1 00:00:01,560 --> 00:00:05,280 Speaker 1: Life from the Bloomberg Interactive Brooker Studios is Bloomberg Daybreak 2 00:00:05,320 --> 00:00:08,680 Speaker 1: for Friday, October twenty one two Coming up this hour. 3 00:00:09,119 --> 00:00:12,680 Speaker 1: UK leaders consider what's next after the resignation of Liszt. 4 00:00:12,720 --> 00:00:15,680 Speaker 1: Trust stops look to snap a two day losing streak 5 00:00:15,760 --> 00:00:18,599 Speaker 1: to close out the week. The US Ways expanding its 6 00:00:18,640 --> 00:00:22,799 Speaker 1: technology ban on China, and Elon Musk reportedly plans massive 7 00:00:22,960 --> 00:00:25,799 Speaker 1: job cuts at Twitter. It's a tragic end to the 8 00:00:25,800 --> 00:00:29,520 Speaker 1: search for missing Princeton University student. Plus its sentencing day 9 00:00:29,600 --> 00:00:32,960 Speaker 1: for Trump Alloy Steve men In for contempt Michael Barner. 10 00:00:33,040 --> 00:00:35,960 Speaker 1: More ahead, I'm tryn Stashow. In sports, the Yankees lost 11 00:00:36,000 --> 00:00:38,400 Speaker 1: again in Houston Trail. The ALC has stood up in 12 00:00:38,440 --> 00:00:41,200 Speaker 1: the Rangers lost, Devils beat the Islanders. A big trade 13 00:00:41,200 --> 00:00:46,680 Speaker 1: in the NFL. That's olds traded ahead on Bloomberg day 14 00:00:46,680 --> 00:00:50,960 Speaker 1: Break on Bloomberg eleven, Free on New York, Bloomberg nine one, 15 00:00:51,080 --> 00:00:55,040 Speaker 1: Washington d C, Bloomberg one oh six one, Boston, Bloomberg 16 00:00:55,120 --> 00:00:59,200 Speaker 1: nine sixties and Francisco Sirius x M one nineteen and 17 00:00:59,280 --> 00:01:02,080 Speaker 1: around the world. Old on Bloomberg Radio dot Com and 18 00:01:02,200 --> 00:01:09,040 Speaker 1: via the Bloomberg Business. Hey Good Friday morning, I'm Nathan 19 00:01:09,080 --> 00:01:12,399 Speaker 1: Hagar and I'm Karen Monstow. Us not index futures are 20 00:01:12,400 --> 00:01:14,440 Speaker 1: lower this morning. We're gonna be up to five oh 21 00:01:14,440 --> 00:01:16,320 Speaker 1: one on Wall Street, and we check the markets every 22 00:01:16,319 --> 00:01:19,080 Speaker 1: fifteen minutes throughout the trading day. On bloomberg S and 23 00:01:19,160 --> 00:01:22,160 Speaker 1: P futures down twenty two points this morning, DALN futures 24 00:01:22,160 --> 00:01:25,199 Speaker 1: down a hundred twenty five and NASDACK futures down one hundred. 25 00:01:25,520 --> 00:01:28,160 Speaker 1: The decks in Germany's down one and a half percent. 26 00:01:28,440 --> 00:01:31,119 Speaker 1: Ten year treasury down nine thirty seconds, held four point 27 00:01:31,160 --> 00:01:33,479 Speaker 1: to six percent, and they yield on the two year 28 00:01:33,840 --> 00:01:37,040 Speaker 1: four point six zero percent. Nathan Karen will get more 29 00:01:37,080 --> 00:01:39,039 Speaker 1: on the markets in a moment, but we begin this 30 00:01:39,120 --> 00:01:42,040 Speaker 1: morning in the UK, where government leaders are weighing next 31 00:01:42,120 --> 00:01:46,240 Speaker 1: steps following the resignation of Prime Minister Liz Trust. Bloomberg's 32 00:01:46,280 --> 00:01:48,840 Speaker 1: You and Potts joins us live with the very latest 33 00:01:48,960 --> 00:01:52,040 Speaker 1: from London. You and good morning, Good morning, Nathan and Karen. 34 00:01:52,080 --> 00:01:54,760 Speaker 1: Political news moves fast in Britain at the moment. By 35 00:01:54,800 --> 00:01:57,560 Speaker 1: next Friday, the country will have a fifth prime minister 36 00:01:57,680 --> 00:02:00,560 Speaker 1: in less than seven years. The Conservative Party. He will 37 00:02:00,640 --> 00:02:03,560 Speaker 1: choose a new leader after Liz Trust quit becoming the 38 00:02:03,600 --> 00:02:06,760 Speaker 1: shortest ever serving prime minister in the history. Plans are 39 00:02:06,960 --> 00:02:10,079 Speaker 1: very short contest. If lawmakers make a clear choice, we 40 00:02:10,120 --> 00:02:13,079 Speaker 1: could find out as soon as Monday. Former chance that 41 00:02:13,240 --> 00:02:16,520 Speaker 1: Ritchie Sanak is the current favorite with bookmakers, The odds 42 00:02:16,680 --> 00:02:19,800 Speaker 1: on the second favorite candidate have shortened considerably in the 43 00:02:19,800 --> 00:02:23,720 Speaker 1: past few hours. That candidate is former Prime Minister Boris Johnson. 44 00:02:24,080 --> 00:02:27,160 Speaker 1: In London, immun Parts Blimberg, Break You and things that 45 00:02:27,240 --> 00:02:29,840 Speaker 1: we continue to hear from current and former leaders wearing 46 00:02:29,840 --> 00:02:33,320 Speaker 1: in our UK politics. Former Tory leader Michael Howard spoke 47 00:02:33,360 --> 00:02:36,320 Speaker 1: to Bloomberg about the future of the Conservative Party the 48 00:02:36,360 --> 00:02:38,400 Speaker 1: next twelve months so I'm doubt be going to be 49 00:02:38,520 --> 00:02:41,799 Speaker 1: very difficult and very thankful. But after that, I think 50 00:02:41,840 --> 00:02:45,000 Speaker 1: there's every reason to suppose that inflation will be coming down, 51 00:02:45,160 --> 00:02:47,920 Speaker 1: mortgage interest rates will be coming down, and the Prime 52 00:02:47,919 --> 00:02:50,000 Speaker 1: Minister will be able to say we've been to a 53 00:02:50,120 --> 00:02:52,480 Speaker 1: very top of time, that we've taken the right decisions 54 00:02:52,520 --> 00:02:55,480 Speaker 1: and now we're seeing the fruits of those decisions. So 55 00:02:55,760 --> 00:02:58,160 Speaker 1: don't take any risks and don't that labor ruin it. 56 00:02:58,440 --> 00:03:01,080 Speaker 1: Former Tory leader Michael how Words says he is a 57 00:03:01,120 --> 00:03:04,000 Speaker 1: supporter of Rishi Sunac to be the new prime Minister. 58 00:03:04,280 --> 00:03:07,920 Speaker 1: He also believes that Jeremy Hunter remained Chancellor trust resigned 59 00:03:07,919 --> 00:03:11,160 Speaker 1: after forty four days, making her premiership the shortest in 60 00:03:11,280 --> 00:03:15,360 Speaker 1: UK history. Let's stay overseas, Karen to China now, where 61 00:03:15,400 --> 00:03:19,080 Speaker 1: tensions between Beijing and Washington remain in focus. The White 62 00:03:19,080 --> 00:03:22,040 Speaker 1: House is now wearhing a further technology ban on China 63 00:03:22,080 --> 00:03:26,120 Speaker 1: to include quantum computing and artificial intelligence. Bloomberg's John Lou 64 00:03:26,200 --> 00:03:29,760 Speaker 1: reports from Beijing the Biden administration taking as many steps 65 00:03:29,800 --> 00:03:33,040 Speaker 1: as possible to try to limit China's access to these 66 00:03:33,080 --> 00:03:37,360 Speaker 1: emerging technologies. Quantum computing UH is still sort of an 67 00:03:37,400 --> 00:03:41,640 Speaker 1: experimental field, but the implications for the future, how greatly 68 00:03:41,720 --> 00:03:45,040 Speaker 1: this technology could affect the future, I think makes it 69 00:03:45,680 --> 00:03:48,680 Speaker 1: an important point to for the Biden administration to focus 70 00:03:48,680 --> 00:03:51,320 Speaker 1: on now. Bloombergs John lu says it's just the latest 71 00:03:51,320 --> 00:03:53,480 Speaker 1: of many signs of the White House taking a harder 72 00:03:53,520 --> 00:03:57,400 Speaker 1: line on China. Meantime, Nathan US Secretary of State Anthony B. 73 00:03:57,400 --> 00:04:00,800 Speaker 1: Lincoln says relations with Beijing are added in election point, 74 00:04:00,920 --> 00:04:04,560 Speaker 1: and he's building an international coalition to stand up against China. 75 00:04:04,640 --> 00:04:08,080 Speaker 1: Bloomberg said. Baxter has that story Blincoln says, the key 76 00:04:08,160 --> 00:04:10,520 Speaker 1: is starting with Taiwan. The entire world has a stake 77 00:04:10,600 --> 00:04:12,840 Speaker 1: in this and making sure that there is peace and 78 00:04:12,840 --> 00:04:16,960 Speaker 1: stability and along the Taiwan Straight The amount of trade 79 00:04:17,040 --> 00:04:20,320 Speaker 1: and commerce that goes that straight every day is essential 80 00:04:20,360 --> 00:04:22,640 Speaker 1: to the world economy. So b Lincoln says, the US 81 00:04:22,760 --> 00:04:25,359 Speaker 1: is not looking for conflict with China, but the China 82 00:04:25,440 --> 00:04:28,520 Speaker 1: must understand that freedom of commerce with Taiwan as a 83 00:04:28,560 --> 00:04:31,719 Speaker 1: matter of survival for the global community as a whole. 84 00:04:32,200 --> 00:04:35,400 Speaker 1: In San Francisco, I'm at Baxter Bloomberg Day Break, All right, ed, 85 00:04:35,440 --> 00:04:37,560 Speaker 1: thank you. Now let's take a look back at market's. 86 00:04:37,640 --> 00:04:40,320 Speaker 1: US futures are in the red as Wall Street looks 87 00:04:40,360 --> 00:04:43,400 Speaker 1: to reverse a two day slump. Morgan Stanley chief equity 88 00:04:43,440 --> 00:04:46,039 Speaker 1: strategist Mike Wilson thinks stocks may not have bottomed, but 89 00:04:46,120 --> 00:04:48,440 Speaker 1: there is light at the end of the tunnel. The 90 00:04:48,520 --> 00:04:52,240 Speaker 1: kind of final chapter to this bear market probably will 91 00:04:52,279 --> 00:04:55,279 Speaker 1: be fast as well. If we've had this conversation three 92 00:04:55,320 --> 00:04:57,800 Speaker 1: months ago, and we probably did. I thought we could 93 00:04:57,839 --> 00:05:00,680 Speaker 1: have this all wrapped up by thanksg and maybe have 94 00:05:00,720 --> 00:05:03,520 Speaker 1: a nice ending to the holiday period and say, okay, 95 00:05:03,640 --> 00:05:06,200 Speaker 1: we can move forward. But unfortunately I think it may 96 00:05:06,360 --> 00:05:09,560 Speaker 1: you know, linger into next year. Morgan Stanley's Mike Wilson 97 00:05:09,600 --> 00:05:12,080 Speaker 1: says we could see a reckoning of disappointing earnings in 98 00:05:12,120 --> 00:05:14,960 Speaker 1: the next quarter. Well, speaking of earnings, Nathan, we're seeing 99 00:05:14,960 --> 00:05:18,360 Speaker 1: shares of Snap tumble after its latest results. They are 100 00:05:18,440 --> 00:05:21,839 Speaker 1: down more than twenty six percent after reporting the company's 101 00:05:21,839 --> 00:05:25,240 Speaker 1: slowest quarterly sales growth ever, and Bloomberg's Charlie Pellett has 102 00:05:25,240 --> 00:05:28,040 Speaker 1: a story. The maker of the Snapchat apps said third 103 00:05:28,120 --> 00:05:31,240 Speaker 1: quarter sales increase six percent to one point one three 104 00:05:31,279 --> 00:05:34,520 Speaker 1: billion dollars. That was just shy of analyst savage estimate 105 00:05:34,640 --> 00:05:37,919 Speaker 1: of one point one four billion dollars. The social media 106 00:05:37,960 --> 00:05:42,440 Speaker 1: company spent the quarter shrinking and refocusing its business, announcing 107 00:05:42,440 --> 00:05:45,200 Speaker 1: in August that it was cutting twenty of its workforce 108 00:05:45,400 --> 00:05:49,560 Speaker 1: and slashing projects that don't contribute to user or revenue 109 00:05:49,560 --> 00:05:53,960 Speaker 1: growth or to the company's augmented reality efforts in New York. 110 00:05:54,080 --> 00:05:56,919 Speaker 1: Charlie Pellet Bloomberg Daybreak. All right, Charlie, thank you. We 111 00:05:56,920 --> 00:05:59,400 Speaker 1: also have a number of headlines on Twitter this morning. 112 00:05:59,560 --> 00:06:01,800 Speaker 1: Advised is on both sides that are looking to close 113 00:06:01,839 --> 00:06:04,040 Speaker 1: Elon Musk's deal to buy the company by the end 114 00:06:04,040 --> 00:06:06,080 Speaker 1: of the month. At the same time, Twitter is telling 115 00:06:06,080 --> 00:06:09,479 Speaker 1: its staff there will not be widespread layoffs. That's after 116 00:06:09,560 --> 00:06:13,039 Speaker 1: reports Musk wants to slash seventy five per cent of 117 00:06:13,040 --> 00:06:16,760 Speaker 1: Twitter's workforce. Kurt Wagner covers the company from Bloomberg News, 118 00:06:17,160 --> 00:06:19,680 Speaker 1: They're definitely going to be cost cuts at Twitter. I 119 00:06:19,720 --> 00:06:22,560 Speaker 1: think we all know that layoffs are are widely expected. 120 00:06:22,680 --> 00:06:25,320 Speaker 1: I do wonder if this is a little extreme, right. 121 00:06:25,360 --> 00:06:27,040 Speaker 1: What we've seen from Elon in the past is that 122 00:06:27,120 --> 00:06:29,919 Speaker 1: a lot of his estimates have been pretty extreme in 123 00:06:30,000 --> 00:06:32,120 Speaker 1: terms of what he thinks for revenue or user growth, 124 00:06:32,120 --> 00:06:34,080 Speaker 1: and that could be going extreme in the other direction 125 00:06:34,120 --> 00:06:37,040 Speaker 1: to with cost cut. Bloomberg's Kurt Wagner says the number 126 00:06:37,040 --> 00:06:40,080 Speaker 1: of layoffs Twitter might not reach sevent but could still 127 00:06:40,080 --> 00:06:43,320 Speaker 1: exceed other projections. If all that wasn't enough. Elon Musk 128 00:06:43,440 --> 00:06:46,560 Speaker 1: is also coming under scrutiny from the Biden administration. Sources 129 00:06:46,560 --> 00:06:49,000 Speaker 1: tell us White House officials are discussing whether the U 130 00:06:49,120 --> 00:06:52,920 Speaker 1: S should subject some of Musk's ventures to national security reviews, 131 00:06:52,960 --> 00:06:57,239 Speaker 1: including the Twitter deal and Musk's SpaceX Starlink satellite network. 132 00:06:57,400 --> 00:06:59,919 Speaker 1: Were told officials have grown uncomfortable with what they see 133 00:07:00,320 --> 00:07:04,360 Speaker 1: as his increasingly Russia friendly comments. Checking shares of Twitter 134 00:07:04,360 --> 00:07:06,800 Speaker 1: in the pre market right now they are plummeting down 135 00:07:07,000 --> 00:07:09,960 Speaker 1: nine and a quarter per cent. SMP futures are down 136 00:07:10,000 --> 00:07:12,520 Speaker 1: twenty five point, staff futures down a hundred forty eight 137 00:07:12,600 --> 00:07:15,360 Speaker 1: and nastack futures are lower by a hundred twelve points. 138 00:07:15,360 --> 00:07:18,240 Speaker 1: Straight ahead your latest local headlines and a check of sports. 139 00:07:18,280 --> 00:07:24,920 Speaker 1: This is Bloomberg at south five oh seven on Wall 140 00:07:24,960 --> 00:07:27,520 Speaker 1: Street board forty eight degrees in Central Park. Dealing with 141 00:07:27,560 --> 00:07:29,960 Speaker 1: a crash in New Rochelle southbound, New England threw away 142 00:07:30,000 --> 00:07:33,240 Speaker 1: at Boston Road. Details coming up in traffic First. Michael 143 00:07:33,240 --> 00:07:34,960 Speaker 1: Barr is here with more on what's going on in 144 00:07:34,960 --> 00:07:37,600 Speaker 1: New York and around the world. Good Friday morning, Michael, 145 00:07:37,800 --> 00:07:40,720 Speaker 1: Good morning to you Nathan. A tragic end to the 146 00:07:40,720 --> 00:07:44,679 Speaker 1: case of a missing Princeton University student. Missing student twenty 147 00:07:44,760 --> 00:07:48,280 Speaker 1: year old Miss rock You and Nt was found dead 148 00:07:48,320 --> 00:07:51,720 Speaker 1: behind some tennis courts on campus. She hadn't been seen 149 00:07:51,760 --> 00:07:55,160 Speaker 1: since Friday, prompting her friends to report her missing to police. 150 00:07:55,680 --> 00:07:59,280 Speaker 1: Police say a grounds employee founder body with no obvious 151 00:07:59,320 --> 00:08:02,720 Speaker 1: signs of in readding. Her death does not appear suspicious 152 00:08:02,800 --> 00:08:05,520 Speaker 1: or criminal in nature. And on Topsy is pending to 153 00:08:05,600 --> 00:08:09,280 Speaker 1: determine her cause of depth. Thousands are expected today at 154 00:08:09,280 --> 00:08:12,800 Speaker 1: the funerals for two Bristol, Connecticut police officers killed in 155 00:08:12,840 --> 00:08:16,560 Speaker 1: an ambush last week. Officers from across the US and 156 00:08:16,680 --> 00:08:20,440 Speaker 1: in Canada are expected to attend services with Sergeant Dustin 157 00:08:20,560 --> 00:08:25,520 Speaker 1: Deamonte and Officer Alex has Me. The services start or 158 00:08:25,520 --> 00:08:29,280 Speaker 1: Hamsey brother The services start at eleven am. Less than 159 00:08:29,320 --> 00:08:31,680 Speaker 1: three weeks to the mid terms, President Biden paid a 160 00:08:31,760 --> 00:08:35,760 Speaker 1: visit to Pennsylvania. In Pittsburgh, he greeted Democratic Senate candidate 161 00:08:35,920 --> 00:08:40,600 Speaker 1: John Fetterman, predicting that he's going to win. Fetterman, Pennsylvania's 162 00:08:40,600 --> 00:08:43,839 Speaker 1: lieutenant governor, is locked in a tight race with Republican 163 00:08:43,880 --> 00:08:47,000 Speaker 1: doctor memit Oz. President Biden spoke at the side of 164 00:08:47,000 --> 00:08:50,280 Speaker 1: a bridge that collapsed back in January, the President giving 165 00:08:50,320 --> 00:08:53,000 Speaker 1: thanks for the lives that were spared when the fern 166 00:08:53,080 --> 00:08:57,160 Speaker 1: Hollow Bridge went down, by the grace of God. The 167 00:08:57,200 --> 00:09:00,400 Speaker 1: school was delayed that day because of snow, and it 168 00:09:00,480 --> 00:09:03,520 Speaker 1: was just before rush hour, so there was less traffic 169 00:09:03,679 --> 00:09:06,360 Speaker 1: than usual. It had been a normal Had it been 170 00:09:06,400 --> 00:09:09,560 Speaker 1: a normal day, it would have been much much worse. 171 00:09:10,040 --> 00:09:12,800 Speaker 1: The bridge is now the side of an infrastructure Package 172 00:09:12,800 --> 00:09:17,080 Speaker 1: funded reconstruction project. The Pentagon pushed back on Russia's denials 173 00:09:17,120 --> 00:09:19,880 Speaker 1: that it is using Iranian made drones to attack civilian 174 00:09:19,920 --> 00:09:23,880 Speaker 1: targets in Ukraine. State Department spokesman Ned Price. We can 175 00:09:23,920 --> 00:09:28,720 Speaker 1: confirm that Russian military personnel based in Plania have been piloted, piloting, 176 00:09:28,800 --> 00:09:31,959 Speaker 1: piloting excuse me, Iranian ua V s and using the 177 00:09:32,240 --> 00:09:37,760 Speaker 1: conducts kinetic strikes across Ukraine, including in strikes against Kievan. 178 00:09:37,960 --> 00:09:41,560 Speaker 1: In recent days. The European Union has announce sanctions on 179 00:09:41,640 --> 00:09:44,840 Speaker 1: an Iranian aerospace company, Steve Mann, in the schedule to 180 00:09:44,840 --> 00:09:46,960 Speaker 1: be sentenced today, If for a contempt of Congress were 181 00:09:47,000 --> 00:09:49,920 Speaker 1: refusing to comply with the subpoena issued by the Household 182 00:09:50,040 --> 00:09:53,280 Speaker 1: Committee investigating the January six attack on the US Capitol, 183 00:09:53,559 --> 00:09:55,679 Speaker 1: Bannon could face up to two years in prison, but 184 00:09:55,760 --> 00:09:58,880 Speaker 1: the Department of Justice is recommending a lesser sentence of 185 00:09:58,920 --> 00:10:01,600 Speaker 1: six months. In a two a thousand dollar fun Global 186 00:10:01,800 --> 00:10:03,640 Speaker 1: is twenty four hours a day on air end on 187 00:10:03,640 --> 00:10:06,360 Speaker 1: Bloomberg Quicktake power by more than twenty seven hundred journalists, 188 00:10:06,360 --> 00:10:08,719 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barb 189 00:10:08,760 --> 00:10:15,880 Speaker 1: This is Bloomberg. Nathan, Thanks Michael five tent on Wall Street. 190 00:10:15,880 --> 00:10:17,439 Speaker 1: Time for the Bloomberg Sports up. They brought to you 191 00:10:17,480 --> 00:10:20,120 Speaker 1: by try State Autie. Good morning, John Stanshower, Good morning, 192 00:10:20,200 --> 00:10:23,199 Speaker 1: Nathan to LCS. Games played in Uston. The Yankees and 193 00:10:23,240 --> 00:10:26,640 Speaker 1: the opener had only five hits struck out seventeen times. 194 00:10:26,720 --> 00:10:30,600 Speaker 1: Game two four hits struck out thirteen times. Yankee pitching 195 00:10:30,640 --> 00:10:33,839 Speaker 1: and defense with solid but done in by one Astros 196 00:10:33,840 --> 00:10:36,040 Speaker 1: swinging the bat a team in the third in Everino 197 00:10:36,160 --> 00:10:40,840 Speaker 1: set just about the film and the one too, swinging 198 00:10:40,960 --> 00:10:51,959 Speaker 1: a three pointer good way down town. That's God. Alex 199 00:10:52,040 --> 00:10:55,360 Speaker 1: Bragman with the long ball. It's three nothing Amy to call. 200 00:10:55,480 --> 00:10:58,280 Speaker 1: Yank scored twice in the fourth off Rambert Valdez. It 201 00:10:58,360 --> 00:11:01,000 Speaker 1: was due mostly the Valdesk committee two errors on the 202 00:11:01,040 --> 00:11:03,800 Speaker 1: same play. No scoring after that. Uston won three to two. 203 00:11:03,920 --> 00:11:05,839 Speaker 1: Like the opener. Yanks at the time run On in 204 00:11:05,880 --> 00:11:08,800 Speaker 1: the ninth, getting and Matt Carpenters struck out. He's been 205 00:11:08,880 --> 00:11:11,960 Speaker 1: up seven times in the postseason, has struck out all seven. 206 00:11:12,000 --> 00:11:15,120 Speaker 1: Game three tomorrow, five o'clock start at the stadium at 207 00:11:15,120 --> 00:11:17,440 Speaker 1: the Garden. Rangers have two one lead lost in overtime 208 00:11:17,480 --> 00:11:19,640 Speaker 1: to San Jose three to Herrick Carlson scored for the 209 00:11:19,640 --> 00:11:22,520 Speaker 1: Sharks opening mid to Voute the New Devil I'm j. 210 00:11:22,679 --> 00:11:25,920 Speaker 1: Pollock scored twice New Jersey to the Islanders four to one. 211 00:11:25,960 --> 00:11:29,160 Speaker 1: The next home openers tonight against Detroit. The Nets host Toronto. 212 00:11:29,240 --> 00:11:32,400 Speaker 1: Arizona Cardinals scored twenty two points in a span of 213 00:11:32,520 --> 00:11:35,280 Speaker 1: less than two minutes late second quarterback to back pick 214 00:11:35,360 --> 00:11:37,920 Speaker 1: six is They beat the Saints forty two to thirty four. 215 00:11:38,200 --> 00:11:40,920 Speaker 1: Jets and Giants, both riding three game winning streaks. Sunday 216 00:11:41,000 --> 00:11:44,319 Speaker 1: facing two and four teens Denver in Jacksonville, forty Niners 217 00:11:44,320 --> 00:11:45,960 Speaker 1: with a big pick up late last night and sent 218 00:11:46,000 --> 00:11:49,079 Speaker 1: four draft picks, none of them first rounders, to Carolina. 219 00:11:49,160 --> 00:11:52,959 Speaker 1: For Christian McCaffrey his last full healthy season two thousand nineteen, 220 00:11:52,960 --> 00:11:55,960 Speaker 1: he had over a thousand yards rushing and receiving. John 221 00:11:56,000 --> 00:11:59,440 Speaker 1: Stashower bloom Brook Sports, Nathan Okay, John, thank you, s 222 00:11:59,520 --> 00:12:02,720 Speaker 1: and p Futures down twenty one points right now. This 223 00:12:03,200 --> 00:12:09,240 Speaker 1: is Bloomberg. Bloomberg Sports is brought to you by Audie. 224 00:12:09,280 --> 00:12:11,320 Speaker 1: Don't let someone else drive off in the autie model. 225 00:12:11,360 --> 00:12:14,240 Speaker 1: You've always wanted visit your local tri state autie dealer 226 00:12:14,320 --> 00:12:16,560 Speaker 1: to get behind the wheel of yours today, or visit 227 00:12:16,600 --> 00:12:23,440 Speaker 1: Autie Offers dot com for more information, markets, headlines and 228 00:12:23,600 --> 00:12:26,840 Speaker 1: breaking news twenty four hours a day at Bloomberg dot com, 229 00:12:26,960 --> 00:12:30,040 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. This 230 00:12:30,440 --> 00:12:39,320 Speaker 1: is a Bloomberg Business lash and I'm Karen Moscow stocks 231 00:12:39,320 --> 00:12:42,400 Speaker 1: are dropping as treasury yields continue to climb, which traders 232 00:12:42,520 --> 00:12:44,959 Speaker 1: vetting the Federal Reserve and keep raising interest rates, and 233 00:12:45,040 --> 00:12:47,920 Speaker 1: as investors assess the latest earnings reports. We check the 234 00:12:47,960 --> 00:12:50,800 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 235 00:12:50,960 --> 00:12:53,720 Speaker 1: s and P futures down twenty four points, DAL futures 236 00:12:53,720 --> 00:12:56,360 Speaker 1: down a hundred forty four NASDAG futures down one hundred 237 00:12:56,480 --> 00:12:59,480 Speaker 1: eight the decks in Germany's down one point six per cent. 238 00:12:59,720 --> 00:13:02,080 Speaker 1: Can your treasury down eleven thirty seconds? He had four 239 00:13:02,160 --> 00:13:04,400 Speaker 1: point to seven percent, the yield on the two year 240 00:13:04,480 --> 00:13:07,679 Speaker 1: four point six zero percent. Nine x screwed oils down 241 00:13:07,720 --> 00:13:10,640 Speaker 1: one on ninety eight cents at eighty three dollars, fifty 242 00:13:10,679 --> 00:13:13,160 Speaker 1: three cents of arrol Co make school down seven tenths 243 00:13:13,160 --> 00:13:17,120 Speaker 1: percent or eleven dollars forty cents at sixteen ounce, the 244 00:13:17,200 --> 00:13:20,120 Speaker 1: euro point nine seven five four against the dollar British 245 00:13:20,120 --> 00:13:22,560 Speaker 1: found one point one one three three and the end 246 00:13:22,559 --> 00:13:25,560 Speaker 1: at one fifty point nine three. And look at a bitcoin, 247 00:13:25,640 --> 00:13:28,360 Speaker 1: it's down four ten percent at eighteen thousand, nine hundred 248 00:13:28,400 --> 00:13:32,120 Speaker 1: fifty dollars. American Express among companies scheduled to report earnings 249 00:13:32,160 --> 00:13:34,880 Speaker 1: today and that's a Bloomberg business flash. Now here's Michael 250 00:13:34,920 --> 00:13:37,480 Speaker 1: Barr with more on what's going on around the world. Uncle, 251 00:13:37,520 --> 00:13:40,360 Speaker 1: good morning, Good morning Karen. Now that list Trust is 252 00:13:40,440 --> 00:13:44,040 Speaker 1: out of ten Downing Street. Another leadership votes for the 253 00:13:44,160 --> 00:13:47,280 Speaker 1: Bridges British for the second in the four months, has 254 00:13:47,360 --> 00:13:50,400 Speaker 1: been triggered to decide the country's new prime minister. There's 255 00:13:50,440 --> 00:13:54,760 Speaker 1: a surprising possibility for the country's struggling Conservative Party, Boris 256 00:13:54,960 --> 00:13:58,200 Speaker 1: Johnson has been floated as a possible return as prime minister. 257 00:13:58,679 --> 00:14:01,360 Speaker 1: The Pentagon pushed back to Russia's denials that it is 258 00:14:01,440 --> 00:14:04,720 Speaker 1: using Iranian made drones to attack civilian targets in Ukraine. 259 00:14:05,160 --> 00:14:07,920 Speaker 1: The European Union, as an out sanctions on an Iranian 260 00:14:07,960 --> 00:14:12,800 Speaker 1: aerospace company and three Iranian generals over Iran providing Russia 261 00:14:13,120 --> 00:14:16,319 Speaker 1: with drones to use in Ukraine. In baseball, the Yankees 262 00:14:16,360 --> 00:14:19,960 Speaker 1: are down two games to zip in a LCS against 263 00:14:20,000 --> 00:14:23,760 Speaker 1: the Astros. New York lost last night to Houston. Three two. 264 00:14:24,240 --> 00:14:26,800 Speaker 1: Global News twenty four hours a day on air and 265 00:14:27,000 --> 00:14:30,120 Speaker 1: on Bloomberg Quicktach, powered by more than twenty seven hundred 266 00:14:30,160 --> 00:14:33,360 Speaker 1: journalists analysts more than a hundred twenty countries. Michael barn 267 00:14:33,440 --> 00:14:35,840 Speaker 1: this is Bloomberg, Nathan. Thanks Michael. It's five nineteen on 268 00:14:35,880 --> 00:14:38,760 Speaker 1: Wall Street Line from the Bloomberg Interactive Broker Studios. This 269 00:14:38,920 --> 00:14:40,920 Speaker 1: is Bloomberg Day Breaking. We want to get more now 270 00:14:41,000 --> 00:14:44,480 Speaker 1: on the turmoil in the UK with Conservatives rushing to 271 00:14:44,600 --> 00:14:48,680 Speaker 1: move past Liz Truss's run as Prime Minister. Joining us 272 00:14:48,720 --> 00:14:52,360 Speaker 1: now is Richard Portis, Professor of Economics at London Business School, 273 00:14:52,360 --> 00:14:56,480 Speaker 1: Academic director at a q R Asset Management Institute. Professor. 274 00:14:56,600 --> 00:14:59,000 Speaker 1: It's great to speak with you this morning, although things 275 00:14:59,120 --> 00:15:03,040 Speaker 1: are far from great in the UK right now. What 276 00:15:04,320 --> 00:15:07,200 Speaker 1: do you make of what's happening in your country? Is 277 00:15:07,320 --> 00:15:13,240 Speaker 1: there a quick fix to the damage to the British reputation? Well, 278 00:15:13,280 --> 00:15:15,480 Speaker 1: we've got a little sunshine at least today in London. 279 00:15:16,200 --> 00:15:19,480 Speaker 1: Aside from that, at least there's that. Yeah, aside from that, 280 00:15:19,680 --> 00:15:23,520 Speaker 1: not a lot. We have a what so many people 281 00:15:23,640 --> 00:15:27,400 Speaker 1: have called a moron risk premium in our guilts, that 282 00:15:27,600 --> 00:15:33,600 Speaker 1: is to say, in our long long term securities government securities, 283 00:15:33,720 --> 00:15:37,480 Speaker 1: and so they're higher higher than they uh, the yields 284 00:15:37,480 --> 00:15:41,040 Speaker 1: are higher than they should be. Consumer confidence is terrible, 285 00:15:41,920 --> 00:15:47,480 Speaker 1: consumer finances are terrible. Investment is beset by political uncertainties. 286 00:15:48,280 --> 00:15:51,760 Speaker 1: Uh and um. There's a bright side of the labor 287 00:15:51,880 --> 00:15:55,440 Speaker 1: market that unemployment is still low and there's no sign 288 00:15:55,520 --> 00:15:59,640 Speaker 1: of a wage price spiral building up. So overall the 289 00:15:59,720 --> 00:16:03,160 Speaker 1: pit sure is not great. What what policies are going 290 00:16:03,240 --> 00:16:05,440 Speaker 1: to be introduced? It's hard to say, of course, since 291 00:16:05,480 --> 00:16:07,000 Speaker 1: we don't know who's going to be the Prime minister. 292 00:16:07,280 --> 00:16:09,640 Speaker 1: But we pretty well know who's going to be the 293 00:16:09,800 --> 00:16:13,680 Speaker 1: Chancellor of the Exchequer of the chief uh financial official, 294 00:16:14,200 --> 00:16:16,920 Speaker 1: and that is the one who's right there now, Jeremy Hunt, 295 00:16:17,600 --> 00:16:21,440 Speaker 1: and I expect that we will see substantial fistal tightening. 296 00:16:22,760 --> 00:16:25,960 Speaker 1: On the other hand, Bank of England monetary tightening might 297 00:16:26,080 --> 00:16:29,000 Speaker 1: not go as far as the market seem to expect. 298 00:16:30,400 --> 00:16:33,280 Speaker 1: Is this a political crisis, is it an economic crisis? 299 00:16:33,440 --> 00:16:36,560 Speaker 1: Or can the two be separated? The two can't ready 300 00:16:36,560 --> 00:16:38,480 Speaker 1: to be separated. As I said, I think the political 301 00:16:38,600 --> 00:16:42,480 Speaker 1: uncertainty has some impact on investment behavior, on on what 302 00:16:42,720 --> 00:16:45,640 Speaker 1: entrepreneurs are willing to do, what risks they're willing to 303 00:16:45,720 --> 00:16:48,440 Speaker 1: take at this stage when everything is so unclear. But 304 00:16:49,040 --> 00:16:52,840 Speaker 1: at the same time, Uh, the constraints on fiscal and 305 00:16:52,960 --> 00:16:58,200 Speaker 1: monetary policy are so severe that what whoever comes in 306 00:16:58,840 --> 00:17:01,640 Speaker 1: as prime minister, it's not going to have much wiggle room. 307 00:17:03,640 --> 00:17:06,040 Speaker 1: Not much wiggle room. I mean, what can be done 308 00:17:06,560 --> 00:17:10,480 Speaker 1: in terms of not just getting the fiscal policy back 309 00:17:10,560 --> 00:17:13,520 Speaker 1: in order in the UK, but to bring back some 310 00:17:14,040 --> 00:17:18,959 Speaker 1: form of credibility for voters and for markets in your country. 311 00:17:20,440 --> 00:17:24,760 Speaker 1: How about a little political stability, a little cohesion in 312 00:17:24,840 --> 00:17:29,240 Speaker 1: the governing party. Uh. If you can't have that, then 313 00:17:29,359 --> 00:17:31,560 Speaker 1: you really ought to go to a general election. If 314 00:17:31,600 --> 00:17:34,479 Speaker 1: they're going to continue fighting among each other, whoever they 315 00:17:34,600 --> 00:17:38,240 Speaker 1: choose as prime minister, then that prime minister is not 316 00:17:38,400 --> 00:17:41,720 Speaker 1: going to have much authority. And you will find in 317 00:17:41,840 --> 00:17:44,200 Speaker 1: each and every vote to the House of Commons, whatever 318 00:17:44,320 --> 00:17:47,480 Speaker 1: policies come forward, there's going to be a dissenting group. 319 00:17:47,920 --> 00:17:51,040 Speaker 1: And if that group is allied with the Labor Party, 320 00:17:51,480 --> 00:17:54,879 Speaker 1: then whatever it is won't get through. Well, what is 321 00:17:54,920 --> 00:17:57,560 Speaker 1: it due to confidence though if there is a general 322 00:17:57,600 --> 00:18:01,720 Speaker 1: election called early in the UK, I mean the schedule 323 00:18:01,880 --> 00:18:06,600 Speaker 1: of elections has to do something for for voter confidence 324 00:18:06,720 --> 00:18:10,000 Speaker 1: in some respect, doesn't it? Or or are people clamoring 325 00:18:10,119 --> 00:18:14,440 Speaker 1: now for a change in in the parties. I think 326 00:18:14,520 --> 00:18:19,399 Speaker 1: there is a very substantial groundswell of people saying, come on, 327 00:18:19,760 --> 00:18:22,080 Speaker 1: this is enough. How many prime ministers do we need 328 00:18:22,160 --> 00:18:25,600 Speaker 1: to have that aren't elected? After all, it's time for 329 00:18:25,680 --> 00:18:30,200 Speaker 1: a general election. Of course, the Conservative MPs looking at that, 330 00:18:31,000 --> 00:18:34,080 Speaker 1: looking at the polls say oh gosh, I don't want 331 00:18:34,119 --> 00:18:37,000 Speaker 1: to go out there now because the polls are so 332 00:18:37,440 --> 00:18:42,600 Speaker 1: heavily against them. But but there is a very substantial body, 333 00:18:42,880 --> 00:18:46,200 Speaker 1: and I'm not speaking just for myself, a very substantial 334 00:18:46,280 --> 00:18:49,960 Speaker 1: body of public opinion in this country. We would like 335 00:18:50,160 --> 00:18:55,119 Speaker 1: to have a general election about thirty seconds left here, professor. 336 00:18:55,320 --> 00:18:58,720 Speaker 1: Apart from the crisis of confidence just in the UK, 337 00:18:58,960 --> 00:19:02,760 Speaker 1: where does all the chaos leave the country on the 338 00:19:02,840 --> 00:19:06,840 Speaker 1: world stage? Oh, I think we're much diminished, not just 339 00:19:07,080 --> 00:19:10,840 Speaker 1: because we left the European Union, but because we behaved 340 00:19:10,920 --> 00:19:14,760 Speaker 1: so badly since we left the European Union. Uh and uh, 341 00:19:15,480 --> 00:19:19,560 Speaker 1: you know it will take um a very serious prime 342 00:19:19,600 --> 00:19:24,879 Speaker 1: minister and serious policies to restore some degree of credibility. 343 00:19:25,680 --> 00:19:28,800 Speaker 1: Right now we look a little bit too much like 344 00:19:29,280 --> 00:19:33,840 Speaker 1: a badly functioning emerging market. Wow. Well, we'll leave it 345 00:19:33,920 --> 00:19:36,720 Speaker 1: there for now. Thank you for joining us this morning, Professor, 346 00:19:36,840 --> 00:19:40,680 Speaker 1: really appreciate your insights. Richard Portis is Professor of Economics 347 00:19:40,760 --> 00:19:43,520 Speaker 1: at the London Business School Academic director at a q 348 00:19:43,840 --> 00:19:48,800 Speaker 1: R Asset Management Institute. We're expecting a pretty quick change 349 00:19:48,800 --> 00:19:52,880 Speaker 1: in leadership here, with the candidates expected to be seated 350 00:19:53,520 --> 00:19:56,800 Speaker 1: um as soon as Monday. Looking at the pound right now, 351 00:19:56,880 --> 00:20:00,959 Speaker 1: it is weakening against the dollar. One nine SEP futures 352 00:20:00,960 --> 00:20:03,240 Speaker 1: are down twenty six point, Staff futures down a hundred 353 00:20:03,280 --> 00:20:08,640 Speaker 1: fifty seven. Nasdaq futures lower by a hundred nineteen. Bloomberg 354 00:20:08,640 --> 00:20:11,040 Speaker 1: eleven three oh Weather sunny, low sixties today. It will 355 00:20:11,040 --> 00:20:12,960 Speaker 1: be mostly sunny for much of the day Tomorrow with 356 00:20:13,080 --> 00:20:16,600 Speaker 1: highs in the mid sixties. Cloud Sunday, rain by the afternoon, 357 00:20:16,760 --> 00:20:20,119 Speaker 1: low sixties to end the weekend. Right now forty seven 358 00:20:22,119 --> 00:20:26,640 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 359 00:20:26,760 --> 00:20:30,480 Speaker 1: Bloomberg Elving Freedo to Washington, d C. Bloomberg ninety nine 360 00:20:30,560 --> 00:20:33,480 Speaker 1: one to Boston, Bloomberg what all six one to San 361 00:20:33,560 --> 00:20:37,359 Speaker 1: Francisco Bloomberg nine six to the country, Sirius XM chto 362 00:20:37,480 --> 00:20:40,760 Speaker 1: one nineteen and around the Blobe, the Bloomberg Business and 363 00:20:40,880 --> 00:20:50,399 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's 364 00:20:50,440 --> 00:20:53,240 Speaker 1: five thirty on Wall Street. Good morning. I'm Karen Moscow, 365 00:20:53,440 --> 00:20:56,159 Speaker 1: I'm Nathan Hager. Bloomberg Daybreak brought to you by se I. 366 00:20:56,320 --> 00:20:59,919 Speaker 1: Imagine your asset management firms operational infrastructure as a competit 367 00:21:00,000 --> 00:21:02,240 Speaker 1: of their advantage. Let s e I show you how 368 00:21:02,680 --> 00:21:05,159 Speaker 1: at se I C dot com slash I M S 369 00:21:05,840 --> 00:21:07,920 Speaker 1: and we're just about four hours away from the open 370 00:21:07,960 --> 00:21:09,600 Speaker 1: of US trading. Must get you up to date on 371 00:21:09,600 --> 00:21:11,440 Speaker 1: the news you need to know at this hour. Well. 372 00:21:11,520 --> 00:21:14,720 Speaker 1: UK government leaders are weighing next steps after the resignation 373 00:21:14,800 --> 00:21:18,360 Speaker 1: of Prime Minister List Trust Oz have a Refhi, Sunac, 374 00:21:18,480 --> 00:21:21,680 Speaker 1: Penny Mordaunt and Boris Johnson is the most likely candidates 375 00:21:21,720 --> 00:21:25,240 Speaker 1: to replace Trust. They got reaction from former Chancellor Philip 376 00:21:25,320 --> 00:21:28,320 Speaker 1: Hammon this morning. I'm not gonna say until I know 377 00:21:28,400 --> 00:21:30,840 Speaker 1: who the long enough of candidates is, who I think 378 00:21:30,920 --> 00:21:35,080 Speaker 1: would be the person who will most effectively deliver stability. 379 00:21:35,320 --> 00:21:37,960 Speaker 1: But I don't think going back into the past and 380 00:21:38,080 --> 00:21:41,040 Speaker 1: reincarnating a previous prime minister he's going to be any 381 00:21:41,080 --> 00:21:44,560 Speaker 1: way to reassure markets. Farmer Chancellor Philip Hammond tells US 382 00:21:44,600 --> 00:21:47,960 Speaker 1: the new UK government must avoid signaling more chaos to 383 00:21:48,040 --> 00:21:52,119 Speaker 1: the market. Staying overseas care intensions between Beijing and Washington 384 00:21:52,240 --> 00:21:54,440 Speaker 1: remain in focus. The White House is weighing a further 385 00:21:54,560 --> 00:21:58,920 Speaker 1: technology ban on China to include quantum computing and artificial intelligence. 386 00:21:59,119 --> 00:22:02,520 Speaker 1: Bloomberg's John Lou reports from Beijing. We have the earlier 387 00:22:02,640 --> 00:22:07,280 Speaker 1: Defense position paper out of Washington, which again named China 388 00:22:07,440 --> 00:22:10,960 Speaker 1: as the United States is top strategic competitor. What we 389 00:22:11,040 --> 00:22:13,560 Speaker 1: see now is the United States the Biden administration taking 390 00:22:13,880 --> 00:22:16,640 Speaker 1: as many steps as possible to try to limit China's 391 00:22:16,640 --> 00:22:20,200 Speaker 1: access to these emerging technologies. Bloombergs John lu says it's 392 00:22:20,200 --> 00:22:22,360 Speaker 1: another sign the White House is taking a harder line 393 00:22:22,400 --> 00:22:25,320 Speaker 1: on China. Well. Looking at markets now, Nathan us future 394 00:22:25,400 --> 00:22:27,959 Speaker 1: is in the red after hawk ish fed speaking, sticky 395 00:22:28,000 --> 00:22:32,000 Speaker 1: inflation led to a two day slump. Treasury yields are climbing, 396 00:22:32,040 --> 00:22:34,880 Speaker 1: while most major currencies weaken against the dollar and poor 397 00:22:34,920 --> 00:22:37,320 Speaker 1: earnings are hitting shares of Snap. This morning, karen It 398 00:22:37,400 --> 00:22:40,840 Speaker 1: reported its slowest quarterly sales growth ever. Right now, Snap 399 00:22:40,920 --> 00:22:44,600 Speaker 1: shares are lower by twenty five well. Sticking with corporate news, 400 00:22:44,720 --> 00:22:47,639 Speaker 1: Nathan Advisors on both sides are looking to close Elon 401 00:22:47,720 --> 00:22:50,000 Speaker 1: Musk's deal to buy Twitter by the end of the month. 402 00:22:50,240 --> 00:22:52,960 Speaker 1: At the same time, Twitter's telling staff there will not 403 00:22:53,240 --> 00:22:56,600 Speaker 1: be widespread layoffs. That's after report said Musk wants to 404 00:22:56,640 --> 00:23:00,720 Speaker 1: slash sevent of Twitter's workforce. Kurt Wagner covers the company 405 00:23:00,760 --> 00:23:03,320 Speaker 1: for Bloomberg News. I would be a little bit surprised 406 00:23:03,359 --> 00:23:06,119 Speaker 1: if he comes in lays off staff and that's it. 407 00:23:06,480 --> 00:23:09,560 Speaker 1: It would probably be let's do layoffs, let's figure out 408 00:23:09,640 --> 00:23:12,120 Speaker 1: where we want to go, and then redirected that way 409 00:23:13,359 --> 00:23:16,320 Speaker 1: and Bloomberg Scurt Wagner says he still expects Musk to 410 00:23:16,400 --> 00:23:19,399 Speaker 1: make big cost cuts, and as all of this is happening, 411 00:23:19,640 --> 00:23:22,119 Speaker 1: sources tell us White House officials are discussing whether the 412 00:23:22,240 --> 00:23:24,920 Speaker 1: US so IT is subject some of Musk's ventures to 413 00:23:25,080 --> 00:23:28,600 Speaker 1: national security reviews, including the Twitter deal and his SpaceX 414 00:23:28,680 --> 00:23:32,400 Speaker 1: Starlink satellite network. Straight Ahead your latest local headlines plus 415 00:23:32,480 --> 00:23:38,840 Speaker 1: the check of sports. This is Bloomberg. Thanks scaring. It's 416 00:23:38,840 --> 00:23:41,000 Speaker 1: five thirty three on Wall Street, forty seven degrees in 417 00:23:41,080 --> 00:23:43,880 Speaker 1: Central Park. Got a crash in Rochelle Park northbound seventeen 418 00:23:44,000 --> 00:23:47,160 Speaker 1: Pasaic Street. Details coming up in traffic. First Michael Barr 419 00:23:47,600 --> 00:23:49,119 Speaker 1: with more on what's going on in New York and 420 00:23:49,200 --> 00:23:51,800 Speaker 1: around the world. Michael, thank you very much. Nathan. Officials 421 00:23:51,840 --> 00:23:54,560 Speaker 1: in Princeton, New Jersey announced they found the body of 422 00:23:54,640 --> 00:23:58,560 Speaker 1: a Princeton University student who have been missing since last Friday. 423 00:23:59,000 --> 00:24:02,160 Speaker 1: The body of one, a year old, Miss rock Unity, 424 00:24:02,640 --> 00:24:06,800 Speaker 1: was discovered yesterday behind university tennis courts. At this point, 425 00:24:06,880 --> 00:24:10,080 Speaker 1: there are no reports of foul play. The Pentagon pushed 426 00:24:10,160 --> 00:24:13,200 Speaker 1: back on Russia's denials that it is using Iranian made 427 00:24:13,240 --> 00:24:17,119 Speaker 1: drones to attack civilian targets in Ukraine. The European Union 428 00:24:17,280 --> 00:24:21,240 Speaker 1: has announced sanctions on an Iranian aerospace company and three 429 00:24:21,359 --> 00:24:25,040 Speaker 1: Iranian generals over Iran providing Russia with drones to use 430 00:24:25,119 --> 00:24:29,320 Speaker 1: in Ukraine. Pentagon spokesman Brigadier General pat Ryder, It's sad 431 00:24:29,320 --> 00:24:34,000 Speaker 1: Iranian forces are supporting Russian military drone operations and occupied 432 00:24:34,080 --> 00:24:38,800 Speaker 1: areas of Ukraine. We continue to see Iran be complicit 433 00:24:38,880 --> 00:24:41,960 Speaker 1: in terms of exporting terror not only in the Middle 434 00:24:42,000 --> 00:24:46,040 Speaker 1: East region, but now also to Ukraine. General Writers says 435 00:24:46,119 --> 00:24:49,640 Speaker 1: though Ukrainian forces have been effective in shooting the drones down. 436 00:24:50,200 --> 00:24:53,320 Speaker 1: The two New York gubernatorio candidates attended the Al Smith 437 00:24:53,440 --> 00:24:56,320 Speaker 1: Dinner last night in New York City. Governor Kathy hoh 438 00:24:56,480 --> 00:25:00,640 Speaker 1: Cool faces Republican Representative Lee Zelden. Pole shows Elden, who 439 00:25:00,760 --> 00:25:04,080 Speaker 1: has made crime a major issue in the campaign, closing 440 00:25:04,119 --> 00:25:08,480 Speaker 1: a big gap against local President Biden was in Pittsburgh 441 00:25:08,520 --> 00:25:11,760 Speaker 1: at the site of a bridge collapse that happened back 442 00:25:11,840 --> 00:25:15,360 Speaker 1: in February or January, now the site of an Infrastructure 443 00:25:15,400 --> 00:25:20,440 Speaker 1: Package funded reconstruction project. The presidentality rebuilding the progress on 444 00:25:20,560 --> 00:25:23,440 Speaker 1: the fern Hollow Bridge, saying it's only the beginning. We're 445 00:25:23,520 --> 00:25:26,480 Speaker 1: finally getting to it. We're getting it done. We finally 446 00:25:26,560 --> 00:25:30,320 Speaker 1: decided and instead of being ranked number thirteen in the world, 447 00:25:31,280 --> 00:25:34,760 Speaker 1: thirteen in the world in from the United States, thirteen 448 00:25:34,840 --> 00:25:38,120 Speaker 1: in the world in infrastructure, we should be ranked number one. 449 00:25:38,359 --> 00:25:41,760 Speaker 1: The president campaign for Democratic Senate candidate John Sederman, who 450 00:25:41,880 --> 00:25:44,520 Speaker 1: is in a tank race with Republican doctor mement Oz. 451 00:25:44,920 --> 00:25:47,639 Speaker 1: Trump allied Steve Bannon Face is sentencing today for a 452 00:25:47,680 --> 00:25:50,600 Speaker 1: contempt of Congress or refusing to comply with a subpoena 453 00:25:51,000 --> 00:25:54,080 Speaker 1: issued by the House elect Committee investigating the January sixth 454 00:25:54,080 --> 00:25:57,200 Speaker 1: attack on the US Capital. Global News twenty four hours 455 00:25:57,280 --> 00:26:00,320 Speaker 1: a day on air and on Bloomberg Quicktake, powered more 456 00:26:00,359 --> 00:26:02,920 Speaker 1: than seven hundred journalists and analysts more than a hundred 457 00:26:02,960 --> 00:26:06,719 Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Thanks Michael 458 00:26:11,840 --> 00:26:13,880 Speaker 1: five on Wall Street Time for the Bloomberg Sports. Something 459 00:26:14,160 --> 00:26:15,600 Speaker 1: to you if I try stayed out here with John 460 00:26:15,640 --> 00:26:18,359 Speaker 1: Sten shown. All right, Nathan. The Yankees obviously in a hole. 461 00:26:18,440 --> 00:26:20,800 Speaker 1: To win the ALCS. They have to win four out 462 00:26:20,840 --> 00:26:22,880 Speaker 1: of five from an Astro's team that has not lost 463 00:26:22,960 --> 00:26:25,520 Speaker 1: any of their five postseason games so far. After Houston 464 00:26:25,560 --> 00:26:27,879 Speaker 1: won the opener four to two or three to two 465 00:26:27,920 --> 00:26:29,959 Speaker 1: win in Game two, Alex Bregman a three run over 466 00:26:30,000 --> 00:26:32,639 Speaker 1: off Luis Severino, third in Yanks got two in the 467 00:26:32,720 --> 00:26:35,680 Speaker 1: fourth off Framburt Valdez. His two errors on the same 468 00:26:35,720 --> 00:26:38,160 Speaker 1: play helped the Yanks out. There was a fleeting moment 469 00:26:38,240 --> 00:26:40,000 Speaker 1: eighth didn't The Yanks had taken the lead. A man 470 00:26:40,040 --> 00:26:42,720 Speaker 1: on for Aaron Judge on a swing that looked like 471 00:26:42,880 --> 00:26:45,280 Speaker 1: one of the sixty four home runs Judge has hit 472 00:26:45,359 --> 00:26:47,000 Speaker 1: this season, but it was caught at the wall in 473 00:26:47,119 --> 00:26:49,840 Speaker 1: right field. Judge thought the wind kept it in the park. 474 00:26:49,920 --> 00:26:51,840 Speaker 1: They usually have the roof closed and Houston with the 475 00:26:51,880 --> 00:26:54,240 Speaker 1: head it open. Last night, the Yanks in two games 476 00:26:54,320 --> 00:26:57,640 Speaker 1: have struck out thirty times. Judge hopeful to hitting can 477 00:26:57,680 --> 00:26:59,240 Speaker 1: come to life, and we got a great offense. I 478 00:26:59,320 --> 00:27:00,879 Speaker 1: think we just gotta go back to you know what 479 00:27:01,000 --> 00:27:03,080 Speaker 1: a Scott got us in this position, what helped us 480 00:27:03,119 --> 00:27:05,760 Speaker 1: one in division, and you know we'll be where we 481 00:27:05,840 --> 00:27:07,840 Speaker 1: want to be. You know, that's contact or that's moving 482 00:27:07,880 --> 00:27:13,000 Speaker 1: guys over. If it's um with that big hit, we'll 483 00:27:13,000 --> 00:27:14,959 Speaker 1: figure it out and we're inter beating. Tomorrow's game three, 484 00:27:15,000 --> 00:27:17,359 Speaker 1: the stadium starts at five o'clock. Derrick Cole will pitch. 485 00:27:17,480 --> 00:27:19,720 Speaker 1: Rangers lost in overtime to San Jose three to two. 486 00:27:19,800 --> 00:27:22,440 Speaker 1: The Sharks came in owen five. Devils beat the Islanders 487 00:27:22,480 --> 00:27:24,679 Speaker 1: four to one. The Knick's home openers tonight against Detroit. 488 00:27:24,720 --> 00:27:27,520 Speaker 1: The Nets are home for Toronto, NFL. Arizona outscored in 489 00:27:27,520 --> 00:27:30,920 Speaker 1: New Orleans forty two to thirty four. A big trade 490 00:27:30,960 --> 00:27:34,280 Speaker 1: swung late last night. Carolinas one in five just fired 491 00:27:34,320 --> 00:27:36,679 Speaker 1: its coach, and the Panthers sent star running back Christian 492 00:27:36,720 --> 00:27:39,840 Speaker 1: McCaffrey to San Francisco. He was a star at Stanford. 493 00:27:39,840 --> 00:27:43,680 Speaker 1: The forty Niners coaches Kyle Shanahan, McCaffrey's father played for 494 00:27:43,800 --> 00:27:46,960 Speaker 1: Shanahan's father for nine years, and Denver. The Panthers get 495 00:27:47,040 --> 00:27:50,840 Speaker 1: four draft picks, but no first rounders. John Stay Bloomberg 496 00:27:50,880 --> 00:27:53,200 Speaker 1: sports Nathan, Thank you, John, five thirty seven on Wall 497 00:27:53,240 --> 00:27:55,760 Speaker 1: Street Time for the Trice State Business Report with Bloomberg 498 00:27:55,800 --> 00:27:59,320 Speaker 1: Citdney's Pellegrini. The debate over that possible Times Square casino 499 00:27:59,520 --> 00:28:02,480 Speaker 1: isn't and suffying. The New York Times says the Broadway 500 00:28:02,560 --> 00:28:05,280 Speaker 1: League is among those opposed to a Caesar's palace in 501 00:28:05,359 --> 00:28:08,120 Speaker 1: the area and made concerned casino could steal the show, 502 00:28:08,640 --> 00:28:11,880 Speaker 1: but the owner of Junior's Cheesecake and other restaurants among 503 00:28:11,960 --> 00:28:14,959 Speaker 1: those supporting Times Square gambling. We'll see if efforts by 504 00:28:15,000 --> 00:28:17,320 Speaker 1: New York based Revlon to kiss and makeup with investors 505 00:28:17,440 --> 00:28:21,320 Speaker 1: becomes challenge. Shares of the bankrupt cosmetics company being delisted 506 00:28:21,400 --> 00:28:24,119 Speaker 1: from the New York Stock Exchange, the meme stock favorite 507 00:28:24,160 --> 00:28:27,640 Speaker 1: will keep trading over the counter. Granwich based warehouse operator 508 00:28:27,800 --> 00:28:31,680 Speaker 1: g XO Logistics plans to hire about four thousand workers. 509 00:28:31,960 --> 00:28:35,119 Speaker 1: The Connecticut company is preparing for the holiday shopping season. 510 00:28:35,440 --> 00:28:37,600 Speaker 1: And while he was President, Donald Trump cut back on 511 00:28:37,680 --> 00:28:41,520 Speaker 1: a big homeowner attacks benefit called the salt deduction, and 512 00:28:41,600 --> 00:28:44,040 Speaker 1: that hurt many homeowners in the Tri State area. And 513 00:28:44,120 --> 00:28:47,880 Speaker 1: now New Jersey Republicans are slamming Democrats for failing to 514 00:28:48,120 --> 00:28:52,040 Speaker 1: undo Trump's move and uncap that homeowner benefit. With the 515 00:28:52,080 --> 00:28:56,320 Speaker 1: Tri State Business Report, I'm Dens Pellegrini's on Wall Street. 516 00:28:56,360 --> 00:28:58,480 Speaker 1: Bloomberg Radio is on the air from San Francisco to 517 00:28:58,560 --> 00:29:00,680 Speaker 1: New York, London to Hong Kong. Let's check in with 518 00:29:00,720 --> 00:29:02,720 Speaker 1: our global news team for some of the top stories 519 00:29:02,720 --> 00:29:05,760 Speaker 1: heard on our three hundred affiliate radio stations around the world. 520 00:29:08,440 --> 00:29:12,080 Speaker 1: I'm Gina Servettian for w c CEO in Minneapolis. I'm 521 00:29:12,160 --> 00:29:16,160 Speaker 1: reporting that middle managers are exhausted on Corney Donahoe. On 522 00:29:16,440 --> 00:29:19,200 Speaker 1: w h A S and Louisville, Whirlpool cuts its earnings 523 00:29:19,240 --> 00:29:22,880 Speaker 1: outlook on inflation and fallon demand. I'm Denise Kellgren and 524 00:29:23,000 --> 00:29:25,920 Speaker 1: on w w J in Detroit, I'm reporting on carbonas 525 00:29:26,000 --> 00:29:29,960 Speaker 1: Michigan license remaining suspended. I'm Wendy Gillette and on w 526 00:29:30,120 --> 00:29:32,880 Speaker 1: b Z in Boston, I'll be reporting on challenges to 527 00:29:33,040 --> 00:29:36,440 Speaker 1: the student loan forgiveness program. I'm Steve Potus on K 528 00:29:36,600 --> 00:29:39,440 Speaker 1: and X to Los Angeles. We're talking about how artificial 529 00:29:39,560 --> 00:29:43,120 Speaker 1: intelligence is making more decisions about what you'll pay to fly. 530 00:29:43,200 --> 00:29:46,200 Speaker 1: On I'm Steven Carol and Bloomberg d AB Digital Radio 531 00:29:46,280 --> 00:29:49,440 Speaker 1: and London, we've been reporting on the jostling among conservative 532 00:29:49,560 --> 00:29:53,200 Speaker 1: MPs to win supports become the next Prime Minister. Those 533 00:29:53,240 --> 00:29:55,920 Speaker 1: are some of the stories our twenty undred Bloomberg journalists 534 00:29:55,920 --> 00:29:57,960 Speaker 1: and analysts are working on this morning. Around the world. 535 00:29:58,040 --> 00:30:00,560 Speaker 1: It's five thirty nine on Wall Street. The following is 536 00:30:00,600 --> 00:30:04,880 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 537 00:30:04,960 --> 00:30:09,320 Speaker 1: the Bloomberg Editorial Board. Because the US has a shortage 538 00:30:09,360 --> 00:30:13,440 Speaker 1: of nurses, hospitals have turned to staffing agencies to fill 539 00:30:13,520 --> 00:30:17,160 Speaker 1: the gap. Now, some lawmakers want to investigate if the 540 00:30:17,360 --> 00:30:21,200 Speaker 1: rise of so called travel nurses who work on contract 541 00:30:21,480 --> 00:30:25,040 Speaker 1: has harmed the health care industry. A better question to 542 00:30:25,160 --> 00:30:28,520 Speaker 1: ask is why more people aren't entering the field in 543 00:30:28,600 --> 00:30:31,920 Speaker 1: the first place. One reason is a lack of funds 544 00:30:32,160 --> 00:30:37,120 Speaker 1: for training. In one US nursing schools turned away more 545 00:30:37,240 --> 00:30:41,920 Speaker 1: than ninety thousand applications because they didn't have enough educators 546 00:30:42,120 --> 00:30:46,920 Speaker 1: or clinical placement sites. Congress should expand tuition reimbursement for 547 00:30:47,120 --> 00:30:51,080 Speaker 1: nurses who teach or commit to work in shortage areas. 548 00:30:51,520 --> 00:30:56,240 Speaker 1: Helping aspiring nurses enter the profession wouldn't just reduce reliance 549 00:30:56,360 --> 00:31:01,280 Speaker 1: on contractors. It would strengthen the entire US healthcare system. 550 00:31:01,840 --> 00:31:05,200 Speaker 1: The editorial was written by the Bloomberg Editorial Board. For 551 00:31:05,280 --> 00:31:08,200 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, Slash 552 00:31:08,280 --> 00:31:11,640 Speaker 1: Opinion or Opie I n Go on the Bloomberg Terminal. 553 00:31:11,960 --> 00:31:15,320 Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be 554 00:31:15,360 --> 00:31:17,880 Speaker 1: heard every week at this time. Terminal Customers can read 555 00:31:17,920 --> 00:31:23,200 Speaker 1: more at op I n Go. And The Bloomberg Sports 556 00:31:23,240 --> 00:31:25,280 Speaker 1: Report was brought to you by Audie. Don't let someone 557 00:31:25,360 --> 00:31:27,360 Speaker 1: else drive off in the Audi model. You've always wanted 558 00:31:27,360 --> 00:31:29,760 Speaker 1: to visit your local Tri state Audie Dealers to get 559 00:31:29,800 --> 00:31:32,760 Speaker 1: behind the wheel of yours today, or visit Audie Offers 560 00:31:32,840 --> 00:31:39,320 Speaker 1: dot com for more information, markets, headlines and breaking news 561 00:31:39,480 --> 00:31:42,080 Speaker 1: twenty four hours a day at Bloomberg dot com, the 562 00:31:42,120 --> 00:31:45,560 Speaker 1: Bloomberg Business Out and at Bloomberg Quick tape. This is 563 00:31:45,600 --> 00:31:54,520 Speaker 1: a Bloomberg business blash and I'm Karen Moscow stocks are 564 00:31:54,600 --> 00:31:57,280 Speaker 1: dropping as treasury yields continue to climb. Which trader is 565 00:31:57,320 --> 00:32:00,080 Speaker 1: getting the feeder reserve book give raising interest rates? This 566 00:32:00,200 --> 00:32:03,320 Speaker 1: investors assess the latest earnings reports. We check the markets 567 00:32:03,360 --> 00:32:06,680 Speaker 1: every fifteen minutes throughout the trading day. On bloomberg SMP 568 00:32:06,880 --> 00:32:09,280 Speaker 1: future is down about twenty three points down, futures down 569 00:32:09,280 --> 00:32:12,600 Speaker 1: a hundred thirty eight nastack futures down one hundred the 570 00:32:12,680 --> 00:32:15,480 Speaker 1: decks in Germany's down one point six percent. Ten year 571 00:32:15,520 --> 00:32:17,920 Speaker 1: treasury down eleven thirty seconds. He had four point to 572 00:32:18,040 --> 00:32:20,680 Speaker 1: seven percent yield on the two year four point six 573 00:32:20,760 --> 00:32:23,560 Speaker 1: zero percent. Nine X Secret oil is down four tens 574 00:32:23,600 --> 00:32:25,959 Speaker 1: percent or thirty six cents at eighty four dollars fourteen 575 00:32:26,000 --> 00:32:28,560 Speaker 1: cents of barrel coms goal down half percent or eight 576 00:32:28,600 --> 00:32:31,720 Speaker 1: dollars fifty cents at sixteen twenty eight thirty announce the 577 00:32:31,840 --> 00:32:34,760 Speaker 1: euro point nine seven four zero against the dollar, British 578 00:32:34,800 --> 00:32:36,920 Speaker 1: found one point one one two two and again one 579 00:32:37,000 --> 00:32:40,000 Speaker 1: fifty point nine six and Bitcoin is down three ten 580 00:32:40,120 --> 00:32:44,000 Speaker 1: percent at eighteen thousand, nine hundred dollars. That's a Bloomberg 581 00:32:44,080 --> 00:32:46,480 Speaker 1: business Flash. Now here's Michael Barr with more on what's 582 00:32:46,520 --> 00:32:49,480 Speaker 1: going on around the world. Michael Karen, thank you very much. 583 00:32:49,600 --> 00:32:53,280 Speaker 1: Ukrainian President zal Lensky Warren today Russia maybe planning to 584 00:32:53,400 --> 00:32:56,440 Speaker 1: frame Ukraine for an attack on the Russian controlled city 585 00:32:56,560 --> 00:33:00,840 Speaker 1: of Curson in the coming days. As Ukrainian residents are 586 00:33:00,960 --> 00:33:04,320 Speaker 1: trying to recover from this week's shellings, President Zelinski is 587 00:33:04,360 --> 00:33:07,640 Speaker 1: warning of a quote larger scale disaster. He says the 588 00:33:07,760 --> 00:33:11,960 Speaker 1: Russians have now packed a major damn with explosives. Scotland's 589 00:33:12,000 --> 00:33:15,479 Speaker 1: first minister called for an early general election after UK 590 00:33:15,640 --> 00:33:18,840 Speaker 1: Prime Minister Liz Trust resigned following weeks of political and 591 00:33:18,920 --> 00:33:22,640 Speaker 1: economic turmoil. In baseball, the Yankees are down two games 592 00:33:22,720 --> 00:33:25,360 Speaker 1: to ZIP against the Astros and the a l CS. 593 00:33:25,680 --> 00:33:29,080 Speaker 1: New York lost last night to Houston three two and HL. 594 00:33:29,120 --> 00:33:31,440 Speaker 1: The Devils beat the Islanders for one. The Rangers and 595 00:33:31,520 --> 00:33:35,040 Speaker 1: Capitals lost the Bruins one. NFL, the Cardinals beat the 596 00:33:35,080 --> 00:33:38,800 Speaker 1: Saints thirds of Night Football forty four. Big trade. The 597 00:33:38,880 --> 00:33:42,400 Speaker 1: Panthers traded running back Christian McCaffrey to the forty Niners 598 00:33:42,440 --> 00:33:45,680 Speaker 1: in exchange for draft picks. Global News twenty four hours 599 00:33:45,760 --> 00:33:48,959 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 600 00:33:49,040 --> 00:33:51,760 Speaker 1: more of than twenty seven hundred journalists an analysts and 601 00:33:51,840 --> 00:33:54,320 Speaker 1: more than a hundred twenty countries. I'm Michael bar This 602 00:33:54,400 --> 00:33:57,040 Speaker 1: is Bloomberg, Nathan. Thanks Michael. It's five forty nine on 603 00:33:57,080 --> 00:34:00,280 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studio. This 604 00:34:00,520 --> 00:34:02,800 Speaker 1: is Bloomberg Day Break. Let's take a look now at 605 00:34:02,880 --> 00:34:06,520 Speaker 1: this market. We're joined by Anica Gupta, director of Economic 606 00:34:06,720 --> 00:34:09,880 Speaker 1: Research at Wisdom Tree. Anica, it's great to speak with 607 00:34:09,960 --> 00:34:14,400 Speaker 1: you this morning. We're watching futures fall and watching treasury 608 00:34:14,480 --> 00:34:18,320 Speaker 1: yields climbed to levels that we haven't seen since before 609 00:34:18,600 --> 00:34:21,279 Speaker 1: the Great Financial Crisis. Now with the tenure at four 610 00:34:21,440 --> 00:34:25,160 Speaker 1: to seven, how deep could this bond sell off go? 611 00:34:27,280 --> 00:34:29,719 Speaker 1: Very good morning, Nathan, Yes, you're right, Um, you know, 612 00:34:29,880 --> 00:34:34,200 Speaker 1: yields are rising to you know, at a pace that 613 00:34:34,320 --> 00:34:38,640 Speaker 1: we haven't seen since a very long time, and that's clearly, uh, 614 00:34:38,800 --> 00:34:41,040 Speaker 1: you know, having a big implication on the dollar, which 615 00:34:41,200 --> 00:34:45,480 Speaker 1: is essentially reaking havoc on risk assets as we can 616 00:34:45,520 --> 00:34:48,400 Speaker 1: see this morning. Um, you know, clearly there's a lot 617 00:34:48,480 --> 00:34:51,839 Speaker 1: of focus being paid on the earnings results that are 618 00:34:51,880 --> 00:34:54,560 Speaker 1: coming in and it's been quite mixed so far. We 619 00:34:54,640 --> 00:34:56,759 Speaker 1: started out quite strong, but now we're getting a lot 620 00:34:56,800 --> 00:34:59,920 Speaker 1: of uh, you know, guidance coming in from from come 621 00:35:00,040 --> 00:35:03,239 Speaker 1: benneys across Europe and the U S which is highlighting 622 00:35:03,800 --> 00:35:06,120 Speaker 1: uh you know, a bit of a slowdown. So that 623 00:35:06,280 --> 00:35:09,279 Speaker 1: is definitely also a denting sentiment. And we you know, 624 00:35:09,360 --> 00:35:12,440 Speaker 1: we were expecting that to happen, so it's quite in 625 00:35:12,560 --> 00:35:14,480 Speaker 1: line with our view. It was centree in terms of, 626 00:35:14,760 --> 00:35:18,800 Speaker 1: you know, the path we are taking going forward, what 627 00:35:19,040 --> 00:35:22,520 Speaker 1: is that path and where do you see stocks going 628 00:35:22,719 --> 00:35:24,960 Speaker 1: at this point? I mean, a lot of the debate 629 00:35:25,080 --> 00:35:28,360 Speaker 1: going on right now is whether we have hit bottom 630 00:35:28,640 --> 00:35:31,040 Speaker 1: or whether the bottom could be coming in the next 631 00:35:31,120 --> 00:35:35,520 Speaker 1: few months. Here. What are you looking for? Well, you know, 632 00:35:35,640 --> 00:35:39,200 Speaker 1: a lot of it has been predicated on the path 633 00:35:39,320 --> 00:35:41,719 Speaker 1: being taken by the FED. You know, although the FED 634 00:35:41,840 --> 00:35:44,200 Speaker 1: is the central bank for the US, it is also 635 00:35:44,280 --> 00:35:47,040 Speaker 1: the central bank for the rest of the world. And um, 636 00:35:47,280 --> 00:35:50,360 Speaker 1: you know, the the two prints that we've been we 637 00:35:50,520 --> 00:35:53,040 Speaker 1: received in the past two weeks, you know, the Labor 638 00:35:53,080 --> 00:35:57,040 Speaker 1: Market report alongside the CPO inflation report. You know, did 639 00:35:57,200 --> 00:35:59,600 Speaker 1: pencil in and did cement the fact that the FED 640 00:35:59,719 --> 00:36:01,560 Speaker 1: is going to be a lot more Hawki is moving 641 00:36:01,600 --> 00:36:04,680 Speaker 1: into your end UM and as a consequence of that, 642 00:36:05,120 --> 00:36:07,120 Speaker 1: that you know, pretty much tells us that the dollar 643 00:36:07,200 --> 00:36:09,400 Speaker 1: is going to remain strong and the strong dollar is 644 00:36:09,480 --> 00:36:12,200 Speaker 1: going to have an impact on UM, you know, on 645 00:36:12,600 --> 00:36:15,680 Speaker 1: US corporates earnings results. It is going to have pressure 646 00:36:15,760 --> 00:36:18,640 Speaker 1: given uh, you know, the international footprint that a number 647 00:36:18,680 --> 00:36:22,040 Speaker 1: of US companies do have. UM. At the same time, 648 00:36:22,120 --> 00:36:25,480 Speaker 1: if you if you look across assets, uh, you know, 649 00:36:25,560 --> 00:36:30,399 Speaker 1: commodities are being impacted by this very strong dollar. Uh 650 00:36:30,560 --> 00:36:32,160 Speaker 1: as you can see, you know, we've seen quite a 651 00:36:32,160 --> 00:36:36,480 Speaker 1: strong correction taking place across the commodity spectrum. So UM, 652 00:36:36,719 --> 00:36:40,720 Speaker 1: I think our view is that that goal for capitulation 653 00:36:40,880 --> 00:36:44,680 Speaker 1: is is you know, pretty much being seen across the markets. 654 00:36:45,280 --> 00:36:47,959 Speaker 1: I don't think we've seen a bottom yet. We're likely 655 00:36:48,040 --> 00:36:51,520 Speaker 1: to see your further correction as we navigate our way 656 00:36:51,560 --> 00:36:54,320 Speaker 1: through Q three earning season. And it's also going to 657 00:36:54,440 --> 00:36:58,799 Speaker 1: provide a lot more clarity to investors is to where uh, 658 00:36:59,000 --> 00:37:03,440 Speaker 1: you know, these these different markets opposition and clearly in 659 00:37:03,560 --> 00:37:06,400 Speaker 1: this time of turmoil that we're seeing, China isn't helping 660 00:37:06,480 --> 00:37:10,160 Speaker 1: it all. You know, China is usually that US. You 661 00:37:10,239 --> 00:37:13,759 Speaker 1: know that that rescuer of last resort that we you 662 00:37:13,840 --> 00:37:17,200 Speaker 1: know often have. But this time around, even though we're 663 00:37:17,239 --> 00:37:19,560 Speaker 1: having you know, in the midst of the Congress Party meeting, 664 00:37:19,640 --> 00:37:22,480 Speaker 1: which is usually has been a tail winning for markets, 665 00:37:22,640 --> 00:37:24,600 Speaker 1: as you know, they we get an idea of the 666 00:37:24,680 --> 00:37:28,360 Speaker 1: policy path ahead. Um. You know, we aren't seeing anything 667 00:37:29,480 --> 00:37:33,920 Speaker 1: very positive coming out, you know, from that Congress Party meeting. Uh. 668 00:37:34,040 --> 00:37:37,040 Speaker 1: It really looks like the you know, the the focus 669 00:37:37,320 --> 00:37:40,759 Speaker 1: is being on, uh for is being on you know, 670 00:37:40,880 --> 00:37:44,160 Speaker 1: trying to preserve the state uh and as opposed to 671 00:37:44,280 --> 00:37:48,440 Speaker 1: actually helping uh, you know, boost corporate profits. Um. And 672 00:37:48,520 --> 00:37:50,000 Speaker 1: I think there's going to be a lot more being 673 00:37:50,040 --> 00:37:53,120 Speaker 1: going forward. Only about thirty seconds left here, Onica, But 674 00:37:53,239 --> 00:37:56,880 Speaker 1: with the financial conditions tightening the way they are now, 675 00:37:57,040 --> 00:38:01,040 Speaker 1: is there a risk of the Fed overshoots on policy? Um, 676 00:38:01,440 --> 00:38:04,400 Speaker 1: there is a big, big risk that the Fed overshoots 677 00:38:04,440 --> 00:38:10,480 Speaker 1: on policy. However, you know, the the the overarching reason 678 00:38:10,600 --> 00:38:13,040 Speaker 1: that that's allowing them to do this is we haven't 679 00:38:13,080 --> 00:38:16,440 Speaker 1: seen a meaningful decline come about an inflation and hence 680 00:38:16,920 --> 00:38:20,040 Speaker 1: that just keeps building up their case for for continuing 681 00:38:20,080 --> 00:38:24,480 Speaker 1: this aggressive monetary policy path. Um, which is why you 682 00:38:24,520 --> 00:38:27,160 Speaker 1: know we've been seeing increasing calls is something to break 683 00:38:27,280 --> 00:38:30,879 Speaker 1: to stop the FED from being so aggressive in its path. Um. 684 00:38:31,480 --> 00:38:33,120 Speaker 1: We did see that in the UK, but that was 685 00:38:33,239 --> 00:38:36,800 Speaker 1: very much a UK central focus issue, which was you know, 686 00:38:36,920 --> 00:38:40,560 Speaker 1: based on the more accommodated fiscal policy policy that we've seen. 687 00:38:41,160 --> 00:38:43,480 Speaker 1: Um And the only thing that we could side is, 688 00:38:43,800 --> 00:38:46,320 Speaker 1: you know, a liquidity problem in the bond market that 689 00:38:46,440 --> 00:38:49,520 Speaker 1: could allow the FED to stop. Thanks Sonica, great having 690 00:38:49,520 --> 00:38:52,799 Speaker 1: you on with the Sonica Gupta with Wisdom Trade. Karen, Right, Nathan, 691 00:38:52,840 --> 00:38:54,680 Speaker 1: it is father to day four on well Stray. Time 692 00:38:54,719 --> 00:38:57,160 Speaker 1: for the Bloomberg Law Report, brought to you buy American 693 00:38:57,239 --> 00:39:00,880 Speaker 1: Arbitration Association. Business disputes are inevitable, Resolve faster with the 694 00:39:00,920 --> 00:39:05,360 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 695 00:39:05,440 --> 00:39:08,319 Speaker 1: for over ninety years. More at a dr dot Org. 696 00:39:08,440 --> 00:39:10,719 Speaker 1: Let's get to the legal stories we're watching this morning 697 00:39:10,800 --> 00:39:17,440 Speaker 1: with Bloomberg Jeff Bellinger. Apple struck back at Massimo, accusing 698 00:39:17,480 --> 00:39:21,400 Speaker 1: the medical technology firm of secretly copying the Apple Watch 699 00:39:21,640 --> 00:39:24,560 Speaker 1: and trying to block imports while it prepared to launch 700 00:39:24,680 --> 00:39:27,640 Speaker 1: its own watch. A federal judge in Nevada rule that 701 00:39:27,719 --> 00:39:32,279 Speaker 1: a lawsuit accusing MGM Resorts International of mismanaging. It's for 702 00:39:32,480 --> 00:39:35,480 Speaker 1: a one K plan will move forward as a class action. 703 00:39:36,160 --> 00:39:39,600 Speaker 1: Night Transportation reached a four hundred fifty thousand dollar deal 704 00:39:39,719 --> 00:39:43,200 Speaker 1: to resolve allegations by truck drivers who say the company 705 00:39:43,320 --> 00:39:47,919 Speaker 1: owes them back wages. Bloomberg Law everything you need, all 706 00:39:48,080 --> 00:39:52,719 Speaker 1: on one legal research platform, including guidance analysis and Bloomberg 707 00:39:52,800 --> 00:39:57,680 Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com. Jeff, 708 00:39:57,719 --> 00:40:00,200 Speaker 1: thank you Now. Another legal story we're watching. There's a 709 00:40:00,239 --> 00:40:02,680 Speaker 1: new front in the bitter legal battle between Starbucks and 710 00:40:02,760 --> 00:40:05,320 Speaker 1: the Workers Union, which is dozens of pending complaints with 711 00:40:05,400 --> 00:40:09,320 Speaker 1: the National Labor Relations Board accusing Starbucks of violating federal 712 00:40:09,440 --> 00:40:11,520 Speaker 1: labor law and its efforts to deal with the union 713 00:40:11,600 --> 00:40:15,000 Speaker 1: allegations that Starbucks denize I grew up A Starbucks employees 714 00:40:15,040 --> 00:40:18,120 Speaker 1: in South Carolina are suing the company for defamation over 715 00:40:18,239 --> 00:40:21,600 Speaker 1: its response to a union protest. The employees accused Starbucks 716 00:40:21,640 --> 00:40:24,880 Speaker 1: of falsely and maliciously portraying them as criminals in response 717 00:40:24,920 --> 00:40:27,239 Speaker 1: to a confrontation in which they presented a letter of 718 00:40:27,280 --> 00:40:30,440 Speaker 1: demands to their store manager, who then reported them to police. 719 00:40:30,719 --> 00:40:33,560 Speaker 1: For more Bloomberg's doing. Grosso Speaks, a labor law expert 720 00:40:33,640 --> 00:40:36,960 Speaker 1: Kate Andreas, the professor at Columbia Law School. A defamation 721 00:40:37,080 --> 00:40:40,759 Speaker 1: claim in a union organizing effort is certainly unusual and 722 00:40:40,840 --> 00:40:43,640 Speaker 1: got a lot of attention, including from Senator Bernie Sanders. 723 00:40:43,920 --> 00:40:47,360 Speaker 1: But is it effective legally? Yeah, So the allegations in 724 00:40:47,440 --> 00:40:51,920 Speaker 1: this case are really pretty stunning. The employer apparently accused 725 00:40:51,960 --> 00:40:55,560 Speaker 1: workers of trying to kidnap him without any evidence according 726 00:40:55,600 --> 00:40:58,400 Speaker 1: to the Least report. So the workers seemed to be 727 00:40:58,719 --> 00:41:01,520 Speaker 1: seeking to pursue a death Mason claim because that gives 728 00:41:01,560 --> 00:41:05,640 Speaker 1: them more ability to when remedies than proceeding under the 729 00:41:05,760 --> 00:41:09,600 Speaker 1: National Labor Relations Act, because state law includes greater penalties 730 00:41:09,840 --> 00:41:13,239 Speaker 1: for violations of defamation law than labor law allows. And 731 00:41:13,520 --> 00:41:16,440 Speaker 1: I think their argument is that the harm here is 732 00:41:16,520 --> 00:41:19,000 Speaker 1: one that more of sort of defamation rather than a 733 00:41:19,080 --> 00:41:22,680 Speaker 1: labor violation. It's not entirely clear whether the suit will 734 00:41:22,719 --> 00:41:26,239 Speaker 1: be able to go forward, because federal preemption doctrine does 735 00:41:26,360 --> 00:41:30,080 Speaker 1: require that conduct that is protected by the Act or 736 00:41:30,200 --> 00:41:33,759 Speaker 1: prohibited by the National Labor Relations Fact legal issues around 737 00:41:33,840 --> 00:41:36,520 Speaker 1: that must be resolved in the first instance by the board. 738 00:41:37,320 --> 00:41:40,440 Speaker 1: The union has prevailed at around two hundred fifty of 739 00:41:40,520 --> 00:41:44,960 Speaker 1: the company's nine thousand stores, and the unions filed numerous 740 00:41:45,160 --> 00:41:49,719 Speaker 1: legal complaints with the National Labor Relations Board. Do those 741 00:41:49,920 --> 00:41:54,239 Speaker 1: complaints ever bring any kind of resolution. I think what 742 00:41:54,320 --> 00:41:58,200 Speaker 1: we're seeing with Starbucks is that there's overwhelming interest among 743 00:41:58,280 --> 00:42:02,120 Speaker 1: workers and organized in union. Hundreds of Starbucks stores and 744 00:42:02,360 --> 00:42:05,080 Speaker 1: I think three dozen states have had union elections, and 745 00:42:05,160 --> 00:42:08,000 Speaker 1: this is really pretty stunning given that a year ago 746 00:42:08,320 --> 00:42:11,840 Speaker 1: no Starbucks had the union, and the vast majority of 747 00:42:11,880 --> 00:42:15,600 Speaker 1: these have voted to unionize. Nonetheless, what these workers are 748 00:42:15,640 --> 00:42:18,840 Speaker 1: confronting at the legal regime that really doesn't do a 749 00:42:18,920 --> 00:42:21,680 Speaker 1: good job at protecting their rights. And so what we 750 00:42:21,800 --> 00:42:24,120 Speaker 1: see is that the employer has engaged in a pattern 751 00:42:24,200 --> 00:42:29,319 Speaker 1: of antigunion activity, and the penalties under the National Labor 752 00:42:29,440 --> 00:42:32,520 Speaker 1: Relations fact are really pretty minimal, and so I think 753 00:42:32,600 --> 00:42:36,000 Speaker 1: the workers are looking to other tools to try to 754 00:42:36,320 --> 00:42:39,840 Speaker 1: make sure that their rights aren't violated. That's Kate Andreas, 755 00:42:39,840 --> 00:42:43,160 Speaker 1: the professor at Columbia Law Schools seting with Bloomberg student Grosso. 756 00:42:43,239 --> 00:42:46,759 Speaker 1: Our top stories are straight ahead, and this is Bloomberg