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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Jaron.

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Speaker 2: We begin in Washington, where the House has unveiled a

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Speaker 2: short term stopgap funding bill to avert a partial government

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Speaker 2: shutdown at the end of the month. We get more

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Speaker 2: from Bloomberg's Ed Baxter.

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Speaker 3: The new deadline will be December twentieth, setting up a

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Speaker 3: Christmas showdown and delaying any action until after the election.

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Speaker 3: Also in the bill is extra money for the Secret

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Speaker 3: Service to protect presidential candidates. It does not include the

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Speaker 3: proof of citizenship writer that Donald Trump had demanded be included.

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Speaker 3: House Leader Mike Johnson says bear bones. Senate Leader Chuck

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Speaker 3: Schumber says he's pleased the procedural moves from here. House Rules.

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Speaker 3: We'll look at it today. Vote expected Wednesday. Head Baxter, Bloomberg.

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Speaker 1: Radio, All right, Ed, thank you by the presidential is

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Speaker 1: about to heat up over the economy. Democrat Kamala Harris

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Speaker 1: says she plans to give a speech this week to

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Speaker 1: outline her vision on the defining issue of the campaign.

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Speaker 4: The short form is about what.

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Speaker 5: We can do more to invest in the aspiracial the

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Speaker 5: ambitions in the dreams of the American people, while addressing

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Speaker 5: the challenges that they faced.

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Speaker 1: Vice President Harris spoke after a New York City fundraiser

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Speaker 1: where she promised to support investments in artificial intelligence and

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Speaker 1: digital assets. The event raised twenty seven million dollars, according

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Speaker 1: to a campaign official, who called it the largest single

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Speaker 1: event total since Harris took over the Democratic ticket. Republican

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Speaker 1: Donald Trump meanwhile, as planning his own economic speech in

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Speaker 1: Georgia tomorrow, focused on lowering taxes for business owners.

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Speaker 2: In all this, Karen comes this. Two new polls show

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Speaker 2: Harris with a slight lead over Trump among registered voters

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Speaker 2: fifty two to forty eight percent in a CBS IPSIS

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Speaker 2: poll forty nine to forty four percent in an NBC

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Speaker 2: News survey. Democratic Senator John Fetterman says it's still tight

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Speaker 2: in the battle ground states, including his home state of Pennsylvania.

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Speaker 6: Well, it's a five points, so, I mean that's encouraging.

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Speaker 6: But now I'm not going to say, well, now I

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Speaker 6: don't have to drive for four and a half hours

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Speaker 6: to have with a rally for Democrats in rural counties.

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Speaker 2: Senator John Fetterman spoke on NBC's Meet the Press, heard

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Speaker 2: Sundays on Bloomberg.

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Speaker 1: Radio Mean Well, Nathan. Donations keep pouring in for Harris.

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Speaker 1: An influx of Wall Street and Silicon Valley donor support

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Speaker 1: for Kamala Harris is translating into a distinct campaign advantage

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Speaker 1: to the tune of nearly five million dollars a day.

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Speaker 1: As the presidential campaign enters the most expensive stretch, Harris

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Speaker 1: and the Democratic National Committee are outspending Trump and the

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Speaker 1: Republican Party each day by a margin of three to one.

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Speaker 1: According to the latest federal filings, the Harris campaign spent

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Speaker 1: an average of seven and a half million dollars a

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Speaker 1: day in August, compared to a two point six million

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Speaker 1: dollar daily average for Trump.

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Speaker 2: Okay, Karen, Now, let's turn to the latest in the

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Speaker 2: Middle East. The Israeli military has called on people in

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Speaker 2: southern Lebanon to immediately evacuate their homes and other buildings

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Speaker 2: where the Hezbolah militant group stores weapons. The warning comes

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Speaker 2: as hostilities have intensified over the last week. We get

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Speaker 2: the latest from Bloomberg Middle East correspondent Jumani Bersechi.

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Speaker 7: Starting, of course, with those telecommunications explosions throughout the course

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Speaker 7: of last week that injured up to three thousand Hesbala operatives.

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Speaker 7: The death toll in the dozens from that and then

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Speaker 7: the a Lebanese Health Ministry has also put the total

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Speaker 7: toll from Friday's attack at fifty one debts, including three

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Speaker 7: children and seven women. But it didn't stop there. Over

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Speaker 7: the course of the weekend, Hesbala then launched a series

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Speaker 7: of missiles into northern Israel, into Haifa. The Israeli military

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Speaker 7: say that they launched about one hundred and fifty projectiles,

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Speaker 7: most of them were intercepted, so limited damage.

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Speaker 2: Bloomberg's Jumani Berseci reports the US is urging restraints. Senior

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Speaker 2: White House and Pentagon officials have told Israeli ministers in

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Speaker 2: the past week that a full on conflict is not

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Speaker 2: in their interests.

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Speaker 1: Nathan Ukrainian President Voladimir Zolenski is in the US. He

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Speaker 1: began his visit with a stop at an ammunition plant

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Speaker 1: in Pennsylvania, a critical swing state that'll help determine the

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Speaker 1: outcome of November's presidential election. The trip to Scranton, Joe

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Speaker 1: Biden's hometown, on Sunday kicked off an intense week of

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Speaker 1: diplomacy as the Ukrainian President is set to address the

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Speaker 1: UN General Assembly in New York.

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Speaker 2: Turning to markets now, Karen futures are little changed ahead

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Speaker 2: of a key week from speeches from FED officials after

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Speaker 2: last week's jumbo rate cut. Investors wait for comments from

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Speaker 2: regional presidents Raphael Bostik and Austin gouldsby today as markets

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Speaker 2: sit near record highs. Nadia Lovell, senior US equity strategist

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Speaker 2: at ubs C stocks moving higher.

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Speaker 5: When you put the data together, you have to fet

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Speaker 5: that's cut in. You also have an economy that's trending

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Speaker 5: close to three percent GDP growth for the quarter. So

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Speaker 5: it's just hard to see how this economy quickly news

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Speaker 5: the momentum, especially when you have the cost of capital

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Speaker 5: also now coming down. And that's also for corporate fundamentals,

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Speaker 5: and so we think that the market will continue to

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Speaker 5: notch new.

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Speaker 2: Highs ubs Isnadi A level has a year in target

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Speaker 2: of fifty nine hundred for the S and P five hundred.

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Speaker 1: Well Nathan shares of Intel up two percent in early trading.

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Speaker 1: Takeover speculation is swirling over the umbattled ship maker. We

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Speaker 1: get more from Bloomberg's Doun Krisner.

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Speaker 8: We are told Apollo has indicated a willingness to make

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Speaker 8: an equity like investment of as much as five billion dollars. Now,

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Speaker 8: nothing has been finalized. The size of the potential investment

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Speaker 8: could change and discussions could fall through. Importantly, these companies

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Speaker 8: already have a relationship. In June, Intel agree to sell

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Speaker 8: Apollo a stake and a joint venture it controls a

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Speaker 8: plant in Ireland. The price tag was eleven billion dollars.

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Speaker 8: The timing is interesting since we are also told Qualcomm

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Speaker 8: has floated the idea of a friendly takeover of Intel

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Speaker 8: in New York. I'm Doug Prisoner, Bloomberg Radio.

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Speaker 2: All right, Doug, thank you. Regulators have a message for

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Speaker 2: City Group. Clean up your act at home before you

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Speaker 2: expand in China. Bloomberg's John Tucker's here with more on that. So, John,

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Speaker 2: looks like the bank is facing fines.

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Speaker 9: Yeah, Nathan. The Federal Reserve imposed a penalty on City

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Speaker 9: Group for its data management and risk controls in the US. Now,

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Speaker 9: more importantly, this throws up a roadblock to their expansion

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Speaker 9: plans in the world's second biggest economy. The Chinese authorities

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Speaker 9: do require a clearance letter from the FED verifying cities

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Speaker 9: regulatory standing. The city was constracted to resolve its dated

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Speaker 9: management problems after being hit with a combined one hundred

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Speaker 9: and thirty six million dollars in fines in the US A.

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Speaker 9: Sources Toel Bloomberg, City Group is continuing its discussions with

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Speaker 9: Chinese securities regulators to set up the business and has

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Speaker 9: no plans to pull its application. This ocomes as global

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Speaker 9: banks have seen their China securities operations hampered in recent years.

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Speaker 9: You know, York, John Tucker, Bloomberg Radio.

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Speaker 1: It is time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world, and for that we're joined by Bloomberg's Michel Barr.

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Speaker 10: Michael, Good morning, Good morning, Karen. World leaders are gathering

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Speaker 10: in New York City as the United Nations General Assembly

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Speaker 10: is this week. The crisis in the Middle East is

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Speaker 10: expected to be a major talking point when President Biden

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Speaker 10: addresses the UN tomorrow at the Summit of the Future.

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Speaker 10: On Sunday, Israel's ambassador to the United Nations, Danny Dennin,

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Speaker 10: told world leaders that they are a peaceful nation that

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Speaker 10: has no the choice but to defend their people.

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Speaker 11: We will use all means that hand our determination, our innovation,

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Speaker 11: and our strengths to protect our people.

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Speaker 10: And as for UN security, command posts have been monitoring sewing,

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Speaker 10: dozens of compounds and the fourteen hundred live security camera feeds,

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Speaker 10: door alarms and emergency alerts. Security Inspector Melnda McCormick.

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Speaker 12: Sometimes we screen during the high level period up to

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Speaker 12: twenty two thousand delicate staff and no new entities per day.

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Speaker 12: Twenty two thousand, that is a high number.

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Speaker 10: And New York commuters they are used to the drill

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Speaker 10: of UN gridlock alerts, road closures and detours, but this

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Speaker 10: time around it's set to be particularly bad. Streets are

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Speaker 10: already jam packed and now there's growing skepticism about the

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Speaker 10: reliability of mass transit trains and buses. The US and

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Speaker 10: India reached an agreement to work together on setting up

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Speaker 10: a semiconductor fabrication plant in the South Asian nation. It

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Speaker 10: gives a boost to Prime Minister Indarndra Mode's efforts to

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Speaker 10: bolster manufacturing in the country. Modi was part of a

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Speaker 10: roundtable with tech CEOs discussing technology and innovation, including Google

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Speaker 10: CEO Sundarpachai.

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Speaker 13: Yeah, the Prime Minister has been focused on transforming India.

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Speaker 13: It is Digital India vision. He pushed us to continue

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Speaker 13: making in India, designing in India. We are proud to

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Speaker 13: now make our pixere phones manufactured in India.

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Speaker 10: Modai also addressed in Indian event on Long Island. The

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Speaker 10: search is underway for the shooters who killed four people

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Speaker 10: and injured seventeen others and weekend shooting at a popular

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Speaker 10: night spot in Birmingham, Alabama. Police say victims were caught

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Speaker 10: in the crossfire during the shooting late Saturday night. Authorities

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Speaker 10: say they believe the shooting was a paid hit on

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Speaker 10: one of the victims, and other victims were called in

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Speaker 10: the crossfire. Police Chief Scott thurmant.

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Speaker 8: Just very very distressing, you know, very hurtful that this

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Speaker 8: occurred in our city and occurred in this area, and

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Speaker 8: that so many people were injured and several lost their lives.

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Speaker 10: Chief Thurman says a news conference is planned for later

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Speaker 10: this morning. Global news twenty four hours a day and

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Speaker 10: whenever you want it with Bloomberg News Now. I'm Michael Barran.

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Speaker 1: This is Bloomberg cart all right, Michael Barr, thank you

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Speaker 1: time now for the Bloomberg Sports Update with John stash Hour,

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Speaker 1: John Good Morning.

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Speaker 4: Jim Morning, Karen. Was the Mets last home game of

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Speaker 4: the regular season unless they make the playoffs and advance

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Speaker 4: into the Division round. Last home game of twenty twenty four,

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Speaker 4: perhaps the final city field game hasn't met for free

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Speaker 4: agentd B Pete Alonzo. Not a playoff game, but very

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Speaker 4: much a playoff atmosphere of the Mets and Phillies were

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Speaker 4: tied at one.

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Speaker 14: This goal is also a tribute Deep turned.

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Speaker 15: Off the battle Leos, the Big two here in the

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Speaker 15: six and the ten sem.

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Speaker 4: City field in New a frenzy esping at the call

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Speaker 4: to won the final with Edwin Diaz not you, only

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Speaker 4: the second six out save of his career. Mets take

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Speaker 4: three or four in the series, prevent the Phillies from

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Speaker 4: clinching the NL East, and they take a two game

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Speaker 4: lead on the Braves into Atlanta for a massive three

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Speaker 4: game series that begins tomorrow. That's when the Yankees series

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Speaker 4: in the Bronx with Baltimore begins. Yanks need one win

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Speaker 4: to clinch the AL East. The five to one road

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Speaker 4: trip ended with their last game ever in Oakland, a

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Speaker 4: seven to four victory. Aaron Judd hit home run number

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Speaker 4: fifty five. The White Sox loss for the one hundred

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Speaker 4: and twentieth time that ties the nineteen sixty two Mets.

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Speaker 4: The Reds fired manager David Bell. The Giants game in

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Speaker 4: Cleveland's really not begin well. They fumbled the opening kickoff,

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Speaker 4: gave it a touchdown on the first play, but they

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Speaker 4: dominated the rest of the first half, held on at

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Speaker 4: the end, beat the Browns twenty one to fifteen for

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Speaker 4: their first victory of the season. Kansas City last night

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Speaker 4: went to three and oh, a twenty two to seventeen

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Speaker 4: win in Atlanta, a trio of surprising three and oh teams.

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Speaker 4: Minnesota with Sam Darnol throwing fourteen passes in a blowout

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Speaker 4: of Houston. Seattle an easy win over Miami and Pittsburgh

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Speaker 4: with Justin Fields was expected to be the backup. QB

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Speaker 4: beat the Chargers. The Steelers, in their three wins, only

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Speaker 4: allowed two touchdowns. John stashatwear Bloomberg Sports careen.

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Speaker 16: Nick Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 16: and around the world on Bloomberg dot Com and the

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Speaker 16: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 16: Nathan Hager.

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Speaker 2: We are coming off a winning week for stocks after

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Speaker 2: the FED delivered its first rate cut in four years

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Speaker 2: in a big way, with a fifty basis point move.

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Speaker 2: This we could get lots more insight into the path

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Speaker 2: ahead for policy when we hear from a slew of

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Speaker 2: central bankers starting today. Ahead of that, let's hear from

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Speaker 2: someone who's been tracking this market for decades. Dennis Gartman

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Speaker 2: is with us this morning, the chairman of the University

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Speaker 2: of acron Endowment Investment Committee and the former publisher of

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Speaker 2: the Gartman Letter. Dennis, good morning. You were in the

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Speaker 2: higher for Longer camp for so long, so I wonder

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Speaker 2: what your reaction was to the FED kicking off this

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Speaker 2: rate cut cycle with that fifty basis point mode.

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Speaker 14: I was a bit surprised to see them go by

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Speaker 14: fifty basis points, so I figured they'd go by twenty five.

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Speaker 14: I thought by the end of the year we'd have two,

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Speaker 14: maybe three cuts at most. But I was manifestly surprised,

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Speaker 14: as seems to me that the FED is paying more

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Speaker 14: attention to employment rather than to an equal amount of

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Speaker 14: interest in inflation. So I find that to be a

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Speaker 14: little disconcerting. It's supportive of a position that I've had

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Speaker 14: on for quite some period of time. I trade only

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Speaker 14: for my own account, and I'm long of gold and

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Speaker 14: short of stocks and equal dollar amounts. I tend to

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Speaker 14: act for a hedge fund, long some things, short somethings else.

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Speaker 14: And since July, gold is up rather substantially, and the

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Speaker 14: S and P futures are effectively unchanged so that they're working,

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Speaker 14: and I think that that's going to continue. I do

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Speaker 14: think the FED has made a mistake and is now

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Speaker 14: focusing almost all of its attention upon the employment numbers

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Speaker 14: and not upon inflation. I think that's going to be

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Speaker 14: in the long run detrimental to the economy and detrimental

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Speaker 14: to the stock market. But time shall tell. Like I said,

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Speaker 14: I've been long of gold and short of stocks. It's

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Speaker 14: been working. I'm going to continue to hold that trade.

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Speaker 2: So what as you thinking that inflation could potentially rear

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Speaker 2: its ugly head once again.

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Speaker 14: The fact that the Fed has become that much more aggressive,

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Speaker 14: taking fifty basis points, and it has not reduced its

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Speaker 14: balance sheet as I thought that they would. They've actually

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Speaker 14: cut back a bit on the announced the reduction in

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Speaker 14: their balance sheet. They've taken it from nine trillion dollars

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Speaker 14: down to what six and a half trillion, but they

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Speaker 14: should have been down to about five trillion by now,

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Speaker 14: So I think that they're going to continue to be expansionary,

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Speaker 14: continue to be on balance inflationary, and I think that

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Speaker 14: the circumstance prevailing geopolitically around the world and politically here

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Speaker 14: in the United States shall be expansionary. So time shall tell.

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Speaker 14: But the trade has been working and I'm going to

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Speaker 14: continue to hold it.

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Speaker 2: At the same time, we have seen, along with gold

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Speaker 2: stocks trading in your record territory as well, continuing to

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Speaker 2: set records even with rate cuts. Do you see opportunity

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Speaker 2: in stocks?

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Speaker 14: The only place that I find that I have any

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Speaker 14: interest in is real estate because the real estate has

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Speaker 14: been has been so under duress. It has been one

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Speaker 14: of the areas where the public has been not enamored

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Speaker 14: of it, and in fact this has been shed of

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Speaker 14: real estate. So I find ri I t s, especially

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Speaker 14: those that are involved in commercial real estate, rather interesting.

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Speaker 14: The dividends are extremely strong and in most instances is

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Speaker 14: well covered. So that's the one area in the stock

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Speaker 14: market that I have some interest in is RI I

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Speaker 14: T S.

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Speaker 2: We are also seeing bond steepening. We're out of disinversion,

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Speaker 2: have been for a couple of weeks. Now, what's the

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Speaker 2: signal that you're getting from the bond market right now?

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Speaker 14: It's historically once we go, once we get in the

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Speaker 14: process of disinverting, that has been historically detrimental to share

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Speaker 14: prices Again, time shall tell those who don't listen and

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Speaker 14: learn the lessons of history are doomed to repeat the

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Speaker 14: same failure. So the fact that we are going back

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Speaker 14: to a and a regularly sloped eel curve at the

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Speaker 14: short end of the curve, that's going to continue, and

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Speaker 14: that has been historically a signal for a detrimental circumstance

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Speaker 14: for a stock prices.

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Speaker 2: Are you thinking that we could be headed toward either

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Speaker 2: a correction or a bear market? And what would get

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Speaker 2: you to thinking that? Got about thirty seconds left?

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Speaker 14: Like I said, I've been various of stocks since basically

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Speaker 14: since July, we've failed to make new highs. And historically,

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Speaker 14: once we start the process of dis of taking the

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Speaker 14: eel curve to a positive slope again, a change in

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Speaker 14: the heel curve that has been detrimental to share prices,

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Speaker 14: So I think that we're going to be in a

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Speaker 14: bear market eventually. Time shall tell. But I think that

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Speaker 14: the bear market began in the middle of July when

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Speaker 14: most of the industries here in the United States turned

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Speaker 14: May to high, and they have not made new high

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Speaker 14: since then. And what bothers me is that the other

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Speaker 14: industries around the world. The decks looks terrible, the Eurostocks

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Speaker 14: index looks terrible, the nie K looks terrible. So I

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Speaker 14: think that something is changing quietly at the margin. Time

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Speaker 14: shall tell.

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