1 00:00:00,840 --> 00:00:03,520 Speaker 1: Live from the Bloomberg and Directed Brokers studios. This is 2 00:00:03,520 --> 00:00:07,400 Speaker 1: Bloomberg Day Right for Thursday, September one, two Coming up 3 00:00:07,400 --> 00:00:10,639 Speaker 1: this hour. The selling continues in September as global stocks 4 00:00:10,720 --> 00:00:13,320 Speaker 1: hit a six week low. Still, one prominent Wall Street 5 00:00:13,400 --> 00:00:16,760 Speaker 1: strategist says more pain is ahead for equities. Spawns also 6 00:00:16,840 --> 00:00:19,599 Speaker 1: taking a tumble to your treasury yield hits the highest 7 00:00:19,720 --> 00:00:22,760 Speaker 1: level in fifteen years, and three M becomes the latest 8 00:00:22,760 --> 00:00:25,800 Speaker 1: company to cut jobs. New York City's new gun laws 9 00:00:25,840 --> 00:00:29,240 Speaker 1: begin today. Plus former President Trump's lawyers and the d 10 00:00:29,360 --> 00:00:32,440 Speaker 1: o J go to court the plassified documents in Mari Lango, 11 00:00:32,600 --> 00:00:35,360 Speaker 1: I'm Michael barr More, I'm John stand Shown sports a 12 00:00:35,479 --> 00:00:37,919 Speaker 1: Raino Williams put on a show and advanced the third 13 00:00:38,000 --> 00:00:40,040 Speaker 1: round of the US Open. The Mets me the Dodgers. 14 00:00:40,080 --> 00:00:45,680 Speaker 1: The Yankees lost to the Angel That's All's trading ahead 15 00:00:45,760 --> 00:00:49,320 Speaker 1: on Bloomberg Day Break on Bloomberg eleven three on New York, 16 00:00:49,520 --> 00:00:54,160 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 17 00:00:54,480 --> 00:00:59,080 Speaker 1: Bloomberg nine sixties, San Francisco, Syrius x M one nine team, 18 00:00:59,120 --> 00:01:02,040 Speaker 1: and around the world on Bloomberg Radio dot Com and 19 00:01:02,200 --> 00:01:09,000 Speaker 1: via the Bloomberg Business app. Good morning, I'm Amy Morris 20 00:01:09,560 --> 00:01:12,000 Speaker 1: and I'm Karen Moscow any West dock in next. Futures 21 00:01:12,040 --> 00:01:14,319 Speaker 1: are lower this morning. We are coming up to five 22 00:01:14,319 --> 00:01:16,040 Speaker 1: oh one on Wall Street, and we checked the markets 23 00:01:16,080 --> 00:01:19,240 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 24 00:01:19,360 --> 00:01:21,520 Speaker 1: S and P futures are down thirty one points down. 25 00:01:21,520 --> 00:01:25,200 Speaker 1: Futures down a D eight, Nastack futures down one thirty nine. 26 00:01:25,480 --> 00:01:27,880 Speaker 1: Ten year treasury down one thirty second. The yel three 27 00:01:27,920 --> 00:01:30,200 Speaker 1: point one nine per cent, and they yield on the 28 00:01:30,200 --> 00:01:33,720 Speaker 1: two year three point four nine percent. Amy Karen. Stocks 29 00:01:33,720 --> 00:01:37,280 Speaker 1: are beginning September with the way they ended August with losses. 30 00:01:37,720 --> 00:01:40,680 Speaker 1: In fact, global equities are trading at a six week 31 00:01:40,760 --> 00:01:43,360 Speaker 1: low this morning. Bonds are also selling off to your 32 00:01:43,360 --> 00:01:45,720 Speaker 1: Treasury yields touched three and a half percent for the 33 00:01:45,720 --> 00:01:49,640 Speaker 1: first time in fifteen years. Brian levitts global market strategist 34 00:01:49,680 --> 00:01:55,360 Speaker 1: at Investco. The economy has slowed pretty considerably. Inflationary pressure 35 00:01:55,400 --> 00:01:58,920 Speaker 1: still remain elevated, so the Federal Reserve is tightening into 36 00:01:58,960 --> 00:02:02,800 Speaker 1: a slowdown. We had a nice rally in July into 37 00:02:02,840 --> 00:02:06,280 Speaker 1: the beginning of August, but the markets are recognizing that 38 00:02:06,440 --> 00:02:09,040 Speaker 1: tighter policy is still ahead of US, and we still 39 00:02:09,040 --> 00:02:11,280 Speaker 1: don't have certainty on where the terminal rate is going 40 00:02:11,320 --> 00:02:13,760 Speaker 1: to be for the FED. That creates volatility and some 41 00:02:13,800 --> 00:02:18,480 Speaker 1: pressure on markets. Investco Global strategist Brian Lovitt says he 42 00:02:18,520 --> 00:02:21,359 Speaker 1: doesn't think the FED will keep rights elevated as long 43 00:02:21,400 --> 00:02:24,840 Speaker 1: as most. Pierre well Amy, one prominent Wall Street bear, 44 00:02:25,040 --> 00:02:28,320 Speaker 1: says there is more pain ahead for equity investors. Morgan 45 00:02:28,400 --> 00:02:32,920 Speaker 1: Stanley chief US equity strategist Mike Wilson says earnings risks 46 00:02:33,000 --> 00:02:36,800 Speaker 1: are still not priced in. The earnings risk is now 47 00:02:37,520 --> 00:02:39,800 Speaker 1: US right. We're cutting numbers and we think the numbers 48 00:02:39,800 --> 00:02:41,880 Speaker 1: are gonna come down even further the next two quarters. 49 00:02:41,880 --> 00:02:45,000 Speaker 1: So bottom line for US is pe multiple is wrong again, 50 00:02:45,120 --> 00:02:47,120 Speaker 1: not because the FED is going to be hawkish, but 51 00:02:47,240 --> 00:02:50,360 Speaker 1: because the equity market is being too optimistic about the 52 00:02:50,400 --> 00:02:53,880 Speaker 1: earnings outward. And Morgan Stanley's Mike Wilson says he sees 53 00:02:53,919 --> 00:02:57,040 Speaker 1: major indexes quote down for at least the next quarter 54 00:02:57,240 --> 00:02:59,880 Speaker 1: or two. And the sell off on Wall Street has 55 00:03:00,560 --> 00:03:03,519 Speaker 1: spreading overseas. Starts and Asia fell to a six week 56 00:03:03,560 --> 00:03:06,800 Speaker 1: low overnight. Let's get the recap from Bloomberg's Juliette Sally 57 00:03:06,919 --> 00:03:10,000 Speaker 1: in Singapore, Good morning Juliette, Good morning Amy and Karen. 58 00:03:10,120 --> 00:03:12,720 Speaker 1: China moved to lockdown cheng Do, a city of twenty 59 00:03:12,720 --> 00:03:15,840 Speaker 1: one million residents, from Thursday night, to tackle COVID, and 60 00:03:15,960 --> 00:03:19,160 Speaker 1: that weighed on market sentiment. Tech firms also declined following 61 00:03:19,200 --> 00:03:22,239 Speaker 1: Loretta misters hawk Is commentary. A stronger dollar saw the 62 00:03:22,280 --> 00:03:26,280 Speaker 1: yen fall to a low, while the offshore Chinese currency 63 00:03:26,320 --> 00:03:29,640 Speaker 1: weaken further despite the PBOC of fixing yuan reference rates 64 00:03:29,639 --> 00:03:33,760 Speaker 1: stronger for a seventh session in Singapore. Juliette Sally Bloomberg 65 00:03:33,800 --> 00:03:36,160 Speaker 1: Daybreak a Julie if thank you. All stocks are also 66 00:03:36,240 --> 00:03:38,480 Speaker 1: under pressure in Europe. This morning we go live to 67 00:03:38,600 --> 00:03:40,760 Speaker 1: London and get the latest with the Bloomberg's You in 68 00:03:40,840 --> 00:03:43,400 Speaker 1: parts good morning You and good morning Karen and Amy 69 00:03:43,480 --> 00:03:45,480 Speaker 1: in the red will be the best way to describe 70 00:03:45,480 --> 00:03:48,040 Speaker 1: the GMM screen on the Bloomberg today. With every major 71 00:03:48,040 --> 00:03:51,920 Speaker 1: European stock market underwater. This morning's losses following month which 72 00:03:51,960 --> 00:03:55,440 Speaker 1: saw the benchmark SOCIS hundred shed five point three percent 73 00:03:55,800 --> 00:03:59,440 Speaker 1: on worries about soaring inflation, are looming energy crisis and 74 00:03:59,600 --> 00:04:03,040 Speaker 1: tightening central banks. All those factors and more also in 75 00:04:03,160 --> 00:04:06,760 Speaker 1: play in the UK. Brutal August for markets here in London, 76 00:04:06,960 --> 00:04:10,800 Speaker 1: with stocks down and Sterling losing almost five cents, the 77 00:04:10,840 --> 00:04:14,080 Speaker 1: most since the Brexit vote six years ago. UK government 78 00:04:14,120 --> 00:04:17,560 Speaker 1: bond deals meanwhile posted their biggest monthly jump on records 79 00:04:17,839 --> 00:04:20,560 Speaker 1: Live in London. I'm your potspoon bag day break, all 80 00:04:20,600 --> 00:04:22,760 Speaker 1: right you and thank you. The weakness in the markets 81 00:04:22,839 --> 00:04:26,240 Speaker 1: comes after JPL's hawk ish speech at Jackson Hole almost 82 00:04:26,240 --> 00:04:29,120 Speaker 1: a week ago, and since then we have seen several officials, 83 00:04:29,160 --> 00:04:33,120 Speaker 1: including Dallas FED President Lauria Logan, hammer hold the message 84 00:04:33,160 --> 00:04:38,480 Speaker 1: on fighting inflation, hearing from central bankers and academics around 85 00:04:38,520 --> 00:04:42,920 Speaker 1: the world. Um, the clear priority was bringing inflation down, 86 00:04:43,040 --> 00:04:45,600 Speaker 1: and that really lines up with my own priority. Um, 87 00:04:45,960 --> 00:04:49,080 Speaker 1: being president of the Dallas Fed and as a policymaker, 88 00:04:49,440 --> 00:04:53,719 Speaker 1: our number one priority has to be to restore price stability. 89 00:04:54,279 --> 00:04:57,320 Speaker 1: Those were Dallas FED President Laura Logan's first public remarks 90 00:04:57,360 --> 00:05:00,240 Speaker 1: since taking office last week. She previously worked the New 91 00:05:00,320 --> 00:05:02,920 Speaker 1: York Fed for more than two decades. Well, I mean 92 00:05:02,920 --> 00:05:06,520 Speaker 1: defense aggressive battle against inflation has sparked fears of recession 93 00:05:06,560 --> 00:05:09,920 Speaker 1: and higher unemployment. Well, this morning we get the second 94 00:05:09,920 --> 00:05:12,920 Speaker 1: of this week reports and the labor market, initial jobless claims, 95 00:05:12,920 --> 00:05:15,799 Speaker 1: and we get a preview from Bloomberg's Michael McKee. Jobless 96 00:05:15,800 --> 00:05:18,640 Speaker 1: claims are seen as a canary in an economic coal mine. 97 00:05:18,800 --> 00:05:22,840 Speaker 1: They should start to rise somewhat significantly if the unemployment 98 00:05:22,920 --> 00:05:25,400 Speaker 1: rate is going up and if a recession is near. 99 00:05:25,680 --> 00:05:29,359 Speaker 1: So far they haven't. After a brief and small summer rise, 100 00:05:29,440 --> 00:05:32,520 Speaker 1: claims have stabilized, endless remain on guard. However, as the 101 00:05:32,520 --> 00:05:35,320 Speaker 1: Fed's interest rate moves begin to slow the economy. What 102 00:05:35,440 --> 00:05:39,000 Speaker 1: may be more important now is following continuing claims those 103 00:05:39,040 --> 00:05:42,280 Speaker 1: who continue to get jobless benefits after their initial week. 104 00:05:42,440 --> 00:05:46,039 Speaker 1: So far, those have remained relatively flat, suggesting people who 105 00:05:46,120 --> 00:05:48,560 Speaker 1: do lose their jobs are able to get new ones 106 00:05:48,720 --> 00:05:52,839 Speaker 1: rather quickly. Michael McKee, Bloomberg Daybreak. All right, thank you, Michael. 107 00:05:52,880 --> 00:05:56,000 Speaker 1: Another note on the labor market this morning, more job cuts. 108 00:05:56,080 --> 00:05:59,160 Speaker 1: Three M is planning to eliminate positions. We get that 109 00:05:59,200 --> 00:06:01,800 Speaker 1: story from bloom Works Doug Prisoner. It's in reaction to 110 00:06:01,839 --> 00:06:05,440 Speaker 1: a challenging macro economic environment. Three M says it's taking 111 00:06:05,480 --> 00:06:08,880 Speaker 1: decisive actions to position the company for continued growth. The 112 00:06:08,920 --> 00:06:11,800 Speaker 1: scope of the cuts could not be immediately determined three 113 00:06:11,920 --> 00:06:15,719 Speaker 1: M employed about ninety people. At the end of the 114 00:06:15,800 --> 00:06:19,320 Speaker 1: head of three M Safety and Industrial Division disclosed the plans. 115 00:06:19,560 --> 00:06:22,200 Speaker 1: In a message to employees of the unit, he said, 116 00:06:22,240 --> 00:06:25,440 Speaker 1: the business can't avoid this tough necessity. In New York, 117 00:06:25,480 --> 00:06:28,680 Speaker 1: I'm Prisoner Bloomberg Daybreak, right, Doug Banks, and in politics today, 118 00:06:28,680 --> 00:06:31,320 Speaker 1: President Biden jumping into the midterm election campaign at the 119 00:06:31,320 --> 00:06:33,479 Speaker 1: prime timeage rest of the nation. Tonight, we get a 120 00:06:33,480 --> 00:06:36,800 Speaker 1: preview from Bloomberg Daybreak anchor Nathan Hancher. The White House 121 00:06:36,839 --> 00:06:39,400 Speaker 1: has built this as a speech on the continued battle 122 00:06:39,480 --> 00:06:42,560 Speaker 1: for the soul of our nation. Press Secretary Karine Jean Pierre. 123 00:06:43,560 --> 00:06:46,320 Speaker 1: As president, it is important for the President of the 124 00:06:46,360 --> 00:06:49,360 Speaker 1: United States to have the strongest voice when we talk 125 00:06:49,440 --> 00:06:51,880 Speaker 1: about fighting for our democracy, and the President has been 126 00:06:51,920 --> 00:06:54,720 Speaker 1: ramping up that fight in recent weeks, referring to extreme 127 00:06:54,839 --> 00:06:58,960 Speaker 1: mega Republicans and what he calls a semi fascist GOP agenda. 128 00:06:59,040 --> 00:07:02,720 Speaker 1: He'll deliver this speed tonight from Independence National Historical Park 129 00:07:02,720 --> 00:07:05,159 Speaker 1: in Philadelphia, the home of the Liberty Bell and the 130 00:07:05,160 --> 00:07:09,200 Speaker 1: signing of the Declaration of Independence and the Constitution in Washington. 131 00:07:09,279 --> 00:07:12,560 Speaker 1: I'm Nathan Hagar, Bloomberg Daybreak, Allry, Nathan, thank you. Future 132 00:07:12,600 --> 00:07:15,240 Speaker 1: is lower this morning, straight ahead, your latest local headlines, 133 00:07:15,360 --> 00:07:23,640 Speaker 1: plus a check of sports, and this is Bloomberg. Thank you, Karen. 134 00:07:23,720 --> 00:07:25,920 Speaker 1: Five oh seven on Wall Street. Let's bring in Michael 135 00:07:25,960 --> 00:07:27,920 Speaker 1: Barr with more on what else is going on in 136 00:07:27,960 --> 00:07:31,080 Speaker 1: New York and around the world. Good morning, Michael, Good 137 00:07:31,080 --> 00:07:33,760 Speaker 1: morning Amy. New gun laws take effect in New York 138 00:07:33,800 --> 00:07:37,119 Speaker 1: this week, following the June Supreme Court decisions driking down 139 00:07:37,360 --> 00:07:40,400 Speaker 1: a one year old state law restricting who can carry 140 00:07:40,480 --> 00:07:43,880 Speaker 1: a weapon. At a news conference, Governor Kathy Oakel says, 141 00:07:43,920 --> 00:07:46,720 Speaker 1: among other things, residents must beat when he wanted to 142 00:07:46,720 --> 00:07:50,600 Speaker 1: purchase a semi automatic weapons, strength in the background checks 143 00:07:50,880 --> 00:07:54,920 Speaker 1: and the gun safety training requirements for him, concealed carry 144 00:07:55,120 --> 00:08:00,000 Speaker 1: in secure sensitive locations, and require permit renewals every three 145 00:08:00,080 --> 00:08:03,400 Speaker 1: years instead of five years. The gun location restrictions in 146 00:08:03,400 --> 00:08:06,880 Speaker 1: New York City take effect today and will include Times Square. 147 00:08:07,360 --> 00:08:10,960 Speaker 1: Mayor Eric Adams, licensed gun carriers and others may not 148 00:08:11,280 --> 00:08:18,240 Speaker 1: enter with the gun unless otherwise specifically authorized by law. Meanwhile, 149 00:08:18,280 --> 00:08:21,320 Speaker 1: New York defeated an attempt by gun rights proponents to 150 00:08:21,400 --> 00:08:24,800 Speaker 1: stop it from enforcing new restrictions on who and where 151 00:08:24,840 --> 00:08:28,000 Speaker 1: people can carry concealed weapons. The U. S. District Judge 152 00:08:28,000 --> 00:08:31,360 Speaker 1: and Syracuse rejected the request by gun Owners of America 153 00:08:31,720 --> 00:08:34,840 Speaker 1: and others. A hearing today in a Florida federal court 154 00:08:34,920 --> 00:08:38,000 Speaker 1: takes place over classified material found at the home of 155 00:08:38,040 --> 00:08:42,000 Speaker 1: former President Trump. Trump's lawyers will argue for a special 156 00:08:42,040 --> 00:08:44,480 Speaker 1: master in what was seized from his Mara Lago home. 157 00:08:44,920 --> 00:08:48,160 Speaker 1: The Justice Department has said the material seized do not 158 00:08:48,320 --> 00:08:52,319 Speaker 1: belong to Trump, but to the government. Democrat Mary Peltola 159 00:08:52,480 --> 00:08:56,000 Speaker 1: beat former Republican Alaska Governor Sarah Palin for the state's 160 00:08:56,040 --> 00:08:59,520 Speaker 1: loan House seat in a special election. Peltola will fill 161 00:08:59,559 --> 00:09:02,480 Speaker 1: the seat replaced the late Representative Don Young at least 162 00:09:02,679 --> 00:09:05,080 Speaker 1: until the end of the year. A team of UN 163 00:09:05,160 --> 00:09:09,040 Speaker 1: inspectors is expected to reach Ukraine's nuclear power plant, hoping 164 00:09:09,080 --> 00:09:12,280 Speaker 1: to secure the facility, which is in Russian held territory. 165 00:09:12,760 --> 00:09:17,360 Speaker 1: International Autonic Energy Agency chief Raphael Grocy says they're seeking 166 00:09:17,360 --> 00:09:20,640 Speaker 1: to establish a permanent presence at the plant to prevent 167 00:09:20,720 --> 00:09:25,320 Speaker 1: a potential nuclear disaster. Waiting the pros and cons and 168 00:09:25,400 --> 00:09:28,240 Speaker 1: having come so far, we are not stopping. We are 169 00:09:28,280 --> 00:09:31,520 Speaker 1: moving now. The I a e A. S Raphael Grocy. 170 00:09:31,640 --> 00:09:34,160 Speaker 1: The cost of the new York City area Gateway rail 171 00:09:34,160 --> 00:09:37,600 Speaker 1: tunnel project climbed to sixteen point one billion dollars, and 172 00:09:37,679 --> 00:09:41,760 Speaker 1: the expected start of construction was pushed too. The plan 173 00:09:41,880 --> 00:09:44,679 Speaker 1: is to seek more federal aid to cover the rising costs. 174 00:09:45,080 --> 00:09:47,760 Speaker 1: Global News twenty four hours a day on air and 175 00:09:47,920 --> 00:09:51,640 Speaker 1: on Bloomberg Quicktake, powered by more than twenty journalists and 176 00:09:51,640 --> 00:09:54,719 Speaker 1: analysts more than a hundred twenty countries. Michael Barr, this 177 00:09:54,840 --> 00:10:00,760 Speaker 1: is Bloomberg Gaming. All right, Thank you, Michael. It's five 178 00:10:00,760 --> 00:10:02,960 Speaker 1: o nine on Wall Street. Time now for the Bloomberg 179 00:10:03,000 --> 00:10:05,640 Speaker 1: Sports Update. Here's John's dash. How thanks Amy. What a 180 00:10:05,760 --> 00:10:09,040 Speaker 1: performance by Serena Williams. She put off her retirement again. 181 00:10:09,120 --> 00:10:11,959 Speaker 1: She played like it was nine nine and the years 182 00:10:11,960 --> 00:10:14,520 Speaker 1: she first won the US Open. Serena Surns forty one 183 00:10:14,640 --> 00:10:17,199 Speaker 1: later this month, mother of a five year old. He 184 00:10:17,240 --> 00:10:20,080 Speaker 1: had struggled to win matches all summer, and yet now 185 00:10:20,120 --> 00:10:22,800 Speaker 1: with the crowd at ash Stadium going wild with every 186 00:10:22,800 --> 00:10:24,640 Speaker 1: point she wins, she's into the third round. She'd beat 187 00:10:24,640 --> 00:10:28,319 Speaker 1: the net continent. Who's the open second seed? Seven six 188 00:10:28,360 --> 00:10:31,000 Speaker 1: two six six too. I think you can only have 189 00:10:31,040 --> 00:10:36,760 Speaker 1: this experience, you know, once in a lifetime for sure. Um, 190 00:10:36,800 --> 00:10:39,840 Speaker 1: I'm playing pretty good. I feel like like I saw 191 00:10:39,920 --> 00:10:43,920 Speaker 1: the court up and practicing really well, but it hasn't 192 00:10:43,920 --> 00:10:48,920 Speaker 1: been coming together and matches um. But you know, now 193 00:10:49,040 --> 00:10:51,120 Speaker 1: it's kind of coming together, I guess. I mean, I 194 00:10:51,160 --> 00:10:54,040 Speaker 1: had to bring it together today. So it worked out. 195 00:10:54,120 --> 00:10:56,360 Speaker 1: Serena will be back at ASH tomorrow. She'll actually be 196 00:10:56,400 --> 00:10:58,800 Speaker 1: there tonight playing doubles with their sister Venus. While she 197 00:10:58,960 --> 00:11:00,840 Speaker 1: was doing her thing, Jay from the Ground was doing 198 00:11:00,880 --> 00:11:03,160 Speaker 1: his just across the boardwalk in City Fielding Ground one 199 00:11:03,240 --> 00:11:06,360 Speaker 1: seventies allowed only a Mookie Bets home run Darling Marte 200 00:11:06,400 --> 00:11:08,800 Speaker 1: and early two run shot. Mets beat the Dodgers two 201 00:11:08,800 --> 00:11:11,680 Speaker 1: to one. Brandon Nemo saved the day with a seventh 202 00:11:11,679 --> 00:11:14,199 Speaker 1: inning catch over the wall, taking the home run from 203 00:11:14,200 --> 00:11:17,040 Speaker 1: the Dodgers Justin Turner. Edwin Diaz then got the actual save. 204 00:11:17,400 --> 00:11:20,360 Speaker 1: All season, they have played his theme song when he enters. 205 00:11:20,440 --> 00:11:23,240 Speaker 1: Last night, it was a live performance by Tim he 206 00:11:23,360 --> 00:11:25,839 Speaker 1: Trumpet in Adaheim. Yankees lost for the Angels three to 207 00:11:25,960 --> 00:11:28,800 Speaker 1: two when Shoeotani had a three run home in the 208 00:11:28,840 --> 00:11:31,560 Speaker 1: sixth inning off Garrett Cole. Seventy seven year old White 209 00:11:31,559 --> 00:11:34,480 Speaker 1: Sox manager Tony Larusa taking tom offer of medical issue, 210 00:11:34,520 --> 00:11:38,199 Speaker 1: John Stash were Bloomberg Sports team. All right, thank you, John, 211 00:11:38,200 --> 00:11:40,680 Speaker 1: And now let's check the markets. S and P features 212 00:11:40,800 --> 00:11:44,559 Speaker 1: down twenty nine points, DAL features down one hundred seventy eight, 213 00:11:44,640 --> 00:11:48,640 Speaker 1: Nasdaq features down one hundred thirty five points. A ten 214 00:11:48,720 --> 00:11:51,720 Speaker 1: year treasury down to thirty seconds to yield at three 215 00:11:51,760 --> 00:11:56,120 Speaker 1: point two. Much more still to come on Bloomberg Daybreak 216 00:11:56,200 --> 00:11:59,720 Speaker 1: on this Thursday morning. Stay with us. This is Bloomberg, 217 00:12:07,440 --> 00:12:09,920 Speaker 1: Bloomberg eleven three oh weather. We've got sunny and less 218 00:12:09,960 --> 00:12:12,720 Speaker 1: humid conditions today. We're going up to eighty five degrees. 219 00:12:13,080 --> 00:12:16,040 Speaker 1: Up to eighty degrees tomorrow and then on Saturday, plenty 220 00:12:16,040 --> 00:12:18,720 Speaker 1: of sunshine for your weekend, going up to eighty five degrees. 221 00:12:22,160 --> 00:12:25,520 Speaker 1: Markets headlines and breaking new twenty four hours a day 222 00:12:25,640 --> 00:12:29,240 Speaker 1: at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg 223 00:12:29,280 --> 00:12:39,320 Speaker 1: Quick takes a Bloomberg Business Flash and I'm Karen Moscow 224 00:12:39,480 --> 00:12:41,960 Speaker 1: knocks and bonds extending their sell off as a hawkish 225 00:12:42,080 --> 00:12:44,400 Speaker 1: drum beat from central banks and a lockdown in China 226 00:12:44,520 --> 00:12:47,320 Speaker 1: further freight investor nerves. We checked the markets every fifteen 227 00:12:47,360 --> 00:12:50,160 Speaker 1: minutes throughout the trading day on Bloomberg. Right now U 228 00:12:50,200 --> 00:12:51,920 Speaker 1: S and P futures are down thirty two points and 229 00:12:51,960 --> 00:12:54,520 Speaker 1: down futures down a hundred nineties seven and NASDACK futures 230 00:12:54,559 --> 00:12:57,440 Speaker 1: down one forty seven. That's down one point two percent. 231 00:12:57,800 --> 00:13:00,160 Speaker 1: Adacks in Germany is down one and a half per set. 232 00:13:00,280 --> 00:13:02,920 Speaker 1: Ten year treasury down to thirty seconds, held three point 233 00:13:02,960 --> 00:13:05,679 Speaker 1: two percent yield on the two year three point four 234 00:13:05,720 --> 00:13:09,160 Speaker 1: eight percent. DIMX Screwed oil is down one point seven percent, 235 00:13:09,240 --> 00:13:11,920 Speaker 1: down a dollar forty nine at eighty eight dollars six 236 00:13:11,960 --> 00:13:14,480 Speaker 1: cents of arrol comex school is down half percent or 237 00:13:14,480 --> 00:13:17,679 Speaker 1: eight dollars ninety cents is seventeen seventeen thirty announced. The 238 00:13:17,760 --> 00:13:20,480 Speaker 1: euro one point zero zero three seven against the dollar 239 00:13:20,480 --> 00:13:22,560 Speaker 1: in British found one point one five nine nine and 240 00:13:22,600 --> 00:13:25,280 Speaker 1: an one thirty nine point two four. And look at 241 00:13:25,280 --> 00:13:27,760 Speaker 1: a bitcoin it's lower down one point seven percent and 242 00:13:27,920 --> 00:13:31,080 Speaker 1: nineteen thousand, eight hundred fifty dollars. Today we are watching 243 00:13:31,120 --> 00:13:33,480 Speaker 1: for the weekly report on initial jobless claims is at 244 00:13:33,480 --> 00:13:36,120 Speaker 1: an eight thirty Wall Street time at ten it's hsen 245 00:13:36,200 --> 00:13:40,040 Speaker 1: manufacturing and construction spending. That's a bloomberg business flash. Now 246 00:13:40,040 --> 00:13:42,360 Speaker 1: here's Michael Barr with more on what's going on. Around 247 00:13:42,360 --> 00:13:45,080 Speaker 1: the world. Michael, good morning, Good morning Karen, A Florida 248 00:13:45,160 --> 00:13:47,960 Speaker 1: Federal court judge today a will decide whether a special 249 00:13:48,000 --> 00:13:50,960 Speaker 1: master will carry out a third party review of those 250 00:13:51,000 --> 00:13:55,160 Speaker 1: classified materials seized from former President Trump's mora lago with State. 251 00:13:55,559 --> 00:13:59,559 Speaker 1: The Department of Justice has called the special master request unnecessary. 252 00:14:00,080 --> 00:14:02,680 Speaker 1: President Biden will give a prime time address to the 253 00:14:02,760 --> 00:14:05,360 Speaker 1: nation tonight. The White House says it will focus on 254 00:14:05,400 --> 00:14:08,200 Speaker 1: what he calls the soul of the nation, including the 255 00:14:08,240 --> 00:14:12,760 Speaker 1: threats of political violence. Not retired yet. Serena Williams continues 256 00:14:12,800 --> 00:14:15,480 Speaker 1: her magical run at the US Open, winning round two. 257 00:14:15,960 --> 00:14:18,719 Speaker 1: In baseball, the Yankees lost with the Angels three to 258 00:14:19,120 --> 00:14:21,880 Speaker 1: The Mets beat the Dodgers too one, the Red Sox 259 00:14:22,000 --> 00:14:25,840 Speaker 1: and Orioles one. The Nationals beat the A's five one, 260 00:14:26,160 --> 00:14:29,560 Speaker 1: the Giants lost. Global News twenty four hours a day 261 00:14:29,640 --> 00:14:32,840 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 262 00:14:32,920 --> 00:14:35,120 Speaker 1: twenty seven hundred journalists and analysts, are more than a 263 00:14:35,200 --> 00:14:38,640 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg Gaming. 264 00:14:38,880 --> 00:14:42,080 Speaker 1: All right, thank you, Michael. It is five nineteen on 265 00:14:42,160 --> 00:14:45,360 Speaker 1: Wall Street, where live from the Bloomberg Interactive Broker studios. 266 00:14:45,440 --> 00:14:49,000 Speaker 1: This is Bloomberg Daybreak. President Biden making the big prime 267 00:14:49,080 --> 00:14:51,280 Speaker 1: time speech to the nation tonight. We want to get 268 00:14:51,320 --> 00:14:53,720 Speaker 1: a preview of that and a few other things. Bloomberg 269 00:14:53,720 --> 00:14:57,440 Speaker 1: Government reporter Jack Fitzpatrick joins us. Now, Jack, it's pleasure, 270 00:14:57,480 --> 00:14:59,520 Speaker 1: thanks for taking the time with us this morning. We 271 00:14:59,560 --> 00:15:01,920 Speaker 1: know the pre resident will be in Philadelphia delivering that 272 00:15:01,960 --> 00:15:04,840 Speaker 1: speech on what he is calling a battle for the 273 00:15:04,880 --> 00:15:08,880 Speaker 1: soul of the nation. What will you be listening for, Well, 274 00:15:08,920 --> 00:15:11,080 Speaker 1: you know we got a preview of this because he's 275 00:15:11,080 --> 00:15:13,800 Speaker 1: spending a lot of time in Pennsylvania. You just had 276 00:15:13,840 --> 00:15:18,080 Speaker 1: another speech that had a very similar focus, UH, in 277 00:15:18,120 --> 00:15:21,240 Speaker 1: Pennsylvania a couple of days ago, on Tuesday. I I 278 00:15:21,280 --> 00:15:24,800 Speaker 1: think the key takeaway here is that clearly the president 279 00:15:24,960 --> 00:15:28,720 Speaker 1: is trying to get aggressive on the campaign trail and 280 00:15:28,840 --> 00:15:35,360 Speaker 1: seemingly maybe shift the focus away from inflation, economic concerns, 281 00:15:35,400 --> 00:15:39,360 Speaker 1: the possibility of a recession, UH, and drive home the 282 00:15:39,400 --> 00:15:44,920 Speaker 1: message that that Republicans were, in his view, irresponsible. On 283 00:15:45,040 --> 00:15:50,760 Speaker 1: January six, that the search of maral Lago and the 284 00:15:50,760 --> 00:15:54,840 Speaker 1: the allegations that the former president Donald Trump kept top 285 00:15:54,880 --> 00:15:59,960 Speaker 1: secret documents was also irresponsible, and and that the republic 286 00:16:00,040 --> 00:16:03,360 Speaker 1: can party has gone awry. That's essentially the message Biden 287 00:16:03,480 --> 00:16:07,640 Speaker 1: is taking out on the campaign trail. I don't know 288 00:16:07,680 --> 00:16:11,400 Speaker 1: how much that digs in to the supposed advantage that 289 00:16:11,440 --> 00:16:15,320 Speaker 1: Republicans have in this kind of mid term environment, especially 290 00:16:15,320 --> 00:16:18,480 Speaker 1: where the economy is a concern, but you know, it's 291 00:16:18,720 --> 00:16:20,960 Speaker 1: really I think the key is it's interesting to see 292 00:16:20,960 --> 00:16:25,080 Speaker 1: the President gets so focused in one particular state in Pennsylvania, 293 00:16:25,080 --> 00:16:28,160 Speaker 1: which as a swing state, uh, Senate race, and and 294 00:16:28,240 --> 00:16:31,640 Speaker 1: try to redirect the message in that sense. Yeah, this 295 00:16:31,680 --> 00:16:34,960 Speaker 1: is his third trip to Pennsylvania in just the past week. 296 00:16:35,040 --> 00:16:40,200 Speaker 1: Is that significant? Well, it highlights the significance of Pennsylvania. 297 00:16:40,600 --> 00:16:42,880 Speaker 1: They are trying to win the Senate race, trying to 298 00:16:42,880 --> 00:16:47,840 Speaker 1: win the gubernatorial race coming up. Uh. He just showed 299 00:16:47,920 --> 00:16:51,560 Speaker 1: up to wilkes Bury to also campaign for a swing 300 00:16:51,880 --> 00:16:55,600 Speaker 1: seat in the House. Matt Cartwright, where he talked to 301 00:16:56,000 --> 00:16:59,160 Speaker 1: the President, talked quite a bit about sort of tying 302 00:16:59,200 --> 00:17:03,400 Speaker 1: in the port for police and police funding, local police 303 00:17:03,400 --> 00:17:08,520 Speaker 1: funding with the idea that to support law enforcement. You 304 00:17:08,520 --> 00:17:12,080 Speaker 1: you could not have had any doubts about the former 305 00:17:12,119 --> 00:17:16,920 Speaker 1: president's role on January six, kind of tying these these 306 00:17:17,160 --> 00:17:22,720 Speaker 1: democracy related arguments together into one package and for one 307 00:17:22,760 --> 00:17:26,280 Speaker 1: reason or another. Obviously Pennsylvania is a very competitive state 308 00:17:26,320 --> 00:17:28,879 Speaker 1: in a few races, but for one reason or another, 309 00:17:29,240 --> 00:17:32,400 Speaker 1: Pennsylvania is the major focus right now for the president. 310 00:17:33,400 --> 00:17:36,080 Speaker 1: Let's just briefly, if we could to Alaska, Democrats were 311 00:17:36,080 --> 00:17:39,879 Speaker 1: able to flip Alaska's House seat, Mary Peltola defeating Sarah 312 00:17:39,920 --> 00:17:44,600 Speaker 1: Palin in the special election fifty So yeah, a close race. 313 00:17:44,680 --> 00:17:47,879 Speaker 1: But is there a message there for the GOP? I 314 00:17:47,920 --> 00:17:52,359 Speaker 1: would I would mitigate any message that you think is 315 00:17:52,480 --> 00:17:56,200 Speaker 1: clearly there for the Republicans. Uh, this is a really 316 00:17:56,240 --> 00:17:59,720 Speaker 1: interesting race, but maybe a confusing one. This is ranked 317 00:17:59,760 --> 00:18:05,160 Speaker 1: choice voice voting. Uh. Mary Paltola did win the first ballot, 318 00:18:05,240 --> 00:18:08,280 Speaker 1: the you know, the people's first choice. She got about 319 00:18:08,280 --> 00:18:12,200 Speaker 1: forty of the vote, So it then came down to uh, 320 00:18:12,400 --> 00:18:15,760 Speaker 1: the second choice. Sarah Palin obviously is somebody with a 321 00:18:15,840 --> 00:18:19,400 Speaker 1: significant following, but you probably wouldn't be surprised to learn 322 00:18:19,440 --> 00:18:22,280 Speaker 1: she's not exactly a lot of people's second choice, sort 323 00:18:22,280 --> 00:18:25,600 Speaker 1: of a lover or hater kind of political figure. And 324 00:18:25,720 --> 00:18:29,640 Speaker 1: only about half of the people who chose the other 325 00:18:29,720 --> 00:18:34,119 Speaker 1: Republican nick bagas uh for their first choice then chose 326 00:18:34,280 --> 00:18:37,160 Speaker 1: Palin for their second choice. The rest either chose Mary 327 00:18:37,160 --> 00:18:40,040 Speaker 1: Paltola the Democrat, or didn't choose anyone at all. So 328 00:18:40,080 --> 00:18:44,200 Speaker 1: this tells us quite a bit about how ranked choice 329 00:18:44,320 --> 00:18:48,040 Speaker 1: voting works, the possibilities that it can create for maybe 330 00:18:48,040 --> 00:18:51,520 Speaker 1: a more moderate minority party at a Democrat running in 331 00:18:51,520 --> 00:18:55,359 Speaker 1: Alaska in this case, um and she did run on 332 00:18:55,600 --> 00:18:58,800 Speaker 1: abortion access to a significant degree. The Roe v. Wade 333 00:18:58,920 --> 00:19:01,760 Speaker 1: decision to strike down Roe v. Wade was a significant 334 00:19:01,800 --> 00:19:04,880 Speaker 1: factor in this. I don't know that that means this 335 00:19:05,000 --> 00:19:07,639 Speaker 1: is going to be a great result for Democrats and 336 00:19:07,680 --> 00:19:09,760 Speaker 1: all the other races, but it really is an interesting 337 00:19:09,800 --> 00:19:12,760 Speaker 1: case study in ranked choice voting. All right, thank you 338 00:19:12,800 --> 00:19:16,200 Speaker 1: so much, Bloomberg Government reporter Jack Fitzpatrick. Always a pleasure. 339 00:19:16,400 --> 00:19:18,520 Speaker 1: We want to talk to you later again this morning, 340 00:19:18,520 --> 00:19:22,480 Speaker 1: getting more information about tonight's speech from President Biden on 341 00:19:22,560 --> 00:19:25,280 Speaker 1: what he is calling a battle for the soul of 342 00:19:25,359 --> 00:19:28,280 Speaker 1: the nation, a theme that he has repeated pretty much 343 00:19:29,240 --> 00:19:32,440 Speaker 1: repeatedly since Charlotte's Bill in seventeen. That's the first time 344 00:19:32,480 --> 00:19:35,080 Speaker 1: we've heard him use that reference. So we'll be talking 345 00:19:35,080 --> 00:19:37,720 Speaker 1: with Jack a little bit later in the program. Let's 346 00:19:37,800 --> 00:19:41,240 Speaker 1: check the markets now, SMP futures down thirty five, Dal 347 00:19:41,400 --> 00:19:45,600 Speaker 1: futures down two hundred, ten NASDAC futures down one hundred 348 00:19:45,840 --> 00:19:49,520 Speaker 1: sixty five points. Ten year treasury down one thirty second, 349 00:19:49,640 --> 00:19:53,320 Speaker 1: the yield at three point two percent, still ahead. On 350 00:19:53,400 --> 00:19:55,920 Speaker 1: Bloomberg Daybreak, we'll be checking the markets and bringing you 351 00:19:55,960 --> 00:19:58,560 Speaker 1: the latest in business economics and finance. Day with us. 352 00:19:58,720 --> 00:20:09,800 Speaker 1: This is a Bloomberg Bloomberg eleven three oh weather sunny, 353 00:20:09,880 --> 00:20:12,360 Speaker 1: less humid today, a break from that humidity. We're going 354 00:20:12,400 --> 00:20:14,600 Speaker 1: up to eighty five today, down to eighty to grow 355 00:20:14,800 --> 00:20:17,280 Speaker 1: down to eighty tomorrow and then on Saturday plenty of 356 00:20:17,320 --> 00:20:23,800 Speaker 1: sunshine going up to eighty five. Broadcasting live from the 357 00:20:23,920 --> 00:20:27,880 Speaker 1: Bloomberg Interactive Broker Studio in New York, Bloomberg e living 358 00:20:27,960 --> 00:20:30,880 Speaker 1: three on to Washington, d C, Bloomberg ninety nine one 359 00:20:31,000 --> 00:20:34,240 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 360 00:20:34,320 --> 00:20:37,760 Speaker 1: Bloomberg NAM sixty to the country, Sirius XM Chadle one 361 00:20:37,840 --> 00:20:40,920 Speaker 1: nine ten, and around the globe the Bloomberg Business and 362 00:20:41,000 --> 00:20:51,040 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 363 00:20:51,080 --> 00:20:53,920 Speaker 1: thirty on Wall Street. Good morning. I'm Amy Morris and 364 00:20:54,000 --> 00:20:56,600 Speaker 1: I'm Karen Moscow. We're just about four hours away from 365 00:20:56,640 --> 00:20:58,359 Speaker 1: the open of US trading. Let's catch you up to 366 00:20:58,440 --> 00:21:00,200 Speaker 1: date on the news you need to know at this hour. 367 00:21:00,280 --> 00:21:02,800 Speaker 1: While stocks are beginning September the way they ended August 368 00:21:02,880 --> 00:21:06,800 Speaker 1: with losses, Morgan Stanley Chief US equity strategist Mike Wilson 369 00:21:06,880 --> 00:21:11,400 Speaker 1: tells US there's likely more pain ahead. The index usually 370 00:21:11,600 --> 00:21:14,720 Speaker 1: is the lasting to fall, so meaning June probably was 371 00:21:14,800 --> 00:21:17,280 Speaker 1: the low for the average stock, but the index we 372 00:21:17,359 --> 00:21:19,880 Speaker 1: think still has to take out those June lows. We've 373 00:21:20,000 --> 00:21:22,280 Speaker 1: used thirty four d for kind of the quote unquote 374 00:21:22,280 --> 00:21:24,800 Speaker 1: growth recession or soft landing is you but I want 375 00:21:24,800 --> 00:21:27,480 Speaker 1: to call it or a proper recession would be something 376 00:21:27,480 --> 00:21:30,280 Speaker 1: closer to three thousand. The S and P five hundred 377 00:21:30,400 --> 00:21:33,080 Speaker 1: is currently more than nine hundred points above that three 378 00:21:33,080 --> 00:21:36,479 Speaker 1: thousand mark. Morgan Stanley's Mike Wilson says the market is 379 00:21:36,560 --> 00:21:40,359 Speaker 1: not pricing in earnings risks, and global stocks are trading 380 00:21:40,400 --> 00:21:43,080 Speaker 1: at a six week low as stocks in Europe and 381 00:21:43,280 --> 00:21:46,920 Speaker 1: Asia post sharp declines. There are also fresh COVID concerns 382 00:21:46,920 --> 00:21:49,800 Speaker 1: in China. The government is locking down the city of 383 00:21:49,880 --> 00:21:53,760 Speaker 1: shang Do. Bloomberg's Colin Murphy in Beijing says the city 384 00:21:53,760 --> 00:21:57,359 Speaker 1: of twenty one million people will experience the biggest lockdown 385 00:21:57,400 --> 00:22:00,920 Speaker 1: since Shanghai earlier this year. Popely there will have been 386 00:22:01,040 --> 00:22:05,159 Speaker 1: some lessons learned from Shanghai, because that was the complete 387 00:22:05,359 --> 00:22:08,880 Speaker 1: chaotic handling of the crisis. And this is really an 388 00:22:08,880 --> 00:22:11,919 Speaker 1: emerging hub in the western part of the country and 389 00:22:12,000 --> 00:22:15,919 Speaker 1: had been pretty much immune until recently from COVID, So 390 00:22:15,960 --> 00:22:19,440 Speaker 1: this is quite a disturbing development. Bloomberg's Callum Murphy says 391 00:22:19,440 --> 00:22:23,040 Speaker 1: the Shindo lockdown comes after reporting one fifty seven new 392 00:22:23,119 --> 00:22:27,399 Speaker 1: COVID cases yesterday. Meantime, this morning, Amy U S shipmakers 393 00:22:27,400 --> 00:22:31,040 Speaker 1: stocks are sliding. That's after in video warned new roles 394 00:22:31,119 --> 00:22:34,560 Speaker 1: governing the export of artificial intelligence ships to China could 395 00:22:34,600 --> 00:22:37,080 Speaker 1: cost millions in revenue, and right now and video is 396 00:22:37,160 --> 00:22:40,160 Speaker 1: down five and a half percent in early trading. Markets 397 00:22:40,200 --> 00:22:43,920 Speaker 1: will also price in fresh economic data today. Weekly jobless 398 00:22:43,920 --> 00:22:46,640 Speaker 1: claims come in at eight thirty a m. Wall Street time, 399 00:22:46,720 --> 00:22:49,880 Speaker 1: followed by I S M manufacturing data at ten am, 400 00:22:49,920 --> 00:22:53,320 Speaker 1: and it all comes before tomorrow morning's jobs report. To 401 00:22:53,440 --> 00:22:56,400 Speaker 1: politics now, Amy President Biden is jumping into the mid 402 00:22:56,520 --> 00:22:59,800 Speaker 1: term election campaign with a primetime address to the nation tonight. 403 00:23:00,080 --> 00:23:03,840 Speaker 1: Bloomberg Political contributor Genie shehan Zeno says, the speech comes 404 00:23:03,840 --> 00:23:06,320 Speaker 1: at a critical time. This is a big test for him. 405 00:23:06,400 --> 00:23:09,040 Speaker 1: This is going to be a peek into the closing 406 00:23:09,160 --> 00:23:11,639 Speaker 1: argument that the Democrats are going to be making as 407 00:23:11,680 --> 00:23:15,520 Speaker 1: they move into this really, really tough election year in 408 00:23:15,560 --> 00:23:18,160 Speaker 1: which they're likely going to lose the House and may 409 00:23:18,320 --> 00:23:20,879 Speaker 1: in fact lose the Senate. But they're giving it a 410 00:23:20,960 --> 00:23:23,679 Speaker 1: really good try, and he's going to be leading that charge. 411 00:23:23,840 --> 00:23:27,200 Speaker 1: Political contributor Genie shehan Zeno made the comments on Bloomberg 412 00:23:27,280 --> 00:23:30,280 Speaker 1: Sound on Catch the program weeknates at five pm Eastern 413 00:23:30,320 --> 00:23:39,119 Speaker 1: on Bloomberg Radio. And this is Bloomberg. Thank you, Karen. 414 00:23:39,160 --> 00:23:41,439 Speaker 1: It's five thirty three on Wall three. Let's bring in 415 00:23:41,520 --> 00:23:43,560 Speaker 1: Michael Barr with more on what else is going on 416 00:23:43,600 --> 00:23:46,520 Speaker 1: in New York and around the world. Thank you very much. Amy. 417 00:23:46,640 --> 00:23:49,399 Speaker 1: New gun laws take effect in New York this week, 418 00:23:49,560 --> 00:23:52,760 Speaker 1: following the June Supreme Court decision striking down a one 419 00:23:53,240 --> 00:23:55,960 Speaker 1: year old state law restricting who can carry a weapon. 420 00:23:56,320 --> 00:23:59,800 Speaker 1: Governor Kathy Oakel says they include gun free zones. The 421 00:24:00,160 --> 00:24:03,640 Speaker 1: whole concept that a good guy with a gun will 422 00:24:03,680 --> 00:24:08,120 Speaker 1: stop the bad guys with a gun. It doesn't hold up, 423 00:24:08,520 --> 00:24:12,120 Speaker 1: It doesn't hold up, and the data bears us up. 424 00:24:12,800 --> 00:24:16,199 Speaker 1: New York City Mayor Eric Adams says the location restrictions 425 00:24:16,200 --> 00:24:20,600 Speaker 1: take effect today. The city is posted signers around Times 426 00:24:20,600 --> 00:24:27,680 Speaker 1: Square informing people that the area is a gun free zone. Meanwhile, 427 00:24:27,680 --> 00:24:30,640 Speaker 1: a U. S. District judge and Syracuse defeated an attempt 428 00:24:30,760 --> 00:24:34,400 Speaker 1: by gun rights proponents stop New York State from enforcing 429 00:24:34,440 --> 00:24:38,240 Speaker 1: new restrictions on concealed weapons. You and inspectors are hoping 430 00:24:38,280 --> 00:24:41,680 Speaker 1: to gain access to Europe's largest nuclear power plant today, 431 00:24:41,760 --> 00:24:44,240 Speaker 1: after making their way through the war zone in Ukraine. 432 00:24:44,600 --> 00:24:48,320 Speaker 1: The plant, recently hit by shelling, remains under Russian control. 433 00:24:48,720 --> 00:24:52,639 Speaker 1: International Atomic Energy Agency chief Raphael Grossi, we have a 434 00:24:52,760 --> 00:24:56,240 Speaker 1: very important mission to accomplish. As you know, we are 435 00:24:56,280 --> 00:25:01,720 Speaker 1: going to start immediately an assessment of the security and 436 00:25:01,800 --> 00:25:05,920 Speaker 1: the safety situation at the plan. The I A e. A. S. 437 00:25:06,000 --> 00:25:10,840 Speaker 1: Raphael Grossy. Democrat Mary Peltola flipped Alaska's lone House seat 438 00:25:10,880 --> 00:25:14,080 Speaker 1: in a special election, expanding the Democrats majority in the 439 00:25:14,160 --> 00:25:18,720 Speaker 1: narrowly divided chamber. Peltola beat former Republican Governor Sarah Palin 440 00:25:18,800 --> 00:25:21,200 Speaker 1: for the seat, and it sets up a rematch in November. 441 00:25:21,560 --> 00:25:24,520 Speaker 1: In the end, Peltola got fifty one percent of the 442 00:25:24,600 --> 00:25:28,680 Speaker 1: votes to Palin's. The Department of Justice and former President 443 00:25:28,680 --> 00:25:32,119 Speaker 1: Trump's legal team meet in federal court in Florida today 444 00:25:32,200 --> 00:25:36,320 Speaker 1: over last month's FBI surge and seizure of classified documents. 445 00:25:36,720 --> 00:25:39,400 Speaker 1: They will be battling over Trump's request for a special 446 00:25:39,440 --> 00:25:43,240 Speaker 1: master to review all those documents. Global News twenty four 447 00:25:43,280 --> 00:25:46,560 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 448 00:25:46,600 --> 00:25:49,480 Speaker 1: by more than twenty hundred journalist and analysts more than 449 00:25:49,520 --> 00:25:53,359 Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg Gaming. 450 00:25:53,960 --> 00:25:59,920 Speaker 1: All right, thank you, Michael. On Wall Street. Time now 451 00:26:00,040 --> 00:26:02,840 Speaker 1: for the Bloomberg Sports Update. Here's John's dash our. Alright, 452 00:26:02,880 --> 00:26:06,520 Speaker 1: any the greatest of all time not done yet, retirement awaits. 453 00:26:06,520 --> 00:26:09,119 Speaker 1: But Serena Williams still going at the US Open, a 454 00:26:09,320 --> 00:26:13,359 Speaker 1: stirring seven six two six six to second round victory 455 00:26:13,359 --> 00:26:16,679 Speaker 1: over net Kantovitch eat the Open. Second scene. So if 456 00:26:16,680 --> 00:26:19,720 Speaker 1: Serena can beat her, could she actually win the Open? 457 00:26:19,880 --> 00:26:23,040 Speaker 1: I cannot think that far. I I don't. I'm here 458 00:26:23,119 --> 00:26:27,080 Speaker 1: just like I said, it's I don't. I'm having fun 459 00:26:27,280 --> 00:26:31,120 Speaker 1: and I'm enjoying it. And then um Honestly, I've had 460 00:26:31,200 --> 00:26:33,200 Speaker 1: so many tough matches the last I don't know how 461 00:26:33,240 --> 00:26:36,399 Speaker 1: long that. I just feel like just being prepared for 462 00:26:36,440 --> 00:26:38,800 Speaker 1: everyone that I play is just gonna be really, really 463 00:26:38,840 --> 00:26:41,879 Speaker 1: difficult and get through those moments. Tomorrow will bring another 464 00:26:41,960 --> 00:26:44,920 Speaker 1: huge crowd at ash Stadium. They'll go wildly each winning 465 00:26:44,920 --> 00:26:48,240 Speaker 1: point of Serena will take on Odda, Tom Jonovitch, Rant, 466 00:26:48,520 --> 00:26:50,840 Speaker 1: Andy Murray thirty five. He's into the men's third round, 467 00:26:50,840 --> 00:26:52,800 Speaker 1: lost the first set, drop only four games. After that 468 00:26:52,840 --> 00:26:55,040 Speaker 1: easy win last night for the top seed in defending 469 00:26:55,119 --> 00:26:57,879 Speaker 1: Champton Neil Medvedev, there was a playoff atmosphere at City 470 00:26:57,920 --> 00:27:00,680 Speaker 1: Field Mets and Dodgers could meet. In the end, lcs them. 471 00:27:00,680 --> 00:27:03,400 Speaker 1: That's one two to one, with Jacob Ground allowing only 472 00:27:03,400 --> 00:27:06,000 Speaker 1: a Mookie Bets home run. Justin Turner nearly hit a 473 00:27:06,040 --> 00:27:08,080 Speaker 1: game tie in homer off the ground seventh any, but 474 00:27:08,440 --> 00:27:11,040 Speaker 1: Brandon Nimo went over the wall to make the catch. 475 00:27:11,119 --> 00:27:13,800 Speaker 1: Darlene Markday provided the offense with a two run shot 476 00:27:13,800 --> 00:27:17,119 Speaker 1: early on, and Edwin Diaz got to save his entering 477 00:27:17,240 --> 00:27:20,840 Speaker 1: theme song, this time performed live by Timmy Trumpet and Anna. 478 00:27:20,840 --> 00:27:23,199 Speaker 1: I'm Garrett Cole cruising along to five innings. Then in 479 00:27:23,240 --> 00:27:26,040 Speaker 1: the sixth and infield single and error at a three 480 00:27:26,119 --> 00:27:29,160 Speaker 1: run homer by the Amazing Show Ao Tani is three 481 00:27:29,280 --> 00:27:31,640 Speaker 1: of the year. The Angels tought the Yankees three to two. 482 00:27:32,040 --> 00:27:35,600 Speaker 1: John Stashwar Bloomberg Sports seem all right, Thank you, John. 483 00:27:35,600 --> 00:27:38,199 Speaker 1: It is seven on Wall Street time now for the 484 00:27:38,240 --> 00:27:41,560 Speaker 1: Try State Business Report. Here with that, Bloomberg's ed Corey 485 00:27:41,800 --> 00:27:45,680 Speaker 1: Frontier Communications has agreed to expand high speed internet access 486 00:27:45,720 --> 00:27:49,560 Speaker 1: in poor communities and an Internet surcharge and improved marketing 487 00:27:49,560 --> 00:27:52,800 Speaker 1: and customer service. It's part of a sixty million dollar 488 00:27:52,920 --> 00:27:57,200 Speaker 1: settlement announced Wednesday by Connecticut's attorney general. New Jersey state 489 00:27:57,280 --> 00:28:00,359 Speaker 1: lawmakers this summer approved that tem Porker's Bill of Rights. 490 00:28:00,720 --> 00:28:03,280 Speaker 1: It calls for staffing firms to register with the state, 491 00:28:03,320 --> 00:28:06,560 Speaker 1: offer enhanced benefits, and provide pay equal to what full 492 00:28:06,600 --> 00:28:11,040 Speaker 1: time workers at their workplaces receive. The legislation now sits 493 00:28:11,040 --> 00:28:14,000 Speaker 1: on the desk of Governor Phil Murphy. Reports of five 494 00:28:14,040 --> 00:28:17,720 Speaker 1: thousand dollar tickets for Bruce Springsteen's upcoming tour have upset 495 00:28:17,720 --> 00:28:21,959 Speaker 1: a New Jersey congressman. He's demanding that Live Nation Entertainment 496 00:28:21,960 --> 00:28:26,640 Speaker 1: explained what he calls its exorbitant markups and secretive pricing practices. 497 00:28:27,040 --> 00:28:31,800 Speaker 1: Representative Bill Pascal alleges the company's ticket price practices rip 498 00:28:31,800 --> 00:28:35,440 Speaker 1: off consumers. That's your Bloomberg Try State Business Report. I'm 499 00:28:35,560 --> 00:28:39,440 Speaker 1: Ed Corey. All right, thank you, Ed. It's on Wall Street. 500 00:28:39,440 --> 00:28:42,480 Speaker 1: Bloomberg Radio is on the air from San Francisco to 501 00:28:42,520 --> 00:28:45,080 Speaker 1: New York, London to Hong Kong. Let's check in with 502 00:28:45,120 --> 00:28:47,719 Speaker 1: our global news team for some of the top stories 503 00:28:47,760 --> 00:28:51,360 Speaker 1: heard on our three hundred affiliate radio stations around the world. 504 00:28:54,360 --> 00:28:57,640 Speaker 1: I'm Steve Potaskan ont X in Los Angeles. We're talking 505 00:28:57,680 --> 00:29:01,719 Speaker 1: about reports of Disney consider ring an Amazon Prime style 506 00:29:01,800 --> 00:29:06,160 Speaker 1: membership program. Um corney Tannahuan kerl d in Dallas. Sam's 507 00:29:06,160 --> 00:29:08,800 Speaker 1: Club is raising its membership fee for the first time 508 00:29:08,840 --> 00:29:12,320 Speaker 1: in nine years. Him Caroline had Bloomberg DAV Digital Radio 509 00:29:12,360 --> 00:29:14,640 Speaker 1: in Londovot putting on the bond market sell off as 510 00:29:14,680 --> 00:29:17,680 Speaker 1: markets price in bigger Great Heights from E C B. 511 00:29:18,240 --> 00:29:21,840 Speaker 1: Bid coryon w w J in Detroit, I'm reporting this 512 00:29:21,960 --> 00:29:25,800 Speaker 1: city plans to reopen it's adult use marijuana application process 513 00:29:25,960 --> 00:29:31,480 Speaker 1: this week. And those are some of the stories our 514 00:29:32,360 --> 00:29:35,480 Speaker 1: Bloomberg journalists and analysts are working on this morning. Around 515 00:29:35,520 --> 00:29:38,600 Speaker 1: the world. It's five thirty nine on Wall Street. The 516 00:29:38,720 --> 00:29:43,120 Speaker 1: following is an editorial from Bloomberg Opinion. This sedatorial was 517 00:29:43,240 --> 00:29:47,960 Speaker 1: written by the Bloomberg Editorial Board. Mikhail Gorbachoff, who died 518 00:29:48,000 --> 00:29:51,800 Speaker 1: this week at age ninety one, defied convention throughout some 519 00:29:51,920 --> 00:29:55,560 Speaker 1: of the most tumultuous years of the Cold War. When 520 00:29:55,640 --> 00:29:59,920 Speaker 1: he assumed leadership of the Soviet Union in he inherited 521 00:30:00,080 --> 00:30:04,760 Speaker 1: the country that was economically moribund, stubbornly corrupt, and suffering 522 00:30:04,840 --> 00:30:09,440 Speaker 1: through the final spasms of ideological failure. A lesser leader 523 00:30:09,800 --> 00:30:14,400 Speaker 1: might have tried to ignore such challenges. Gorbachev took many 524 00:30:14,480 --> 00:30:18,560 Speaker 1: of them head on. Perhaps his greatest achievement was overseeing 525 00:30:18,680 --> 00:30:23,320 Speaker 1: the largely bloodless dissolution of his own empire. Millions of 526 00:30:23,440 --> 00:30:27,400 Speaker 1: people across Central and Eastern Europe gained freedom as a result. 527 00:30:27,920 --> 00:30:32,240 Speaker 1: Gorbachev's legacy is complex, to be sure. The final leader 528 00:30:32,320 --> 00:30:35,480 Speaker 1: of the Soviet Union failed at most of his ambitions, 529 00:30:35,880 --> 00:30:38,840 Speaker 1: but the world was better for them all the same. 530 00:30:39,520 --> 00:30:43,040 Speaker 1: The senatorial was written by the Bloomberg Editorial Board. For 531 00:30:43,160 --> 00:30:46,240 Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com, slash 532 00:30:46,360 --> 00:30:49,959 Speaker 1: Opinion or opie I n go on the Bloomberg terminal. 533 00:30:50,160 --> 00:30:54,560 Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be 534 00:30:54,680 --> 00:30:57,800 Speaker 1: heard every weekday at this time, and terminal customers can 535 00:30:57,880 --> 00:31:02,200 Speaker 1: read more at opie I n oh SMP futures down 536 00:31:02,360 --> 00:31:05,880 Speaker 1: thirty points, DAL futures down one hundred seventy five points, 537 00:31:06,200 --> 00:31:09,440 Speaker 1: NASTAD futures down one hundred forty five points, the ten 538 00:31:09,560 --> 00:31:12,720 Speaker 1: year treasury one thirty second higher, the yield at three 539 00:31:12,800 --> 00:31:16,360 Speaker 1: point one eight per cent. Still ahead on Bloomberg Daybreak 540 00:31:16,360 --> 00:31:18,240 Speaker 1: and check on all the news you need to start 541 00:31:18,280 --> 00:31:25,280 Speaker 1: your day. This is Bloomberg. Bloomberg eleven three oh weather, sunny, less, 542 00:31:25,360 --> 00:31:28,000 Speaker 1: humid today, going up to eighty five degrees. We'll get 543 00:31:28,080 --> 00:31:30,560 Speaker 1: up to eighty degrees to start your weekend tomorrow, and 544 00:31:30,600 --> 00:31:33,440 Speaker 1: then plenty of sunshine on Saturday going up to eighty five. 545 00:31:37,200 --> 00:31:40,560 Speaker 1: Markets headlines and breaking news twenty four hours a day 546 00:31:40,720 --> 00:31:43,640 Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at 547 00:31:43,680 --> 00:31:53,040 Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business lash and 548 00:31:53,120 --> 00:31:56,000 Speaker 1: I'm Karen Moscow stocks in Voluns extending their sell off 549 00:31:56,040 --> 00:31:58,120 Speaker 1: as a hawk issue, drum dead from central banks in 550 00:31:58,160 --> 00:32:01,760 Speaker 1: a lockdown in China. Further phrase investor nerves. Europe Stock 551 00:32:01,800 --> 00:32:04,200 Speaker 1: six hundred index is sliding one and a half percent, 552 00:32:04,320 --> 00:32:07,000 Speaker 1: led by miners in real estate, and US ship makers 553 00:32:07,040 --> 00:32:10,480 Speaker 1: are falling in pre market trading, dragging down NASTAC futures 554 00:32:10,480 --> 00:32:13,160 Speaker 1: after a sales warning from Nvidia, who checked the markets 555 00:32:13,200 --> 00:32:15,920 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg right now, 556 00:32:16,000 --> 00:32:19,080 Speaker 1: NASDAG futures, they're down one hundred thirty one point sets 557 00:32:19,120 --> 00:32:22,240 Speaker 1: down about one point one percent, SMP futures down twenty 558 00:32:22,280 --> 00:32:24,880 Speaker 1: five and down futures down a hundred forty two Tenure 559 00:32:24,920 --> 00:32:27,760 Speaker 1: Treasury up one thirty second Yell three point one eight percent. 560 00:32:27,840 --> 00:32:30,760 Speaker 1: They yield on the two year three point four seven percent. 561 00:32:31,160 --> 00:32:33,440 Speaker 1: Nine Max screwed oils down one point six percent at 562 00:32:33,440 --> 00:32:35,600 Speaker 1: a dollar forty five and eighty eight dollars ten cents 563 00:32:35,640 --> 00:32:37,920 Speaker 1: of barrel call mex School down half percent or eight 564 00:32:37,960 --> 00:32:41,200 Speaker 1: dollars forty cents at seventeen seventeen seventy an ounce. The 565 00:32:41,280 --> 00:32:44,200 Speaker 1: euro is at one point zero zero three zero against 566 00:32:44,240 --> 00:32:46,440 Speaker 1: the dollar, British pound one point one five nine seven 567 00:32:46,640 --> 00:32:48,840 Speaker 1: and the end one thirty nine point one five, and 568 00:32:48,960 --> 00:32:52,520 Speaker 1: Bitcoin is down one point four percent at nineteen thousand 569 00:32:52,600 --> 00:32:55,520 Speaker 1: and nine hundred dollars as a Bloomberg business flash. Now 570 00:32:55,560 --> 00:32:57,960 Speaker 1: here's Michael Barr with more on what's going on around 571 00:32:58,000 --> 00:33:00,760 Speaker 1: the world. Michael darn, thank you very much. President Biden 572 00:33:00,800 --> 00:33:03,840 Speaker 1: will deliver a national address tonight that will focus on 573 00:33:03,960 --> 00:33:07,000 Speaker 1: what he calls the soul of the nation. The White 574 00:33:07,040 --> 00:33:10,840 Speaker 1: House says he might discuss Republicans threatening violence if the 575 00:33:10,960 --> 00:33:15,000 Speaker 1: Justice Department and Night's former President Trump the federal judge 576 00:33:15,000 --> 00:33:19,200 Speaker 1: who signaled a preliminary intent to appoint a special master 577 00:33:19,560 --> 00:33:22,440 Speaker 1: to oversee the review of the documents the FBI sees 578 00:33:22,560 --> 00:33:26,240 Speaker 1: from Trump's Florida home as scheduled a hearing today. Serena 579 00:33:26,280 --> 00:33:29,520 Speaker 1: Williams has advanced to the third round in the US Open. 580 00:33:29,840 --> 00:33:32,920 Speaker 1: And baseball, the Yankees lost to the Angels three two. 581 00:33:33,240 --> 00:33:36,040 Speaker 1: The Mets beat the Dodgers to one, the Red Sox 582 00:33:36,120 --> 00:33:39,840 Speaker 1: and Orioles one. The Nationals beat the A's five one. 583 00:33:40,160 --> 00:33:43,120 Speaker 1: The Giants lost. Global Needs twenty four hours a day 584 00:33:43,160 --> 00:33:45,320 Speaker 1: on air and on Bloomberg Weikdake, powered by more than 585 00:33:45,400 --> 00:33:48,080 Speaker 1: twenty seven hundred journalist and analysts more than a hundred 586 00:33:48,120 --> 00:33:51,280 Speaker 1: twenty countries. On Michael bar this is Bloomberg gaming, all right. 587 00:33:51,320 --> 00:33:54,160 Speaker 1: Thank you. Michael. It is nine on Wall Street and 588 00:33:54,240 --> 00:33:57,160 Speaker 1: we're live from the Bloomberg Interactive Broker Studios. This is 589 00:33:57,160 --> 00:34:00,680 Speaker 1: Bloomberg Daybreak. We are joined live now by Michael Houston, 590 00:34:00,760 --> 00:34:04,960 Speaker 1: Chief market an Analyst with CMC Markets. Michael, it is 591 00:34:05,000 --> 00:34:06,880 Speaker 1: a pleasure. Thank you for taking the time with us 592 00:34:06,920 --> 00:34:09,840 Speaker 1: this morning, as we just heard from here and the 593 00:34:10,120 --> 00:34:13,200 Speaker 1: markets have gotten hammered since fed Share Poel's speech at 594 00:34:13,280 --> 00:34:17,080 Speaker 1: Jackson Hall, and we just asking about your view first 595 00:34:17,120 --> 00:34:20,880 Speaker 1: on this first trading day of September. Yeah, it's certainly 596 00:34:21,080 --> 00:34:23,440 Speaker 1: not go off to a positive start. Hasard ain't here. 597 00:34:23,440 --> 00:34:27,840 Speaker 1: I think it's like someone switched a light switch on Friday, 598 00:34:28,120 --> 00:34:31,799 Speaker 1: because what we've seen with respect to equity markets has 599 00:34:31,840 --> 00:34:33,720 Speaker 1: been quite start But I think most of the action 600 00:34:33,760 --> 00:34:37,240 Speaker 1: has actually been in the bomb market, particularly here in Europe, 601 00:34:37,320 --> 00:34:40,080 Speaker 1: or we've seen massive jumps in yields, not only on 602 00:34:40,200 --> 00:34:42,480 Speaker 1: the long end but also on the short end. I 603 00:34:42,520 --> 00:34:47,000 Speaker 1: think there's been a significant change in sentiment when it 604 00:34:47,080 --> 00:34:50,319 Speaker 1: comes to the reaction function of not only the Bank 605 00:34:50,360 --> 00:34:52,839 Speaker 1: of England but also the European Central Bank. I think 606 00:34:52,880 --> 00:34:56,120 Speaker 1: people are now starting the price in the possibility seventy 607 00:34:56,160 --> 00:35:00,520 Speaker 1: five basis points by the ECB next week. But also 608 00:35:00,800 --> 00:35:03,920 Speaker 1: here in the UK, the markets are starting the price 609 00:35:04,600 --> 00:35:09,479 Speaker 1: four point to five bank base rate from the Bank 610 00:35:09,520 --> 00:35:12,279 Speaker 1: of England. Now we're at one point seven five at 611 00:35:12,280 --> 00:35:15,480 Speaker 1: the moment, so I think market pricing has got slightly 612 00:35:15,560 --> 00:35:19,719 Speaker 1: out ahead of its skis because even though inflation is 613 00:35:19,840 --> 00:35:23,239 Speaker 1: high here, I'm struggling to think of any sort of 614 00:35:23,280 --> 00:35:25,359 Speaker 1: scenario that would cause the Bank of England the hype 615 00:35:25,440 --> 00:35:29,160 Speaker 1: rates to that extent. I see. So as we do 616 00:35:29,280 --> 00:35:31,319 Speaker 1: start this new month, though you talked about barns, where 617 00:35:31,320 --> 00:35:34,840 Speaker 1: do we go next for the equity markets, Well, I 618 00:35:35,360 --> 00:35:38,280 Speaker 1: think it's quite likely that we're going to retest the loads. 619 00:35:38,880 --> 00:35:41,439 Speaker 1: Um Certainly, I think that is going that's my base 620 00:35:41,520 --> 00:35:44,759 Speaker 1: case for the US. Here in Europe, we're already back 621 00:35:44,800 --> 00:35:49,960 Speaker 1: at July levels for the docks has seen some significant 622 00:35:49,960 --> 00:35:51,960 Speaker 1: declines over the course of the past few days and 623 00:35:52,000 --> 00:35:55,920 Speaker 1: has the potential to go a little bit lower. But certainly, 624 00:35:56,000 --> 00:35:58,400 Speaker 1: I think we're going to retest the tune loads for 625 00:35:58,480 --> 00:36:02,160 Speaker 1: the docks potentially the next week or so. Um As 626 00:36:02,239 --> 00:36:05,279 Speaker 1: for the as the US markets, I think again we're 627 00:36:05,320 --> 00:36:07,359 Speaker 1: probably going to see a retest of the loads at 628 00:36:07,440 --> 00:36:11,640 Speaker 1: some point. Michael, is this a buying opportunity. Do we 629 00:36:11,680 --> 00:36:15,279 Speaker 1: see a bartom coming anytime soon? I'm not inclined to 630 00:36:15,400 --> 00:36:17,759 Speaker 1: buy at this point. No, And I think one of 631 00:36:17,800 --> 00:36:19,960 Speaker 1: the reasons for that is until we get a clearer 632 00:36:20,080 --> 00:36:22,960 Speaker 1: idea of what central banks are likely to do over 633 00:36:23,000 --> 00:36:24,920 Speaker 1: the course of the next few months, I think it's 634 00:36:24,960 --> 00:36:27,399 Speaker 1: going to be very, very choppy. I think it also 635 00:36:27,520 --> 00:36:30,279 Speaker 1: depends on what energy prices are going to be doing. 636 00:36:31,280 --> 00:36:34,080 Speaker 1: I think there's an awful lot of uncertainty around them. 637 00:36:34,680 --> 00:36:36,520 Speaker 1: One of the good things I think over the course 638 00:36:36,560 --> 00:36:38,279 Speaker 1: of the past few days, as we have seen a 639 00:36:38,360 --> 00:36:42,320 Speaker 1: big drop not only in crude oil prices, but we 640 00:36:42,400 --> 00:36:44,960 Speaker 1: also seen sharp falls in natural gas prices on both 641 00:36:45,000 --> 00:36:46,920 Speaker 1: sides of the antic. But the problem with that is 642 00:36:47,520 --> 00:36:50,080 Speaker 1: is there's still at very very high levels, even accounting 643 00:36:50,560 --> 00:36:53,279 Speaker 1: for the twenty nine or drop that we've seen in 644 00:36:53,360 --> 00:36:57,680 Speaker 1: the past week or so. You mentioned getting a clearer 645 00:36:57,760 --> 00:37:00,320 Speaker 1: indication from the central Bank. What is it you're looking for. 646 00:37:00,520 --> 00:37:03,120 Speaker 1: What are some of the flags out there? I think 647 00:37:03,160 --> 00:37:06,279 Speaker 1: for me, the flags are first and foremost, what's going 648 00:37:06,320 --> 00:37:08,279 Speaker 1: to happen in September. What's the Fed going to do 649 00:37:08,719 --> 00:37:11,879 Speaker 1: in September? I think tomorrow's payrolls report is a little 650 00:37:11,920 --> 00:37:14,919 Speaker 1: bit of a distraction, because I think ultimately we will 651 00:37:14,960 --> 00:37:17,279 Speaker 1: get a seventy five basis point very high from the 652 00:37:17,360 --> 00:37:20,760 Speaker 1: Fed in September Milly on the basis of the tone 653 00:37:20,800 --> 00:37:24,640 Speaker 1: of pal speech last Friday, I think it's what happens 654 00:37:24,719 --> 00:37:27,280 Speaker 1: after that, what is what is what is the inflation 655 00:37:27,320 --> 00:37:31,200 Speaker 1: outlook likely to look like as we head into twenty three. 656 00:37:31,719 --> 00:37:34,640 Speaker 1: They've indicated that they're not going to be cutting rates 657 00:37:34,680 --> 00:37:38,120 Speaker 1: anytime soon, and I think for me, it's really about 658 00:37:38,200 --> 00:37:41,239 Speaker 1: how fast inflation starts to fall back and how that 659 00:37:41,400 --> 00:37:45,960 Speaker 1: influences central banks as they head into twenty three. I 660 00:37:46,000 --> 00:37:48,720 Speaker 1: think September and October a very difficult months for equity 661 00:37:48,800 --> 00:37:52,000 Speaker 1: markets historically, and I think that's likely to continue to 662 00:37:52,040 --> 00:37:55,080 Speaker 1: be the case. So I think for me, it's really 663 00:37:55,120 --> 00:37:58,320 Speaker 1: about what the outlook looked like looks like at the 664 00:37:58,440 --> 00:38:01,319 Speaker 1: end of September, because I think before that it's going 665 00:38:01,400 --> 00:38:04,879 Speaker 1: to be very, very difficult to really make a clear 666 00:38:04,960 --> 00:38:08,600 Speaker 1: decision given the current sets of uncertainty that we've got 667 00:38:08,640 --> 00:38:11,640 Speaker 1: with respect to not only monetary policy but also fiscal 668 00:38:11,719 --> 00:38:15,600 Speaker 1: policy going forward. So do you anticipate inflation falling back? 669 00:38:15,719 --> 00:38:18,440 Speaker 1: Maybe we buckle up for September October and then things 670 00:38:18,480 --> 00:38:21,319 Speaker 1: will start to ease off. I think we will start 671 00:38:21,400 --> 00:38:23,680 Speaker 1: to ease off. The problem we've got here in the 672 00:38:23,880 --> 00:38:27,080 Speaker 1: UK is we've got a broken energy market and it's very, 673 00:38:27,200 --> 00:38:30,560 Speaker 1: very difficult to really extrapolate what energy prices are going 674 00:38:30,640 --> 00:38:33,560 Speaker 1: to look like three months out from now. We're already 675 00:38:33,600 --> 00:38:36,200 Speaker 1: looking at an eight percent rise in energy prices here 676 00:38:36,239 --> 00:38:39,640 Speaker 1: in the UK for October. Now, that's going to be 677 00:38:39,800 --> 00:38:42,080 Speaker 1: very difficult. In fact, it's going to be impossible for 678 00:38:42,160 --> 00:38:45,000 Speaker 1: consumers here in the UK to absorb. Next week we 679 00:38:45,080 --> 00:38:48,640 Speaker 1: get a new Prime minister. The big question landing in 680 00:38:48,719 --> 00:38:51,880 Speaker 1: that Prime Minister's inbox will be how do you mitigate 681 00:38:52,000 --> 00:38:54,920 Speaker 1: some of the worst effects of that energy price spike 682 00:38:55,200 --> 00:38:57,600 Speaker 1: and what happens to energy prices going forward. We still 683 00:38:57,719 --> 00:39:01,080 Speaker 1: don't know whether or not pouting will allow gays from 684 00:39:01,480 --> 00:39:04,320 Speaker 1: to reopen North Streme one, So what will the affect 685 00:39:04,840 --> 00:39:08,120 Speaker 1: that I have energy process set against windsor in Europe? 686 00:39:09,040 --> 00:39:11,960 Speaker 1: Just an incredible amount of uncertainty. We're gonna watch it 687 00:39:12,000 --> 00:39:15,120 Speaker 1: with you. Michael Houston, Chief market analyst with CMC Markets. 688 00:39:15,480 --> 00:39:17,279 Speaker 1: Always a pleasure to talk to you, sir. Thank you 689 00:39:17,320 --> 00:39:20,000 Speaker 1: so much for joining us. Karen Amy. It is five 690 00:39:20,080 --> 00:39:22,600 Speaker 1: fifty four on Wall Street Time. Now for the Bloomberg 691 00:39:22,719 --> 00:39:24,640 Speaker 1: Law Report. Let's get to the legal stories we are 692 00:39:24,680 --> 00:39:30,720 Speaker 1: watching this morning. From Bloomberg Jeff Bellinger. The Federal Circuit 693 00:39:30,840 --> 00:39:34,040 Speaker 1: ruled that smartphones made by Apple and other tech companies 694 00:39:34,120 --> 00:39:37,040 Speaker 1: do not infringe on patents held by I, n VT 695 00:39:37,360 --> 00:39:40,120 Speaker 1: and U S. Sales of the devices can continue. The 696 00:39:40,200 --> 00:39:44,440 Speaker 1: Second Amendment Foundation filed a federal lawsuit over California's ghost 697 00:39:44,520 --> 00:39:48,239 Speaker 1: gun law that restricts individuals from making their own firearms. 698 00:39:48,360 --> 00:39:51,399 Speaker 1: A federal appeals court rule that Burger King affiliates must 699 00:39:51,480 --> 00:39:55,000 Speaker 1: face antitrust litigation over a pack that barred the fast 700 00:39:55,080 --> 00:39:59,640 Speaker 1: food company and its franchisees from recruiting one another's employees. 701 00:40:00,000 --> 00:40:04,760 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 702 00:40:04,960 --> 00:40:09,560 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 703 00:40:09,680 --> 00:40:13,879 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. Now. 704 00:40:14,080 --> 00:40:17,839 Speaker 1: Another legal story that we're watching this morning. The expansion 705 00:40:17,880 --> 00:40:21,520 Speaker 1: of the so called metaverse, accessible through immersive headsets is 706 00:40:21,600 --> 00:40:24,719 Speaker 1: generating concerns about the information that's collected on people who 707 00:40:24,760 --> 00:40:27,200 Speaker 1: wear the devices and how to protect it. For more, 708 00:40:27,280 --> 00:40:31,880 Speaker 1: Bloomberg's Lydia Wheelers spoke with Bloomberg's law reporter Andrea Vittorio. 709 00:40:32,239 --> 00:40:35,719 Speaker 1: There are a lot of potential applications UM. Gaming is 710 00:40:35,760 --> 00:40:38,960 Speaker 1: definitely one of them. UM. That is learning. There are 711 00:40:39,120 --> 00:40:43,760 Speaker 1: schools that are experimenting with virtual reality for students. There's 712 00:40:43,760 --> 00:40:47,480 Speaker 1: also corporate training that can happen in virtual reality. You 713 00:40:47,560 --> 00:40:53,680 Speaker 1: can help firefighters or doctors learned their craft UM just 714 00:40:53,880 --> 00:40:58,560 Speaker 1: by practicing an additional environment. UM. And they're just a 715 00:40:58,600 --> 00:41:02,520 Speaker 1: lot of different use cases that were kind of are 716 00:41:02,560 --> 00:41:06,840 Speaker 1: seeing explored, but UM could broad now like theme parks, 717 00:41:06,920 --> 00:41:10,800 Speaker 1: travel shopping. There's a lot going on there in the metaverse. 718 00:41:11,080 --> 00:41:14,160 Speaker 1: So what kinds of data are our companies collecting from 719 00:41:14,200 --> 00:41:18,000 Speaker 1: people who use these sorts of extended reality devices? And 720 00:41:18,719 --> 00:41:22,839 Speaker 1: is any of its sensitive information? The data collected can 721 00:41:22,920 --> 00:41:25,719 Speaker 1: depend on the device or how you're using it UM, 722 00:41:25,960 --> 00:41:29,920 Speaker 1: But there are a lot of potential collection points, like 723 00:41:30,400 --> 00:41:33,880 Speaker 1: when you wear a headset, can gather information about like 724 00:41:34,480 --> 00:41:37,080 Speaker 1: how your head is moving, what you're looking at. UM. 725 00:41:37,239 --> 00:41:40,680 Speaker 1: You can sometimes hold devices in your hands that will 726 00:41:40,719 --> 00:41:43,160 Speaker 1: track your hands are moving or what sides they are 727 00:41:43,239 --> 00:41:49,080 Speaker 1: even so UM these are all considered UM pretty personal 728 00:41:50,160 --> 00:41:54,319 Speaker 1: pieces of information because they really varied by person um 729 00:41:54,560 --> 00:41:58,239 Speaker 1: and can even the sort of amount to identifying the 730 00:41:58,360 --> 00:42:00,440 Speaker 1: person if you have enough information about done than how 731 00:42:00,520 --> 00:42:04,000 Speaker 1: they move and what they look like. So uh, prior 732 00:42:04,040 --> 00:42:08,400 Speaker 1: to the advocates or concerned just about the um physical 733 00:42:08,520 --> 00:42:13,160 Speaker 1: characteristics or traits that are being gathered about people as 734 00:42:13,239 --> 00:42:16,960 Speaker 1: they use these devices. And that's Bloomberg the Law reporter 735 00:42:17,120 --> 00:42:20,640 Speaker 1: Andrea Vittorio speaking at the Bloomberg so Lydio Wheeler. Catch 736 00:42:20,680 --> 00:42:23,080 Speaker 1: more of that interview, plus analysis of the latest legal 737 00:42:23,160 --> 00:42:26,360 Speaker 1: news by subscribing to the Bloomberg Law podcast or downloading 738 00:42:26,400 --> 00:42:29,640 Speaker 1: this show at Bloomberg dot com slash podcast. Attorneys can 739 00:42:29,680 --> 00:42:32,840 Speaker 1: find exceptional legal research and business development tools at Bloomberg 740 00:42:32,920 --> 00:42:35,719 Speaker 1: Law dot com and on the Bloomberg terminal at b 741 00:42:35,920 --> 00:42:40,320 Speaker 1: Law Go Futures lower this morning and so ahead on 742 00:42:40,360 --> 00:42:42,880 Speaker 1: Bloomberg Daybreak, I checked on the business headlines and all 743 00:42:42,920 --> 00:42:45,160 Speaker 1: the news you need to start your day. And this 744 00:42:45,719 --> 00:42:46,360 Speaker 1: is Bloomberg