1
00:00:02,000 --> 00:00:05,359
Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg

2
00:00:05,440 --> 00:00:09,119
Speaker 1: day Break for Wednesday, December seven two. Coming up this hour,

3
00:00:09,440 --> 00:00:15,840
Speaker 1: the people have spoken Democrat Rockfield Warnock. When's the Senate

4
00:00:15,920 --> 00:00:19,160
Speaker 1: runoff race in Georgia? Two of Donald Trump's companies are

5
00:00:19,200 --> 00:00:23,040
Speaker 1: convicted in a criminal tax fraud trial, and Morgan Stanley

6
00:00:23,160 --> 00:00:25,959
Speaker 1: is the latest company to slash jobs. New York Mayor

7
00:00:26,120 --> 00:00:29,920
Speaker 1: Eric Adams welcome's new top appointees in his administration, plus

8
00:00:30,120 --> 00:00:33,479
Speaker 1: an iconic New York City comedy club will close its doors.

9
00:00:33,760 --> 00:00:36,920
Speaker 1: I'm Michael bar More ahead, I'm John Stashower in sports

10
00:00:36,920 --> 00:00:39,320
Speaker 1: to shut out, win for the Devil's, the Islanders lost,

11
00:00:39,440 --> 00:00:44,760
Speaker 1: met and Yankee free agent pictures are moving on. That's

12
00:00:44,760 --> 00:00:48,720
Speaker 1: all's trendy head on Bloomberg day Break on Bloomberg eleven three,

13
00:00:48,720 --> 00:00:53,159
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one

14
00:00:53,200 --> 00:00:57,680
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius

15
00:00:57,840 --> 00:01:00,920
Speaker 1: XM one nineteen and around the world Old on Bloomberg

16
00:01:01,000 --> 00:01:08,160
Speaker 1: Radio dot Com and via the Bloomberg Business Ship. Good

17
00:01:08,160 --> 00:01:11,280
Speaker 1: Wednesday morning, I'm Any Morris and I'm Karen Moscow and

18
00:01:11,400 --> 00:01:14,720
Speaker 1: US dot Index futures are lower this morning at six

19
00:01:14,720 --> 00:01:16,679
Speaker 1: oh one on Wall Street. And we check the markets

20
00:01:16,720 --> 00:01:19,360
Speaker 1: all day here at Bloomberg Radio. Right now, S and

21
00:01:19,400 --> 00:01:22,080
Speaker 1: P futures down eight points or two tenths of a percent.

22
00:01:22,160 --> 00:01:24,240
Speaker 1: Down Future is down thirty eight or one tenth of

23
00:01:24,240 --> 00:01:28,000
Speaker 1: a percent, and NASDACK futures down thirty four points or

24
00:01:28,040 --> 00:01:30,760
Speaker 1: three tenths of a percent. The decks in Germany is

25
00:01:30,800 --> 00:01:32,559
Speaker 1: down a third of a percent right now, And attend

26
00:01:32,560 --> 00:01:35,160
Speaker 1: your treasury down one thirty second you have three point

27
00:01:35,200 --> 00:01:38,480
Speaker 1: five three percent. Amy Karen will have more on the

28
00:01:38,480 --> 00:01:41,120
Speaker 1: markets in just a minute. But first, Democrats have one

29
00:01:41,200 --> 00:01:44,520
Speaker 1: control of the Senate after a victory in Georgia's runoff

30
00:01:44,520 --> 00:01:49,200
Speaker 1: election in Combent, Democrat Raphael Warnock defeated Republican challenger Herschel

31
00:01:49,280 --> 00:01:53,080
Speaker 1: Walker fifty one percent to forty eight point six percent.

32
00:01:53,440 --> 00:02:00,120
Speaker 1: Why do you voted, famire? Not that every single day.

33
00:02:01,720 --> 00:02:07,240
Speaker 1: I am going to keep working for you. Walker has

34
00:02:07,280 --> 00:02:10,800
Speaker 1: conceded to war Knock, encouraging his supporters to stay engaged

35
00:02:10,880 --> 00:02:13,760
Speaker 1: in politics. I'm not gonna make any excuses now because

36
00:02:13,800 --> 00:02:16,400
Speaker 1: we put a one hick of a fight and I do.

37
00:02:16,560 --> 00:02:20,280
Speaker 1: That's what That's what we gotta do because this is

38
00:02:20,360 --> 00:02:23,840
Speaker 1: much bigger. This is much bigger than herschel Walker to

39
00:02:23,919 --> 00:02:26,399
Speaker 1: win for war Knock means Democrats have a fifty one

40
00:02:26,440 --> 00:02:30,920
Speaker 1: to forty nine Senate majority. There will be divided government. However, Republicans,

41
00:02:30,919 --> 00:02:35,640
Speaker 1: having narrowly gained House control, belamy with war Knock's decisive victory.

42
00:02:35,800 --> 00:02:39,680
Speaker 1: Georgia Secretary of State Brad Raevensberger defended the integrity of

43
00:02:39,720 --> 00:02:43,560
Speaker 1: this race, calling it honest and fair. You remember, Raethensberger

44
00:02:43,680 --> 00:02:47,520
Speaker 1: was pressured by former President Trump after the election. We

45
00:02:47,560 --> 00:02:50,160
Speaker 1: want everyone to know at your vote counts, it's gonna

46
00:02:50,200 --> 00:02:52,720
Speaker 1: be safe, it's gonna be secure, it's gonna be accurate,

47
00:02:52,840 --> 00:02:55,360
Speaker 1: and we're gonna actually audit this race. Whatever you wist

48
00:02:56,040 --> 00:02:58,360
Speaker 1: of this race, so we can verify the voters. Here's

49
00:02:58,400 --> 00:03:00,800
Speaker 1: what the results were on the machine. Here's what they

50
00:03:00,840 --> 00:03:03,680
Speaker 1: are afterward. Did the hand help audit? Secretary of st

51
00:03:03,720 --> 00:03:07,040
Speaker 1: Raethensberger spoke with our Washington corresponded Joe Matthew, who's on

52
00:03:07,080 --> 00:03:10,120
Speaker 1: the ground in Georgia, catches show sound on weeknights at

53
00:03:10,200 --> 00:03:13,600
Speaker 1: five pm Eastern on Bloomberg Radio. Karen, it was not

54
00:03:13,680 --> 00:03:15,919
Speaker 1: a good day for Donald Trump. He was a prominent

55
00:03:15,960 --> 00:03:18,800
Speaker 1: backer rehearsal Walker and at the same time there's news

56
00:03:19,040 --> 00:03:22,000
Speaker 1: the former president suffered another defeat in court. We get

57
00:03:22,040 --> 00:03:25,160
Speaker 1: the story from Bloomberg's at Baxter. Donald Trump's company has

58
00:03:25,200 --> 00:03:28,280
Speaker 1: been found guilty of engaging in tax fraud for more

59
00:03:28,360 --> 00:03:31,200
Speaker 1: than a decade. This is the first time a Trump

60
00:03:31,240 --> 00:03:35,960
Speaker 1: business has been convicted of criminal conduct. Executives, including Allen Wiselberg,

61
00:03:36,000 --> 00:03:39,680
Speaker 1: convicted of evading taxes on company paid perks, including free

62
00:03:39,720 --> 00:03:44,400
Speaker 1: apartments and luxury cars. The conviction may make it harder

63
00:03:44,520 --> 00:03:47,880
Speaker 1: for the Trump companies to do business. Trump himself was

64
00:03:47,920 --> 00:03:51,680
Speaker 1: not charged in San Francisco. I'm at Baxter Bloomberg Daybreak,

65
00:03:51,880 --> 00:03:54,240
Speaker 1: Great and thanks. Will have more reaction on the political

66
00:03:54,280 --> 00:03:56,600
Speaker 1: news coming up in a few minutes. But first let's

67
00:03:56,640 --> 00:03:58,880
Speaker 1: turn to Wall Street, where the view on the economy

68
00:03:59,040 --> 00:04:02,560
Speaker 1: is yetting gloomy. Now Morgan Stanley is cutting jobs. To

69
00:04:02,640 --> 00:04:05,960
Speaker 1: get the details live at Bloombergy Steve Rappaport, Good morning, Steve,

70
00:04:06,040 --> 00:04:08,880
Speaker 1: Good morning, Karen, and Amy. Morgan Stanley will reduce about

71
00:04:08,880 --> 00:04:11,720
Speaker 1: two percent of its global workforce as the bank braces

72
00:04:11,800 --> 00:04:15,480
Speaker 1: for a possible recession. Sources tell Bloomberg roughly six hundred

73
00:04:15,560 --> 00:04:18,479
Speaker 1: jobs are on the chopping block. CEO James Gorman hinted

74
00:04:18,520 --> 00:04:21,480
Speaker 1: layoffs were coming when the bank reported earnings in October,

75
00:04:21,600 --> 00:04:25,200
Speaker 1: saying they learned some things during COVID about operating more efficiently,

76
00:04:25,440 --> 00:04:27,680
Speaker 1: and that's something the management team is working on for

77
00:04:27,720 --> 00:04:30,600
Speaker 1: the rest of the year. Morgan's move comes as Goldman

78
00:04:30,640 --> 00:04:33,279
Speaker 1: Sacks and Bank of America Warren Dell slow hiring as well.

79
00:04:33,480 --> 00:04:37,039
Speaker 1: Live in New York, I'm Steve Rappaport Bloomberg Daybreak. All right,

80
00:04:37,120 --> 00:04:40,240
Speaker 1: thanks Steven. Goldman Sachs is out with a downbeat view

81
00:04:40,279 --> 00:04:43,360
Speaker 1: on the economy. We spoke with CEO David Solomon at

82
00:04:43,360 --> 00:04:47,320
Speaker 1: Goldman's Financial Services conference. He says smaller bonuses and job

83
00:04:47,360 --> 00:04:50,680
Speaker 1: cuts shouldn't come as a surprise. We always look at

84
00:04:50,720 --> 00:04:53,080
Speaker 1: the environment, and we always sized the firm to the environment.

85
00:04:53,080 --> 00:04:56,240
Speaker 1: If the environment gets tougher, we will obviously make decisions

86
00:04:56,240 --> 00:04:58,720
Speaker 1: to size the footpront of the firm appropriately. That can

87
00:04:58,760 --> 00:05:01,760
Speaker 1: come from slowing down firing, which we've already done considerably

88
00:05:01,800 --> 00:05:03,600
Speaker 1: in the second half of the year um and that

89
00:05:03,760 --> 00:05:07,200
Speaker 1: might also come from pruning in certain areas. Goldman Sachs

90
00:05:07,200 --> 00:05:11,240
Speaker 1: CEO David Solomon spoke with Bloomberg's Channelly Basset, another Well

91
00:05:11,279 --> 00:05:14,120
Speaker 1: Street CEO, is also weighing in on the economy amy

92
00:05:14,160 --> 00:05:17,000
Speaker 1: and its impact on his firm. Bank of America's Brian

93
00:05:17,040 --> 00:05:20,600
Speaker 1: moynahan says there are signs of consumer weakness. Was spending

94
00:05:20,800 --> 00:05:23,520
Speaker 1: starting to slow. The evidence shows it. Yes, the economy

95
00:05:23,720 --> 00:05:26,520
Speaker 1: is being slowed by the higher indust rates, by the

96
00:05:26,560 --> 00:05:30,039
Speaker 1: fact that the inflation is eating up more of a

97
00:05:30,040 --> 00:05:32,000
Speaker 1: person savings. They need to get down under control. That

98
00:05:32,040 --> 00:05:33,680
Speaker 1: means higher interest rates. On the other hand, you've seen

99
00:05:33,680 --> 00:05:35,520
Speaker 1: them slow down, which ought to put less price pressure.

100
00:05:35,720 --> 00:05:37,400
Speaker 1: That means they could slow down. So that's going to

101
00:05:37,480 --> 00:05:39,000
Speaker 1: be a debate. I think we need a few more

102
00:05:39,000 --> 00:05:40,880
Speaker 1: months to see whether it's just a trend or not.

103
00:05:41,400 --> 00:05:44,520
Speaker 1: And Bank of America's Brian moynahan says consumers spending at

104
00:05:44,520 --> 00:05:47,120
Speaker 1: the bank rose five percent in November, and that's a

105
00:05:47,200 --> 00:05:51,599
Speaker 1: lower rate than prior periods. In Asia, China continues to

106
00:05:51,680 --> 00:05:55,680
Speaker 1: relax COVID restrictions. Today brought another round of announcements from

107
00:05:55,680 --> 00:05:59,240
Speaker 1: the government. Bloomberg's John Lou reports from Beijing. New measures

108
00:05:59,240 --> 00:06:01,760
Speaker 1: were announced today that allow people infected with COVID to

109
00:06:01,880 --> 00:06:05,560
Speaker 1: quarantined at home. As a nationwide policy authorities are also

110
00:06:05,640 --> 00:06:09,039
Speaker 1: trying to rein it unnecessary PCR testing by scrapping the

111
00:06:09,120 --> 00:06:12,440
Speaker 1: need to show a negative test result for most public venues.

112
00:06:12,480 --> 00:06:14,440
Speaker 1: Those moves are the latest sign that the government is

113
00:06:14,440 --> 00:06:17,200
Speaker 1: trying to ease its zero tolerance COVID strategy and that

114
00:06:17,360 --> 00:06:20,960
Speaker 1: growing public discontent. The actions also suggest that China's most

115
00:06:20,960 --> 00:06:24,000
Speaker 1: senior leaders are willing to tolerate higher case numbers to

116
00:06:24,080 --> 00:06:27,440
Speaker 1: avoid more social and economic term win in Beijing. On

117
00:06:27,560 --> 00:06:30,080
Speaker 1: John lou bloom Break, Day Break, Great John, Thanks well.

118
00:06:30,080 --> 00:06:32,440
Speaker 1: Back here in the US, we have an ominous forecast

119
00:06:32,520 --> 00:06:34,920
Speaker 1: from an iPhone supplier in Asia. I'm you're out of

120
00:06:35,120 --> 00:06:39,520
Speaker 1: manufacturing expects Apple to further reduced iPhone fourteen production plans.

121
00:06:39,839 --> 00:06:42,760
Speaker 1: It cites weak demand. The Japanese company is a lynch

122
00:06:42,839 --> 00:06:46,919
Speaker 1: pin of the smartphone industry, providing components to Apple, Samsung,

123
00:06:47,040 --> 00:06:51,120
Speaker 1: and many others. Futures this morning are a little bit lower.

124
00:06:51,279 --> 00:06:54,160
Speaker 1: SMP futures down six points, down about two tents of

125
00:06:54,279 --> 00:06:57,000
Speaker 1: upper cent. Straight ahead your latest local headlines plus the

126
00:06:57,080 --> 00:07:03,880
Speaker 1: check of sports. This is Bloomberg. Thank you. Karen. Five

127
00:07:03,920 --> 00:07:06,760
Speaker 1: oh seven on Wall Street, fifty seven degrees now in

128
00:07:06,839 --> 00:07:10,080
Speaker 1: New York with scattered showers for the day. Mild temperatures too.

129
00:07:10,120 --> 00:07:12,680
Speaker 1: We're going up to sixty today. Let's bring in Michael

130
00:07:12,720 --> 00:07:14,400
Speaker 1: Barr with more on what else is going on in

131
00:07:14,440 --> 00:07:17,000
Speaker 1: New York and around the world. Good morning, Michael, Good

132
00:07:17,040 --> 00:07:19,960
Speaker 1: morning Amy. New York Mayor Eric Adams will fill two

133
00:07:20,080 --> 00:07:23,040
Speaker 1: top appointed posts at City Hall with two women from

134
00:07:23,040 --> 00:07:27,400
Speaker 1: inside his administration. Camille Varlac, senior advisor to the Mayor,

135
00:07:27,480 --> 00:07:31,200
Speaker 1: will become Chief of Staff, replace from retiring Frank Corone.

136
00:07:31,600 --> 00:07:35,239
Speaker 1: Gina right now Jeoputy Mayor of Strategic Initiatives will become

137
00:07:35,320 --> 00:07:39,960
Speaker 1: first Deputy Mayor, replacing retiring Lorraine Grillo. Mayor Adams says

138
00:07:40,080 --> 00:07:44,160
Speaker 1: they will have big shoes to fill. Shea Camille all

139
00:07:44,200 --> 00:07:50,280
Speaker 1: continue to tradition a strong women in this administration, especially

140
00:07:50,960 --> 00:07:56,320
Speaker 1: strong women of color. The appointments will be effective January.

141
00:07:56,840 --> 00:08:00,760
Speaker 1: Former Broome County, New York District Attorney Steve Even Cornwell

142
00:08:00,840 --> 00:08:04,480
Speaker 1: has pleaded guilty to grand larceny. Cornwell admitted to stealing

143
00:08:04,480 --> 00:08:08,400
Speaker 1: felony case records of his prior criminal conviction. Current d

144
00:08:08,560 --> 00:08:13,160
Speaker 1: A Michael Cornchack says that Cornwell stole case files and

145
00:08:13,240 --> 00:08:17,160
Speaker 1: county records that documented his conviction, including for d U

146
00:08:17,320 --> 00:08:20,360
Speaker 1: I an assault on an officer. He also went into

147
00:08:20,360 --> 00:08:24,560
Speaker 1: the computer files of the district attorney and altered his

148
00:08:24,680 --> 00:08:28,040
Speaker 1: name and deleted his day of birth from that prior

149
00:08:28,080 --> 00:08:32,120
Speaker 1: criminal conviction. D A. Corn Chack says that Cornwell was

150
00:08:32,160 --> 00:08:35,200
Speaker 1: sentenced to a three year conditional discharge and find five

151
00:08:35,240 --> 00:08:38,520
Speaker 1: thousand dollars. Today, America marks any one years after the

152
00:08:38,559 --> 00:08:42,239
Speaker 1: Pearl Harbor attack. The number of World War Two survivors

153
00:08:42,280 --> 00:08:45,240
Speaker 1: from that day are dwindling. One one year old Lou

154
00:08:45,360 --> 00:08:49,120
Speaker 1: Counter in Grass Valley, California, regrets, due to his age,

155
00:08:49,160 --> 00:08:50,800
Speaker 1: that he will not be able to attend today his

156
00:08:50,880 --> 00:08:53,600
Speaker 1: remembrance events. He was a sailor on board the ill

157
00:08:53,679 --> 00:08:57,640
Speaker 1: fated USS Arizona. I'd love to be there because there's

158
00:08:57,640 --> 00:09:02,319
Speaker 1: only two of us still living there. More than two

159
00:09:02,440 --> 00:09:06,439
Speaker 1: hundred Americans were killed in the surprise Japanese attack, and

160
00:09:06,400 --> 00:09:10,560
Speaker 1: an iconic New York City comedy club is closing up shop,

161
00:09:10,960 --> 00:09:13,960
Speaker 1: Caroline's on Broadway to close its doors after forty years.

162
00:09:13,960 --> 00:09:17,280
Speaker 1: The final day will be on December thirty one. Global

163
00:09:17,320 --> 00:09:19,480
Speaker 1: News twenty four hours a day on air and on

164
00:09:19,520 --> 00:09:22,400
Speaker 1: Bloomberg quick Take, powered by more than twenty seven hundred

165
00:09:22,440 --> 00:09:25,480
Speaker 1: journalists and analysts, and more than one hundred twenty countries.

166
00:09:25,720 --> 00:09:29,760
Speaker 1: Michael Barr and this is Bloomberg Amy. All right, thank you, Michael.

167
00:09:32,600 --> 00:09:34,520
Speaker 1: It's so nine on the Wall Street. Time now for

168
00:09:34,559 --> 00:09:36,880
Speaker 1: the sports report, brought to you by Try stand OUTI.

169
00:09:37,080 --> 00:09:39,920
Speaker 1: Here's John's Tash hour. Okay, Jacob de Graham was not

170
00:09:40,000 --> 00:09:42,880
Speaker 1: the Mets only free agent pitcher Taiwan Walker, All Star

171
00:09:42,960 --> 00:09:45,800
Speaker 1: in one then had a solid season, going twelve and

172
00:09:45,880 --> 00:09:47,560
Speaker 1: five three and a half the r A. Walker not

173
00:09:47,640 --> 00:09:51,080
Speaker 1: only leaving the Mets, he's joining the Phillies, who continue

174
00:09:51,120 --> 00:09:54,079
Speaker 1: to spend, having already added trade turner Javison Tayone leaving

175
00:09:54,080 --> 00:09:56,480
Speaker 1: the Yankees heading to the Cubs. Dione came to New

176
00:09:56,520 --> 00:09:59,160
Speaker 1: York for the history of injuries and illness, but he

177
00:09:59,240 --> 00:10:02,280
Speaker 1: was dependable this fast season, making thirty two starts, led

178
00:10:02,320 --> 00:10:05,160
Speaker 1: the team and wins with fourteen. The Cubs also signed

179
00:10:05,200 --> 00:10:07,600
Speaker 1: Cody Bellinger the two thousand nineteen n l m v

180
00:10:07,679 --> 00:10:10,520
Speaker 1: P with the Dodgers. Yanks have signed free agent reliever

181
00:10:10,679 --> 00:10:13,640
Speaker 1: Tommy Keenley. He was with them before. As for Aaron Judge,

182
00:10:13,800 --> 00:10:16,960
Speaker 1: thank you, gentle. Manager Brian Cashman was on the Yes Network.

183
00:10:17,280 --> 00:10:21,959
Speaker 1: Certainly hopeful, but we're not driving this bus obviously, Mr Judges,

184
00:10:22,080 --> 00:10:23,960
Speaker 1: and um, you know, he put himself in a great

185
00:10:23,960 --> 00:10:26,480
Speaker 1: position clearly with a historic season, and he's had an

186
00:10:26,480 --> 00:10:28,920
Speaker 1: amazing career thus far. And you know one that if

187
00:10:28,920 --> 00:10:31,040
Speaker 1: he continues to take him all the way to Cooper's Town.

188
00:10:31,040 --> 00:10:33,839
Speaker 1: But we want every stop along the way between now

189
00:10:33,880 --> 00:10:36,400
Speaker 1: and and hopefully that final destination to be here in

190
00:10:36,440 --> 00:10:38,360
Speaker 1: the Brocks for us Kashman and Mets. He has to

191
00:10:38,400 --> 00:10:41,280
Speaker 1: wait for, as he says the judge, Domino to fall

192
00:10:41,559 --> 00:10:43,440
Speaker 1: before he knows what to do next. On the ice,

193
00:10:43,480 --> 00:10:46,600
Speaker 1: Devils three Nothings shut out of Chicago defenseman Dougee Hamilton's

194
00:10:46,600 --> 00:10:49,560
Speaker 1: in on all three goals. Islanders lost at home to St.

195
00:10:49,559 --> 00:10:52,440
Speaker 1: Louis seven to four. Locals matt College hoops that Rose

196
00:10:52,520 --> 00:10:55,199
Speaker 1: Hill Fordham beat Wagner and the Lambs are nine and one.

197
00:10:55,280 --> 00:10:58,640
Speaker 1: Double hetter at the Garden, Duke beat Iowa after Illinois

198
00:10:58,679 --> 00:11:01,680
Speaker 1: beat second rank Texas in overtime. Two days off at

199
00:11:01,679 --> 00:11:04,920
Speaker 1: the World Cup after Portugal routed Switzerland six to one

200
00:11:04,960 --> 00:11:09,520
Speaker 1: and Morocco upset Spain on penalty kicks. Quarterfinals Friday and Saturday.

201
00:11:09,559 --> 00:11:12,800
Speaker 1: In guitar forty Niners, quarterback Jimmy Garoppolo may not miss

202
00:11:12,800 --> 00:11:14,880
Speaker 1: the rest of the season, does not need surgery on

203
00:11:14,960 --> 00:11:17,120
Speaker 1: his injured for if he does return, with not being

204
00:11:17,160 --> 00:11:20,320
Speaker 1: until the playoffs. Another TB. Baker Mayfield released by Carolina

205
00:11:20,400 --> 00:11:24,320
Speaker 1: claimed on waivers. Buddy L. A. Vans, John Stashwer Bloomberg Sportsman.

206
00:11:25,040 --> 00:11:27,720
Speaker 1: All right, thank you, John. The Bloomberg Sports Report was

207
00:11:27,760 --> 00:11:30,559
Speaker 1: brought to you by Audie. Don't let someone else drive

208
00:11:30,559 --> 00:11:33,720
Speaker 1: off in the Audi model you've always wanted. Visit your

209
00:11:33,760 --> 00:11:36,199
Speaker 1: local try state Audie dealer to get behind the wheel

210
00:11:36,240 --> 00:11:39,440
Speaker 1: of yours today, or visit Autie Offers dot com for

211
00:11:39,600 --> 00:11:43,640
Speaker 1: more information. Futures are lower s and P down seven

212
00:11:43,640 --> 00:11:47,600
Speaker 1: point STAF futures down twenty three points, NASDAC features down

213
00:11:47,600 --> 00:11:51,040
Speaker 1: thirty two points. Ten year treasury unchanged at three point

214
00:11:51,040 --> 00:11:53,839
Speaker 1: five three percent. They yield a two year yield at

215
00:11:54,000 --> 00:11:58,760
Speaker 1: four point three four percent, and Nimex crude now trading

216
00:11:58,760 --> 00:12:02,440
Speaker 1: at seventy three dollars a bar. A good Wednesday morning

217
00:12:02,480 --> 00:12:05,120
Speaker 1: at six twelve on Wall Strength. This is Bloomberg Daybreak.

218
00:12:05,120 --> 00:12:07,839
Speaker 1: Democrats have one outright control of the Senate after a

219
00:12:07,960 --> 00:12:10,679
Speaker 1: victory in the runoff election in Georgia last night. We're

220
00:12:10,720 --> 00:12:13,520
Speaker 1: joined now by Wendy Schiller, director of the Talfman Center

221
00:12:13,559 --> 00:12:17,560
Speaker 1: for American Politics and Policy at Brown University. Thank you

222
00:12:17,600 --> 00:12:19,880
Speaker 1: so much, Professor Schiller for joining us this morning. We

223
00:12:20,040 --> 00:12:22,960
Speaker 1: got those results much sooner than expected. A lot of

224
00:12:23,000 --> 00:12:26,240
Speaker 1: folks we're saying it could take days before we really

225
00:12:26,320 --> 00:12:29,640
Speaker 1: knew who won this runoff, but no, it only took hours.

226
00:12:29,679 --> 00:12:33,640
Speaker 1: What's that tell you, well, Gorning Amy, I mean, what's

227
00:12:33,720 --> 00:12:36,160
Speaker 1: interesting is that there's sort of a big debate about

228
00:12:36,160 --> 00:12:39,200
Speaker 1: early voting, bail and voting and then day of voting.

229
00:12:39,760 --> 00:12:42,760
Speaker 1: Republicans tend to vote in bigger numbers on day of voting,

230
00:12:42,800 --> 00:12:45,760
Speaker 1: although in some states, uh in the mid terms, they

231
00:12:45,760 --> 00:12:48,240
Speaker 1: get out in person and the early voting stages as well.

232
00:12:48,400 --> 00:12:52,000
Speaker 1: But Democrats wrapped up really big numbers in early voting

233
00:12:52,000 --> 00:12:54,680
Speaker 1: in what in multiple forms, and that means that Republicans

234
00:12:54,720 --> 00:12:57,280
Speaker 1: have to play catch up on election day and get

235
00:12:57,280 --> 00:12:59,600
Speaker 1: all these votes out the door and make sure all

236
00:12:59,640 --> 00:13:01,240
Speaker 1: these people who said they were going to vote get

237
00:13:01,240 --> 00:13:03,559
Speaker 1: out the door. And without a governor's race at the

238
00:13:03,600 --> 00:13:05,760
Speaker 1: top of the ticket and a relatively popular governor in

239
00:13:05,840 --> 00:13:08,280
Speaker 1: Brian Kemp, you know, I think that heart visual Walker,

240
00:13:08,320 --> 00:13:12,439
Speaker 1: and particularly in some of these very red very rural

241
00:13:12,440 --> 00:13:15,720
Speaker 1: Republican counties. He just missed the mark. He lost by

242
00:13:15,720 --> 00:13:19,480
Speaker 1: a copper or percentage points um in terms of his turnout,

243
00:13:19,760 --> 00:13:21,760
Speaker 1: and he didn't get enough of a victory in some

244
00:13:21,800 --> 00:13:24,719
Speaker 1: of those Republican areas to counter or an ex tremendous

245
00:13:25,160 --> 00:13:29,880
Speaker 1: advantage in very highly populous Democratic counties. Still a divided

246
00:13:29,920 --> 00:13:32,600
Speaker 1: government though Republicans have the majority in the House. It's slim,

247
00:13:32,640 --> 00:13:34,920
Speaker 1: but they have it. Democrats also have a majority in

248
00:13:34,920 --> 00:13:38,560
Speaker 1: the Senate, also very slim. So do you expect more gridlock?

249
00:13:38,679 --> 00:13:42,360
Speaker 1: Can they find a way to cooperate? Well, there are

250
00:13:42,360 --> 00:13:45,400
Speaker 1: two big, huge, woming questions. I think what immediate is

251
00:13:45,400 --> 00:13:48,119
Speaker 1: whether the government shuts down, which won't happen. The Democrats,

252
00:13:48,400 --> 00:13:50,319
Speaker 1: you know, are running things in the lame duck session.

253
00:13:50,520 --> 00:13:52,480
Speaker 1: They still have control of the chamber. They'll find a

254
00:13:52,480 --> 00:13:55,440
Speaker 1: way to pass a funding bill. How long that funding

255
00:13:55,440 --> 00:13:57,640
Speaker 1: bill goes for that's the question mark. Then there's the

256
00:13:57,679 --> 00:14:00,920
Speaker 1: debt ceiling and what we don't even though sort of

257
00:14:00,960 --> 00:14:03,240
Speaker 1: I think people who are the Democrats side are watching

258
00:14:03,240 --> 00:14:06,560
Speaker 1: with glee as as McCarthy has challenged with the speakership

259
00:14:06,600 --> 00:14:09,199
Speaker 1: and there's such a majority for the Republicans, they seem

260
00:14:09,200 --> 00:14:12,079
Speaker 1: a little bit in disarray. That's a problem for getting

261
00:14:12,080 --> 00:14:14,880
Speaker 1: the dead ceiling past. I mean, you need functional government.

262
00:14:14,920 --> 00:14:16,800
Speaker 1: You can have polarization, but you need to get some

263
00:14:16,840 --> 00:14:19,480
Speaker 1: of these things actually and you know, passed. So I

264
00:14:19,560 --> 00:14:21,880
Speaker 1: think that's the looming question is will to be enough

265
00:14:21,960 --> 00:14:25,400
Speaker 1: functionality on the Republican side to pass a debt limit

266
00:14:25,480 --> 00:14:28,200
Speaker 1: extension and so that that's a big question mark, and

267
00:14:28,240 --> 00:14:30,960
Speaker 1: whether the Democrats try to do it now because they're worried.

268
00:14:31,240 --> 00:14:33,480
Speaker 1: That may be good for policy, but it will take

269
00:14:33,520 --> 00:14:36,560
Speaker 1: the pressure off the Republicans will stay some control in

270
00:14:36,600 --> 00:14:39,840
Speaker 1: the House after January three. Now, let me ask you

271
00:14:39,880 --> 00:14:42,040
Speaker 1: about something in the Senate, because we have seen in

272
00:14:42,080 --> 00:14:46,000
Speaker 1: the past Senator's mansion and Cinema not really telling the

273
00:14:46,040 --> 00:14:48,880
Speaker 1: Democratic party line all of the time, sometime throwing up

274
00:14:49,120 --> 00:14:52,280
Speaker 1: those speed bumps and keeping some pieces of legislation from

275
00:14:52,320 --> 00:14:54,360
Speaker 1: passing as long as they were able to get their

276
00:14:54,440 --> 00:14:57,960
Speaker 1: their mandates in So my question for you is does

277
00:14:58,160 --> 00:15:05,320
Speaker 1: this little bit breathing room effectively buffer that impact that effect? Um,

278
00:15:05,360 --> 00:15:07,360
Speaker 1: I don't think so. I mean, I think fifty one.

279
00:15:07,480 --> 00:15:09,960
Speaker 1: You know, anything can happen any time in terms of

280
00:15:09,960 --> 00:15:12,520
Speaker 1: the Democrat Party, in terms of the health of Democratic senators.

281
00:15:12,560 --> 00:15:16,240
Speaker 1: We've seen this most recently. Um uh. You know where

282
00:15:16,280 --> 00:15:18,960
Speaker 1: people become ill and then they they're not there for votes,

283
00:15:19,000 --> 00:15:21,480
Speaker 1: and then you're stuck Tamla Harris. You get a little

284
00:15:21,480 --> 00:15:24,520
Speaker 1: breathing room. But I think also politically, you can't afford

285
00:15:24,600 --> 00:15:27,720
Speaker 1: to alien Arizona for the Democrat Party. Uh and West

286
00:15:27,800 --> 00:15:30,760
Speaker 1: Virginia that doesn't vote Democrat in that presidential race. But

287
00:15:30,840 --> 00:15:34,320
Speaker 1: Manchion is still a kind of barometer for the Democrat Party. Uh.

288
00:15:34,360 --> 00:15:36,560
Speaker 1: And it's it's managed to push the party a little

289
00:15:36,560 --> 00:15:39,600
Speaker 1: bit back to the center, which we've seen in two

290
00:15:39,880 --> 00:15:43,320
Speaker 1: probably protected the Democrats that's on the Senate side in particular,

291
00:15:43,680 --> 00:15:45,800
Speaker 1: more than they would have been if they didn't have

292
00:15:45,840 --> 00:15:48,840
Speaker 1: these particular senators pushing them back to the middle. I

293
00:15:48,920 --> 00:15:53,480
Speaker 1: also wonder if this somehow improves Democrats chances in hear

294
00:15:53,520 --> 00:15:57,280
Speaker 1: me out. It just seems as though it may be

295
00:15:57,360 --> 00:16:00,640
Speaker 1: not a blue wave, not a red wave, but pendulum

296
00:16:00,720 --> 00:16:04,400
Speaker 1: swinging away from that Trump effect that we've been seeing

297
00:16:04,440 --> 00:16:08,080
Speaker 1: for the past few years. Amy I said, all depends.

298
00:16:08,160 --> 00:16:10,280
Speaker 1: I've been trying to find do my homework on the

299
00:16:10,280 --> 00:16:13,320
Speaker 1: Republican Nominating Convention rules, because you know, the Democrats are

300
00:16:13,320 --> 00:16:15,280
Speaker 1: not talking about how they're going to structure their primaries.

301
00:16:15,480 --> 00:16:17,680
Speaker 1: You know, are they going to keep proportional representation which

302
00:16:17,760 --> 00:16:20,240
Speaker 1: kept Trump alive In the first part of the of

303
00:16:20,320 --> 00:16:23,360
Speaker 1: the Republican nominating process, they split it up between win

304
00:16:23,440 --> 00:16:25,960
Speaker 1: or take all proportional representation. These things are gonna matter.

305
00:16:26,040 --> 00:16:28,720
Speaker 1: People don't pay much attention, but it certainly matters. You know,

306
00:16:29,000 --> 00:16:31,760
Speaker 1: a more fringe E candidate can stay alive under that circumstance,

307
00:16:31,880 --> 00:16:33,960
Speaker 1: winner take all, they can't really stay alive is easily.

308
00:16:34,080 --> 00:16:36,320
Speaker 1: Are you gonna look for Glenn Young Kin, Ron de Santas,

309
00:16:36,320 --> 00:16:39,280
Speaker 1: Brian Kemp, for example, to lead the party going forward?

310
00:16:39,600 --> 00:16:41,440
Speaker 1: Or or will the wing of the party that loves

311
00:16:41,440 --> 00:16:44,760
Speaker 1: Trump still control that? And I think clearly in two

312
00:16:44,800 --> 00:16:47,760
Speaker 1: Trump was an electoral liability. So the Republicans have to

313
00:16:47,800 --> 00:16:50,720
Speaker 1: decide that. But Democrats talk other pressures. Voting Rights Act,

314
00:16:50,760 --> 00:16:52,960
Speaker 1: for example, John Lewis Voting Rights Act couldn't get it

315
00:16:52,960 --> 00:16:55,360
Speaker 1: done because of the filibuster. Will they get rid of

316
00:16:55,400 --> 00:16:58,400
Speaker 1: the filibuster legislated filibuster meaning will they lower the threshold

317
00:16:58,480 --> 00:17:01,880
Speaker 1: the fifty one votes to get something past? That's legislation

318
00:17:01,920 --> 00:17:05,040
Speaker 1: they've already done up for executive nominations, judicial nominations. Will

319
00:17:05,080 --> 00:17:07,520
Speaker 1: they do it for legislation, but chicularly since we saw

320
00:17:07,760 --> 00:17:10,960
Speaker 1: some states adopt more voter suppression laws. Although Tronaut was

321
00:17:11,040 --> 00:17:13,159
Speaker 1: very high in Georgia. Warnock made a point of that

322
00:17:13,240 --> 00:17:16,760
Speaker 1: in his acceptance each very interesting. Don't ignore voter suppression

323
00:17:16,800 --> 00:17:19,200
Speaker 1: just because we all turned out to vote and overcame

324
00:17:19,240 --> 00:17:22,000
Speaker 1: those obstacles. That's gonna be a big pressure points, particularly

325
00:17:22,040 --> 00:17:24,639
Speaker 1: going into twenty four for the Democrats. And how are

326
00:17:24,640 --> 00:17:26,240
Speaker 1: they going to handle that now that they have a

327
00:17:26,240 --> 00:17:28,280
Speaker 1: little more breathing room what you say, and they're more

328
00:17:28,400 --> 00:17:32,560
Speaker 1: key race um Warnock won anyone in the end, pretty big,

329
00:17:34,000 --> 00:17:36,560
Speaker 1: all right. Wendy Schiller, director of the Talibman Center for

330
00:17:36,640 --> 00:17:39,520
Speaker 1: American Politics and Policy at Brown University. We're gonna have

331
00:17:39,520 --> 00:17:41,840
Speaker 1: more on this with Wendy Schiller later at this hour.

332
00:17:42,280 --> 00:17:44,960
Speaker 1: As MP futures down nine, Death Futures down thirty eight,

333
00:17:45,000 --> 00:17:48,000
Speaker 1: Nasdaq features down at thirty nine. Bloomberg Day Break is

334
00:17:48,000 --> 00:17:50,600
Speaker 1: brought to you by the Jewish Communal Fund. For fifty years,

335
00:17:50,600 --> 00:17:52,720
Speaker 1: philanthropists at all levels have turned to j c F

336
00:17:52,840 --> 00:17:55,720
Speaker 1: donor advised funds to streamline their charitable giving. Is that

337
00:17:55,840 --> 00:18:03,240
Speaker 1: j c F n y dot org, Markets headlines and

338
00:18:03,400 --> 00:18:06,760
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,

339
00:18:06,760 --> 00:18:10,320
Speaker 1: a Bloomberg Business outland at Bloomberg Quick Take this She's

340
00:18:10,320 --> 00:18:19,080
Speaker 1: a Bloomberg Business flash and I'm Karen Moscow. And this

341
00:18:19,160 --> 00:18:21,480
Speaker 1: update brought to you by the Jewish Communal Fund. For

342
00:18:21,560 --> 00:18:25,440
Speaker 1: fifty years, JCFS donor advice funds have been helping families

343
00:18:25,440 --> 00:18:28,520
Speaker 1: create charitable legacies. Start now and open at j c

344
00:18:28,720 --> 00:18:31,680
Speaker 1: F fund before year end. Visit j c F n

345
00:18:31,880 --> 00:18:35,440
Speaker 1: y dot org. U stock index futures are dropping this

346
00:18:35,520 --> 00:18:38,960
Speaker 1: morning as week Chinese trade data adds to concerns about

347
00:18:38,960 --> 00:18:41,000
Speaker 1: the health of the global economy. We check the markets

348
00:18:41,000 --> 00:18:43,639
Speaker 1: all day here on Bloomberg radios and p future is

349
00:18:43,720 --> 00:18:46,200
Speaker 1: down about nine points or two tens of upper sent.

350
00:18:46,280 --> 00:18:48,720
Speaker 1: Dow futures down forty one or a ten of upper cent,

351
00:18:49,080 --> 00:18:51,600
Speaker 1: NASA futures down three tens of upper cent or about

352
00:18:51,640 --> 00:18:54,280
Speaker 1: thirty seven points. The decks in Germany's down a third

353
00:18:54,280 --> 00:18:57,120
Speaker 1: of up percent ten Your treasury little change. You'll three

354
00:18:57,119 --> 00:18:58,960
Speaker 1: point five three percent in the yield on the two

355
00:18:59,040 --> 00:19:02,800
Speaker 1: year four point three four percent. That's a Bloomberg Business flash.

356
00:19:02,800 --> 00:19:04,879
Speaker 1: Now here's Michael Barr with more on what's going on

357
00:19:04,920 --> 00:19:07,560
Speaker 1: around the world, Michael Karen, thank you very much. Senator

358
00:19:07,640 --> 00:19:11,600
Speaker 1: Raphael Warnock defeated Republican challenge Herschel Walker in their runoff

359
00:19:11,680 --> 00:19:15,639
Speaker 1: for Georgia's Senate seat, giving Democrats a fifty one forty

360
00:19:15,720 --> 00:19:18,879
Speaker 1: nine edge in the Upper Chamber. Warnock beat Walker with

361
00:19:19,000 --> 00:19:21,119
Speaker 1: fifty one point four percent of the vote. More on

362
00:19:21,160 --> 00:19:23,840
Speaker 1: the Georgia race in a minute. In a sharp reversal,

363
00:19:23,920 --> 00:19:27,359
Speaker 1: China has announced a series of measures rolling back some

364
00:19:27,520 --> 00:19:31,920
Speaker 1: of its most draconian anti COVID nineteen restrictions. The National

365
00:19:31,920 --> 00:19:34,920
Speaker 1: Health Commission announced that COVID nineteen test and a clean

366
00:19:34,960 --> 00:19:38,560
Speaker 1: bill of health displayed on a smartphone app would no

367
00:19:38,640 --> 00:19:41,919
Speaker 1: longer be required in the NHL. The Devil's won, the

368
00:19:41,920 --> 00:19:44,840
Speaker 1: Islanders lost. Global news twenty four hours a day on

369
00:19:44,960 --> 00:19:47,399
Speaker 1: here and on Bloomberg quick Take, powered by more than

370
00:19:47,480 --> 00:19:50,199
Speaker 1: twenty seven hundred journalists an analyst in more than one

371
00:19:50,520 --> 00:19:54,160
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg Gaming all right,

372
00:19:54,160 --> 00:19:57,520
Speaker 1: Thank you, Michael. It is on Wall Street. I'm Amy Morris.

373
00:19:57,520 --> 00:20:00,840
Speaker 1: This is Bloomberg Daybreak. Democratic Senator f L. Warneck As

374
00:20:00,920 --> 00:20:03,360
Speaker 1: Unchaeld was just telling you one re election in Georgia,

375
00:20:03,680 --> 00:20:06,920
Speaker 1: defeating challenger Republican herschel Walker. We want to continue our

376
00:20:06,960 --> 00:20:09,520
Speaker 1: conversation about this with Wendy Schiller, the director of the

377
00:20:09,520 --> 00:20:13,200
Speaker 1: Talban Center for American Politics and Policy at Brown University,

378
00:20:13,280 --> 00:20:15,800
Speaker 1: and Wendy. We were talking earlier this morning with Terry

379
00:20:15,840 --> 00:20:19,680
Speaker 1: Haynes of PANGEA Policy, and he believes this could mean

380
00:20:19,680 --> 00:20:22,560
Speaker 1: the end of Donald Trump in the GOP. The task

381
00:20:22,600 --> 00:20:25,720
Speaker 1: for the Republican Party over the past two years has

382
00:20:25,800 --> 00:20:28,439
Speaker 1: been that, you know, how do we get channel we

383
00:20:28,520 --> 00:20:31,600
Speaker 1: how do we get past this particular speed bump. And

384
00:20:31,680 --> 00:20:34,720
Speaker 1: you know that process I think has greatly accelerated since

385
00:20:34,800 --> 00:20:38,240
Speaker 1: the UH, since the mid terms. But between the mid

386
00:20:38,359 --> 00:20:42,960
Speaker 1: term results, Trump's tone deaf announcement and UH, and then

387
00:20:43,280 --> 00:20:46,680
Speaker 1: the whole business about suspending the Constitution, which is UH,

388
00:20:46,800 --> 00:20:49,720
Speaker 1: I really think is beyond the pale for h For

389
00:20:49,760 --> 00:20:52,240
Speaker 1: a great number of the party leaders. They're gonna look

390
00:20:52,240 --> 00:20:55,160
Speaker 1: now to try to make sure he's fenced out. Now

391
00:20:55,240 --> 00:20:58,800
Speaker 1: does he have a point there? Well? I mean, you know,

392
00:20:58,840 --> 00:21:01,840
Speaker 1: the question is do you get you sort of allowed

393
00:21:01,880 --> 00:21:04,200
Speaker 1: Donald Trump or pushed down Trump to fade into the background.

394
00:21:04,320 --> 00:21:06,359
Speaker 1: But what about Trump? Is um? You know that the

395
00:21:06,480 --> 00:21:09,560
Speaker 1: issues that Trump raised and and one on in sixteen

396
00:21:09,640 --> 00:21:13,280
Speaker 1: have not gone away. And we've seen a consistent loyalty

397
00:21:13,560 --> 00:21:17,520
Speaker 1: two Republicans among people who are less than college educated,

398
00:21:17,600 --> 00:21:21,000
Speaker 1: let's say, um or high school educated and consider themselves

399
00:21:21,000 --> 00:21:24,200
Speaker 1: a quote unquote working class that used to be fodder

400
00:21:24,200 --> 00:21:27,760
Speaker 1: for the Democrats. Now it's been consistently uh fodder for

401
00:21:27,760 --> 00:21:30,800
Speaker 1: the Republicans, and they're turning out. And so that's still

402
00:21:30,840 --> 00:21:32,840
Speaker 1: a very big issue for the Democrat Party if they

403
00:21:32,840 --> 00:21:35,639
Speaker 1: want to be competitive in places like Pennsylvania and like

404
00:21:35,760 --> 00:21:37,760
Speaker 1: Arizona and like Georgia, they're not always going to get

405
00:21:37,760 --> 00:21:41,320
Speaker 1: these unique circumstances with with some pretty bad candidates on

406
00:21:41,359 --> 00:21:43,760
Speaker 1: the Republican side. So I think it would be mistake

407
00:21:43,840 --> 00:21:45,919
Speaker 1: for the Democrats to say, well, Trump has gone, so

408
00:21:46,000 --> 00:21:48,040
Speaker 1: then Trump is um has gone. I don't think that's true.

409
00:21:48,320 --> 00:21:50,280
Speaker 1: As I mentioned, there are some other candidates that are

410
00:21:50,480 --> 00:21:53,080
Speaker 1: you know, they're threading the needle with the Republican Party

411
00:21:53,080 --> 00:21:54,760
Speaker 1: and they seem to be better at it right now,

412
00:21:55,040 --> 00:21:56,920
Speaker 1: and they happen to be governors, which of course is

413
00:21:56,960 --> 00:21:59,520
Speaker 1: a good position to be in the Republican Party. So

414
00:21:59,560 --> 00:22:01,920
Speaker 1: that's the issue. Still have margorite Sella Green, You still

415
00:22:01,960 --> 00:22:04,199
Speaker 1: have Matt Gates, you till Louie Gomer. You have a

416
00:22:04,200 --> 00:22:06,720
Speaker 1: lot of people in the House that willy echo those

417
00:22:06,840 --> 00:22:09,440
Speaker 1: same exact messages that Trump does, and they're going to

418
00:22:09,520 --> 00:22:12,120
Speaker 1: see an opportunity to move up in visibility if there's

419
00:22:12,119 --> 00:22:15,480
Speaker 1: a vacuum left by the departure of Trump. To your point,

420
00:22:15,520 --> 00:22:17,920
Speaker 1: it was a red wave in Georgia. You're absolutely right.

421
00:22:18,080 --> 00:22:21,160
Speaker 1: Every Republican candidate in the state of Georgia won their

422
00:22:21,280 --> 00:22:24,520
Speaker 1: race except for that Senate race. So it sounds like

423
00:22:24,560 --> 00:22:27,440
Speaker 1: maybe a repudiation of Trump himself, but not Trump is

424
00:22:27,520 --> 00:22:30,080
Speaker 1: um as you were just saying, Yeah, I mean, I

425
00:22:30,080 --> 00:22:32,200
Speaker 1: think there's a question of rule of law, right, I

426
00:22:32,200 --> 00:22:35,800
Speaker 1: mean what Brad Glassenberger and Brian Kemp stuck to their guns,

427
00:22:36,040 --> 00:22:39,560
Speaker 1: obviously under enormous pressure from lots of sources to sort

428
00:22:39,560 --> 00:22:42,760
Speaker 1: of change literally change the outcome, not count votes, not certify,

429
00:22:44,040 --> 00:22:46,520
Speaker 1: and they stuck to it and they won big. And

430
00:22:46,560 --> 00:22:48,879
Speaker 1: that tells you that within the Republican Party there are

431
00:22:48,880 --> 00:22:51,760
Speaker 1: people who want the Republican policy platform and they want

432
00:22:51,840 --> 00:22:54,639
Speaker 1: rule of law. Same thing with Arizona there, you know,

433
00:22:54,680 --> 00:22:57,320
Speaker 1: Republicans lost, you know, some of those races, trains, General

434
00:22:57,440 --> 00:23:00,240
Speaker 1: still in debate, but nonetheless it's the same messaging, which

435
00:23:00,280 --> 00:23:02,479
Speaker 1: is to say, you know, we want to win. We

436
00:23:02,520 --> 00:23:05,000
Speaker 1: think our policies are right, but we want to win. Uh.

437
00:23:05,040 --> 00:23:08,000
Speaker 1: There a stable electoral system where we accept the outcome

438
00:23:08,040 --> 00:23:11,320
Speaker 1: of elections. And I think if Republicans cleared that, which

439
00:23:11,359 --> 00:23:14,200
Speaker 1: I think they're starting to do across the country, then

440
00:23:14,280 --> 00:23:16,960
Speaker 1: they go back to issue messaging and so Democrats can't

441
00:23:17,000 --> 00:23:19,600
Speaker 1: rely on, you know, the rejection of people who are

442
00:23:19,640 --> 00:23:22,960
Speaker 1: really fall off the ranch to keep winning elections with

443
00:23:23,119 --> 00:23:26,879
Speaker 1: or without Trump. Wendy Schiller, director of the Talman Center

444
00:23:26,960 --> 00:23:30,560
Speaker 1: for American Politics and Policy at Brown University. Always great

445
00:23:30,560 --> 00:23:32,520
Speaker 1: to get your insight. Thank you so much for bringing

446
00:23:32,560 --> 00:23:34,560
Speaker 1: us up to speed on this, and we're going to

447
00:23:34,640 --> 00:23:37,400
Speaker 1: continue to follow this developing story and not really developing.

448
00:23:37,400 --> 00:23:40,760
Speaker 1: It was breaking story out of Georgia that Raphael Warnock

449
00:23:40,880 --> 00:23:44,240
Speaker 1: won re election in that Georgia runoff. Coming up next,

450
00:23:44,240 --> 00:23:46,960
Speaker 1: we'll bring you this morning's top stories, your local headlines,

451
00:23:47,200 --> 00:23:50,120
Speaker 1: and a check on markets. And we're going to check

452
00:23:50,119 --> 00:23:53,480
Speaker 1: the markets now on SMP futures seven points lower, DAL

453
00:23:53,600 --> 00:23:56,840
Speaker 1: futures down thirty five, NASTAC futures down at thirty four.

454
00:23:56,880 --> 00:23:58,640
Speaker 1: Now Let's take a look at to days of Bloomberg

455
00:23:58,680 --> 00:24:02,720
Speaker 1: weather forecast. Clouds and scattered showers for today, Temperatures on

456
00:24:02,720 --> 00:24:05,600
Speaker 1: the mild side, fifty five to sixty. Tonight we start

457
00:24:05,600 --> 00:24:08,280
Speaker 1: to dry things out. It will become partly cloudy. Overnight

458
00:24:08,359 --> 00:24:10,840
Speaker 1: lows a mild forty five to fifty. Even the suburbs

459
00:24:10,880 --> 00:24:14,360
Speaker 1: will probably be around forty. Tomorrow, mixture of clouds and sunshine.

460
00:24:14,359 --> 00:24:17,800
Speaker 1: It's fifty to fifty five, partly mostly cloudy, weather developing

461
00:24:17,840 --> 00:24:20,880
Speaker 1: on Friday, with highest close to forty five. I'm Rob

462
00:24:20,920 --> 00:24:23,920
Speaker 1: Caroline with your three day forecast on Bloomberg eleven three

463
00:24:23,960 --> 00:24:31,080
Speaker 1: oh broadcasting live from the Bloomberg Interactive Broker Studio in

464
00:24:31,119 --> 00:24:34,159
Speaker 1: New York. Bloomberg E Loving Freedom to Washington, d C,

465
00:24:34,320 --> 00:24:37,800
Speaker 1: Bloomberg ninety nine one to Boston, Bloomberg one O six

466
00:24:37,880 --> 00:24:41,600
Speaker 1: one does San Francisco, Bloomberg sixty to the country, Sirius

467
00:24:41,760 --> 00:24:44,199
Speaker 1: xm H had a one nine te and around the globe,

468
00:24:44,280 --> 00:24:47,880
Speaker 1: the Bloomberg Business apt and Bloomberg Radio dot Com. This

469
00:24:48,200 --> 00:24:56,959
Speaker 1: is Bloomberg Daybreak. It's coming up on sixty on Wall Street.

470
00:24:57,040 --> 00:25:00,200
Speaker 1: Good Wednesday morning. I'm Amy Morris and I'm Karen Most yal.

471
00:25:00,320 --> 00:25:02,679
Speaker 1: We are about three hours away from the open of

472
00:25:02,760 --> 00:25:05,200
Speaker 1: US training. It's time for the five things you need

473
00:25:05,240 --> 00:25:08,040
Speaker 1: to notice start your day. Brought to you by Interactive

474
00:25:08,040 --> 00:25:11,840
Speaker 1: Broker's bond marketplace access their vast selection of over one

475
00:25:11,840 --> 00:25:15,240
Speaker 1: million global fixed income securities with no markups, are built

476
00:25:15,240 --> 00:25:18,320
Speaker 1: in spreads and low transparent commissions. Learn more at ib

477
00:25:18,400 --> 00:25:22,400
Speaker 1: k r dot com slash bonds. First incumbent Senator Raphael

478
00:25:22,440 --> 00:25:26,320
Speaker 1: Warnock defeated Republican challenger herschel Walker fifty one point four

479
00:25:26,359 --> 00:25:29,240
Speaker 1: percent to forty eight point six percent in the Georgia

480
00:25:29,320 --> 00:25:33,360
Speaker 1: runoff race, securing outright control of the Senate for Democrats.

481
00:25:33,760 --> 00:25:36,440
Speaker 1: If we have value, we ought to have a voice.

482
00:25:36,560 --> 00:25:38,320
Speaker 1: And the way to have a voice is to have

483
00:25:38,480 --> 00:25:41,760
Speaker 1: a vote to determine the direction of your country and

484
00:25:41,800 --> 00:25:45,720
Speaker 1: your destiny within it. Herschell Walker conceded to Warnock, encouraging

485
00:25:45,760 --> 00:25:49,280
Speaker 1: supporters to stay engaged in the political process. We can't

486
00:25:49,280 --> 00:25:52,800
Speaker 1: blame no one, because I want you to continue to

487
00:25:52,840 --> 00:25:55,280
Speaker 1: believe in this country, believe in our elected of fish,

488
00:25:55,320 --> 00:25:58,160
Speaker 1: and most of all, stay together to win for Warnock.

489
00:25:58,240 --> 00:26:01,760
Speaker 1: Means Democrats have a fifty one to four nine Senate majority,

490
00:26:01,800 --> 00:26:05,200
Speaker 1: with Warnox and decisive victory. Georgia Secretary of State Brad

491
00:26:05,280 --> 00:26:08,360
Speaker 1: Rappensburger defended the integrity of the race. Now, you may

492
00:26:08,400 --> 00:26:14,320
Speaker 1: remember Rapinsburger was pressured by former President Trump afterction. Now,

493
00:26:14,560 --> 00:26:17,280
Speaker 1: not just in Georgia, but all of the country. In Georgia,

494
00:26:17,320 --> 00:26:20,439
Speaker 1: we have honest, fair elections have secured and they run smooth.

495
00:26:21,440 --> 00:26:25,439
Speaker 1: Secretary of State Rappensburger spoke with our Washington correspondent Joe Matthew,

496
00:26:25,600 --> 00:26:27,600
Speaker 1: who's on the ground in Georgia. You can catch his

497
00:26:27,680 --> 00:26:31,320
Speaker 1: show sound on weeknights at five pm Eastern on Bloomberg Radio. Well,

498
00:26:31,320 --> 00:26:33,800
Speaker 1: it's not a great day for Donald Trump. Amy, The

499
00:26:33,920 --> 00:26:36,680
Speaker 1: former president back her Shaw, Walker, and two of his

500
00:26:36,760 --> 00:26:39,520
Speaker 1: companies wore found guilty of engaging in tax fraud for

501
00:26:39,560 --> 00:26:44,040
Speaker 1: over a decade. Trump himself was not charged. Well, Karen,

502
00:26:44,080 --> 00:26:46,320
Speaker 1: let's turn down to Wall Street, where news of job

503
00:26:46,359 --> 00:26:49,920
Speaker 1: cuts signal concerns for the broader economy. Bloomberg Steve Rappaport

504
00:26:50,040 --> 00:26:52,840
Speaker 1: joins us live with the latest. Good morning, Steve, Good

505
00:26:52,840 --> 00:26:55,520
Speaker 1: morning Amy and Karen. It's actually a morning of uncertainty

506
00:26:55,520 --> 00:26:58,840
Speaker 1: at Morgan Stanley, where roughly six hundred employees are expected

507
00:26:58,840 --> 00:27:01,320
Speaker 1: to head to an early exit. Sources tell Bloomberg the

508
00:27:01,320 --> 00:27:03,920
Speaker 1: bank is cutting about two percent of its global workforce.

509
00:27:04,160 --> 00:27:07,280
Speaker 1: Morgan added more than twenty jobs since the pandemic began,

510
00:27:07,480 --> 00:27:09,440
Speaker 1: but with COVID in the rear view mirror for many,

511
00:27:09,640 --> 00:27:12,240
Speaker 1: CEO James Corman says it's time to apply some of

512
00:27:12,280 --> 00:27:15,600
Speaker 1: the lessons learned during the pandemic about operating more efficiently.

513
00:27:15,840 --> 00:27:19,240
Speaker 1: Live in New York Times Steve Rappaport Bloomberg Daybreak, All Right, Steve,

514
00:27:19,280 --> 00:27:22,520
Speaker 1: thanks so. Bank of America's CEO Brian moynahan is also

515
00:27:22,640 --> 00:27:26,119
Speaker 1: weighing in on the economy, saying there's signs of consumer weakness.

516
00:27:26,200 --> 00:27:29,520
Speaker 1: The economy is being slowed by the higher interest rates,

517
00:27:29,520 --> 00:27:31,560
Speaker 1: by the fact that the inflation is eating up more

518
00:27:31,680 --> 00:27:33,760
Speaker 1: of a person savings. They need to get that under control.

519
00:27:33,760 --> 00:27:35,159
Speaker 1: That means higher interest rates. But on the other hand,

520
00:27:35,200 --> 00:27:36,760
Speaker 1: you've seen them slow down, which ought to put less

521
00:27:36,760 --> 00:27:39,880
Speaker 1: price pressure, and Bank of America's Brian moynahan says it's

522
00:27:39,920 --> 00:27:42,919
Speaker 1: unclear at this point if slowed consumers spending will become

523
00:27:43,000 --> 00:27:45,719
Speaker 1: a broader trend. And as the five things say you

524
00:27:45,800 --> 00:27:47,800
Speaker 1: need to know to start your day. Brought to you

525
00:27:47,880 --> 00:27:52,399
Speaker 1: by Interactive Brokers, futures this morning are lower, with SMP

526
00:27:52,560 --> 00:27:55,680
Speaker 1: futures down about eleven points. Straight ahead, You're latest local

527
00:27:55,720 --> 00:28:03,320
Speaker 1: headlines plus the check of sports. This is Bloomberg. It's

528
00:28:03,359 --> 00:28:05,480
Speaker 1: six thirty one on Wall Street. Let's bring in Michael

529
00:28:05,480 --> 00:28:07,239
Speaker 1: barn Now with more on what else is going on

530
00:28:07,400 --> 00:28:09,800
Speaker 1: in New York and around the world. Good morning, Michael,

531
00:28:09,880 --> 00:28:12,720
Speaker 1: Good morning Amy. Funeral services will be held today for

532
00:28:12,760 --> 00:28:15,480
Speaker 1: the Yonkers police sergeant who was killed in a car

533
00:28:15,520 --> 00:28:19,560
Speaker 1: crash last week. Mourners will gather for Frank Gardeno at

534
00:28:19,720 --> 00:28:22,880
Speaker 1: Sacred Heart Church and Yonker's. The fifty three year old

535
00:28:22,920 --> 00:28:25,480
Speaker 1: was killed when police say a teenage driver with a

536
00:28:25,560 --> 00:28:29,600
Speaker 1: justa Learners permit lost control of his BMW and slammed

537
00:28:29,600 --> 00:28:34,080
Speaker 1: head on into Gardeno's police car on Tucahoe Road. New

538
00:28:34,160 --> 00:28:37,120
Speaker 1: York City Mayor Eric Adams is filling the top two

539
00:28:37,119 --> 00:28:41,320
Speaker 1: appointed posts at City Hall after recent retirements. Mayor Adams

540
00:28:41,320 --> 00:28:45,000
Speaker 1: says Camille Varlac, a senior adviser to the Mayor, will

541
00:28:45,040 --> 00:28:48,120
Speaker 1: become Chief of Staff, and Sheena right Now, Deputy Mayor

542
00:28:48,160 --> 00:28:52,160
Speaker 1: of Strategic Initiatives, will become first Deputy Mayor. These are

543
00:28:52,680 --> 00:28:57,120
Speaker 1: huge shoes to fill, but these two ladies in their

544
00:28:57,120 --> 00:29:03,240
Speaker 1: red bottoms. They're going to bring their own pair, They're

545
00:29:03,240 --> 00:29:07,800
Speaker 1: going to bring their own uniqueness, their own flair to

546
00:29:08,360 --> 00:29:12,040
Speaker 1: these jobs. The appointments will be effective in January. A

547
00:29:12,120 --> 00:29:14,760
Speaker 1: gay bar that was the side of the nineteen sixties

548
00:29:14,800 --> 00:29:18,160
Speaker 1: six sip In has been given landmark status by New

549
00:29:18,240 --> 00:29:21,640
Speaker 1: York City. Back then, a demonstration was held at Julius

550
00:29:21,840 --> 00:29:25,640
Speaker 1: near the historic Stonewall in They were protesting the closure

551
00:29:25,680 --> 00:29:28,320
Speaker 1: of other bars in the city for serving people who

552
00:29:28,320 --> 00:29:32,800
Speaker 1: identified as lgbt Q. Andrew Berman is the executive director

553
00:29:33,000 --> 00:29:36,800
Speaker 1: of Village Preservation. Three years before Stonewall, a couple of

554
00:29:36,880 --> 00:29:39,520
Speaker 1: brave individuals got together and said, we're going to challenge

555
00:29:39,600 --> 00:29:42,680
Speaker 1: the rules that basically make gay bars illegal. We're gonna

556
00:29:42,920 --> 00:29:45,440
Speaker 1: sit at a bar. We're gonna say we are gay,

557
00:29:45,600 --> 00:29:48,640
Speaker 1: and we demand to be served to drink. Herman says

558
00:29:48,720 --> 00:29:50,880
Speaker 1: a resulted in a lawsuit that changed the rules and

559
00:29:51,000 --> 00:29:54,240
Speaker 1: helps set in motion the Stonewall riots. After forty years,

560
00:29:54,320 --> 00:29:57,360
Speaker 1: the comedy club Carolines on Broadaway will close its doors.

561
00:29:57,880 --> 00:29:59,920
Speaker 1: Global News twenty four hours a day on air end

562
00:30:00,000 --> 00:30:03,080
Speaker 1: on Bloomberg quicksakee, powered by more than seven hundred journalist analysts.

563
00:30:03,080 --> 00:30:05,160
Speaker 1: More than a hundred twenty countries. I'm Michael bar This

564
00:30:05,200 --> 00:30:10,760
Speaker 1: is Bloomberg Gaming. All right, thank you, Michael, thirty four

565
00:30:10,800 --> 00:30:13,000
Speaker 1: in Wall Street. Time Now for the sports report, brought

566
00:30:13,040 --> 00:30:15,240
Speaker 1: to you by Try State OUTI here's john s dash Our.

567
00:30:15,320 --> 00:30:17,480
Speaker 1: All right, Amy, it'll be a different Mets rotation in

568
00:30:17,960 --> 00:30:21,320
Speaker 1: twenty three. Justin Verlander and Jacob de Gram now Taiwan

569
00:30:21,440 --> 00:30:24,880
Speaker 1: Walker both out. Walker just signed with the Phillies. Still

570
00:30:24,920 --> 00:30:27,200
Speaker 1: not known about Chris Bassett, He's also a free agent.

571
00:30:27,240 --> 00:30:29,400
Speaker 1: At the Winner meetings in San Diego, Mets manager Buck

572
00:30:29,440 --> 00:30:31,880
Speaker 1: show Walter asked for the first time his reaction to

573
00:30:32,040 --> 00:30:35,440
Speaker 1: de Gram's departure to Texas. He's moving a good situation

574
00:30:35,600 --> 00:30:38,480
Speaker 1: and you know, contrary what a lot of people tried

575
00:30:38,520 --> 00:30:41,640
Speaker 1: to you know, it wasn't something that he had pre ordained,

576
00:30:41,720 --> 00:30:43,920
Speaker 1: you know, something that kind of played itself out, and

577
00:30:45,760 --> 00:30:49,080
Speaker 1: it's one of those offers he couldn't afford to pass up,

578
00:30:49,240 --> 00:30:51,840
Speaker 1: and you know, we wish him well. Yankees with a

579
00:30:51,880 --> 00:30:54,960
Speaker 1: free agent signing, bringing back reliever Tommy Kane. Ley's had

580
00:30:55,000 --> 00:30:57,560
Speaker 1: some injuries. Jamison Tyone, who led the Yankees and wins

581
00:30:57,680 --> 00:31:00,440
Speaker 1: last season, just signed with the Cubs. Four year sixty

582
00:31:00,480 --> 00:31:03,200
Speaker 1: eight million. The Cubs also signed Cody Bellinger, who was

583
00:31:03,200 --> 00:31:05,959
Speaker 1: the two thousand nineteen m v P while with the Dodgers.

584
00:31:06,040 --> 00:31:08,520
Speaker 1: Nix and Nets both home tonight, Nicks against Atlanta Net's

585
00:31:08,560 --> 00:31:11,080
Speaker 1: take on Charlotte. The Rangers are in Vegas. Last night,

586
00:31:11,400 --> 00:31:14,200
Speaker 1: Devils shutout Chicago three. Now through the Devil's at forty

587
00:31:14,280 --> 00:31:17,160
Speaker 1: three points, that's the most in the NHL. Islanders got

588
00:31:17,240 --> 00:31:19,160
Speaker 1: a five on deficit to five four, but they lost

589
00:31:19,200 --> 00:31:21,280
Speaker 1: at home to St. Louis seven four. They've dropped three

590
00:31:21,680 --> 00:31:24,200
Speaker 1: of the last four. Tennessee Titans are in first place,

591
00:31:24,320 --> 00:31:27,480
Speaker 1: yet they just fired their general manager, John Robinson. Baker

592
00:31:27,560 --> 00:31:31,040
Speaker 1: Mayfield at least by Carolina claimed on waivers by the Rams.

593
00:31:31,080 --> 00:31:34,360
Speaker 1: Odell Beckham has visited the Giants and Cowboys. Still not

594
00:31:34,520 --> 00:31:36,840
Speaker 1: known where he's going to sign. There are now reports

595
00:31:36,880 --> 00:31:39,840
Speaker 1: that Beckham still hasn't recovered from the thorny cl he

596
00:31:39,880 --> 00:31:41,840
Speaker 1: suffered the Super Bowl while playing for the Rams, and

597
00:31:41,880 --> 00:31:44,320
Speaker 1: he may not be able to play until the playoffs.

598
00:31:44,600 --> 00:31:47,880
Speaker 1: John stash Alan FRO Sports team, all right, thank you, John.

599
00:31:47,960 --> 00:31:51,600
Speaker 1: Futures are lower this morning. SMP futures down nine points,

600
00:31:51,720 --> 00:31:56,120
Speaker 1: DEL futures down thirty nine NASDAC futures down thirty nine points.

601
00:31:56,440 --> 00:32:02,320
Speaker 1: Tenure treasury unchanged at three point five three. The Bloomberg

602
00:32:02,360 --> 00:32:04,400
Speaker 1: Sports Report was brought to you by Audie. Don't let

603
00:32:04,480 --> 00:32:07,080
Speaker 1: someone else drive off in the Audi model you've always wanted.

604
00:32:07,200 --> 00:32:10,200
Speaker 1: Visit your local Tryoutie, try State Audie Dealer to get

605
00:32:10,240 --> 00:32:12,880
Speaker 1: behind the wheel of yours today, or visit Audie Offers

606
00:32:12,920 --> 00:32:15,960
Speaker 1: dot com for more information. It's six thirty five on

607
00:32:16,040 --> 00:32:18,160
Speaker 1: Wall Street. Bloomberg Radio is on the air from San

608
00:32:18,240 --> 00:32:20,920
Speaker 1: Francisco to New York, London to Hong Kong. Let's check

609
00:32:20,960 --> 00:32:22,680
Speaker 1: in with our global news team for some of the

610
00:32:22,760 --> 00:32:26,080
Speaker 1: top stories heard on our three hundred affiliate radio stations

611
00:32:26,120 --> 00:32:31,960
Speaker 1: around the world. I'm Jeff Bullinger and on w TB

612
00:32:32,120 --> 00:32:35,000
Speaker 1: N and Columbus. I'll be talking about how people intend

613
00:32:35,080 --> 00:32:38,240
Speaker 1: to be more generous with their holiday kippy this year.

614
00:32:38,440 --> 00:32:41,360
Speaker 1: I'm Stephen Carol and Bloomberg DAB Radio in London. We've

615
00:32:41,400 --> 00:32:44,640
Speaker 1: been reporting on shares and the pharmaceutical giants GSK and

616
00:32:44,760 --> 00:32:48,040
Speaker 1: SNA be soaring after a US judge rejected evidence in

617
00:32:48,120 --> 00:32:51,440
Speaker 1: a case over the heartburn drugswntime Tom Courtney Donaholl on

618
00:32:51,520 --> 00:32:54,440
Speaker 1: k j H in Houston, millions of millennials moved in

619
00:32:54,560 --> 00:32:57,760
Speaker 1: with their parents this year on Sarring Reds. I'm Cory

620
00:32:57,880 --> 00:33:01,360
Speaker 1: on w w J and Detroit. I'm reporting four dealers

621
00:33:01,400 --> 00:33:07,440
Speaker 1: have agreed to no haggle sal and those are some

622
00:33:07,600 --> 00:33:11,600
Speaker 1: of the stories our Bloomberg journalists and analysts are working

623
00:33:11,680 --> 00:33:14,720
Speaker 1: on this morning. Around the world. It's five thirty or

624
00:33:14,760 --> 00:33:17,400
Speaker 1: six thirty seven on Wall Street. The following is an

625
00:33:17,560 --> 00:33:21,360
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the

626
00:33:21,360 --> 00:33:25,120
Speaker 1: Bloomberg Editorial Board. Progress can be painfully slow in the

627
00:33:25,160 --> 00:33:28,600
Speaker 1: American constitutional system. That makes it all the more important

628
00:33:28,640 --> 00:33:31,760
Speaker 1: to recognize when the process works as it should. Last week,

629
00:33:32,000 --> 00:33:35,480
Speaker 1: the Senate passed the Bipartisan Respect for Marriage Act, which

630
00:33:35,600 --> 00:33:39,400
Speaker 1: enshrines federal protection for same sex marriages. Should the pill

631
00:33:39,480 --> 00:33:42,480
Speaker 1: pass the House, is expected, President Joe Biden has said

632
00:33:42,560 --> 00:33:46,000
Speaker 1: he'll promptly sign it. This stands as a landmark, as

633
00:33:46,080 --> 00:33:51,160
Speaker 1: recently the US was solidly opposed to gay marriage. Today,

634
00:33:51,480 --> 00:33:53,680
Speaker 1: thanks in large part two decades of hard work and

635
00:33:53,760 --> 00:33:57,840
Speaker 1: political pressure by advocates for marriage equality, lawmakers and both

636
00:33:57,920 --> 00:34:01,280
Speaker 1: parties have fashioned a bargain reflecting an new national consensus.

637
00:34:01,840 --> 00:34:05,160
Speaker 1: That's how the democratic process is supposed to work. This

638
00:34:05,400 --> 00:34:08,520
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more

639
00:34:08,560 --> 00:34:11,680
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, Slash Opinion

640
00:34:11,920 --> 00:34:14,240
Speaker 1: or O P I n go on the Bloomberg terminal.

641
00:34:14,440 --> 00:34:18,920
Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be

642
00:34:19,040 --> 00:34:22,200
Speaker 1: heard every weekday at this time. Terminal customers can read

643
00:34:22,280 --> 00:34:26,520
Speaker 1: more at op I n go. Futures are lower this morning.

644
00:34:26,680 --> 00:34:29,399
Speaker 1: S and P futures down nine points, DAL futures down

645
00:34:29,480 --> 00:34:32,759
Speaker 1: thirty six, Nasdaq futures down thirty nine points. Ten year

646
00:34:32,800 --> 00:34:36,439
Speaker 1: treasury unchanged, the yield now at three point three percent,

647
00:34:36,520 --> 00:34:39,240
Speaker 1: the two year yield at four point three four percent.

648
00:34:39,400 --> 00:34:45,440
Speaker 1: Niamex crude one percent higher, now fourteen cents higher, trading

649
00:34:45,640 --> 00:34:49,320
Speaker 1: at seventy four dollars thirty nine cents a barrel. Bloomberg

650
00:34:49,360 --> 00:34:52,560
Speaker 1: Opinion just ahead, we can talk with Bloomberg Senior Washington

651
00:34:52,600 --> 00:34:55,440
Speaker 1: corresponded Joe Matthew. He's on the ground in Georgia, where

652
00:34:55,480 --> 00:35:02,520
Speaker 1: Democrats have just won their Senate seat. This is Bloomberg Markets,

653
00:35:02,680 --> 00:35:05,719
Speaker 1: headlines and breaking news twenty four hours a day at

654
00:35:05,760 --> 00:35:09,719
Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg quick tape.

655
00:35:09,960 --> 00:35:19,000
Speaker 1: This is a Bloomberg business slash and I'm Karen Moscow.

656
00:35:19,080 --> 00:35:22,239
Speaker 1: This update is brought to you by ancient accountants and advisors,

657
00:35:22,320 --> 00:35:25,319
Speaker 1: the right fit tax and accounting firm that you need

658
00:35:25,400 --> 00:35:28,200
Speaker 1: to succeed. Visit us at antiin dot com slash v

659
00:35:28,320 --> 00:35:31,000
Speaker 1: i P to learn more. That's ancient dot com slash

660
00:35:31,480 --> 00:35:35,360
Speaker 1: v i P. Futures are lower this morning. We go

661
00:35:35,480 --> 00:35:38,120
Speaker 1: to the First Word Breaking newsdesk for today's morning call,

662
00:35:38,200 --> 00:35:41,520
Speaker 1: and here's Bill Maloney. Bill, good morning, Good morning, Karen.

663
00:35:41,719 --> 00:35:43,880
Speaker 1: Modest losses in the US futures right now at death

664
00:35:43,920 --> 00:35:46,600
Speaker 1: futures down thirty four points, SUPs drop b and as

665
00:35:46,680 --> 00:35:49,879
Speaker 1: that futures are lower by thirty nine. The US ten

666
00:35:49,960 --> 00:35:52,640
Speaker 1: yeal at three point five three percent, Gold is of three,

667
00:35:52,680 --> 00:35:55,920
Speaker 1: Oil is little changed, and Bitcoin is trading lower by

668
00:35:56,000 --> 00:35:59,239
Speaker 1: one percent. Hong Kong dropped three percent overnight. Note that

669
00:35:59,320 --> 00:36:02,920
Speaker 1: shawny e It's COVID zero strategy well up markets are

670
00:36:02,960 --> 00:36:05,479
Speaker 1: also in the red right now. Back in the US

671
00:36:05,520 --> 00:36:08,600
Speaker 1: on the economic frintday thirty, non farm productivity and after

672
00:36:08,640 --> 00:36:11,600
Speaker 1: the bellas Night told brother, this forecast beat estimates. In

673
00:36:11,760 --> 00:36:14,239
Speaker 1: other news, Apple may cut iPhone four teen production. And

674
00:36:14,400 --> 00:36:17,800
Speaker 1: further because if we demand that's according to a key supplier.

675
00:36:17,960 --> 00:36:22,840
Speaker 1: Marauda Manufacturing also lowses buying back fifteen billion. Wrapping things up,

676
00:36:22,880 --> 00:36:26,920
Speaker 1: Morgan Stanley cut Airbnb two underweek Live from the First

677
00:36:27,080 --> 00:36:29,399
Speaker 1: Breaking News Desk one. Bill Maloney, Karen, all right, Bill,

678
00:36:29,440 --> 00:36:31,319
Speaker 1: thank you a ba to hear live breaking news over here.

679
00:36:31,400 --> 00:36:34,040
Speaker 1: Bloomberg type squalk on your termin I'll scue you a

680
00:36:34,239 --> 00:36:36,680
Speaker 1: w K and that's a Bloomberg business flash. Now here's

681
00:36:36,680 --> 00:36:39,000
Speaker 1: Michael Barrow with more on what's going on around the world.

682
00:36:39,160 --> 00:36:42,080
Speaker 1: Michael Karen, thank you very much. Democrat Raphael war Knock,

683
00:36:42,120 --> 00:36:45,440
Speaker 1: if he did Republican challenge Herschel Walker and Georgia's Senate

684
00:36:45,480 --> 00:36:49,040
Speaker 1: reins his victory will increase the Democrats edge in the

685
00:36:49,160 --> 00:36:54,000
Speaker 1: chamber fiftet nine Warnock the Walker with fifty one point

686
00:36:54,040 --> 00:36:55,880
Speaker 1: four percent of the vote. More on the Georgia race

687
00:36:55,960 --> 00:36:58,919
Speaker 1: in a minute. Two of Donald Trump's companies were found

688
00:36:58,960 --> 00:37:02,319
Speaker 1: guilty of engaging in scheme that allowed executives such as

689
00:37:02,440 --> 00:37:06,320
Speaker 1: former chief financial officer Alan Weisselberg, to evade taxes on

690
00:37:06,480 --> 00:37:09,960
Speaker 1: company paid perks and included free apartments and luxury cars

691
00:37:10,160 --> 00:37:13,200
Speaker 1: for more than a decade in the NHL, the Devil's won,

692
00:37:13,280 --> 00:37:16,279
Speaker 1: the Islanders lost. Global news twenty four hours a day

693
00:37:16,360 --> 00:37:18,880
Speaker 1: on air and on Bloomberg Quicktake, powered by more than

694
00:37:19,520 --> 00:37:22,320
Speaker 1: hundred journalists analysts in more than a hundred twenty countries.

695
00:37:22,360 --> 00:37:25,120
Speaker 1: I'm Michael bar This is Bloomberg, Karen, all right, Michael Berg.

696
00:37:25,160 --> 00:37:27,680
Speaker 1: Thank you. At sixty two on Wall Street, we turned

697
00:37:27,719 --> 00:37:30,400
Speaker 1: to news and science and technology now with the Bloomberg

698
00:37:30,440 --> 00:37:33,080
Speaker 1: and j I T STEM Report. It is brought to

699
00:37:33,120 --> 00:37:35,840
Speaker 1: you buy New Jersey Institute of Technology ben j I

700
00:37:35,920 --> 00:37:39,560
Speaker 1: T offers New Jersey's first undergraduate degree in fintech tech

701
00:37:39,640 --> 00:37:42,120
Speaker 1: driven finance focused What will you make it n j

702
00:37:42,320 --> 00:37:44,480
Speaker 1: I T. Learn more at n j I T dot

703
00:37:44,560 --> 00:37:47,439
Speaker 1: E d U slash Fintech Now. Here's just making news

704
00:37:47,520 --> 00:37:51,520
Speaker 1: and science, technology, engineering, and math. China is retreating from

705
00:37:51,560 --> 00:37:54,520
Speaker 1: the wide ranging COVID zero policy that is blamed for

706
00:37:54,640 --> 00:37:58,080
Speaker 1: damaging the economy. Beijing will now allow some people to

707
00:37:58,160 --> 00:38:01,759
Speaker 1: quarantine at home instead of in centralized camps. It's also

708
00:38:01,880 --> 00:38:05,760
Speaker 1: scrapping virus tests to enter public venues. COVID zero pushed

709
00:38:05,800 --> 00:38:09,880
Speaker 1: down consumer and business confidence. A big transaction in the

710
00:38:10,000 --> 00:38:13,200
Speaker 1: video game industry. Microsoft and Nintendo have a great to

711
00:38:13,280 --> 00:38:15,360
Speaker 1: a ten year deal to bring Call of Duty to

712
00:38:15,520 --> 00:38:19,960
Speaker 1: Nintendo gaming platforms. The agreement is continued on Microsoft closing

713
00:38:20,000 --> 00:38:23,360
Speaker 1: at sixty nine billion dollar acquisition of Activision Blizzard, the

714
00:38:23,480 --> 00:38:27,120
Speaker 1: publisher of the popular shooter game, and Bloomberg News has

715
00:38:27,200 --> 00:38:30,320
Speaker 1: learned Apple as scaled back ambitious self driving plans for

716
00:38:30,400 --> 00:38:33,839
Speaker 1: its future electric vehicle. Sources say it's postponed the car's

717
00:38:33,880 --> 00:38:36,719
Speaker 1: target and launch date by about a year to six.

718
00:38:37,080 --> 00:38:40,359
Speaker 1: The car project of Tighten inside the company has been

719
00:38:40,400 --> 00:38:43,080
Speaker 1: in limbo for the past several months, as Apple executives

720
00:38:43,120 --> 00:38:45,920
Speaker 1: grapple with the reality that it's vision for a fully

721
00:38:46,040 --> 00:38:49,800
Speaker 1: autonomous vehicle without a steering wheel or pedals is not

722
00:38:50,040 --> 00:38:53,560
Speaker 1: feasible with current technology. And that's the Bloomberg and j I. T.

723
00:38:53,800 --> 00:38:57,000
Speaker 1: Stem report. Amy, all right, thank you, Karen. It is

724
00:38:57,200 --> 00:39:00,400
Speaker 1: sixty four on Wall Street and we continue follow the

725
00:39:00,440 --> 00:39:03,920
Speaker 1: news out of Georgia and its impact on Capitol Hill,

726
00:39:04,040 --> 00:39:07,799
Speaker 1: Democrats gaining outright control of the Senate. Rafael Warnock won

727
00:39:07,920 --> 00:39:11,520
Speaker 1: the runoff election in Georgia, defeating Trump back Republican challenger

728
00:39:11,560 --> 00:39:14,319
Speaker 1: herschel Walker fifty one point four percent to forty eight

729
00:39:14,400 --> 00:39:17,920
Speaker 1: point six percent and joining US now Bloomberg senior Washington

730
00:39:17,960 --> 00:39:21,279
Speaker 1: correspondent and host of Sound On. Joe Matthew and Joe

731
00:39:21,560 --> 00:39:23,560
Speaker 1: just want to make it clear you're there, you are

732
00:39:23,640 --> 00:39:26,560
Speaker 1: on the ground in Georgia. I'm curious what did you

733
00:39:26,760 --> 00:39:30,600
Speaker 1: see particularly on election day and and reaction to the

734
00:39:30,719 --> 00:39:34,840
Speaker 1: results overnight, particularly as far as voter engagement, turnout division.

735
00:39:34,880 --> 00:39:37,200
Speaker 1: What are you seeing? Well, that's that's a big question.

736
00:39:37,560 --> 00:39:41,560
Speaker 1: I'll tell you that the the lines died out yesterday

737
00:39:41,640 --> 00:39:44,600
Speaker 1: morning and it looked like a very quiet afternoon, and

738
00:39:44,680 --> 00:39:47,600
Speaker 1: it really reinforced the idea that the early vote was

739
00:39:47,680 --> 00:39:51,080
Speaker 1: a huge part of this, that Raphael Warnock had mobilized

740
00:39:51,200 --> 00:39:52,960
Speaker 1: his voters to get out over the course of two

741
00:39:53,000 --> 00:39:56,080
Speaker 1: weeks to set a record in early voting. That really

742
00:39:56,160 --> 00:39:59,719
Speaker 1: made yesterday apparently a little bit less of an I

743
00:40:00,560 --> 00:40:04,000
Speaker 1: day for him, a very important one though for herschel Walker. Uh.

744
00:40:04,160 --> 00:40:06,200
Speaker 1: At the same time, you know, we say that you

745
00:40:06,239 --> 00:40:09,160
Speaker 1: look at the numbers this morning here, Uh, Raphael Warnock

746
00:40:09,200 --> 00:40:11,800
Speaker 1: beat herschel Walker by thirty seven thousand votes. In the general.

747
00:40:11,880 --> 00:40:14,080
Speaker 1: He beat them by almost a hundred thousand votes this

748
00:40:14,160 --> 00:40:17,920
Speaker 1: time around ninety seven thousand, And it does make you

749
00:40:18,000 --> 00:40:20,480
Speaker 1: think about what took place over the last four weeks

750
00:40:21,040 --> 00:40:23,400
Speaker 1: in terms of the narrative around this campaign and what

751
00:40:23,560 --> 00:40:25,680
Speaker 1: it would have looked like if there was a different

752
00:40:25,800 --> 00:40:29,040
Speaker 1: candidate on the Republican side, and more specifically one not

753
00:40:29,239 --> 00:40:33,640
Speaker 1: picked by Donald Trump. It's still going to be a

754
00:40:33,760 --> 00:40:36,600
Speaker 1: divided government. I'm just looking ahead when everybody has sworn

755
00:40:36,680 --> 00:40:39,120
Speaker 1: in and seated Republicans with the majority in the House.

756
00:40:39,719 --> 00:40:42,960
Speaker 1: Democrats now have a majority in the Senate, and it's

757
00:40:43,000 --> 00:40:45,440
Speaker 1: easy to say that where that just means gridlock. They

758
00:40:45,520 --> 00:40:48,920
Speaker 1: may find a way to cooperate, but is there a

759
00:40:49,080 --> 00:40:51,879
Speaker 1: path forward that they are able to get more things

760
00:40:52,000 --> 00:40:54,600
Speaker 1: done than just the basics? I mean, can They can

761
00:40:54,680 --> 00:40:59,480
Speaker 1: hardly agree on a budget now, So I'm wondering if this. Yeah.

762
00:40:59,680 --> 00:41:00,960
Speaker 1: The thing is, the Senate can do a lot on

763
00:41:01,000 --> 00:41:02,360
Speaker 1: its own aim and we need to remember this is

764
00:41:02,400 --> 00:41:04,960
Speaker 1: the body that handles nominations, this is this is the

765
00:41:05,000 --> 00:41:09,840
Speaker 1: body that approves judges, that confirms nominees for the administration's cabinet.

766
00:41:10,239 --> 00:41:13,319
Speaker 1: That extra seat was really something that Democrats were taking

767
00:41:13,360 --> 00:41:15,400
Speaker 1: seriously here. They don't have to have a power sharing

768
00:41:15,440 --> 00:41:18,200
Speaker 1: agreement now with Republicans. They control the committees and they

769
00:41:18,239 --> 00:41:21,600
Speaker 1: can clear judges and nominees on their own with a

770
00:41:21,680 --> 00:41:24,319
Speaker 1: little bit of breathing room with regard to budgeting, though

771
00:41:24,360 --> 00:41:26,879
Speaker 1: in other legislative issues. Think of how many times last

772
00:41:26,960 --> 00:41:30,520
Speaker 1: year we talked about Joe Mansion almost as often kirston cinema.

773
00:41:30,760 --> 00:41:32,359
Speaker 1: That's gonna be a little bit less the case now.

774
00:41:32,440 --> 00:41:34,440
Speaker 1: Joe Mansion is not exactly going to be the kingmaker

775
00:41:34,480 --> 00:41:37,960
Speaker 1: that he once was. With an extra seat and knowing

776
00:41:38,160 --> 00:41:41,240
Speaker 1: that Kevin McCarthy likely to be Speaker, will have justice

777
00:41:41,280 --> 00:41:43,399
Speaker 1: thin a margin as Nancy Pelosi had in the House,

778
00:41:44,320 --> 00:41:47,000
Speaker 1: you could follow a path of gridlock, but you could

779
00:41:47,000 --> 00:41:49,680
Speaker 1: also see these lawmakers being forced to work together, and

780
00:41:49,719 --> 00:41:51,719
Speaker 1: they're gonna have an opportunity to do that first on

781
00:41:51,800 --> 00:41:55,600
Speaker 1: defense spending. Right now, a sidebar you, is it a

782
00:41:55,640 --> 00:41:57,760
Speaker 1: fate a complete that he is going to be House Speaker.

783
00:41:58,880 --> 00:42:00,799
Speaker 1: That's a great question. He doesn't have the votes now,

784
00:42:01,080 --> 00:42:03,160
Speaker 1: and a lot of folks say, look, maybe Steve Scalise

785
00:42:03,239 --> 00:42:06,160
Speaker 1: could make an interesting move here, come from behind, but

786
00:42:06,200 --> 00:42:08,160
Speaker 1: the fact is you gotta get to eighteen. And at

787
00:42:08,200 --> 00:42:11,120
Speaker 1: the moment he's got at least five Republicans on the

788
00:42:11,160 --> 00:42:13,920
Speaker 1: record who say no, I'm not aware of five Democrats

789
00:42:13,960 --> 00:42:15,920
Speaker 1: who were going to say yes, so this could go

790
00:42:16,040 --> 00:42:19,000
Speaker 1: to multiple rounds. The thing about this is, though, other

791
00:42:19,080 --> 00:42:22,120
Speaker 1: than the aforementioned Steve Scalise who comes up in these conversations,

792
00:42:22,440 --> 00:42:25,240
Speaker 1: there wasn't really a viable candidate running against him. Congressman

793
00:42:25,280 --> 00:42:28,040
Speaker 1: Andy Biggs got thirty votes inside the Republican Caucus when

794
00:42:28,080 --> 00:42:30,080
Speaker 1: this came to had a couple of weeks ago. But

795
00:42:30,120 --> 00:42:32,799
Speaker 1: when it goes to the floor, it's unlikely that someone

796
00:42:32,840 --> 00:42:35,200
Speaker 1: else will be able to stand up against Kevin McCarthy,

797
00:42:35,440 --> 00:42:38,640
Speaker 1: and eventually, with some pain involved, he will likely get

798
00:42:38,680 --> 00:42:41,719
Speaker 1: that gavel. Now I want to change the path just

799
00:42:41,880 --> 00:42:44,360
Speaker 1: for one minute. We had talked about how this is

800
00:42:44,400 --> 00:42:47,600
Speaker 1: another defeat for a Trump supported candidate on the national stage.

801
00:42:47,800 --> 00:42:50,000
Speaker 1: It was not a good day for Donald Trump. Two

802
00:42:50,080 --> 00:42:52,439
Speaker 1: of his companies were found guilty of criminal tax fraud,

803
00:42:52,520 --> 00:42:55,480
Speaker 1: not him, just the companies. But what does that mean

804
00:42:55,600 --> 00:42:57,560
Speaker 1: for the man who was once president and who wants

805
00:42:57,600 --> 00:42:59,560
Speaker 1: to be president again? Yeah, I have to admit I

806
00:42:59,600 --> 00:43:02,960
Speaker 1: don't know what the verdict yesterday was as damaging as

807
00:43:03,000 --> 00:43:05,920
Speaker 1: the outcome of this race. Republicans are angry and they

808
00:43:05,960 --> 00:43:09,160
Speaker 1: are pointing fingers at Donald Trump. Remember Ken Griffin called

809
00:43:09,239 --> 00:43:11,239
Speaker 1: him a three time loser on election day. I guess

810
00:43:11,280 --> 00:43:13,879
Speaker 1: this would make him a four time loser. He hands

811
00:43:13,920 --> 00:43:17,719
Speaker 1: selected herschel Walker right, he endorsed him, He put him

812
00:43:17,760 --> 00:43:19,400
Speaker 1: on the map. This could have been any number of

813
00:43:19,480 --> 00:43:22,800
Speaker 1: candidates in a in a Republican leaning state like Georgia

814
00:43:23,239 --> 00:43:26,000
Speaker 1: to have to go through this is something that Republicans

815
00:43:26,080 --> 00:43:28,680
Speaker 1: are definitely dealing with this morning, and we're hearing we

816
00:43:28,760 --> 00:43:32,080
Speaker 1: heard Terry Haines say it earlier here on Bloomberg Radio. Uh,

817
00:43:32,400 --> 00:43:35,680
Speaker 1: it's it's it's a reckoning moment for Republicans, and many

818
00:43:35,800 --> 00:43:38,480
Speaker 1: of them say it's time to move on. Let's see

819
00:43:38,520 --> 00:43:40,640
Speaker 1: what happens at the beginning of next year when Joe

820
00:43:40,680 --> 00:43:42,840
Speaker 1: Biden likely announces his run for re election and we

821
00:43:42,920 --> 00:43:45,480
Speaker 1: actually have a general underway. I'll be curious to see

822
00:43:45,480 --> 00:43:47,759
Speaker 1: how people feel about Donald Trump at that point. And

823
00:43:48,000 --> 00:43:50,560
Speaker 1: just thirty seconds here, is there anything specific that you're

824
00:43:50,600 --> 00:43:53,200
Speaker 1: going to be watching for on Capitol Hill? That's that's

825
00:43:53,239 --> 00:43:55,799
Speaker 1: your home base. So what are you gonna be watching for? Well, look,

826
00:43:55,840 --> 00:43:57,960
Speaker 1: we've got to fund the government. You know, circle December

827
00:43:58,040 --> 00:44:00,399
Speaker 1: sixteen on your calendar. They still don't have a plan

828
00:44:00,480 --> 00:44:02,279
Speaker 1: on this. Whether we're kicking into the new year in

829
00:44:02,320 --> 00:44:04,440
Speaker 1: a short term cr or come to grips with some

830
00:44:04,560 --> 00:44:06,759
Speaker 1: sort of omnibus budget. You already said it though, Amy,

831
00:44:07,000 --> 00:44:08,759
Speaker 1: there's not a lot of agreement on Capitol Hill when

832
00:44:08,800 --> 00:44:10,359
Speaker 1: it comes to spending, and that may not be any

833
00:44:10,400 --> 00:44:12,600
Speaker 1: different this time, So we could be setting ourselves up

834
00:44:12,920 --> 00:44:16,000
Speaker 1: for a fiscal cliff type of scenario next year. All right,

835
00:44:16,080 --> 00:44:17,880
Speaker 1: thank you so much, Joe for taking the time with

836
00:44:18,000 --> 00:44:21,920
Speaker 1: us this morning. Joe uh Set, Bloomberg Senior Washington correspondent,

837
00:44:21,960 --> 00:44:24,960
Speaker 1: Joe Matthew talking to us from Georgia, host of Bloomberg's

838
00:44:25,040 --> 00:44:27,239
Speaker 1: Sound on which you can hear weekday afternoons at five

839
00:44:27,400 --> 00:44:31,040
Speaker 1: here on Bloomberg Radio. And we are looking at futures now,

840
00:44:31,239 --> 00:44:34,880
Speaker 1: SMP futures down sixteen down, futures down eighty NASDAK futures

841
00:44:35,000 --> 00:44:39,720
Speaker 1: down seventy eight points up. Next on Bloomberg Daybreak, Stocks

842
00:44:39,960 --> 00:44:42,840
Speaker 1: on the move in pre market action, a check of

843
00:44:42,880 --> 00:44:45,880
Speaker 1: the names that are making news and equities that's straight ahead.

844
00:44:46,000 --> 00:44:49,319
Speaker 1: Much more still to come on this Wednesday morning. I'm

845
00:44:49,360 --> 00:45:04,320
Speaker 1: Amy Morris. This is Bloomberg Markets, Headlines and breaking news

846
00:45:04,440 --> 00:45:07,040
Speaker 1: twenty four hours a day at Bloomberg dot Com, the

847
00:45:07,120 --> 00:45:11,239
Speaker 1: Bloomberg Business and at Bloomberg quicktake. This is a Bloombern

848
00:45:11,320 --> 00:45:19,800
Speaker 1: business lash and I'm Karen Moscow and this update is

849
00:45:19,840 --> 00:45:22,160
Speaker 1: brought to you by the Donors Fund, a modern innovative

850
00:45:22,200 --> 00:45:25,240
Speaker 1: donor advised fund for everyone. Open a free account in minutes,

851
00:45:25,280 --> 00:45:28,439
Speaker 1: with no minimums, no transaction fees or hidden costs. Visit

852
00:45:28,480 --> 00:45:30,840
Speaker 1: the Donors Fund dot org today and get your twenty

853
00:45:30,920 --> 00:45:34,959
Speaker 1: two text. Deduction Future is again lower this morning. SMP

854
00:45:35,120 --> 00:45:37,800
Speaker 1: future is down about fifteen points, down a third of uppercent.

855
00:45:38,080 --> 00:45:40,480
Speaker 1: Down Future is down seventy six or a quarter percent,

856
00:45:40,560 --> 00:45:42,840
Speaker 1: and nasdack futures are down more than six tents of

857
00:45:42,960 --> 00:45:46,759
Speaker 1: uppercent down sixty eight points. The decks in Germany's down

858
00:45:46,800 --> 00:45:49,520
Speaker 1: four tenths of upper cent ten. Your treasury down three

859
00:45:49,560 --> 00:45:51,759
Speaker 1: thirty seconds. You have three point five four percent and

860
00:45:51,800 --> 00:45:55,040
Speaker 1: they yield on the two year four point three five percent. Nine. Next,

861
00:45:55,040 --> 00:45:57,000
Speaker 1: Screwed oil is up tenth of upper cent or nine

862
00:45:57,080 --> 00:45:59,440
Speaker 1: cents at seventy four dollars thirty four cents of barrel.

863
00:45:59,680 --> 00:46:03,200
Speaker 1: Come schooled this it will change at sevree sixty announced.

864
00:46:03,520 --> 00:46:06,040
Speaker 1: The euro one point oh four nine three against the dollar.

865
00:46:06,080 --> 00:46:08,680
Speaker 1: British found one point two one five eight and that's

866
00:46:08,680 --> 00:46:12,040
Speaker 1: a Bloomberg Business Flash. Amy, all right, thank you Karen.

867
00:46:12,120 --> 00:46:14,000
Speaker 1: At six fifty six on Wall Street, time to take

868
00:46:14,000 --> 00:46:15,480
Speaker 1: a look at stocks and some of the names that

869
00:46:15,560 --> 00:46:17,839
Speaker 1: are moving in the pre market. For that, we are

870
00:46:17,960 --> 00:46:21,520
Speaker 1: joined by Bloomberg's Kayley Lines. Good morning, Kayley, Good morning Amy.

871
00:46:21,640 --> 00:46:24,200
Speaker 1: There is a monster remover in pre market this morning,

872
00:46:24,239 --> 00:46:26,840
Speaker 1: and that would be Mango d B. This is a

873
00:46:26,960 --> 00:46:30,040
Speaker 1: database software company reported after the belly yesterday, and after

874
00:46:30,080 --> 00:46:32,279
Speaker 1: those results, the stock is up a whopping twenty eight

875
00:46:32,360 --> 00:46:35,239
Speaker 1: percent in early hours. There's kind of two parts to this.

876
00:46:35,360 --> 00:46:37,520
Speaker 1: The first was that the third quarter was solid, revenue

877
00:46:37,520 --> 00:46:39,920
Speaker 1: top estimates and the company actually reported a profit of

878
00:46:39,960 --> 00:46:42,880
Speaker 1: twenty three cents per share. Analysts were expecting a loss

879
00:46:42,960 --> 00:46:45,279
Speaker 1: of seventeen cents, so that was big. But they also

880
00:46:45,400 --> 00:46:47,760
Speaker 1: raised their four year full year forecast, and one analyst

881
00:46:47,800 --> 00:46:50,080
Speaker 1: over at OURBC actually pointing out that a beaten raises

882
00:46:50,440 --> 00:46:52,920
Speaker 1: kind of a rare occurrence in this macro environment, and

883
00:46:53,000 --> 00:46:56,080
Speaker 1: others were really positive about the sequential rebound in the

884
00:46:56,200 --> 00:46:59,520
Speaker 1: enterprise advanced segment. Now, I would point out this stock

885
00:46:59,560 --> 00:47:01,919
Speaker 1: has had a very rough year to this point, down

886
00:47:02,040 --> 00:47:05,440
Speaker 1: seventy two percent in two through yesterday, so that may

887
00:47:05,440 --> 00:47:07,480
Speaker 1: be why we're seeing such an outsize move this morning

888
00:47:07,520 --> 00:47:10,400
Speaker 1: again up about twenty percent, treating j shy of a

889
00:47:10,480 --> 00:47:13,200
Speaker 1: hundred and eighty five dollars to share. One downside mover though,

890
00:47:13,200 --> 00:47:15,000
Speaker 1: to keep an eye on, is Airbnb, and this is

891
00:47:15,000 --> 00:47:18,280
Speaker 1: actually after an analyst down grade over at Morgan Stanley.

892
00:47:18,320 --> 00:47:20,920
Speaker 1: They cut the stock to underweight from equal weight and

893
00:47:21,000 --> 00:47:23,279
Speaker 1: the price target from a hundred and ten dollars down

894
00:47:23,320 --> 00:47:26,600
Speaker 1: to eighty dollars. The shares this morning trading at sixty,

895
00:47:26,680 --> 00:47:29,680
Speaker 1: but that's down nearly four percent in pre market. I'm

896
00:47:29,680 --> 00:47:32,520
Speaker 1: boring and Stanley's reason for this is basically growth concerns.

897
00:47:32,520 --> 00:47:35,000
Speaker 1: They say that data on supply and occupancy speaks to

898
00:47:35,480 --> 00:47:39,680
Speaker 1: slowing listings growth, occupancy headwinds, and lower room night demands.

899
00:47:39,680 --> 00:47:42,680
Speaker 1: So all of that together weighing on the stock this morning. Kaylee,

900
00:47:42,760 --> 00:47:44,920
Speaker 1: let's shift gears. What's going on with China e d rs?

901
00:47:44,920 --> 00:47:47,239
Speaker 1: Why are they down? It's so interesting we got this

902
00:47:47,400 --> 00:47:49,960
Speaker 1: mixed news flow out of China overnight. On the one hand,

903
00:47:50,280 --> 00:47:53,000
Speaker 1: you have a pretty decisive move away from COVID zero

904
00:47:53,080 --> 00:47:55,840
Speaker 1: policy with the easing of a range of restrictions, including

905
00:47:55,840 --> 00:47:58,640
Speaker 1: getting rid of the requirement for infected people to quarantine

906
00:47:58,680 --> 00:48:01,120
Speaker 1: and centralized camps, but that may be leading to concern

907
00:48:01,200 --> 00:48:03,800
Speaker 1: about a spike in cases. Plus, we got weak trade

908
00:48:03,880 --> 00:48:06,759
Speaker 1: data out of China, both exports and imports contracting at

909
00:48:06,800 --> 00:48:09,400
Speaker 1: a steeper pace in November. So that way on stocks

910
00:48:09,440 --> 00:48:11,600
Speaker 1: in Asia, and that is translating right through to the

911
00:48:11,680 --> 00:48:13,520
Speaker 1: A d R s as some of those large Chinese

912
00:48:13,600 --> 00:48:16,320
Speaker 1: companies who are listed here in the US, one example

913
00:48:16,400 --> 00:48:18,040
Speaker 1: being j D dot Com. It right now in pre

914
00:48:18,120 --> 00:48:20,719
Speaker 1: market is down six percent. Ali Baba for its part,

915
00:48:20,960 --> 00:48:22,719
Speaker 1: down about four and a half percent. But I would

916
00:48:22,760 --> 00:48:25,480
Speaker 1: just remind our listeners that j D is up sixty

917
00:48:25,600 --> 00:48:28,200
Speaker 1: percent since the start of November. Ali Baba is up

918
00:48:28,239 --> 00:48:31,919
Speaker 1: about over that time. So it could be that all

919
00:48:32,000 --> 00:48:34,800
Speaker 1: of that good news on reopening that had led the

920
00:48:34,840 --> 00:48:37,320
Speaker 1: stocks to rally over the last day six weeks or

921
00:48:37,360 --> 00:48:40,200
Speaker 1: so means all that good news was already priced in

922
00:48:40,280 --> 00:48:42,440
Speaker 1: and now maybe people are taking a little bit of profit.

923
00:48:42,760 --> 00:48:45,160
Speaker 1: Anything else you're watching, Kaylee, I'd keep an eye on

924
00:48:45,200 --> 00:48:47,239
Speaker 1: big tech today. They're a little bit weaker in pre

925
00:48:47,360 --> 00:48:50,360
Speaker 1: market trading, even though yields aren't substantially higher, So that

926
00:48:50,440 --> 00:48:53,160
Speaker 1: really speaks to a bit of a risk off tone overall.

927
00:48:53,200 --> 00:48:55,560
Speaker 1: You have the likes of Tesla and Apple, other big

928
00:48:55,600 --> 00:48:58,200
Speaker 1: heavyweights in the market. Uh down pretty hard in pre

929
00:48:58,320 --> 00:49:02,759
Speaker 1: market trading. Apple right now Data one alright, Bloomberg's Kaylee Lines.

930
00:49:02,800 --> 00:49:05,000
Speaker 1: Thank you for joining us this morning, Kayley, looking at

931
00:49:05,040 --> 00:49:08,240
Speaker 1: stucks as a whole head of the open. SMP futures

932
00:49:08,280 --> 00:49:12,239
Speaker 1: down fifteen, DAL futures down seventy seven NASDAK futures down

933
00:49:12,320 --> 00:49:15,640
Speaker 1: seventy ten year treasury down three thirty seconds, the yield

934
00:49:15,680 --> 00:49:18,839
Speaker 1: at three point five four percent, the two year yield

935
00:49:18,920 --> 00:49:22,440
Speaker 1: at four point three five This is Bloomberg Day Break.

936
00:49:22,480 --> 00:49:25,400
Speaker 1: I'm Amy Morris alongside Karen Moscow six fifty nine on

937
00:49:25,440 --> 00:49:28,239
Speaker 1: Wall Street. Stay with us Bloomberg Surveillance with Tom King,

938
00:49:28,400 --> 00:49:31,239
Speaker 1: Jonathan Barrow, and Lisa Abrama with stock By from the

939
00:49:31,360 --> 00:49:35,000
Speaker 1: financial capital of the World, broadcasting across the globe the

940
00:49:35,400 --> 00:49:38,640
Speaker 1: is w VR, New York, Bloomberg e living three oh.

941
00:49:45,600 --> 00:49:48,960
Speaker 1: Inflation is too high, and I will contend that this

942
00:49:49,400 --> 00:49:50,280
Speaker 1: current inflation