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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Amy Morris. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We are now less than forty eight hours from a

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Speaker 3: government shutdown, and overnight, House Republicans did release a bill

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Speaker 3: that would keep the government funded for a month while

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Speaker 3: cutting some non defense programs, but it's not clear that

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Speaker 3: hardline conservatives like Florida's Matt Gates will support this bill.

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Speaker 3: House Speaker Kevin McCarthy is losing patients they stop the.

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Speaker 4: Bills from coming out, and if he votes against the

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Speaker 4: continued Resolution.

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Speaker 3: It's my fund I Meanwhile, the Senate's debating its own

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Speaker 3: bill that would keep the government open into mid November.

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Speaker 3: Bloomberg Senior editor Bill Ferry says, that's making things more

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Speaker 3: complicated right now.

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Speaker 5: The negotiators on the House side have not been coordinating

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Speaker 5: any of their efforts with the negotiators on the Senate side,

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Speaker 5: so any legislation that comes out from either chamber would

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Speaker 5: have to be worked through the other. That's just very

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Speaker 5: unlikely to happen in the limited time we have left.

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Speaker 3: And Boomberg's Bill Ferry says, if they don't reach a

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Speaker 3: deal by midnight tomorrow, federal employees who are deemed non

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Speaker 3: essential will be told to stop working.

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Speaker 2: And Nathan, the looming shutdown is drawing attention of CEOs

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Speaker 2: around the world. We spoke earlier with Blackrock boss Larry Fink.

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Speaker 4: It's not about the new debt, it's about what we

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Speaker 4: already what Congress has already approved. I mean, it's irrational

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Speaker 4: from my advantage white, it's wrong from my advantage white.

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Speaker 4: At the same time, it's political, and as we know

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Speaker 4: in politics today, that creates the fear and it's scary.

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Speaker 2: Black Rock CEO Larry Fink made the comments in an

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Speaker 2: interview with Bloomberg's Danny Berger. Get that full conversation on

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Speaker 2: the Bloomberg Talks podcast feed available wherever you get your podcasts.

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Speaker 3: And Amy FED officials are weighing in on a possible

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Speaker 3: shutdown as well. Richmond FED President Thomas Barkin spoke with

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Speaker 3: our Michael McKee.

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Speaker 6: We have a lot of workers who are employed by

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Speaker 6: the government, and of course there are a lot of

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Speaker 6: citizens who they serve, and this just creates uncertainty. And

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Speaker 6: so I don't have any insight into how long this

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Speaker 6: will last, are what will actually happen, but you know,

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Speaker 6: as it plays out, there absolutely our implications At Richmond.

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Speaker 3: FED President Thomas Barkin does not vote on rate policy

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Speaker 3: this year, and we heard from j.

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Speaker 2: Pewell, the FED Chair says the central Bank's ability to

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Speaker 2: influence the economy depends on whether its message is getting across.

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Speaker 7: One of our goals is to influence spending and investment

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Speaker 7: decisions today and in the months ahead. That will only

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Speaker 7: be the case if people understand generally what we're saying

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Speaker 7: and what it means for their own finances.

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Speaker 2: Palell made the comments at a town hall with teachers

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Speaker 2: in Washington. The FED Chair did not comment on his

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Speaker 2: outlook or rates or the economy.

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Speaker 1: Okay, let's turn to markets once again. Amy.

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Speaker 3: This is the final day of the third quarter, and

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Speaker 3: despite today's rise in futures, stocks are headed for their

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Speaker 3: worst month in a year. Global shares are down more

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Speaker 3: than four percent in September. As Bloomberg Markets reporter Valerie

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Speaker 3: Titel reports, the downfall can be contributed in part to

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Speaker 3: the bond market.

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Speaker 8: It's been a tumultuous month for global fixed income, all

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Speaker 8: led by treasuries. We've seen the ten year yield and

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Speaker 8: the thirty year yield in the US rise some fifty

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Speaker 8: basis points, and that's what's caused, you know, equity markets

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Speaker 8: around the world to really have a bumpy month, not

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Speaker 8: just the SMP, but stocks in Europe. Stocks in Asia

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Speaker 8: also headed for their worst quarter this year.

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Speaker 3: And Bloomberg's Valerie Titel says yields on thirty year treasuries

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Speaker 3: are on track for their largest quarterly jump since two

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Speaker 3: thousand and nine.

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Speaker 2: Sticking with markets, we got some earnings news this morning.

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Speaker 2: Shares of Nike are on the move in early trading.

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Speaker 2: The sportswear giant reported a drop in its dogpile of inventory.

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Speaker 2: Analysts say it's a signed Nike is making progress in

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Speaker 2: moving out older merchandise for newer, more profitable items.

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Speaker 3: As for companies overseas, amy the French offices of Chip

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Speaker 3: Giant and Vidia have reportedly been raided. The country's competition

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Speaker 3: authority says investigators searched the offices of a business suspective

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Speaker 3: of quote anti competitive practices in the graphics cards sector.

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Speaker 3: While the statement does not name the company in question,

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Speaker 3: two media outlets of quoted sources who say in Vidia

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Speaker 3: was the target of the operation.

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Speaker 2: Back here in the United States, Tesla has been sued

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Speaker 2: by the US Equal Employment Opportunity Commission, the Civil Rights

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Speaker 2: Agency alleges the electric vehicle maker has created a hostile

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Speaker 2: work environment for minorities at its California factory.

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Speaker 3: As for the Big three automakers, Amy, it is day

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Speaker 3: fifteen of the United Autoworkers strike, and later today we

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Speaker 3: could see more union action. The UAW says it'll announce

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Speaker 3: how it plans to expand its strike against four General

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Speaker 3: Motors Instill Intis. Meanwhile, Bloomberg News has learned the union

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Speaker 3: wants to emerge from this strike with at least a

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Speaker 3: thirty percent pay raise. More on that from our Detroit

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Speaker 3: bureau chief David Welch.

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Speaker 9: You know, they have a big number and it starts

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Speaker 9: with a three. You know, even if it's thirty, maybe

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Speaker 9: it's thirty two. They're at thirty six with their ways

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Speaker 9: to offer you that they'll be able to hold it

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Speaker 9: up to the flag of victory and a good and

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Speaker 9: a great marketing message. That's where they are.

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Speaker 10: Now.

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Speaker 9: Do they settle at thirty Yeah, we'll see because there

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Speaker 9: are a lot of items on the table and they're

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Speaker 9: going to be horse trading going on.

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Speaker 1: And Bloomberg's David Waltz says the Union originally asked for

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Speaker 1: a forty percent pay increase.

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Speaker 2: Some economic news overseas this morning, the UK economy was

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Speaker 2: two percent bigger in the second quarter than previously estimated.

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Speaker 2: The upward revision means Britain is no longer lagging every

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Speaker 2: other industrial nation in its recovery from the pandemic. Germany

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Speaker 2: and France are now at the bottom, with the UK

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Speaker 2: third to last.

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Speaker 3: And in Asia, Amy the Bank of Japan announced an

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Speaker 3: unscheduled bond purchase operation, reminding the market of its determination

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Speaker 3: to manage the upward momentum in sovereign yields. The boj

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Speaker 3: purchased two billion dollars of five to ten year bonds.

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Speaker 3: And with a look at some of the other stories

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Speaker 3: making news around the world and in New York City,

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Speaker 3: here's bloombergs Michael Barr.

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Speaker 10: Thank you very much, Nathan. Police in New York City

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Speaker 10: have made another big drug bust. Officialll say more than

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Speaker 10: forty pounds if fentanyl was discovered in the bronx at

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Speaker 10: an apartment about six blocks from the daycare where a

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Speaker 10: one year old boy died from fentinyl exposure. Uterers are

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Speaker 10: planning the charge suspect von Gabriel Herrera Vargas with operating

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Speaker 10: as a major trafficker, criminal possession of a controlled substance,

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Speaker 10: and criminally using drug paraphernalia. Authorities also say Herrera Vegas

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Speaker 10: carried the drugs onto the city's subway system. Frank Tarantino

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Speaker 10: is with the DNA.

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Speaker 11: It is the most reckless and most irresponsible thing that

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Speaker 11: traffickers should do is move this poison on the public

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Speaker 11: transportation system.

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Speaker 10: Frank Tarantina with DEEA. The street value of that fentindil

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Speaker 10: one point five million dollars. And Appeals court has rejected

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Speaker 10: Donald Trump's bid to delay a civil trial in a

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Speaker 10: lawsuit brought by New York Attorney General Letitia James. The

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Speaker 10: decision allows the case to for see days after a

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Speaker 10: judge ruled the former president committed years of fraud and

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Speaker 10: stripped him of some companies as punishment. Trump is listed

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Speaker 10: among dozens of possible witnesses, setting up a potential court

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Speaker 10: room showdown with the judge whose fraud ruling threatens to

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Speaker 10: upend his real estate empire. New Jersey Democrat Bob Menendez

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Speaker 10: told fellow senators that he's not leaving. Menendez is facing

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Speaker 10: bribery charges that led to loud calls for his resignation.

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Speaker 10: The embattled United Senator emerged from a closed door meeting

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Speaker 10: with fellow Democrats and told reporters he'll continue joining his

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Speaker 10: colleagues and casting votes on the Senate floor.

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Speaker 12: I still continue to cast bills at the capital.

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Speaker 9: The people in New Jersey ys I have.

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Speaker 5: For eighteen years, and I am suing any of those votes.

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Speaker 13: They'll be looking forward for me.

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Speaker 10: To cast this es Menendez says he will be exonerated.

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Speaker 10: Heavy rain threatens travel in the Tri state area. The

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Speaker 10: system today could bring more than five inches of rain,

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Speaker 10: causing flooding. Global news twenty four hours a day, powered

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Speaker 10: by more than twenty seven hundred journalist analyst over one

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Speaker 10: hundred and twenty countries. I'm Michael Barr. This is Bloomberg.

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Speaker 1: Nathan be on the lookout for that. Thank you, Michael.

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Speaker 3: Now, we bring you news throughout the day here on

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Speaker 3: Bloomberg Radio. But now you can get the latest news

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Speaker 3: on demand whenever you want it. Subscribe to Bloomberg News

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Speaker 3: Now to get the latest headlines at the click of

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Speaker 3: a button. Get informed on your schedule, Listen and subscribe

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Speaker 3: to Bloomberg News now on the Bloomberg Business App, Bloomberg

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Speaker 3: dot com, Apple, Spotify, and anywhere else you get your podcasts.

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Speaker 3: Time out for the Bloomberg Sports Update, brought to you

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Speaker 3: by Tri State Out.

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Speaker 1: Here's John Stashauer, Thanks Dathan.

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Speaker 12: The forty fourth Ryder Cup bunderway this morning in Rome.

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Speaker 12: The US had the dominant nineteen to nine victory two

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Speaker 12: years ago in Wisconsin, but it hasn't won in Europe

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Speaker 12: since nineteen ninety three, and things are not going well

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Speaker 12: for the US right now. The European team has won

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Speaker 12: two matches and leads the other two.

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Speaker 1: Detroit Lions lead the NFC.

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Speaker 12: North went to three and one with a thirty four

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Speaker 12: to twenty win at Green Bay. Lions dominated the first half.

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Speaker 12: They were up twenty seven to three. They dominated on

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Speaker 12: the ground rushing yards in the game two hundred and

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Speaker 12: eleven to twenty seven. David Montgomery had one hundred and

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Speaker 12: twenty one of those yards.

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Speaker 1: He scored three touchdowns.

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Speaker 12: The next two primetime games are both at MetLife, starting

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Speaker 12: with the Yets and Chiefs on Sunday. Hard to find

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Speaker 12: more of a quarterback mismatch than Patrick Mahomes versus Zach

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Speaker 12: Wilson who responded to the comments made on ESPN Radio

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Speaker 12: by Joe Namath, the jed Icon who turned Wilson's QB

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Speaker 12: play disgusting.

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Speaker 1: Yeah, obviously Joe was an unbelievable player.

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Speaker 14: But this locker room is very tight knit and we're

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Speaker 14: working to get better.

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Speaker 9: I'm working to get better.

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Speaker 14: I know I need to improve, and I promise I'm

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Speaker 14: doing everything I can to keep trying to get better.

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Speaker 6: And so the focus is just.

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Speaker 14: To rely on each other in this.

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Speaker 8: Locker room and lean on each other, because that's all

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Speaker 8: we got at.

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Speaker 4: The end of the day, and we're going to do

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Speaker 4: everything we can to keep improving.

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Speaker 12: Giants play at MetLife Monday against Seattle. If the Yankees

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Speaker 12: had two shutout wins in Toronto, the Blue Jays blank

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Speaker 12: the Yanks six nothing beyond Chris Passett I met last year.

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Speaker 12: He's won sixteen for the Blue Jays. The Mets led

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Speaker 12: the Marlins one nothing of the ninth any. Miami scored

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Speaker 12: twice to take the leader, and then the rain came.

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Speaker 12: They had a delay of over three hours and couldn't finish.

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Speaker 12: If the Marlins need to finish, the determine who makes

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Speaker 12: the playoffs. The don't have to come back to City

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Speaker 12: Field on Monday, like me to play just a half

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Speaker 12: an inning.

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Speaker 1: Josh dash All Bloomberg Sports.

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Speaker 13: From coast to coast, from New York to San Francisco,

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Speaker 13: Boston to Washington, d C. Nationwide on Syrias Exam the

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Speaker 13: Bloomberg Business Appen Bloomberg dot Com.

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Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager.

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Speaker 3: The US government is fast approaching another shutdown unless Congress

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Speaker 3: enacts a temporary spending bill before the new fiscal year

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Speaker 3: starts Sunday. For his take on the shutdown and what

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Speaker 3: it means for markets, Bloomberg's Danny Berger spoke with Larry Fink,

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Speaker 3: the chairman and CEO of Blackrock, at the Global Dialogue

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Speaker 3: Forum in Berlin.

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Speaker 15: We're forty four hours away right now from a US

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Speaker 15: government shutdown. They've been unable to come together on that.

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Speaker 15: I mean, they're.

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Speaker 1: Yes, what are you to say? I don't know how

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Speaker 1: you got in favor.

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Speaker 9: Of a shutdown?

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Speaker 1: You're not listening to me.

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Speaker 4: No, I think that is I think a shutdown for

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Speaker 4: a country that is that has thirty three trillion dollars

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Speaker 4: of debt, that is not a good outcome. When you

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Speaker 4: have that type of debt. What are we telling the lenders.

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Speaker 4: Forty percent of the US treasury market are owned by

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Speaker 4: non US entities, whether it's individuals in a bond fund, corporations,

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Speaker 4: pension funds, sovereign wealth funds, central banks. That is not

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Speaker 4: I mean, can you imagine you go to your bank

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Speaker 4: and say, I'm not paying my mortgage. I mean, that's

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Speaker 4: what we're doing. And it's not about creating. It's not

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Speaker 4: about the new debt. It's about what we already with

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Speaker 4: Congress has already approved. I mean, it's it's irrational from

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Speaker 4: my advantage point, it's wrong form my advantage point. At

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Speaker 4: the same time, it's political, and as we know in

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Speaker 4: politics today, it's that creates the fear and it's scary,

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Speaker 4: and we've.

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Speaker 1: Seen rating agencies react.

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Speaker 15: Moody's put out a note basically saying a US government

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Speaker 15: shutdown would be bad for American credit. Are we still

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Speaker 15: in a place where a default is likely? I know

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Speaker 15: the shutdown is separate from that, but if that's the

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Speaker 15: track we're headed on, is a default still possible for

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Speaker 15: the American economy?

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Speaker 9: Let's hope not.

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Speaker 15: That is an excellent answer as an Actually, you know,

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Speaker 15: at the same time, going back to this idea of

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Speaker 15: decarbonization in the world, we have had many funds have

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Speaker 15: to pull back from ESG funds. I know you felt

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Speaker 15: under pressure as well, and we talked about this. But

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Speaker 15: in an election cycle, do you fear those tacks, those

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Speaker 15: very specific attacks get worse.

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Speaker 4: As I said, we're hearing from more investors that are

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Speaker 4: looking to put more money in decarbonization. We believe that

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Speaker 4: we have to we as a war have to rapidly

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Speaker 4: find the new technologies to bring down the competitive premium.

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Speaker 4: So yes, we're going to have you know, and I said,

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Speaker 4: I'm not using the term EUSG anymore. And the main

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Speaker 4: reason why you may have a different opinion what ESG does.

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Speaker 4: Everybody has a different opinion.

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Speaker 9: It is. It is.

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Speaker 4: But if we want to talk about, you know, sustainability

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Speaker 4: and decarbonization.

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Speaker 1: I don't believe.

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Speaker 4: Okay, here's here's an amazing thing that already and so

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Speaker 4: much of the attack on sustainability and decarbonization comes from

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Speaker 4: what we call our red states. If you look at

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Speaker 4: the most recent data where all the IRA money is going,

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Speaker 4: I think it's like sixty percent of the money are

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Speaker 4: going to the Red States. And so if you think

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Speaker 4: about Texas right now, and Texas is an amazing state.

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Speaker 4: It is annumber one state and hydrocarbons. Everybody knows that,

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Speaker 4: but it is the number one state in America for

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Speaker 4: wind and solar. It had fifty days of temperature around

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Speaker 4: forty degrees in a row this summer. Yeah, fifty straight

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Speaker 4: days in Austin, Texas. And for the first time they

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Speaker 4: had no blackouts because of wind and solar this year.

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Speaker 15: So the other angle to this, also in the middle

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Speaker 15: of an election year, is this is kind of the

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Speaker 15: first AI election. When we have mass use of artificial intelligence,

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Speaker 15: the potential for misinformation to increase, Yes, does that concern you?

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Speaker 4: I think AI has tremendous potential. It's going to change

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Speaker 4: how we work, how we live. It also has a

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Speaker 4: potential creating real fears and problems. And so you know,

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Speaker 4: as we have heard from the men and women who

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Speaker 4: are deeply involved in it, there needs to be structure.

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Speaker 4: Your governments worldwide need to get in front of this.

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Speaker 4: This is moving so rapidly. But let's be clear, every company,

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Speaker 4: every board we talk to is aggressfully folks, how can

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Speaker 4: we navigate?

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Speaker 3: And that's the chairman and CEO of Blackrock Larry Fink

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Speaker 3: speaking with Bloomberg's Danny Berger from the Berlin Global Dialogue

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Speaker 3: Forum in Germany, and now we want to bring you

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Speaker 3: a conversation with the former Vice president of the United

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Speaker 3: States Mike Pence, of course, now running for president in

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Speaker 3: twenty twenty four. He's accusing his former running mate and

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Speaker 3: now front runner in next year's race, Donald Trump, of

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Speaker 3: abandoning his commitment to low taxes. Pence says Trump's proposal

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Speaker 3: for a ten percent universal tariff would cost American jobs

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Speaker 3: and worsen inflation. Mike Pence spoke with Bloomberg's Joe Matthew

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Speaker 3: and and Mary Hordern about his frustrations with former President Trump.

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Speaker 16: When Donald Trump, who came down that escalator, he told

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Speaker 16: the American people he was going to make America great again.

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Speaker 16: The first person to say make America great again was

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Speaker 16: Ronald Reagan. And in that campaign, whether it was a

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Speaker 16: commitment to conservatives on our courts, a commitment to cut taxes,

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Speaker 16: a commitment to rebuild our military, Donald Trump promised to

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Speaker 16: govern as a conservative, and I believe when he chose

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Speaker 16: me to be his running mate, there was evidence of

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Speaker 16: his seriousness about that and for four years, we did

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Speaker 16: govern as conservatives. We kept our word on the world stage.

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Speaker 16: We stood with our allies, we stood up to our enemies,

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Speaker 16: We advanced the largest tax cuts in American history, and

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Speaker 16: of course appointed conservatives to our courts at every level,

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Speaker 16: including three of the justices that gave us a new

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Speaker 16: beginning for life. But what I want people to understand

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Speaker 16: is that Donald Trump makes no such promise today. Whatever

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Speaker 16: his rhetoric was back in the day, and his rhetoric

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Speaker 16: has remained the same. The policies that he's advancing now,

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Speaker 16: which included a ten percent tax on all imports into

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Speaker 16: the United States that the Tax Foundation said would cost

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Speaker 16: five hundred thousand jobs, is directly opposite of our administration

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Speaker 16: and the Reagan legacy of cutting taxes for individuals and businesses.

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Speaker 16: The way the President is joining a chorus in the

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Speaker 16: Party of embracing appeasement and isolationism and from supporting Ukraine

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Speaker 16: in their battle against the unconscionable Russian invasion, that's not

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Speaker 16: consistent with the way that we stood strong with our allies,

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Speaker 16: we stood up to our enemies, turned our armed forces

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Speaker 16: loose to take down isis we actually armed forces the

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Speaker 16: United States took out one hundred Wagner Group Russian military

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Speaker 16: personnel in twenty eighteen in Syria. We stood strong in

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Speaker 16: the world stage, embraced our role as lead to the

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Speaker 16: free world. Of course, lastly, just on the right to life.

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Speaker 16: Just in recent days, the American people have heard the

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Speaker 16: President literally criticize states that enacted strong pro life protections

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Speaker 16: from the moment that an unborn child experience is a heartbeat,

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Speaker 16: and he's made no commitment to support protections for the

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Speaker 16: unborn at the national level. That coming from the leader

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Speaker 16: of the most pro life administration in history. That's what

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Speaker 16: I mean when I talk about the President some of

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Speaker 16: his imitators walking away from that timeless conservative agenda. But

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Speaker 16: if I'm president of the United States, the American people

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Speaker 16: can be confident I'll lead as America on the world stage,

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Speaker 16: being the leader of the world, will lead president of

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Speaker 16: pens ulysses, and will balance our budget and stand for life.

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Speaker 1: What should Donald Trump answer to you? Would it be

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Speaker 1: the trillions in debt that he added to the nation

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Speaker 1: and left behind. Would it be his legal challenges right now?

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Speaker 1: What is it?

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Speaker 4: Well?

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Speaker 16: Look, I think he ought to be there. He should

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Speaker 16: have been there last night. He should have been there

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Speaker 16: at the first debate. Look, no one is entitled the

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Speaker 16: nomination of their party. And frankly, Donald Trump continues to

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Speaker 16: campaign as though he were the incumbent president. But think

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Speaker 16: about this painting as an incumbent, but he has less

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Speaker 16: than fifty percent support of Republicans. That means half of

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Speaker 16: Republicans are looking somewhere else. I think he owes it

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Speaker 16: to our party to step forward and answer the questions,

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Speaker 16: and they could be on those issues. But for my part,

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Speaker 16: for my part, I think the president ought to explain

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Speaker 16: while having passed the largest tax cuts and tax reform

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Speaker 16: in history, he now advocates what would be the largest

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Speaker 16: proposal of teriffs, a ten percent tariff on all imports

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Speaker 16: literally since the Herbert Hoover administration. And why the president,

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Speaker 16: after we rebuild our military stood strong on the world stage,

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Speaker 16: is now joining a courus of isolationists in the party

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Speaker 16: saying that support for the Ukrainian military is not sustainable

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Speaker 16: and joining others who were on that stage last night,

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Speaker 16: who would be fully prepared just to let Vladimir Putin

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Speaker 16: overrun Ukraine.

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Speaker 1: And of course, as I said last night.

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Speaker 16: I think if Putin grabs Ukraine that just gives a

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Speaker 16: green light texijingpaning to move against Taiwan. So I think

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Speaker 16: we achieve peace through strength, and I think the President

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Speaker 16: ought to be willing to step up and explain why

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Speaker 16: why he's changed his mind about America's obligations but leader

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Speaker 16: of the free world, and why he's changed his mind

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Speaker 16: on such a fundamental issue as taxation.

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Speaker 14: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 1: I'm Nathan Hager and I'm Amy Morris.

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Speaker 2: Join us again tomorrow morning for all the news you

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Speaker 2: Break