1
00:00:01,960 --> 00:00:05,360
Speaker 1: Markets, headlines and breaking news twenty four hours a day

2
00:00:05,440 --> 00:00:08,440
Speaker 1: at Bloomberg dot Com, The Bloomberg Business at and at

3
00:00:08,440 --> 00:00:17,919
Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business lash and

4
00:00:17,960 --> 00:00:21,800
Speaker 1: I'm Karen Moscow. And futures this morning are following. SMP

5
00:00:21,960 --> 00:00:24,720
Speaker 1: Future is down one point one percent, down forty four points.

6
00:00:24,760 --> 00:00:27,000
Speaker 1: NOWN futures down one point one percent or three hundred

7
00:00:27,000 --> 00:00:30,000
Speaker 1: sixty seven points at Nasdack futures down three quarters of

8
00:00:30,040 --> 00:00:32,120
Speaker 1: a percent, or eighty seven points this morning. And we

9
00:00:32,200 --> 00:00:34,640
Speaker 1: check the markets all day long here on Bloomberg Radio.

10
00:00:34,960 --> 00:00:37,120
Speaker 1: The decks in Germany's down eight tens of upper cent.

11
00:00:37,240 --> 00:00:40,120
Speaker 1: The tenure Treasury down twelve thirty seconds l three point

12
00:00:40,120 --> 00:00:42,279
Speaker 1: four nine percent. They yield on the two year four

13
00:00:42,320 --> 00:00:45,239
Speaker 1: point to five percent. Nine neck Screwed oil is down

14
00:00:45,280 --> 00:00:47,879
Speaker 1: one percent on a dollar thirty nine at seventy four

15
00:00:47,920 --> 00:00:50,440
Speaker 1: dollar seventy two cents a barrel. Comics gold up a

16
00:00:50,479 --> 00:00:54,160
Speaker 1: quarter percent or four dollar sixty cents at seventeen fifty announced.

17
00:00:54,520 --> 00:00:57,200
Speaker 1: The euro one point oh six three three against the dollar,

18
00:00:57,280 --> 00:00:59,680
Speaker 1: British found one point one eight nine. The end is

19
00:00:59,720 --> 00:01:02,600
Speaker 1: at one thirty seven point oh four and Bitcoin is

20
00:01:02,640 --> 00:01:05,800
Speaker 1: down two at about seventeen thousand dollars, and that's a

21
00:01:05,840 --> 00:01:09,160
Speaker 1: Bloomberg business flash. Nathan. All right, Karen, thank you. It

22
00:01:09,200 --> 00:01:11,800
Speaker 1: is six fifty six on Wall Street. Bloomberg Surveillance is

23
00:01:11,880 --> 00:01:13,399
Speaker 1: up next, but first we take a look at some

24
00:01:13,400 --> 00:01:15,959
Speaker 1: of the names moving in the pre market. Bloomberg Radio

25
00:01:15,959 --> 00:01:19,440
Speaker 1: and TV Markets correspondent Credy Gupta is with us now, Crety,

26
00:01:19,440 --> 00:01:22,080
Speaker 1: I don't know what your most active security screen looks like,

27
00:01:22,120 --> 00:01:23,679
Speaker 1: but I'm not seeing a whole lot of green out

28
00:01:23,680 --> 00:01:26,399
Speaker 1: there this morning. Now. A lot of pain across the board,

29
00:01:26,400 --> 00:01:28,360
Speaker 1: and I would argue it's almost worse because there's some

30
00:01:28,480 --> 00:01:30,840
Speaker 1: real pain in those big tech names. Surprise, surprise, and

31
00:01:30,840 --> 00:01:34,040
Speaker 1: now remember very big sustainable kind of turnaround that we're

32
00:01:34,040 --> 00:01:36,000
Speaker 1: looking for in the stock more or even the Santa Rally.

33
00:01:36,040 --> 00:01:37,760
Speaker 1: You want your games to be pretty big, and that

34
00:01:37,840 --> 00:01:40,040
Speaker 1: includes a lot of the big tech names. Of course,

35
00:01:40,040 --> 00:01:41,520
Speaker 1: we are not seeing that this morning. Let me give

36
00:01:41,520 --> 00:01:44,959
Speaker 1: you an example. Your Amazon shares a m z N.

37
00:01:45,360 --> 00:01:47,880
Speaker 1: This morning, it is dropping by about seven tenths of

38
00:01:47,880 --> 00:01:49,640
Speaker 1: one percent. Now with the good news here is that

39
00:01:49,680 --> 00:01:51,880
Speaker 1: it was much much lower, was down almost two percent

40
00:01:51,960 --> 00:01:54,400
Speaker 1: earlier in the session. Some of those losses are getting paired,

41
00:01:54,440 --> 00:01:57,360
Speaker 1: But this comes after JP Morgan cut its price target

42
00:01:57,360 --> 00:01:59,360
Speaker 1: on the stock to a hundred and thirty dollars from

43
00:01:59,360 --> 00:02:02,840
Speaker 1: a hundred and forty five, primarily due to the AWS

44
00:02:02,920 --> 00:02:06,920
Speaker 1: revenue their cloud business, basically saying that that revenue is decelerating.

45
00:02:06,920 --> 00:02:12,000
Speaker 1: They're also expecting margin compression and challenging macro conditions. Sound familiar,

46
00:02:12,040 --> 00:02:14,959
Speaker 1: we've kind of before quite a bit, but look, they're

47
00:02:14,960 --> 00:02:17,200
Speaker 1: talking their price, talking about a hundred and thirty dollars

48
00:02:17,200 --> 00:02:19,440
Speaker 1: on the stock and right now it's trading about eighty seven.

49
00:02:19,480 --> 00:02:22,200
Speaker 1: So they are still bullish, just not as bullish as

50
00:02:22,240 --> 00:02:24,800
Speaker 1: they used to be. Although it's interesting Creedy. We're seeing

51
00:02:24,800 --> 00:02:27,920
Speaker 1: one other tech names start to move higher on a

52
00:02:28,040 --> 00:02:32,480
Speaker 1: change in an analyst recommendation. Sort of a fundamental story

53
00:02:32,600 --> 00:02:36,080
Speaker 1: for meta platforms and really being rewarded in the stock market.

54
00:02:36,280 --> 00:02:38,680
Speaker 1: M E t A is your ticker up about two

55
00:02:38,720 --> 00:02:41,560
Speaker 1: point one percent in the pre market. Show's trading around

56
00:02:41,600 --> 00:02:45,120
Speaker 1: one eighteen sixty four This morning. JP Morgan raising the

57
00:02:45,120 --> 00:02:48,280
Speaker 1: recommendation on the stock once again. JP Morgan moving markets

58
00:02:48,280 --> 00:02:51,200
Speaker 1: this morning, king the recommendation on the stock to overweight

59
00:02:51,280 --> 00:02:54,600
Speaker 1: from neutral. Uh. Their reasoning is increased cost discipline and

60
00:02:54,639 --> 00:02:57,200
Speaker 1: a more favorable revenue outlook. Now this is really important

61
00:02:57,200 --> 00:02:59,560
Speaker 1: because one of the issues that Metal Platforms has had

62
00:02:59,560 --> 00:03:01,799
Speaker 1: and really when punished for from the stock, has been

63
00:03:01,840 --> 00:03:05,600
Speaker 1: this idea that the metaverse and the investment that's going

64
00:03:05,639 --> 00:03:08,519
Speaker 1: to take to really not just rebrand, but to really

65
00:03:08,520 --> 00:03:11,160
Speaker 1: actively invest in that business model. It's going to take

66
00:03:11,200 --> 00:03:13,359
Speaker 1: a lot, and they don't actually have that kind of money,

67
00:03:13,639 --> 00:03:16,160
Speaker 1: uh to to really spend, given that they are still

68
00:03:16,240 --> 00:03:18,799
Speaker 1: working on essentially their social media business. But what's that

69
00:03:19,000 --> 00:03:22,440
Speaker 1: the facebooks, the Instagram. Um. Nevertheless, they are saying that, look,

70
00:03:22,480 --> 00:03:25,359
Speaker 1: they can make this work, and that is a good thing,

71
00:03:25,440 --> 00:03:27,920
Speaker 1: especially in this environment. So meta, like I said, really

72
00:03:27,919 --> 00:03:30,320
Speaker 1: getting rewarded. And remember it's in the backdrop of features

73
00:03:30,360 --> 00:03:32,680
Speaker 1: down one point one percent, so this is an extra

74
00:03:32,720 --> 00:03:36,360
Speaker 1: boost to see it higher by two. And just quickly, Creedy,

75
00:03:36,520 --> 00:03:38,880
Speaker 1: what's going on with land Vin? That's like right up

76
00:03:38,920 --> 00:03:41,520
Speaker 1: top of the biggest gamers this morning. I'm so glad

77
00:03:41,560 --> 00:03:43,000
Speaker 1: you said it, and I didn't have to because I

78
00:03:43,040 --> 00:03:44,960
Speaker 1: google the French pronunciation. I was like, I can't say

79
00:03:45,000 --> 00:03:49,240
Speaker 1: that like that that I'm just not even but A

80
00:03:49,520 --> 00:03:52,000
Speaker 1: L A n V is your taker and actually just

81
00:03:52,040 --> 00:03:54,520
Speaker 1: went public yesterday now this is really important. The shares

82
00:03:54,560 --> 00:03:57,480
Speaker 1: are up forty six percent, seeing a lot of autility there.

83
00:03:57,560 --> 00:04:00,720
Speaker 1: Yesterday the best stock bounces as much as fifty two

84
00:04:00,880 --> 00:04:04,000
Speaker 1: hundred and so really keep an eye on these shares.

85
00:04:04,440 --> 00:04:08,120
Speaker 1: MALC Bloomberg Grady on TV Markets correspondent Creaty Good Down

86
00:04:08,560 --> 00:04:11,200
Speaker 1: Future is moving lower. SMP futures down forty four down

87
00:04:11,240 --> 00:04:14,560
Speaker 1: futures down three sixty eight. Nanastack futures are lower by

88
00:04:14,800 --> 00:04:18,320
Speaker 1: ninety points this morning. This is Bloomberg Daybreak. I'm Nathan

89
00:04:18,360 --> 00:04:22,320
Speaker 1: Hagar along with Karen Moscow. It is six fifty nine

90
00:04:22,520 --> 00:04:26,240
Speaker 1: on Wall Street. Bloomberg Surveillance with Jonathan Farrell and Elisa

91
00:04:26,320 --> 00:04:32,200
Speaker 1: Abramowitz starts right now by from the financial capital of

92
00:04:32,240 --> 00:04:35,680
Speaker 1: the world, broadcasting across the globe. This is w b

93
00:04:35,760 --> 00:04:46,200
Speaker 1: b R, New York, Bloomberg. He living three old infrenational,

94
00:04:47,400 --> 00:04:54,600
Speaker 1: but there these EUSt markets headlines and breaking news twenty

95
00:04:54,600 --> 00:04:57,400
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg

96
00:04:57,480 --> 00:05:00,480
Speaker 1: Business apt and at Bloomberg Quick Tape three. He's a

97
00:05:00,520 --> 00:05:09,360
Speaker 1: bloom Burn Business Lash and I'm Camrad Moscow. And futures

98
00:05:09,360 --> 00:05:12,240
Speaker 1: are following this morning, but they are off the loads

99
00:05:12,360 --> 00:05:14,320
Speaker 1: of this session. We get to the first word, breaking

100
00:05:14,360 --> 00:05:18,080
Speaker 1: news dance for today's morning call, and here's Tatiana Darier. Tatiana,

101
00:05:18,120 --> 00:05:20,839
Speaker 1: good morning, Good morning, Karen. Like you said, it's still

102
00:05:20,880 --> 00:05:23,560
Speaker 1: a risk off on Wall Street with down SMP features

103
00:05:23,600 --> 00:05:26,560
Speaker 1: down one percent, while NAS jack is lower by six tents.

104
00:05:26,880 --> 00:05:29,799
Speaker 1: The tenor Treasury yield is higher by five basis points

105
00:05:29,839 --> 00:05:33,159
Speaker 1: to three spot for this morning. Oil is down to

106
00:05:33,400 --> 00:05:37,680
Speaker 1: and Bitcoin also under pressure, hovering just above seventeen thousand.

107
00:05:38,080 --> 00:05:40,800
Speaker 1: Else Where, European stocks are lower at this hour, while

108
00:05:40,920 --> 00:05:43,680
Speaker 1: Asian stocks were mixed overnight. Back in the US. On

109
00:05:43,720 --> 00:05:46,480
Speaker 1: the economic front, today, we have SMP Global p M

110
00:05:46,640 --> 00:05:50,480
Speaker 1: s AT in early trading this morning. Meta is up

111
00:05:50,520 --> 00:05:54,520
Speaker 1: two percent after an upgrade from JP Morgan siting increased

112
00:05:54,560 --> 00:05:57,720
Speaker 1: cost discipline and a better revenue outlook, and Adobe is

113
00:05:57,800 --> 00:06:01,200
Speaker 1: up four after earning speat estimates last night. Also in

114
00:06:01,279 --> 00:06:04,240
Speaker 1: deal news, private equity firm at An International agreed to

115
00:06:04,279 --> 00:06:08,039
Speaker 1: buy max Our Technology for four billion dollars. And wrapping

116
00:06:08,080 --> 00:06:11,600
Speaker 1: things up here, Delta Airlines and American Air both upgraded.

117
00:06:11,680 --> 00:06:14,440
Speaker 1: At Goldman Live from the First and Breaking news desk,

118
00:06:14,560 --> 00:06:18,560
Speaker 1: I'm Tatianataria, Karen, Tatiana, thank you, and here live breaking

119
00:06:18,560 --> 00:06:21,360
Speaker 1: news of your bloombergy cap squawk on your terminal scue.

120
00:06:21,400 --> 00:06:24,120
Speaker 1: You a w u K and that's a Bloomberg business flash.

121
00:06:24,160 --> 00:06:26,800
Speaker 1: Now here's Amy Morrish with Moore on what's going on

122
00:06:26,839 --> 00:06:29,600
Speaker 1: around the world. Amy, all right, thank you, Kieren. Ukrainian

123
00:06:29,640 --> 00:06:33,200
Speaker 1: authorities have reported explosions in at least three cities, saying

124
00:06:33,279 --> 00:06:37,200
Speaker 1: Russia has launched a major missile attack on energy facilities

125
00:06:37,240 --> 00:06:40,800
Speaker 1: and to infrastructure. One Ukrainian Air Force spokesman says Russia

126
00:06:40,800 --> 00:06:44,599
Speaker 1: has now fired more than sixty missiles. The annual number

127
00:06:44,640 --> 00:06:47,920
Speaker 1: of new Parkinson's disease cases in the US is likely

128
00:06:48,000 --> 00:06:51,360
Speaker 1: fifty percent higher than estimated. A new study predicts the

129
00:06:51,440 --> 00:06:55,239
Speaker 1: number of Americans diagnosed with Parkinson's will reach ninety thousand

130
00:06:55,360 --> 00:06:58,360
Speaker 1: this year. And sports, the Caps, Ruins and Devils lose,

131
00:06:58,440 --> 00:07:01,840
Speaker 1: the Rangers win. The World Cup final between Argentina and

132
00:07:01,880 --> 00:07:04,919
Speaker 1: France is set for Sunday. Global News twenty four hours

133
00:07:04,920 --> 00:07:07,720
Speaker 1: a day on airand on Bloomberg Quick Take, powered by

134
00:07:07,800 --> 00:07:11,120
Speaker 1: more than twenty journalists and analysts in more than one

135
00:07:11,160 --> 00:07:15,120
Speaker 1: hundred twenty countries. On Amy Moore, is this is Bloomberg art? Right? Yeah?

136
00:07:15,120 --> 00:07:17,040
Speaker 1: Looking forward to back game? Maybe alright? Thank you at

137
00:07:17,040 --> 00:07:19,040
Speaker 1: A sixty two on Wall Street, and we turned to

138
00:07:19,120 --> 00:07:21,760
Speaker 1: news and science and technology Now with a Bloomberg n

139
00:07:21,840 --> 00:07:24,320
Speaker 1: j I T Stemmer Report, and it's brought to you

140
00:07:24,400 --> 00:07:27,000
Speaker 1: buy New Jersey Institute of Technology n j a i

141
00:07:27,080 --> 00:07:30,560
Speaker 1: T offers New Jersey's first undergraduate degree in fintech tech

142
00:07:30,640 --> 00:07:33,320
Speaker 1: driven finance focused. What will you make at n j

143
00:07:33,480 --> 00:07:35,880
Speaker 1: I T. Learn more at nj I T dot E

144
00:07:35,960 --> 00:07:40,320
Speaker 1: d U slash fintech Now. Here's just making news and science, technology, engineering,

145
00:07:40,360 --> 00:07:44,400
Speaker 1: and math. Fusion power plants are possible on the electricity

146
00:07:44,440 --> 00:07:47,280
Speaker 1: grid within the next decade, which could supply a limitless

147
00:07:47,280 --> 00:07:50,480
Speaker 1: amount of carbon free power, according to former U S

148
00:07:50,600 --> 00:07:54,600
Speaker 1: Energy Secretary Ernest Monies. The comments come after scientists in

149
00:07:54,640 --> 00:07:57,480
Speaker 1: California managed for the first time to generate more energy

150
00:07:57,560 --> 00:08:00,400
Speaker 1: from a fusion reaction than they needed to treat grit.

151
00:08:00,760 --> 00:08:04,440
Speaker 1: The UK has begun talks on a scientific cooperation deal

152
00:08:04,520 --> 00:08:07,240
Speaker 1: with Japan it hopes to sign in May. The UK

153
00:08:07,440 --> 00:08:11,120
Speaker 1: Science and Technology Minister said as the country remains blocked

154
00:08:11,160 --> 00:08:14,640
Speaker 1: from Horizon, the EU S key research funding program post

155
00:08:14,720 --> 00:08:18,480
Speaker 1: breaks it and trade groups representing Meta and Alphabet say

156
00:08:18,480 --> 00:08:21,400
Speaker 1: they asked the Supreme Court to overturn a Texas law

157
00:08:21,760 --> 00:08:25,960
Speaker 1: that would sharply restrict the editorial discretion of social media companies.

158
00:08:26,200 --> 00:08:29,160
Speaker 1: The appeal contends the law violates the First Amendment by

159
00:08:29,200 --> 00:08:32,840
Speaker 1: forcing social media companies to disseminate what they see as

160
00:08:32,880 --> 00:08:36,439
Speaker 1: harmful speech and putting platforms at risk of being overrun

161
00:08:36,440 --> 00:08:39,439
Speaker 1: by spam and bullying. And that's the Bloomberg n j

162
00:08:39,600 --> 00:08:42,360
Speaker 1: I t STEM report, Nathan. That could be a case

163
00:08:42,400 --> 00:08:44,280
Speaker 1: to watch for sure. Thank you, Karen, and we're coming

164
00:08:44,320 --> 00:08:46,679
Speaker 1: up to sixty four on Wall Street. Now it's time

165
00:08:46,720 --> 00:08:48,439
Speaker 1: to check what's going on in d See. Some of

166
00:08:48,480 --> 00:08:50,920
Speaker 1: the top stories in our nation's capital include the Pentagon

167
00:08:51,000 --> 00:08:55,280
Speaker 1: revving up Ukraine weapons aid as Russian missile barrages continue,

168
00:08:55,720 --> 00:08:58,320
Speaker 1: the Senate passing a one week spending bill to avert

169
00:08:58,400 --> 00:09:01,679
Speaker 1: a Saturday shut down. President Biden is saying he will

170
00:09:01,720 --> 00:09:05,160
Speaker 1: visit Africa to extend US influence on the continent, and

171
00:09:05,400 --> 00:09:09,800
Speaker 1: a big vote of confidence for the president from Democratic

172
00:09:10,000 --> 00:09:14,000
Speaker 1: congressional leadership. Let's bring in Bloomberg government reporter Emily Wilkins

173
00:09:14,160 --> 00:09:16,640
Speaker 1: for more on some of these stories. Emily, good morning.

174
00:09:16,679 --> 00:09:20,439
Speaker 1: It seems as though the bombardments from Russia on Ukraine's

175
00:09:20,520 --> 00:09:24,200
Speaker 1: energy infrastructure aren't letting up, and now we are seeing

176
00:09:24,240 --> 00:09:29,600
Speaker 1: movement from the Pentagon to really ramp up defenses. Yes, Nathan,

177
00:09:29,640 --> 00:09:31,840
Speaker 1: I mean remember that Biden has said that the US

178
00:09:31,960 --> 00:09:34,440
Speaker 1: is going to continue to supply Ukraine with weapons to

179
00:09:34,480 --> 00:09:37,440
Speaker 1: fight brush up for as long as it takes. There

180
00:09:37,559 --> 00:09:40,960
Speaker 1: is still a high level of bipartisan support in Washington

181
00:09:41,000 --> 00:09:44,679
Speaker 1: to continue supporting Ukraine. We expect to see that continue

182
00:09:45,080 --> 00:09:47,600
Speaker 1: into the next Congress, even with some shifts and leadership.

183
00:09:47,960 --> 00:09:50,400
Speaker 1: But part of the equation here is, of course, just

184
00:09:50,480 --> 00:09:52,839
Speaker 1: simply the supply side of things. We've heard so much

185
00:09:52,840 --> 00:09:55,880
Speaker 1: about supply chain demands and back blogs, and that is

186
00:09:55,920 --> 00:09:59,880
Speaker 1: something that still affects the defense industry. And so you're

187
00:10:00,000 --> 00:10:03,400
Speaker 1: seeing the Pentagon really look at its procurement process and

188
00:10:03,440 --> 00:10:07,160
Speaker 1: how it's making its acquisition offers. And they're actually Bloomberg

189
00:10:07,240 --> 00:10:10,000
Speaker 1: reporting that the Pentagon is finding ways to sort of

190
00:10:10,000 --> 00:10:13,199
Speaker 1: do some shortcuts to standard contracting procedures just to make

191
00:10:13,240 --> 00:10:17,320
Speaker 1: sure that the US weapons supply still remains strong, UH,

192
00:10:17,520 --> 00:10:20,600
Speaker 1: even as they continue to supply Ukraine with the more

193
00:10:20,640 --> 00:10:23,920
Speaker 1: weapons they need. Clearly, this this fight is continuing on

194
00:10:24,000 --> 00:10:27,520
Speaker 1: in Ukraine. UH, that there's not a foreseeable end date

195
00:10:27,640 --> 00:10:31,720
Speaker 1: at this point, um. And it's just you know, very notable,

196
00:10:32,080 --> 00:10:34,400
Speaker 1: um that to make sure that both Ukraine and the

197
00:10:34,520 --> 00:10:37,319
Speaker 1: US are having its defense needs met a the Pentagon

198
00:10:37,440 --> 00:10:41,400
Speaker 1: is now doing things like having some parts delivered via

199
00:10:41,480 --> 00:10:45,839
Speaker 1: contracts before the contracts terms and prices are really finalized.

200
00:10:46,080 --> 00:10:48,319
Speaker 1: And this is just being done in in the light

201
00:10:48,360 --> 00:10:50,920
Speaker 1: of the fact that this contract, the conflict of Ukraine

202
00:10:51,000 --> 00:10:53,360
Speaker 1: might last for some time, but but the US wants

203
00:10:53,360 --> 00:10:57,200
Speaker 1: to continue to be there and be supportive of Ukraine.

204
00:10:57,559 --> 00:11:00,280
Speaker 1: And of course, as you know, Emily, defense spending every

205
00:11:00,360 --> 00:11:04,080
Speaker 1: year is a major part of the negotiations, the debate

206
00:11:04,160 --> 00:11:08,240
Speaker 1: that goes on in Washington over full year spending for

207
00:11:08,320 --> 00:11:12,880
Speaker 1: the federal government. And now it looks like officially lawmakers

208
00:11:12,880 --> 00:11:15,680
Speaker 1: are giving themselves just a little bit more time to

209
00:11:16,440 --> 00:11:21,040
Speaker 1: iron out their differences here. Yeah, this initial temporary spending

210
00:11:21,040 --> 00:11:23,400
Speaker 1: bill was going to end today, but we're not going

211
00:11:23,480 --> 00:11:25,800
Speaker 1: to have a shutdown. The House and the Senate have

212
00:11:26,040 --> 00:11:29,000
Speaker 1: both passed a temporary stop gap that will lead us

213
00:11:29,040 --> 00:11:32,360
Speaker 1: to December twenty three, getting a little coast closed to Christmas. There,

214
00:11:32,960 --> 00:11:36,560
Speaker 1: the lawmakers say that they have come up with an agreement.

215
00:11:36,840 --> 00:11:39,640
Speaker 1: We are expecting to learn more details this weekend and

216
00:11:39,679 --> 00:11:42,200
Speaker 1: see it voted on next week. So there is still

217
00:11:42,240 --> 00:11:44,520
Speaker 1: potential that we are going to be seen the government

218
00:11:44,679 --> 00:11:48,160
Speaker 1: fully funded just in time for Christmas Eve? Is there

219
00:11:48,200 --> 00:11:50,040
Speaker 1: going to be full funding? I mean, there was some

220
00:11:50,120 --> 00:11:53,360
Speaker 1: of that debate, particularly on the Republican side, that they

221
00:11:53,360 --> 00:11:55,880
Speaker 1: want an even longer stop gaps so that they can

222
00:11:55,960 --> 00:11:59,079
Speaker 1: take control of Congress at least in the House and

223
00:11:59,440 --> 00:12:02,040
Speaker 1: put forward their own full year spending bill. Is that

224
00:12:02,240 --> 00:12:05,920
Speaker 1: still part of the debate. There are certainly Republicans who

225
00:12:05,960 --> 00:12:08,160
Speaker 1: want to see that happen. And let's be clear, in

226
00:12:08,200 --> 00:12:11,680
Speaker 1: the House, you have Republican leader Kevin McCarthy who has said,

227
00:12:11,720 --> 00:12:14,440
Speaker 1: you know that he does not support that this this

228
00:12:14,520 --> 00:12:17,600
Speaker 1: year long spending bill. He's whipping against it. He's urging

229
00:12:17,640 --> 00:12:20,040
Speaker 1: his colleagues to vote, know many of them are. But

230
00:12:20,080 --> 00:12:22,560
Speaker 1: it's a completely different story over in the Senate, where

231
00:12:22,559 --> 00:12:25,480
Speaker 1: Mitch McConnell has said that he has a deadline of

232
00:12:25,600 --> 00:12:30,800
Speaker 1: passing this funding package by next Thursday, and so he's

233
00:12:30,840 --> 00:12:33,920
Speaker 1: basically leaving the door open, and a number of lawmakers,

234
00:12:34,080 --> 00:12:37,360
Speaker 1: Democrats and Republicans alike, who work very closely on this

235
00:12:37,440 --> 00:12:39,679
Speaker 1: package say that they want to get it done. I mean,

236
00:12:39,720 --> 00:12:44,160
Speaker 1: for certain folks like Richard Shelby, Republican Senator. He's retiring

237
00:12:44,240 --> 00:12:47,640
Speaker 1: and the you know, appropriations funding the government. It's been

238
00:12:47,679 --> 00:12:49,959
Speaker 1: a lot of his work in Congress and he wants

239
00:12:50,000 --> 00:12:52,880
Speaker 1: to leave with a mission complete on his end. Now,

240
00:12:52,960 --> 00:12:55,400
Speaker 1: last minute here, Emily, of course, we know that President

241
00:12:55,440 --> 00:12:58,959
Speaker 1: Biden is planning on formally announcing a decision on re

242
00:12:59,120 --> 00:13:02,959
Speaker 1: election after the holidays. It looks like he's getting even

243
00:13:03,160 --> 00:13:06,880
Speaker 1: more support ahead of that decision. Yeah, you had a

244
00:13:06,960 --> 00:13:09,160
Speaker 1: number of lawmakers come out and say that they will

245
00:13:09,200 --> 00:13:12,840
Speaker 1: continue to support Biden. He got two very big endorsements

246
00:13:12,840 --> 00:13:15,800
Speaker 1: in his corner, how Speaker Nancy Pelosi and Senate Majority

247
00:13:15,840 --> 00:13:18,960
Speaker 1: Leader Chuck Schumer. Of course, Pelosi will be stepping down

248
00:13:19,080 --> 00:13:22,880
Speaker 1: as Speaker next year and stepping down from Democratic leadership,

249
00:13:22,960 --> 00:13:27,079
Speaker 1: but she's still a very strong voice within the Democratic Party.

250
00:13:27,160 --> 00:13:31,000
Speaker 1: Is certainly an incredibly prolific fundraiser. That's always important when

251
00:13:31,040 --> 00:13:34,000
Speaker 1: it comes to politics. Um and both of them have

252
00:13:34,160 --> 00:13:37,680
Speaker 1: said recently that they would support Biden, that he did,

253
00:13:37,679 --> 00:13:40,120
Speaker 1: They think he's done an excellent job, and that they

254
00:13:40,120 --> 00:13:43,079
Speaker 1: hope that he does run for reelection. It's about thirty

255
00:13:43,080 --> 00:13:45,400
Speaker 1: seconds left here, Emily is there's still that the same

256
00:13:45,520 --> 00:13:48,679
Speaker 1: level of support from the younger generation that Pelosi is

257
00:13:48,800 --> 00:13:54,360
Speaker 1: moving aside to bring forward either. Definitely are some younger

258
00:13:54,440 --> 00:13:56,920
Speaker 1: lawmakers who have said that they think that Biden has

259
00:13:56,920 --> 00:13:59,600
Speaker 1: done a good job and should continue to run. You

260
00:13:59,679 --> 00:14:02,400
Speaker 1: have other lawmakers who have spoken up and said, you

261
00:14:02,440 --> 00:14:04,400
Speaker 1: know that they think that it is time for a

262
00:14:04,520 --> 00:14:08,040
Speaker 1: younger person or Democrats to look at potential other candidates.

263
00:14:08,440 --> 00:14:10,040
Speaker 1: I think at this point a lot of them have

264
00:14:10,120 --> 00:14:12,520
Speaker 1: been able to serve decline being on the record just

265
00:14:12,640 --> 00:14:15,440
Speaker 1: because it's still a hypothetical. At this point, Biden has

266
00:14:15,480 --> 00:14:19,680
Speaker 1: not yet formally announced for even though he has alluded

267
00:14:19,760 --> 00:14:22,760
Speaker 1: to multiple times that he will continue to run and

268
00:14:23,040 --> 00:14:25,320
Speaker 1: that he plans to campaign for a second term. I'm

269
00:14:25,320 --> 00:14:27,520
Speaker 1: sure're gonna be a door stopping on Capitol Hill to

270
00:14:27,520 --> 00:14:31,920
Speaker 1: get some of those younger lawmakers on the record. Thank you, Emily,

271
00:14:32,040 --> 00:14:35,760
Speaker 1: as always, Bloomberg Government Congressional reporter Emily Wilkins with us

272
00:14:35,880 --> 00:14:38,600
Speaker 1: from the nation's capital. Read more at Bloomberg dot com,

273
00:14:38,680 --> 00:14:41,640
Speaker 1: ra on the Bloomberg terminal, Listen to Bloomberg Radio in Washington.

274
00:14:41,720 --> 00:14:44,480
Speaker 1: Bloomberg Thank you, nine one and one oh five point

275
00:14:44,520 --> 00:14:47,640
Speaker 1: seven F M H D two futures moving lower. This

276
00:14:48,400 --> 00:14:55,200
Speaker 1: is Bloomberg Markets, headlines and breaking news twenty four hours

277
00:14:55,200 --> 00:14:58,200
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at

278
00:14:58,240 --> 00:15:07,880
Speaker 1: and at Bloomberg Ritake. She's a Bloomburn Business Flash and

279
00:15:07,920 --> 00:15:10,080
Speaker 1: I'm Karen Moscow. This update is brought to you by

280
00:15:10,120 --> 00:15:13,440
Speaker 1: the Jewish Communal Fund j c F. Donor advised fund

281
00:15:13,560 --> 00:15:16,600
Speaker 1: is the smart, tax efficient way to manage your philanthropy.

282
00:15:16,920 --> 00:15:19,360
Speaker 1: Open a j c F fund now to lock in

283
00:15:19,400 --> 00:15:23,320
Speaker 1: a two tax deduction, visit j c F n y

284
00:15:23,520 --> 00:15:27,080
Speaker 1: dot org. And US stock index futures are falling this morning,

285
00:15:27,080 --> 00:15:29,680
Speaker 1: with SNP futures down forty three points or one point

286
00:15:29,720 --> 00:15:32,840
Speaker 1: one percent, Dow futures down one percent or three forty

287
00:15:32,920 --> 00:15:35,040
Speaker 1: six points, and NASDAC futures down eight tens of a

288
00:15:35,160 --> 00:15:37,880
Speaker 1: percent or ninety one points. At ten year Treasury down

289
00:15:37,880 --> 00:15:40,360
Speaker 1: thirteen thirty seconds. He on three point four nine percent

290
00:15:40,640 --> 00:15:43,120
Speaker 1: and as a Bloomberg Business Flash. Now, here's Amy Morris

291
00:15:43,120 --> 00:15:45,320
Speaker 1: with Moore on what's going on around the world. Amy,

292
00:15:45,800 --> 00:15:48,560
Speaker 1: thank you, Karen. The White House is encouraging Americans to

293
00:15:48,600 --> 00:15:52,200
Speaker 1: get their updated COVID nineteen vaccine to prevent the spread

294
00:15:52,280 --> 00:15:55,240
Speaker 1: of the virus. Over the winter. White House COVID nineteen

295
00:15:55,280 --> 00:16:00,000
Speaker 1: Response Coordinator Dr jah says COVID cases and hospitalizations are

296
00:16:00,000 --> 00:16:03,120
Speaker 1: are on the rise across the country. Confidential data of

297
00:16:03,120 --> 00:16:06,440
Speaker 1: about a hundred twelve thousand taxpayers inadvertently published by the

298
00:16:06,480 --> 00:16:10,160
Speaker 1: i R S over the summer was mistakenly published again

299
00:16:10,480 --> 00:16:14,600
Speaker 1: in late November, including names in contact information and sports,

300
00:16:14,600 --> 00:16:17,440
Speaker 1: the Caps, the Bruins, the Devils, I'll lose, Rangers win

301
00:16:17,760 --> 00:16:20,360
Speaker 1: the World Cup final between Argentina and Brandt. Set for

302
00:16:20,440 --> 00:16:22,960
Speaker 1: Sunday Global News twenty four hours a day on errand

303
00:16:22,960 --> 00:16:25,600
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

304
00:16:25,680 --> 00:16:28,840
Speaker 1: hundred journalists and analysts and more than one hundred twenty countries.

305
00:16:29,240 --> 00:16:32,280
Speaker 1: I'm anymore as this is Bloomberg, Nathan, Thanks Amy. It's

306
00:16:32,320 --> 00:16:34,680
Speaker 1: six twenty three on Wall Street. I'm Nathan Hagar. This

307
00:16:34,840 --> 00:16:38,280
Speaker 1: is Bloomberg Daybreak. Let's move to commodities now. It's been

308
00:16:38,320 --> 00:16:41,960
Speaker 1: a tumultuous year for the asset class, marked by surging prices,

309
00:16:42,000 --> 00:16:45,360
Speaker 1: tied in parts of the war in Ukraine, and set

310
00:16:45,440 --> 00:16:48,720
Speaker 1: to be another banner year. That's the view from Jeff Curry,

311
00:16:48,800 --> 00:16:52,160
Speaker 1: head of Commodities Research at Goldman Sachs. He expects commodities

312
00:16:52,160 --> 00:16:55,640
Speaker 1: in fact, to be the best performing asset class next year.

313
00:16:56,000 --> 00:16:59,360
Speaker 1: Curry sat down with Bloomberg's Alex Steel and Guy Johnson

314
00:16:59,440 --> 00:17:02,720
Speaker 1: to explain, let's listen in, Yeah, is a pretty awesomely

315
00:17:02,840 --> 00:17:05,960
Speaker 1: bold call. Um, where are we in the cycle that

316
00:17:06,080 --> 00:17:09,479
Speaker 1: leads you to such bullishness? Old call? Let's remember oils

317
00:17:09,520 --> 00:17:12,879
Speaker 1: treating with a fifty ball, So is not even a

318
00:17:12,920 --> 00:17:16,879
Speaker 1: one standard deviation. Let's just you know, I remember we

319
00:17:16,920 --> 00:17:19,399
Speaker 1: just did twelve bucks to the downside last week and

320
00:17:19,480 --> 00:17:22,720
Speaker 1: rebounded six and down another two today. So um, And

321
00:17:22,760 --> 00:17:24,679
Speaker 1: if I think, you know, when we look at go

322
00:17:24,840 --> 00:17:28,359
Speaker 1: back to our call for a supercycle back in October,

323
00:17:29,400 --> 00:17:34,320
Speaker 1: you haveent returns, you know, so far we're headed towards

324
00:17:34,359 --> 00:17:39,879
Speaker 1: somewhere around twenty three percent returns and in two So

325
00:17:40,119 --> 00:17:43,840
Speaker 1: this is a continuation of the strong returns that we've

326
00:17:43,840 --> 00:17:46,200
Speaker 1: been seen over the last several years. I think the

327
00:17:46,240 --> 00:17:49,679
Speaker 1: bottom line, when we think about what a supercycle really is,

328
00:17:50,040 --> 00:17:53,240
Speaker 1: it's not this big upward trend in prices that we

329
00:17:53,359 --> 00:17:56,560
Speaker 1: have envisioned in our heads. It's a sequence of spikes.

330
00:17:56,680 --> 00:18:01,120
Speaker 1: And because commodity prices perform and eken make function, they

331
00:18:01,119 --> 00:18:04,680
Speaker 1: have to rebalance supply demand bring them back in a line.

332
00:18:04,720 --> 00:18:06,480
Speaker 1: When they get out of line like they did at

333
00:18:06,480 --> 00:18:09,760
Speaker 1: the end of one and the early part of this year. Well,

334
00:18:10,080 --> 00:18:14,679
Speaker 1: market to rebalanced right now today. Why because China is

335
00:18:14,760 --> 00:18:17,520
Speaker 1: being locked down, So demand came back down on top

336
00:18:17,560 --> 00:18:20,560
Speaker 1: of supply. Prices class back down. But we have not

337
00:18:20,680 --> 00:18:24,439
Speaker 1: been investing in supply. Supply is stagnant. So I have

338
00:18:24,520 --> 00:18:27,639
Speaker 1: to just simply ask what happens when China, the largest

339
00:18:27,680 --> 00:18:31,119
Speaker 1: commodity consumer in the world, the largest oil importer in

340
00:18:31,160 --> 00:18:34,560
Speaker 1: the world, begins to rebound significantly in the first part

341
00:18:34,560 --> 00:18:36,880
Speaker 1: of next year. It's going to tighten all of these

342
00:18:36,920 --> 00:18:40,400
Speaker 1: markets tremendously and put a lot of upward pressure on prices.

343
00:18:40,440 --> 00:18:42,879
Speaker 1: And I think the key point is, you know, you

344
00:18:43,000 --> 00:18:46,199
Speaker 1: basically have the largest you know, commodity consumer in the

345
00:18:46,240 --> 00:18:49,840
Speaker 1: world essentially hibernating over the course of the last year,

346
00:18:49,880 --> 00:18:52,640
Speaker 1: and that's been hiding a lot of this under investment.

347
00:18:52,720 --> 00:18:57,119
Speaker 1: So really the core point here under investment, we demand today,

348
00:18:57,160 --> 00:19:01,240
Speaker 1: but we see sequential growth in three it begins to

349
00:19:01,280 --> 00:19:05,600
Speaker 1: tighten these markets. One last point, inventorres have been exhausted, Jeff,

350
00:19:05,640 --> 00:19:09,000
Speaker 1: Let's talk about that China China narrative. We are seeing

351
00:19:09,040 --> 00:19:12,520
Speaker 1: a huge one eight they are reopening, but what comes

352
00:19:12,560 --> 00:19:15,000
Speaker 1: with that is likely to be a huge pickup in cases,

353
00:19:15,080 --> 00:19:17,639
Speaker 1: We're starting to see data being crunched on that and

354
00:19:17,680 --> 00:19:20,080
Speaker 1: the numbers look pretty bad. How should we be thinking

355
00:19:20,080 --> 00:19:22,439
Speaker 1: about the China reopening therefore? Isn't going to be similar

356
00:19:22,480 --> 00:19:25,159
Speaker 1: to the one that we experienced. I stop start, stop, starts,

357
00:19:25,800 --> 00:19:28,159
Speaker 1: and kind of how does that work? How does that

358
00:19:28,200 --> 00:19:31,480
Speaker 1: impact the commodity price? Um? I think oil is it

359
00:19:31,560 --> 00:19:33,879
Speaker 1: a testament to it. It's gonna be a really rough,

360
00:19:34,000 --> 00:19:37,359
Speaker 1: bumpy start at the very beginning. But when so oil

361
00:19:37,440 --> 00:19:40,159
Speaker 1: is doing like this, you know each week big violent

362
00:19:40,200 --> 00:19:42,879
Speaker 1: moves because you know you're gonna have your fits and start,

363
00:19:42,960 --> 00:19:47,280
Speaker 1: stops and stops. But when you take markets like oil

364
00:19:47,440 --> 00:19:51,480
Speaker 1: equities are copper, they're more forward looking. They're looking into

365
00:19:51,840 --> 00:19:55,640
Speaker 1: March April of next year. As a result, they don't

366
00:19:55,680 --> 00:19:58,240
Speaker 1: have that same kind of noise. And that's Jeff Curry,

367
00:19:58,240 --> 00:20:01,080
Speaker 1: ahead of Commodities Research at Goldman Acts, speaking with Bloomberg's

368
00:20:01,080 --> 00:20:03,720
Speaker 1: Alex Steel and Guy Johnson. You can catch more of

369
00:20:03,760 --> 00:20:07,440
Speaker 1: that conversation on Bloomberg dot com and on the Bloomberg

370
00:20:07,560 --> 00:20:11,040
Speaker 1: terminal this morning. Concern about rising interest rates and the

371
00:20:11,119 --> 00:20:15,439
Speaker 1: outlook for policy is putting pressure on energy commodities. Looking

372
00:20:15,440 --> 00:20:18,880
Speaker 1: at NIMEX, crude West Texas Intermediate is down two point

373
00:20:18,960 --> 00:20:21,320
Speaker 1: one percent or a dollar fifty nine, trading at seventy

374
00:20:21,359 --> 00:20:25,160
Speaker 1: four fifty two barrel Brant. The international benchmark is down

375
00:20:25,200 --> 00:20:27,439
Speaker 1: two point one percent as well, down to dollar seventy

376
00:20:27,440 --> 00:20:31,679
Speaker 1: four training at seventy nine seven Future is moving lower

377
00:20:31,720 --> 00:20:35,359
Speaker 1: as well. SMP futures down forty three points down, futures

378
00:20:35,359 --> 00:20:38,240
Speaker 1: down three fifty two, and Nasdaq futures are lower by

379
00:20:38,320 --> 00:20:41,080
Speaker 1: ninety two points ten. Your treasury yield three point four

380
00:20:41,200 --> 00:20:44,399
Speaker 1: nine percent. We'll check your top stories, local headlines, and

381
00:20:44,520 --> 00:20:47,960
Speaker 1: a full check of markets straight ahead. First look at

382
00:20:47,960 --> 00:20:51,760
Speaker 1: your Bloomberg weekend weather forecast. Low pressure developing south of

383
00:20:51,800 --> 00:20:54,879
Speaker 1: the region responsible for the rainy, breezy weather today, are

384
00:20:54,880 --> 00:20:57,720
Speaker 1: gonna reach forty five to fifty this afternoon. The rain ends,

385
00:20:57,720 --> 00:21:00,600
Speaker 1: the showers during the evening actually starts the year later tonight.

386
00:21:00,680 --> 00:21:03,280
Speaker 1: Loose near thirty five I pressure has headed our way

387
00:21:03,280 --> 00:21:05,760
Speaker 1: for the upcoming weekend. We're partly to mostly sending breezy

388
00:21:05,800 --> 00:21:10,520
Speaker 1: Tomorrow forty sunshine, Sunday highswee thirty five to forty um

389
00:21:10,640 --> 00:21:13,800
Speaker 1: Rob Carolyn with your three day forecast on Bloomberg eleven

390
00:21:13,920 --> 00:21:21,040
Speaker 1: three oh broadcasting live from the Bloomberg Interactive Broker Studio

391
00:21:21,160 --> 00:21:24,040
Speaker 1: in New York, Bloomberg E Living Free on to Washington,

392
00:21:24,119 --> 00:21:27,560
Speaker 1: d C, Bloomberg N one to Boston, Bloomberg one O

393
00:21:27,760 --> 00:21:31,240
Speaker 1: six one to San Francisco, Bloomberg No. Sixty to the Country,

394
00:21:31,359 --> 00:21:33,960
Speaker 1: Serrius XM to the one nine team, and around the

395
00:21:34,000 --> 00:21:38,119
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This

396
00:21:38,400 --> 00:21:46,680
Speaker 1: is Bloomberg Daybreak. It's coming up on six thirty on

397
00:21:46,800 --> 00:21:49,840
Speaker 1: Wall Street. Good morning, I'm Nathan Hager and I'm Karen Moscow.

398
00:21:49,960 --> 00:21:52,400
Speaker 1: We are just about three hours away from the open

399
00:21:52,400 --> 00:21:54,399
Speaker 1: of US training. It's time for the five things that

400
00:21:54,480 --> 00:21:56,480
Speaker 1: you need to notice start your day. Brought to you

401
00:21:56,560 --> 00:21:59,919
Speaker 1: by I d k R Investment Advisers switched to Interactive

402
00:22:00,000 --> 00:22:04,040
Speaker 1: Brokers for lowest cost global trading and turnkey custody solutions,

403
00:22:04,040 --> 00:22:06,760
Speaker 1: no ticket charges and no conflicts of your interests at

404
00:22:06,760 --> 00:22:10,399
Speaker 1: ibk R dot com slash r i A up first.

405
00:22:10,560 --> 00:22:14,040
Speaker 1: US stock index futures are lower as concerns linger over

406
00:22:14,200 --> 00:22:17,720
Speaker 1: Central Bank tightening. Only home builders, healthcare, and oil and

407
00:22:17,760 --> 00:22:21,399
Speaker 1: gas companies posting gains in yesterday's session, and the energy

408
00:22:21,440 --> 00:22:24,679
Speaker 1: sector could be poised for more outsized returns in the

409
00:22:24,720 --> 00:22:27,359
Speaker 1: coming year. That's the view from Goldman Sachs had a

410
00:22:27,359 --> 00:22:33,400
Speaker 1: commodity research Jeff Curry returns one. You know, so far

411
00:22:33,520 --> 00:22:39,520
Speaker 1: we're headed towards somewhere around twenty three returns in INO.

412
00:22:39,560 --> 00:22:43,399
Speaker 1: So this is a continuation of the strong returns that

413
00:22:43,440 --> 00:22:46,399
Speaker 1: we've been seen over the last several years. Jeff Curry

414
00:22:46,440 --> 00:22:48,880
Speaker 1: with Goldman Sachs believes commodity is could be the best

415
00:22:48,880 --> 00:22:52,520
Speaker 1: performing asset class next year. Last for global stocks, Karen,

416
00:22:52,560 --> 00:22:54,960
Speaker 1: they're headed for a weekly slide as the Fed, Bank

417
00:22:55,000 --> 00:22:57,439
Speaker 1: of England and European Central Bank dash hopes for more

418
00:22:57,480 --> 00:23:01,280
Speaker 1: debbish policy. Megan Green, Global Chief econom Mr Crowle Institute says,

419
00:23:01,320 --> 00:23:04,760
Speaker 1: despite the hawkis rhtoric inflation could prove sticky. I think

420
00:23:04,760 --> 00:23:07,200
Speaker 1: the Fed is really considered that it will be stickier

421
00:23:07,200 --> 00:23:09,359
Speaker 1: than the market seemed to be pricing in and I

422
00:23:09,400 --> 00:23:12,240
Speaker 1: think that's reasonable. The big question is why the Fed

423
00:23:12,440 --> 00:23:16,720
Speaker 1: didn't think that three months ago with their previous economic projections,

424
00:23:16,760 --> 00:23:20,240
Speaker 1: And the Fed doesn't really clarify that. Megan Green with

425
00:23:20,280 --> 00:23:23,200
Speaker 1: Croll Institute made the comments on Bloomberg's Balance of Power

426
00:23:23,320 --> 00:23:25,600
Speaker 1: with David Weston. You can catch the show weekdays at

427
00:23:25,600 --> 00:23:28,919
Speaker 1: noon Eastern on Bloomberg Radio and Television. Well Attorney to

428
00:23:28,920 --> 00:23:31,800
Speaker 1: Politics Down Nathan how Speaker Nancy Pelosi, and send a

429
00:23:31,880 --> 00:23:35,240
Speaker 1: Majority Leader Chuck Schumer are saying President Biden should run

430
00:23:35,240 --> 00:23:38,919
Speaker 1: for re election in four to support pushes back against

431
00:23:38,920 --> 00:23:42,440
Speaker 1: some Democrats, urging the party to elevate a younger generation

432
00:23:42,520 --> 00:23:45,600
Speaker 1: of leaders. Staying in d C, Karen, Congress is working

433
00:23:45,640 --> 00:23:48,280
Speaker 1: on two bills that would limit or ban the use

434
00:23:48,280 --> 00:23:51,399
Speaker 1: of TikTok. Florida Senator Marco Rubio's vill would totally ban

435
00:23:51,520 --> 00:23:54,080
Speaker 1: the social media app. He's concerned about China's access to

436
00:23:54,160 --> 00:23:57,960
Speaker 1: users private information. We Attorney to Twitter Now, Nathan Elon

437
00:23:58,080 --> 00:24:01,200
Speaker 1: Musk is making moves again to regulate content on the

438
00:24:01,240 --> 00:24:04,960
Speaker 1: platform Twitter, suspending the accounts of several journalists and Bloomberg.

439
00:24:05,000 --> 00:24:07,400
Speaker 1: Steve Rapp Report joins US Live at that story. Steve,

440
00:24:07,440 --> 00:24:10,720
Speaker 1: good Morning, Good morning, Karen, and Nathan Elon Musk suspended

441
00:24:10,760 --> 00:24:14,000
Speaker 1: reporters from several outlets for posting real time locations of

442
00:24:14,040 --> 00:24:17,119
Speaker 1: his private jet. Though tracking planes is available through public

443
00:24:17,119 --> 00:24:21,160
Speaker 1: flight data, Musk says the accounts violated Twitter's policy on doxing,

444
00:24:21,680 --> 00:24:24,560
Speaker 1: term used for exposing private information about someone with the

445
00:24:24,600 --> 00:24:28,159
Speaker 1: intent to subject them to harassment. Musk tweeted reporters received

446
00:24:28,160 --> 00:24:31,000
Speaker 1: the seven daytime out, adding some time away from Twitter

447
00:24:31,119 --> 00:24:33,040
Speaker 1: is good for the soul. Live in New York, I'm

448
00:24:33,080 --> 00:24:36,200
Speaker 1: Sneeve Rapp report Bloomberg Daybreak. Okay, Steve, thank you. That's

449
00:24:36,200 --> 00:24:37,840
Speaker 1: the five things you need to know to start your day.

450
00:24:37,840 --> 00:24:41,040
Speaker 1: Brought to you by Interactive Brokers S ANDP. Futures are

451
00:24:41,040 --> 00:24:44,399
Speaker 1: down forty two points. Staff futures down three two. Straight

452
00:24:44,400 --> 00:24:47,160
Speaker 1: ahead your latest local headlines in the check of sports.

453
00:24:47,200 --> 00:24:55,600
Speaker 1: This is Bloomberg sixty one on Wall Street. Amy Morris

454
00:24:55,720 --> 00:24:57,439
Speaker 1: is back with us for what's going on in New

455
00:24:57,520 --> 00:25:00,479
Speaker 1: York and around the world. Good morning, Amy, Good morning Nathan.

456
00:25:00,560 --> 00:25:04,600
Speaker 1: Connecticut is reporting its first pediatric death of this flu season.

457
00:25:04,880 --> 00:25:07,560
Speaker 1: Health officials say a child under the age of nine

458
00:25:07,600 --> 00:25:10,440
Speaker 1: has passed away in New Haven County. Officials are urging

459
00:25:10,640 --> 00:25:13,360
Speaker 1: everyone over the age of six months old to get

460
00:25:13,359 --> 00:25:16,200
Speaker 1: a flu shot as soon as possible. This as health

461
00:25:16,240 --> 00:25:19,000
Speaker 1: officials are also worried about a COVID surge emerging in

462
00:25:19,040 --> 00:25:24,080
Speaker 1: New York City. Epidemiologist Eric Figel Dang tells ABC masking

463
00:25:24,160 --> 00:25:26,440
Speaker 1: is really just part of it. Masking is only one

464
00:25:26,600 --> 00:25:31,960
Speaker 1: elements of the total strategy to mitigate against COVID. There's

465
00:25:32,000 --> 00:25:36,160
Speaker 1: also testing, which the White House has just announced, UM

466
00:25:36,320 --> 00:25:40,159
Speaker 1: free testing, UM Kids snailed to every address in America.

467
00:25:40,280 --> 00:25:44,280
Speaker 1: Cases and hospitalizations are on the rise. After Thanksgiving gatherings,

468
00:25:44,600 --> 00:25:47,119
Speaker 1: the Senate passed to funding bill to keep federal government

469
00:25:47,160 --> 00:25:50,720
Speaker 1: operating for another week. Senate Majority Leader Chuck Schumer says

470
00:25:50,760 --> 00:25:53,040
Speaker 1: this gives lawmakers a little more time to pass a

471
00:25:53,119 --> 00:25:56,160
Speaker 1: year long spending bill before they leave for that holiday

472
00:25:56,160 --> 00:25:59,320
Speaker 1: break next week. Hopefully we'll finish the job. Passing a

473
00:25:59,400 --> 00:26:02,680
Speaker 1: package will keep the government fully funded into next fall.

474
00:26:02,760 --> 00:26:06,639
Speaker 1: The new deadline is December. A woman from Edison, New Jersey,

475
00:26:06,720 --> 00:26:10,119
Speaker 1: is among four people charged with providing financial assistance to

476
00:26:10,280 --> 00:26:14,840
Speaker 1: Islamic State. Seema Raman is charged with providing material support

477
00:26:14,920 --> 00:26:18,680
Speaker 1: to a foreign terrorist organization. Authorities say she and three

478
00:26:18,720 --> 00:26:22,440
Speaker 1: others used cryptocurrency, go fund me and PayPal to raise

479
00:26:22,520 --> 00:26:26,560
Speaker 1: what they call blood money. Legislation prompted by Gabby Petito's

480
00:26:26,640 --> 00:26:30,119
Speaker 1: murder is waiting for President Biden signature. Now. Parents of

481
00:26:30,160 --> 00:26:32,439
Speaker 1: the New York native are backing the help Find the

482
00:26:32,520 --> 00:26:35,679
Speaker 1: Missing Act, which requires information on missing people to be

483
00:26:35,800 --> 00:26:39,040
Speaker 1: entered in the FBI's internal database and then shared with

484
00:26:39,080 --> 00:26:42,720
Speaker 1: the Department of Justices public database. Under state law in

485
00:26:42,720 --> 00:26:45,679
Speaker 1: New York is already required to share information on the missing.

486
00:26:45,920 --> 00:26:49,080
Speaker 1: New Jersey and Connecticut are not Global News twenty four

487
00:26:49,119 --> 00:26:51,200
Speaker 1: hours a day on air and on Bloomberg Quick Take,

488
00:26:51,280 --> 00:26:54,720
Speaker 1: powered by more than twenty seven journalists and analysts in

489
00:26:54,760 --> 00:26:57,560
Speaker 1: more than one d twenty countries. I'm Amy Moore, as

490
00:26:57,640 --> 00:27:05,520
Speaker 1: this is Bloomberg, Nathan, Thank you Amy, almost on Wall

491
00:27:05,560 --> 00:27:07,280
Speaker 1: Street time for the Bloomberg Sports Update, brought to you

492
00:27:07,359 --> 00:27:10,119
Speaker 1: by Tri State. Out of your thanks, Dave had so

493
00:27:10,160 --> 00:27:12,159
Speaker 1: many teams have been shelling out so much money, and

494
00:27:12,160 --> 00:27:15,280
Speaker 1: the Yankees did commit three hundred and sixty million dollars,

495
00:27:15,280 --> 00:27:17,439
Speaker 1: but they already had Aaron Judge. The Yanks had not

496
00:27:17,600 --> 00:27:20,640
Speaker 1: added any one of real significance, and now they had

497
00:27:20,720 --> 00:27:23,160
Speaker 1: Carlos Reddon's e r A. And each of the past

498
00:27:23,160 --> 00:27:26,080
Speaker 1: two seasons was under three thirty year old left he

499
00:27:26,160 --> 00:27:28,480
Speaker 1: come to the Yanks for a six year, one hundred

500
00:27:28,480 --> 00:27:30,960
Speaker 1: and sixty two million dollar deal. Raddon, once the fourth

501
00:27:31,000 --> 00:27:34,160
Speaker 1: overall pick of the draft back in two thousand fourteen

502
00:27:34,200 --> 00:27:36,479
Speaker 1: by the White Sox met this past season with the Giants,

503
00:27:36,480 --> 00:27:39,120
Speaker 1: he could be facing them in his Yankee debut. That's

504
00:27:39,119 --> 00:27:43,360
Speaker 1: for the Yanks open season against Nixon. Rangers of both

505
00:27:43,400 --> 00:27:45,480
Speaker 1: now won five games in a row. The Knicks bring

506
00:27:45,560 --> 00:27:48,239
Speaker 1: that streak into a game tonight in Chicago, where they

507
00:27:48,280 --> 00:27:51,400
Speaker 1: won in overtime just two nights ago. Rangers just beat

508
00:27:51,440 --> 00:27:53,439
Speaker 1: Toronto three one at the Garden. In three of the

509
00:27:53,480 --> 00:27:56,400
Speaker 1: five wins in the Street, Rangers allowed only one goal.

510
00:27:56,440 --> 00:27:58,320
Speaker 1: As for the Devil's, they went a span of over

511
00:27:58,359 --> 00:28:01,520
Speaker 1: seven weeks, losing on three times. They've now dropped four

512
00:28:01,560 --> 00:28:04,240
Speaker 1: games in the past week, beaten by Philadelphia two to one.

513
00:28:04,240 --> 00:28:08,840
Speaker 1: Even the Devil's outshot the Flyers forty nine four. Rock Purty,

514
00:28:08,880 --> 00:28:12,359
Speaker 1: the NFL's only undefeated quarterback, last player taking to the draft,

515
00:28:12,400 --> 00:28:14,480
Speaker 1: He's gone from third string to first In his first

516
00:28:14,520 --> 00:28:19,119
Speaker 1: ever road game victory at Seattle. That's the nine or

517
00:28:19,240 --> 00:28:22,040
Speaker 1: seventh win a row in that streak. They're allowing only

518
00:28:22,080 --> 00:28:25,320
Speaker 1: eleven points of game. San Francisco clinches the NFC West.

519
00:28:25,680 --> 00:28:28,719
Speaker 1: The Seahawks slump continues. That helps the Giants and their

520
00:28:28,800 --> 00:28:32,080
Speaker 1: quest to make the playoffs. There's an NFL tripleheader. Tomorrow

521
00:28:32,240 --> 00:28:34,840
Speaker 1: Sunday the Jets home for Red Hot Detroit, and then

522
00:28:34,880 --> 00:28:38,960
Speaker 1: Sunday night the Giants a big game at Washington's Dashower.

523
00:28:38,960 --> 00:28:41,280
Speaker 1: Bloomberg Sports Nathan bry to Jui out he don't let

524
00:28:41,280 --> 00:28:43,240
Speaker 1: someone else drive off in the Auti bottel. You've always

525
00:28:43,240 --> 00:28:45,160
Speaker 1: wanted to visit your local price, Get outi Dealer to

526
00:28:45,160 --> 00:28:47,120
Speaker 1: get behind the wheel of yours today, or visit autie

527
00:28:47,120 --> 00:28:53,240
Speaker 1: Offers dot com for more information on Wall Street. Bloomberg

528
00:28:53,320 --> 00:28:56,160
Speaker 1: Radio is on the air from San Francisco to New York,

529
00:28:56,200 --> 00:28:58,760
Speaker 1: London to Hong Kong. Let's check in with our global

530
00:28:58,760 --> 00:29:00,640
Speaker 1: news team for some of the top stories heard on

531
00:29:00,680 --> 00:29:06,840
Speaker 1: our three hundred affiliate radio stations around the world. I'm

532
00:29:06,880 --> 00:29:10,120
Speaker 1: Steve Hotas kN K and X in Los Angeles. We're

533
00:29:10,160 --> 00:29:14,400
Speaker 1: talking about the impact of California slashing incentives for homeowners

534
00:29:14,400 --> 00:29:18,920
Speaker 1: and businesses to install rooftop solar Um horney Donahowan Ker

535
00:29:19,000 --> 00:29:21,800
Speaker 1: l D and Dallas mortgage rates dropping for a fifth

536
00:29:21,800 --> 00:29:24,760
Speaker 1: straight week to six point three one percent. I'm Gina

537
00:29:24,880 --> 00:29:27,520
Speaker 1: Servetti and for w b b M in Chicago. I'm

538
00:29:27,560 --> 00:29:30,840
Speaker 1: talking about some McDonald's investors saying the company did not

539
00:29:30,920 --> 00:29:34,320
Speaker 1: get nearly enough money from its former CEO when he

540
00:29:34,400 --> 00:29:37,280
Speaker 1: agreed to return money to settle claims he was sexually

541
00:29:37,280 --> 00:29:40,680
Speaker 1: involved with subordinates. I'm Caroline Head Film bloomke d A

542
00:29:40,760 --> 00:29:43,480
Speaker 1: B Radium in London. We've been reporting on Gloomy UK

543
00:29:43,640 --> 00:29:47,680
Speaker 1: confidence figures, the worst one in fifty years as inflation fights.

544
00:29:48,240 --> 00:29:50,720
Speaker 1: I'm Ed Corey on w T A M in Cleveland.

545
00:29:50,760 --> 00:29:54,240
Speaker 1: I'm reporting a former Macy store in Sheffield Township is

546
00:29:54,320 --> 00:29:58,000
Speaker 1: becoming a facility for acorn stair loops. And those are

547
00:29:58,000 --> 00:30:01,240
Speaker 1: some of the stories. Are hundred Bomberg journalists and analysts

548
00:30:01,280 --> 00:30:04,120
Speaker 1: are working on this morning around the world. It's coming

549
00:30:04,200 --> 00:30:07,040
Speaker 1: up to six thirty seven on Wall Street. The following

550
00:30:07,200 --> 00:30:11,120
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written

551
00:30:11,200 --> 00:30:15,640
Speaker 1: by the Bloomberg Editorial Board. For all the acrimony surrounding immigration,

552
00:30:15,960 --> 00:30:20,360
Speaker 1: Americans generally support two goals, giving undocumented immigrants brought to

553
00:30:20,400 --> 00:30:23,200
Speaker 1: the US as children a pathway to legal status and

554
00:30:23,320 --> 00:30:26,400
Speaker 1: securing the border. With only days left in the current Congress,

555
00:30:26,800 --> 00:30:30,680
Speaker 1: lawmakers have an opportunity to deliver a breakthrough on both priorities.

556
00:30:31,160 --> 00:30:34,680
Speaker 1: A proposal by Senators Tom Tillis and Kirsen cinema would

557
00:30:34,720 --> 00:30:38,080
Speaker 1: provide a path to citizenship for some two million undocumented

558
00:30:38,120 --> 00:30:40,680
Speaker 1: immigrants known as dreamers, who have lived in the US

559
00:30:40,760 --> 00:30:43,440
Speaker 1: for much of their lives. It would also extend a

560
00:30:43,520 --> 00:30:46,680
Speaker 1: rule that allows for the expedited removal of border crossers

561
00:30:46,760 --> 00:30:49,640
Speaker 1: for at least a year. The framework produces solid winds

562
00:30:49,680 --> 00:30:52,680
Speaker 1: for each party at the same time. Neither side gets

563
00:30:52,720 --> 00:30:55,800
Speaker 1: everything at wants. That's the sign of a good compromise,

564
00:30:56,200 --> 00:30:59,000
Speaker 1: and Congress should get it done. This editorial was written

565
00:30:59,040 --> 00:31:02,080
Speaker 1: by the Bloomberg editor Oral Board. For more Bloomberg opinion,

566
00:31:02,200 --> 00:31:04,760
Speaker 1: please go to Bloomberg dot com, slash Opinion or O

567
00:31:04,920 --> 00:31:07,520
Speaker 1: P I N go on the Bloomberg terminal. This has

568
00:31:07,600 --> 00:31:11,080
Speaker 1: been Bloomberg Opinion Man. You can hear Bloomberg opinion editorials

569
00:31:11,160 --> 00:31:14,200
Speaker 1: every weekday at this time. Terminal customers can read more

570
00:31:14,720 --> 00:31:17,440
Speaker 1: at O P I n go. Looking ahead to the

571
00:31:17,520 --> 00:31:22,400
Speaker 1: market open, it's looking like losses. SMP futures down forty

572
00:31:22,440 --> 00:31:25,400
Speaker 1: three points, Dow futures are lower by three at fifty five,

573
00:31:25,440 --> 00:31:28,080
Speaker 1: and NASTACK futures on the decline by eighty three points.

574
00:31:28,160 --> 00:31:30,959
Speaker 1: Now the ten year Treasury is down thirteen thirty seconds

575
00:31:31,240 --> 00:31:33,360
Speaker 1: yield three point four nine percent yield on the two

576
00:31:33,440 --> 00:31:36,480
Speaker 1: year four point to four percent six thirty eight on

577
00:31:36,560 --> 00:31:38,400
Speaker 1: Wall Street. Up Next time Daybreak, we head to the

578
00:31:38,560 --> 00:31:42,600
Speaker 1: nation's capital, efforts to race weapons to Ukraine, and a

579
00:31:42,680 --> 00:31:46,440
Speaker 1: big vote of confidence for President Biden from Congressional leadership.

580
00:31:46,480 --> 00:31:54,160
Speaker 1: Bloomberg Government's Emily Wilkins joins us next live from the

581
00:31:54,200 --> 00:31:57,520
Speaker 1: Bloomberg Interactive Burger Studios. This is Bloomberg day Break for

582
00:31:57,560 --> 00:32:02,320
Speaker 1: a Friday, December sixty two. Coming up, the Shower, Uncertainty

583
00:32:02,400 --> 00:32:06,560
Speaker 1: in markets, over fed, tightening concerns. Democratic leaders back up.

584
00:32:06,600 --> 00:32:11,480
Speaker 1: Biden run in, a crackdown on TikTok, gains steam in Congress,

585
00:32:12,200 --> 00:32:16,840
Speaker 1: and Twitter suspends some accounts covering elon Musk. I'm Any Morris.

586
00:32:16,960 --> 00:32:20,320
Speaker 1: New York City is cracking down on unlicensed cannabis products,

587
00:32:20,640 --> 00:32:23,880
Speaker 1: while the state is prohibiting pet stores from selling cats

588
00:32:23,960 --> 00:32:26,960
Speaker 1: and DOFs. I'm John Stan Shower Sports. The Yankees have

589
00:32:27,040 --> 00:32:29,640
Speaker 1: signed free agent picture Carlos Raddon, the Rangers, one of

590
00:32:29,640 --> 00:32:35,200
Speaker 1: the Devil's Lost, the Forts one in Seattle. That's all

591
00:32:35,280 --> 00:32:38,960
Speaker 1: s train ahead on Bloomberg Daybreak on Bloomberg eleven three

592
00:32:39,000 --> 00:32:43,400
Speaker 1: on New York, Bloomberg one, Washington d C, Bloomberg one

593
00:32:43,440 --> 00:32:47,960
Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius

594
00:32:48,120 --> 00:32:50,480
Speaker 1: x M one nine team, and around the world on

595
00:32:50,680 --> 00:32:53,960
Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business App.

596
00:32:57,680 --> 00:33:00,680
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow and

597
00:33:00,880 --> 00:33:04,160
Speaker 1: futures this morning are following. We checked the markets all

598
00:33:04,240 --> 00:33:07,280
Speaker 1: day long here on Bloomberg Radio. S and P futures

599
00:33:07,600 --> 00:33:10,200
Speaker 1: are down one at a third percent, down fifty three

600
00:33:10,280 --> 00:33:12,440
Speaker 1: points down, features down what at a quarter percent or

601
00:33:12,480 --> 00:33:15,200
Speaker 1: four hundred twenty points and NASDACK futures down one percent

602
00:33:15,320 --> 00:33:18,160
Speaker 1: or a hundred eighteen points. The decks in Germany's down

603
00:33:18,200 --> 00:33:21,240
Speaker 1: one point two percent, Tenure treasury down thirteen and thirty

604
00:33:21,280 --> 00:33:23,840
Speaker 1: seconds held three point four nine percent, and they yield

605
00:33:23,920 --> 00:33:26,680
Speaker 1: on the two year four point to five percent. Nine

606
00:33:26,840 --> 00:33:30,040
Speaker 1: x screwed oil is down too and a half percent. Nathan, Yeah.

607
00:33:30,080 --> 00:33:33,600
Speaker 1: The selling Karen comes on concern over Central bank tightening.

608
00:33:33,640 --> 00:33:36,440
Speaker 1: The SNP slid two and a half percent yesterday. Only

609
00:33:36,520 --> 00:33:39,520
Speaker 1: home builders, healthcare, and oil and gas companies posted at gains,

610
00:33:39,560 --> 00:33:41,800
Speaker 1: and the commodity space could be set up for more

611
00:33:41,880 --> 00:33:44,920
Speaker 1: gains in the new year. That's the view of Goldman Sachs,

612
00:33:45,000 --> 00:33:48,400
Speaker 1: Head of Commodity Research Jeff Curry. What happens when China,

613
00:33:48,760 --> 00:33:52,160
Speaker 1: the largest commodity consumer in the world, the largest oil

614
00:33:52,160 --> 00:33:55,600
Speaker 1: imporder in the world, begins to rebound significantly in the

615
00:33:55,680 --> 00:33:58,160
Speaker 1: first part of next year. It's going to tighten all

616
00:33:58,200 --> 00:34:00,960
Speaker 1: of these markets tremendously and put a lot of upward

617
00:34:01,000 --> 00:34:04,360
Speaker 1: pressure on prices. Jeff Curry with Goldman Sachs thinks commodities

618
00:34:04,360 --> 00:34:09,200
Speaker 1: will be the best performing asset class in well global stocks. Meantime,

619
00:34:09,280 --> 00:34:11,839
Speaker 1: nathan are headed for a weekly slide as the Fed,

620
00:34:11,960 --> 00:34:14,759
Speaker 1: Bank of England and European Central Bank dash hopes for

621
00:34:14,920 --> 00:34:19,360
Speaker 1: more devish policy. Megan Green, Global chief economist at Crael Institute,

622
00:34:19,400 --> 00:34:22,280
Speaker 1: says central banks and markets seem to be working against

623
00:34:22,320 --> 00:34:25,320
Speaker 1: each other. The Fed is effectively saying we're really serious

624
00:34:25,440 --> 00:34:28,600
Speaker 1: guys to the markets, and the markets keep trying to

625
00:34:28,680 --> 00:34:31,200
Speaker 1: call their bluff. I think both hoping that inflation will

626
00:34:31,239 --> 00:34:34,560
Speaker 1: come down faster, but also expecting a recession at some

627
00:34:34,640 --> 00:34:36,719
Speaker 1: point in the middle of the year and questioning how

628
00:34:37,360 --> 00:34:41,560
Speaker 1: strong the Fed's resolve really is to continue keeping policy type.

629
00:34:41,960 --> 00:34:44,839
Speaker 1: Megan Grain with Cruel Institute made the comments on Bloomberg's

630
00:34:44,840 --> 00:34:47,440
Speaker 1: Balance of Power with David weston Catch the Show Weekdays,

631
00:34:47,480 --> 00:34:50,239
Speaker 1: a new and Eastern on Bloomberg Radio and Television and

632
00:34:50,360 --> 00:34:53,239
Speaker 1: Asia Overnight Careen. Market sentiment was risk off as well

633
00:34:53,480 --> 00:34:56,680
Speaker 1: in reaction to the week's central bank moves. Bloomberg Daybreak

634
00:34:56,719 --> 00:34:59,480
Speaker 1: Asia anchor Brian Curtis has the details from Hong Kong.

635
00:34:59,680 --> 00:35:02,880
Speaker 1: Asian and stocks traded mixed to lower as investors wrestled

636
00:35:02,920 --> 00:35:05,800
Speaker 1: with Hawckey Central Banks. Shares in Hong Kong and mainland

637
00:35:05,920 --> 00:35:09,960
Speaker 1: China reversed early losses, while US futures were relatively stable.

638
00:35:10,320 --> 00:35:13,360
Speaker 1: The threat of US delisting ease for about two hundred

639
00:35:13,440 --> 00:35:16,520
Speaker 1: companies from Hong Kong and China and that aided sentiment,

640
00:35:16,880 --> 00:35:20,360
Speaker 1: and China pledge to implement new measures for the property sector.

641
00:35:20,680 --> 00:35:24,319
Speaker 1: Brian Curtis, Bloomberg Radio, Brian Thanks. Turning to politics now,

642
00:35:24,480 --> 00:35:27,919
Speaker 1: top Democrats and Congress are backing Joe Biden in twenty

643
00:35:28,000 --> 00:35:30,799
Speaker 1: four how Speaker Nancy Pelosi and Said a Majority leader

644
00:35:30,880 --> 00:35:34,719
Speaker 1: Chunk Schumer both tell CNN that President Biden should run

645
00:35:34,840 --> 00:35:37,720
Speaker 1: for re election, even as some Democrats urged the party

646
00:35:37,800 --> 00:35:41,160
Speaker 1: to elevate a younger generation of leaders. Is a person

647
00:35:41,280 --> 00:35:45,080
Speaker 1: with a great vision for our country. He's been involved

648
00:35:45,120 --> 00:35:48,360
Speaker 1: for a long time, so his great knowledge of the

649
00:35:48,480 --> 00:35:52,000
Speaker 1: issues and the challenges we face. In an interview on CNN,

650
00:35:52,080 --> 00:35:55,680
Speaker 1: Pelosi said Biden has been a great president, and Schumer

651
00:35:55,719 --> 00:35:59,239
Speaker 1: added heat support Biden all the way. Staying in DC, Karen,

652
00:35:59,280 --> 00:36:02,600
Speaker 1: Congress appears to be getting impatient with security concerns over

653
00:36:02,800 --> 00:36:06,600
Speaker 1: China's influence on TikTok. Bloomberg said, Baxter has that story.

654
00:36:06,960 --> 00:36:09,680
Speaker 1: Congress is working on two bills that would limit or

655
00:36:09,840 --> 00:36:12,640
Speaker 1: ban the use of TikTok in the US. The first

656
00:36:12,760 --> 00:36:14,760
Speaker 1: is the one that passed the Senate this week, banning

657
00:36:14,800 --> 00:36:17,720
Speaker 1: the use of the platform on government owned mobile phones.

658
00:36:18,000 --> 00:36:20,680
Speaker 1: Housepeaker Nancy Pelosi says she doesn't know if the House

659
00:36:20,719 --> 00:36:23,080
Speaker 1: can get to it this session. The second is Marco

660
00:36:23,200 --> 00:36:27,200
Speaker 1: Rubio's bill that would totally ban the website. Rubio says

661
00:36:27,400 --> 00:36:30,880
Speaker 1: he is very concerned about China's control and access to

662
00:36:31,000 --> 00:36:34,680
Speaker 1: users private information. The move to do something is definitely

663
00:36:34,800 --> 00:36:38,760
Speaker 1: picked up steam in San Francisco. I'm at Baxter Bloomberg daybreak,

664
00:36:38,880 --> 00:36:41,359
Speaker 1: al right, and thanks. Turning to Twitter now, Elon Musk

665
00:36:41,520 --> 00:36:44,560
Speaker 1: is making moves again to regulate content on the platform.

666
00:36:44,760 --> 00:36:47,759
Speaker 1: Twitter is an now suspending the accounts of several journalists

667
00:36:47,760 --> 00:36:50,640
Speaker 1: and Bloomberg. Steve Rappaport joins US Live. But that story Steve,

668
00:36:50,680 --> 00:36:53,239
Speaker 1: good morning, Good morning, Karen and Nathan. People in the

669
00:36:53,320 --> 00:36:55,879
Speaker 1: news business made the news when Twitter blocked the counts

670
00:36:55,920 --> 00:36:58,200
Speaker 1: of reporters from The New York Times, The Washington Post

671
00:36:58,320 --> 00:37:01,320
Speaker 1: and other outlets. Elon Musk says they were denied access

672
00:37:01,360 --> 00:37:04,840
Speaker 1: for tracking private jets, including his must describe sharing that

673
00:37:04,920 --> 00:37:08,680
Speaker 1: information as basically assassination coordinates, even though his jet can

674
00:37:08,719 --> 00:37:11,879
Speaker 1: be tracked by using publicly available flight data. The Twitter

675
00:37:11,960 --> 00:37:14,440
Speaker 1: boss then conducted a poll asking users when he should

676
00:37:14,440 --> 00:37:18,040
Speaker 1: reinstate those accounts who disclosed his exact location, the majority

677
00:37:18,120 --> 00:37:20,879
Speaker 1: voting to remove the bands immediately, Live in New York.

678
00:37:20,920 --> 00:37:23,880
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. Okay, Steve, thanks. We have

679
00:37:23,960 --> 00:37:27,000
Speaker 1: more news. When from Elon Musk's other company, Tesla, A

680
00:37:27,120 --> 00:37:30,040
Speaker 1: day after he sold more shares, Tesla announced it's ramping

681
00:37:30,120 --> 00:37:33,160
Speaker 1: up SUV production at its Austin, Texas factory. We get

682
00:37:33,200 --> 00:37:36,040
Speaker 1: that story from Bloomberg's Charlie Pellett. It's a sign that

683
00:37:36,160 --> 00:37:39,200
Speaker 1: the electric carmaker is making up for lost time. At

684
00:37:39,239 --> 00:37:42,960
Speaker 1: the money losing plant. Tesla shared the new production number

685
00:37:43,080 --> 00:37:46,320
Speaker 1: in a tweet. The milestone comes a week after Bloomberg

686
00:37:46,400 --> 00:37:49,360
Speaker 1: News report of the CEO Elon Musk, had asked the

687
00:37:49,400 --> 00:37:52,280
Speaker 1: head of the company's China division to get the Austin

688
00:37:52,360 --> 00:37:55,960
Speaker 1: factory up to speed. Extrapolated out over a year, that

689
00:37:56,040 --> 00:37:59,440
Speaker 1: production rate would get Tesla to about one hundred fifty

690
00:37:59,520 --> 00:38:02,840
Speaker 1: six and vehicles, which is still short of the annual

691
00:38:02,920 --> 00:38:06,600
Speaker 1: target of two hundred fifty thousand, but the company promoted

692
00:38:06,719 --> 00:38:10,160
Speaker 1: in its third quarter letter to shareholders in New York.

693
00:38:10,280 --> 00:38:13,279
Speaker 1: Charlie Pellett Bloomberg Day Break Right, Charlie Thanks and more.

694
00:38:13,320 --> 00:38:15,920
Speaker 1: News out of the Bahamas on disgraced ft X founder

695
00:38:16,000 --> 00:38:18,480
Speaker 1: Sam Bank been freed after a judge denied a request

696
00:38:18,560 --> 00:38:21,719
Speaker 1: for bail. The former CEO made a new bail application

697
00:38:21,840 --> 00:38:25,120
Speaker 1: before the Bahamas Supreme Court. That's according to Reuter's. Local

698
00:38:25,160 --> 00:38:27,640
Speaker 1: media reports say the bail application is said to be

699
00:38:27,760 --> 00:38:31,879
Speaker 1: heard in mid January. SMP futures are down forty nine

700
00:38:31,920 --> 00:38:34,359
Speaker 1: points this morning. Down futures down three D eight seven,

701
00:38:34,640 --> 00:38:38,120
Speaker 1: NASDAG futures down one eight and the euro one point

702
00:38:38,160 --> 00:38:41,320
Speaker 1: oh six to seven against the dollar. Bitcoin this morning

703
00:38:41,440 --> 00:38:44,520
Speaker 1: is down to in a quarter percent as seventeen thousand dollars.

704
00:38:44,560 --> 00:38:46,840
Speaker 1: Straight ahead, we have your latest local headlines, plus a

705
00:38:46,920 --> 00:38:54,000
Speaker 1: check of sports, and this is Bloomberg. Thanks Caring at

706
00:38:54,000 --> 00:38:57,000
Speaker 1: six oh seven on Wall Street. Rain continuing forty four

707
00:38:57,080 --> 00:38:59,399
Speaker 1: degrees in Central Park are only going up to near

708
00:38:59,480 --> 00:39:02,200
Speaker 1: fifty today and we're not going to see this rain

709
00:39:02,280 --> 00:39:04,600
Speaker 1: go away until later on this evening as we get

710
00:39:04,640 --> 00:39:07,080
Speaker 1: down to the mid thirties. Amy Morris has more on

711
00:39:07,160 --> 00:39:09,200
Speaker 1: what's going on in New York and around the world. Amy,

712
00:39:09,239 --> 00:39:12,000
Speaker 1: Good morning, Good morning, Nathan. New York City is cracking

713
00:39:12,080 --> 00:39:16,560
Speaker 1: down on illegal unlicensed cannabis products. Authorities have seized more

714
00:39:16,600 --> 00:39:19,520
Speaker 1: than one hundred thousand items worth more than four million

715
00:39:19,640 --> 00:39:22,440
Speaker 1: dollars in an effort to clear the way for licensed

716
00:39:22,560 --> 00:39:25,560
Speaker 1: vendors as the state tries to legalize and tax the

717
00:39:25,640 --> 00:39:29,560
Speaker 1: marijuana market. COVID cases, hospitalizations, and deaths are all on

718
00:39:29,680 --> 00:39:34,479
Speaker 1: the rise following Thanksgiving gatherings. Epidemiologist Eric figel Ding says

719
00:39:34,880 --> 00:39:37,319
Speaker 1: that the biggest jump is in New York City. New

720
00:39:37,400 --> 00:39:41,439
Speaker 1: York City is seeing the fastest surge of cases. They're

721
00:39:41,560 --> 00:39:44,680
Speaker 1: not just high transmission, but they're all uh they're also

722
00:39:44,760 --> 00:39:48,080
Speaker 1: at high community levels. And waste water surging. Also in

723
00:39:48,120 --> 00:39:51,200
Speaker 1: New York City. Dr figel Ding tells ABC that you

724
00:39:51,200 --> 00:39:53,719
Speaker 1: should wear a mask on public transit or whenever you're

725
00:39:53,800 --> 00:39:56,640
Speaker 1: out in public. The Senate has passed a one week

726
00:39:56,719 --> 00:40:00,280
Speaker 1: government funding bill intended to avert a Saturday shutdown. Senate

727
00:40:00,360 --> 00:40:03,759
Speaker 1: Majority Leader Chuck Schumer says the extension will let lawmakers

728
00:40:03,840 --> 00:40:09,040
Speaker 1: finished negotiations for next year's spending drama. No gridlock, no

729
00:40:09,280 --> 00:40:12,760
Speaker 1: government shutdown this week. It's a win for the American people.

730
00:40:12,880 --> 00:40:16,080
Speaker 1: The bill gives negotiators until December twenty three to hash

731
00:40:16,120 --> 00:40:19,200
Speaker 1: out agreements on the roughly one point seven trillion dollars

732
00:40:19,560 --> 00:40:23,120
Speaker 1: of fiscal three spending. The state of New York is

733
00:40:23,280 --> 00:40:27,200
Speaker 1: banning pet stores from selling dogs, cats, and rabbits. Pet

734
00:40:27,239 --> 00:40:30,280
Speaker 1: stores fought against this bill. They argue it would effectively

735
00:40:30,320 --> 00:40:32,800
Speaker 1: put them out of business. The New York Times reports

736
00:40:32,880 --> 00:40:35,600
Speaker 1: the aim is to stop the so called puppy mill pipeline.

737
00:40:35,880 --> 00:40:39,279
Speaker 1: The band takes effect at the end of as the

738
00:40:39,400 --> 00:40:42,360
Speaker 1: U s Africa Leader Summit comes to a closed, Secretary

739
00:40:42,440 --> 00:40:45,279
Speaker 1: of State Day blink and reaffirmed the US commitment to

740
00:40:45,360 --> 00:40:49,760
Speaker 1: providing aid for African nations impacted by famine and conflict.

741
00:40:49,880 --> 00:40:52,799
Speaker 1: Much of this assistance has gone to African countries, which

742
00:40:52,840 --> 00:40:56,120
Speaker 1: have been disproportionately impacted by the drivers of hunger, COVID

743
00:40:56,600 --> 00:41:00,520
Speaker 1: climate and conflicts, and by President Putin's war in Ukraine,

744
00:41:00,880 --> 00:41:04,319
Speaker 1: which has made a serious crisis much worse. Lincoln says

745
00:41:04,360 --> 00:41:07,600
Speaker 1: the United States has provided more than eleven billion dollars

746
00:41:07,640 --> 00:41:11,240
Speaker 1: in the past year to address global hunger and improved nutrition.

747
00:41:11,480 --> 00:41:13,640
Speaker 1: Global News twenty four hours a day on Aaron Don

748
00:41:13,719 --> 00:41:17,160
Speaker 1: Bloomberg Quicktake, powered by more than twenties seven hundred journalists

749
00:41:17,200 --> 00:41:20,800
Speaker 1: and analysts in more than one twenty countries. I'm Amy Morris.

750
00:41:21,000 --> 00:41:28,320
Speaker 1: This is Bloomberg, Nathan. Thanks Amy six O nine on

751
00:41:28,400 --> 00:41:30,799
Speaker 1: Wall Street time for the Bloomberg Sports updap Ronto by

752
00:41:30,840 --> 00:41:32,960
Speaker 1: tries stayed out. He here's John stash Our. All right,

753
00:41:32,960 --> 00:41:35,399
Speaker 1: thanks Nathan. The Yankees have now checked off the first

754
00:41:35,440 --> 00:41:38,600
Speaker 1: two items on their off season to do list. Number one,

755
00:41:38,760 --> 00:41:41,759
Speaker 1: keep Aaron Judge. Number two was at a quality starting pitcher,

756
00:41:41,800 --> 00:41:44,640
Speaker 1: and they've now done that with the initiative. Carlos Raddon,

757
00:41:44,800 --> 00:41:46,759
Speaker 1: thirty year old left. He gets a six year deal

758
00:41:46,840 --> 00:41:48,759
Speaker 1: for a hundred and sixty two million. He's been an

759
00:41:48,760 --> 00:41:51,400
Speaker 1: All Star twice the last two seasons, first with the

760
00:41:51,400 --> 00:41:53,400
Speaker 1: White Sox and then this passion with the Giants. His

761
00:41:53,520 --> 00:41:55,720
Speaker 1: e r A was under three. Next on the Yankee

762
00:41:55,719 --> 00:41:58,680
Speaker 1: shopping list could be an outfielder. As the Garden Rangers

763
00:41:58,680 --> 00:42:01,000
Speaker 1: scored once in each period, the two by Jimmy VC.

764
00:42:01,120 --> 00:42:03,279
Speaker 1: They made it five wins in a row, three one

765
00:42:03,360 --> 00:42:05,440
Speaker 1: over Toronto and New York. The Devil's got an early

766
00:42:05,520 --> 00:42:09,000
Speaker 1: go from Jack used his sixteens, but Philadelphia got forty

767
00:42:09,080 --> 00:42:11,719
Speaker 1: eight saves from Carter Hart. The Flyers won two to one,

768
00:42:11,760 --> 00:42:14,320
Speaker 1: and that's the Devil's fourth loss in a row. The Knicks,

769
00:42:14,360 --> 00:42:18,560
Speaker 1: who won Wednesday in Chicago when overtime play there again tonight.

770
00:42:18,719 --> 00:42:21,000
Speaker 1: Nick won their last five. The Nets are winners of

771
00:42:21,080 --> 00:42:24,200
Speaker 1: four straight, eight of nine, and they're in Toronto. Steph

772
00:42:24,320 --> 00:42:27,080
Speaker 1: Curry won't play for Golden State in Philadelphia. He's going

773
00:42:27,160 --> 00:42:29,279
Speaker 1: to miss a few weeks with an injured shoulder, and

774
00:42:29,320 --> 00:42:32,280
Speaker 1: the defending NBA champs are under five hundred with Curry

775
00:42:32,360 --> 00:42:34,960
Speaker 1: now they're gonna be without him. Forty Niners. Meanwhile, stay

776
00:42:35,040 --> 00:42:37,440
Speaker 1: red hot their seventh win in a row in Seattle,

777
00:42:38,320 --> 00:42:41,600
Speaker 1: comes laugh throws down the sideline wide off at George

778
00:42:41,680 --> 00:42:46,440
Speaker 1: Kettle Turty twenty cuts it side head, cuts it side again,

779
00:42:47,000 --> 00:42:57,080
Speaker 1: cuts down, said fred Our second of two touchdown hook

780
00:42:57,160 --> 00:43:00,040
Speaker 1: ups between the rookie brock Park Purdy, who continues to

781
00:43:00,080 --> 00:43:03,839
Speaker 1: win with George kill the Niners. They've clinched the NFC

782
00:43:04,000 --> 00:43:06,600
Speaker 1: West Seahawks mean, well, I've lost four out of last five.

783
00:43:06,640 --> 00:43:09,320
Speaker 1: That helps the Giants. They're in contention with Seattle for

784
00:43:09,400 --> 00:43:12,600
Speaker 1: the last two NFC playoff spots. Also battling this Washington

785
00:43:12,680 --> 00:43:15,239
Speaker 1: of the Giants visit on Sunday night. There are three

786
00:43:15,400 --> 00:43:19,000
Speaker 1: NFL games tomorrow. Johns actually were Bloomberg Sports, Nathan, I

787
00:43:19,080 --> 00:43:23,240
Speaker 1: take it there was a touchdown and saying yes, that's call. Yeah, indeed,

788
00:43:23,400 --> 00:43:26,160
Speaker 1: thank you, John, and the Bloomberg Sports Report was brought

789
00:43:26,200 --> 00:43:29,239
Speaker 1: to you by Audie. Don't let someone else drive off

790
00:43:29,320 --> 00:43:31,560
Speaker 1: in the Audi model. You've always wanted to visit your

791
00:43:31,600 --> 00:43:34,600
Speaker 1: local try state Audie Dealer to get behind the wheel

792
00:43:34,640 --> 00:43:37,440
Speaker 1: of yours today, or visit Audie Offers dot com for

793
00:43:37,520 --> 00:43:41,439
Speaker 1: more information. Risk gussets are getting tackled this morning. SMP

794
00:43:41,600 --> 00:43:44,200
Speaker 1: futures are down forty four point stout futures down three

795
00:43:44,280 --> 00:43:47,480
Speaker 1: un at sixty seven NASTAC futures on the decline by

796
00:43:47,800 --> 00:43:54,520
Speaker 1: ninety three points. Good morning, Live from coast to coast,

797
00:43:54,680 --> 00:43:58,040
Speaker 1: from New York to San Francisco, Boston to Washington, d C.

798
00:43:58,480 --> 00:44:01,719
Speaker 1: Nationwide on sirius a SIMP, the Bloomberg Business app, and

799
00:44:01,800 --> 00:44:06,880
Speaker 1: Bloomberg dot Com. This is Bloomberg Daybreak six twelve on

800
00:44:06,920 --> 00:44:09,239
Speaker 1: Wall Street. Good morning on, Nathan Hagar, Let's get you

801
00:44:09,360 --> 00:44:13,359
Speaker 1: right back to the market action this morning, definite risk off.

802
00:44:13,560 --> 00:44:16,759
Speaker 1: We're joined now by Michael Houston, the chief market analyst

803
00:44:17,280 --> 00:44:20,600
Speaker 1: at CMC Markets. Michael, it's great to speak with you,

804
00:44:20,680 --> 00:44:24,120
Speaker 1: and it feels as though this market is coming to

805
00:44:24,280 --> 00:44:27,680
Speaker 1: grips with the idea that when central banks say that

806
00:44:27,880 --> 00:44:30,400
Speaker 1: rates are going to stay higher for longer they meet it.

807
00:44:30,520 --> 00:44:33,880
Speaker 1: Is that the right read? Well, I think it's certainly

808
00:44:33,920 --> 00:44:38,279
Speaker 1: the read that Christine Lagarde would like the markets to

809
00:44:38,360 --> 00:44:41,560
Speaker 1: take away from what the ECB intends to do next year.

810
00:44:42,320 --> 00:44:45,439
Speaker 1: I'm not so sure they believe Chair Pal so much.

811
00:44:45,840 --> 00:44:49,400
Speaker 1: And for me, this is really a data story. Nathan Um.

812
00:44:49,640 --> 00:44:52,600
Speaker 1: I think the ECB comes across as more credible simply

813
00:44:52,680 --> 00:44:58,120
Speaker 1: because there is no clear delineation between the data that's

814
00:44:58,160 --> 00:45:02,080
Speaker 1: coming out of the Eurozone and the Central Bank's outlook.

815
00:45:02,400 --> 00:45:06,120
Speaker 1: When it comes to rates, whereas in the US the

816
00:45:06,200 --> 00:45:09,279
Speaker 1: FED is much more ahead of the curve. CPI has

817
00:45:09,320 --> 00:45:13,200
Speaker 1: been coming down consistently since June, so the markets can

818
00:45:13,280 --> 00:45:18,319
Speaker 1: focus on a data point and extrapolate from that whether

819
00:45:18,480 --> 00:45:22,360
Speaker 1: or not they think power is being serious. They can't

820
00:45:22,400 --> 00:45:26,239
Speaker 1: really do that with Christine Legarde because there's no clear

821
00:45:26,320 --> 00:45:29,400
Speaker 1: evidence that inflation in the Eurozone has peaked, even though

822
00:45:29,480 --> 00:45:32,520
Speaker 1: I think it probably has. So do you think then

823
00:45:32,600 --> 00:45:35,600
Speaker 1: that Chairman Powell, with his rhetoric, is trying to talk

824
00:45:35,719 --> 00:45:40,440
Speaker 1: this market down and that the summary of economic projections

825
00:45:40,480 --> 00:45:42,600
Speaker 1: that the FED has put forward is more of a

826
00:45:42,680 --> 00:45:45,360
Speaker 1: rhetorical device than an actual the thought of where the

827
00:45:45,440 --> 00:45:47,360
Speaker 1: FED thinks that the economy is actually going to go?

828
00:45:47,680 --> 00:45:49,840
Speaker 1: Is that what you're saying? Yeah, No, that is exactly

829
00:45:49,880 --> 00:45:53,880
Speaker 1: what I'm saying. I think he's finding it very difficult

830
00:45:53,920 --> 00:45:59,000
Speaker 1: to communicate to the markets the FED is serious about

831
00:45:59,040 --> 00:46:02,640
Speaker 1: tackling inflation, because the market is looking at the numbers

832
00:46:03,200 --> 00:46:05,759
Speaker 1: and thinking the FED is going to pivot sometime next year.

833
00:46:05,840 --> 00:46:08,520
Speaker 1: I don't think the FED are going to pivot next year,

834
00:46:09,120 --> 00:46:12,480
Speaker 1: and simply on the basis of the fact that if

835
00:46:12,520 --> 00:46:14,879
Speaker 1: you look at the inflation numbers, they are trending lower.

836
00:46:15,520 --> 00:46:18,959
Speaker 1: I think the market is slowly coming to a realization

837
00:46:19,040 --> 00:46:21,680
Speaker 1: that it's going to be much more difficult to do

838
00:46:21,880 --> 00:46:25,920
Speaker 1: that in Europe and the UK. And I think in

839
00:46:26,120 --> 00:46:29,319
Speaker 1: a way Christine Legard has actually done power a little

840
00:46:29,320 --> 00:46:33,120
Speaker 1: bit of a favor because ultimately, I think when you

841
00:46:33,200 --> 00:46:36,399
Speaker 1: actually look at the data in the euro Area, it's

842
00:46:36,640 --> 00:46:40,480
Speaker 1: much harder to make the argument that inflation has topped out.

843
00:46:40,600 --> 00:46:43,440
Speaker 1: It is easier to make the argument that inflation has

844
00:46:43,520 --> 00:46:47,280
Speaker 1: topped out in the US. It's really about how quickly

845
00:46:47,360 --> 00:46:50,239
Speaker 1: it comes down and how high rights are, like, how

846
00:46:51,360 --> 00:46:54,120
Speaker 1: how high rates are likely to stay. And in the

847
00:46:54,160 --> 00:46:57,759
Speaker 1: ECB forecasts, they don't project that inflation is going to

848
00:46:57,840 --> 00:47:01,600
Speaker 1: fall back to two much before five. I mean, that

849
00:47:01,840 --> 00:47:05,479
Speaker 1: is quite sobering. So what does that mean for risk

850
00:47:05,520 --> 00:47:10,200
Speaker 1: assets heading into three? Does this make the US more

851
00:47:10,400 --> 00:47:14,200
Speaker 1: investable than Europe? What's your view on the no. I mean,

852
00:47:14,280 --> 00:47:16,319
Speaker 1: I think in terms of the overall trends, it's going

853
00:47:16,400 --> 00:47:19,320
Speaker 1: to make it much more difficult for US markets to

854
00:47:19,719 --> 00:47:22,239
Speaker 1: break out of the down trend that they've been in

855
00:47:22,760 --> 00:47:26,840
Speaker 1: for quite some time. Also, yesterday's US economic data or

856
00:47:26,960 --> 00:47:29,640
Speaker 1: some great the US is heading for a slowdown. The

857
00:47:29,719 --> 00:47:32,080
Speaker 1: bigger question is whether or not the FED can deliver

858
00:47:32,160 --> 00:47:34,680
Speaker 1: a soft landing, and I'm not sure we're really going

859
00:47:34,760 --> 00:47:37,480
Speaker 1: to know that until such times as we get the

860
00:47:37,600 --> 00:47:40,040
Speaker 1: first set of earnings that come out from the US

861
00:47:40,719 --> 00:47:43,239
Speaker 1: in the middle of January. I think JP Morgan on

862
00:47:44,880 --> 00:47:47,880
Speaker 1: January could give us a fairly decent insight into the

863
00:47:47,960 --> 00:47:50,719
Speaker 1: health of the U s consumer. Those week retail sales

864
00:47:50,840 --> 00:47:55,880
Speaker 1: numbers yesterday weren't a good look weak industrial production that

865
00:47:56,320 --> 00:48:00,640
Speaker 1: those weak fairly Fed surveys EMPO manufacturing service also are

866
00:48:00,719 --> 00:48:04,120
Speaker 1: pointing to a significant softening in the US economy. If

867
00:48:04,160 --> 00:48:08,080
Speaker 1: you then extrapolate that across to US stocks that's export markets,

868
00:48:08,320 --> 00:48:12,040
Speaker 1: namely Europe and China, then you've got to prepare yourself

869
00:48:12,080 --> 00:48:15,280
Speaker 1: for the potential for some earnings downgrades, which markets aren't

870
00:48:15,360 --> 00:48:19,400
Speaker 1: necessarily pricing quite yet. So in our last minute here, Michael,

871
00:48:19,680 --> 00:48:23,560
Speaker 1: what sectors are you looking for to make their way

872
00:48:23,920 --> 00:48:28,480
Speaker 1: through a potential slow down or even as many market

873
00:48:28,520 --> 00:48:33,319
Speaker 1: analysts see it as the potentiality for a recession next year. Well,

874
00:48:33,400 --> 00:48:37,319
Speaker 1: I'm looking to basically rotate back into cash. I think

875
00:48:37,320 --> 00:48:40,959
Speaker 1: it's going to be a very difficult first quarter first

876
00:48:41,040 --> 00:48:43,160
Speaker 1: half of next year, and I think you could potentially

877
00:48:43,200 --> 00:48:45,719
Speaker 1: see a bit of a rebound in the second half.

878
00:48:46,400 --> 00:48:48,720
Speaker 1: So for me, I'm very much buy on the dips,

879
00:48:49,360 --> 00:48:51,960
Speaker 1: put money into cash simply because yields now are much

880
00:48:52,000 --> 00:48:54,520
Speaker 1: more attractive. If you look at the US tenure, you

881
00:48:54,600 --> 00:48:56,399
Speaker 1: know that's still around about three and a half a cent,

882
00:48:56,400 --> 00:48:58,359
Speaker 1: And if you actually look at what yields are doing now,

883
00:48:58,920 --> 00:49:01,919
Speaker 1: particularly in the US, the fairly stable compared to what's

884
00:49:01,920 --> 00:49:05,960
Speaker 1: happening in Europe. So for me, I'm looking looking to

885
00:49:06,080 --> 00:49:10,160
Speaker 1: buy dips more than anything else and sitting on cash

886
00:49:10,520 --> 00:49:12,560
Speaker 1: for the first two to three months of next year.

887
00:49:13,000 --> 00:49:16,160
Speaker 1: A defensive view this morning for Michael Houston, Chief Market

888
00:49:16,200 --> 00:49:19,720
Speaker 1: Analysts CMC Mike Markets, Michael, always great to get your thoughts.

889
00:49:20,239 --> 00:49:24,239
Speaker 1: Thanks for this. SMP futures right now down forty three point,

890
00:49:24,280 --> 00:49:26,920
Speaker 1: Staff futures down three D fifty two and Nastack futures

891
00:49:26,920 --> 00:49:30,560
Speaker 1: are lower by ninety points. Dacks in Germany down nine

892
00:49:30,600 --> 00:49:33,160
Speaker 1: tenths percent, the cat in Paris is lower by one

893
00:49:33,239 --> 00:49:36,120
Speaker 1: of the third percent ten Your treasuries down twelve thirty seconds,

894
00:49:36,160 --> 00:49:39,279
Speaker 1: you'll three point for nine percent, Nimex crew down two

895
00:49:39,360 --> 00:49:42,239
Speaker 1: point three percent at seventy thirty five of barrel, the

896
00:49:42,280 --> 00:49:44,919
Speaker 1: euro one point zero six three three against the dollar,

897
00:49:45,320 --> 00:49:48,360
Speaker 1: Bitcoin down two and a quarter percent around seventeen thousand.

898
00:49:48,560 --> 00:49:50,000
Speaker 1: This is Bloomberg