Speaker 1: Live from the Bloomberg Interacted Brooker Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, October eighteen two. Coming up this shour,
Speaker 1: Stocks extend yesterday's rally on Wall Street. Golman Sachs wraps
Speaker 1: up bank earnings. Liz Trust apologizes but bounced to stay
Speaker 1: on as UK Prime Minister, and the White House could
Speaker 1: release more oil from its emergency stockpile. He was debate
Speaker 1: night in several key races. Plus a new policy from
Speaker 1: the New York Sanitation Department is making the rats say,
Speaker 1: Oh rats, I'm Michael Barr Morris. Right ahead, I'm John
Speaker 1: stashowards forth. The Yankees and Guardians were rained out. They'll
Speaker 1: play Game five at four o'clock today. The Rangers beat
Speaker 1: the Ducks. The Chargers beat the Broncos. That's All's train
Speaker 1: ahead on Bloomberg day Break on Bloomberg e Living Free
Speaker 1: on New York, Bloomberg nine one, Washington d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Sirius x M one nine Team and around the world
Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business app. And good Morning, I'm Karen Moscow. I'm Nathan Hagar.
Speaker 1: Bloomberg Daybreak is brought to you by se I. Imagine
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Speaker 1: dot com slash I M, s U S futures are
Speaker 1: higher this morning. It is five oh one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg. Right now, SNP futures are up
Speaker 1: forty points, DWAL future is up two hundred sixty one
Speaker 1: and nasday futures have one four ten year treasury down
Speaker 1: five thirties seconds, the yield four point zero three percent,
Speaker 1: yield on the two year four point four six percent,
Speaker 1: and Nimax screwed oil is down six tenths of a
Speaker 1: percent Nathan Well Karen. The rise in futures follows yesterday's
Speaker 1: powerful rally on Wall Street. The SMP five hundred game
Speaker 1: two point seven percent, while the tech heavy nasdacs surged
Speaker 1: three point four percent. David Deet's senior investment strategistic Pepack
Speaker 1: Private Wealth says it was only a matter of time
Speaker 1: for a bounce. We don't know whether we've seen the
Speaker 1: bottom in the sixecal downturn. But we do know that
Speaker 1: the conditions are primed for better returns going forward. I mean,
Speaker 1: we start with the fact that we're down twenty year
Speaker 1: to date on the broad market. On the NaSTA, that
Speaker 1: alone should with the appetite of all bargain hunters. David
Speaker 1: Deets of Pepack Private Wealth notes the S and P
Speaker 1: closed above a key technical support level yesterday. Still, Nathan
Speaker 1: stocks have further room to fall, as according to the
Speaker 1: latest fund managers survey from Bank of America, the respondents
Speaker 1: expect stocks to bottom in the first half of next
Speaker 1: year after the FED finally pivots away from hiking rates.
Speaker 1: Right now, according to the survey, investors have six point
Speaker 1: three percent of their portfolios in cash. That's the highest
Speaker 1: level since April of two thousand. One of participants are
Speaker 1: underweight equities in Europe. Today, Karen, we're hearing from Liz Trust,
Speaker 1: the UK Prime Minister, says she's sorry for going too far,
Speaker 1: too fast, after her new chancellor gutted most of her
Speaker 1: economic plan. We have made mistakes. I'm sorry for those mistakes,
Speaker 1: but I fixed mistakes. I've appointed a new chancellor. We
Speaker 1: have restored economic stability and fiscal discipline. What I now
Speaker 1: want to do is go want to deliver for the public.
Speaker 1: Prime Minister List Trust made the comments in an interview
Speaker 1: with the BBC. One other note this morning, the Financial
Speaker 1: Times is reporting the Bank of England will likely delay
Speaker 1: its planned sale of government bonds on October thirty one,
Speaker 1: but the Bank of England is refuting that report. Well
Speaker 1: back here in the US, Nathan, we wrap up earnings
Speaker 1: from the big banks today with Goldman Sachs reporting this
Speaker 1: morning and here the preview is Bloomberg's Jeff Belinger. Goldman's
Speaker 1: revenue and profit were boosted by investment games in the
Speaker 1: third quarter last year. Bloomberg Intelligence expects to hear that
Speaker 1: the numbers were lower in the just ended quarter, which
Speaker 1: saw a slide and banking fees and a stock market
Speaker 1: performance that likely weighed on its asset management business. Investors
Speaker 1: will be interested in what executives have to say about
Speaker 1: the future. Bloomberg reported last month that Goldman was beginning
Speaker 1: the biggest round of job cuts since the start of
Speaker 1: the pandemic, and just yesterday Wells Fargo analyst Mike Mayo
Speaker 1: said Goldman is planning a major reorganization. Jeff Bullinger, Bloomberg Daybreak,
Speaker 1: All Right, Jeff Banks. Goldman's earnings come a day after
Speaker 1: Bank of America reported its highest quarterly net interest income
Speaker 1: in at least a decade. We caught up with CEO
Speaker 1: Brian moynihan. He says, the U. S. Consumer is still spending.
Speaker 1: Their credit quality and a credit quality Bank of America
Speaker 1: in our consumer books is very strong across the board.
Speaker 1: The payment that delinquencies are much slower. They weren't pay
Speaker 1: pandemic much lower they were in any average five best
Speaker 1: year type period. And yes they moved a little bit
Speaker 1: off the floor, but they're still much lower and they've
Speaker 1: been so Consumers are spending. They have money, they're employed,
Speaker 1: you can see the unemployment numbers, and they have good credit.
Speaker 1: Bank of America CEO Brian moynihan made the comments in
Speaker 1: an interview with Bloomberg's David Weston. Stay tuned for more
Speaker 1: of that conversation coming shortly on Bloomberg day Break. Meantime, Nathan,
Speaker 1: we're seeing many companies try to diversify their leadership ranks,
Speaker 1: but that effort could be getting harder as women leave
Speaker 1: top tier jobs at higher rates than ever before. A
Speaker 1: report from Mackenzie and Lenan dot Org finds that for
Speaker 1: every woman who gets promoted at the director level, two
Speaker 1: women choose to leave. A lack of affordable childcare as
Speaker 1: part of the reason. Also, a gender pay gap that
Speaker 1: had been narrowing before the pandemic is now stalling started Washington, Now, Karen,
Speaker 1: the White House is watching energy prices closely, and now
Speaker 1: we're told the Biden administrations making moves to ensure the
Speaker 1: price of gas doesn't go even higher. Amy Morris has
Speaker 1: details from our Bloomberg ninety one newsroom in Washington. Energy
Speaker 1: Department officials have been quietly meeting this week with oil
Speaker 1: companies to let them know what to expect. Sources tell
Speaker 1: Bloomberg News officials are prepared to release up to fifteen
Speaker 1: million barrels of oil from the nation's emergency stockpile to
Speaker 1: keep prices steady. We also expect to hear plans from
Speaker 1: the Biden administration this week about how to replenish that stockpile. Also,
Speaker 1: of the administration is looking at limiting fuel exports to
Speaker 1: keep more gasoline and diesel inside the US, a more
Speaker 1: dramatic step that sources say would not happen before the
Speaker 1: midterms in Washington. I'm maybe more as Bloomberg Daybreak. All right, Amy,
Speaker 1: thank you, and I'm the geo political stage this morning.
Speaker 1: China and Taiwan are in focus the US as Beijing
Speaker 1: could move to seize Taiwan on a much faster timeline
Speaker 1: than previously thought. Bloomberg's and Baxter has that story. Secretary
Speaker 1: of State Anthony Blincoln is responding to Shi Jumping's addressed
Speaker 1: to the People's Congress over the weekend. B Lincoln says
Speaker 1: there's been a change in the approach over the past
Speaker 1: several years towards Taiwan, but says now China has made
Speaker 1: a fundamental decision that the status quo is no longer
Speaker 1: acceptable and that Beijing is determined to pursue reunification on
Speaker 1: a much faster timeline. Having said that, Lincoln says there's
Speaker 1: eagerness to cooperate on share interest given that she will
Speaker 1: be serving a third term in San Francisco. I'm at
Speaker 1: Baxter Bloomberg Daybreak, Thanks, ad s andp feature is now
Speaker 1: a forty one point staff futures up two eighty Nastack
Speaker 1: futures are higher by a hundred forty six points Tenure
Speaker 1: Treasury is down six thirty seconds, yield four point zero
Speaker 1: three percent, and Nimex crude is down six tenths percent
Speaker 1: at eighty fours of barrel. Straight ahead, your latest local
Speaker 1: headlines and a check off sports. This is Sploomberg five
Speaker 1: oh seven on Wall Street, fifty one degrees in Central
Speaker 1: Park on an accident on the way to JFK Airports
Speaker 1: southbound Van Wick at Liberty Avenue. Details coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City announced a new policy meant
Speaker 1: to keep the streets cleaner and free of rats. With
Speaker 1: trash bags filed on the curves at night. There are
Speaker 1: new rules on when you can take out the garbage.
Speaker 1: Sanitation to Mission of Jessica Tish, the biggest swing that
Speaker 1: you can take at cleaning up our streets is to
Speaker 1: shut down the all night, all you can eat rat buffet.
Speaker 1: I wanted be clear the rats are absolutely going to
Speaker 1: hate this announcement. Sanitation Commissioner Tish said buildings can put
Speaker 1: their trash out no earlier than ANPM and there will
Speaker 1: be more collections. Overnight, New York City arts organizations, including
Speaker 1: the Metropolitan Opera, the New York Philharmonic, New York City Valet,
Speaker 1: and Carnegie Hall announced that they will make face masked
Speaker 1: optional beginning octobery as COVID nineteen cases continue to decline
Speaker 1: across the area. The group at it that it will
Speaker 1: continue to encourage the practice of masking and also of vaccinations,
Speaker 1: which will remain optional as well. Georgia Governor Brian Kemp
Speaker 1: face Democratic challengers Stacy Abrams and Libertarian candidate Shane hazel
Speaker 1: Ford televised debate sponsored by the Atlanta Press Club. Abrams,
Speaker 1: speaking last night as governor, I intend to stand up
Speaker 1: for the right to vote. I will always acknowledge the
Speaker 1: outcome of elections, but I will never deny access to
Speaker 1: every voter, because that is the responsibility of every American
Speaker 1: to defend the right to vote. Kemp responded to Abraham's
Speaker 1: accusations of voter suppression during his time as governor. I'm
Speaker 1: the person that created the online voter registration system in
Speaker 1: the state where any Georgian convert registered of twenty four
Speaker 1: hours a day, seven days a week. Abraham's lost to
Speaker 1: Kemp when they first ran against each other in the
Speaker 1: twenty eighteen race for governor. Democratic Representative Tim Ryan and
Speaker 1: Republican J. D. Vans meant for their second debate to
Speaker 1: replace the tiring O Iisle Republican Senator Rob Portman on
Speaker 1: NBCs w F m JTV. Vans accused Ryan voting for
Speaker 1: tax increases and criticized his support for the Inflation Reduction Act.
Speaker 1: It raises taxes by twenty billion dollars on working people
Speaker 1: in this state and in this country, and then at
Speaker 1: six seven thousand, i R s agents to go after them.
Speaker 1: Ryan replied, Vance is accusing him of being a follower
Speaker 1: of how speaker Nancy Pelosi. You keep talking about Nancy Pelosi.
Speaker 1: If you want to run against Nancy Pelosi, moved back
Speaker 1: to San Francisco and run against Nancy Pelosi. You're running
Speaker 1: against me. Poll shilled race as a tie. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take Power about more than the twenty seven hundred
Speaker 1: journalists analysts more than a twenty countries. I'm MICHAELA bar
Speaker 1: This is Bloomberg Nake. Thank you. Michael five ten on
Speaker 1: Wall Street Time for the Bloomberg Sports up taking morning
Speaker 1: John stash Our Alright and Morney Nathren. Second time in
Speaker 1: this series where the Yankees and Guardians have been reigned
Speaker 1: out of the stadium, unlike last week when the game
Speaker 1: was called early in the afternoon. The fans were there
Speaker 1: last night, but at nine thirty they called it. So
Speaker 1: Game five is at four o'clock today, and with the
Speaker 1: day off, the Yankees are changing starting pictures. Out is
Speaker 1: Jamison Tyon in his Nestor Cortez on three days rest.
Speaker 1: The Guardians could do likewise with Shane Bieber, he was
Speaker 1: the cy young one or two years ago, but they
Speaker 1: say they are sticking with Aaron Savale. Winner today after
Speaker 1: Houston for Game one of the Alcs tomorrow. The surprising
Speaker 1: n LCS Phillies and Padres starting tonight in San Diego,
Speaker 1: two teams who failed to win ninety games, will decide
Speaker 1: the pennant after three n l teams at won over
Speaker 1: a hundred games and Blue. The Mets were outsted weeks six,
Speaker 1: wrapped up a f C West game in l A
Speaker 1: went over time. Chargers beat the Broncos nineteen to sixteen,
Speaker 1: third straight wins for l A denvers two and four.
Speaker 1: The Jets visit the Broncos on Sunday. Only one a
Speaker 1: f C team has a better record than the Jets.
Speaker 1: Set the Garden, Rangers and Ducks could start for the
Speaker 1: Blue Shirts, especially the man advantage stick Candling stacks it up.
Speaker 1: Let's start to that down low pro Tracker crow the
Speaker 1: bout a draft from the Stars. It was abouder Jets
Speaker 1: Seer got pro check for the first power play goal.
Speaker 1: If time pro Checkbot chat to the great esp and
Speaker 1: Laters manager scored another power play goal. Rangers being Anaheim
Speaker 1: six to four. They're off to a three and one start.
Speaker 1: NBA season tips off tonight with a couple of games.
Speaker 1: Nixon Nets supposed kick going tomorrow, John stash Ay, Bloomberg
Speaker 1: Sports Nacol All right, John, thanks Ses and p futures
Speaker 1: right now at forty point, staff futures have two hundred
Speaker 1: seventy three. Nastatic futures are higher by one hundred forty
Speaker 1: one points. And you're listening to Bloomberg Daybreak, Bloomberg eleven
Speaker 1: three oh weather, It's gonna be cool for the next
Speaker 1: few days. Upper fifties today, mid fifties and sunny tomorrow
Speaker 1: sunshine upper fifties on Thursday right now fifty one in
Speaker 1: Central Park Markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland
Speaker 1: at Bloomberg Quicktape. This is a Bloomberg Business flash and
Speaker 1: I'm Karen Moscow. And stocks are extending a rebound amid
Speaker 1: a focus on earnings and as the UK's efforts to
Speaker 1: foster greater stability as volatile bond market lifts sentiment toward
Speaker 1: riskier assets. European stocks are stretching their games into a
Speaker 1: fourth day, while US stock index futures are advancing. This
Speaker 1: after the SNP five closed above a key technical support
Speaker 1: level yesterday. Amazon and Microsoft really major technology and internet
Speaker 1: stocks higher in early trading, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. Right now,
Speaker 1: SMP futures are up about forty two points, DAL future
Speaker 1: is of two hundred seventy eight and nasday futures up
Speaker 1: one hundred fifty. The decks in Germany's up one point
Speaker 1: two percent, the ten year treasury down three thirty seconds
Speaker 1: four point zero two percent, and the yield on the
Speaker 1: two years at four point four or five percent Nimex
Speaker 1: frude oil is down half percent or forty one cents
Speaker 1: at eighty five dollars five cents of barrel, and the
Speaker 1: euro point at nine eight four nine against the dollar,
Speaker 1: the British pound one point one zero as of Bloomberg
Speaker 1: Business Flash. Now. Here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, good morning, Good morning, Karen.
Speaker 1: Ukrainian President Zelenski says his country needs more help to
Speaker 1: defend itself from the rand rainy and made so called
Speaker 1: kamikaze drones the Russian army has been using to attack
Speaker 1: civilion infrastructure. At least eight people were killed during yesterday's strinks.
Speaker 1: A suspected serial killer in Stockton, California, scheduled to be
Speaker 1: arranged today. Authorities say forty three year old Westley Brownlee
Speaker 1: is accused of terrorizing the community for months. In baseball,
Speaker 1: the Yankees and Guardians will play their deciding game five
Speaker 1: of their A L d yes this afternoon four pm.
Speaker 1: Rain postponed last night's game. Monday night football Chargers beat
Speaker 1: the Broncos in overtime. Nineteen sixteen. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake powered
Speaker 1: by more than twenty seven hundred journalists and analysts in
Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg NA. Thanks Michael. It's five nineteen on
Speaker 1: Wall Street Line from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak. Bank earnings have been the theme the
Speaker 1: last few days. Yesterday, of course, Bank of America reported
Speaker 1: results that beat estimates. Now we want to hear from
Speaker 1: the man in charge of that bank, CEO, Brian moynihan.
Speaker 1: He tells us, even though spending is slowing, the consumer
Speaker 1: remains strong. Brian moynihan spoke with Bloomberg's David weston late yesterday.
Speaker 1: Let's listen in to that conversation. Now you've said the
Speaker 1: consumer is a strong continue to be strong. I think
Speaker 1: you said ten percent up perhaps from what you saw
Speaker 1: in October. But how long can it last? You have
Speaker 1: some competitors saying by the middle of next year they're
Speaker 1: going to run out of those balance sheets. Let's step
Speaker 1: back and talk about the different ways we talk about resiliency.
Speaker 1: First is are the consumer spending? Are they doing things
Speaker 1: they had drives? The US economy, as you well know.
Speaker 1: And so the spending for the third quarter was ten
Speaker 1: percent higher it was last year's third quarter. The spending
Speaker 1: for the first couple of weeks in October as ten
Speaker 1: percent highed it was last October for the first two weeks. Now,
Speaker 1: what we told people was you're seeing it slow just
Speaker 1: to hair. So it was maybe four fift early in
Speaker 1: the year twelve and now ten, which is frankly, what
Speaker 1: people are trying to do is get the spending down
Speaker 1: a little bit, get the inflationary pressures down in the
Speaker 1: in the drag of the interest rates, but it's still
Speaker 1: strong and then so that's one one way to think about.
Speaker 1: The other way to think about the consumers did have
Speaker 1: money in accounts to spend, and in the month of
Speaker 1: September the account balances were flat or slightly over where
Speaker 1: they weren't odd best, and that is multiples of where
Speaker 1: they were pre pandemic. And they continue to hold their
Speaker 1: own And you can see inside the cash flowing customers
Speaker 1: not not not making any reflection on the This is
Speaker 1: tough on certain customers others, but even customers have lower
Speaker 1: income levels, we can send cash flowing positive. Still, rent
Speaker 1: increases could slow that down. Other things can happen, but
Speaker 1: the core thing is as of the third quarter, they
Speaker 1: continue to cash flow and they can have more money
Speaker 1: in the accounts than they did before the pandemic by multiples.
Speaker 1: And then you go to their credit quality, and a
Speaker 1: credit quality Bank of America in our consumer books is
Speaker 1: very strong across the board. The payment that delinquencies are
Speaker 1: much lower they were pre pandemic, much lower they were
Speaker 1: in any average PI best year type period. And yes
Speaker 1: they moved a little bit off the floor, but they're
Speaker 1: still much lower they've been. So consumers are spending, they
Speaker 1: have money, they're employed, you can see the unemployment numbers,
Speaker 1: and they have good credit. And that's good news for America,
Speaker 1: but also makes the feeds jobs suffer because they're trying
Speaker 1: to slow down this American consumer, which is a very
Speaker 1: resilient thing. But just to make sure I understand it,
Speaker 1: and obviously you can't promise what's gonna happen next year,
Speaker 1: I'm not asking you to do that, but a lot
Speaker 1: of condems are saying the reason consumer is so strong
Speaker 1: right now is because the balance sheet were so strong
Speaker 1: coming out of the pandemic. At this point, you don't
Speaker 1: see those balance sheets really turning down as we get
Speaker 1: into next year. We don't see it yet. And so
Speaker 1: if you look back to two quarters ago when we
Speaker 1: did Darns Called, people are like, oh, the consumers getting
Speaker 1: knocked out of the game. They're spending their accounts. Six
Speaker 1: months later the money is still there. So I think
Speaker 1: people are over anticipating future. We as our projections Canada
Speaker 1: bout Spot and the team and our research group, which
Speaker 1: is one of the best in the world, has the
Speaker 1: third quarter positive, the fourth quarter negative, the first quarter negative,
Speaker 1: the second quarter of negative, the third quarter of twenty
Speaker 1: three negative, albeit a like a one to one and
Speaker 1: a half percent GDP analyzed growth right negative growth rate.
Speaker 1: So we're predicting a shallow economy. That's our core assumptions
Speaker 1: and embedded in that if you look at how we
Speaker 1: set our reserves, we have the assumption that we're gonna
Speaker 1: have five a half percent unemployment. I don't I'm not
Speaker 1: sure it's gonna happen, especially this quarter. We have it
Speaker 1: a five per step. But that's the conservatives. We build
Speaker 1: our balance sheet from an operating ass but if you
Speaker 1: look at the consumers, there's there's not the signs that
Speaker 1: we see in our numbers or other people's numbers. Quite frankly,
Speaker 1: it says they're slowing down yet, or they're in stress yet,
Speaker 1: and that will have to be part of what happens
Speaker 1: in order for there to be a de procession, because
Speaker 1: if the consumers have money in this big consumer driven economy,
Speaker 1: you know, that's that's what keeps America strong. Brian, You've
Speaker 1: always taken great pride in the Bank of America research
Speaker 1: unit and how good they are. Let's assume their numbers
Speaker 1: are exactly right. It could be better, could be worse.
Speaker 1: Exactly right, three down, quarters, five, five and a half
Speaker 1: percent unemployment. What does that do for your loan lost provisions?
Speaker 1: What kind of provisions you have to make for that? Well,
Speaker 1: inherently we're always just counting in future because the way
Speaker 1: the Cecil rules work so called, you look out for
Speaker 1: the life alone. So you build reserves, and we built
Speaker 1: four hundred million or so this quarter, which is building
Speaker 1: that scenario, which is six to the base case, which
Speaker 1: is the average of blue chip economist an adverse case.
Speaker 1: When you blend that together, it implies those advocates have
Speaker 1: high inflation and have high unemployment in them, and you
Speaker 1: blinded together. The core what we did at the end
Speaker 1: of the third quarter has five percent uneployment for the
Speaker 1: fourth quarter of twenty two and more than like five
Speaker 1: and a half or next year. So it's very conservative built.
Speaker 1: So your provisions will go up against that backdrop. At
Speaker 1: one point you'll start to see the other side of
Speaker 1: it emerge. And that's what it sort of happened. Back
Speaker 1: in the penalty. We put up a lot of reserves
Speaker 1: and we took them back in once you saw that
Speaker 1: the impact of because what the administration did and what
Speaker 1: Congress did, and what the central banks did around the world,
Speaker 1: you actually mitigate the effects of the unemployment numbers that
Speaker 1: won't happen in a standard recession I would uh would expect.
Speaker 1: But on the other hand, the consumers are going in
Speaker 1: much stronger shape than they did even in in two
Speaker 1: thousand and six seven leading into the Great Financial Crisis.
Speaker 1: And that was Bank of America CEO Brian moynihan speaking
Speaker 1: with Bloomberg's David Weston. You can catch the full conversation
Speaker 1: online at Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: SFP futures right now up thirty seven points stuff futures
Speaker 1: are hired by two hundred forty eight and Nasdaq futures
Speaker 1: on the rise by one thirty nine points. Tend your
Speaker 1: treasuries down to thirty seconds now the yield of four
Speaker 1: zero two. This is Bloomberg Bloomberg eleven three oh weather clearing,
Speaker 1: cooler today, upper fifties for highs, sunny, mid fifties Tomorrow,
Speaker 1: sunshine into Thursday, with highs back in the upper fifties too,
Speaker 1: Around sixty degrees right now fifty one in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E loving freedome to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg N
Speaker 1: sixty to the country, Sirius XM to A one nine,
Speaker 1: and around the globe the Bloomberg business in Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Speak. Good morning, I'm Nathan Hager and I'm Kared Moscow,
Speaker 1: just about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news you
Speaker 1: need to know at this shower. US futures are rising
Speaker 1: at her. Ending to yesterday's big rally, The SMP posted
Speaker 1: a gain of two and a half percent in Monday's session,
Speaker 1: while the nastack rows three point four percent. Still expect
Speaker 1: more volatility ahead, that's according to Samir Samana with Wells Fargo.
Speaker 1: But what I'd really like to see is for this
Speaker 1: market to try and find kind of a bottom and
Speaker 1: from that standpoint, just maybe even trade sideways for a
Speaker 1: few days. I think these, you know, constitute to three
Speaker 1: percent up and down days. I think a continue to
Speaker 1: spook investors. I think maybe the best course of action
Speaker 1: for for markets from here, given what the FEDS trying
Speaker 1: to engineers, just to go sideways for a few days.
Speaker 1: Well S Fargo Samir Simana says daily swains have two
Speaker 1: to three indicate fragility in the market overseas. Karen, the
Speaker 1: UK Government's trying to continue calming markets after a tough
Speaker 1: first month for Liz Trust, The new Prime Minister tells
Speaker 1: the BBC she is sorry for going too far, too
Speaker 1: fast on her economic plan. We have made mistakes. I'm
Speaker 1: sorry for those mistakes, but I've fixed the mistakes. I've
Speaker 1: appointed a new chancellor. We have restored economics to the
Speaker 1: see in fiscal discipline. Well I now want to do?
Speaker 1: Is guy wanted to deliver for the public? Let Trust
Speaker 1: tells the BBC she plans to keep serving as Prime Minister.
Speaker 1: One other note, The Financial Times is reporting the Bank
Speaker 1: of England will likely delay its planned sale of government
Speaker 1: bonds on October thirty one, but the b o E
Speaker 1: is refuting that report. Back here in the US, Nathan
Speaker 1: big Banks wrap up earnings at Goldman SAX reporting this morning.
Speaker 1: Then it's big Tech in focus when we get her
Speaker 1: nas from Netflix in the afternoon, and Bloomberg's Tom Busby
Speaker 1: has a preview. The key for the streaming video Pioneer,
Speaker 1: which just announced the debut of a cheaper, ad supported
Speaker 1: version on November two, is whether it returned to subscriber
Speaker 1: growth thanks to hits like Squid Game, Inventing Anna, and Dahmer.
Speaker 1: After shedding a ton of subscribers in the first half
Speaker 1: of this year, estimates called for a million more paying
Speaker 1: customers added in the third quarter, led by editions in
Speaker 1: the Asia Pacific and Latin America regions and on a
Speaker 1: crackdown and password sharing. Tom Busby, Bloomberg Daybreak. Thanks Tom
Speaker 1: let's turn to politics now, where the White House is
Speaker 1: watching energy prices closely. Sources tell us the Biden administrations
Speaker 1: preparing to release up to fifteen million barrels of oil
Speaker 1: from the nation's emergency stockpile to help keep prices steady.
Speaker 1: Checking prices now name excruds down a half percent at
Speaker 1: eight five one a barrel. And on the geo political
Speaker 1: stage this morning, Nathan China and taiwan er and focus
Speaker 1: Secretary of State Anthony Blincoln Save Ajing is making plans
Speaker 1: to seize Taiwan on a faster timeline than previously thought.
Speaker 1: That assessment comes as China holds its Communist Party Congress
Speaker 1: this week. Futures are higher. Straight ahead your latest local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. Thanksparing.
Speaker 1: On Wall Street, fifty degrees in Central Park, Heavy delays
Speaker 1: on the south on New York State through Way to
Speaker 1: the Spring Galley tolls details coming up. A traffic first
Speaker 1: Michael Barr with more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much.
Speaker 1: Nathan Ratt. Complaints in New York City are up sevent
Speaker 1: in the last year. City officials are now changing garbage
Speaker 1: collection rules. Instead of being allowed to pile trash bags
Speaker 1: on the curbs the day before pick up, people will
Speaker 1: have to put out the trash no earlier than eight pm.
Speaker 1: New York Sanitation Commissioner Jessica Tish why have we tolerated
Speaker 1: this for so long? Over the last six months, the
Speaker 1: Department of Sanitation has reoriented itself around one goal, getting
Speaker 1: our streets cleaner faster. Commissioner Tish says, the Rats are
Speaker 1: absolutely going to hate this announcement. Georgia Republican Governor Brian
Speaker 1: Kemp and Democrats Stacy Abrams clashed in the first of
Speaker 1: two debates of their closely watched rematch at an Atlanta
Speaker 1: press club event last night that also included Libertarian candidate
Speaker 1: Shane Hazel. Kemp paated Abrams as soft on crime and
Speaker 1: tieder repeatedly with President Joe Biden and the nation's economic woes.
Speaker 1: Madasar is to continue to help them fight through fourty
Speaker 1: year high inflation and high gas prices and other things
Speaker 1: that our door to families are facing right now, quite
Speaker 1: honestly because of bad policies in Washington, d C. From
Speaker 1: President Biden and the Democrats that have complete control. Abraham's
Speaker 1: portrayed Kemp has out of touch with Georgian's priorities and
Speaker 1: criticized him for backing tougher anti abortion restrictions and looser
Speaker 1: gun laws. He has weakened gun laws and flooded our streets.
Speaker 1: He has weakened our privacy rights and our women's rights.
Speaker 1: He has denied women to access to reproductive care. In eighteen,
Speaker 1: Abrahams came close to winning the governor's race against Kemp.
Speaker 1: The State Department says the US will take action against
Speaker 1: companies and nations working with Iran's drone program after Russia
Speaker 1: used them for deadly Kama Kanze strikes, and Kiev, Ukraine's
Speaker 1: Prime Ministers says the latest Russian attack knocked out power
Speaker 1: to hundreds of towns and villages as the country prepares
Speaker 1: for winter. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake Power by more than seven
Speaker 1: hundred journalists and analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael Barr, This is Bloomberg. Nathan. Thanks Michael five
Speaker 1: on All Street Time for the Bloomberg Sports Something with
Speaker 1: John Stashower. Thanks Nathan. The Yankees and Guardians and a
Speaker 1: sellout crowd all at the stadium last night for a
Speaker 1: seven o'clock start, but at nine thirty Lorraine had not stopped.
Speaker 1: The decisive Game five was postponed to four o'clock today.
Speaker 1: Aaron Blon was asked about playing a do or die
Speaker 1: game to this time of year, You're you're playing for
Speaker 1: there's a ton on the line, and you're playing for it,
Speaker 1: and hopefully you know you find that awesome. You know
Speaker 1: that you and I think our guys do realize that
Speaker 1: that's a great opportunity. With that comes some nerves and
Speaker 1: and things you gotta deal with. When is changing his
Speaker 1: starting picture now that Nestor Cortez has three days rast
Speaker 1: Hill start not Jamison Tionned. The Guardians say they are
Speaker 1: sticking with Aaron Savale instead of using Shane Bieber. It's
Speaker 1: the NLCS. No one expected. The Phillies finished in third
Speaker 1: place in the n l e S. They were the
Speaker 1: last team to get in. The Padres had to beat
Speaker 1: to one hundred plus win teams the Mets and Dodgers,
Speaker 1: and yet it's the Padres in Phillies Game one tonight
Speaker 1: in San Diego, another NFL primetime game without a lot
Speaker 1: of touchdowns. Chargers and Broncos both scored one combined for
Speaker 1: seven field goals. L A kicked one late in overtime
Speaker 1: after Denver fumbled the punt. The Chargers one nineteen to sixteen.
Speaker 1: Cowboys and Dolphins both expect their starting quarterbacks to return
Speaker 1: on Sunday, Dak Prescott from the thumb thumb injury to
Speaker 1: a ton of Belowa from the concussion. Meanwhile, Washington g
Speaker 1: V Carson Wentz has a broken finger. He'll miss the
Speaker 1: next four to six weeks. If the Garden Rangers improved
Speaker 1: to three and one, they beat Anaheim six to four
Speaker 1: to goals for me because of Vanta jad both on
Speaker 1: the power player Tammy Pannair and the goal three assists.
Speaker 1: It's early in the year, but panair and leads the
Speaker 1: NHL and scoring. The NBA season tips off tonight, John
Speaker 1: Stash that went Bloomberg sparts me. John thanks thirty seven
Speaker 1: on Wall Street time for the Trice State Business Report
Speaker 1: with Bloomberg's When Di Gillette New Jersey's casinos and horse
Speaker 1: tracks offering sports betting, we're big winners. Last month they
Speaker 1: raked in nearly four hundred and eighty five million dollars,
Speaker 1: up nearly seven percent compared to a year earlier. In
Speaker 1: person winnings total two hundred and fifty two million, up
Speaker 1: more than one percent compared to before the pandemic. A
Speaker 1: controversy involving late night talk show host James Cordon and
Speaker 1: New York City restaurant Balthazar has been resolved. Restaurant tour
Speaker 1: Keith McNally took to Instagram to complain about Cordon's bad
Speaker 1: behavior towards staff, accusing him of being abusive. Towservers, you
Speaker 1: banned him from the eatery, but then Cordon called with
Speaker 1: a profuse apology and all was forgiven. McNally posted again
Speaker 1: saying the ban is lifted and b d and medical
Speaker 1: technology company based in Franklin Lakes, New Jersey, has signed
Speaker 1: an agreement with Paris based medical device and delivery systems
Speaker 1: manufacturer Biocore to use connected technology to track adherents for
Speaker 1: self administered drug therapies. That's the Bloomberg Tri State Business Report.
Speaker 1: I'm windy to let thanks Wendy on Wall Street, Bloomberg
Speaker 1: Radios on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Gina Servetti and for w w b b M in Chicago.
Speaker 1: I'm talking about Boeing offering seven thirty seven match jets
Speaker 1: once bound for China to air India because the planemaker
Speaker 1: tries to unload some of the roughly one forty planes
Speaker 1: it's not allowed to deliver to China. Um Courtney Donahoe
Speaker 1: on ktr H in Houston. The White House is said
Speaker 1: to be planning an oil reserve release announcement this week.
Speaker 1: I'm Steve potoscon w f L A, Tampa Bay. We're
Speaker 1: talking about how a historic building has been saved as
Speaker 1: it will be part of a new development. I'm Caroline
Speaker 1: HEPCILM Blue Bag d A B Dishovedio in London. We've
Speaker 1: been speaking to the Mayor of London City, Colin about
Speaker 1: the state of policing in the capitol and his fiz
Speaker 1: about blackouts this winter. And those are some of the
Speaker 1: stories our twenty seven hundred Bloomberg journalist and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion List. Editorial was written by the Bloomberg at
Speaker 1: Storial Board. Russia's efforts to use natural gas exports as
Speaker 1: a geopolitical weapon present Europe with a challenge. When faced
Speaker 1: with such a threat, can it muster the solidarity required
Speaker 1: of a true union? After all, Vladimir Putin's energy cut
Speaker 1: off is a classic external shock that will hurt some
Speaker 1: European countries more than others. No doubt, efforts to expand
Speaker 1: risk sharing will face strong political headwinds, but at the
Speaker 1: very least, the EU should be able to establish a
Speaker 1: permanent fund to provide loans and grants in emergencies. Ultimately,
Speaker 1: what's needed is a central fiscal authority with its own
Speaker 1: revenue source and the power to spend when needed to
Speaker 1: mitigate asymmetric shocks. If a hybrid war with Russia can't
Speaker 1: bring the EU to even consider such a possibility, it's
Speaker 1: hard to imagine what will. The editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, slash opinion or opie I n
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday. At
Speaker 1: this time, terminal customers can read more at opie I
Speaker 1: n GOME futures moving higher this morning. You're listening to
Speaker 1: Bloomberg day Break Bloomberg eleven three oh Weather clearing cooler today,
Speaker 1: highs in the upper fifties. Tomorrow sunny, mid fifties will
Speaker 1: be sunny Thursday as well, upper fifties to around sixty
Speaker 1: degrees right now fifty in Central Park. Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. This
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. And
Speaker 1: stocks are trimming their advance. The pound, the UK guilts
Speaker 1: are weakening after the Bank of England center a fourth.
Speaker 1: That is, we could delay the sale of government bonds
Speaker 1: until the market has comed. Was inaccurate. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: SNP futures they are still higher, up thirty nine points,
Speaker 1: down features up two hundred fifty two and NASTAG futures
Speaker 1: up one hundred forty seven. The decks in Germany's up
Speaker 1: nine tenths of a percent ten Your treasury down five
Speaker 1: thirtay seconds yield four point oh three percent. The yield
Speaker 1: on the two year four point four or five percent.
Speaker 1: Nine X screwed oil is down six tenths percent or
Speaker 1: forty nine cents at eighty four dollars ninety seven cents
Speaker 1: for barrel comics goals on half percent or seven dollars
Speaker 1: ninety cents at sixteen fifty six and ounce. The euro
Speaker 1: point nine three seven against the dollar British found one
Speaker 1: point one to eight eight and a yen one forty nine.
Speaker 1: The bitcoin this morning it's down about a tenth of
Speaker 1: a percent. It's at nineteen thousand, five hundred dollars as
Speaker 1: of a little berg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Ariostrikes have again pounded energy and
Speaker 1: infrastructure facilities in Ukraine, part of an apparent quickening affort
Speaker 1: by Russia to drive Ukrainians into the cold and dark.
Speaker 1: One mayor west of the capitol said all of the
Speaker 1: city was without electricity and water after a double missile strike. Today,
Speaker 1: both sides are concerned about the economy and inflation. For
Speaker 1: the mid term elections. However, polls showed Democrats are motivated
Speaker 1: by issues like abortion. For Republicans, issues like public safety, crime,
Speaker 1: and immigration are driving them to the polls. In baseball,
Speaker 1: after last night's rain out, the Yankees and Guardians will
Speaker 1: play their deciding Game five of their a lds this
Speaker 1: afternoon at four pm Eastern Time. Monday Night football, the
Speaker 1: Charges beat the Broncos in O T nineteen sixteen. In hockey,
Speaker 1: the Rangers, Bruins and Capitals. All one Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: in more than a hundred twenty countries. I'm Michael barn
Speaker 1: This is Bloomberg, Nathan. Thanks Michael. It's nine on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak on a morning where we're waiting for one
Speaker 1: more big Wall Street bank to report third quarter earnings.
Speaker 1: Goldman Sachs fleshes out the financials picture for us when
Speaker 1: it opens its books before the opening bell. Joining us
Speaker 1: now is Shenali Basset, global finance correspondent for Bloomberg News.
Speaker 1: Of course, Shinale the big news coming into this earnings
Speaker 1: as CEO David Solomon's latest reorganization. What more could we
Speaker 1: hear about that? Once the books get open today? What
Speaker 1: a grand finale to the big six bank earnings? Truly,
Speaker 1: first of all, the numbers themselves will be interesting, but
Speaker 1: also the reorganization. It's going to be interesting to see
Speaker 1: how much detail he actually gives. There's been a lot
Speaker 1: reported over the last twenty four hours about new business
Speaker 1: lines that would be formed. Does that change the reporting structure?
Speaker 1: Does he set new targets? Does he set new targets
Speaker 1: today or does he set them into next year, which
Speaker 1: is more likely given typically these banks set expectations at
Speaker 1: the beginning of the year for investors. And are any
Speaker 1: of his show plans, especially for that consumer business going
Speaker 1: to change? And whatever I think about reorganizations, Shinali, I
Speaker 1: think about is this going to save a company money?
Speaker 1: I mean, how much of an issue is cost control
Speaker 1: for Goldman SACS. What's interesting about that is Goldman Sachs
Speaker 1: is running more efficiently than some of its peers, namely
Speaker 1: Morgan Stanley. Morgan Stanley has made a couple of acquisitions,
Speaker 1: so their efficiency ratio is higher. However, investors have been
Speaker 1: rewarding Morgan Stanley in a much bigger way. They're actually
Speaker 1: the richest when you look at how they're trading compared
Speaker 1: to book value of all the big six banks. So
Speaker 1: investors really like that wealth business. They really liked the
Speaker 1: acquisitions James Gorman has made in the strategies outlined. Goldman, however,
Speaker 1: is trading below book value and so it's cheaper than
Speaker 1: both JP Morgan and Morgan Stanley. So there's something that
Speaker 1: he needs to do David Salman needs to do to
Speaker 1: really change investors perspectives here about the direction of travel
Speaker 1: for Goldman SACS. How much change of perspective do you
Speaker 1: think we're going to get from the earnings that are
Speaker 1: going to be reported this morning? Which uh aspects of
Speaker 1: the banking business are we expecting are going to be
Speaker 1: doing well? Which units are underperforming that we think Goldman
Speaker 1: Sachs does what Goldman Sachs does best, which is investment,
Speaker 1: banking and trading. So the expectations are very interesting. If
Speaker 1: they don't beat those expectations or at least coming in line.
Speaker 1: I think investors would be a little bit disappointed because
Speaker 1: they tend to be so competitive and they are combining investment,
Speaker 1: banking and trading under one business under this re ord.
Speaker 1: So with that said, what about the rest of it, asset,
Speaker 1: wealth and consumer? How do you set expectations around how
Speaker 1: well those businesses are supposed to be in a tough
Speaker 1: macro economic environment and the type of investment that they're
Speaker 1: willing to put in the business. Again, Golden's efficiency is
Speaker 1: better than Piers this quarter alone, they're supposed to bring
Speaker 1: in returns on equity that are lower than Morgan Stanley
Speaker 1: has reported. But let's see if they punch about their weight,
Speaker 1: and let's see if investors are reward that the cycle.
Speaker 1: Investors have been rewarding the big consumer businesses, not the
Speaker 1: investment banks. And of course Goldman's acts doesn't have that
Speaker 1: big consumer business that is benefiting from this UH wave
Speaker 1: of higher interest rates. Although we did get that word
Speaker 1: just before this earnings comes out that Goldman is going
Speaker 1: to be starting this new high yield savings account with Apple.
Speaker 1: Could that help to bolster the consumer sign and give
Speaker 1: them a little more market share. Perhaps it's interesting at
Speaker 1: this point it's not market share that investors are clamoring
Speaker 1: for its profitability. And the thing about it is, yes,
Speaker 1: Goldman's acts has some of the most competitive savings rates
Speaker 1: out there, but that comes at a cost, and so
Speaker 1: they have very interesting partnerships General Motors, Apple, Apple has
Speaker 1: been expanding their partnership. Apple has been very selective about
Speaker 1: its financial partners and so in theory, it would give
Speaker 1: Goldman a competitive edge to get that close to a
Speaker 1: big tech company with such huge financial ambitions. But if
Speaker 1: you do have such a high savings rate, you're paying
Speaker 1: for that, and investors right now are not thrilled about
Speaker 1: the trajectory of the profitability at that consumer bank. All right,
Speaker 1: we're gonna get a lot more details. Seven thirty Wall
Speaker 1: Street Time is when we're expecting Goldman Sex to open
Speaker 1: its books, and it is going to be a very
Speaker 1: interesting conference call with so much news flow coming in
Speaker 1: on this company ahead of these earnings. Shinali Bassek, Global
Speaker 1: financial correspondent for Bloomberg News. Thanks as always for keep
Speaker 1: us on the top of what's happening in that sector.
Speaker 1: Karen Verry, Nathan, thank you. It isive three on Wall
Speaker 1: Street Time for the Bloomberg Law report it has granted
Speaker 1: you buy American Arbitration Association business disputes are inevitable. Brazil
Speaker 1: Fouster with the American Arbitration Association, the global leader in
Speaker 1: alternative dispute resolution for over ninety years. More in a
Speaker 1: dr dot org. Let's get to the legal stories we're
Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger. American Airlines passengers
Speaker 1: asked the federal court for preliminary approval of a deal
Speaker 1: that would fully refund baggage fees to customers who have
Speaker 1: been promise they could check their luggage at NOPE costs.
Speaker 1: The state judge and Maryland voided the states one of
Speaker 1: a cond texts on digital advertising, ruling that it violates
Speaker 1: the US Constitution and a federal law protecting many forms
Speaker 1: of online commerce from taxation. Abortion providers in North Carolina
Speaker 1: asked the state trial court to block enforcement of a
Speaker 1: law mandating that only doctors can prescribe pills to induce abortion.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg law dot com. Ry Jeff, thank you now.
Speaker 1: Another legal's news that we're watching this morning. The January
Speaker 1: six Committee voted to subpoena Donald Trump to testify and
Speaker 1: provide documents about his actions on January six. For more,
Speaker 1: Bloomberg's David Weston spoke with Case Western law professor Jonathan
Speaker 1: Adler about the possibility of the former president actually testifying. Well,
Speaker 1: I think that really depends on whether or not the
Speaker 1: committee and Trump are going to come to an agreement
Speaker 1: or able to come to an agreement. Um, you know
Speaker 1: there there there is precedent for a committee subpoenaing a
Speaker 1: former president and that person testifying, But that testament that
Speaker 1: the president was when a former president agreed to testify
Speaker 1: or complied with the subpoena. In this case, because it's
Speaker 1: the fall of two and we expect Congress to chair
Speaker 1: or the House of Representatives to change hands in the
Speaker 1: coming election, there's not a lot of time for legal wrangling.
Speaker 1: So if former president fromp were to resist the subpoena,
Speaker 1: it's quite likely that he would be able to run
Speaker 1: off the clock. So it really depends on whether or
Speaker 1: not but he wants to take this opportunity to put
Speaker 1: out his side of the events of January six, or
Speaker 1: he doesn't, So that suggests that it might well be
Speaker 1: that it's more the court of public opinion that the
Speaker 1: committee is really trying to appeal to rather than a
Speaker 1: judicial court. There is, however, a udicial proceeding in a
Speaker 1: Florida obviously involving all those documents that were seized or
Speaker 1: assumed to a search warrant, and now the president, the
Speaker 1: former president is taken up to the Supreme Court the
Speaker 1: question of exactly who gets access to review some of
Speaker 1: the classified documents. Tell us about that proceeding, because it
Speaker 1: got a lot of attention, I must say I my
Speaker 1: reaction was, I was not so very very surprised that
Speaker 1: the Supreme Court's ruling, which did not have a descent
Speaker 1: attached to sort of a simple order. No, I mean,
Speaker 1: the indications were that the Supreme Court was not going
Speaker 1: to take an interest in this. So, after taking some
Speaker 1: time to file something, Trump's attorneys ultimately did file a
Speaker 1: the emotion with the Supreme Court, seeking to vacate at
Speaker 1: least part of the eleven Circuit's decision. Um. The Supreme
Speaker 1: Court didn't act right away. They gave the Justice Department
Speaker 1: a week to respond, very clear indication the court didn't
Speaker 1: think it was urgent, not at all surprised at the
Speaker 1: court without any noted descent. I'm declined to grant that application.
Speaker 1: And as case Western Law Professor Jonathan Adler's because the
Speaker 1: Bloomberg's David Weston Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b law Go. Futures this morning
Speaker 1: are on the rise. S ANDP futures at forty five
Speaker 1: points down, futures of two hundred eighty seven nasdack futures
Speaker 1: of one D seventy two ten year treasury down three
Speaker 1: thirties seconds, you know, four point out two percent, and
Speaker 1: they yield on the two year four point four or
Speaker 1: five percent nine max. Screwed oil this morning moving lower,
Speaker 1: down about a third of a percent or thirty two
Speaker 1: cents at eighty five dollars fourteen cents of barrel and
Speaker 1: comex s gold is down four tents of up percent.
Speaker 1: Still ahead on Bloomberg daybreak and check on the business
Speaker 1: headlines and all the news you need to start your day.
Speaker 1: And this is Bloomberg