Brent
Speaker 1: above a ninety handle right now? I mean, that seems
Speaker 1: pretty elevated, doesn't it. It is, And if you look
Speaker 1: at product prices, especially prices that people pay for diesel,
Speaker 1: which is what they would use if they're trying to
Speaker 1: replace ultra expensive natural gas. It's what some people in
Speaker 1: the US and Europe used to heat their homes. Those prices,
Speaker 1: prices look firm, although it's worth saying we're still a
Speaker 1: long way off of you know, the prices we saw
Speaker 1: around a hundred thirty dollars in the immediate aftermath of
Speaker 1: Russian's invasion Russia's invasion of Ukraine. But it adds to
Speaker 1: a picture where energy is expensive, where consumers and businesses
Speaker 1: are already grappling, especially in Europe, with extremely high natural
Speaker 1: gas prices, of extremely high electricity prices, And it just
Speaker 1: adds to a picture of energy secure, scarcity and elevated
Speaker 1: energy costs globally. About thirty seconds left here. Are you
Speaker 1: looking for further shifts in the oil trade balance following
Speaker 1: this decision? Well, one thing that we should put on
Speaker 1: people's vedas is in early December, Russia stop. You will
Speaker 1: stop buying Russian crude oil entirely, and that will change
Speaker 1: the crude oil trade around the world. They will have
Speaker 1: to find new customers in Asia. And one key question
Speaker 1: for the market going forward is will they find those
Speaker 1: customers or will Russia be false to reduce all production
Speaker 1: because it's existing markets are closed. Thanks for this will
Speaker 1: great having you on with us. Will Kennedy, Senior Executive
Speaker 1: editor for Energy and Commodities for Bloomberg News and looking
Speaker 1: at prices now, Nimex crudes up three tenths per center
Speaker 1: twenty six cents at eighty eight oh two a barrel Brent.
Speaker 1: The international benchmark is also up about three tenths per
Speaker 1: cent at ninety three dollars sixty nine cents. Futures are
Speaker 1: moving lower. SMP futures down fourteen points, staff futures down
Speaker 1: a hundred, and NASTAC futures are lower by thirty eight points.
Speaker 1: You're listening to Bloomberg Taper Bloomberg eleven three oh weather,
Speaker 1: sunshine and low seventies today, Keep it that way tomorrow.
Speaker 1: Cooler air moves in for the weekends Saturday only getting
Speaker 1: up to near sixty degrees low sixties for Sunday. Right
Speaker 1: now fifty six in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg e Living
Speaker 1: free to Washington, d C. Bloomberg nine to Boston, Bloomberg
Speaker 1: What All six one to San Francisco, Bloomberg nom sixteen
Speaker 1: to the country, Sirius XM to the one nine team,
Speaker 1: and around the globe, the Bloomberg Business at and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hager and I'm
Speaker 1: Karen Moscow. We are just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news. You need to know what this show.
Speaker 1: Our US futures are lower in MU did action this morning.
Speaker 1: That's after stock snapped a two day winning streak yesterday.
Speaker 1: Main Stake Capital Management foundery David Kudla says, right now
Speaker 1: it's time to be defensive the classic sixty portfolio. It's
Speaker 1: down more than this year. Liquid alternatives that offer an
Speaker 1: opportunity for a positive return because of the strategies of
Speaker 1: shorting stocks actually generate positive returns. David cool Love with
Speaker 1: Mainstake Capital says it's wishful thinking to believe that rate
Speaker 1: hikes will bring down inflation anytime soon. While still Karen
Speaker 1: fed officials keep banging the drum for tighter policy, insisting
Speaker 1: they do not plan to cut rates next year. San
Speaker 1: Francisco FED president Mary Daily spoke with Bloomberg yesterday. It's
Speaker 1: also very damaging to the economy to have this level
Speaker 1: of inflation, so we're committed to bringing it down in
Speaker 1: staying the course until we're well and truly done. Mary
Speaker 1: Daly's comments about inflation are being echoed by Atlanta FED
Speaker 1: President Raphael Bostik, who also says rates need to go higher. Meantime,
Speaker 1: the price of oil is holding steady after opec a
Speaker 1: great to slash daily output by two million barrels. Saudi
Speaker 1: Energy Minister Prince Abdulzie has Been Salmon sat down with
Speaker 1: US in Vienna and said the move does not necessarily
Speaker 1: mean the market should price in more cuts in the future.
Speaker 1: We wanted to give the market are direction and input.
Speaker 1: That's why we extended the agreement to end of conies.
Speaker 1: But we still have the same tours in our guidance
Speaker 1: to the market. Is Kusen, Saudi Energy Minister Prince Abdulazie
Speaker 1: has been Salmon said the US led initiative to slap
Speaker 1: a price cap on Russian oil is adding uncertainty to
Speaker 1: the market. Checking prices right now now. I'm ex Scrude
Speaker 1: oil is up half percent at eighty eight dollars sixty
Speaker 1: cents of barrel. Brent is up half percent at ninety
Speaker 1: three dollars eighty three cents. The White House is expressing
Speaker 1: frustration with opex move, Karen. The Biden administration calls it
Speaker 1: unnecessary and shortsighted, saying the move alignes OPEC with Russia.
Speaker 1: In response, Economic advisor Brian These says the US will
Speaker 1: release ten million barrels from the Strategic Petroleum Reserve this month.
Speaker 1: And a couple of notes in corporate news this morning, Nathan,
Speaker 1: starting with Twitter, it turns out billionaire Elon Musk was
Speaker 1: reportedly pushing to buy the company for a lower price
Speaker 1: than previously agreed upon. He'll now go through with the
Speaker 1: deal on its original terms. And Bloomberg News has learned
Speaker 1: General Electric is cutting jobs. GE will reduce its US
Speaker 1: on shore wind workforce by twenty to counter mounting losses
Speaker 1: at its renewable energy unit S and p Future is
Speaker 1: lower down fifteen points this morning, Death futures down a
Speaker 1: hundred three and NASDAG futures down fort Each shoe straight
Speaker 1: ahead your latest local headlines, plus a check of sports
Speaker 1: and this is Bloomberg. Thanks Karen. Three on Wall Street,
Speaker 1: fifty six degrees in Central Park. Still problems getting on
Speaker 1: the north bounded Jersey Turnpike on Route eighteen. Say more
Speaker 1: in traffic First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much. Nathan IBM will announce plans to invest
Speaker 1: twenty billion dollars over the next decade during a visit
Speaker 1: by President Joe Biden to the company's camp is in Poughkeepsie,
Speaker 1: New York. President Biden will also be in New Jersey
Speaker 1: today for a Democratic fundraiser. Yesterday, President Biden was in Florida.
Speaker 1: The President laid out some of the benefits available to
Speaker 1: storm victims who lost property during Hurricane Ian. If you
Speaker 1: don't have in shorts, or if you're under insured and
Speaker 1: you found a place to rent where your car has
Speaker 1: been destroyed, you're entitled up maybe entitle up to thirty
Speaker 1: seven thousand, nine hundred dollars in federal funds. Biden received
Speaker 1: a warm welcome from Florida Governor Around the centers, New
Speaker 1: York City Council members are proposing housing asylum seekers and
Speaker 1: hotels and churches. The ideas from last night's Council meet
Speaker 1: income after Mayor Eric Adams now wants to house migrants
Speaker 1: in tense city at Randall's Island near Adams scrapped the
Speaker 1: original idea of having the migrant relief center in Orchard
Speaker 1: Beach after opposition from both sides of the debate. However,
Speaker 1: critics say the new Randall's Island location will still have
Speaker 1: the same problems, including access from migrants to get jobs, healthcare,
Speaker 1: and school. More than thirty people, primarily children, were killed
Speaker 1: today when a gunman opened fire in the child care
Speaker 1: center in northeastern Thailand. Authorities say the gunman took his
Speaker 1: own life. North Korea has launched two ballistic missiles into
Speaker 1: its eastern waters after the U. S redeployed an aircraft
Speaker 1: carrier in response to the North's earlier launch of a
Speaker 1: nuclear capable missile over Japan. Japanese from Minister Fumio Kashita
Speaker 1: said the North Korean action was absolutely intolerable. Today's launches
Speaker 1: came as the US aircraft carrier USS Renald Reagan returned
Speaker 1: to waters east to South Korea. Meanwhile, Tuesday's launches were
Speaker 1: North korea sixth round of weapons test in less than
Speaker 1: two weeks that has been condemned by the US and
Speaker 1: other countries. Secretary of Saint Anthony B. Lincoln spoke to
Speaker 1: reporters concerning Tuesday's missile launches. We are taking appropriate defense
Speaker 1: and to turn steps with allies and partners. We've called
Speaker 1: for UN Security Council meeting uh and we're consulting with
Speaker 1: our partners on next steps. UM. I also want to
Speaker 1: make very clear that our commitment to the defense of
Speaker 1: our allies and partners Koree in Japan uh ISH is ironclad.
Speaker 1: Secretary B. Lincoln Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, Power a boy,
Speaker 1: more than the twenty seven hundred journalists, analysts more than
Speaker 1: a hundred, twenty countries, and Michael bar this is Bloomberg. Nathan.
Speaker 1: Thanks Michael. Almost five six on Wall Street time for
Speaker 1: the Bloomberg Sports Update with John Stanshown. All right, Nathan,
Speaker 1: the baseball regular season is over. The new playoff format
Speaker 1: has twelve teams, the most ever includes the Phillies, who
Speaker 1: hadn't been to the postseasons in two thousand eleven, and
Speaker 1: the Mariners who hadn't gone to two thousand and one,
Speaker 1: also include the Yankees and meth Yanks. One games went
Speaker 1: just forty two and thirty two. After the All Star break,
Speaker 1: they lost the finale at Texas Sport of two and
Speaker 1: will now await the winner of the wild Cards series
Speaker 1: between Cleveland and Tampa Bay. And that's one a hundred
Speaker 1: and one games. But because they got swept in Atlanta
Speaker 1: last weekend, they have to play a wild card series
Speaker 1: against San Diego. The opener the best of three tomorrow nights.
Speaker 1: The field match Serzer opposing the Padres. You Darvis Mets
Speaker 1: finished up with a nine to win over Washington. James
Speaker 1: Bacan hit a three one homer Francisco and Georga threw
Speaker 1: on double. Jeff McNeil did not play, finished with a
Speaker 1: three twenty six average that one McNeil the National League
Speaker 1: batting title. He hit just to forty nine. A year ago,
Speaker 1: the Royals fired manager Mike Naffini. The Angels announced Phil Nevin,
Speaker 1: who took over when Joe Madden was fired, will return
Speaker 1: next season. Wait five NFL begins with Colts, Broncos and Denver.
Speaker 1: The Giants headed to London to play Green Bays Sunday.
Speaker 1: It's not known if Giants give me Daniel Jones can
Speaker 1: play due to an injured ankle on Sunday's a little bit,
Speaker 1: a little bit away, So I think I'll continue to
Speaker 1: progress throughout the week and see how I feel. But
Speaker 1: uh confident my ability to uh throw from the pocket,
Speaker 1: throw outside of the pocket, and and uh place Jones
Speaker 1: can't play. It's like the third stringer Davis Webb will
Speaker 1: start to Tyrod Taylor is in concussion protocol. Webb never
Speaker 1: thrown a pass in the NFL regular season again. John Stashwar,
Speaker 1: Boomberg Sports. Thanks John seven wall Street time for the
Speaker 1: Tri State Business Report with Bloomberg Scott car. Residential sales
Speaker 1: have started at Manhattan's two twenty two East Broadway. New
Speaker 1: York Business Journal reports seventy luxury condos went on sale
Speaker 1: this week at the property on Manhattan's lower east side.
Speaker 1: Developer Optimum Asset Management says the project under construction plans
Speaker 1: occupancy for early three. A group of investors out of
Speaker 1: Brooklyn have just paid two point three million for a
Speaker 1: forty three year old office building in Glastonbury, Connecticut. Three
Speaker 1: ll C s Zon and Mint Equities and MS Parkway
Speaker 1: closed the deal this week on the over sixty four
Speaker 1: thousand square foot building on Western Boulevard. Parents in New
Speaker 1: Jersey can now file for an up to five dollar
Speaker 1: per child tax credit and get the credit next year
Speaker 1: instead of the way it was apparently mistakenly written that
Speaker 1: would have delayed payouts of the credit until four. Governor
Speaker 1: Murphy signed a correction to the bill this week. That's
Speaker 1: the Bloomberg Tri State Business Report. I'm Scott Carr Right, Scott. Thanks,
Speaker 1: five thirty eight on Wall Street. Now, let's check in
Speaker 1: with our global news team for some of the top
Speaker 1: stories heard on our three hundred affiliate Bloomberg Radio stations
Speaker 1: around the world. I'm Steve Potos, Content and Wins in
Speaker 1: New York. We're talking about IBM's plan to invest twenty
Speaker 1: billion dollars in future technology and US chipmates um Courney,
Speaker 1: Donahoean wh S and Louisville Forward raising the price of
Speaker 1: the hot selling electric fin fifty lightning pick up. I'm
Speaker 1: Stephen Carol and Bloomberg d A B Digital Radio in London.
Speaker 1: We've been reporting on new research showing the benefits of
Speaker 1: the Prime Minister's tax cuts being wiped out by more
Speaker 1: people paying a higher rate of tax. I'm Gina servet
Speaker 1: I in for k CBS from San Francisco. I'm talking
Speaker 1: about Uber's former security chief being found guilty of concealing
Speaker 1: a massive data breach. I'm Scott Carr on w d
Speaker 1: c H in Washington. I'm reporting, believe it or not,
Speaker 1: Amazon's big new ongoing HQ two project is not the
Speaker 1: biggest mixed use project underway in the region. That was
Speaker 1: just of the stories are Bloomberg journalists and analysts working
Speaker 1: on this morning. It's thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. In the days since
Speaker 1: Vladimir Putin ordered Russia's largest mobilizations since World War Two,
Speaker 1: hundreds of thousands of Russians have fled the country. Some
Speaker 1: of the country's neighbors are now fretting about the consequences.
Speaker 1: But while frontline nations are understandably reluctant to absorb new
Speaker 1: waves of Russian exiles, closing the doors to them will
Speaker 1: only strengthen Putin. In contrast, allowing them in would help
Speaker 1: drain Putin's war machine. Which is already struggling with mounting casualties.
Speaker 1: The plight of Russians seeking to avoid the battlefield pales
Speaker 1: in comparison to the suffering Putin has inflicted on the
Speaker 1: people of Ukraine. Yet giving more Russians away out would
Speaker 1: erode Putin's ability to prosecute his assault. The West should
Speaker 1: make the most of it. LUs editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, Slash Opinion or OPI I N
Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion
Speaker 1: and you are listening to Bloomberg Daybreak. Bloomberg Compinion editorials
Speaker 1: can be heard every week at this time. Terminal customers
Speaker 1: can read more at op I n go Right outs
Speaker 1: fifty six degrees in Central Park. We're heading up to
Speaker 1: the low seventies today and tomorrow low sixties. For the weekend,
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Quicktap. This is a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow and US dot index futures are lower this morning,
Speaker 1: while European shares are little ages, investors debate whether higher
Speaker 1: oil prices would further weaken growth, potentially slowing the rate
Speaker 1: high cycles of central banks. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg SMP futures
Speaker 1: down twenty points, death features down a hundred thirty eight,
Speaker 1: NASTACK futures down sixty one. The decks in Germany is
Speaker 1: little change. Ten year treasury down one thirty second. You
Speaker 1: have three point seven five percent. They yield on the
Speaker 1: two year four point one five percent. Nine max scred
Speaker 1: oil is little change. Now at eighty seven dollars, seventy
Speaker 1: four cents of barrel comes called up two tenths per
Speaker 1: cent or three dollars thirty cents and seventeen twenty four
Speaker 1: ten an ounce. The euro point eight against the dollar,
Speaker 1: British found one point one to seven nine, the yen
Speaker 1: one four point seven two, and bitcoin is of nine
Speaker 1: ten percent to twenty thousand, one hundred sixty dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: of us going on around the world. Michael Karen, thank
Speaker 1: you very much. More than thirty people, primarily children, were
Speaker 1: killed today when a gunman opened a fire in a
Speaker 1: childcare center in northeastern Thailand. Already said the attacker it
Speaker 1: took his own life. According to Time media reports, the
Speaker 1: gunmen also used knives in the attack and then fled
Speaker 1: the building. North Korea has launched two ballistic missiles into
Speaker 1: its eastern waters after the U. S redeployed an aircraft
Speaker 1: carrier in response to the North earlier launch of a
Speaker 1: nuclear capable missile over Japan. In baseball, on the last
Speaker 1: day of the regular season, the Yankees lost the Mets
Speaker 1: wand over the Nationals nine to the Red Sox lost
Speaker 1: the Orioles split a double header with the Blue Jays
Speaker 1: the Giants. In these one Global News twenty four hours
Speaker 1: a day on it or and on Bloomberg Quick Take,
Speaker 1: powered by more than seven hundred journalist antalist more than
Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thank you. We're coming up to nine on Wall Street
Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak and we're joined now by Ben Laidler. Global Market
Speaker 1: strategist at each HORO. We've got a lot to think
Speaker 1: about this morning for markets. Ben was not just the
Speaker 1: FED outlook and the risk of recession, but now the
Speaker 1: outlook for global energy commodities with OPEC making its move.
Speaker 1: Does the decision to cut back production by the cartel
Speaker 1: affect your outlook for markets for the rest of this year?
Speaker 1: Not really, UM. I certainly think the open decision is
Speaker 1: a bit of a wake up call for commodity markets.
Speaker 1: And we've obviously been worried about focused on demand fears
Speaker 1: from recession and China and everything else, and this is
Speaker 1: just a reminder I think of how tight the supply
Speaker 1: side is, UM, whether it's open it, whether it's a
Speaker 1: lack of new drilling, all of this just offsetting the
Speaker 1: demand slowdown and I think putting us in a regime
Speaker 1: of sort of high for longer, you know, commodities. UM.
Speaker 1: Having said all that, though ninety dollar oil is not
Speaker 1: twenty dollar oil, which is where we've come from. UM.
Speaker 1: You know, natural gas prices here in Europe with more
Speaker 1: than halved in the last month or so, so I
Speaker 1: think you know that that's how I think you sort
Speaker 1: of square that circle. Sort of high for longer the commodities,
Speaker 1: but still the inflation relief, and it's about inflation. UM.
Speaker 1: Inflation has been driving everything, has been driving central banks,
Speaker 1: it's been driving procession risks, it's been driving earnings risks.
Speaker 1: So I think people just need to stay laser focused
Speaker 1: on that. If headline inflation is falling as it is,
Speaker 1: and all the lead indicators, whether it's commodities, whether it's
Speaker 1: p MS, whether it's housing, whether it's even the jobs
Speaker 1: jobs data we saw, if all those lead indicators of
Speaker 1: easing up and we get visibility that inflation is going
Speaker 1: to keep coming down, then I think that gives us
Speaker 1: some visibility that we're not that far away from this
Speaker 1: the top of this dead hiking cycle. Is there a
Speaker 1: risk though, that the production cut for oil could add
Speaker 1: to inflationary pressures if we start to see gas prices
Speaker 1: go up. Yes, but I think they've got to go
Speaker 1: up a lot. Mean again, where it's only for brain
Speaker 1: where you know, we were up and over hundred twenty
Speaker 1: now we're done at nineties, So I think they've got
Speaker 1: to go up a lot. I think to really sort
Speaker 1: of derail that UM sort of broader story A and B.
Speaker 1: You know what's okay, doing they're responding to the weaker demand. So,
Speaker 1: you know, because of the recession fees, because of the
Speaker 1: concerns on China, you know, demand is sort of loosening off,
Speaker 1: so UM I would prefer a lot of lower rower prices,
Speaker 1: but again, ninety dollars a lot better than dred and twenty.
Speaker 1: I still think this is a I still think inflation
Speaker 1: is coming down. I still think that begins to give
Speaker 1: us a visibility on the top of this FED interest
Speaker 1: rate cycle over the next two three weeks that gives us.
Speaker 1: That means that four percent was the peak for US
Speaker 1: tenure bond yields. I think these are the catalysts for
Speaker 1: the fourth quarter. That means I think that this market
Speaker 1: is building up bottom here. It is interesting, though, because
Speaker 1: we keep hearing from Fed officials that they think that
Speaker 1: interest rates are going to keep having to go up
Speaker 1: or at least stay elevated for quite some time into
Speaker 1: next year. You think that the Fed pivot's gonna come
Speaker 1: sooner though. I don't think they're gonna pivot. I think
Speaker 1: what we're gonna see, we've got three more rate hikes
Speaker 1: I think still to come. I just think they're going
Speaker 1: to be less big, so so maybe one more sony
Speaker 1: five than a fifties than a twenty five, and then
Speaker 1: we're done. Um. I think, you know, it was certainly
Speaker 1: a long way from cut interest rates, but I think
Speaker 1: market at this point, which just takes in visibility that
Speaker 1: we're not too far from the top. So if we've
Speaker 1: got three more hikes to come, that takes us through
Speaker 1: to the beginning of the beginning of the year. I think,
Speaker 1: you know, the first stage of this building at bottom
Speaker 1: is just beginning to see the top of the fit cycle.
Speaker 1: I think the you know, the next bull market starts
Speaker 1: and the Fed starts cutting interest rate, We're not there yet,
Speaker 1: but I think, you know, the first step to that
Speaker 1: is just getting visibility on top of the cycle. I
Speaker 1: think that's what the market is sort of feeding, you know,
Speaker 1: feeling out right now, just about thirty seconds left here,
Speaker 1: it sounds like you're thinking, we're going to get more
Speaker 1: of that visibility from the jobs report that comes out tomorrow.
Speaker 1: What's your call there, Yeah, I hope. So. I mean
Speaker 1: that's really sort of the missing link because they say
Speaker 1: all the other lead indicators, you know, whether it be
Speaker 1: commodities to housing, have all sort of moved lower. The
Speaker 1: missing links being the job market. Again, the sort of
Speaker 1: adults survey was was reassuring, but uh, you know, the
Speaker 1: non farm payrolls numbers a real deal. Hopefully anything below
Speaker 1: three hundred thousands I think will be taken world by markets.
Speaker 1: Thanks has always been great getting your thoughts spend Laidler,
Speaker 1: Global market Strategists at Toro Karen. Thanks Nathan. It is
Speaker 1: five fifty three on Wall Street. Time for the Bloomberg
Speaker 1: Law Report. Let's get to the legal stories we're watching
Speaker 1: this morning. From Bloomberg's Jeff Bellinger, the I r S
Speaker 1: has extended the tax deadlines for residents and businesses in
Speaker 1: North and South Carolina that were impacted by Hurricane Ian.
Speaker 1: Deadlines were already extended for Florida victims. Three professional sports
Speaker 1: leagues and four universities known to their sports programs filed
Speaker 1: lawsuits and a Chicago federal court they're seeking to shut
Speaker 1: down online sales of counterfeit team merchandise. A lawsuit filed
Speaker 1: in federal court in Massachusetts charges that Liberty Mutual failed
Speaker 1: to pay hourly call center agents for required tasks at
Speaker 1: the start of their shifts and after meal breaks. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more
Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you.
Speaker 1: Now another legal story we're watching. Elon Musk says he's
Speaker 1: ready to go ahead with forty four billion dollar deal
Speaker 1: to buy Twitter, but the trial over his attempt to
Speaker 1: walk away from the deal is still scheduled for October
Speaker 1: seventeenth and Delaware chance to record. So why hasn't Twitter
Speaker 1: made a move to pause the trial proceedings? For more?
Speaker 1: Bloombery student Grosso speaks to Eric Kelly, a professor at
Speaker 1: Columbia Law School. His offer was made with a proviso
Speaker 1: that the Delaware Chancery Court enter an immediate stay of
Speaker 1: Twitter's fight and adjourn the trial. His offer came with
Speaker 1: the proviso that there'll be an immediate stay of Twitter's
Speaker 1: legal fight and an adjournman of the trial. Twitter has
Speaker 1: not done that. Is this a case of fool me once?
Speaker 1: Shame on you, fool me twice, shame on me, fool
Speaker 1: me three, four or five times, shame on Twitter. Well
Speaker 1: that was a nice try by Mr Boss, but quite frankly,
Speaker 1: you know the imagery of Lucy holding the football and
Speaker 1: Charlie Brown running up to kick the football again. I
Speaker 1: think is definitely in play here, right. The fact of
Speaker 1: the matter is that letter sort of says, I am
Speaker 1: gonna undertake to agree to do what I've already agreed
Speaker 1: to do and was trying to back out on. And
Speaker 1: so when you really read that letter closely, yes, it's
Speaker 1: signals that he's had a change of heart, that he's
Speaker 1: willing to try to close this deal on its original terms.
Speaker 1: That's great news for Twitter, but it doesn't really put
Speaker 1: his money where his mouth is. It's conditioned on an
Speaker 1: immediate stay of all proceedings and on the debt commitments closing. Well,
Speaker 1: you know, the fact of the matter is that doesn't
Speaker 1: really change any of the positions that he was in.
Speaker 1: All it does is his signals that he's now more
Speaker 1: open to closing on these particular terms. So Twitter would
Speaker 1: be foolish if they said, Okay, now that you've signaled
Speaker 1: this relatively limp willingness to go forward, we should just
Speaker 1: put everything on hold, even though we're careening towards this
Speaker 1: on October seventeenth day, you know, if part of what
Speaker 1: was motivating him to issue this letter was sort of
Speaker 1: a fear of walking into that deposition room. Well, if
Speaker 1: that's you know, has come to Jesus moment in deciding
Speaker 1: he's going to soften up on this deal, why would
Speaker 1: Twitter ever want to put on the brakes on their lawsuit?
Speaker 1: What kinds of things can Twitter do now to protect itself?
Speaker 1: I would expect that Twitter is trying to make sure
Speaker 1: that there are concessions there that are a little bit
Speaker 1: more concrete than merely a repetition of the promise that
Speaker 1: he made back in April to close the deal. So,
Speaker 1: for example, they might have him stipulate the various legal
Speaker 1: outcomes and essentially say, I'm going to agree that to
Speaker 1: certain performance is in fact the right order here and
Speaker 1: concede my liability on the issue. Or alternatively, they might say, Okay,
Speaker 1: if you want to go through this deal, it's going
Speaker 1: to take a few more days or weeks to get
Speaker 1: things lined up. We would like you to immediately put
Speaker 1: enough cash and stock in other companies like Tesla and
Speaker 1: SpaceX into an escrow account so that if you try
Speaker 1: to back out on it, we don't have to try
Speaker 1: to haul you into court for a specific performance decree.
Speaker 1: We'll just have a judge attached that account and have
Speaker 1: that will kind of put your money where your mouth is.
Speaker 1: And as very Tally are, professor at Columbia Law School,
Speaker 1: speaking with Bloomberg stun Grosso. Catch more of that interview
Speaker 1: plus analysis of the latest legal news by subscribing to
Speaker 1: the Bloomberg Law Podcast or downloading this show at Bloomberg
Speaker 1: dot com slash Podcasts Attorneys. You can find exceptional legal
Speaker 1: research and business development tools at Bloomberg Law dot com
Speaker 1: and on the Bloomberg terminal at b law Go. Future
Speaker 1: is this morning or lower SMP Future is down twenty
Speaker 1: two points down features down a hundred fifty four and
Speaker 1: Nasday features car down seventy one, ten year treasury down
Speaker 1: to thirty seconds, seal three point seven six per cent
Speaker 1: and the yield on the two year four point one
Speaker 1: six per cent 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